Despite the ongoing impact of Covid-19 on the global business environment, the year 2021 was another successful year on multiple levels for Groupama Insurance.
The dynamic growth of the company’s turnover, despite pressure on premiums, its consistent profitability and strong solvency ratios are tangible justifications for management decisions made in the previous year. At the same time, the range of investments in innovative solutions was expanded in a coordinated and decisive manner with the aim of improving the overall customer service experience and reflecting the Group’s broader strategy and values. The financial report confirms that Groupama Insurance methodically takes advantage of the opportunities that arise and is on a steady growth trajectory based on a diversified and multi-channel business model. Its successful performance is summarised by the following indicators:
- Increased market share in Life and Health insurance (2.78% in 2021) with a significant increase in turnover in individual and group health policies (17%).
- Noteworthy increase in the market share of Group Pension Plans (DAF) (9.39% in 2021, from 8.63% in 2020).
- Increased market share in the Fire sector (6.61% in 2021, 6.41% in 2020), with a 2.1% increase in turnover over the previous year.
A more detailed reading of the financial results indicates that, despite the continuing pandemic in 2021 affecting the insurance market with impacts on price levels and turnover, the company presented an overall upward trend compared to 2020, mainly due to the increase in turnover in the Life and Health sectors. Nevertheless, over the same period, the Motor Third-party Liability sector saw a decrease of -1%, as the intense competition influenced price levels. Overall, Groupama Insurance registered earnings before taxes of €7.2 million in 2021.
It is worth noting that earnings remained at high levels thanks to registered premium turnover, which amounted to €158.6 million in 2021, compared to €148.9 million in 2020, for a percentage increase of 6.5%. There was also growth in registered premiums in the Life and Health sector (14.9%), while in the Non-life sector, registered premiums saw a marginal increase (0.4%) over the previous year. The small change mainly reflects the positive results in turnover in the Fire sector (+2.1%) and other general sectors (+4.1%), which offset the slight decline in the Motor sector (-0.9%) in line with developments in that sector.
Lastly, the company paid particular attention to the security of its financial indicators and strengthened its Solvency Capital Requirement ratio, which, before dividend disbursement, came to 170.6% for 2021, including provision for a dividend of €10.1 million.
Christos Katsios, Groupama Insurance CEO, said: “Groupama Insurance is continuing on its course of dynamic growth, fully consistent with its strategic goals. In fact, in an economic and social environment which remained uncertain even in 2021, the company managed to maintain its profitability, while increasing its premium turnover. In 2022, we are consciously continuing to invest in the multi-product, multi-channel and customer-focused nature of the company, knowing that where we differ is in our dedication to providing the best service experience for our policyholders and ongoing support for our partners.”
