APRIL: third-quarter 2016 sales
(Thomson Reuters ONE) -
Lyon, 25 October 2016
APRIL: third-quarter 2016 sales
* ?645.3m in sales at end September 2016, up 7.5% based on reported data and
7.2% like-for-like(1)
* Growth in Property & Casualty sales in line with first half, both in
brokerage (up 3.5% like-for-like(1)) and insurance (up 34.7% like-for-like).
* Brokerage commissions in Health & Personal Protection hold up well (down
1.4% like-for-like).
"In the third quarter, sales momentum was in line with trends observed since
early 2016 and the return to growth in brokerage commissions is confirmed.
Nevertheless, we remain cautious regarding the end of the year given the very
challenging macroeconomic and regulatory environment in France and abroad. While
our teams are more focused than ever on business development, we are pursuing
our efforts in adapting our business models and restoring profitability to loss-
making operations. In addition, we are continuing our policy of selected
acquisitions, in order to support the expansion of our expertise and of some of
our business lines abroad. These initiatives procede from our strategic growth
levers in order to improve the Group's performance over the medium term." APRIL
Chairman & CEO Bruno Rousset stated.
APRIL recorded consolidated sales of ?645.3m for the first nine months of 2016,
up 7.5% compared with reported figures for the same period in 2015.
IFRS - ?m 9M 2016 9M 2015 Change 9M 2015 LFL(1) Change
-------------------------------+-------+-------+----------------------------
Consolidated sales | 645.3 | 600.2 |+7.5% 601.8 +7.2%
-------------------------------+-------+-------+----------------------------
Brokerage commissions and fees| 361.1 | 358.2 |+0.8% 359.7 +0.4%
-------------------------------+-------+-------+----------------------------
Insurance premiums | 284.2 | 242.0 |+17.4% 242.0 +17.4%
-------------------------------+-------+-------+----------------------------
[1] Pro forma or 'like-for-like' sales at constant consolidation scope and
exchange rates, adjusted for 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.
The Group posted a ?3.8m impact of exchange rate fluctuations for the period,
mainly affecting Property & Casualty commissions in Brazil, the UK and Canada.
Consolidation gains of ?5.4m, primarily resulting from the acquisition of Avilog
at the end of 2015, GlobalHealth in early 2016 and Bamado in July 2016, mainly
contributed to Health & Personal Protection commissions.
Like-for-like sales for the first nine months of the year rose by 7.2%, with
brokerage commissions slightly up by 0.4% to ?361.1m and a solid growth in
insurance premiums, up 17.4% to ?284.2m.
Breakdown of the change in sales between 2015 and 2016 - ?m
|
Consolidated sales as at 30.09.2015 | 600.2
--------------------------------------------------------------+-------
Impact of exchange rate fluctuations | -3.8
--------------------------------------------------------------+-------
Acquisitions | +6.6
--------------------------------------------------------------+-------
Disposals | -1.2
--------------------------------------------------------------+-------
Like-for-like(1) sales as at 30.09.2015 | 601.8
--------------------------------------------------------------+-------
Increase in brokerage commissions and fees | +1.3
--------------------------------------------------------------+-------
Increase in insurance premiums | +42.2
--------------------------------------------------------------+-------
Sales as at 30.09.2016 | 645.3
Sales by division
Changes by type of revenues are as follows:
* Brokerage commissions in Health & Personal Protection amounted to ?231.8m at
end September 2016, up slightly (0.6%) on a reported basis compared to the
same period last year. Excluding the impact of changes in the scope of
consolidation relating to the Avilog, GlobalHealth and Bamado acquisitions,
commissions were down 1.4%. The trend observed is in line with the first
half. Group and loan insurance continued to grow without fully offsetting
the impact of individual employee health insurance cancellations.
* Property & Casualty commissions amounted to ?130.5m and continued to grow as
they increased by 1.0% compared to reported data for 2015. Excluding the
impact of exchange rate fluctuations, organic growth was 3.5%. This
performance, while slightly lower compared to the first half, remains
satisfactory: 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 7.1% 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 the expected
decreases in some run-off portfolio.
* The trend in Property & Casualty insurance premiums continued, with premiums
up ?31.5m to ?122.3m. This reflects the expansion of our legal protection
business and corporate and affinity member operations, in a highly-reinsured
risk-carrying model.
IFRS - ?m 9M 2016 9M 2015 Change 9M 2015 LFL(1) Change
-----------------------------+-------+-------+----------------------------
Health & Personal Protection| 394.3 | 382.1 |+3.2% 386.8 +1.9%
-----------------------------+-------+-------+----------------------------
Commissions and fees | 231.8 | 230.4 |+0.6% 235.1 -1.4%
-----------------------------+-------+-------+----------------------------
Insurance premiums| 162.5 | 151.7 |+7.1% 151.7 +7.1%
-----------------------------+-------+-------+----------------------------
Property & Casualty | 252.8 | 220.0 |+14.9% 216.9 +16.6%
-----------------------------+-------+-------+----------------------------
Commissions and fees| 130.5 | 129.2 |+1.0% 126.1 +3.5%
-----------------------------+-------+-------+----------------------------
Insurance premiums| 122.3 | 90.7 |+34.8% 90.8 +34.7%
-----------------------------+-------+-------+----------------------------
Intra-group eliminations | -1.7 | -1.8 |+3.1% -2.0 +11.2%
-----------------------------+-------+-------+----------------------------
[1] Pro forma or 'like-for-like' sales at constant consolidation scope and
exchange rates, adjusted for 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 third quarter of 2016:
APRIL affirmed its difference with two digital innovations this quarter:
* To strengthen its leading position in delegated loan insurance, APRIL
presented its Digital application process, a platform designed to streamline
and speed up the application procedure,
* In order to provide further support to its broker partners in their
development and digitalisation, the Group rolled out the APRIL ON pilot
programme, a new online platform that offers major innovations in terms of
services and customer relationship management.
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 | 215.1 | 198.5 | +8.4% 200.1 +7.5%
------------+-------+-------+-------------------------------
Q4 | - | 197.8 | - - -
------------+-------+-------+-------------------------------
Total | - | 798.0 | - - -
------------+-------+-------+-------------------------------
Outlook:
The Group remains focused on restoring the profitability of its loss-making
operations and will continue its efforts to adapt certain businesses.
For 2016, APRIL had anticipated a decline in its current EBIT that could range
between 8% and 12%. The third quarter is in line with trends observed in the
first half and therefore, the Group confirms its forecast of a decrease towards
the lower end of the results range.
Upcoming releases:
- 24 January 2017 after market close: 2016 Full-year sales
- 8 March 2017 after market close: 2016 Annual results
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 - +33 (0)1 70 99 32 12 / United Kingdom - +44 (0)207
1620 177
Please dial in a few minutes beforehand, in order to register, and give the
following reference number: 960 478
Contacts:
Analysts and investors
Marc Le Doze: +33 (0)4 72 36 18 85 / Guillaume Cerezo: +33 (0)4 72 36 18 58
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).
PDF Version:
http://hugin.info/165829/R/2051330/767474.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: April via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 25.10.2016 - 17:42 Uhr
Sprache: Deutsch
News-ID 502724
Anzahl Zeichen: 13929
contact information:
Town:
Lyon
Kategorie:
Business News
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