2019 Full-Year – Results Business growth and improved operational performance

13 March 2020

#finance

  • Premium income of €14.4 billion, up +1.7%      

– Increase in premium income from property and casualty insurance (+1.1%) and from life and health insurance (+2.4%)

– Mixed performance with an increase in France (+2.6%) and a decline in the international market (-2.3%)

  • Higher economic operating income at €413 million

– Insurance economic operating income of €466 million

– Non-life combined ratio of 97.0%

– Continued transformation of the life insurance portfolio with a share of unit-linked outstandings in individual savings of 28.1% in France

  • Net income of €345 million
  • Solvency 2 ratio of 178%, up 11 points

– Solvency 2 ratio of 302% with transitional measure

– Group’s IFRS equity of €10.2 billion

– Mutual certificate outstandings of €600 million at 31 December 2019

Jean-Yves Dagès-2

2019 was marked by economic and social uncertainty. We were also not spared by weather events, with alternating high temperatures, droughts, and floods. In this challenging environment, Groupama delivered very satisfying results, driven by the profitable organic growth of its regional mutuals. This performance highlights the soundness of our mutualist model and the engagement of our elected representatives and employees.

Jean-Yves Dagès
Chairman of the Board of Directors of Groupama Assurances Mutuelles
MARTEL Thierry_Directeur Général_1

In 2019, Groupama once again demonstrated its ability to grow and face a complex environment of both risks and opportunities. The increases in our premium income, operating income, and solvency resulted from very good technical and cost control while anticipating and responding to the needs and practices of our members and customers.

Thierry Martel
CEO of Groupama Assurances Mutuelles

La Banque Postale and the Groupama Group announce the signing of a memorandum of understanding concerning La Banque Postale IARD

19 December 2019

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La Banque Postale and the Groupama Group have signed a non-binding memorandum of understanding covering the acquisition by La Banque Postale of Groupama's 35% interest in La Banque Postale IARD (LBP IARD) and their extended cooperation in the areas of legal protection and assistance services.

LBP IARD, which was set up in late 2009 as a joint venture between La Banque Postale and the Groupama Group, markets property & casualty insurance products and services to La Banque Postale’s retail customers. With over 500 employees and an insurance portfolio comprising 1.8 million policies, LBP IARD has become an independent full-service insurance company.

Contractual relations between LBP IARD and the Groupama Group also include service agreements and reinsurance treaties with two Groupama subsidiaries, Groupama PJ (for legal protection services) and Mutuaide (for assistance services).

On completion of the planned transaction, La Banque Postale would become the sole shareholder of LBP IARD and the two service agreements would be rolled over as part of a long-term partnership strategy.

In becoming LBP IARD's sole shareholder, La Banque Postale intends to actively continue developing the property & casualty business's product and service offerings with a view to strengthening and consolidating its integrated bancassurance model serving all customer segments in France."

Rémy Weber
Chairman of the Executive Board of La Banque Postale

The continuation of our agreements with La Banque Postale in the areas of legal protection and assistance services attests to the excellent spirit of cooperation that has prevailed since the partnership began. We are proud to have helped create LBP IARD and wish the company a successful future.

Thierry Martel
Groupama's Chief Executive Officer

The transaction will be subject to the usual procedures with employee representatives before the final agreements are signed. The deal should be completed in the first half of 2020, once the necessary authorisations have been obtained from the supervisory authorities.

 

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Crédit Agricole Assurances joins forces with Banque des Territoires and Groupama to develop its renewable energy investment company

19 September 2019

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Crédit Agricole Assurances, Banque des Territoires and the Groupama Group are today announcing that they signed an agreement under which Banque des Territoires and Groupama will enter the capital of Predica Energies Durables (PED), Crédit Agricole Assurances’ dedicated subsidiary for investments in renewable energy production assets alongside Engie, the French market leader for solar and wind power generation. Following this transaction, the two new investors will respectively hold 22% and 18% of PED’s capital, with Crédit Agricole Assurances remaining PED’s majority shareholder with 60% of its capital.

Created in 2014, PED is Crédit Agricole Assurances’ investment vehicle for its strategic partnership with Engie to jointly hold onshore wind and solar assets in France. This partnership, with a total installed base of around 2GW at end-2019, represents the largest platform for operational renewable assets in France.

