GROUPAMA, 1H2019: premium income of EUR 9.5 billion, sustained by the French business

4 September 2019 — Cosmin CONCEATU
France-based Groupama Group reported a total premium income of EUR 9,459 million for the first six months of 2019, showing an increase of 1.0% year-on-year, mostly sustained by French business, which grew by 1.9%.

1H2019 financial figures (vs. 1H2018) - unaudited

  • Premium income: EUR 9,459 billion (+1.0%), of which:
    • P&C France: EUR 4,391 million (+1.9%)
    • P&C International: EUR 855 million (-2.9%)
    • L&H France: EUR 3,766 million (+1.8%)
    • L&H International: EUR 364 million (-6.2%)
  • P&C combined ratio: 97.9% (-0.2 pp.)
  • Operating result: EUR 185 million (-14.7%)
  • Net result: EUR 106 million (-48.5%)
  • Solvency ratio: 269% (-28 pp.)

Groupama income came prominently from the French insurance market, which totaled a premium income of EUR 8,157 million (86.2% weight in total premiums volume) in the first half of 2019. The international and overseas premium income was EUR 1,219 million (12.8% weight in total premiums).

The premiums volume increased by 1.9% y-o-y in France, while international markets faced a decrease of 3.9% in the total volume of premiums. The lower sales performance from international markets was attributable to a decline in Italian subsidiary's business, a decrease of 6.9% in motor insurance lines, and a reduction of 6.2% in life and health segment.

In terms of business segments, property and casualty (P&C) fueled the premium growth, holding the highest share in total premium income - 55.5% (French P&C 46.4%; international P&C 9.1%). On the other hand, life and health (L&H) insurance weight was 44.5% in total premium volume (39.8% French L&H market; 4.7% international L&H).

The Group's economic operating income was EUR 185 million at the end of June 2019 (June 2018: EUR 217 million). In P&C, net economic operating income was EUR 69 million (1H2018: EUR 86 million) while in L&H insurance, economic operating income was stable compared with the previous period at EUR 154 million.

The net non-life combined ratio was 97.9% at 30 June 2019 (1H2018: 98.1%). The first half 2019 benefited from a well-oriented current claim experience, particularly in weather-related claims.

At 30 June 2019, insurance investments stood at EUR 89.1 billion versus EUR 85.2 billion at 31 December 2018. Unrealised capital gains increased by EUR 2.5 billion to reach EUR 10.5 billion, including EUR 7.5 billion from the bond portfolio, EUR 0.9 billion from the equity portfolio, and EUR 2.2 billion from real estate assets.

At 30 June 2019, Groupama's Solvency 2 ratio was 269%, including the transitional measure on technical reserves authorised by the ACPR (152% without the measure on technical reserves).

More financial information about Groupama Group can be found here.

Groupama Group has a strong presence in its homeland - France. Internationally, the group is present in 9 countries, of which 6 countries surveyed by XPRIMM: Slovakia, Hungary, Romania, Bulgaria, Greece and Turkey.


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