French insurer Groupama has reported an improved net income of €297 million, compared to €139 million for the second quarter of 2020.
The group’s economic operating income was €264 million, including its life and health insurance, economic operating income was €168 million at 30 June 2021 compared with €114 million for the prior year period.
This increase came mainly from business in France, which had been heavily affected in 2020 in group insurance by the health crisis but has posted significant growth in its underwriting income this year, particularly in savings and pensions.
It has also reported a non-life combined ratio of 98.1% for Q2 2021, compared to 97.9% for the same prior year period.
Jean-Yves Dagès, Chairman of the Board of Directors of Groupama Assurances Mutuelles commented: “The first few months of this year have once again been marked by a high level of weather-related losses – hail, frost and floods – which have particularly affected the agricultural sector.
“Because climate issues are at the heart of our concerns, Groupama is actively participating in the work carried out by the French government on risk management and crop insurance.
“I would like to thank our employees and elected members for their commitment to our customers and members because, despite those unfavourable climate conditions, the mobilisation of everyone has enabled the group to achieve good half-year results.”
Thierry Martel, CEO of Groupama Assurances Mutuelles added: “Groupama posted a strong performance in the first half of 2021, driven by a favourable financial environment.
“In life and health insurance, the dynamics of the savings and pensions business are based on a winning societal approach that places the needs of our policyholders at the centre of our solutions. I am proud that the work carried out collectively over several years is bearing fruit.”