2014, solid financial performance and business transformation

In an environment shaped by historically low interest rates, our good performances confirm that we were right to rebalance our multi-partner model by increasing our focus on personal risk/protection insurance and long-term unit-linked savings.

Total Revenue (Net insurance revenue + Revenue from own-funds portfolios)

3,337m, up 3.2%

In France, the 1.1% growth in net insurance revenue was the net result of contrasting trends, with a 2.2% fall in the savings and pensions segment, due in particular to the fall in interest rates, and an 8.8% rise in the personal risk/protection segment.

In the “Europe excluding France” region, net insurance revenue rose by 11.5%, helped by our swift response to the low interest rate environment.

In Latin America, momentum remained strong, with net insurance revenue up 16.7% like-for-like (7.1% including the currency effect), led by the personal risk/protection segment.

Net insurance revenue from own-funds portfolios was stable at €775 million.

Consolidated Ebit

Consolidated Ebit

  • 2013 : 2354
  • 2014 : 2442
  • up 3,7%

2,442m

The growth in EBIT attests to the Group’s robust operating performance in a difficult macro-economic environment.

Ebit by segment (in %)

Ebit by segment (in %)

  • Savings/Pensions 56.2%
  • Personal Risk/Protection* 43.7%
    * Personal risk, health, term creditor and property and casualty insurance

Ebit by geographic area (in %)

Ebit by geographic area (in %)

  • France 58.3%
  • Latin America 36.7%
  • Europe excluding France 5%

Attributable net profit

1,080m, up 4.8%

New money €31.5bn (french gaap)

New money €31.5bn (french gaap)

  • 2013 : 28,5
  • 2014 : 31,5
  • +10,5%

Premium income €30.8bn(ifrs)

Premium income €30.8bn(ifrs)

  • 2013 : 27,7
  • 2014 : 30,8
  • +11,3%

Premium income by segment (in %, IFRS)

Premium income by segment (in %, IFRS)

  • Savings 69.8%
  • Pensions 9.4%
  • Personal Risk/Protection* 20.8%
    * Personal risk, health, term creditor and property and casualty insurance

Premium income by geographic area (in %, IFRS)

Premium income by geographic area (in %, IFRS)

  • France 79.5%
  • Latin America 9.4%
  • Europe excluding France 11.1%

Embedded value (MCEV©: Market Consistent Embedded Value)

€25.5 per share, up 13.5% from the 31 December 2013 figure after dividends.

Solvency I

403% capital coverage ratio (118% excluding unrealised gains), attesting to the Group’s strong capital base.

Overview of net profit and dividends

(In € per share and € millions for profit) from 2008 to 2014

At the Annual Meeting of 6 May 2015, the Board of Directors will recommend paying a cash-only dividend of €0.77 per share for 2014.

Premium income by geographic area (in %, IFRS)

  • 2008 : €731m - €0,71 per share
  • 2009 : €1,004m - €0,75 per share
  • 2010 : €1,050 - €0,77 per share
  • 2011 : €872 - €0,77 per share (With a scrip payment option)
  • 2012 : €951 - €0,77 per share (With a scrip payment option)
  • 2013 : €1,030 - €0,77 per share
  • 2014 : €1,080 - €0,77 per share (To be recommended at the Annual General Meeting of 6 May 2015)