APRIL : 2016 first-half sales
(Thomson Reuters ONE) -
Lyon, 26 July 2016
APRIL: 2016 first-half sales
* ?430.2 million in first-half sales, up 7.1%
* Increase in Property & Casualty sales performance, both in terms of
brokerage (up 5.8% like for like(1)) and insurance (up 36%)
* Health & Personal Protection revenues hold up well (up 0.8% like for
like(1))
Bruno Rousset, APRIL Chairman and CEO, stated: "First-half sales trends reached
a satisfactory level, in line with the momentum seen in the first quarter. This
reflects the work carried out by the teams, as well as the strength of APRIL's
key assets. However, the macro-economic environment remains particularly
unstable and financial markets remain volatile. In France, the increasingly
stringent regulatory environment has intensified competition, especially on
health insurance markets. In light of these factors, we remain very cautious
regarding our activity in the second half of 2016".
APRIL posted consolidated sales of ?430.2 million for the first six months of
2016, up 7.1% from the same period last year, on reported data.
IFRS - ?m H1 2016 H1 2015 Change H1 2015 LFL(1) Change
------------------------------+-------+-------+----------------------------
Consolidated sales | 430.2 | 401.7 |+7.1% 401.7 +7.1%
------------------------------+-------+-------+----------------------------
Brokerage commissions and fees| 242.4 | 240.0 |+1.0% 240.0 +1.0%
------------------------------+-------+-------+----------------------------
Insurance premiums | 187.8 | 161.7 |+16.1% 161.7 +16.1%
------------------------------+-------+-------+----------------------------
(1) Pro forma or 'like-for-like' sales at constant consolidation scope and
exchange rates: they take into account any acquisitions, disposals and changes
in consolidation method, as well as exchange rate fluctuations, calculated on
the basis of the prior year accounts converted using the exchange rate for the
current year.
Health & Personal Protection commissions benefited from a ?3.9 million impact of
changes in the scope of consolidation in the first half, mainly due to the late
2015 and early 2016 acquisitions of Avilog and GlobalHealth. Conversely, the
Group posted a ?3.5 million impact of exchange rate fluctuations for the period,
which mainly impacted South America (Brazil and Colombia) and to a lesser
extent, Canada. These foreign exchange movements mostly affected Property &
Casualty commissions.
Like-for-like sales for the first six months of the year increased by 7.1%, with
brokerage commissions up 1% to ?242.4 million and a strong rise by 16.1% in
insurance premiums to ?187.8 million.
Breakdown of the change in sales between 2015 and 2016 - in ?m
|
Consolidated sales as at 30.06.2015 | 401.7
----------------------------------------------------------------+--------
Impact of exchange rate fluctuations | -3.5
----------------------------------------------------------------+--------
Acquisitions | +3.9
----------------------------------------------------------------+--------
Disposals | -0.4
----------------------------------------------------------------+--------
Like for like(1) sales as at 30.06.2015 | 401.7
----------------------------------------------------------------+--------
Increase in brokerage commissions and fees | +2.4
----------------------------------------------------------------+--------
Increase in insurance premiums | +26.1
----------------------------------------------------------------+--------
Sales as at 30.06.2016 | 430.2
|
Sales by division
Changes by type of revenues are as follows:
* Brokerage commissions in Health & Personal Protection amounted to ?156.2
million for the first half of 2016, a slight increase of 0.3% compared to
reported figures for the same period in 2015. Excluding the impact of
changes in the scope of consolidation relating to the Avilog and
GlobalHealth acquisitions, commissions were down 1.7%. The trend observed is
in line with the first months of the year, and with previous announcements.
The group and loan insurance businesses continued to grow, without fully
offsetting the impact of individual employee health insurance cancellations.
* Property & Casualty commissions amounted to ?87.0 million, and continued to
grow with an increase of 1.9% compared with reported figures for 2015.
Excluding the impact of exchange rate fluctuations, organic growth was
5.8%. This performance is in line with Q1: wholesale brokerage activities
continued to expand, particularly in substandard motor, two-wheeled vehicle
insurance and the professional range. Travel insurance and assistance
activities held up well in a challenging environment, and recorded an
increase in sales compared with the previous financial year.
* The 4.8% increase in Health & Personal Protection insurance premiums
reflects the momentum in this business, driven by the development of
individual (seniors and self-employed) Health & Personal Protection and
expatriate insurance portfolios. It is also related to the growth in group
private health insurance portfolios generated by partnerships set up to meet
the demand created by the extension of corporate group private health
insurance. These solid performances contribute to offsetting expected
portfolio run-off.
* The trend in Property & Casualty insurance premiums continue to rise, up
?21.4 million to
?80.8 million. This reflects the expansion of our legal protection business
and growth in our highly-reinsured P&C portfolios, particularly in corporate
and affinity member operations.
