June 2008 - Covea continues its strategy to build a large mutual insurance Group.
In 2007, good results allow it to reinforce financial strength. |
« In 2007 Covea reinforced its financial strength, by increasing its equity by over 11%. The Group has seen its penetration rate progress thanks to its offensive commercial policy coupled with an aggressive tariff positioning. All in all, over 180,000 customers have joined the Group," adds Jean-Claude Seys, Chairman and CEO of Covea
Equity reinforcement and solvability margin
In the very competitive insurance market, characterised by a contraction of Property and Casualty Risks as well as a drop in Life insurance, Covea has maintained its turnover at 12.1 billion Euros.
In spite of the tariff pressure, the Group has been able to control its technical results.
It has not been impacted by the subprime crisis, and was able to anticipate the fall in financial markets in the second semester.
Its net result totals 759 million Euros.
These performances have allowed the Group to strengthen its capital significantly to 7,287 million Euros (+ 11.2 %.)
Its solvability margin covers over 3.5 times its statutory needs, amounting to an increase of 3 points as compared to 2006.
One French household out of four is insured by the Covea Group
Thanks to the commercial dynamics of GMF, MAAF, and MMA, Covea has seen its portfolio grow throughout all markets and has won 180,000 new customers:
- 9.2 million automobile contracts (+1.9%)
- 6.1 million contracts in homeowner's liability (+2%)
- 1.7 million beneficiaries of individual health policies (+ 2.3 %)
- 1.8 million savings contracts (+ 2.4%)
Covea insures over 10 million companies and customers (+ 1.8%) in the French market.
The Group has consolidated its position as Number 1 in Assets Liability, number 3 in Corporate Insurance, and number 4 in Private Health Insurance.
Beneficial effects of our business model
2007, Continuation of Covea dynamics:
Cooperation has resulted in new achievements, which enhance both the competitiveness of the Group as well as customer service:
- Completion of the merger between MMA and AZUR with a merger of Life Insurance activities;
- Setting up a shared network of service providers (experts, contractors, lawyers, doctors) to handle claims;
- Fidelia Assistance becomes MMA's, Covea Risks, Nexx's and Novea's assistor;
Figures for Covea (In M€)
| 2007
| 2006
| Evolution
(2007/2006) | Turnover
| 12 089 | 12 124 | = | | Net result (Group) | 759 | 774 | = | | Equity (Group) | 7 287
| 6 552
| + 11,2 % | | Statuatory solvency ratio (yc PVL) | 357 %
| 354 %
| + 3 points |
Press Contacts
Françoise Ickowicz - Tél. : 01 53 10 65 10
Marie-Pierre Michel – Tel. : 01 53 10 63 57
Accounts will be submitted for approval by the General Assembly to be held on 26 June, 2008.
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