Groupama Group says the Private Medical Insurance (PMI) market is seeing further evidence of some rate strengthening in the Small to Medium Enterprise (SME) area where the company is active.
In results released today, Groupama says PMI revenue rose 8% for the first half of 2010, in what the company called "an encouraging start to the year." However its Group report says total UK Life and health insurance posted a slight revenue decline for the half of -0.9% at £40.8m (€49m).
François-Xavier Boisseau, CEO of Groupama Insurances, says : "The award winning reputation of Groupama Healthcare based on the consistent, high quality of service that we offer to brokers and their clients sets us apart from the competition and continues too win us new friends.
"With the current levels of uncertainty that exist elsewhere in this market there is now a real window of opportunity for us to achieve some profitable growth and we want to take full advantage."
Overall, for the first six months of 2010, profits in Groupama's combined UK operations increased 30% to £13.7m, up from £10.5m the previous year, before tax and amortization.
This was heavily driven by the performance of Groupama's Commercial Lines Division and ongoing efforts to streamline the company's expense base. Actual revenues in this division were flat at £57.5m, compared to £57.9m the previous year.
Boisseau adds:"Our underwriting discipline and a continuing focus on the bottom line has helped us to improve the performance at Groupama Insurances during the first six months although this has been influenced by some reserve releases in our commercial lines business.
