growth in property and casualty insurance (+6.2%), health and protection insurance (+8.4%)
and sustained growth in savings and pensions (+14.3%).
Groupama delivered very strong results, with economic operating income up 22.8% and net income reaching EUR 1.0 billion, according to the company’s report. As at 31 December 2025, the Group’s economic operating income stood at EUR 1,172 million.
In health & protection, operating income amounted to EUR 265 million, compared with EUR 299 million at 31 December 2024. The underwriting margin was impacted on certain health & protection lines by the impact on future profitability projections of the new taxes on supplementary health insurance in France that will come into force in 2026.
In property and casualty insurance, economic operating income amounted to EUR 747 million, up by EUR 319 million compared with 31 December 2024. This increase reflects the improvement in the combined ratio, a key indicator of technical performance.
The Group’s non-life combined ratio stood at 93.9% at end 2025, an improvement of -1.2 points compared with 2024. This change is due in particular to the improvement in attritional claims experience (high-frequency, low-cost claims) and the decrease in major claims compared with the previous period (which had included the cost of the riots in New Caledonia).
In savings and pensions, economic operating income stood at EUR 269 million as at 31 December 2025, compared with EUR 327 million in 2024. It should be noted that the 2024 result benefited from income generated by the commutation to CNP Retraite of the share reinsured by Groupama Gan Vie under the PREFON Retraite reinsurance treaty. Excluding this item, adjusted operating income rose by EUR 60 million over the period. Economic operating income from financial activities amounted to +EUR 51 million and that of the Group’s holding company activity was -EUR 160 million as at 31 December 2025.
Key takeaways of the report are:
Premium income (insurance premiums and other income) of EUR 20.0 billion, up +8.4%
• Growth in activity in all business lines: property and casualty insurance (+6.2%), health and protection (+8.4%) and savings & pensions (+14.3%)
• Sustained growth in France (+7.7%) and in international subsidiaries (+11.3%)
• Insurance revenue (IFRS 17) of EUR 17.3 billion, up +6.2%
Net income of EUR 1.0 billion
• Economic operating income of EUR 1.2 million, up EUR 22.8 million
• Climate-related losses of EUR 895 million, gross of reinsurance (slightly higher than in 2024)
• Combined ratio of 93.9%
Strong solvency ratio of 222% without transitional measures
• Solvency ratio of 274% with the transitional measure on technical provisions
• Shareholders’ equity of EUR 12.0 billion, up +EUR 1.5 billion
• Contractual service margin of EUR 4.4 billion
“Groupama reports very solid results of which we are proud, and which strengthen our Group’s model. We are also aligned with our Ambition 2030 plan, which relies on the strong commitment of our employees and elected members to achieve our objectives. I am also pleased with our actions in terms of prevention and sustainability, which have been recognised through the awarding of the Engagé RSE label by AFNOR”, commented Laurent Poupart, Chairman of the Board of Directors of Groupama Assurances Mutuelles.
“The year 2025 follows on from 2024 with solid results generated by all the Group’s entities, in a favourable financial environment but with climate-related claims well above the historical average. These results are affected by the exceptional tax on large companies’ income. The Group continues to advance along its strategic roadmap, Ambition 2030, with organic growth based on customer satisfaction as its top priority”, said Thierry Martel, CEO of Groupama Assurances Mutuelles.
The full report can be found here.
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