" In a challenging environment, we continued to grow all our businesses and accelerated the pace of international expansion while improving profitability" commented Jean Azéma, Chief Executive Officer.
"With profit from operations up 15.7% and our combined ratio down by 0.5 points, our efforts are clearly paying off. We’re more focused than ever on meeting our targets."
"In 2008, we’ll step up initiatives designed to speed organic growth and expand our international presence, in line with our ambition of becoming one of the top ten European insurers."
(1) The consolidated financial statements of Groupama S.A. include the financial statements of all subsidiaries and intra-group reinsurance business (representing roughly 40% of the regional mutuals' revenues ceded to Groupama S.A.). The combined financial statements comprise all of the Group's businesses (corresponding to the regional mutuals and the subsidiaries consolidated by Groupama S.A.).
(2) Profit from operations corresponds to recurring profit before realised capital gains and losses, net of tax, attributable to shareholders. Recurring profit corresponds to net profit before unrealised gains and losses, net of tax, on financial assets at fair value through profit or loss, attributable to shareholders, non-recurring items, net of tax, and goodwill impairment losses. (3) Return on average equity excluding revaluation reserves and fair value adjustments recognised in profit.