The arrival of Banque des Territoires and the Groupama Group alongside Crédit Agricole Assurances will make it possible to further strengthen the partnership, increasing the capacity for investment of PED, France’s leading institutional investor in renewable energies.

“The development of renewable energies is in line with the 2°C roadmap. As a responsible investor, we want to contribute, through our investments, towards achieving this goal. Our partnership with Engie represents a major operation for this strategy. To enable it to deploy its full potential, we are delighted to welcome on board Groupama and Banque des Territoires, two long-term investors who share our commitments”, explains Jean-Jacques Duchamp, Deputy CEO of Crédit Agricole Assurances.

“As a mutual insurer and responsible investor, the Groupama Group is firmly focused on climate change as one of its core commitments. We are delighted and proud to be contributing in this way to the development of renewable energies in France”, confirms Mikaël Cohen, Group Chief Investment Officer of Groupama.

“We are investing in renewable energies in order to put in place the financial resources needed to make concrete progress with the energy transition towards more sustainable regions. This partnership is part of this ambition: with Crédit Agricole Assurances and Groupama, Banque des Territoires is supporting Engie and making it possible to produce more renewable energies in France”, declared Olivier Sichel, Director of Banques des Territoires.

These three signatories of the Principles for Responsible Investment (PRI), Crédit Agricole Assurances, Caisse des Dépôts for Banque des Territoires and Groupama, take environmental, social and governance (ESG) factors into account in their investment decisions. This outstanding transaction once again illustrates their shared commitments in relation to these major challenges.

The transaction’s close is expected by December 2019, subject to the usual conditions being met in this area.

Groupama has successfully carried out the issue of a subordinated debt for a principal amount of EUR 500 million

10 September 2019

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Groupama announced the issue on 9 September 2019 of Euro-denominated Fixed Rate subordinated notes due 2031 placed with institutional investors for a principal amount of EUR 500 million, with an annual coupon of 2.125%. The purpose of this transaction was to take advantage of current supportive market conditions to optimize the group's capital structure.

Groupama Assurances Mutuelles calls for redemption its senior subordinated notes (FR0010815464)

30 August 2019

#finance

Groupama Assurances Mutuelles will early redeem its senior subordinated bond issued in October 2009 (ISIN: FR0010815464) on its first call date falling on 27 October 2019, in accordance with article 5 of the Terms and Conditions of the Notes.

Groupama Assurances Mutuelles calls for redemption its senior subordinated notes (FR0010815464)

Groupama’s 2019 Half-Year Results

29 August 2019

#finance

  • Premium income of €9.5 billion

– Increase in premium income from property and casualty insurance (+1.1%) and from life and health insurance (+1.0%)

– Mixed performance with an increase in France (+1.9%) and a decline in the international market (-3.9%)

  • Economic operating income from insurance of €224 million

– Combined non-life ratio of 97.9%

– Continued transformation of the life insurance portfolio with a share of unit-linked outstandings in individual savings of 27.1% in France

  • Solvency ratio of 152%

– Ratio of 269% with transitional measure on technical reserves
– Increase in Group’s IFRS equity to €9.7 billion
– Mutual certificate outstandings of €567 million at 30 June 2019, including €27 million collected during the 1st half of 2019

Jean-Yves Dagès-2

Groupama's results show the group's resilience in a complex financial environment. This performance confirms the relevance of the group's economic efficiency strategy based on mutualist values of proximity to its policyholders.

Jean-Yves Dagès
Chairman of the Board of Directors of Groupama Assurances Mutuelles
MARTEL Thierry_Directeur Général_1

This first half confirmed the growth momentum of our activities as well as the increase in our operating profitability, particularly in France, in an environment marked by historically low rates and numerous international uncertainties.

Thierry Martel
CEO of Groupama Assurances Mutuelles

 

v1-SL27082019_EN_Infographie_complete_900px

 

Groupama has successfully carried out the issue of a subordinated debt for a principal amount of EUR 500 million

18 September 2018

#finance

Groupama announced the issue on 17 September 2018 of Euro-denominated Fixed Rate subordinated notes due 2028 placed with institutional investors for a principal amount of EUR 500 million, with an annual coupon of 3.375%. The purpose of this transaction was to take advantage of current supportive market conditions to optimize the group's capital structure.

Investors showed significant interest in the new notes with the order book around 3 times oversubscribed.

