Company Profile: Sorema

Groupama subsidiary, Société de Réassurance des Assurances Mutuelles Agricoles (Sorema) had one of its worst years in 1999 when it produced a pre-tax loss of €95mn (US$83mn) after a profit of €20mn in 1998. The result was directly attributed to deterioration in the company’s non-life underwriting performance to a loss of €186mn from a loss of €57mn in 1998. In addition, the company’s technical life result produced a reduced profit of €1mn while the investment result was down by 13% to €24mn.