Fitch maintains negative outlook on Groupama SA

Euro sign outside the European Central Bank in Frankfurt

This rating follows the insurer’s report of a €1.76bn (£1.46bn) loss for 2011 which was attributed largely to write downs on Greek debt and losses on holdings of equities.

According to Fitch, the rating also reflects the substantial risks the insurer is facing, which include forecasts of subdued economic growth in France and “macroeconomic uncertainties”.

The ratings agency said that Groupama’s operating performance “should remain solid”, and its rating could benefit from the improved

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