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The commercial vigour of Covea’s three brands, its efficient financial management and its group approach enabled the company to post a good performance in 2009. Its results bolster its financial soundness.
"2009 confirms the commercial vigour of our firms and the aptness of our model. This is reflected by a strengthening of our market shares and our solvency margin,"
stated Thierry Derez, Covéa chairman and CEO.
One in four French households is insured by one of the Covéa brands
Due to the commercial vigour of MAAF, MMA and GMF, the Group won more than 160,000 new clients and its portfolio increased in all its markets.
For example, the number of risks insured by Covéa increased twice as fast as the market in comprehensive home insurance and motor insurance.
- 136,000 more motor insurance policies, i.e. 9.6 million vehicles insured in all (1.6% growth)
- 183,000 more home insurance policies, i.e. around 6.9 million properties covered by comprehensive home insurance (2.7% growth)
The group also has:
- 1.7 million personal health beneficiaries
- 1.9 million savings policies (3.7% growth)
- 1.9 million legal protection policies
In all, Covéa covers 10.4 million members and clients (1.6% growth) in the French market.
The Group consolidated its position as No. 1 in property and liability insurance, No. 3 in business insurance and No. 4 in personal health cover.
€13 billion in earned premiums, strong growth in Life earned premiums
In an irregular insurance market, Covéa's earned premiums increased significantly by 7.6% to €13 billion.
Note the remarkable gross inflows in Life, up 29.5%, far exceeding the market's growth.
Strengthening of equity and maintenance of the solvency margin at a high level
Net profit was €245 million, a satisfactory level given the financial crisis, the economic crisis and the climatic events that occurred in 2009.
These results enabled the Group to strengthen its equity to €7,836 million (a 3.5% increase). Its statutory solvency ratio is 354%.
Covéa, a constantly evolving group
Covea’s group approach, allowing it to benefit from critical size and significant potential for rationalisation and mutual enrichment, helped increase the competitiveness of MAAF, MMA and GMF.
Covéa has extended its cooperation agreements and acquired promising new joint tools.
A few examples of concrete developments in 2009 for the benefit of its members and clients:
· Fidélia Assistance became the travel assistance provider for all the group's brands and subsidiaries on 1 January 2009. Fidélia is now No. 3 in travel assistance provision in France.
· Coventéo: The Klaus and Quinten storms represented a full-scale test for Covéa's Coventéo model, a tool allowing forward planning for climatic events and their consequences.
· Likewise, Covéa's critical size has enabled it to set up the first mobile dent removal platform for hail-damaged vehicles in partnership with KHS.
More recently, MMA Finance and Covéa Finance merged in order to pool their competencies developed in the asset management market, with a view to creating extra value added for the brands and their members.
Covéa consolidated figures (in €m) 2009 2008
Earned premiums 12,998 12,070
Non-life 8,918 8,923
Life 4,070 3,147
Net profit (group share) 245 336
Equity (group share) 7,836 7,574
Statutory solvency ratio 354% 305%
Press Contacts
Françoise Ickowicz - Tel.: (33) 01 53 10 65 10 -
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Marie-Pierre Michel – Tel.: (33) 01 53 10 63 57 -
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The accounts will be submitted for approval by the General Meeting to be held on 24 June 2010.
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