France's Groupama doubles profit in 2004

23rd March 2005, Comments 0 comments

PARIS, March 23 (AFP) - French insurance company Groupama said Wednesday its net profit more than doubled in 2004 from the figure a year earlier.

PARIS, March 23 (AFP) - French insurance company Groupama said Wednesday its net profit more than doubled in 2004 from the figure a year earlier.

The company had net earnings of EUR 359 million (USD 468 million) last year compared with EUR 155 million in 2003, according to the company's statement.

The insurer's overall results include the operations of its regional businesses as well as that of its affiliates in Groupama SA.

Managing director Jean Azema said the company's strong performance had enabled it to exceed profit targets last year.

Groupama said it planned to continue its development in the short term in France with new offers, and also increase its international activities, especially in southern European countries and in the emerging markets of eastern Europe.

The insurer also planned, "but more long term", to develop operations in China and Vietnam, the company statement said.

© AFP

Subject: French News

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