Groupama has reported a strong performance for the second quarter of 2006, with pre-tax profits up 38% over the same period in 2005 from £13.7m to £18.9m.
The company's net profit for 2006 of £31.1m benefited from an exceptional tax credit of £12.1m.
"We have made an excellent start to 2006,” said chairman and CEO, Pierre Lefèvre, “continuing on the strong performance achieved in 2005. In increasingly challenging market conditions, we have made significant progress in both personal and commercial lines with an excellent performance in our core business areas.
Following the acquisition of Clinicare in November 2005, we have completed the integration process and Groupama Healthcare is now trading strongly from our new Centre in Letchworth.
We are confident that 2006 will be another vintage year for Groupama in the UK.”
On a sector by sector basis, Groupama saw revenues from commercial business rise some 9.5%, while personal lines business has grown by over 16%. While the company stated that motor business had come under pressure in the first half of 2006, revenues remained slightly ahead of 2005 by 5.7%.
