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Groupama owner raises capital Ft 516 mln

France's Groupama has raised capital at its Hungarian insurance unit Groupama Insurance Zrt by Ft 516 million (€2 million), the company announced on Monday.

Almost all of the increase went into capital reserves, raising them to Ft 6.643 billion. Registered capital rose a tiny fraction to Ft 2.025 billion. The increase was necessary to meet the higher capital adequacy requirements resulting from a revamping of the company's re-insurance system for vehicles. Groupama last received a capital injection from its parent company in May 2005, when capital was raised Ft 960 million.