Sales by division were slightly contrasted, with a decline of 0.7 % in Health & Personal Protection, where the 1.1 % raise in commissions was offset by a decline of 3.6 % in premiums, and an increase of 3.2 % in Property & Casualty, under the effect of insurance companies' earnings as well (premiums up 16.9 %), while Property & Casualty commissions declined by 3.3 %.

Looking at the detail:

-       The Health & Personal Protection division's brokerage activity was driven mainly by the growth in commissions on expatriate insurance. Health & Personal Protection commissions, consisting mainly of the group's core business offering, amounted to €316.3m in 2013, up      1.1 %.

-       The decline in Health & Personal Protection premiums, (- 3.6 % to €182.1m), is attributable mainly to the outsourcing of loan insurance risk carrying.

-       Property & Casualty commissions, (- 3.3 % to €184.9m), were impacted by the fall in direct sales (April Mon Assurance) up until the summer of 2013. American activities, (in particular Canada and South America), rose significantly in local currencies, but this progression was neutralised by negative exchange differences. It should be noted that currency effects, which made a negative contribution of €6.6m to the Property & Casualty division's commissions, had only a slight impact on margins, as revenues and costs are managed in the same currency.

-       The sharp growth (+ 16.9 % to €105.7m) in Property & Casualty premiums, is attributable mainly to the dynamics of the corporate and affinity activities within the scope of a significantly reinsured model.

Mobility - Assistance, one of the most strategic activities in the group's development both in Health & Personal Protection and in Property & Casualty, recorded an increase of 5.9 % in full-year terms          (+ 12.2 % at constant exchange rate) representing annual sales of €89.8m.

The group confirmed the trends in operating profit communicated at its half-year earnings release, namely a decline due to a fall in net financial income slightly sharper than in the first half.

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