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2 0 1 7 B U S I N E S S
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THE FUTUREGETS INSURED DIFFERENTLY
www.covea.eu
MUTUAL GROUP INSURANCE COMPANY governed by the French insurance Code RCS Paris 450 527 916 86-90, rue Saint-Lazare - 75009 Paris
@groupecovea Covéa MUTUAL COMMITMENT
Discover the digital version of this business report at:
www.rapport-activite-covea.com/en
COVÉA ON LINE
Design and production: scriptosensu.comwith the participation of So differentIllustrations: Brian Wells StevensPhoto credits: Thierry Borredon, Fotolia, Getty Images, Alex Giraud, iStock, Photothèque Covéa, Plain Picture, Poly
This document is printed on 100% PEFC certified paper. This product comes from sustainably managed forests and controlled sources.
We wish to thank all members of the Covéa staff who were kind enough to lend their image to illustrate this publication.
Document published by Covéa External and Institutional Communication department.Tel: +33 (O) 1 55 50 65 10Email: contact@covea.frwww.covea.eu @groupecovea Covéa
1 COVÉA I 2017 BUSINESS REPORT
The future gets insured differentlyA mutual insurance group, Covéa has built its model
around three strong and symbolic brand names:
MAAF, MMA and GMF. This collective approach,
based on mutual commitment, enables it to provide
attentive, efficient and close support to 11.5 million
people in France and to operate abroad via its various
subsidiaries and equity associates.
In a world that is experiencing an ever-faster pace
of change with the emergence of new needs, the rise
of digital technology in our way of life and growing
demand for personalised risk insurance, Covéa more
than ever seeks to be useful to its customers and
members. On a daily basis, it helps them carry out their
projects, foresee the risks and cope with life’s ups
and downs.
Because the future gets insured differently, Covéa is
changing and coming up with new solutions that
combine its risk expertise, adaptability and innovation.
2 COVÉA I 2017 BUSINESS REPORT
DAY-TO-DAY
25 A C T I O N S
Forward together26 One year in
20 outstanding moments
31 T R A N S F O R M A T I O N S
Looking ahead32 Redesigning the customer experience
34 Succeed in the digital transformation
36 Cross views on the customer relationship battle
37 Building the future with our staff
40 Snapshots of Covéa Lab
42 2017 Combined balance sheet
44 2017 Commitments and income statement
03 I N S P I R A T I O N S
Day-to-day support
1 1 A M B I T I O N
Aiming high12 Interview with Thierry Derez, Chairman and Chief Executive Officer
14 Our model viewed by the Executive Committee
16 Governance
17 Results for 2017
18 Interview with Joaquim Pinheiro, Managing Director Customer Relationships, and Paul Esmein, Managing Director Offer and Customer Service
20 A single group, with multiple expertises
22 Three skills that make the difference
23 International operations
24 CSR indicators
C O N T E N T S
2017 BUSINESS REPORT I COVÉA 3
DAY-TO-DAY
Lifestyle are changing, and so are people’s needs and expectations. At Covéa, we listen to
and observe our members and customers so that we can design the insurance cover, services and programme best suited to their needs.
SUPPORT
I N S P I R AT I O N S
4 COVÉA I 2017 BUSINESS REPORT
I N S P I R A T I O N S
Laurent isin great formAt last! After being immobilised for ten months following hip surgery, Laurent is at last back in his boutique. He has resumed his activity as stylist with enthusiasm. Thanks to his “MAAF Santé” health insurance policy, he was well looked after, adequately reimbursed and his business was well protected! Through the Social Action scheme for very small businesses “Soutien aux TPE” to which he belongs, he was able to count on support fully adapted to his needs throughout his convalescence. With financial aid, appropriate advice, monitoring of his business, MAAF remained at his side to prevent any danger to his business. He has now returned to his customers. He is doing fine, his business as well.
This story is purely imaginary and does not commit the insurer. See details of the insurance cover in the MAAF branches.
