Cooperation between our insurance companies helps them meet the needs of their policy holders at the best cost.

 

"While each brand continues to gain market share, Covéa is expandingits cooperation model to solidify the Group".

Thierry Derez,

Chairman and Managing Director of Covéa, GMF and MAAF, Chairman of MMA (June 2011)

What is your overall impression of the year 2010?

We went through a particularly difficult year, marked by a succession of natural disasters. Yet, despite this uncertain backdrop, 2010 was a satisfactory year in terms of Covéa’s earnings and sales.

Against such an uncertain economic backdrop, what is Covéa’s main selling point?

The dynamic action of its three brands combined with its effective model. Attesting to this, 200,000 members and customers joined us this year. 10.6 million people in France are now customers in one of our three companies, which continue to gain market share. With the major competition in property insurance, our size is a major advantage.

Our life insurance premium income reached 4.5 billion euros, up 10%.
Our yields were also above average. Our solvency margin is 3.5 times the statutory requirements, confirming our financial solidity.

How did you react to the serious natural disasters that occurred in 2010?

A few natural disasters of the type we expect very rarely or perhaps once every ten years, occurred two years in a row. Thanks to cooperative actions started by Covéa, we were able to react immediately and provide efficient relief to our policyholders. Exceptional measures were set up to support our policyholders, thanks to the pooling of claims management
resources within Covéa AIS.
The mobile platform for repairing vehicles set up at Montbéliard in June after the hailstorm was another example of the extended, creative services we provide our policyholders.

How did the construction of Covéa progress in 2OIO?

The construction of Covéa as a whole saw an important step with the implementation of the Group’s new financial
organisation. Covéa Finance is one of the leading asset management companies.
With Covéa Immobilier, we now enjoy greater influence in this field. We are therefore extending our cooperation model, which has already proved its soundness in claims management, to reinsurance and assistance.
There is still a great deal to be done. We have made strides in healthcare. From now on, our three companies will provide the same offer. International diversification will also play a role in Covéa’s future. Our recent moves to claim a majority stake in Provident Insurance in the United Kingdom and Banca Popolare di Milano insurance company in Italy illustrate our goals for growth outside France.

What are the next steps to solidify your Group?

Solvency II is our chance to harmonise how we assess performance and to optimise our risk management.
Covéa promotes greater competitiveness and creativity in our organisations.

It also provides greater security for all employees, a fundamental issue in these unstable times. It also represents career possibilities for the employees in our three companies, or at least that is what we intend.
Covéa is a tool which, above all else, we expect to be adaptable and flexible. It is an on-going process, as I think it should be, since we need to constantly question ourselves and keep our capacity for critical thinking intact for tomorrow. We appreciate open organisational models which enable constant change.