2007 half-year results : Good Performance and Vigorous Activity

The board of directors of Groupama S.A., which met today under chairman Jean-Luc Baucherel, approved the consolidated financial statements of Groupama S.A. and the combined financial statements of the Group for the 1st half of 2007.

Jean Azéma, Chief Executive Officer of the group, said:
“The good performances of this half year and, specifically, the improvement in the combined ratio of Groupama S.A. to 97.9% illustrate the mobilisation of all employees of the group around its strategic ambitions.
” In France, premium income has increased due to network specialisation; our earnings have improved, especially our management costs, under the combined effect of streamlining our processes and our information systems. Internationally, we are pursuing our acquisition policy in Southern and Central Europe.”

(1) The consolidated financial statements of Groupama S.A. include the business lines of all subsidiaries as well as internal reinsurance (i.e. approximately 40% of the premium income of the Regional Mutuals ceded to Groupama S.A.). The Group’s financial statements include all of the Group’s business lines (the Regional Mutuals and those of subsidiaries consolidated within Groupama S.A.).
(2) To give a more economic view of the business, the group communicates on an indicator entitled Profit from operations. That corresponds to the current income restated for realised capital gains and losses for the part reverting to the shareholder net of corporate tax. The current income is the net profit minus impact of unrealised gains and losses on the financial assets recognised at the fair value reverting to the shareholder net of corporate tax, exceptional transactions and depreciation of goodwill.