Report
Benoit Valleaux

April : Robust increase in current EBIT in H1

>Sales up 7.5%, still driven by insurance premiums - April has published sales of € 492.1m for H1 2018, up 7.5% on a reported basis and 7.0% l-f-l, revealing an acceleration vs Q1 2018 (vs, respectively +5.7% and +5.4% in Q1 2018). This beat our estimate (€ 485m) due to stronger-than-anticipated growth in insurance premiums. These were up 15.1% over the first half. Commissions were up 1.6% on a reported basis and 0.8% l-f-l (+1.2% for property and casualty and +0.4% f...
Underlying
APRIL

April Group designs, sells and manages insurance products through distributors, managers, insurers and reinsurers. Co. divides its activities into four divisions: Health and Personal Protection, Property and Casualty, International (mobility/assistance) and Protection and Legal Services. Health and Personal Protection designs, manages and distributes individual and collective policies; Property and Casualty designs, manages and distributes property and casualty policies for individual clients; International division (mobility/assistance) designs, manages, and distributes policies for individuals and businesses settled abroad; and Protection and Legal Services focuses of legal activities.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Benoit Valleaux

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