Assurances du Crédit Mutuel Posts Strong Profits in H1 2024

Assurances du Crédit Mutuel (GACM) recorded a net profit of €492 million in the first half of 2024, an increase of 8.6% year-on-year. The growth was driven by record savings and retirement premiums and the expansion of property and casualty (P&C) as well as health and protection insurance portfolios.

The group's gross written premiums rose to €7.6 billion, a 4.0% increase at constant scope compared to H1 2023. P&C and protection insurance premiums grew by 4.6%, reaching €3.3 billion, with significant contributions from both property and health insurance sectors.

Despite a deterioration in the combined ratio of P&C insurance to 101.2%, due to rising claims expenses from natural events, profit from health, protection, and savings insurance offset the decrease. The contractual service margin also increased by 1.1% compared to the end of 2023.

GACM's financial results saw a boost from increased capital gains, growing by €43 million to total €217 million. Contributions to Crédit Mutuel Alliance Fédérale’s societal dividend more than doubled, reaching €19 million.