Paris, November 10, 2022
The UFF presents its commercial collection dynamic, up +10% at September 30, 2022 compared to September 30, 2021. Despite the favorable trend in income from investment commissions (+8% to €59.1 million), net banking income was down -6%, at €134 million, penalized by the fall in the financial markets.
Fred Vianas, Managing Director of UFF, says: “
I salute the commercial performance which is improving in 2022, quarter after quarter, and reflects the interest of our customers and the ability of the UFF to support them in this economic context. I would like to thank our customers for their trust as well as our employees for the commercial dynamic and for the deployment during this 3
th
quarter of the UFF roadmap for 2023
. »
€1,229 million in commercial inflows
|
Commercial collection |
2021 |
2022 |
Variation |
– Employee Network | 1,019 | 1,108 | 9% |
– Independent Networks | 93 | 121 | 30% |
|
Global commercial collection (M€) |
1,112 |
1,229 |
10% |
At the end of September 2022, commercial activity
[1]
overall is up by +10%, at €1,229 million,
compared to €1,112m at September 30, 2021:
The commercial activity of
Employee Network
, at €1,108m, is up +9% compared to September 30, 2021, supported by a dynamic product plan and adapted to the current context of volatile markets, with the launch of an innovative Private Equity offer (Altaroc) , a range of dedicated structured solutions (Phoenix Paypal, UFF Zen Capital), a new real estate UC (Tangram) and a new tax SCPI (Urban Premium). Representing a little more than half of the commercial collection, the ”
Life insurance
» is up by +1%. The other half of the activity progressed more significantly, driven by the “
Immovable
», up +13% with direct real estate sales increasing by +18% and SCPI by +7%, as well as by the «
Company
» (+13%) and «
Securities
» (+57%).The commercial collection of
Network of Independents
posted an increase of +30% compared to September 30, 2021, at €121 million. The volume of insurance portfolio attachments held by CGPIs affiliated to the CGPE group increased, to €76 million at September 30, 2022 compared to €56 million at September 30, 2021.
|
Financial results |
2021 |
2022 |
Variation |
|
NBI (M€) | |||
|
– 1 |
46.8 |
44.8 |
-4% |
of which placement fees | 18.3 | 19.1 | 4% |
of which outstanding commissions | 28.5 | 27.6 | -3% |
of which net interest income (loss) and miscellaneous | 0.0 | -1.9 | N / A |
|
– 2 |
49.1 |
44.9 |
-9% |
of which placement fees | 19.7 | 21.2 | 8% |
of which outstanding commissions | 29.1 | 25.9 | -11% |
of which net interest income (loss) and miscellaneous | 0.3 | -2.2 | N / A |
|
– 3 |
46.0 |
44.3 |
-4% |
of which placement fees | 16.8 | 18.8 | 12% |
of which outstanding commissions | 28.9 | 25.3 | -12% |
of which net interest income (loss) and miscellaneous | 0.3 | 0.2 | N / A |
|
Cumulative NBI at September 30 (€M) |
141.9 |
134.0 |
-6% |
– of which placement fees | 54.8 | 59.1 | 8% |
– of which outstanding commissions | 86.5 | 78.8 | -9% |
– of which net interest income (loss) and miscellaneous | 0.6 | -3.9 | N / A |
|
Assets under administration at the end of the period |
12.8 |
12.0 |
-6% |
€59.1 million in investment commissions
Placement commissions are up +8%
over one year, in connection with commercial inflows, and increased in all sectors: +1% in “Life insurance”, +63% in “Securities”, +45% for “Corporate” and +6% for “Real Estate” (+8% in Direct Real Estate and +5% in SCPI).
€78.8 million in commissions on outstandings
Commissions on outstandings fell -9% over the period, impacted by the fall in the financial markets and its consequences on assets under administration in Unit-Linked units.
Net collection
[3]
is positive at September 30, 2022, at +€119m
(compared to -€4m as of September 30, 2021), due to the momentum of commercial inflows combined with a continued decline in redemptions and redemptions of term funds.
Assets under administration at the end of the period amounted to €12 billion
down -6% compared to September 30, 2021, impacted by negative price variations.
-€3.9 million in net interest losses and miscellaneous
The fall in the financial markets in 1
er
half of 2022 impacted the own portfolio of bond UCIs historically accounted for at fair value through profit or loss. From 3
th
quarter of 2022, UFF’s cash is mainly invested on sight, and the balance in a closed-end fund recognized at historical cost, allowing a return to a slightly positive financial result as of the 3rd
th
quarter (+€0.2 million).
Outlook
With a good commercial momentum which continues and is reflected in the favorable development of investment commissions (+8% over the first 9 months of 2022), NBI was nevertheless down by ?6% at the end of September 2022 compared to end of September 2021 in an unfavorable market environment impacting commissions on outstandings and the financial result.
At 3
th
quarter, the UFF deploys its Roadmap defined on the 1
er
semester, defining the 5 major objectives by 2023, and aiming to put the company in motion through a tight organization around 6 major poles – Development, Network, Operations, Human Resources, Regal and Communication & Engagement – and to respond to the immediate challenges and then prepare the next strategic plan, in conjunction with that of Aéma Groupe, the new reference shareholder.
In this context, investment in the commercial network remains UFF’s priority, with the pursuit of a dynamic recruitment of new commercial talents and the improvement of the process of integrating new employees, in a recruitment environment tense.
The UFF in a nutshell
Founded in 1968, Union Financière de France is a bank specializing in wealth management advice, which offers products and services tailored to individual and corporate customers. Its range of products, built in open architecture, includes real estate, securities and life insurance as well as a wide range of products for businesses (retirement savings plan, employee savings plan, cash management medium term, etc.).
Union Financière de France has a dense network present throughout France and is made up of nearly 1,200 employees, including more than 800 dedicated to consulting.
As of September 30, 2022, Union Financière de France had 191,000 customers, including 170,000 individuals and 21,000 businesses.
Union Financière de France Banque is listed on Euronext Paris Compartment B
Euroclear code 3454
ISIN FR0000034548.
For any additional information, please contact:
|
UFF |
UFF |
ENDERBY |
Astrid de Breon | Francoise Paumelle | Camille Pan |
Deputy General Manager | Communication & Engagement Director | Press relations |
Tel: 01 40 69 65 17 | Tel: 01 40 69 63 75 | Tel: 06 38 73 78 38 |
[1]
Customer payments on products marketed by the UFF group (Financial securities, Life insurance and Real estate) through its Employee Network and its Network of Independents.
[2]
From the end of 2021, assets under administration include contracts distributed by UFF and insured by partners other than Abeille Assurances. Historical items have been restated to allow comparability. Assets under administration published as of September 30, 2021 amounted to €12.6 billion.
3 Client investments, net of client divestments, in assets under administration over the period. For comparability purposes, the net inflow data as of September 30, 2021 has been restated identically to the data on assets under administration. Net inflows published as of September 30, 2021 amounted to -€82 million.
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