Substantially higher net income for GROUPAMA in 1H2015

26 August 2015 — Vlad BOLDIJAR
For the first six months of 2015, the French insurer GROUPAMA posted a substantially higher net income of EUR 266 million (+90% y-o-y), a solid solvency margin of 251% (vs. 253% at 31 December 2014), while the net non-life combined ratio was 98.7% vs. 98.5% at 30 June 2014. At the same time, the French Group reported an improvement in economic operating income to EUR 116 million, EUR 16 million more compared with a year earlier.

"The first half of 2015 turned out to be very satisfactory with a strong increase in our technical results, in a climatic environment less severe compared to previous years", stated Jean-Yves DAGES, Chairman of the Board of Directors of GROUPAMA SA.

"Our half year results emphasized a strong improvement of our operating profitability which is noteworthy in all our business lines", added Thierry MARTEL, Chief Executive Officer of GROUPAMA SA.

On 30 June 2015, GROUPAMA's combined premium income stood at EUR 9.3 billion, a 0.9% increase y-o-y compared with 30 June 2014. In property and casualty insurance, the Group posted premium income of EUR 5.2 billion, up by 1.1% y-o-y, while the premium income from life and health insurance was EUR 3.9 billion, up by 0.5%.

Analyzing the territorial distribution of premium income, one notices that France represented about 82% of the group's overall activity which amounted to EUR 7.6 billion, down by 0.6% y-o-y.

Outside France, the value of GWP totaled EUR 1.6 billion, 8.8% more compared with 1H2014 figures. GROUPAMA posted double-digit increase in GWP volume in Turkey (+18.1%), Romania (+17.8%) and Italy (+10%) while in Hungary (-2.8%) the value of premium income declined.

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