Main terms of the new issue:

Issuer: Groupama Assurances Mutuelles

Expected rating of the notes: BBB- by Fitch

Issue amount: €500 million

Pricing date: 17 September 2018

Settlement date: 24 September 2018

Annual coupon: 3.375 per cent.

1st interest payment date: 24 September 2019

ISIN: FR0013365640

BNP Paribas, Citigroup, Crédit Agricole CIB, HSBC (Sole Structuring Advisor), J.P. Morgan and Natixis acted as joint bookrunners on the transaction. The new notes will be admitted to trading on Euronext Paris.

The prospectus of the new notes will be available on the group’s internet website (www.groupama.com) and on the website of the Autorité des marchés financiers (www.amf-france.org).

 

 

Groupama 2018 Half-Year Results – Sharp increase in operating income

30 August 2018

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  • Premium income of €9.5 billion, up +3.6%

– Marked increase in premium income (+3.6%) for property and casualty insurance and for life and health insurance

– Continued growth in France (+3.2%) and internationally (+4.5%)

  • Strong growth in economic operating income: up €63 million to €217 million

– Improvement of the combined ratio in non-life insurance to 98.1%

-Continued transformation of the life insurance portfolio with a share of unit-linked outstandings in individual savings of 26.2%

  • A solvency 2 ratio of 167%

– Shareholder’s equity of €8.9 billion

– Mutual certificate outstandings of €504 million at 30 June 2018, including €68 million collected during the 1st half of 2018

 

 

1 – Photo Jean-Yves Dagès – Haute def

The results for the first half of the year confirm the pertinence 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.

Jean-Yves Dagès
Chairman of the Board of Directors of Groupama Assurances Mutuelles
Thierry MARTEL

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.

Thierry Martel
CEO of Groupama Assurances Mutuelles
ve_Résultats semestriels 2018@2x

 

2017 Results: Significant increase in operating income at €349 million

16 March 2018

#finance

  • Premium income of €13.8 billion, up 2.9%

– Growth in property and casualty insurance as well as life and health insurance

– Continued growth in France (+2.6%) and return to strong organic growth in foreign markets (+4.1%)

  • Economic operating income of €349 million, up €156 million

– An improvement in the non-life combined ratio of 98.9%, despite a high weather-related loss experience

– Active transformation of the life insurance portfolio with a share of unit-linked outstandings in individual savings of 25.8%

– Improvement in economic operating income in France and internationally

  • Net income of €292 million

– Net income affected by exceptional charges of €187 million due to regulatory changes in France (tax surcharges and statutory enhancements)

– Strong increase in the international subsidiaries’ contribution to net income (+35%)

  • Solvency ratio of 315%, up +26 points since 31 December 2016

– Solvency ratio of 174% without transitional measure on technical reserves

– Shareholders’ equity of €8.9 billion

– Mutual certificates outstandings of €436 million at 31 December 2017, including €246 million collected in 2017

Jean-Yves DAGES

Groupama had a satisfactory 2017 in terms of both development and profitability. As the company continues its internal work to remutualise its governing body, which is planned for the end of the first half of 2018, Groupama has continuously shown its capacity to develop and support innovative and transformational projects that serve all its members and customers, particularly alongside farmers.

Jean-Yves Dagès
Chairman of the Board of Directors of Groupama SA.
Thierry MARTEL

The Group saw profitable growth momentum in its property and casualty insurance as well as in its life and health insurance, and recorded a major increase in its operating income as well as its solvency. It is therefore with a solid foundation that Groupama SA will soon become Groupama Assurances Mutuelles, the Group's new national mutual.

Thierry Martel
Chief Executive Officer of Groupama SA.
Groupama FY Results 2017 - Infographics

 

Filing of the Groupama SA 2017 Half Year Financial Report

15 September 2017

#finance

Groupama SA announces its Half Year Financial Report for 2017 is now available on
its website and has been filed with the French stock exchange regulatory authority,
l’Autorité des Marchés Financiers.

This document includes the half year 2017 consolidated financial statements, the half
year activity report, the declaration by the person responsible for the Half Year
Financial Report as well as the statutory auditors’ review on the half year
consolidated financial information.

The Half Year Financial Report can be viewed, in French and English language, on
Groupama’s website (www.groupama.com), under the ” Finance / Financial
Information ” section.