Groupama doubles profits but struggles lie ahead says MD
French-owned insurer Groupama Insurances doubled its profits in 2005, from £21.1m in 2004 to £42.8m....
French-owned insurer Groupama Insurances doubled its profits in 2005, from £21.1m in 2004 to £42.8m. It marks a turnaround for the group since managing director Franaois-Xavier Boisseau joined the company in 2003.
Profits in personal lines, the majority of the business, grew 12% to £31.9m, while commercial revenues rose 15%.
Boisseau cited several reasons for the increase in profit, including very good investment returns, cutting expenses in 2003 and 2004 and a fall in combined operating ratio
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