Groupama delivers record profits but sees revenues dip
Groupama UK has experienced a huge upswing in profitability for the second year in a row delivering £43.5m in 2011 against £23.7m in 2010, itself a huge improvement on the previous year (2009: £14.1m).
This increased profitability was secured on falling revenues which the French insurer insisted was a result of its strategy of walking away from unprofitable business.
At Groupama Insurances, the underwriting arm of the firm, profits almost tripled to £32.3m (2010: £11.9m) but total revenues declined by over £15m to £455.8m.
The personal lines division experienced a £5m dip in revenues to £284.1m. The insurer pointed to a “very robust approach to pricing” in its home insurance account to explain
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