The mutual insurer Groupama announced on Friday a net profit almost tripled in 2021, supported by good macroeconomic and market conditions.
Very significant rise in the equity markets, growth in life insurance outstandings thanks to forced savings, inflated by the slightest spending opportunities, particularly leisure, business failure rates at their lowest… many favorable winds carried the results of Groupama last year, explained the deputy general manager Cyril Roux, in charge of finances, during a press conference.
Groupama therefore posted a net result of 493 million euros last year – the best of the last ten years, underlines Cyril Roux -, against 177 million euros in 2020, and 345 million euros in 2019, a more comparable year, without impact of Covid-19. Its turnover is also growing for 2021, by 7.5% to reach 15.5 billion euros. International brings 15%, Italy, Hungary and Romania in the lead.
However, the enthusiasm for the preparation of the accounts was dampened by Russia’s invasion of Ukraine on February 24, commented Groupama CEO Thierry Martel. The leader said the group’s exposure was extremely limited but said he was concerned about the macroeconomic consequences, including food shortages, a problem that is rising among breeders.
The sale of Orange Bank has been finalized
The insurer also clarified that it had completely sold its stake in Orange Bank in September 2021, a case which caused a loss of around fifty million euros in the accounts, comparable to 2020, clarified Cyril Roux. The operator Orange has since been the sole master on board its banking subsidiary launched in 2017.
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The solvency ratio, a key indicator for the entire insurance sector that measures the financial strength of a company, is estimated at 183% as of December 31, 2021.
Groupama is the sixth largest general insurer in France, with 25,000 employees and 6.5 million customers in the country. Added to this are 5.5 million customers and 6,000 employees outside France.
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