91 billion with the health insurance 14

Analysts and investors had to look with even more attention this year the accounts of Groupama SA, the perimeter cotable of the mutual insurer, who said yesterday "technically ready" to an introduction on the stock exchange. If the net result amounted to EUR 620 million for the whole of the Group last year, it is a bit better for Groupama SA, 660 million euros ( 142 over a year). But where the insurer leaders welcome "a very good year", the analysts provide a small flat. Qualified "medium quality" by Thomas Fossard, analyst at HSBC, the results are particularly from significant gains (EUR 520 million.) All then as economic operating income recedes 36.2 to 358 million euros, leaded by the cost of storm Klaus and early 2009 Quinten (131 million euros). Another indicator considered somewhat pâlot by the analysts, the combined ratio (fresh and sinister reported premiums), which amounts to 104.7. In not considering the storm, it is just in the nails of the strategic plan 2007-2009 (101.4).

In the radius of the exceptional items, the shortcomings of a bancassurance in Turkey agreement represented a depreciation of EUR-49. The insurer also had to post a "goodwill" of 113 million euros in Russia and Ukraine have decided to postpone its development in these countries through its partnership with OTP Bank.

7.6 Increase in activity

Groupama SA has recorded an increase of 7.6 of its activity, to 14.5 billion euros ( 5 at constant scope and Exchange). In France, the turnover of the insurance increased by 8.4, to EUR 9.91 billion, with the health insurance ( 14.4). In life and capitalization, Groupama is better than the market with an increase of 17.2. A 1.6 billion euros, net collection in retirement has almost doubled from one year to the other (91.7). On the domestic health and injury, Groupama has grown by 6, with an increase of 11.1 in health, superior to that of the profession. He scored the step in insurance of property and responsibilities (0.6, to EUR 3.6 billion), despite gain 100,000 contracts in automobile and 35,000 comprehensive housing contracts. The Internet Amaguiz subsidiary, launched in 2008, there were 49,000 contracts year and expected to reach the equilibrium of here two years, said Christian Collin, the new financial director.

An international, after a year under the sign of integration and the consolidation of recently acquired companies, Groupama says "have better resisted than its competitors in its different markets". "". "We beat everywhere, except in Romania", says Christian Collin. In the end, the turnover abroad is an increase of 8.2 (0.2 pro forma), 4.26 billion euros, while Groupama operates in countries severely affected by the crisis, such as the Spain or Eastern Europe. The contribution of international activities in the net result has more than tripled in one year, to EUR 166 million.

The insurer also benefited from the year 2009 to deflate its portfolio shares in the context of Solvency II. The disposals, net of listed shares amounted to EUR 700 million - they have summer of 540 million on the real estate portfolio. "We will continue this policy battle, heritage and without no urgency", announces Christian Collin. Groupama is also pleased to have improved his margin of solvency of 58 points, to 180, reduced its ratio of debt to 9.1 points and increased its capital by 44.

In 2009, we made the choice to not slow down our investment", said Jean Azéma. After devoting EUR 55 million to its trade marks last year, he plans to do so in 2010, focusing on the Gan.

The large building of 2010, the first year of the new three-year strategic plan, include "the finalization of the preparation of the group to Solvency II" with the participation to the QIS5 test or the diversification of international distribution networks. Jean Azéma, on the other hand, would give no indication of the partnership with La Banque Postale in damages, which the first are not planned this year.