Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 14th of August 2018
March 16, 2012

Groupama UK reports record profits

by Richard Kilner

Story link: Groupama UK reports record profits

Groupama has reported that in 2011 its combined UK operations saw profit, before tax and amortization, soar by 84% to £43.5m, up from £23.7m last year.

Groupama Insurances profits more than doubled from £11.9m last year to £32.3m, with an especially impressive Personal Lines Division performance.

Groupama’s UK Broking operations saw profits marginally decline from £11.8m to £11.2m, although 2011 did see the firm suffer a £1m cost to restructure its ChoiceQuote subsidiary.

Groupama Insurances’ total revenues for the year dropped from £470.9m to £455.8m.

Chief Executive Officer François-Xavier Boisseau was delighted at the results, describing 2011 as a terrific year despite the very competitive environment.

Boisseau went on to say that the firm was now starting to reap the rewards for its hard work over the last three years.

 

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