A Phenomenal Turnaround

As we approach the end of the year, I wanted to take a moment to reflect on the year’s achievements and warmly thank our brokers, business partners and people for the part you have all played in our phenomenal turnaround.

I’m incredibly pleased that we are ending the year exactly where we planned to be – we have turned the corner and our financial performance is ahead of plan. This result is testament to the clear strategy, hard work, and strong team spirit we have at Covéa, providing a clear path for a stable and sustainable future, with our doors firmly open for business.

Profitability is crucial for long term financial resilience. Without it, it’s impossible to grow or invest, so restoring profitability has been our top priority this year. I’m enormously glad to say that the effects of actions we took are now being reflected in our financial performance which is very positive. Huge credit is due to our teams who have done the hard work and delivered such a rapid turnaround.

DOING WHAT REALLY MATTERS

As insurers, paying claims is what we’re here for and last year we successfully negotiated new reinsurance treaties, increasing our solvency and claims reserves. This has given us a strong and stable capital position, with the structural resilience to withstand major claims events. This position is further underpinned with an additional layer of security from the financial strength and robust capital position of our parent company.

As I write, we’re seeing the devastating impact of recent storms. As well as demonstrating the role insurers play in protecting people’s property and livelihoods, it also highlights the difference having advanced warning of storms can make in helping people protect their property from damage. Using our specially developed technology to predict storm claims, I’m proud to say that this year we started sharing this crucial information with our brokers at individual customer level, in advance of severe weather events. This enables brokers to give practical advice to their customers: whether it's protecting their property, reducing potential damage, or making the process easier if they need to make a claim.

RENEWED BROKER COMMITMENT

Our brokers are central to our business strategy, and I’d like to take this opportunity to thank all our brokers and partners. I’ve thoroughly enjoyed meeting many of you this year and look forward to working alongside you all in 2025. I see our position as unique in the market, providing a competitive range of Commercial and Personal Lines products alongside delivering the excellent service that we're well known for. We want to grow in our areas of expertise, seize opportunities and make the intermediated model even more attractive. We are adaptable, agile, and clear on our products, with a broad and balanced portfolio across our Commercial and Personal Lines business. These strengths put us in a great place to continue delivering for you in the future.

PLANS FOR 2025

As we move into 2025, we will stay true to our strategy and stick to our clear plan. That means continuing to do what really matters for our brokers, customers, and colleagues as we work towards our ambition to be your trusted and preferred insurer.

At this time of year, I would like to take the opportunity to wish you all a Merry Christmas and Happy New Year.