Shareholder`s letter 27 - March 2013 15 April 2013



Shareholder`s letter 27 - March 2013 15 April 2013
Shareholders’ #27
March 2013
International expansion and growth
2012 full year results
2012 ROC: +10.4%
APRIL in the stock markeT
2012, a reassuring year
Stock market 2012 data
Trend from 01/01/2013 to 03/11/2013
april: 28.6%
cac 40: 16.4%
questions for
Founder and Chief Executive
Officer, APRIL
Innovation… this has been the big issue for APRIL right from the start:
When you create a company, you have to innovate. This was the case for us 25 years ago, on a very
institutionalised and regulated insurance market where it was not really easy to innovate. However, we had
no choice: at a given moment, you have to be able to surprise consumers! APRIL managed to change the
image of insurance thanks to its original approach to the market. We began by removing opacity in the policies
which we sought to make simple, clear and easily understood. We also chose to adopt a totally new position
in the insurance chain, by becoming a designer and manager of insurance policies as well as carrying out the
traditional businesses of insurer and distributor. We overhauled the insurance chain with simpler, cheaper
products while offering fast and high quality management services. We added a new link in the insurance
chain, that of services. This was the missing link that we created, and which makes us stand out because
we changed the insurers’ relationship with brokers and end customers. In these 25 years, everything has
changed – insurance, customers, brokers and the regulations – except APRIL’s determination to innovate.
Today, we innovate by drawing on our past experiences and observations.
What are the challenges now facing the group?
Now more than ever, we need to stay close to the market and define the areas where we want to innovate. We
have set up a department of strategic marketing and innovation. The goal is to ensure that each group entity
innovates. Product innovation, although essential, is not in itself enough. We also need to innovate in terms
of processes, distribution, human resources, value chain, etc. APRIL has opted for a finely balanced position
close to its partners. To this end, the group has created a network of specialised businesses in niche markets
and has almost as many companies as it has product niches. Indeed, we have all the necessary expertise to
meet the very specific needs of professionals and retail customers in clearly identified situations. In this way,
APRIL has become the leading broker in markets such as boating, travel insurance, expatriate insurance, etc.
What areas will APRIL target next for innovation?
APRIL’s approach is one of ongoing progress rather than breakaway innovation. The important thing is to
choose the right target in an industry where a price war is raging. It is APRIL’s approach that is innovative.
We want to innovate by segmentation, as we succeeded in doing with our loan insurance products scaled
according to the subscriber’s age and with supplementary health insurance policies modulated according to
the policyholder’s region of residence or health. We are also working on our rapidity and efficiency, because
when you innovate you are copied and you need to come up with something else – very quickly – in order
to stay ahead. We also innovate to enhance customer loyalty in a very volatile environment fostered by
the regulations. Our aim is to maintain a steady relationship with them. Lastly, we choose the areas for
innovation according to the added value we can bring. We know, for example, that we will be strengthening
our position – and innovating – in collective insurance, insurance for VSE/SME, etc.
Despite the crisis, an increasingly restrictive regulatory framework
and a highly competitive market, APRIL has opted for renewal: do you
see this as a risk or an opportunity?
APRIL is confirming its growth potential in a world of opportunities! Regulatory constraints will clean up the
markets: it is up to us to make full use of our responsiveness. Europe is experiencing a crisis but not the
whole world and APRIL is playing the card of international expansion and mobility. Not only are we seizing
new business opportunities abroad, we are also adding to our experience. Above all, in this area also we are
learning to innovate by approaching markets differently, attacking them from a new angle. Lastly, we are
counting greatly on technology to support our growth. We are currently investing heavily in two far-reaching
IT projects in collective insurance and property and casualty. Our information system has become a strategic
tool. Together, at APRIL, our goal is to return to strong growth by fulfilling our customers’ expectations, even
before these have been expressed in some cases.
Innovation at the heart of the system
APRIL will celebrate its 25th anniversary in 2013. Twenty-five years of innovation at its customers’ service. 2012
was an imaginative year for our teams and no less than 30 products and services were added to APRIL’s range
during the year, showing that the cooperation between teams has been fruitful.
APRIL, changer l’image de l’assurance
Prévoyance Pro Active APRIL
Une solution protectrice et adaptée à votre situation
Un prix juste, défini en fonction des risques liés à votre profession
Des garanties au choix selon vos besoins (seule la couverture décès est
Une indemnisation forfaitaire : ex. 15€ souscrits = 15€ versés
Une prise en charge des arrêts de travail liés au dos
Vous souhaitez faire un baptême de plongée, aérien ou un stage
initiation ? Vous êtes couvert automatiquement.
