Jean AZEMA left the management of GROUPAMA. His place was taken by Thierry MARTEL
Jean AZEMA, the CEO of the French insurer GROUPAMA, has left the
company's management, Thierry MARTEL being appointed in his place.
Jean AZEMA, who has held this position since June 2000, left the group due to the depreciation of the long term credit rating, granted both by STANDARD & POOR's and by FITCH, from 'BBB+' to 'BBB' with negative outlook. At the same time, the group suffered losses in its investment portfolio held at SOCIETE GENERALE and VEOLIA Environment.
"The priority of the new team consists in the adoption and implementation of measures to strengthen the solvency of the group and to improve the operational profitability", GROUPAMA announced in a press release.
Thierry MARTEL has began its activity at Groupama in 1990, and in 2010 he became Director of the General Insurance and Banking Divisions.
Christian COLLIN has been appointed as Deputy CEO. Since January 2010, he was holding the position of Financial and Risk Manager at GROUPAMA.
In the first half of the year, revenues of the French insurer GROUPAMA have totaled EUR 8.2 billion, down by 3% over the same period last year. On the life and health insurance segment, there were registered premiums of EUR 3.8 billion, down by 10.1%, while on the property & casualty there has been reported an increase of 4.2%, to EUR 4.4 billion.
GROUPAMA was officially launched in Romania in 2009, after buying in advance ASIBAN, BT Asigurari, OTP Garancia, companies that have completed the merger last year.
Jean AZEMA, the CEO of the French insurer GROUPAMA, has left the
company's management, Thierry MARTEL being appointed in his place.