Chief exec Martel reveals Groupama losses on Greek debt, bank shares and water company

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Groupama chief executive Thierry Martel has revealed that the business will take a €2.8bn hit from the eurozone crisis.

Martel, speaking to French newspaper Le Figaro, said stock market declines have cost €1.2bn in its stake in French bank Societe Generale, €600m from utility firm Veolia and €2bn losses in Greek bonds.

However, Martel said the results were “very good” and that the insurer’s economic fundamentals were “very strong”.

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