B. Caisses d'Epargne
revenue contribution of the
Epargne (savings banks)
22.4% to €5,286 million
as a result of stiff competition from products offered by the banks, particularly in the Savings segment. Unit-linked sales fell by 53.3% reflecting a reduced emphasis on selling unit-linked bond funds compared with 2011. However, the network's contribution to personal risk revenues nearly doubled, with over 180,000 policies sold during the period. Term creditor insurance business also continued to grow, contributing €502 million to revenue.
s revenue contribution declined by 7.6% to €434 million.
Its distribution model based on a team of local insurance advisors helped the network to withstand the sharp contraction in the French life insurance market.
The wait-and-see attitude among homebuyers in
led to an overall decline in home purchases during the period.
Despite this challenging environment, the revenue contribution of the Financial Institutions partnership centre rose by 3.3% to €1,102 million.
The period-on-period growth was mainly due to the fact that new business accounts for only a small proportion of total revenue. It also reflected the maturity of the partners' main portfolios.
E. Companies and Local Authorities
Revenue generated with companies and local authorities amounted to €1,273 million, an increase of 2.6%.
In the personal risk segment, for both companies and local authorities the Group focused on improving margins by adjusting rates.
The revenue contribution from mutual insurers amounted to €700 million, down 4.4%.
Growth initiatives focused mainly on developing optional supplementary long-term care insurance business with MGEN.
At €3.7 billion, revenue from international operations for the first nine months was down 24.5% on the year-earlier period (21.9% at constant exchange rates), due mainly to the decline in business in
The decrease in international revenue was offset by a favourable shift in the product mix towards risk protection insurance.