Groupama Garancia premiums revenue edges down to HUF 89.3 bln in 2011

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Insurer Groupama Garancia Biztosító's revenue from premiums edged down 2.2% to HUF 89.3 billion in 2011, according to Hungarian Accounting Standards, the company told MTI on Wednesday.

Groupama noted that the decline was not as sharp as the 2.7% contraction on the market as a whole.

Groupama had 10.88% market share, making it the third-biggest player on both the life and general insurance markets.

Groupama had profit of HUF 1.78 billion in 2011, down from HUF 3.75 billion in 2010 as the extraordinary levy on financial companies weighed. The company said that the levy ate up two-thirds of its pre-tax profit in 2011.

Revenue from premiums on life insurance polices slipped to HUF 45.7 billion. Revenue from premiums on general insurance polices fell 2.5% to HUF 43.6 billion. Within the latter, revenue from premiums on home insurance polices came to more than HUF 17 billion.

Groupama had total assets of HUF 265.66 billion on December 31, 2011, up 3% from twelve months earlier. Net assets reached HUF 27.52 billion.

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