At constant scope and exchange rates, consolidated sales would have increased by +1.5% with stable commissions and an increase of +4.2% in premiums. The group recorded a negative currency effect of €2.5m, mainly in South America and Canada, which impacted mostly commissions in the Property & Casualty division.

The momentum by division presented a mixed picture at constant scope and exchange rates, with an increase of +1.8% in the Health & Personal Protection division, where the +7.0% rise in premiums was offset by a decline in commissions of -1.2%, while the Property & Casualty division recorded growth of +0.2%, withan increase of +1.7% in commissions and a decline of -2.1% in premiums.

Looking at the detail:

-       Brokerage activity in Health & Personal Protection, driven by loan and group insurance, was impacted in individual health insurance by the company's decision to stop financing individual employees' policies as group health insurance will become widespread within the National Inter-branch Agreement (ANI) context. These commissions amounted to €77.5m in the first quarter of 2014, a decline of -1.2%.

-       The rise in Health & Personal Protection premiums (up +7.0% to €47.8m) results mainly from the development of individual, group and expatriates health portfolios.

-       Property & Casualty commissions, (up +1.7% to €43.7m), were driven by the travel and assistance insurance business.

-       The decline (-2.1% to €26.3m) in Property & Casualty premiums is attributable to non-recurring premiums recorded in 2013. Adjusted for this element, premiums would have increased, due partly to new partnerships and to the revival of affinity member activities within the scope of a strongly reinsured model.

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