French insurer Groupama has released its first half of the year financial results reporting an improved net income of €447m, compared to pro forma net income at 30 June 2022 of -€96m (€232m in IFRS 4 standards at 30 June 2022).
The group’s economic operating income was €612m, which includes property and casualty insurance for €378m at H1 2023, and benefits from very moderate climate claims, while the first half of 2022 was marked by an exceptionally high level of climate events.
Groupama’s non-life combined ratio was 91.6%, including the benefit of the current year’s provisions discount, as required by IFRS 17, and 97.8% excluding this discount benefit.
The insurer’s life and health insurance operating income was €239m, which comes mainly from business in France. While the economic operating income from financial activities amounted to €15m.
The Group also reported a combined premium income of €11.1bn for H1 2023, a 5.3% increase compared to the same period last year.
According to Groupama, business was up significantly in property and casualty insurance (+9.6%) with premium income reaching €6.2bn. In life and health insurance, the Group generated €4.8bn in premium income, up +0.5% from 30 June 2022.
In France, insurance premium income increased 4.3% in the first half of the year, to €9.5bn. In property and casualty insurance, premium income reached €5.1bn, and individual and professional insurance rose to €2.8bn.
The latest figure was driven by growth in home insurance (+11.3%) and motor insurance (+4.6%). Insurance for businesses and local authorities increased significantly (+8.7%) as well as the agricultural segment (+11.9%).
The business in health insurance and protection also continued to grow, to €3.2bn, driven by the health sectors (+5.8%) and collective acceptances (+51.5%).
In savings and pensions, premium income was down to €1.2bn at H1 2023, in a sluggish market, the Group argued. The rate of Unit-Linked policies in net life insurance inflows remains close to 50%, in line with that of last year.
Regarding its international operations, premium income reached €1.5bn in the period, a figure that benefited from the strong growth in activity in Romania (+27.8%) and in Hungary (+24.1%).
Property and casualty insurance premium income reached €1.1bn, driven by motor insurance which is growing in most countries where the group operates, as well as the good performance of the business and local authority segments (+11.0%), particularly in Hungary, Italy and Romania.
The activity in health and protection increased significantly (+10.1%), benefiting from the growth of the group health (+32.2%) and individual protection (+6.2%) branches.
