Cooperation between our insurance companies helps them meet the needs of their policy holders at the best cost.
"The year 2009 confirmed the dynamic nature of our companies' business activities and the quality of our model, as is borne out by our boosted market share and our solvency margin".
What is your overall impression of the year 2009?
Not only was the economic and financial environment highly mixed, but it was a difficult year weather-wise, with violent storms and heavy hail. Against this demanding backdrop, our Group posted a very good performance.
We continued our expansion at a steady pace, with growth nearing 8%. Thanks to the dynamic action of MAAF, MMA and GMF, the number of risks insured by Covéa increased twice as fast as the multi-risk private home insurance and the auto insurance market.
In life insurance, our gross premium income increased by 29.5%, and the yields on our main contracts are situated in the upper end of the market.
Our solvency margin improved and covered 3.5 times the statutory requirements(1)
We broadened our inter-company cooperation and obtained promising new shared tools.
What are some of your shared areas of progress?
Since Covéa was founded, we have continually reinforced and extended the cooperation between our companies. Whether in claims management, support, brokering, reinsurance, or asset management, over 80% of our insurance companies' operating accounts are supported.
In 2009, Fidélia became responsible for the assistance of all Group companies. We also set up Conventéo, an innovative system which forecasts the occurrence and consequences of storms. It helps us prepare for and efficiently face disasters to better meet the needs of victims. As for asset management, we prepared the merger of MMA Finance and Covéa Finance, which was finalised in May 2010.
Other common projects have major strategic implications, such as the preparatory work for Solvency 2. This provides an opportunity to unify and optimise our risk management and performance evaluation.
Because of its size, brand names and many business lines, Covéa also has solid strengths to become a benchmark employer in the insurance industry. We want to facilitate mobility at the Group level and encourage the loyalty of our talented staff. Posting vacant positions on our Intranets in a first step in this direction.
What are your future plans?
We shall continue to methodically improve our organisation and innovate in order to serve our policyholders better. We also want to keep expanding personal insurance to balance our activities and benefit from the growth potential of this market.
With the same goal of diversifying, we are on the lookout for opportunities outside France. Once more, we use a prudent, practical approach focused on developed, legally sound countries.
Above and beyond any acquisitions we may make, we are in favour of a new "European insurance company" status. In an increasingly integrated market, the European dimension will soon become necessary. To meet this requirement while staying true to the fundamental values of the Social Economy, a European insurance company would be the most advantageous way to form considerable ties, both in terms of solidarity and sustainability, with great freedom, and to benefit from the power of the group while respecting the identity and culture of each member. It is a wonderful instrument.
Covéa demonstrates this every day.
(1) including unrealised capital gains.
Thierry Derez, Chairman and Managing Director of Covéa, GMF and MAAF, Chairman of MMA
(June 2010)
|
