Covéa cuts losses but underwriting deficit grows
Covéa Insurance has posted an £87.3m loss after tax for last year with underwriting losses across commercial, personal and speciality lines.
The total, while still in the red, was a 40% cut on the £145.5m deficit in 2022.
Investment returns were up, swinging from a loss of £29.6m to a profit of £37.1m.
However, the underwriting performance in 2023 worsened, by just over £8m to a £142.4m shortfall.
ReservesThe provider flagged being hit by strengthening prior year reserves. The current year combined operating ratio for 2023 was 113.4%, net of reinsurance.
According to Covéa, stripping out the effects of prior years, the result was in line
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Zurich to launch network trading branch for mid-market in Q3
Zurich is building a mid-market business servicing centre for network members to go live in the third quarter, Insurance Age can reveal.
Biba 2025 Countdown: Aurora’s Tom Willmore
With the 2025 British Insurance Brokers’ Association conference only just over a week away Tom Willmore, broker distribution lead at Aurora, offers up offers useful tips to keep delegates moving and well fed with pies, as well as why the mantra ‘quality over quantity’ remains key to getting the best out of the event.
Biba reiterates IPT cut call ahead of conference
The British Insurance Brokers’ Association has repeated its call for a cut in insurance premium tax as it unveiled new research.
Interview: Mike Crane, SME & Specialty director at Axa Commercial
In his first interview since starting at Axa Commercial as SME and specialty director this January, Mike Crane tells Insurance Age about his key message to brokers at the upcoming Biba Conference, what he has found at his new home and his plans for the future.
FUW targets A55 corridor with new commercial venture
Aberystwyth-headquartered agricultural specialist broker FUW Insurance Services is rolling out a business-targeted venture, FUW Commercial.
Biba 2025 Countdown: Collinson Insurance’s Jo Shorthouse
Collinson Insurance’s business development lead Jo Shorthouse doubles up on comfy shoes, nominates Ecclesiastical’s Richard Coleman as insurance’s answer to Gareth Southgate, and believes brokers should embrace the opportunities afforded by AI.
Premium finance costs ease ahead of FCA report
The cost of home and motor premium finance has fallen in the past six months, according to research by Pearson Ham.
Macclesfield broker targets doubling in five years after six figure investment
Delta Corporate Risk has snapped up a book of business and set its eyes on doubling in size over the next five years after getting a six-figure investment from a new backer.