2007 - April

1.0
Management report
The internationalization of activities with the acquisition
of Dave Rochon Assurances Inc. and ESCAPADE Assurances
Voyages in Canada, the creation of APRIL CEE Development in
Hungary and APRIL Mediterranean and Axeria Re in Malta;
The development of activities in French overseas
departments and territories, with the acquisition a 38.2%
stake in ASSURDOM Gestion;
The positioning on niche markets with the acquisition of
a 75% stake in AMT Assurances, specialized in motorcycle
insurance policies.
2007 was also marked by the launch of activities for a number
of projects carried out by Axeria Vie, Solucia Protection
Juridique, APRIL Santé, APRIL Corporate Broking, Solidaris,
Redcoxx and APRIL Cover.
The Group’s international activities now account for 5.1%
of total business, compared with 4% in 2006. In this way,
revenues generated outside of France came to 31 million
euros at the end of 2007.
At the end of 2007, 34 companies were consolidated for tax
purposes, with APRIL GROUP SA representing the head of the
group, enabling the Group to generate a tax consolidation
premium of 8.9 million euros in 2007.
In 2007, consolidated net income totaled 72.5 million euros,
with the net Group share coming out at 72.1 million euros.
GROUP COMPANIES:
Health and personal protection
The health and personal protection business once again
achieved double-digit growth, up 12.8% (+12.4% likefor-like)
to 394.1 million euros, representing 62.6% of
revenues compared with 65% in 2006 on a constant
accounting method basis, before the elimination of interbranch
transactions for 25.2 million euros. Operating income
came to 93 million euros, with 56.2 million euros in net
income (Group share).
This growth has been driven by all of this branch’s lines:
individual health and personal protection, group health and
personal protection, borrower insurance.
Property and casualty insurance
The property and casualty business rose 22.5% (+13.6%
like-for-like) to 218.3 million euros, accounting for 34.6% of
total revenues compared with 33.2% in 2006 on a constant
accounting method basis. Its contribution to operating
income came to 19.6 million euros, with 14.9 million euros in
net income (Group share).
Savings
Savings revenues are up 67.3% in relation to 2006, coming
out at 16.9 million euros compared with 10.1 million euros
the previous year. In 2007, Axeria Vie launched the marketing
of investment policies without any profit-sharing. The
premium income generated is not recognized in revenues on
account of the accounting treatment for this type of policy
under IFRS.
Holding company
The holding company – APRIL GROUP SA – does not generate
revenues on account of its activity to steer and manage the
Group. Its financial income, primarily linked to dividends from
subsidiaries, came to 104 million euros, with 104.7 million
euros in net income.
APRIL GROUP does not bill Group companies for any services
provided.
Investments and financing
Acquisitions :
- In 2007, the Group acquired the following companies:
AMT, ESCAPADE Assurances Voyages, Dave Rochon
Assurances Inc., Assinco and its 16 subsidiaries.
- APRIL GROUP SA also bought out minority interests in
APRIL Financial Services AG and APRIL Germany, giving it
84% and 100% stakes respectively in these companies.
Creations :
In 2007, the following companies were created: APRIL North
America, APRIL Réunion, APRIL Mediterranean, Axeria Re,
Axeria Courtage, APRIL Alpha, APRIL Omega, APRIL Delta,
APRIL Gamma, APRIL Kappa and APRIL Sigma.
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