2017 BUSINESS REPORT I COVÉA 5
P O R T F O L I O
Marion is relaxed Marion has opted for a day 100% dedicated to well-being today. As she does not use her car other than during her holidays, she rents it to people to obtain an additional income. In terms of insurance, there is no problem. Everything is provided for in the Rental option of her Auto Pass policy with GMF. The people who occasionally rent her car benefit from the same insurance cover as she does during the rental period. As for Marion, if the person renting her car is responsible for a claim, it will have no impact on her no claims bonus. She can therefore enjoy her day to the full!
This story is purely imaginary and does not commit the insurer. See details of the insurance cover in the GMF branches.
6 COVÉA I 2017 BUSINESS REPORT
I N S P I R A T I O N S
Léa and Thibault are reassuredLouise and Manon’s parents know that their house will be protected against the risk of fire, break-in and flooding while they are away. As part of their home insurance with GMF, they have chosen to benefit from efficient 24/7 remote surveillance and security services combined with smart home services. During their holidays, GMF, in partnership with the European leader in remote surveillance services, keeps an eye on their home.
This story is purely imaginary and does not commit the insurer. See details of the insurance cover in the GMF branches.
2017 BUSINESS REPORT I COVÉA 7
Rachid is careful Like all SMEs, Rachid’s telephone accessories business is an easy prey for cybercriminals. Whether in terms of data loss, freezing of its website or damage to its information system, the risks are numerous and costly. To deal with the consequences of a cyber attack, Rachid has chosen to take out MMA’s Cyber insurance. It protects him against hacking, and also against operating errors and the impact of information system breakdowns. He can therefore now concentrate fully on building up his company.
This story is purely imaginary and does not commit the insurer. See details of the MMA Cyber insurance cover in the MMA branches.
8 COVÉA I 2017 BUSINESS REPORT
Simone and Roger are confidentSimone and Roger’s house was seriously damaged during the record flooding that hit the south of France. Fortunately, they had home insurance with MAAF and the assistance service took charge of finding them alternative accommodation rapidly. Given the severity of the damages suffered in their locality, they did not have to wait for the authorities to declare a state of natural catastrophe for their claim to be progressed. Thanks to the indemnification and support received from MAAF, they were able to start the repair work on their house rapidly. They will soon be home again.
I N S P I R A T I O N S
This story is purely imaginary and does not commit the insurer. See details of the home insurance policy in the MAAF branches.
2017 BUSINESS REPORT I COVÉA 9
Guillaume is worry freeGuillaume, a new graduate, has set himself up as a landscape gardener. By happy coincidence, two of his former classmates have done the same. So as to avoid excessively heavy investments during the start-up phase, they have shared the set up costs and lend each other the equipment and tools when needed. To support such initiatives, MMA has extended the cover of its MMA PRO-PME policy to collaborative practices. Today Guillaume borrowed Émilie’s trimmers and lent his rotary tiller to Bertrand. All three are content and can concentrate on making their customers’ gardens beautiful.
This story is purely imaginary and does not commit the insurer. See details of the MMA PRO-PME policy in the MMA branches.
10 COVÉA I 2017 BUSINESS REPORT
Our resources and our products
at 31 December 2017
26,000 EMPLOYEES INCLUDING over 21,000IN FRANCE
I N S P I R A T I O N S
RESOURCES
PRODUCTS IN FRANCE
2,611POINTS OF SALE IN FRANCE
1.6MILLION INDIVIDUAL HEALTH INSURANCE CUSTOMERS
10.7MILLION INSURED VEHICLES
8 MILLION INSURED HOMES
1.3MILLION COLLECTIVE HEALTH INSURANCE CUSTOMERS
11.5MILLION MEMBERS AND CUSTOMERS
2017 BUSINESS REPORT I COVÉA 11
AIMING
In an increasingly demanding economic and regulatory environment and rapidly evolving
society, Covéa is continuing its transformation so as to constantly better protect and assist
its members and customers. Our goal: to provide the best possible
insurance experience
HIGH
A M B I T I O N
12 COVÉA I 2017 BUSINESS REPORT
A M B I T I O N
How do you view 2017?
Thierry Derez: It was a very good year from an insurance point of view. In our core property and casualty business we recorded 158,000 new motor insurance contracts and 81,000 new home insurance contracts in 2017. In the self-employed professionals and companies market, MMA and MAAF stood out for their very strong growth, significantly stronger than that of the market as a whole. In life insurance, Covéa recorded good growth in net inflows into unit-linked policies. Lastly, the Group had a good year in health and personal protection thanks to robust growth in the collective insurance segment. This strong business momentum was
accompanied by a 1.2% drop in claims expense.
