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Groupama Insurance Rt could break even this year, CEO Francois Maresquier said.
The insurer had losses of Ft 540 million last year, down from Ft 2.3 billion in 2004 and 50% below the company’s own forecast. The improvement in results was largely due to the insurer’s exit from the vehicle liability insurance market, which caused 80% of losses in 2004. However, Groupama plans to keep its remaining 80,000 liability insurance customers, Maresquier said.
Groupama plans to increase revenue by at least 10% in all of its other business lines and will introduce a new life insurance product range as well as other products such as motorbike insurance.