Macif suffers drag from contracting life...
May 09, 2012
French mutual insurer Macif saw its turnover decline 7% last year to €5.66bn ($7.33bn), dragged down by lower life insurance inflows amid a contracting life market. Macif posted net profit of €60.4m, down from €212.8m a year earlier, as 2010 results were boosted by a significant non-recurring tax benefit. The company therefore recovered from the loss posted in the first half of last year (Insuranceday.com, Sep 8), which stemmed from a provision for subsidence claims and losses at its Macifilia specialty unit. The insurer’s life and savings revenue dropped 17.5% last year to €2.15bn, faring worse than the overall market, where gross inflows declined 14%. Macif, France’s largest motor insurer, performed better in property/casualty, where premium income increased a modest 1.2% to €2.96bn, driven by a 2.4% increase in motor turnover to €2.78bn. The company’s combined ratio remained high at 103.2%, an improvement from...