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

13 March 2020


  • 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