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Regulatory changes dent Groupama's FY'17 profit

France-based Groupama Group reported net income of €292 million for full year 2017, down from €322 million earned in 2016.

The group said the result was impacted by exceptional charges of €187 million due to regulatory changes in France relating to tax surcharges, as well as impairment of goodwill in Turkey.

Group premium income totaled €13.82 billion, up from €13.58 billion a year earlier.

Net realized capital gains fell year over year to €208 million from €234 million. The group booked a goodwill impairment of €58 million, narrowing from the year-ago €88 million.

The nonlife net combined ratio improved to 98.9% in 2017 from 100.3% a year ago. Groupama's Solvency II ratio stood at 315% at 2017-end, compared to 289% at the end of 2016.

Groupama SA — which will become Groupama Assurances Mutuelles, the group's new national mutual — reported full-year 2017 net income of €87 million, up from €79 million a year earlier.