Sferen posts first year losses of €4.8m
Sferen, the mutual group formed by Macif, Maif and Matmut at the end of 2009, has posted its first combined results, a loss of €4.8m.
The group saw an increase in turnover for 2010 of 7.8% to €11.1bn but said the final result was a result of the difficult economic climate, heavy taxation and natural disasters.
At 31 December 2010, Sferen had 11 million members on 27.8 million managed contracts (75% in GI, 25% in life) and said there was growth in all business lines.
Its motor book increased 2.4% to €4.1bn and represented 23% of market share. While household rose 6% to €1.5bn.
During 2010 the group also pooled its reinsurance purchasing, which it said enabled it to acquire "€50 million complementary capacity" and it will content to evaluate other possible synergies in the future.
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