What was the main progress made during the year?
T. D.: We formally introduced a single employment contract for all our 21,000 employees in France. This gave us an opportunity to review and modernise our HR policies and improve the efficiency of our customer relationships. The Group has opted for a revised and tighter governance, which came into effect on 1 January 2018. Major changes included the creation of two senior management departments dedicated to the new issues of customer satisfaction. In a sector that has become ultra-competitive, we need
Thierry Derez,Covéa Chairman and Chief
Executive Officer
ADAPTING AND EVOLVING IN LINE
WITH THE RISKS IS OUR BUSINESS.“
2017 BUSINESS REPORT I COVÉA 13
to step up our interaction with our members and customers so as to increase the number of products and services per customer and increase their loyalty.
What are the major challenges facing Covéa in 2018?
T. D.: The entry into force of the European Insurance Distribution Directive (IDD) is near the top of the list. It aims to improve policyholders’ confidence and protection by introducing new requirements in the areas of information and advice, product governance and remuneration of distribution networks. At the same time, we are very attentive to technological developments and their use. We naturally wish to adapt to new trends, but without
running the risk of being out of step with our members and customers’ habits and behaviour. They are the ones who decide on the changes and not the other way around.
With this in view, we have created a platform of new and attractive services in order to pay even greater attention to supporting, advising and assisting our customers. This is a change of position for Covéa that brings us resolutely into the era of added value insurance and gives us a head start in the services battle. How do you see the insurance of the future?
T. D.: Some major technological developments, such as connected objects and big data,
open up new horizons in the field of insurance. They herald a transition towards more individualised insurance and a personalised relationship with our policyholders. This means that Covéa must develop high value-added services, while preserving the fundamentals of its mutual structure and the pricing leeway this gives it. There will also be new risks to be insured, such as “cyber-risks”, for which we will need to think up new solutions. In motor insurance, we are already examining new insurance solutions linked to the gradual spread of ‘smart’ cars and the growth in car sharing practices.
14 COVÉA I 2017 BUSINESS REPORT
Philippe Maso y Guell Rivet MANAGING DIRECTOR MMA
“We work alongside our customers, individuals and businesses, to support them in their enterprise.”
Pierre Michel MANAGING DIRECTOR REINSURANCE AND INTERNATIONAL
“We bring the strength and solidity of a large and diversified mutual group to serve our members and customers.”
OUR MODEL VIEWED BY THE
EXECUTIVE COMMITTEE at 1 January 2018
Maud Petit MANAGING DIRECTOR FINANCE
“Ensuring the right balance between expansion, profitability and solvency is at the heart of our financial management.”
A M B I T I O N
Didier Bazzocchi MANAGING DIRECTOR INSTITUTIONAL PARTNERSHIPS
“The creation of Unéopôle, of which Unéo and MGP are members, signals the start of new types of cooperation.”
Stéphane Duroule MANAGING DIRECTOR MAAF
“We seek to make individuals and professionals want to become our customers and to stay with us.”
Joaquim Pinheiro MANAGING DIRECTOR CUSTOMER RELATIONSHIPS
“Our new services are designed to build up the relationship and lock-in our customers.”
2017 BUSINESS REPORT I COVÉA 15
Thierry Derez CHAIRMAN AND CHIEF EXECUTIVE OFFICER
As a solid, modern and responsible mutual insurance group, Covéa manages the strong financial and institutional relations between its various entities, brands and associated companies. Strategic governance is exercised at the level of Covéa while the operational decisions are taken by the Group’s various brands and reflected on a daily basis in their business relations. This unique governance model gives our entities solidity and coherency. Its lasting nature is a guarantee of security for our employees and of service quality for our customers. Initiated nearly 20 years ago, Covéa’s model has proved its worth.
Laurent Tollié MANAGING DIRECTOR INVESTMENT
“A collegial approach and long-term vision are the two basic principles of our investment policy.”
