Latest Financials From Covea For You

Quick snapshot of 2024 results from Covea;

Covéa Insurance plc announces its financial results for 2024, reporting gross written premiums of £641.5m, profit after tax of £32.9m, and a combined operating ratio of 97.8% in 2024.

• Gross Premiums Written decreased in 2024 as the speed in reducing the Company’s exposure to Non-Core business was accelerated in 2024. Gross Written Premiums on Core business in 2024 remained broadly stable compared to 2023 and the Company maintained a diversified and balanced business mix. 
• The combined operating ratio of 97.8% is consistent with the objectives of Covéa Insurance’s ‘Doing What Really Matters’ strategy.
• Net profit of £32.9m marked a £+120.2m turnaround from a period of loss and reinforced the capital strength of the company for growth.

Speaking about the results, Covéa Insurance Chief Executive, Georges de Macedo said:

“I am very proud of what the Covéa teams have achieved in successfully delivering our Doing What Really Matters strategy. Going beyond financial results, we are working closely with brokers to maximise value, providing high quality services to customers, and attracting talented people to join our business. With the unwavering support of the Covéa Group, we are set to remain a trusted and preferred insurer in the UK market.”

Chris Moat, Chairman of the Board of Directors, added:

“I’m delighted that these results reflect the management teams efforts in refocusing the business to exclusively serve the broker market.  The team have made great progress in restoring underlying product profitability and improving the solvency ratio, which when combined with strong shareholder support, provide a platform to deliver sustainable value to brokers and end consumers alike.”