2023 annual results: key figures and results

Earnings remained resilient in France despite higher claims experience and a tough economic environment:

  • In non-life insurance, claims were pushed higher by natural events, inflation-related cost increases, large claims and reduced mitigation through ceded reinsurance, taking the combined ratio to 102%.
  • In life insurance, appropriate financial management made it possible to increase policyholder returns.

PartnerRe performed very well in both technical and financial terms in favourable market conditions, with a combined ratio of 84.2%.

The Group's financial position remains solid, with equity of €18.8 billion and a solvency ratio of 200%.

N.B.: For the first time in 2023, PartnerRe was part of the Group for the full financial year. This full consolidation explains many of the variations observed between 2022 and 2023.

To find out more, please view our press release:

Michel Gougnard, Chairman:

"2023 brought some exceptional challenges. We saw violent riots in June, Storms Ciaran and Domingos in November and flooding in northern France in December, making life particularly difficult for some of our customers and members.
We responded to those events with determination, providing immediate support to our members as well as ongoing assistance in managing their claims.

With the efforts of all of our teams and our digital capabilities, we were able to deal with an exceptional number of claims while maintaining the quality of our service.

In addition, in difficult economic circumstances, we limited price increases while ensuring that our policies provide the best possible coverage. Our close ties with our members means that we can adjust to their changing personal and property insurance needs."

Thierry Derez, Chief Executive Officer:

"2023 was the year when we fully implemented the Group's strategy, and we delivered a strong performance.

In France, we limited the impact on our results caused by higher repair costs and claims arising from social unrest and climate events. Our reinsurance business, through PartnerRe, helped make Covéa more robust in both financial and technical terms.
At a time when major risks such as the climate and cybersecurity are giving rise to new customer needs, the good fit between Covéa's areas of expertise is helping to provide the best possible service to all our customers and members and enables us to look forward with confidence. Our investments in artificial intelligence will help us greatly in achieving this. In 2024, we intend to pursue our risk prevention efforts. The more effective those efforts are, the more our risk pooling methods will be understood and accepted by all our policyholders.

Our workforce consists of 24,000 people in France and around the world who show their dedication to serving our members and customers every day, because they love the work they do. They are the ones who see and understand the shifts in our society. Our resolutely modern approach to the mutual model encourages these social ties, which help us protect our collective more effectively. I would like to offer our staff my sincere thanks."


In its insurance business – which includes the MAAF, MMA and GMF brands – the Group is continuing to implement its 2022-2024 strategic plan entitled "Growing Together".

In terms of leadership, Covéa is working to ensure that its members and customers benefit from the commitment and professionalism of its teams, while pursuing its profitable growth strategy. The Group is continuing its transformation, particularly through the adoption of digital technologies, and remains committed to its customers and members, but also to its staff members and partners, with respect to meeting societal and environmental challenges.

With PartnerRe, the Group will also continue to develop its reinsurance business and increase its knowledge of risks in an ever-changing international environment, thereby continuing to secure the long-term future of its business model.