Financial and business overview
Covéa Group, the leader of French P&C market, is a major European insurance group offering services to over 11 millions customers, mainly in France, Italy and United Kingdom.
Benefiting of a unique financial strength, it runs an activity broadly diversified across all types of business lines.
Its well balanced customer portfolio, addressed through three strong brands, is reached via a diversified set of distribution networks.
The Group is composed of two layers:
- The institutional layer, which gathers the mutals under the common strategy defined at Covéa SGAM level. The mutuals benefit from solidarity links from each other, and they collectively own Covéa Coopérations.
- The operating layer, composed of Covéa Coopérations and its operating subsidiaries, centralizes most of the operating activities of the Group (93% of premiums @YE2017).
These layers form Covéa Group, which produces combined accounts and is a prudential Group regulated under Solvency II Directive.
A mutualist group leveraging on an efficient, unified structure
Over two centuries, Covéa progressively built up a unified Group :
- Step 1: the emergence. Along the 19th century and the first half of the 20th century, the mutual companies shaped the french insurance landscape. From this period, Covéa inherited of three strong brands widely recognised by customers, and a sound culture of client-centricity, prudence and long-term horizon.
- Step 2: the development. Over the second half of the 20th centuries, the three mutuals widespread in the French market, both conquering firm position with an acute network over the whole territory. Each of them developped smoothly abroad, creating and/or buying international subsidiaries.
- Step 3: the union. At the beginning of the 21th century, the three historical mutuals gathered their strengths. First, by introducing solidarity links and a common strategy, through the creation of Covéa SGAM (2003). Then, gathering their financial power and operating capabilities, through the creation of the holding company Covéa Cooperation (2012). Last, unifying the working status of all its employees across the Group, through the Statut Commun agreements (2017).
A two-centuries history of resilience, service, and development
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