Groupama reported a record £42m profit in 2005 despite a loss in its healthcare business.
The insurer's profits more than doubled from its 2004 result to £42.8m, while its combined ratio improved by more than four points to 95.4%.
Total revenues increased by 12.2% to £344.5m.
Commercial lines profitability increased with the combined ratio improving by 9.4 points to 85.2%. Revenues increased by 15% to £94.2m.
The company said the improvements were the result of its “highly focused approach to distribution and technical pricing expertise”.
Groupama's personal lines business reported a 12% increase in profits to £31.9m. Revenues grew by 12.7% to £188.6, while the combined ration improved by 4.1 points to 92.5%.
The company said it had made “excellent” progress in rebuilding its home account and it saw “good profitable growth” from its motorcycle account.
It added that its private motor and home accounts recorded combined ratios of under 100%.
But the company's healthcare business reported increasing losses with the combined ratio deteriorating by 4.2 points to 112.3m. Groupama said the lack of profitability was due to “non-target” scheme business that “no longer formed part of its portfolio”.
Healthcare revenues increased by 7.3% and included only one month of revenue from the recently acquired Clinicare business.
Groupama chairman and chief executive Pierre Lefevre said 2005 had been an “exceptional” year. “We have now delivered three uninterrupted years of growing profits and in 2005 we have added a significant increase in revenues too. This is a real achievement in what remains a highly competitive and dynamic market environment”.
