Covéa Insurance reports growth and solid results, despite challenging market conditions

31st March 2015

Covéa Insurance has today announced its financial results for 2014. The company is pleased to report a 15% increase in gross written premium, an improved combined ratio of 97.8% and an increase in profit before tax to £21.3m.




Gross written premium



Profit before tax



Combined ratio



In spite of continuing competitive market conditions, Covéa Insurance delivered strong growth in Personal Lines, with Motor written premium increasing by 25% and Home by 6%. Profit for both Motor and Home fell relative to 2013, due to a combination of underlying claims inflation and a higher than anticipated number of large claims on Motor, and the severe weather and flooding of early 2014 on Home.

Commercial Lines continues to be a major focus and the company made good progress during 2014. Written premiums increased by 12%, and exceeded the £100m mark for the first time, with profitability improving significantly.

Announcing the company’s results, James Reader, Chief Executive, commented:

“During 2014 we maintained our disciplined approach to pricing and continued with further investments in our underlying core capabilities to support our longer term growth ambitions. The progress we’ve made during the year once again reflects the skills, effort and enthusiasm of the great team of people we have at Covéa Insurance.

At a trading level, the market has been incredibly competitive and, against this backdrop, I’m delighted to be reporting growth in premium and profit. Whilst our ambition remains for growth, 2015 we see us continue to take a disciplined approach to pricing, focusing on the maintenance of margins rather than volumes.

Looking forward, I remain very confident that Covéa Insurance is well placed to deliver profitable growth across all our lines of business over the coming years.”




About Covéa Insurance

Covéa Insurance Plc is the UK underwriting business of leading French mutual insurance group Covéa (which includes the global reinsurer PartnerRe since July 2022). 

Covéa Insurance looks after the insurance needs of UK customers, across a range of product lines; delivering financial reassurance through its Standard & Poor’s ‘AA- stable’ rating, as a guaranteed subsidiary of Covéa.  

Covéa Insurance has a strong people and service ethos and holds ServiceMark accreditation with Distinction for its Personal Lines operation and its Commercial & HNW Claims teams, as well as 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. In 2022 Covéa Insurance was named Insurer of the Year at the British Claims Awards and Personal Lines Insurer of the Year at the Insurance Times Awards.

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