2015 BUSINESS REPORT
Conversation with Thierry Derez
Thierry Derez
CHAIRMAN AND MANAGING DIRECTOR

OUR STRENGTHS? OUR SIZE, OUR FINANCIAL SOLIDITY AND OUR UNDERSTANDING OF RISKS.

EXPERTISE & DYNAMISM

Our brands enjoyed solid commercial momentum in 2015 and we were able to slightly improve our combined ratio, reflecting our “underwriting” expertise as an insurer, stripping out financial elements. We can be pleased with these results since we had to plough some of our energies into taking new regulatory requirements on board. Given the competitive sales environment and the current state of the financial markets, we will be focusing again in 2016 on the fundamentals of our business: selecting risks, monitoring portfolios and managing claims.

AUDACITY & STRENGTH

We have countless strengths to meet these challenges: our size, our financial solidity and our understanding of risks. This third element is perhaps the most important of all. We operate in mature markets and our competitors do not lack selling points: hence, the difference lies in minute performance gaps, which directly hinge on the experience and the skills of employees. I firmly believe that we have an edge in this particular domain. We will also continue to place a strong emphasis on digital innovation, since our policyholders are showing a keen interest in multichannel options, although they will not be making the switch overnight.

DECISIVENESS & THE ART OF TEMPO

We need to continue to broaden the range of products that are shared across MAAF, MMA and GMF. The services that we provide play a key part in making “insurance”, as a product, less ordinary. This hinges on our brands and on our networks, which know how to forge and maintain quality relations with our customers. Alongside this, as part of our transformation, we will continue to cultivate the art of timing, which at times requires us to act slightly ahead of events and, at others, to bide our time... This is the key to lasting success.

Covéa in brief
GREATER PROXIMITY
GREATER SIMPLICITY

A Group in motion

Plans to transform Covéa into a single company were unveiled last year and this transformation is now underway. With its new organisation, Covéa believes that simplicity is the key to greater efficiency: the strategy is in place at the Group level and can now be put into action by the brands.
Executive Committee at 31 december 2015
Patrice FORGET
Managing Director,
General Secretariat/International
Christian BAUDON
Managing Director, Insurances
Valérie COHEN
Technical Director Motor and Home
and for private individual clients
Thierry DEREZ
Chairman and Managing Director
Maud PETIT
Managing Director, Accounts
and Financial Communication
Michel GOUGNARD
Managing Director,
Human resources & Internal
Communication
Sophie BEUVADEN
Managing Director, Investments
and Risks Control
JOAQUIM PINHEIRO
Managing Director, Indemnities
Assistance Services
Françoise TORDJEMANN
Director, External and Institutional
Communication
Laurent TOLLIÉ
Managing Director GMF
Édouard VIEILLEFOND
Director Life Insurance
Antoine ERMENEUX
Director, Strategic Marketing
and transformation
Paul ESMEIN
Chief Advisor
Stéphane DUROULE
Managing Director MAAF
Lionel CALVEZ
Key function, Risk Management
Amaury de HAUTECLOCQUE
Director, Social Affairs
and Identity Group
Hervé FRAPSAUCE
Managing Director MMA
Éric LECUYER
Director Actuaries, Control
and Economic Steering Committees
Philippe MASO Y GUELL RIVET
Managing Director, Technology
and Information System
Didier BAZZOCCHI
Managing Director, Health/Protection
and Institutional Partnership
Jérôme RONCORONI
Key function, Compliance
Bertrand LEFEBVRE
Key function, Group Internal Audit
Jean-François ANDRJANCZYK
Key function, Actuarial

3 BRANDS, 3 DOMAINS

MAAF, INSURANCE FOR PRIVATE INDIVIDUALS AND CORPORATE PROFESSIONALS

The launch of its new multiple risk insurance solution for corporate professionals further secured MAAF’s longstanding foothold with the skilled trades. As part of the Group’s « Ambition Clients 2020 » programme, MAAF has rolled out a number of digital services, enabling it to forge a tighter relationship with its policyholders. It is more committed than ever to holding onto its position as the go-to insurer for individuals and corporate professionals looking for the best quality/price ratio.


