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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
