Groupama has reported that its combined UK operations' profit rose 84% to GBP43.5m for the full year of 2011, compared to GBP23.7m for the same period in 2010.
Profit at Groupama Insurances increased 171% to GBP32.3m for the full year of 2011, compared to GBP11.9m for the same period a year ago due to strong performance from the Personal Lines Division as the company continued its diversification into non-standard lines.
For the full year of 2011, total revenues at Groupama Insurances declined to GBP455.8m, compared to GBP470.9m for the same period prior year.
The company’s UK Broking operations profit declined 5% to GBP11.2m, compared to GBP11.8m against the GBP1m cost of restructuring of the ChoiceQuote subsidiary early in 2011.
Groupama CEO Francois-Xavier Boisseau said that 2011 was a terrific year for the company’s business in what was a very competitive environment.
"We are positioned very positively, not only because of our development as a specialist and non-standard insurer but also because of our commitment to constant innovation in terms of building industry leading e-trading solutions," Boisseau said.