Groupama Insurances' combined profitability for the UK operations (before tax and amortisation) reduced to £14.1 million (2008: £30.1 million).
However, total revenues at Groupama Insurances rose 3.9% to £450.3 million (2008: £433.3 million).
A company statement said": The company's healthcare operations continued to reap the rewards of improving performance as a result of its focus on bottom line profitability. Total private medical insurance (PMI) revenues accordingly eased back almost 10%.
"Pleasingly, 2009 was also marked by an improving trend in new business activity at Groupama Healthcare as the market began to show some signs of rate strengthening."
François-Xavier Boisseau,CEO of Groupams Assurances, said: "As predicted, 2009 was an extremely tough year. Underwriting activities at Groupama Insurances suffered as a result of unprecedented levels of claims inflation and the poor premium rating environment that affected our core private car portfolio.
"Given the very challenging conditions encountered in 2009 it is pleasing that we were still able to produce a profitable performance for Groupama."
