2009 annual results

Commenting on the annual results for 2009, Jean Azéma, Groupama’s Chief Executive Officer said:

“The results for this year are particularly positive. Our Group generated a very solid level of growth with, notably, a greater than 100% increase in net savings and pensions inflows in a context of declining underwriting results due to motor and exceptional storms.

Significant synergies were achieved in both France and abroad. We plan to take advantage of all the benefits in 2010 in order to accelerate our growth.

Moreover, the solid financial situation of Groupama allowed us to maintain our investment plans at the height of the crisis. In a rapidly changing European environment, the innovative capacity of a company has become a decisive factor in its competitiveness and its ability to adapt. This has allowed us to develop strategic partnerships that will all become development platforms for the future. Groupama intends to join the top 10 in European insurance by relying on the dynamic performance of its traditional and new businesses and opportunities for external growth.”

Consolidated results, Groupama S.A.

Premium income: 14.5 billion euros, +7.6% (+5% on a like-for-like consolidation and exchange rate basis)
Net profit: 660 million euros
Operating income: 489 million euros (excluding storms), -12.8%*
Annualised ROE: 16.9%
Combined ratio for property and casualty insurance: 101.4% (excluding storms),**

Combined results, Groupama, including all the activities of the Regional Mutuals

Premium income: 17.4 billion euros, +7% (+4.8% on a like-for-like consolidation and exchange rate basis)
Net profit: 620 million euros
Statutory solvency margin: 180% (+58 points)

* including storms: 358 million euros, -36.2%
** including storms: 104.7%

¹  The consolidated financial statements of Groupama S.A. include the activity of all subsidiaries and internal reinsurance (representing about 40% of the premium income of the Regional Mutuals assigned to Groupama S.A.). The Group’s financial statements include all Group activities (the activity of the Regional Mutuals and the activity of the subsidiaries consolidated within Groupama S.A.).

²  To provide a more economic vision of the business, in its reporting the Group uses an indicator known as economic operating income. This represents profit from continuing operations adjusted for the realised capital gains and losses for the portion attributable to shareholders net of tax. Profit from continuing operations is the net profit excluding the impact of the unrealised capital gains and losses on financial assets recognised at fair value and attributable to shareholders net of tax, non-recurring items net of tax and impairment of goodwill.