Groupama's UK results bring delight and frustration for CEO
Groupama UK’s chief executive, François-Xavier Boisseau, has admitted that his satisfaction at producing record levels of profit in 2011 has been tempered by the sale process forced upon the insurer by its French parent.
The results, which came in the same week that Fitch Ratings reaffirmed Groupama SA’s BBB financial strength rating, showed that the UK arm had managed to increase profits by nearly 85% to £43.5m.
But Mr Boisseau stated that although he was delighted at the result, which he said validated the insurer’s change in strategy to focus on specialist lines, there was a sense of frustration.
“There is a frustration for me but delight for the shareholder,” said Mr Boisseau.
“The timing is perfect for them
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