Groupama calls for major market correction as commercial revenues drop
Groupama has revealed a 34% increase in profits before tax and amorisation to £18.5m (H1 2010: £13.7m) for its combined UK operations in the first six months of 2011.
Total revenues rose slightly to £239.8m (2010: £237.7m) with personal lines revenues increasing to £148.4m (H1 2010: £144.4m). However total commercial lines revenues declined to £62.2m (H1 2010: £65m).
The provider added that combined revenues in the group's broking businesses dipped to £32.7m (H1 2010: £33.3m) while its H1 2011 EBITDA margin increased by 3.5% to 29%.
Despite Groupama Healthcare's premiums rising by 3% the insurer recently made the decision to offload the business to
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