The Group’s economic operating income amounted to EUR 409 million as at 30 June 2024 (vs EUR 612 million as at 30 June 2023). It came from property and casualty insurance for EUR 181 million (EUR 378 million as at June 30, 2023) and health and protection insurance for EUR 68 million (EUR 182 million as at June 30, 2023). The nonlife combined ratio stood at 95.9%, up +4.2 points y-o-y.
This increase was largely due to the cost of the events in New Caledonia in May and June 2024 as
well as the recognition of a seasonality reserve, making it possible to better capture the effects of
seasonal fluctuations. Weather claims remained at a fairly moderate level, comparable with the
level at the end of June 2023. The operating costs ratio was virtually stable at 28.7% as at 30 June
2024, the report says.
Economic operating income in savings and pensions was EUR 208 million (vs EUR 57 million as at 30 June 2023). It benefited from the result of the switch of the share reinsured by Groupama Gan Vie to CNP Retraite in the PREFON Retraite reinsurance treaty, effective 1 January 2024. The transition from economic operating income to net income includes non-recurring items, in particular the realisation of capital gains or losses, the change in the fair value of financial assets, and financing expenses. Overall, the Group’s net income amounted to EUR 398 million as at 30 June 2024 (vs EUR 447 million as at 30 June 2023).
Group’s equity totalled EUR 9.3 billion as at 30 June 2024 (vs EUR 9.9 billion as at 31 December 2023). This change was mainly due to the redemption in May 2024 of perpetual subordinated bonds issued in 2014 for EUR 871 million, partially offset by the positive contribution of the result. Note that the perpetual subordinated debt issued in early July 2024 for EUR 600 million is not included in the 2024 half-year financial statements.
As at 30 June 2024, the Solvency 2 ratio, without transitional measure on underwriting reserves, was 190%. The 7-point decrease in this ratio compared with end-2023 was mainly due to the redemption of subordinated bonds issued in 2014, mitigated by the result over the period. The perpetual subordinated debt issued at the beginning of July 2024 is not included in the ratio as at 30 June 2024. Including the transitional measure on underwriting reserves, authorised by the ACPR, the ratio was 249%. The Group's financial strength is highlighted by Fitch Ratings, which confirmed in March 2024 the IFS Groupama's rating of 'A+' with a 'Stable' outlook.
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