Groupama maintains business in Romania amid drop in mandatory car insurance
French group Groupama, one of the biggest insurers in Romania, recorded gross premiums underwritten worth over EUR 200 million in 2017, a similar level to the one reached in 2016.
The company compensated a significant drop on the mandatory car insurance (RCA) segment with significant growth rates on the optional car insurance (CASCO) and property segments. The gross premiums on the CASCO segment increased by 10% last year, to EUR 86 million, while the premiums on the property segment went up by 8%, to EUR 45.7 million.
The health and accident and life insurance segments also recorded increases compared to 2016. Meanwhile, the company’s business on the RCA segment, where the prices are regulated by the state, went down by 27%, to under EUR 45 million.
The company posted a net profit of EUR 10 million, up by some 28% over 2016, according to international accounting standards (IFRS).