2010 half-year results

5 August 2010

Sustainable development; The Group confirms its strength in a difficult environment

Groupama S.A. 1
Premium income: 8.6 billion Euros, +4.4% on a like-for-like consolidation and exchange rate basis
Net profit: 127 million Euros
Economic operating income2 : 179 million Euros (excluding storm Xynthia)*
Combined ratio for property and casualty insurance: 100.9% (excluding storm Xynthia)**

Consolidated Group, including all the activities of the Regional Mutuals
Premium income: 11.3 billion Euros, +4.1% on a like-for-like consolidation and exchange rate basis
Net profit: 78 million Euros
Solvency I ratio: 153%

Commenting on the 2010 half-year results, Jean Azéma, Groupama’s Chief Executive Officer said:
“Since the beginning of the year, Groupama has been close to the results of the first half of 2009, with sustainable activity in a difficult economic context and profit impacted by climate-related claims.In France, the property and casualty insurance business outperformed the market despite a highly competitive environment. The improvement in international operations noticed at the end of 2009 was particularly pronounced in Italy, Spain and Hungary. This first half of the year also shows the strength of the group with a Solvency I ratio at more than 150%.Over the past six months we have continued to pursue the changes determined by the Group. Accordingly, we have successfully consolidated our life insurance operations into a single entity (Groupama Gan Vie), introduced innovative new products and services both in France and overseas, and developed promising partnerships.

Programmes to improve operating performance will continue in the second half of the year. Groupama is a robust and dynamic group that gives itself the means to achieve its goals.”

 

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. It 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
* including storm Xynthia: 104 million Euros
**including storm Xynthia: 104.5%