Groupama recorded gross premiums of over RON 1 billion in 2018, up by 8.7 percent

Aurel Dragan 18/03/2019 | 14:56

The total volume of gross premiums recorded by Groupama Asigurari exceeded RON 1 billion in 2018, registering an increase of 8.7 percent compared to the previous year. At the same time, the company posted an operating profit of RON 44 million, but reported an IFRS contribution of RON 9 million, amid exceptional events that marked the insurance market in 2018.

The company’s results are expected to be above the market rate in this period, reconfirming Groupama Asigurari’s top position in customer preferences as well as in the Romanian insurance market where the company ranks 3rd without RCA and 4th in the overall standings.

“Groupama Asigurări exceeded a new threshold in 2018, in a difficult market context. Financial performance is therefore the result of a significant company-wide effort, and I would therefore like to thank all my colleagues for their commitment to Groupama Insurance and our customers, to whom we have once again demonstrated that we are a trusted partner. It has been a difficult year in terms of the climate challenges that have affected the agro segment as well as the many events that marked the market. So we are all the more happy to have reached a new milestone in our financial results and look confident to the consolidation of these results in 2019,” said Francois Coste, CEO of Groupama Asigurari.

The non-life insurance segment had a major contribution to total results, registering a 9 percent increase over the previous year to RON 970.4 million. Of these, double-digit advances were RCA (+ 16.5 percent), Non-Life Other, such as civil liability, carrier liability and travel (12.6 percent), reconfirming the high potential of these segments.

Significant increases were also recorded by the Casco and Property segments. Thus, premiums on the CASCO segment increased by 7.8 percent, the growth being further supported by new car registrations and a significant contribution from the Leasing channel. At the same time, in the context of the Groupama Insurance for the Property segment (excluding Agro), it recorded a positive evolution compared to last year (+ 7.7 percent), reaching RON 175.1 million and having balanced contributions from both insurance for individuals and legal entities.

At the same time, the life insurance, health and accident insurance line had a contribution of RON 70 million (+ 6.8 percent).

In 2018, there were challenges in terms of profitability of crop insurance, in the context of extreme summer and autumn weather phenomena, as well as of RCAs, amid a change in the charging regime.

Groupama Insurance’s results are consistent with Group-wide growth trends. Thus, during the reporting period, the Groupama Group posted a net profit of EUR 450 million, up 54 percent from the previous year, out of which the reported operating profit was EUR 298 million.

As far as results on the local market are concerned, they come on the backdrop of innovative actions and products, centered on the client. Thus, in 2018, Groupama Asigurări continued to innovate, both through technological solutions and through unique platforms, such as the Board of Clients, a consultative structure formed by clients of the company, which offers their insight into the insurance market, the real needs customer feedback or feedback on the company’s products and services based on personal experience.

Also in 2018, the Benefits Collection, a unique product on the insurance market in Romania, was extended. Thus, both retail and corporate customers now benefit from the ability to notify online damage through a fast, easy-to-use software system based on a robot. Also, companies ending Fire and Other Disasters or Small and Medium Business insurance benefit from the self-reporting facility, up to a maximum of RON 10,000, the service minimizing the time needed to advise the damage.

In addition, during 2018, Groupama Asigurari continued to dedicate itself to strategic partnerships, becoming the official insurer of the Rugby National Team and thus confirming its commitment to sustain performance as well as continuing collaboration with the Romanian Police and the Romanian Olympic Sport Committee.

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Aurel Dragan | 27/11/2023 | 17:41
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