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Health Care
Groupama, the leading French mutual insurer, has unveiled its impressive 2024 financial results, highlighting an 8.9% increase in combined premium income to €18.5 billion. This growth marks a significant milestone for the company, driven by solid performances across its core business lines—property and casualty (P&C) insurance, health and protection, and savings and pensions—both in France and internationally[1][2][4].
This financial robustness is underpinned by Groupama’s diverse insurance portfolio, strategic international presence, and a strong mutual business model that supports ambitious growth and investment initiatives[1][2][4].
Property and casualty insurance remains Groupama's largest business segment, with premium income rising to €9.2 billion. Growth in this sector was fueled by:
In France alone, P&C premiums reached €7.0 billion, reflecting resilience in key areas like local authority and agricultural sectors that Groupama traditionally serves[1][2][4].
The most remarkable surge was seen in health and protection insurance, escalating to €5.9 billion. This growth was primarily driven by:
This performance underscores Groupama’s strong foothold in both collective and individual health coverage markets, benefiting from heightened demand for health protection post-pandemic and an aging population[1][2][4].
After a period of stagnation, the savings and pensions segment rebounded with notable 8.1% growth to €3.1 billion. Highlights include:
This growth reflects positive customer sentiment and success of products like Telluma, Groupama’s unit-linked savings plan, fitting consumer needs in a low-interest environment[1][2][4].
Total insurance premium income in France rose by 8.9% to €15.2 billion.
Significant growth in:
Business and local authority insurance (+8.1%)
Home insurance (+5.1%)
Motor (+2.8%)
Agricultural insurance (+2.9%)
Health & protection (+14.8%), led by group and individual health
Groupama's international business expanded 8.3% to €3.1 billion with robust performances in:
Other countries like Greece and Bulgaria saw strong home insurance growth, highlighting Groupama's diversified geographical footprint and effective cross-border expansion strategies[1][2][4].
Despite facing moderate weather-related losses in 2024, Groupama managed a combined ratio improvement of -1.7 points to 95.1%. This was supported by:
The operating cost ratio remained stable at 28.1%, affirming disciplined expense management across operations. Economic operating income rose to €954 million, laying a solid foundation for Groupama's continued profitability[1][4][5].
Laurent Poupart, Chairman of the Board of Directors of Groupama Assurances Mutuelles, commented on the results:
"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."
CEO Thierry Martel 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."[1][2][4]
Groupama's 2024 results cement its position as a leader in the French and European insurance markets, backed by:
By leveraging its mutual insurance model, Groupama is poised to maintain sustainable growth and profitability, addressing evolving consumer needs amid economic uncertainty and regulatory changes[1][2][4].
| Segment | Premium Income 2024 (€ billion) | Growth vs 2023 (%) | |-----------------------------|-------------------------------|---------------------| | Property & Casualty | 9.24 | +5.2 | | Health & Protection | 5.90 | +15.2 | | Savings & Pensions | 3.12 | +8.1 | | Total Premium Income | 18.5 | +8.9 | | Net Income | 0.96 | +88.4 | | Combined Ratio | 95.1% | Improved by -1.7 pts |
Groupama’s strong net premium growth and increased profitability in 2024 position it well to capitalize on market opportunities in a competitive insurance landscape, confirming its role as a resilient and forward-looking insurer in France and beyond.
