2008 Results

18 February 2009

FY 2008 results: strong growth in revenues and profit from operations.

“In a challenging environment, our development and investment plans drove strong growth in revenue and a nearly 50% surge in profit from operations, while helping to ensure that our combined ratio remained under control at 98%” said Jean Azéma, Chief Executive Officer. “More than ever, these good results and our resilient bottom-line performance demonstrate our Group’s ability to grow even during times of turmoil. In the current generally difficult environment, we remain focused on meeting our targets.”

Results that attest to the Group’s excellent fundamentals.

Consolidated results1

Revenues: €13,441 million, up 10.8%
APE2: €555 million, up 4.2%
Economic Operating profit3: €561 million, up 49.6%
Net profit: €273 million
ROE4: 12.2%
P&C combined ratio: 98.0%

Combined results1

Revenue: €16,232 million, up 9.2%
Economic operating profit3: €661 million, up 66.1%
Net profit: €342 million
ROE4: 9.2%
P&C combined ratio 98.7%

The financial statements are prepared in accordance with IFRS.

 “In a challenging environment, our development and investment plans drove strong growth in revenue and a nearly 50% surge in profit from operations, while helping to ensure that our combined ratio remained under control at 98%” said Jean Azéma, Groupama’s Chief Executive Officer. “More than ever, these good results and our resilient bottom-line performance demonstrate our Group’s ability to grow even during times of turmoil. In the current generally difficult environment, we remain focused on meeting our targets.”

(1) The consolidated financial statements of Groupama S.A. include the financial statements of all subsidiaries and intra-group reinsurance business (representing roughly 40% of the regional mutuals’ revenues ceded to Groupama S.A.). The combined financial statements comprise all of the Group’s businesses (corresponding to the regional mutuals and the subsidiaries consolidated by Groupama S.A.).
(2) The Annual Premium Equivalent (APE) corresponds to 10% of single premium policies and 100% of the regular premium (Life & Health insurance).
(3) Profit from operations corresponds to net profit before (i) net realised capital gains or losses, impairments, gains and losses on financial assets booked at fair value in any case for the portion attributable to shareholders and after tax and (ii) non recurring items, amortization of value of business acquired (VOBA) and goodwill impairment losses all after tax
(4) Return on average equity excluding revaluation reserves and fair value adjustments.