GROUPAMA posts EUR 283 million annual net profit for 2013

13 March 2014 — Vlad BOLDIJAR
GROUPAMA posts EUR 283 million annual net profit for 2013
thierry_martel1The French insurer GROUPAMA reported a net profit of EUR 283 million in 2013 (compared with EUR -589 million loss in 2012 or a EUR -1.76 billion loss in 2011), while the value of combined premium income stood at EUR 13.7 billion or 2.3% less y-o-y, reflecting "the Group's strategy emphasis on profitability instead of premiums growth," as stated by the group's press release.

Economic operating income amounted to EUR 16 million in 2013 compared to a loss of EUR -78 million in 2012, while the cost-cutting programme reduced the expenditures with EUR 270 million in two years.

"2013 led GROUPAMA into a new dynamic with a net profit, a strengthened solvency margin and reinforced risk management. Those results reflect the margin improvements in all our businesses and in all countries, driven by the commitment of all employees of the Group, general and authorized agents in the context of our strategy focused on profitable growth. We will maintain this course and our ambitions into 2014" stated Thierry MARTEL, Chief Executive Officer of GROUPAMA S.A.

In property and casualty insurance business the premiums amounted to EUR 7.05 billion (+1.5%), while in the life and health segment, premiums written decreased by 6.5%, to EUR 6.35 billion. As for the financial and banking activities, revenues totaled EUR 266 million, up 5% y-o-y. The non-life combined ratio improved by 2.3 points to 100.8% for 2013 despite the exceptional climatic events in France.

Read the full 2013 Annual Results here.

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