Covéa swings back to profit but GWP drops

Covéa Insurance managed to secure a profit in 2024 after seeing a loss of nearly £100m in 2023.

In a trading update published today (9 April 2025), the insurer revealed that it secured a profit after tax of £32.9m in the 12 months to December 2024.

This was up from a loss of £87.3m the previous year. Covéa said the increase “reinforced the capital strength of the company for growth”.

The combined operating ratio (COR) also improved, with this falling from 116.9% in 2023 to 97.8% in 2024.

However, gross written premiums (GWP) fell slightly year-on-year, with this dropping from £711.3m in 2023 to £641.5m in 2024.

Covéa said the drop came due to the speed in reducing the company’s exposure to non-core business being accelerated in 2024.

“GWP on core business in 2024 remained broadly stable compared to 2023 and the company maintained a diversified portfolio thanks to a balanced business mix,” Covéa added.

Strategy

These results come in the middle of the insurer executing its three-year strategic plan, called “Doing What Really Matters”.

Implemented at the start of 2024, the strategy aims to home in on Covéa’s “core business” areas across personal and commercial lines.

Covéa chief executive Georges de Macedo describes these as motor, van, home and pet personal lines propositions, as well as SME and mid-market commercial lines products.

Following the release of the results today, he said: “I am very proud of what the Covéa teams have achieved in successfully delivering our Doing What Really Matters strategy.

“Going beyond financial results, we are working closely with brokers to maximise value, providing high quality services to customers and attracting talented people to join our business.

“With the unwavering support of the Covéa Group, we are set to remain a trusted and preferred insurer in the UK market.”