Thierry Derez, Covéa’s Chairman and Chief Executive Officer, provides a preliminary assessment of the Group's performance in 2011 in his New Year's press statement.


In a highly volatile economic and financial environment, the Covéa Group strengthened its position in all business segments, with earned premiums exceeding €14 billion, an increase of 5.2%.


2011 HIGHLIGHTS

Partnership and acquisitions: two growth areas

- In health insurance, Apgis, the 12th largest provident insurance organisation, became a member of the Covéa Group in 2011. Spurred on by the new entity Covéa Santé & Prévoyance, priority will be given to expanding the partnership in 2012 in cooperation with MAAF.

- At the international level, Covéa gave shape to its diversification strategy by acquiring Provident Insurance in the United Kingdom and Banca Popolare di Milano’s insurance firms in Italy.

Pooling of resources continues

Two cross-functional projects were launched in 2011:
- The synergies created between claims management (Covéa AIS) and assistance (Fidélia) have borne fruit. They demonstrated the full extent of their relevance and efficiency during the major flooding in the Var region in late 2011.
In 2012, the implementation of new services in cooperation with Fidélia and the introduction of completely new tools, such as TravoDéco and Covigéo, will once again give Covéa an opportunity to demonstrate its capacity for innovation.

- The Covéa Purchasing Programme began in April 2011 with a two-fold objective: to pool purchasing tools and procedures at the three brands to help control overhead costs. This programme will be operational in 2012.

Solid financial basis

On the financial front, Covéa Finance became the sixth largest asset management firm in the insurance sector in France, with more than €71 billion of assets under management.

Launched in 2010 in the form of an economic interest group and specialised in managing investment and commercial properties, Covéa Immobilier continued its upward trend in 2011. At 31 December 2011, the three mutual companies' real estate portfolio comprised 266 buildings totalling 900,000 m².

POSITIVE SALES PERFORMANCE IN CORE MARKETS


Thanks to the dynamic performance of MAAF, MMA and GMF, Covéa continued to win market share, notably in mature markets. Its portfolio grew significantly, as follows:
Motor insurance: more than 150,000 new motor policies, a 1.7% increase in a market with an estimated growth rate of 1%,
Comprehensive home insurance: nearly 100,000 new residential policies, a 1.5% increase compared with an overall increase in the French housing stock of around 1%.
Covéa signed up over 100,000 new members and clients and now insures 10.7 million people in France (up 1.8%).

In life insurance, the rates paid in 2011 by the three brands – rates higher than the market average (MAAF 3.20%, GMF 3.20%, MMA 3.05%) – reflect their search for a balance between ensuring competitive returns and providing long-term support for policyholders by maximising their savings.


"Covéa can guarantee greater competitiveness and creativity than ever before thanks to its brands. The Group provides solidity to all its organisations, an essential factor during the current period", says Thierry Derez, Covéa chairman and CEO.



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