Groupama sees ’24 net premium increase

French insurer Groupama has posted its annual results for 2024, which include a net income of €961 million and an economic operating income of €954 million, up €52 million despite moderate weather loss experience.

Growth in economic operating income came from P&C insurance €429 million and health and protection insurance for €299 million.

At 31 December 2024, Groupama’s combined premium income stood at €18.5 billion, an 8.9% increase from the prior year.

The company’s growth was fuelled by increases in three key areas. Property and casualty insurance grew by 5.2%, reaching €9,241 million. Health & protection insurance saw a significant increase of 15.2%, reaching €5,900 million. The savings & pensions business also contributed, with 8.1% growth, marking a return to growth for this sector.

In France, the total insurance premium income rose by 8.9% to €15.2 billion compared to 2023. The P&C saw a 4.3% increase, reaching €7.0 billion by the end of 2024.

This growth was primarily fuelled by significant increases in business and local authority insurance (+8.1%), home insurance (+5.1%), and, to a lesser extent, motor insurance (+2.8%) and agricultural insurance (+2.9%).

Furthermore, the health & protection business experienced substantial growth of 14.8%, reaching €5.5 billion by the end of 2024. This was driven by increases in both group health (+23.5%) and individual health (+7.2%).

Internationally, at the end of 2024, Groupama noted that business reached €3.1 billion, benefiting from strong business growth in Hungary (+19.1%) and sustained growth in Romania (+7.4%) and Italy (+5.9%).

P&C insurance premium income increased 8.2%, to €2.3 billion in 2024, driven by P&C insurance for businesses and local authorities (+15.6%), mainly in Romania, by motor insurance (+6.7%), which grew significantly in Hungary, Bulgaria and Italy, as well as by strong performances in home insurance (+11.7%), particularly in Greece and Bulgaria.

At €0.5 billion premium income in savings & pensions was virtually stable, experiencing a 0.6% decrease. The health and protection business grew significantly, 21.8%, to €0.4 billion.

The group’s non-life 2024 combined ratio showed an improvement of -1.7 points compared with 2023, reaching 95.1%. This improvement was attributed to a decrease in natural disaster-related claims net of reinsurance (from €968 million in 2023 to €637 million in 2024), improved attritional loss experience, and increased prior year reserve bonuses.

These positive changes were partially offset by a smaller discount effect compared to 2023. At 28.1% the operating costs ratio remained virtually unchanged in 2024.

Economic operating income from savings & pensions was €327 million in 2024, benefiting in particular from the result of the switch of the share reinsured by Groupama Gan Vie to CNP Retraite in the PREFON Retraite reinsurance treaty, effective 1 January 2024.

In 2024, economic operating income from financial activities was +€44 million, while the Group’s holding company activity was -€146 million. Net income, which includes non-recurring items, totalled €961 million, compared to €510 million in 2023.

Laurent Poupart, Chairman of the Board of Directors of Groupama Assurances Mutuelles, stated: “Groupama is showing very satisfactory results, both in terms of revenue growth and profitability.

“Despite a turbulent economic and geopolitical environment, the group demonstrates the solidity and strength of its mutual model, which forms the foundation of an ambitious development strategy as well as investments for the future. I would like to thank our elected representatives and our employees for their commitment.

Thierry Martel, CEO of Groupama Assurances Mutuelles, added: “The group’s results are very positive, with net income supported by a robust operating income from our insurance activities.

“These results stem from all our operations, including property and casualty as well as life and health insurance, both in France and internationally. They enable us to navigate the complex and uncertain economic environment on solid foundations and to generate investment capacity for our development.”

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