The insurer Covéa recovers its pre-Covid-19 health, with twice the net profit

The French mutual insurance company Covéa (MAAF, MMA, GMF) announced this Thursday that net profit doubled last year compared to 2020, driven by its commercial dynamism and the profitability of its non-life activities (car, housing, etc. .).

The company earned 838 million euros last year, compared to 423 million in 2020 “marked by an atypical accident experience and the solidarity measures adopted by the group to support its policyholders”said Maud Petit, financial director of the group, during a press conference.

Covéa is thus approaching its 2019 net profit level, then 858 million euros. Turnover exceeded the pre-crisis bar by reaching 19.1 billion euros (+14.7%), a record in Covéa’s history. The group “It continues its development in all its markets with good commercial dynamics in non-life insurance”stressed its CEO Thierry Derez, quoted in a press release.

At the end of 2021, it had 100,000 more car and individual contracts than the previous year, a visible increase also in the number of insured homes, the increase in legal protection contracts and health beneficiaries, according to Ms. Petit. A word of warning though: Covéa recorded negative net inflows in life insurance (-175 million euros), the increase in unit-linked outstanding balances did not compensate for the fall in funds in euros.

The heavyweight of the mutuals also returned to the takeover bid announced in mid-December by the reinsurer PartnerRe to the Exor holding company, the amount of which the seller specified when it published its results on March 24, at 9,150 million dollars compared to 9,000 million. previously. Covéa still expects to close the operation “midyear”said its deputy general manager, Paul Esmein.

The latter also dismissed the attacks aimed at derailing this takeover bid by businessman Didier Calmels at the beginning of the year or through a complaint filed this Monday by a very young “Association for the Safeguarding of Mutual Principles”. For several years, the French property and casualty insurance giant has been seeking to develop in reinsurance, that is, to also become an insurer of insurers.

In 2018 he wanted to get his hands on the French Scor, an attempt at the origin of a terrible media and legal conflict between the two parties, which ended last year. Through its various networks, Covéa has 11.6 million members and customers in France.


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