Compensation and benefits

Covéa offers a fixed annual salary €2,300 above the annual minimum wage set under the national collective bargaining agreement for insurance companies or the collective bargaining agreement for assistance providers in France.

It also offers various bonus schemes, savings plans and accrued leave accounts, comprehensive health and personal protection cover, and many other benefits.

These all attest to Covéa’s desire to recognise the investment, skills and performance of its employees in contributing to the results and development of the Group, its brands MAAF, MMA and GMF, and assistance provider Fidélia.

Bonuses

Covéa has created a dynamic bonus system that is directly linked to our goals in terms of growth and developing the business:

• Employee profit sharing and incentive schemes, with payments made from the first euro of profit, allow employees to take a personal interest in the Group’s performance and results. These can represent a potential payment of up to 20% of total salary depending on the level of profit and strategic targets achieved as set out in the incentive agreement.
• Various individual and collective bonus systems also reward business performance.

Employee savings

Coupled with employee sharing and incentive schemes, an attractive employee savings scheme allows employees to build up savings, with the possibility of the company contributing €2,000 gross each year.

Paid leave and accrued leave

A full-time employee has 31 days of paid leave over a full year, plus a potential additional 22 days under the French working time directive or rest days, depending on how working time is organised.

Covéa also offers all its employees a CET (Compte Epargne Temps) time savings account and a CETR (Compte Epargne Temps Retraite) retirement time savings account, which can be topped up by means of untaken paid leave, bonuses, profit sharing and incentive schemes.

The time savings account allows employees to fund all or part of a period of unpaid leave during their career or convert their saved days into money. The retirement time savings account allows employees to retire earlier or give up working gradually.

Health and personal protection cover

In addition to reimbursement of healthcare costs under Social Security and the RPP (Régime Professionnel de Prévoyance) occupational protection scheme, as well as on occasion reimbursing some costs that are not covered, Covéa has set up a mandatory complementary health insurance scheme for all employees, with the employer paying 60% of gross premiums.

This comprises a full range of cover and services to enable all Group employees to benefit from high-quality health cover.

Covéa also pays 75% of contributions to the employee welfare scheme (cover for inability to work, incapacity and death).

In addition, employees are also offered preferential rates on motor insurance, home insurance and savings contracts.

Additional benefits

Covéa pays the Group’s social and economic committees or CSEE (Comités Sociaux Économiques d’Établissement) a subsidy that allows them to provide employees with various services and offers relating to sport, leisure activities, culture and travel throughout the year.

Employees are also offered preferential rates on motor insurance, home insurance and savings contracts.

All our employees benefit from either access to a company restaurant or meal vouchers.