Groupama's UK profits more than halved
Groupama’s results for 2009 reveal combined profitability for the UK operations (before tax and amortization) has fallen to £14.1m (2008: £30.1m)
Total revenues rose 3.9% to £450.3m (2008: £433.3m) while combined revenues in the group's broking businesses were £66.5m (2008: £66.4m)
Groupama said the private car policy count reduced to correct adverse profitability whilst commercial lines and healthcare (PMI) revenues remained under pressure as a result of difficult business conditions and continuing fierce competition in the company's core SME business.
The insurer added that the household portfolio performed particularly strongly and
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Jo Sykes: Markel out to disrupt cyber market with new launch
Markel is set to launch its cyber product in September, and Jo Sykes, divisional director for commercial lines, has outlined the insurer will continue to add to its digital offering suite.
Cross-selling at the forefront for Covéa, say PL boss Coffey and CL leader Hector
Covéa personal lines director Sue Coffey has outlined plans to widen Covéa’s home insurance footprint and the cross-selling opportunities with the commercial business, as the insurer pinpoints profits as the lead focus going forward.
Intact on a “great trajectory” as it continues product migration – Grosscurth
Tovah Grosscurth, Intact UK commercial lines MD, has updated on the insurer’s migration of products and how it is the “one to watch” in its drive for top spot.
Axa’s Jon Walker on consistency for brokers in new role
Having been made CEO of newly created Axa Insurance UK in March, Jon Walker sets out his approach to the role and what the provider is doing for brokers.
Canopius seeks to ‘bridge the gap’ with new cyber triggered spoilage cover for perishable stock
Canopius Group has launched a cyber-triggered spoilage cover designed to protect businesses when a cyber incident renders their perishable stock unsellable.
Aviva doubling down for customers, says Martin
Aviva is committed to pushing on with an “absolute focus on customer” and will continue “doubling down”, David Martin, managing director for UK commercial and chief distribution officer, told Insurance Age as he teased a “major new proposition” pencilled in for the end of the third quarter will catch brokers’ eyes.
Dual UK strikes new capacity deal with Axa
Dual UK has agreed a new capacity agreement with Axa to underpin its natural resources product.
Hemming: Hiscox to continue filling ‘obvious’ cover gaps
Brokers can expect Hiscox UK to launch more commercial product extensions in the coming months, as the insurer seeks to fill “obvious gaps”.