“Groupama’s revenues from its Romanian operations dropped 10% last year to €209 million. We expect to break even in 2011 and return to profit as late as in 2012”, said Rousset.

The French insurer, the third largest in Romania, recorded €9.7 million loss on its Romanian operations in 2009, twice lower than a year earlier when it stood at €23.7 million.

Groupama acquired Asiban, BT Insurances and the Romanian subsidiary of OTP Garancia which the group plans to hive off into one entity, Groupama Insurances.

The first two companies merged in September. For 2009, the financial results provide the aggregate turnover of Groupama Insurances and OTP Garancia Insurances.

The group is the third largest in the Romanian insurance market, with 13% market share. Its main competitors are Vienna-based VIG and German Allianz.