GROUPAMA returned to profitability in 1H2013

8 August 2013 — Vlad BOLDIJAR
groupama_sediuThe French insurer GROUPAMA reported for 1H2013, a positive net result of EUR 187 million, compared with EUR -589 million at the end of 2012, or with EUR -87 million at 30 June 2012. "GROUPAMA returns to profitability after two difficult fiscal periods. Everyone's dedication and commitment are hence rewarded. Our strategy ensuring our policyholders' satisfaction is actually driving the group into a new dynamism", stated GROUPAMA's CEO Thierry MARTEL.

At the same time, the group posted combined premiums income of EUR 9.22 billion, down by 1.4% in comparison with January-June 2012. In property and casualty insurance business the premiums amounted to EUR 5.14 billion (+1.3%), while in the life and health segment, premiums written decreased by 4.9%, to EUR 3.95 billion. As for the financial and banking activities, revenues totaled EUR 129 million, up 1.8% y-o-y.

Analyzing the territorial distribution of premium income, the France insurance market generated EUR 7.7 billion of the group's overall activity, 0.7% less compared with 1H2012. Outside France, the Group is present in 11 countries, mainly in Europe with growth areas in Turkey and China. At the end of June, 2013, international markets premium income stood at EUR 1.4 billion, down 5.9% y-o-y. GROUPAMA's GWP volume increased in Turkey (+31.3%) and Hungary (+7.9%), while in Italy (-14.4%) or Romania (-2.6%) premium income declined.

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