Covéa: strong growth in results in 2021

Covéa has recorded a 15% increase in its turnover to reach 19.1 billion EUR (21.6 billion USD) by the end of 2021. The net profit has progressed by 102% from 415 million EUR (509.7 million USD) in 2020 to 838 million EUR (949 million USD) one year later.

This performance is attributable to the good commercial dynamics observed in non-life insurance, to the rebound of the life insurance inflows and to the strong growth of the reinsurance activity.

The combined ratio has returned to its pre-crisis level, at 97.1% compared with 100.8% in 2020. With 17.2 billion EUR (19.5 billion USD), shareholders' equity has grown by 5% over a year. The 351% solvency ratio reflects the financial strength of the company.

The French mutual group has confirmed the takeover of the reinsurer Partner Re from Exor, despite the attacks it has recently been subjected to. The adjusted amount of the transaction stands at 9.15 billion USD against 9 billion USD previously.