APRIL s'adapte aux nouvelles pratiques médicales
A sa création en 1988, APRIL a pris l’engagement de changer l’image de l’assurance en
plaçant le client au cœur de son organisation.
Aujourd’hui, ce sont plus de 2 millions d’assurés qui confient chaque jour la protection
de leur famille et de leurs biens aux 3500 collaborateurs du groupe.
APRIL a su gagner leur confiance en leur proposant des contrats qui respectent un juste
équilibre entre le prix, le niveau de protection et le service associé et a ainsi démontré
que l’assurance n’est plus ce qu’elle était.
APRIL s’engage
Vous bénéficiez d’un service de proximité
Nous sommes à vos côtés pour vous soutenir à chaque instant.
Vous comprenez ce que vous achetez
Parce que s’assurer, protéger sa famille, c’est compliqué, nous voulons vous simplifier
Vous êtes assuré au prix le plus juste
Pour nous, chaque personne est différente et mérite le meilleur service.
Vous êtes fidèle et vous y gagnez
Nous mettons tout en œuvre pour mériter et conserver votre confiance.
Plus d’informations sur
La franchise 3 jours est appliquée pour tout type d'hospitalisation :
en établissement Hospitalier d'au moins 24h, à Domicile et même en
Ambulatoire pour les franchises 15/3/3 et 30/3/3.
Avec APRIL, optez pour une protection globale
qui vous protège dans toutes les situations
l'application iPrev
pour les TNS
Réf : 17638 - 09/2012 - Document à caractère publicitaire – L’ensemble des marques ; logos, charte graphique et argumentaire commerciaux
figurant dans le présent document, sont déposés et sont la propriété d’APRIL SA. Toute reproduction, partielle ou totale desdits éléments
et textes de toute nature, est interdite et fera l’objet de poursuites judiciaires.
Prévoyance Pro Active or how to make life simpler for self-employed professionals
Prévoyance Pro Active, available through APRIL Santé Prévoyance, is a package for self-employed
workers (self-employed professionals, tradesmen, shopkeepers and farmers) covering loss of income
in the case of incapacity to work. Apart from the fact that it is adapted to each business (catering, law,
accounting, etc.) and to each worker’s contractual insurance cover, this package is truly innovative in
that it adapts to changes in the policyholder’s life and offers the possibility of lifelong cover for long-term
care. It also includes an original proactive assistance service, which, if the policyholder is hospitalised,
offers help in dealing with day-to-day matters.
pro active
Une protection complète et adaptée,
tout au long de votre vie
Prise en charge des frais de la société en cas d’arrêt de travail du chef
d’entreprise ou de l’un de ses salariés clé.
Pour les travailleurs indépendants
Une couverture pour prendre en charge les soins les plus coûteux.
Vous n’avez pas droit aux prestations de Pôle Emploi ? Nous vous aidons à
maintenir jusqu’à 80% de vos revenus pendant 9 mois ou 50% pendant 15 mois.
Une protection complète pour protéger l’entreprise en cas de disparition de
l’homme clé (dirigeant, associé, collaborateur...).
Immeuble Aprilium
114 bd Marius Vivier Merle 69439 LYON Cedex 03
Tél. : 0 974 50 20 20 - Fax : 04 78 53 65 18
S.A. au capital de 500 000 € - RCS Lyon 428 702 419 - Intermédiaire en assurances - immatriculée à l’ORIAS sous le
n°07 002 609 ( - Autorité de Contrôle Prudentiel - 61 rue Taitbout - 75436 Paris cedex 09. Contrat conçu
et géré par APRIL Santé Prévoyance et assuré par QUATREM Assurances Collectives (Prévoyance Pro Active APRIL),
entreprise régie par le codes des assurances, S.A. à Directoire et Conseil de surveillance au capital social de 380 426
249€ dont le siège social est situé 59/61, rue Lafayette – BP 46009 75423 Paris Cedex 09 – RCS Paris 412 367 724,
Solucia Protection Juridique (Pack Bonne Route) et AXERIA Assistance Limited (Assistance Pro Active).
L’assurance n’est plus ce qu’elle était.
Classic +: combining Personal Protection and Legal Protection with Motor Insurance
Classic + is the most comprehensive motor insurance in the market. Developed by APRIL Partenaires, it
includes an option, “Assur-cotisation”, covering payment of the premium in the event of the policyholder’s
Another advantage is the Legal Protection element relating to driving licences, providing advice and
assistance if the driver loses points.
1er AVIS MEDICAL (FIRST MEDICAL ADVICE): a 24/7 medical advice service
APRIL has put in place a totally new «first medical advice» call centre. This service is provided through
APRIL International Assistance to the policyholders of the group’s various subsidiaries worldwide,
in particular for expatriates who often have difficulty accessing medical services.