Valérie Cohen DIRECTOR NON-LIFE INSURANCE
“The digitalisation of our management, advisory, information and prevention processes is a competitive lever.”
Paul Esmein MANAGING DIRECTOR OFFER AND CUSTOMER SERVICE
“Cross-group cooperation and interaction are the two key success factors that we intend to capitalise on.”
Amaury de Hauteclocque MANAGING DIRECTOR HUMAN COOPERATION
“Our name, Covéa, testifies to our attachment to cooperation. Exchange and sharing are rooted in our culture.”
Édouard Vieillefond MANAGING DIRECTOR GMF
“Thanks to the progress linked to cross-channel and digital developments, we can respond to our customers’ needs more efficiently.”
Juliette Baudot DIRECTOR STRATEGY, CUSTOMER, TRANSFORMATION
“All the players involved in the relationship with our policyholders must share the same vision of the customer.”
16 COVÉA I 2017 BUSINESS REPORT
Our governance at 31 December 2017
Jean FleuryChairmanLa Sauvegarde-Bernard BarbottinMAAF Assurances SA-Michèle BeytMAAF Vie-Michel CoursatMMA IARD Assurances Mutuelles-
Christian DelahaigueProny Habitations-Anne-José FulgérasMMA IARD-Hubert IvanoffLa Garantie Mutuelledes Fonctionnaires-Marie-France OrtiTéléassurances-Jean-Jacques Vouhé-
Thierry DerezJean-Claude SeysJean-Michel BanlierChristophe CrepinPhilippe DebenestSerge Dussaussois Éric LagardeRémy Verges-Assurances Mutuelles de Francerepresented byJean-Marie Meckler-Assistance Protection Juridiquerepresented byJean-Pierre Gualezzi-APGISrepresented byGilbert Lebrument-
DAS Assurances Mutuellesrepresented byHélène Béjui-Hugues-FIDÉLIA Assistancerepresented byXavier Dejaiffe-La Garantie Mutuelledes Fonctionnairesrepresented by Hubert Ivanoff-GMF Assurancesrepresented byHélène Martini-GMF Vierepresented by Christiane Maurech-MAAF Assurancesrepresented byMichel Castagné-
MAAF Assurances SArepresented byBernard Barbottin-MAAF Santérepresented byCharles Zanoni-MAAF Vie represented byMichèle Beyt-MMA IARD Assurances Mutuellesrepresented byMichel Coursat-MMA IARDrepresented byAnne-José Fulgéras-MMA Vie Assurances Mutuellesrepresented by Christophe Guettier-
BOARD OF DIRECTORS
AUDIT AND RISK COMMITTEE
MMA Vierepresented byMario Colaiacovo-Prony Habitationsrepresented byChristian Delahaigue-La Sauvegarderepresented by Jean Fleury-SMIrepresented byPhilippe Bailly-Téléassurancesrepresented byMarie-France Orti-
Jean FleuryChairmanLa Sauvegarde-Christian DelahaigueProny Habitations-Hélène Béjui-HuguesDAS Assurances Mutuelles-
REMUNERATION COMMITTEE
2017 BUSINESS REPORT I COVÉA 17
A M B I T I O N
Our results at 31 December 2017
372%SOLVENCY MARGIN
by segment in France
25%MOTOR
12%PRIVATE RISKS
20%PROFESSIONALS & BUSINESSES
13%HEALTH & PERSONAL PROTECTION
26%LIFE INSURANCE
4%OTHER MARKETS
55%OF EARNED PREMIUMS FROM NON-LIFE ACTIVITIES
34%OF EARNED PREMIUMS FROM LIFE AND HEALTH ACTIVITIES
11%OF EARNED PREMIUMS FROM INTERNATIONAL INSURANCE ACTIVITIES
FRANCE AND INTERNATIONAL BUSINESS
BREAKDOWN OF EARNED PREMIUMS
14.6BILLION EUROS OF EARNED PREMIUMS IN FRANCE
1.7BILLION EUROS OF EARNED PREMIUMS FROM INTERNATIONAL ACTIVITIES
818MILLION EUROS NET INCOME (Group share)
14.3BILLION EUROS OF SHAREHOLDERS’ EQUITY (Group share)
107.4BILLION EUROS OF FINANCIAL INVESTMENTS (Realisable value)
FINANCIAL RESULTS
16.3BILLION EUROS OF EARNED PREMIUMS
18 COVÉA I 2017 BUSINESS REPORT
and develop new customer experiences that are simpler, more personalised and more attentive regardless of the communication channel chosen by the customer.
