GROUPAMA posts EUR 87 million loss in 1H

The French insurer GROUPAMA reported a net loss of EUR 87 million in the first six months of the year. At the same time, the group posted revenues of EUR 9.34 billion, down 2.8% from a year earlier, excluding asset sales and acquisitions. In property and casualty insurance business the premiums amounted to EUR 5.05 billion (+4.02%), while in life and health segment, premiums written decreased by 10% to EUR 4.15 billion. As for financial and banking activities, revenues totaled EUR 134 million, down 9%.

"As previously announced, the group concentrated on the disposal of certain business assets, on reducing its exposure to financial risk and lowering operating costs", declared Christian COLLIN, Deputy Chief Executive Officer, GROUPAMA.

Source: GROUPAMA, 2012 half-year results

According to the press release, at 30 June 2012, economic operating income from insurance was EUR 100 million, driven by life and health insurance. The net combined ratio in non-life came to 103.8%, "heavily impacted by atypical climatic events (frost at the start of the year, windstorms followed by rainstorms in the spring)".

Analyzing the territorial distribution of GWP, French premium income amounted to EUR 7.7 billion (of which property and casualty premium income was EUR 3.9 billion), down -3.3% compared with 1H 2011.

At the same time, international premium income came to EUR 1.5 billion, up 0.4% compared with 30 June 2011.

GROUPAMA's GWP volume increased in Romania and Italy, while in Turkey, Portugal and especially Hungary and Greece premium income declined.

Source: GROUPAMA, 2012 half-year results

See the full press release here!

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