Groupama Healthcare saw its business grow, as total revenues at Groupama Insurances rose 4.6% to £470.9 million (2009: £450.3 million), mainly down to rising premium rates in the company's private car portfolio.
According to the insurer, new business activity at Groupama Healthcare that began in 2009 continued with the market seeing evidence of some rate strengthening in the SME area where the company is active.
Total PMI revenues lifted 6%, while profits in Groupama's combined UK operations increased almost 70% to £23.7 million (2009: £14.1million) before tax and amortization.
François-Xavier Boisseau, CEO of Groupama Insurances, commented : "Groupama Healthcare enjoyed another award winning year with its product and service offerings being recognised again with two further industry awards. This continues to set us apart from the competition and to win us new friends and new business from the competition. However, a continuing rise in claims inflation means that we must retain a clear focus on bottom line profitability and to step up underwriting action where necessary."
Combined revenues in the Group's broking businesses were down marginally at £60.5 million (2009: £62.4million) as a result of the UK's recessionary business climate and the continuing pressure on premium rates.
