Last year’s loss is explained by the French group through a special EUR10 million provision connected to the portfolio of credit insurance and to the significant claim settlements on auto insurance.
Contacted by ZF to give comment on last year’s results, representatives of Groupama Asigurari did not offer an answer by deadline.
Groupama entered the Romanian market in 2007 when it bought the insurance division of Banca Transilvania for EUR100 million. One year later the group also bought insurer Asiban, and the two entities merged in 2009 under the Groupama brand.
Although the insurer reported losses last year, its gross written premiums climbed 12% against 2011, to EUR181 million, amid the positive impact of revenues collected from general insurance premiums.
(English version by Daniela Stoican)