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Groupama Garancia revenue from premiums climbs 7% in 2010

Hungarian insurer Groupama Garancia Biztosito had revenue from premiums of €338 million in 2010, up 6.9% from the previous year, the company told MTI.

Revenue from premiums on asset and liability polices as well as from home insurance policies was practically flat. Groupama Garancia was runner-up on the market for home insurance.

Revenue from premiums on individual mandatory vehicle insurance polices fell 16.3%, but the drop was offset by a rise in premiums from policies for fleets of vehicles.

Revenue from premiums on life insurance polices grew 12.2%, in part because of a campaign for single-premium policies.

France's Groupama bought Garancia, the insurance unit of Hungary's OTP Bank, in September 2008. Groupama merged its Hungarian unit with Garancia on April 1, 2009.