2022: strong results and a new dimension
In 2022, earned premiums amounted to €22.7 billion, representing a growth of 19.1% as a result of PartnerRe’s integration since 12 July 2022 which contributed €4.1 billion.
Exceptionally high weather-related claims in France led to the mobilisation of claims teams to assist members on a scale unprecedented in over 20 years.
The economic and financial environment was impacted by strong inflationary pressures and higher interest rates.
The 7% increase in net income, to €896 million, with €348 million coming from PartnerRe, underlines the efficiency of Covéa’s model.
Solid financial position, with Group equity standing at €17.6 billion and a solvency ratio at 226%.
“In 2022, France faced a level of inflation unprecedented over the past 40 years as well as weather events of rare intensity, especially hailstorms and drought. In these difficult circumstances, we fully rose to the challenge of protecting our members.
Firstly, thanks to the unstinting efforts of our teams in providing members with support, especially after large-scale events, and to our teams’ steadfast commitment on a daily basis.
Secondly, by introducing innovative solutions enhancing the effectiveness of our claims management, such as car bodywork repairs, and beyond that, by developing experiments, for example to prevent the consequences of future droughts or to make it easier to contact us at peak times.
Michel Gougnard, Chairman
“With the completion of the acquisition of PartnerRe, Covéa has gained a whole new dimension and is extending its professional know-how and capabilities right across the risk chain.
In a global environment characterised by the increasing intensity of natural events, PartnerRe delivered good results and is contributing to the Group’s financial strength.
Despite an unfavourable environment, the Group was strengthened by solid 2022 results from both the Insurance France and Reinsurance activities.
In 2023, the Group’s teams will maintain their collective commitment to finalize the creation of the new combined entity in a smooth and efficient manner. Covéa will thus be able to expand its range of products and services and its risk management expertise, benefiting its customers and members.”
Thierry Derez, Chief Executive Officer
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