Groupama Insurances reports profits

Groupama Insurances reported profits of £23.1m for 2007 (2006: £33.8m). The results were affected by exceptional storm and flood losses in January, June and July totalling £18.4m (£14.4m net of reinsurance). In addition, revenues for 2007 were flat at £408.7m (2006: £412.5m), which the insurer said reflected disciplined underwriting in the personal and commercial lines portfolios, the impact of ongoing consolidation and continuing portfolio adjustment in the company's healthcare subsidiary, Grou