How can your departments respond to these demands for quality, proximity, service and efficiency? Joaquim Pinheiro: We have created a senior management Customer Relationship department that brings together the general management of MAAF, MMA and GMF, most of the resources that have contact with customers and the IT teams. This enables Covéa to share knowledge of the customer better between the various Group entities, to imagine new forms of work organisation, to develop cross-group skills and open the way to new partnerships.
Paul Esmein: For its part, the new Offer and Customer Service department brings together all Covéa’s business skills in its main markets: Property & Casualty, Life, Health and Protection and Legal Protection. Our mission is to work to develop products and services to respond to each customer’s needs according to
A M B I T I O N
How do you see the changes in your customers?
Paul Esmein: In a rapidly evolving world, our customers have changed significantly. They are more connected and autonomous and, at the same time, have become more demanding in terms of wanting a fast response and the capacity to provide personalised solutions with seamless service quality. Following the Hamon law, they are also more volatile. Therefore, now more than before, we must strengthen their attachment to our brands by ensuring them the best insurance experience in the market and providing services with strong added value.
Joaquim Pinheiro: Already accustomed, for all three brands, to high standards in terms of customer experience, our policyholders are also realistic. What they want nowadays is for things to be simpler and more practical. Of course, the digital revolution has taken place. Our customers use the Internet and the digital apps. But they also want to continue to be able to contact us by telephone. And, when they need human contact in the handling of their claims, they prefer to come to our points of sale. We therefore need to respond to this increased complexity
JOAQUIM PINHEIRO
1
2
PAUL ESMEIN
New challenges, new solutions
Views on our transformation from Joaquim Pinheiro, Managing Director Customer Relationships, and Paul Esmein,
Managing Director Offer and Customer Service.
2017 BUSINESS REPORT I COVÉA 19
dedicated to home and can benefit from remote surveillance services or house moving assistance. Our offer is currently the most wide ranging in the market. It illustrates our capacity to adapt perfectly.
What do you consider the key to Covéa’s success in terms of customer focus?
Joaquim Pinheiro: We share a single goal: to win the battle in terms of customer satisfaction. We are a closely knit team and provide each customer with a rapid, comprehensive and secure response. In concrete terms, this means putting in place a single relationship management tool that enables us to ensure a fluid and multi-channel relationship.
Paul Esmein: Although they considerably simplify life for our employees and customers, software tools can never replace human relationships. The truly differentiating factor for Covéa is the men and women that form the Group. We can count on the commitment of each of our 21,000 employees and together we will win the customer relationship battle.
their situation and expectations. While at the same time working to achieve greater synergy between the products of the Group’s different brands.
What levers can be used to ensure lasting customer satisfaction?
Paul Esmein: To build ever stronger ties with our customers, Covéa is developing different tools that will be used to collect data and use it appropriately. In this way we can design new attractively priced services that are closely adapted to the customer’s needs at every stage of the relationship. This is what we are aiming to achieve through our services platform.
Joaquim Pinheiro: In the future, differentiation will rely less on the product than on the related services. The launch of our services platform, which will gradually gather steam over the coming months, is the start of a new type of relationship with our customers. It will enable our policyholders, via their customer space, to access a range of services covering different types of needs: home, mobility, ageing, etc. Our members and customers are already familiar with the first step
3
4
We want to offer our customers the best insurance experience in the market.
Paul Esmein
We share a single goal: to win the battle in terms of customer satisfaction.
Joaquim Pinheiro
“
20 COVÉA I 2017 BUSINESS REPORT
A SINGLE GROUP, MULTIPLE EXPERTISES At Covéa, we supply all the insurance needs of our 11.5 million
members and customers at every stage of their lives. Day by day, we provide them with an enhanced experience
through our wide-ranging skills and complementary brands.
N°1MOTOR INSURER
IN FRANCE WITH 10.7 MILLION VEHICLES INSURED
N°2INSURER OF
SELF-EMPLOYED PROFESSIONALS AND BUSINESSES IN FRANCE WITH
1.1 MILLION POLICIES
N°1HOME INSURER
IN FRANCE WITH 8 MILLION HOMES
INSURED
SHARING THE SCIENCE OF RISK
Health andPersonal protection
Innovate to ensure better protection
Life insurance
Take long-term action
Property and Liability
Individuals
Adapting to new customs (motor, motorbike, home, accident and civil liability
insurance)
Self-employed professionals and
businesses
Reinsurance
Focus on stability
Legal protection
Protect and support
Continuing to expand
2017 BUSINESS REPORT I COVÉA 21
A SINGLE GROUP, MULTIPLE EXPERTISES
OUR THREE COMPLEMENTARY BRANDS
A brokerless mutual insurance company
that provides general insurance to individuals
and professionals.
A mutual insurance company with insurance agents, multi-specialist
insurance for individuals, professionals, businesses,
associations and local authorities.
GMF, a brokerless mutual insurance company,
is a retail market insurer and the leading insurer
of public sector workers.
OUR SPECIALIST COMPANIES
Asset management, reinsurance, legal protection and assistance are key areas of expertise with dedicated resources.
AFFILIATED PROVIDENT AND MUTUAL COMPANIES
Collective health and protection insurance are markets with strong added value for which we draw on the know-how of recognised experts, APGIS and SMI.
Coopérations
22 COVÉA I 2017 BUSINESS REPORT
THREE SKILLS THAT MAKE THE
DIFFERENCE With Covéa Coopérations, Covéa Finance and Covéa Immobilier,
the Group shows its high level of expertise in reinsurance and asset management. Overview.
220MILLION EUROS TURNOVER FROM REINSURANCE
COVÉA COOPÉRATIONS
THE SCIENCE OF REINSURANCE
Covéa Coopérations carries all the Group’s holdings in its operational insurance companies. Covéa Coopérations is also an international reinsurer that operates in thirty-four countries, from France to Japan and including Canada and Tunisia.
COVÉA FINANCE
THE GROUP’S PORTFOLIO MANAGEMENT COMPANY
Covéa’s portfolio management company, Covéa Finance aims for long-term performance supporting insurance. Its integrated research teams, collegial approach and risk control make it a recognised player that cultivates independent judgement and manifests strong investment convictions.
COVÉA IMMOBILIER
PROPERTY ASSETS
Covéa Immobilier manages the operating and investment property assets for the entire Group to support the insurance activities, combining value enhancement and environmental commitment. The company draws on expert teams that each day help to optimise MAAF, MMA and GMF’s property assets.
10thASSET MANAGEMENT COMPANY IN FRANCE at 31 December 2016*
215PROPERTIES
A+RATING ASSIGNED BY STANDARD & POOR’S
ARATING FROM AM BEST
97.9BILLION EUROS OF ASSETS UNDER MANAGEMENT
* Source AFG
+4.9BILLION EUROS OF PROPERTY ASSETS
2017 BUSINESS REPORT I COVÉA 23
INTERNATIONAL OPERATIONS
CANADA
LA CAPITALE GROUP (PARTICIPATION)INSURANCENON-LIFE/LIFEAFFILIATED AGENTSBROKERS
UNITED KINGDOM
COVÉA INSURANCE GROUP (SUBSIDIARY)INSURANCENON-LIFE/LIFEBROKERS/DIRECT
SWINTON (SUBSIDIARY)BROKERNON-LIFEMULTI-CHANNEL
LUXEMBOURG
AME LIFE LUX (SUBSIDIARY) INSURANCELIFE BROKERS
UNITED STATES
CSE (SUBSIDIARY)INSURANCENON-LIFENON-EXCLUSIVE AGENTS
SPAIN
CASER (PARTICIPATION)INSURANCENON-LIFE/LIFEBANK INSURANCE/AGENTS/BROKERS
ITALY
BIPIEMME VITA GROUP (SUBSIDIARY)INSURANCELIFE/NON-LIFE/HEALTH AND PERSONAL PROTECTIONPARTNER BANK
BUSINESS ACTIVITY SEGMENT WAY OF DISTRIBUTION
+4.9BILLION EUROS OF PROPERTY ASSETS
The Group’s international operations, divided between Europe and North America, are in the form of majority-controlled subsidiaries and equity
interests. As well as the advantages of diversification, operating in other countries is real added value for Covéa in terms of feedback on experience.
