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Groupama's 2018 net profit jumps from building sale, operating income dips YOY

French insurer Groupama Group posted a 54% rise in 2018 net profit, boosted in part by capital gains from a real estate sale.

The group's net profit for the year came to €450 million, up from €292 million in 2017, after it sold a building in the business district of La Défense in outer Paris for €477 million in October 2018. The group's 2018 operating income, however, declined to €298 million from €349 million in 2017.

Group premium income rose 4% to €14.3 billion, helped by 2.7% growth in property and casualty insurance and a 5.3% uptick in life and health insurance. Business grew by 4.4% in France and 1.6% internationally.

Groupama's Solvency II ratio stood at 167% at the end of 2018.