Des garanties frais de santé complètes et innovantes
Nouveauté 2013 : service de 1er avis médical
Une équipe de médecins à votre disposition 24h/24
et 7j/7 pour :
vous aider à comprendre un symptôme, un diagnostic ou un
vous donner des conseils avant ou après une hospitalisation,
en cas de maladie chronique, ou de maternité...,
vous aider à préparer vos voyages (vaccins obligatoires et
vous renseigner sur les équivalences des médicaments dans
le monde entier.
If they need to policyholders can call the centre and receive medical assistance (understanding
symptoms, medical diagnosis and treatment, information about equivalent medication worldwide)
and help in dealing with day-to-day medical issues (advice, guidance, making appointments with local
practitioners and specialists, etc.).
L’assurance des expatriés de toutes nationalités
Aperçu de la couverture proposée
Hospitalisation prise en charge à 100% des frais réels, avec un remboursement de la chambre privée jusqu’à
200 €/jour
Vos premières consultations auprès de médecins généralistes et spécialistes non plafonnées (sauf en cas de
vidéo pourquoi
choix de l'offre Essentielle). Les suivantes
choisissent APRIL International Expat
Frais d’analyses, de radiographies et de pharmacie
des frais
Séances d’orthophonistes de vos enfants remboursées à 100% des frais réels
Forfait Médecines douces incluant le remboursement des ostéopathes, homéopathes, acupuncteurs…
jusqu'à 1 500 €/an
Couverture des vaccins liés aux voyages jusqu'à 150 €/an/personne. Les autres vaccins sont remboursés à 100%
APRIL International s'engagedes
avecfrais réels.
la Fondation pour la Nature et l'Homme
Dépistages couverts à 100% des frais réels
et l'association Handicap International
Garanties prévention jusqu’à 1 000 €/an/personne incluant le remboursement des traitements antipaludéens
Soins, prothèses et implants dentaires remboursés jusqu’à 2 000 € la 1ère année puis jusqu’à 2 500 € les années
Suivez-nous sur Facebook et suivantes
Twitter !
Lunettes (verres et monture) remboursées jusqu’à 650 €/an/personne
A new assistance Smartphone application for boaters
L’assurance n’est plus ce qu’elle était.
Imprimé avec des encres végétales sur papier recyclé
Bénéficiez de garanties PRÉVENTION pour toute votre famille
Avec Ambassade, sont couverts :
les traitements anti-paludéens et les vaccins liés
ou non aux voyages (fièvre jaune, grippe…)
les traitements et médicaments d’aide à l’arrêt du
les dépistages pour toute la famille : dépistage
de l’hépatite B, du papillomavirus (infections
sexuellement transmissibles), des troubles de
l’audition ou de cancers (cancer du sein, du col
de l’utérus, de la prostate…)
Et pour vos enfants :
le dépistage néo-natal
les bilans réguliers chez le médecin ou le pédiatre
les vaccins (varicelle, rubéole, rougeole,
les frais d'orthodontie
As part of its innovation policy, APRIL has launched a new application offering an assistance and repair
service at dock or at sea.
Using their telephone, boaters can view their boat’s geographic location, speed in knots and GPS
positioning. They can also contact the regional rescue service CROSS (Centre Régional Opérationnel
de Surveillance et de Sauvetage) if they are in difficulty, call the 24 / 7 APRIL Marine assistance service,
pre-notify a claim in the case of accidents and send a photo to the claims handling service.
This application can be downloaded from App Store and Google Play by boaters whether insured
with APRIL Marine or not.
international expansion and growth
In a highly contrasting economic environment, it is essential for APRIL and crucial to its performance to be capable
of calling itself into question, adapting, and showing solidarity and commitment in all its undertakings. The entire
group works to find synergies and speed up its development. Focus on a constantly adapting organisation.
International expansion of business lines and divisions
Since the beginning of 2013, APRIL’s various international subsidiaries are grouped within the four business divisions – Health and Personal
Protection, Property and Casualty, International (mobility / assistance), Protection and Legal Services division.
The new organisation is more consistent with APRIL’s worldwide presence and will foster inter-company exchanges in the area of product and
services innovation strategies, accentuate the feeling of belonging to a group and provide for improved sharing of information and feedback
on experience.
Controlling underwriting risk across the whole value chain
Lasting and profitable growth in our business must be underpinned by careful supervision of the portfolio’s underwriting quality.
By their inclusion in each division, the insurance companies help strengthen the staff’s insurance culture and heighten their vigilance with
regard to risk taking.
Ongoing investment in information technology
With the goal of facilitating daily tasks for customers and staff, we work constantly on improving our information systems. APRIL is currently
engaged in two major management software projects for collective insurance and property and casualty.
