Groupama Insurances saw gross written premiums (GWP) drop during 2003 as the company continued to implement its strategy of moving out of large and mid-sized commercial business.
Total GWP fell from £574m in 2002 to £500m for the twelve months ending 31 December 2003.
During 2003 the company also completed a portfolio transfer in order to finalise the legal separation of its run-off business.
Managing director François-Xavier Boisseau said the changes meant £500m of its liabilities from London market and US operations were now entirely ring-fenced in Minster Insurance.
Profit from ongoing businesses improved, with the company reporting profit after tax of £10.5m for 2003, compared with a loss of £21m in 2002.
The combined ratio (excluding investment income) was 100% for the year, down from 105% in 2002.
In commercial lines the ratio fell from 116% to 99.5%.
But with GWP of £355m, personal lines represents the majority of Groupama’s portfolio. Boisseau said the company’s key strategy for 2004 is to grow its commercial and healthcare businesses.