IFRS - ?m H1 2016 H1 2015 Change H1 2015 LFL(1) Change
----------------------------+-------+-------+----------------------------
Health & Personal Protection| 263.5 | 258.1 |+2.1% 261.4 +0.8%
----------------------------+-------+-------+----------------------------
Commissions and fees | 156.2 | 155.7 |+0.3% 158.9 -1.7%
----------------------------+-------+-------+----------------------------
Insurance premiums| 107.3 | 102.5 |+4.8% 102.5 +4.8%
----------------------------+-------+-------+----------------------------
Property & Casualty | 167.8 | 144.8 |+15.9% 141.6 +18.5%
----------------------------+-------+-------+----------------------------
Commissions and fees| 87.0 | 85.4 |+1.9% 82.2 +5.8%
----------------------------+-------+-------+----------------------------
Insurance premiums| 80.8 | 59.4 |+36.0% 59.4 +36.0%
----------------------------+-------+-------+----------------------------
Intra-group eliminations | -1.2 | -1.2 |+5.4% -1.3 +12.6%
----------------------------+-------+-------+----------------------------
(1) Pro forma or 'like-for-like' sales at constant consolidation scope and
exchange rates: they take into account any acquisitions, disposals and changes
in consolidation method, as well as exchange rate fluctuations, calculated on
the basis of the prior year accounts converted using the exchange rate for the
current year.
Highlights of the first half of 2016
* Strengthening of APRIL's wholesale broker activities in International
private medical insurance with the acquisition of GlobalHealth in Asia,
* Operational merger of APRIL Santé Prévoyance and APRIL Entreprise Prévoyance
on the healthcare market, in order to strengthen the Group's positioning on
the professional market,
* Launch of the international development of APRIL's recognised expertise in
loan insurance, with the acquisition of Bamado, which owns Brokeronline and
Webclaim in Italy.
Quarterly sales
IFRS - ?m 2016 2015 Change 2015 LFL(1) Change
-----------+-------+-------+-------------------------------
Q1 | 208.4 | 195.6 | +6.5% 195.5 +6.6%
-----------+-------+-------+-------------------------------
Q2 | 221.8 | 206.1 | +7.6% 206.2 +7.6%
-----------+-------+-------+-------------------------------
Q3 | - | 198.5 | - - -
-----------+-------+-------+-------------------------------
Q4 | - | 197.8 | - - -
-----------+-------+-------+-------------------------------
Total | - | 798.0 | - - -
-----------+-------+-------+-------------------------------
Outlook
At the end of June, the Group's performance was mainly underpinned by the growth
in insurance premiums, based on a highly reinsured model. Therefore, and in a
context of great market volatility, the positive sales trends seen in the first
half do not change the prospect of a decrease in the Group's current EBIT in
2016, as previously announced.
Financial calendar
As of 2017, and in line with the practices of certain listed companies, APRIL
will disclose Q2 sales together with its consolidated first-half results. Q1 and
Q3 sales will continue to be published as usual.
Upcoming announcements
* 8 September 2016 after market close: 2016 Half-year results
* 25 October 2016 after market close: Q3 2016 sales
This release contains forward-looking statements that are based on assessments
or assumptions that were reasonable at the date of the release, and which may
change or be altered due to, in particular, random events or uncertainties and
risks relating to the economic, financial, regulatory and competitive
environment, the risks set out in the 2015 Registration Document, and any risks
that are unknown or non-material to date that may subsequently occur. The
Company undertakes to publish or disclose any adjustments or updates to this
information as part of the periodical and permanent information obligation to
which all listed companies are subject.
Marc Le Doze, Group CFO, will be holding a conference call for financial
analysts, investors, and the press this evening at 6.00 pm (French Time).
Dial in details: France - 0805 632 056 or 01 76 74 24 28 / United Kingdom -
0800 694 0257
International +44 (0) 1452 555 566
Please dial in a few minutes beforehand, in order to register, and give the
following reference number: 4411 2313.
Contacts
Analysts and investors
Marc Le Doze: +33 (0)4 72 36 18 85 / Sandrine Gallien +33 (0)6 20 26 06 24
Press
Samantha Druon: +33(0)4 72 00 46 56 - samantha.druon(at)insign.fr
About APRIL
Established in 1988, APRIL is an international insurance services group with
operations based in 31 countries in Europe, America, Asia, Africa and the Middle
East, and the leading wholesale broker in France. Listed on Euronext Paris
(Compartment B), the group posted sales of ?798m in 2015. Its 3,800 staff
members design, manage and distribute specialist insurance solutions (health and
personal protection, property and casualty, mobility and legal protection) as
well as assistance services, for private individuals, professionals and
businesses, by pursuing the ambition APRIL set itself from the very beginning:
to change the image of insurance and make it easier and more accessible. Driven
by a strong entrepreneurial culture, the group bases its development on four
values in support of its customers: building trust, pushing boundaries,
innovating and keeping things simple.
Full regulated information is available on our website at www.april.com
(Investors section).
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[HUG#2030828]
Unternehmensinformation / Kurzprofil:
Datum: 26.07.2016 - 17:41 Uhr
Sprache: Deutsch
News-ID 485464
Anzahl Zeichen: 14288
contact information:
Town:
Lyon
Kategorie:
Business News
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