Predica, the life insurance arm of the Crédit Agricole Group, has launched two new investment-linked retirement indemnity products that cater to the needs of companies and their employees*.
The two products - Extension Fin de Carrière (end of career extension) for the Crédit Agricole network and LCL Retraite Fin de Carrière (end of career retirement) for the LCL network - are geared to all types of companies, from small businesses to large corporates.
The aim is to offer a group insurance policy that allows companies to outsource the management of their employees’ termination benefits while taking advantage of a number of tax and welfare benefits.
In addition to all the features of a standard retirement indemnity contract, Extension Fin de Carrière / LCL Retraite Fin de Carrière offer the following pluses:
- carefully calibrated financial management combining a euro-denominated fund with seven unit-lined vehicles (1 short-term, 2 funds of funds, and 4 equity funds) that meet each company’s specific needs and investment profile;
- considerable freedom in choosing the amount and frequency of payments;
- the possibility of switching between vehicles, depending on market developments;
- extremely competitive fees;
- for the Crédit Agricole network, secure Internet access allowing the company and its employees to access their contracts on line.
Extension Fin de Carrière / LCL Retraite Fin de Carrière will enhance Predica’s existing company pension range, which includes defined-benefit and defined-contribution schemes, intercompany plans and retirement indemnity contracts, both euro-denominated and unit-linked.
At end June 2007, Predica ranked fifth in the French company pension market in terms of new business, with a 7.6% market share
About Crédit Agricole Assurances
Insurance is now the second-largest business of the Crédit Agricole Group, which is France’s No. 1 bancassurer and No. 2 insurer in terms of premium income. By pooling all its insurance activities, Crédit Agricole has improved its bancassurance model and visibility on these activities. Crédit Agricole Assurances was set up in January 2006 and encompasses life insurer Predica and property/casualty insurer Pacifica, loan insurance and bank-related risk insurance, and international insurance. Key figures for Crédit Agricole Assurances (at 31 December 2007 - includes France and international, life insurance, property/casualty and loan insurance) -* 24.3 billion euros in premium income -* 182 billion euros in in-force business -* 25.6 million policies -* 941 million euros in net income (Group share) -* 2,294 employees
