2023 Integrated Report: Covéa reasserts its leading position and its commitment to a sustainable future

A group that is concerned with the major issues facing society

As a leading mutual insurer, Covéa’s aim is to shed light on the big issues facing society at present. This is embodied throughout the integrated report, which is dedicated to addressing these issues.
 

Managing climate risk and working with policyholders 

Climate change is resulting in more frequent and more extreme weather-related events, making managing this risk a key concern for policyholders.
For over 15 years, Covéa has been developing modelling tools to predict events and the damage caused, helping to warn and support policyholders.

For Covéa, the best way of protecting policyholders and containing the cost is to take a targeted and innovative approach to risk prevention. In addition, the Group is testing out watertight doors and cofferdams for homes in flood-prone areas. It is also working with Cerema on experimenting with its clay soil rewetting process in case of drought in order to avoid cracks appearing in buildings. 
 

Supporting social change

With social change, digitalisation and the development of artificial intelligence, uses and risks are changing. Covéa helps its policyholders to cope with these changes and adapts its products and services to new protection needs.

A total of 150 AI-related initiatives have been implemented across the Group since 2022, which have helped to improve the customer experience, gain a better understanding of customers’ needs and create a more fluid process. AI also makes it easier for advisors to input information, allowing them to spend more of their time helping policyholders.

In addition to these initiatives, aware of the risks associated with increased use of digital technology, the Group is working on raising awareness among all its employees and improving its IT equipment on an ongoing basis. 

A solid performer with a significant impact

Covéa’s financial and non-financial performance reflects its high level of commitment.
 

Strong financial performance and successful integration of PartnerRe

Covéa delivered a solid performance in 2023 despite a challenging economic climate, with earned premiums of €26.8 billion and net income of €1,480 million. 

Furthermore, with the integration of PartnerRe, Covéa has strengthened its international presence and its ability to offer innovative reinsurance solutions. Thierry Derez comments: “The PartnerRe project is both business-related and financial. In terms of our business, the risks that are of greatest concern to our contemporaries – climate risk and cyber risk – are borderless. The solutions we offer must therefore also be borderless. In this regard, because of its history and applications, reinsurance seems to be the best way of making further progress in risk science. PartnerRe also benefits us financially. The profits it generates will enable us to invest in artificial intelligence and the climate transition in order to offer our members even better protection.”

 

Increased commitment to sustainability

In 2023, Covéa’s main emphasis was on reducing its carbon footprint and on equal opportunity.

The introduction of the sustainable transportation benefit and shared shuttle services, as well as incentives for employees to use car-pooling, resulted in a 7% reduction in the number of employees using fossil fuel vehicles. In addition, more than 5,000 solar panels have been installed at the Niort and Chartres sites. Further panels are to be installed at other sites, allowing them to generate between 11% and 23% of their energy consumption. Since 2019, the Group has reduced its greenhouse gas emissions by 20% (operating scope).

It is a major advocate of sustainable motor vehicle repairs and is also taking measures to reduce the impact of its properties. All major property conversion and renovation projects entail improving the building’s energy and environmental performance. 

Strengths that make it stand out

The Group enjoys a close relationship with its customers and members, covering the entire risk chain. Drawing on its unique model and the talent of its employees, it works hand-in-hand with its stakeholders to shape the future of mutual insurance.

A unique model 

Developing its expertise, strength, close relations and utility: Covéa’s approach to mutual insurance is based on a specific identity, that of a Group with more than 200 years’ history and a unique model that encourages sharing of resources without altering the specific attributes of its brands. Solidarity is central to this model. In addition to pooling risk, which enables each policyholder to benefit from a high level of cover, this is embodied by the philanthropic efforts of the Covéa Corporate Foundation to promote inclusion, the MAAF and MMA foundations to support people with disabilities, and the GMF Solidarity Fund, which helps members in difficulty. It is also expressed through the many other partnerships formed by the Group and its brands. 
 

A group that is proud of its talent

With over 2,300 job openings in 2023, Covéa contributes to the regional economy. The Group has refined its employer identity, as reflected by each of its brands in 2023 under the promise “Your talent, our commitment”, to attract talented people to help take on the challenges it faces.

As its employees are essential to its success, Covéa attaches great importance to providing a stimulating and supportive working environment. In 2023, the Group came top of Forbes’ list of best employers in the insurance industry. 
Its talent management is also based on a successful diversity policy. 
 

Covéa’s 2023 Integrated Report illustrates the Group’s ongoing commitment to protecting its policyholders while also contributing to a sustainable future. By investing in innovation, prevention and sustainability, Covéa has established its position as a resilient and forward-thinking insurance market leader. “2023 saw the Group’s strategy rolled out in full. The complementary fit between our brands’ areas of expertise helps us to serve all our customers and members as best possible and means we can be confident about the future,” explains Thierry Derez.

See Covéa 2023 Integrated Report (in French):