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Groupama posts lower net income in H1

France-based Groupama Group reported net income of €206 million for the first half of the year, down from €286 million earned in the first half of 2017.

Group premium income increased 3.6% to €9.5 million. Business was up for property and casualty insurance, where the group generated €5.3 billion in premium income at June 30, and for life and health insurance, which recorded premium income of €4.12 billion.

The nonlife combined ratio improved by 1.6 points to 98.1%. Groupama's Solvency II ratio stood at 298% for the first half, compared to 315% at the end of 2017.