OUR AMBITION IS TO MAKE PEOPLE WANT TO DO BUSINESS WITH MAAF AS PART OF A LASTING RELATIONSHIP.
Stéphane Duroule, Managing Director, MAAF

MMA, PROFESSIONAL AND CORPORATE CLIENTS

MMA’s new « Entrepreneurs d’assurances » hallmark is a reminder that its agents and brokers have always been heads of business. Its new group health solutions round out an offer that meets all their needs. This commitment was further underpinned with the creation of the « Fondation MMA des Entrepreneurs » du Futur, which supports entrepreneurs in their innovative ventures.


WE HAVE GROWN OUR REVENUES BY 2%, WHICH IS FOUR TIMES THE GROWTH IN THE PROFESSIONAL AND CORPORATE MARKET.
Hervé Frapsauce, Managing Director, MMA

MMA, PROFESSIONAL AND CORPORATE CLIENTS

MMA’s new « Entrepreneurs d’assurances » hallmark is a reminder that its agents and brokers have always been heads of business. Its new group health solutions round out an offer that meets all their needs. This commitment was further underpinned with the creation of the Fondation MMA des Entrepreneurs du Futur, which supports entrepreneurs in their innovative ventures.


WE HAVE GROWN OUR REVENUES BY 2%, WHICH IS FOUR TIMES THE GROWTH IN THE PROFESSIONAL AND CORPORATE MARKET.
Hervé Frapsauce, Managing Director, MMA

GMF, INSURANCE FOR CIVIL SERVANTS

GMF has enjoyed a very good year in sales terms, delivering impressive growth in each of its markets. It has broadened and enhanced its offer to provide policyholders with even better cover and meet their changing needs. It has also proved capable of seizing new digital opportunities, notably with its gmf.fr website, which now boasts a clearer and more fluid design.


WE ARE WELL ON TRACK TO MAKING GMF AN OBVIOUS AND PREFERRED CHOICE FOR CIVIL SERVANTS.
Laurent Tollié, Managing Director, GMF

GROWTH & EXPERTISE IN INTERNATIONAL MARKETS

Covéa generates 15% of its revenues in international markets. This not only provides an added source of growth, it also gives Covéa valuable insight into markets that can be very different, enhancing its experience and its understanding of new insurance trends.

SPAIN

Caser

Insurance
Non-life / life
Bank insurance
Participation

UNITED STATES

CSE

Insurance
Non-life
Non-exclusive agents
Subsidiary

126

ITALY

Bipiemme Vita

Insurance / Life / Health Protection
Partner bank /Subsidiary

81

Bipiemme Assicurazioni

Insurance / Non-life
Partner bank / Subsidiary

23

UNITED KINGDOM

Covéa Insurance

Insurance
Non-life
Brokers / direct / Subsidiary

Insurance / Non-life
Brokers / direct / Subsidiary

1 402

Swinton

Broker
Non-life
Multi-channel / Subsidiary

Broker / Non-life
Multi-channel / Subsidiary

3 684

CANADA

La Capitale AG

Insurance
Non-life / life
Affiliated agents / brokers
Participation

LUXEMBOURG

AME Life Lux

Insurance
Life
Authorised brokers
& agents
Subsidiary

23

ACQUISITION OF STERLING INSURANCE

The merger of Covéa Insurance and Sterling Insurance in the UK is a perfect example of the Group’s determination to build entities that are coherent and aggressively-positioned, well placed to seize any opportunities arising in their markets. When Sterling was acquired in 2015, it brought with it experienced teams renowned for their customer service.
GREATER EFFICIENCY

COVÉA, AN INNOVATIVE, APPEALING COMMUNITY OPEN TO NEW IDEAS

Covéa introduced new schemes in 2015 to enable its employees to express their creativity and their talent. Coming on top of existing measures, this has helped form a community that is open to new ideas and innovation, with considerable appeal thanks to the extensive scope covered and the diverse businesses involved.