Covéa sees its activities grow and its solvency increase

Thierry Derez, Covéa’s Chairman and Chief Executive Officer, made a preliminary assessment of the group's activity in 2009 in his New Year press statement.  

In what was a year of contrasts on both the economic and financial front, in 2009 Covéa continued to both grow and improve its solvency.
Earned premiums topped €13 billion, representing an increase of almost 8%.

Strong sales performance for all brands

Covéa continued to increase its market share in 2009 thanks to the vitality of MAAF, MMA and GMF. Its portfolio grew significantly, with :

- More than 140,000 new privately owned vehicle contracts, or an increase of 1.6% in a market with an estimated overall growth rate of 0.8%.

- More than 130,000 new residential contracts, or growth of 2%, compared with an expected overall increase in French housing stock of less than 1%.

The excellent performance of the life insurance businesses stood out, with gross premiums up by more than 29%. 

Cooperation strategy pays dividends  

The size effect and the pooling of resources between the three mutual companies have enabled us to enhance the quality and extend the scope of services provided to members, while controlling our costs.  

In the area of claims management, Covéa has again shown it can make a difference with Coventéo, a tool making it possible to anticipate the consequences of a storm and so respond to claimants’ needs more swiftly. On 18 January, Coventéo enabled us to predict Storm Klaus - which struck France on 24 January 2009 - and thus to implement exceptional organisational measures. The group proceeded to handle more than 140,000 claims within a very short period.

For the hail storms that hit the Toulouse area in May, Covéa also set up France’s first all-in-one mobile panel beating platform, in partnership with KHS GM. This system allowed us to assess and repair hail damage to over 8,000 vehicles in record time.

Fidelia, the group’s assistance specialist, is now among the front runners in France’s assistance market, with over a million assistance contracts set up in 2009.

Excellent financial solidity

Covéa confirmed its excellent financial solidity, with a solvency margin including unrealised capital gains that exceeds regulatory requirements by over three and a half times.  

“In 2009, the group continued to grow in all its business segments while significantly strengthening its solvency margin. These good results show the relevance of our model, which contributes significantly to making our mutual companies more competitive,” commented Thierry Derez.

Press contacts:
Françoise Ickowicz Tel.: +33 (0)1 53 10 65 10     This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Marie-Pierre Michel  Tel.: +33 (0)1 53 10 63 57  This e-mail address is being protected from spambots. You need JavaScript enabled to view it