2018, a good year of growth in activity and earnings

Apr 25, 2019, par Covea

Strong leadership : Cové@venir 2021


Key figures for the Group                          Key figures for France

€16.9bn - earned premiums                       11.5 million customers and members

€940m - NET profit                                      10.7 million vehicles insured

€15.2bn - SHAREHOLDERS' EQUITY         8 million HOMES INSURED

384% - SOLVENCY RATIO                           3 million HEALTH INSURANCE CUSTOMERS


In the words of Thierry Derez, Chairman and Chief Executive Officer,

“In 2018, our performance in terms of activity, earnings and solvency was very solid. These performances confirm that our strategic priorities remain relevant: combining operational efficiency, excellence in customer service and profitable growth.

Our policy of transforming customer relations is a powerful lever for growth at the heart of our strategic plan, Cové@venir 2021, which aims to strengthen our leadership in a rapidly changing sector.

As a responsible and innovative player rooted in the regions, Covéa now has a solid mutual model and teams committed to speeding up its development."



Higher growth than the market in France, strong growth internationally

In 2018, the Covéa Group's earned premiums totalled €16.9 billion, up 3.6% compared to 2017.

Business was very solid in France, with €14.9 billion in earned premiums, and international growth was also strong: €2 billion in earned premiums, up more than 15%, particularly in the UK and Italy.

Group earned premiums

in € million





Reported basis


Comparable basis

Property and liability insurance

Personal lines

Total insurance, France













Total insurance, International





Total insurance business





Property and casualty insurance accounted for 61% of the Group's business and increased significantly, both in France (+3.6% to €9.3 billion in earned premiums), driven mainly by professionals and corporates, and internationally with the strong growth of Covéa Insurance (+10%).

The personal lines accounted for 39% of the Group's business, with earned premiums stable in France at €5.6 billion and growth in Italy.




Property and casualty insurance: one third of French households insured by Covéa

Covéa's maintains its market share in the retail market and reaffirms its position as number 1 in motor insurance, home insurance and legal protection.

In motor insurance, the Group's earned premiums totalled €3.8 billion at end-2018, up 1.9%.

Covéa maintains its position as the French leader in motor insurance, insuring more than 10.7 million vehicles.

In private risk, earned premiums increased by 2.9% to €1.9 billion at the end of 2018.

With just over 8 million homes insured, Covéa is the leader in this sector.

In legal protection, Covéa remains the leading player with a 17.6% market share, which represents more than 3.4 million contracts.

In the professionals and corporates segment, Covéa consolidated its position as the second largest insurer in this market. Premium growth, well above that of the market, was 8.5% to €3.1 billion, driven in particular by affinity markets.


Personal insurance: new growth in the collective segment

● In health and personal protection, Covéa premiums amounted to €2.2 billion, with a sharp increase of 6.6%, once again higher than the market. This growth was particularly pronounced in the collective segment, which demonstrates the relevance of Covéa's strategy following the ANI reform.

● In retirement savings, the Group has a policy of stable assets under management in euros so as not to dilute the returns paid to policyholders in the current context of low interest rates. This resulted in gross inflows of €3.4 billion in 2018, compared with €3.5 billion in 2017.


2018, a year of high weather-related claims

2018 was marked by many weather-related events, making it the worst year in ten years in terms of claims.  Over 180,000 claims were files during the year, representing an expense of nearly €400 million.

Strong financial performance

The realisable value of financial investments stands at €104.5 billion, making Covéa a major player in financing the French economy. The return on these assets remained at 3.1% despite the low interest rate situation, which reflects the soundness of the Group's long-term investment strategy.

To this end, Covéa relies on the expertise of its management company Covéa Finance, France's tenth-largest asset management company, and on Covéa Immobilier, which manages a property investment portfolio of €5.4 billion.


Group combined results: strengthened solidity once again

2018 net profit (Group share) was €940 million, up by nearly 15% year-on-year. 

Covéa thereby once again demonstrates the solidity of its technical fundamentals with a combined ratio of 98% in France.

The Group's combined shareholders' equity, the guarantee of the commitments given to the members, were strengthened and amounts to €15.2 billion.

The solvency margin of 384% confirms the Covéa Group's exceptional financial solidity and demonstrates its capacity for long-term resilience.







Net profit (Group share) in € million







Shareholders' equity (Group share) in € billion






Financial investments (at realisable value)

in € billion




Regulatory solvency ratio






Cové@venir 2021, an innovative Group committed to serving customers

Cové@venir 2021, the Group's strategic plan, is based on four areas:

  • Development focused on markets and services that deliver the most value to our policyholders. This involves promoting global coverage with equipment in the areas of personal protection, legal protection and relevant complementary services, and supporting the growth of our business customers,
  • Excellence of the customer experience, in particular by harnessing AI to improve accessibility to the Group's services, while maintaining very strong human support,
  • Operational efficiency, by continuing to simplify our processes and organisations in order to offer our members the best products at the best price,
  • Ever stronger commitment of our teams, in the heart of the regions.






The financial statements will be submitted to the General Meeting for approval on 26 June 2019.