| Combined accounts |
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Legibility and transparency The Covéa group establishes combined accounts to reflect the economic reality of the global activity of the group. This financial communication is useful for all its respondents – the three affiliated companies, their partners and insured members, and the financial markets. Contribution accounts are also established for each of the three brand names of the Group to ensure economic legibility and highlight the participation of each brand in Covéa business. This concept of contribution accounts, unique in the insurance world, has been approved by the supervisory authorities.
Even as the insurance market contracted by 9% in 2008, Covéa's earned premium held at €12.1 billion. In spite of prcing pressure, the group was able to keep its technical results under control. Net profit reached €336 million, a satisfactory level given the impact declining markets had on net financial income. These results allowed Covéa to boost its capital and reserves by 3.9% to €7,574 million. Its regulatory solvency ratio ended the year at 305% including unrealised capital gains. excluding unrealised capital gains, the margin was 231%. |
