RESULTS 2017 STEADY FINANCIAL STRENGTH MUTUAL COMMITMENT

Transcription

1 RESULTS 2017 STEADY FINANCIAL STRENGTH MUTUAL COMMITMENT

2 SUMMARY 2 Group strategy and results 3 Simplified Covéa group organisational chart 4 Activities in France 5 Earned premiums in France 6 International operations 7 A steady Group net result 8 An efficient financial management 9 A robust balance sheet 1

3 GROUP STRATEGY AND RESULTS Covéa is a solid, modern and responsible mutual insurance group. In France, Covéa relies mainly on its three strong brands: MMA, MAAF, and GMF. The Group has operations in six countries abroad, mainly in Europe. Covéa operates an international inward reinsurance activity, carried out mainly in the property and casualty, motor third-party liability and personal accident segments. Thanks to our financial solidity, we are in great shape and fully committed to meeting the challenges of a fast-moving sector. Thierry Derez, Covéa Chairman and CEO Group strategy Key strategic decisions are Covéa s responsibility, while the Group s various brands roll them out operationally through their relationships with customers and members. The governance model provides all Covéa s companies and their customers, members, employees and partners with a secure, solid and coherent base. The Group relies on five levers to offer the best possible insurance experience to its customers: Enhanced products and services for targeted and profitable development Added value services Digital transformation to build a unique, human business Performance and operational excellence Lasting financial solidity results 2017 was a very good year marked by robust sales momentum and excellent results in strategic markets. Covéa continues to attract members in its core business. Thanks to financial solidity, which has been further strengthened, Covéa is in great shape and fully committed to meeting the challenges of a fast-moving sector, while focusing on the crucial area of customer relationships. 2

4 SIMPLIFIED COVÉA GROUP ORGANISATIONAL CHART at 31 December 2017 MMA cluster COVÉA MAAF cluster DAS ASSURANCES MUTUELLES MMA IARD ASSURANCES MUTUELLES LE FINISTÈRE ASSURANCE MMA VIE ASSURANCES MUTUELLES SMI AM-GMF cluster ASSURANCES MUTUELLES DE FRANCE LA GARANTIE MUTUELLE DES FONCTIONNAIRES MAAF SANTÉ MAAF ASSURANCES APGIS 33.3% 33.3% 33.3% COVÉA COOPÉRATIONS FRANCE INTERNATIONAL NON-LIFE INSURANCE LIFE INSURANCE LEGAL PROTECTION AND ASSISTANCE OTHER INSURANCE / REINSURANCE / BROKERAGE GMF ASSURANCES BPCE IARD MMA VIE FIDÉLIA ASSISTANCE COVÉA FINANCE BIPIEMME VITA COVEA INSURANCE PLC MMA IARD PROTEC BTP* MAAF VIE ASSISTANCE PROTECTION JURIDIQUE ASSURLAND BIPIEMME ASSICURAZIONI CSE INSURANCE COMPANY MAAF ASSURANCES SA CARMA* GMF VIE DAS COVÉA LUX SWINTON LA SAUVEGARDE LYBERNET ASSURANCES* CARMA VIE* MEDICAL INSURANCE COMPANY** CASER* * Accounted for using equity method. ** Owned by MMA IARD Assurances Mutuelles. 3

5 ACTIVITIES IN FRANCE Market shares and ranks* 11.5 MILLION MEMBERS AND CUSTOMERS 17.3% 19.6% Home Motor N 1 N 1 2,611 POINTS OF SALE 10.5% 4% N % More than 21,000 EMPLOYEES N 2 Commercial (excluding fleets) N 8 Individual & collective health Legal protection * At year-end

6 EARNED PREMIUMS IN FRANCE +2.4% PROPERTY AND LIABILITIES +1% LIFE AND HEALTH 8.7 bn 8.9 bn 5.6 bn 5.6 bn 31% 32% 37% 37% 62% 62% 63% 63% 7% 6% % COMMERCIAL RISKS +1.1% MOTOR AND HOME +65,800 INSURED VEHICLES +81,500 INSURED HOMES +1.8% HEALTH AND PROTECTION +22,900 HEALTH BENEFICIARIES +68,900 INDIVIDUAL PROTECTION CONTRACTS +0.6% LIFE OTHER MARKETS +52% UNIT-LINKED CONTRACTS 5

7 INTERNATIONAL OPERATIONS Premiums by activity 6 countries 2,006 M 49% 51% 1,738 M 1,802 M 57% 58% 43% 42% CANADA ITALY LUXEMBOURG SPAIN UNITED KINGDOM UNITED STATES On a constant currency basis NON-LIFE ACTIVITIES LIFE ACTIVITIES 6

8 A STEADY GROUP NET RESULT Net result In million of euros Economic current operating income Economic current operating income in France Income tax Other Group net result (portion of the Group) ,313 1, ,526 1, Change Combined ratio 100.8% 98.8% 98.5% 98% 97.5%

9 AN EFFICIENT FINANCIAL MANAGEMENT Over 107 billion of assets under management* ASSETS HELD FOR UNIT-LINKED CONTRACTS 5% Assets allocation Unrealised capital gains Investment income OTHER 2% PROPERTY 5% EQUITIES 12% 13.4 bn 13.6 bn bn 2.8 bn * In market value. BONDS 76% BONDS EQUITIES PROPERTY AVERAGE FINANCIAL RETURN 3.2% 8

10 A ROBUST BALANCE SHEET Equity capital French GAAP (in bn) Solvency (in bn) 23.7 Financial strength rating* At August 2017 A+ OUTLOOK STABLE At August AOUTLOOK STABLE ELIGIBLE OWN FUNDS CAPITAL REQUIREMENT * Rated entities: EXCESS EOF: 17.3 bn SOLVENCY RATIO 372% S&P Global Ratings: Covéa Coopérations, MMA IARD SA, MMA Vie, MAAF Vie, GMF Vie, Covea Insurance, Covea Life A.M. Best: Covéa Coopérations 9

11 COVÉA ON LINE Discover the digital version of the business report at: Covéa

12 MUTUAL GROUP INSURANCE COMPANY governed by the French insurance code RCS Paris , rue Saint-Lazare Paris Covéa Document published by Covéa External and Institutional Communication department - August Tel: +33 (O) contact@covea.fr Design and production: scriptosensu.com Photo credits: DR, istock