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August 31, 2018

Groupama H1 net income slumps

French insurance firm Groupama has reported net income group share of €206m for the first half of 2018, a decrease of 28% compared to €286m in the previous year.

Groupama H1 results

The insurer’s economic operating income for the half year ended 30 June 2018 was €217m, a 41% jump from €154m a year ago.

Groupama CEO Thierry Martel said: “Sound results built on quality service that is continuously improving and appreciated by loyal customers. Our targeted growth policy is paying off in a context where weather-related losses are still a challenge.”

Premium income increased 4% to €9.5bn, with notable rise in property and casualty insurance as well as life and health insurance.

Premium income growth in France and internationally was 3% and 4%, respectively.

As at 30 June 2018, the insurer’s non-life combined ratio was 98.1% and debt ratio was 25.1%.

Groupama chairman of the board of directors Jean-Yves Dagès said: “The results for the first half of the year confirm the relevance of Groupama’s strategic choices and the steady progress in its operating efficiency.

“We are proud of these results at a time when Groupama is returning to its roots by converting its central body to a mutual insurance company.”

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