Groupama has reported a rise in profits across the board for the second quarter of 2006 with pre-tax profits up 38% to £18.9m from £13.7m a year earlier.
While pre-tax profit grew, Groupama's com …
Groupama has reported a rise in profits across the board for the second quarter of 2006 with pre-tax profits up 38% to £18.9m from £13.7m a year earlier.
Groupama's combined ratio also improved to 97.5% from 100% for the same time last year.
Managing director François-Xavier Boisseau warned that the insurer's profitable first half would be followed by a more "challenging" second half of 2006.
He said: "We expect the second half to be challenging but our portfolio has an improving balance and this will help us avoid the worst excesses of competition."
The insurer saw revenues from commercial business rise more than 9.5% to £55.2m.
While in personal lines, the company reported a 16.3% rise in revenues to £106.1m from £91.2m a year earlier.
