One of the biggest actors of Turkish Insurance Sector, Groupama declared 120.5 million TRY net profit in 2018. While Groupama achieved growth in non-life insurances in 9.8 percent in 2018 over the previous year, the company generated premium production of 1 billion 347 million TRY and increased investment income in 57 percent. It completed 2018 with a total premium production of 163.9 million TRY for life insurance.
Groupama Insurance shared financial results of 2018. Although many sectors experienced a shrinkage in 2018, Groupama achieved a profitable growth in both non-life and life branches.
Evaluating the Groupama’s performance in Turkey for the year 2018, General Manager Philippe-Henri Burlisson said, "2018 was a year of shrinkage for many sectors. Inflation completed the year with a rate higher than 20 percent. The sector in real terms shrank by 2.4 percent in 2018 as all these variables directly affected the insurance sector. Despite all these negative developments, we were very satisfied to have achieved profit growth thanks to our strong agency network and efficient cost management performance.”
Stating that there is a serious potential in the insurance sector of Turkey Burlisson has noted that non-life branches are is an important resource for the sector. Burlisson also added that they produced 1 billion 347 million TRY of premium in addition to the net profit of 57 million 544 thousand TRY and they will continue to apply their growth strategies in non-life branches.
Stating that Groupama had a successful year in life branch as well Burlisson said, “we generated 63 million TRY net profit and 163 million 988 thousand TRY premium production in 2018.
2019 is going to be the transformation year
In 2018, Groupama Insurance creating and implementing new term strategies strengthened its agency communication. Groupama has continued working in all branches with a growth over the sector and its approach stands out as one of the leading players in the automobile insurance branch. Philippe-Henri Burlisson has noted that they transferred their retirement portfolio and terminated the agreements with the Agricultural Credit Cooperatives in 2018 and emphasised that the main strategy for the new term is sustainable and profitable growth.
Evaluating the insurance sector Burlisson said that “I expect non-life branches will continue to grow. Moreover, increase in the sales in leading sectors such as automobile and real estate with supports will have positive effect on insurance sector. I believe that if inflation rate decreases, insurance sector of Turkey will achieve better.”