Covéa: 2020 results

CovéaCovéa has published its 2020 results which have been heavily impacted by the Covid-19 health crisis.

The mutual group has recorded a 4.5% drop in turnover, from 17.4 billion EUR (19.4 billion USD) in 2019 to 16.6 billion EUR (20.38 billion USD) in 2020. This decline is mainly due to the decrease of savings contracts in euros in France and in Italy.

The net profit stood at 415 million EUR (509.721 million USD) in 2020 compared to 858 million EUR (960.841 million USD) as at 31 December 2019, which represents a 52% decline.

The combined ratio fell by 2.7 points to 100.8%. This indicator was impacted by the business interruption loss experience and the solidarity measures implemented by the group for the respective amounts of 456 million EUR (560.079 million USD) and 363 million EUR (445.853 million USD).

The company's shareholders' equity totaled 16.4 billion EUR (20.14 billion USD), a 2.5% increase compared to 2019.

The solvency ratio reached 394% which confirms Covéa Group's financial strength.

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