Covéa Insurance 2024 Results

Covea 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.”

¹ The combined operating ratio (COR) is based on the aggregate of claims incurred, inclusive of prior years development and reserve margin, net of reinsurance (excluding LPT), and net operating expenses (excluding one-off expenses relating to restructuring costs).

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About Covéa Insurance

Covéa Insurance Plc is the UK underwriting business of a leading French mutual insurance group Covéa. 

Covéa Insurance is independently accredited by the Institute of Customer Service, with a ServiceMark Distinction for its entire UK operation. It also holds Chartered Insurer status for its Commercial business.

Covéa Insurance is signatory to the HM Treasury Women in Finance Charter and the Insurance Inclusivity Pledge, and has been named one of the top 75 employers in West Yorkshire & the Humber. Covéa Insurance is a multiple award winner in Diversity & Inclusion and Customer Champion of the Year, and for the fifth consecutive year, received 5-star accreditation in the Insurance Times Broker Service Survey for Personal Lines.