Our future information systems are strategic tools for ensuring fast response in terms of product launches, developing e-commerce, offering
remote access solutions, secure data exchange and electronic signature facilities, as well as for staying a step ahead of new trends in
customer behaviour, whether businesses or individuals.
Managing the brand through its values
Each of APRIL’s 4,000 employees is guided in all their actions by the brand values: simplicity, customer friendliness, imagination and
responsibility.These values contribute to APRIL’s corporate spirit, to the quality of customer relationships and guide the innovation strategy.
ROC 2012: +10.4 %
% of sales
% of sales
+2.1 %
12.0 %
11.1 %
+10.4 %
11.4 %
10.5 %
+11.3 %
6.9 %
7.3 %
-3.7 %
Full details of the result are available at
to €3.3 million consisting almost entirely of commitments to buy
out minority shareholders, and adjusted net cash amounted to €185
APRIL recorded consolidated sales of €773.52 million in 2012, up
by 2.1% on a reported basis and by 1.8% pro forma.
Net investment income was up by nearly €10 million to €23 million,
corresponding to 3% of sales, which is comparable to the 2010
level. Operating profit on ordinary activities rose by 10.4% to €92.81
million, representing an almost 1 percentage point improvement in the
operating margin to 12%.
The group therefore achieved a significant improvement in operating
profitability in 2012. 2013 will enable APRIL to continue its international
expansion and further develop its position of the past 25 years as
an innovative niche player in order to stand out from its peers and
boost its growth momentum.
Thanks to 1.6% growth in commissions, the Health Insurance and
Personal Protection business managed to increase its operating
margin by 2.6 points to 18.3% of sales. Although commissions grew
by 1%, the trend for the Property & Casualty activity was more mixed,
with a 1.8 point contraction in the operating margin to 3.9% of sales.
Sales by division in 2012 (EM)
64 %
After tax, which increased by €11 million to €35.6 million,
consolidated net profit was down by 3.7% to €53.4 million,
corresponding to a net margin of 6.9% of sales, net earnings per
share of €1.32 and return on equity of 10.8%. It will be proposed at
the General Meeting of Shareholders the payment of a net dividend
of €0.33 per share, corresponding to a payout rate of one quarter of
the group’s earnings.
36 %
Health Insurance and
Personal Protection
Property & Casualty
(Inter-division eliminations:
€9.9 million)
In terms of its financial structure, shareholders’ equity at 31
December 2012 came to €514.5 million, gross debt amounted
Balance sheet
+ 39.2
0.6 %
1.1 %
Change in operating
margin by division
Health Insurance and
Personal Protection
20.5 %
Property & Casualty
5.7 %
20.5 %
15.7 % 18.3 %
15.7 % 18.3 %
3.9 %
-1.3 %
5.7 %
3.9 %
-1.3 %
-0.5 pts
After a very turbulent year in 2011, particularly for financial stocks, the Paris stock market regained confidence in 2012, in particular after the summer
when the outlook for the future of the euro zone seemed more reassuring. With a gain of 15.2% in 2012, the CAC 40 index recovered virtually all the
ground lost in 2011.
Against this background, APRIL stood out with a 28.1% increase in its share price, thanks to the market’s positive reception of its 2015 growth plan,
the general recovery of the financial sector and the good performance posted by mid caps
APRIL share price performance since January 2012
Jan 12
Feb 12
Mar 12
Apr 12 May 12
Introduced: 10/23/1997 - Second marché
ISIN Code : FR0004037125
High/low since 01/02/2012: €10,69 - €16,41
Closing price on 02/19/2013: €15,11
First quarter sales: April 29th, 2013*
First half sales: July 22nd, 2013*
Half year results: August 29th, 2013*
Jun 12
Jul 12
Aug 12
Sep 12
Oct 12
Nov 12
Dec 12
Jan 13
Feb 13
Third quarter sales: October 28th, 2013*
* After the stock market closes
These releases are published in the financial and business press
and can be viewed at
April 18th, 2013
DIVIDEND PAYMENT: April 29th, 2013
According to a TPI survey conducted on February 19th, 2013
APRIL has 8 871 shareholders.
Kælia - Tel. : +33 (0)4 72 00 35 80 / Fax : +33 (0)4 72 00 35 89 - [email protected]
Registered Office: APRIL, immeuble APRILIUM, 114 bd Marius Vivier Merle, 69 439 Lyon cedex 03 - France
French limited company with a Board of Directors and share capital of €16,361,654 – Registered with the Lyon Trade and Companies Registry under number 377 994 553.
Insurance broker - Registered with ORIAS under number 07 019 355 (
ISSN 1957 - 0279. Photo credit: Noel Bouchut/Fotolia. Design and creation: