Covea returns to profit as GWP drops
Covea Insurance has reported profit after tax of £32.9m, swinging out of the red, for the year ended 31 December 2024.
The profit followed a period of loss for Covea as it posted an £87.3m deficit for 2023, although that was a 40% improvement on the £145.5m shortfall in 2022.
It revealed a technical account result that amounted to £0.8m, a significant increase of £143.3m compared to 2023.
I’m delighted that these results reflect the management teams efforts in refocusing the business to exclusively serve the broker market.
The improvement of the performance was driven by both personal and commercial lines
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