2011 half-year results

4 August 2011

Sharp increase in operating income; Net profit up even after the impact of the Greek rescue plan

Consolidated results, Groupama S.A. 1
Premium income: €8.4 billion, down -2.5% on a like-for-like consolidation and exchange rate basis
Net income: €147 million, up +16% after a net loss of €84 million for Greece
Economic operating income2 : €183 million, up +76%
Combined ratio, property and casualty insurance: 99.6%, down -4.9 points

Combined results, Groupama, including all business of the Regional Mutuals
Premium income: €11.2 billion, down -0.9% on a like-for-like basis
Net income: €151 million
Solvency margin: 130%

 

Commenting on the 2011 half-year results, Jean Azéma, Groupama’s Chief Executive Officer stated:

“In the first half of the year, Groupama’s operating profitability improved sharply, with economic operating income up 76% and a much improved combined ratio, thanks to a better claims control. In addition, premium income was satisfactory given the market slowdown in life insurance.
“These results, which include the €84million impact of the rescue plan for Greece, underscore the Group’s strength and are encouraging given the still difficult economic and financial environment.
“Programmes aimed at improving profitability will be continued in the second half of the year without affecting the high quality of our customer service, which will be maintained thanks to the commitment of our entire workforce.”

 

1 The consolidated financial statements of Groupama S.A. include the business of all subsidiaries and internal reinsurance (representing about 40% of the premium income of the Regional Mutuals assigned to Groupama S.A.). The Group financial statements include all Group business (business of the Regional Mutuals and of the subsidiaries consolidated within Groupama S.A.). To provide a more economic vision of the business, the Group uses an indicator known as economic operating income.
2 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, impairment of value of business in force, and impairment of goodwill.