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
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