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Groupama to Report 2011 Net Loss on Greece, CEO Tells Le Figaro

Groupama SA (GPAS), a French customer-owned insurer, will report a 2011 net loss due to costs of more than 2 billion euros ($2.7 billion) stemming from the Greek debt crisis, Chief Executive Officer Thierry Martel told Le Figaro in an interview.

Stock market declines also cost 1.2 billion euros from its stake in Societe Generale (GLE) SA and 600 million euros from its holdings in Veolia Environnement SA (ALTEV), Martel said, according to the text of the interview published in the newspaper.

Martel said operating results were “very good” and that the insurer’s economic fundamentals were “very strong.”

To contact the reporter on this story: James Hertling in Paris at jhertling@bloomberg.net

To contact the editor responsible for this story: Steve Rhinds at srhinds@bloomberg.net

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