Groupama UK was the only international sector of the group to show a drop in income over the 12 months ending 31 December 2003.
The French insurer said its UK non-life business had shown a drop of …
Groupama UK was the only international sector of the group to show a drop in income over the 12 months ending 31 December 2003.The French insurer said its UK non-life business had shown a drop of 8% in premium income at constant exchange rates.The company said it had refocused its UK operations on its core business of household and small business insurance, as well as increased its risk selectivity in a bid to return the subsidiary to profitability.In its full year results for 2003, premium income was €827m, compared on a like-for-like basis with income of €992 for 2002. On a constant exchange rate basis, total insurance income for the group was €12,883 for the year ending 31 December 2003, a 5.3% increase on a like-for-like basis on the 2002 figure of €12,085.
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