Groupama reveals interim results

by Richard Kilner

Story link: Groupama reveals interim results

Groupama Insurances has released its interim financial results for the first half of this year.

Post-tax profits remained almost steady at £15m (down marginally from £15.1m in the corresponding period the previous year).

The firm recorded good return of capital employed of 22%, on an annualised basis.

Groupama also enjoyed a good rate of revenue growth, which increased to £224.7m, a rise of 4.5% from the previously recorded £214.9m.

More precisely, the highly competitive nature of commercial lines and healthcare means that revenue from those sources remains under pressure, but the overall picture is bolstered by a strong personal lines performance, which rose by 9.5% compared to 2007.

By contrast, commercial lines saw a small decline from £55.4m to £54.7m, and healthcare revenues stood still at £46.3m.

The chief executive officer of Groupama Insurances, François-Xavier Boisseau, said that the firm always predicted 2008 to be a difficult year, but thanks to a fundamentally well-structured business and a focused approach the overall performance has remained sound.

Boisseau added that the results were very satisfactory, given the current position in the market cycle.