A major case of 2011 will be very Italian

First insurer French to communicate on its accounts 2010, Groupama considers to be the year last "good resistance in an environment difficult." The net result is however folded by 36 to 398 million euros (-41 to 387 million euros for Groupama SA, the perimeter of the publicly traded company). A decline mainly due to the high loss experience (climate, automotive and fire) and the difficulty to realize capital gains (220 million euros, against 520 million in 2009). Combined ratio (grim and fresh reported premiums) has slightly improved, 104.7 to 103.2, but a little rest over the objectives of the strategic plan 2010-2012. In total, climate events have cost the insurer EUR 213 million after reinsurance, slightly less than in 2009.

Jean Azéma, CEO of Groupama, did not, yesterday, hesitate to speak of "sustained" growth with sales up 2.3, 17.63 billion EUR ( 1.6 in current variation). All so that the new strategic plan sets an average annual growth of 6. At the level of Groupama SA, activity increased by 1.4 to 14.7 billion ( 2.3 at constant scope and Exchange).

In France, mutualist group made better than the market of property and liability insurance, with growth of 3.4, to EUR 3.73 billion. Turnover in health insurance remained stable, at $ 6.3 billion. If Groupama yet once fired his pin of the game in health ( 5.9), it appeared back in life (1.8). "But we remain on two years of strong growth in life insurance," said Christian Collin, the Director General Finance and risk, stressing that the insurer has succeeded the second best net collection in its history in 2010 (1,327 billion euros).

Growth was most marked international ( 5.4, 4.35 billion), except the Turkey, following the breakdown of its partnership of bancassurance with Ziraat, and Romania. A particularly notable performance that most of the countries in which the group is installed hard felt the economic crisis. The insurer is now 30 of its activity of insurance from the hexagon and exceeded EUR 1.5 billion of turnover in Italy, its second market after the France.

A major case of 2011 will be very Italian. Groupama is pending the decision of the Consob, the transalpine fellow constable, for whether or not he will have to launch a takeover bid on the Premafin holding which owns the insurer Fondiaria SAI and scheduled to 17 of the capital. Pressed on his real intentions in this folder, Jean Azéma has booted into touch: "We consider that it is an investment interest in view of the development of the securities of insurance." "" "Participation in Premafin is a second interest, if tomorrow there should be changes in the group", he added. This year, Groupama will also put one foot in Poland, by exporting the Amaguiz model, its Internet subsidiary which exceeded 100,000 contracts last year.

The insurer continues to prepare "pragmatically" Solvency II pending final calibrations. Last year, thus reduces its exposure EUR 561 million shares. "We will continue our lobbying actions" to get an adaptation of the system, said Christian Collin. December 31, the Groupama solvency margin amounted to 130.