Daily Insurance Industry News
Daily Insurance Industry News
Wednesday 21st of November 2018
February 17, 2011

Groupama reports higher revenues and profits

by Richard Kilner

Story link: Groupama reports higher revenues and profits

Groupama Insurances has reported that during 2010 it saw its total revenues generated rise by 4.6% from £450.3m to £470.9m, partly due to rising core private car portfolio premiums.

The firm saw its total UK profits increase dramatically, rising by 70% from £14.1m in 2009 to £23.7m in 2010 (before taxes).

The dreadful and prolonged winter weather did affect the household account, which broke even overall.

Personal lines revenues were up 8.3% to £289m, with total commercial lines revenues falling from £136.3m to £131.8m.

Chief Executive Officer François-Xavier Boisseau responded to the results by stating that they were positive, and that Groupama had made some progress during the year.

However, Boisseau went on to say that the firm had some way to go to make its private car book profitable, and expressed his regret at the lack of sanity in the commercial lines market.

The chief executive said that the firm’s focus on the bottom line had served it well, and expressed his pleasure at Groupama’s return to profitable growth.


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