First-half 2009 results

“Our business continued to grow rapidly in the first half of the year” commented Jean Azéma, Chief Executive Officer. “We ended the period with a strong performance in Life & Health insurance and solid foundations for growth in our international subsidiaries.

Groupama fully played its part as an insurer when after the early-year storms the group compensated its policyholders up to a total amount of €436 million. All the same, the group posted a net profit.
We remain confident of fulfilling our ambitions in Europe and will continue in the second half implementing our business investments, while also working to unleash the significant synergies that exist at all levels in our organisation.”

⁽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 statementscomprise all of the Group’s businesses (corresponding to the regional mutuals and the subsidiaries consolidated by Groupama S.A.).
⁽²⁾ 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, amortisation of value of business acquired (VOBA) and goodwill impairment losses all after tax.