24 COVÉA I 2017 BUSINESS REPORT
Our CRS indicators at 31 December 2017
A M B I T I O N
More than 21,000 employees
5.57%is the ratio of disabled people employed
51.8%of management staff are women
DIVERSITY
2,915Permanent contracts departures
WORKFORCE
64%Access to training
TRAINING
6.3%Internal mobility rate among existing permanent employees
More than
438,000hours of training
AGE AND LENGTH OF SERVICE
43 yearsAverage age
15 yearsAverage length of service
SOCIAL DATA
ENVIRONMENTAL DATA
STATUS
2,866Permanent contracts hires
56.4%Non-management
43.6%Management
34.5%Men
65.5%Women
134,426Total
6.998Per employee
CARBON FOOTPRINT (IN TONNES OF CO EQUIVALENT) 2
FORWARD
Covéa launched numerous initiatives in 2017. Strengthening cooperation, attracting young talent, accelerating
useful innovations for members and customers, commitments in favour of vulnerable populations are all actions
that highlight the determination of the Group and its brands.
TOGETHER
A C T I O N S
26 COVÉA I 2017 BUSINESS REPORT
A C T I O N S
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ion
co
nn
ecti
on
s an
d m
ore
th
an
60
8,5
00
do
wn
load
s, t
he
MA
AF
et
Mo
i ap
p h
as b
een
a
gre
at s
ucc
ess
amo
ng
MA
AF
cu
sto
mer
s. T
his
ap
p,
bo
th u
sefu
l an
d r
elat
ion
ship
en
han
cin
g, e
nab
les
po
licyh
old
ers
to o
bta
in in
form
atio
n o
n c
laim
s in
pro
gre
ss, c
on
sult
th
eir
mo
tor
insu
ran
ce c
on
trac
ts
and
rei
mb
urs
emen
ts a
nd
en
able
s th
em t
o b
e g
eolo
cate
d in
th
e ev
ent
of
a b
reak
do
wn
or
an a
ccid
ent.
GM
F
Firs
t pr
oduc
ts
laun
ched
for
th
e D
efen
ce m
arke
tG
MF,
UN
ÉO
an
d M
GP
hav
e fo
rmal
ised
th
eir
par
tner
ship
wit
hin
Un
éop
ôle
by
lau
nch
ing
th
e fi
rst
pro
du
ct o
ffer
s ad
dre
ssed
to
th
e D
efen
ce
and
Sec
uri
ty s
ecto
rs. T
he
par
tner
ship
co
nsi
sts
o
f cr
eati
ng
co
llab
ora
tive
lin
ks b
etw
een
th
e sa
les
team
s -
init
ially
bet
wee
n U
néo
an
d G
MF
- b
ased
o
n a
pri
nci
ple
of
cro
ss-b
roke
rag
e an
d r
efer
enci
ng
.
2017 BUSINESS REPORT I COVÉA 27
CO
VÉ
A
Cov&
elle
s, t
he C
ovéa
w
omen
’s n
etw
ork
Co
véa
has
lau
nch
ed “
Co
v&el
les”
. Its
pu
rpo
se?
To
pro
mo
te t
he
care
ers
of
wo
men
wit
hin
th
e G
rou
p, f
avo
ur
gen
der
eq
ual
ity
at a
ll h
iera
rch
ical
le
vels
an
d e
nco
ura
ge
the
dev
elo
pm
ent
of
a m
ixed
go
vern
ance
. Alt
ho
ug
h o
nly
just
lau
nch
ed,
Co
v&el
les
alre
ady
cou
nts
36
0 s
enio
r ex
ecu
tive
s an
d d
irec
tors
th
rou
gh
ou
t F
ran
ce.
CO
VÉ
A
A si
ngle
com
mon
em
ploy
men
t co
ntra
ct, a
gen
uine
so
cial
pill
arW
ith
the
sig
natu
re o
f an
ag
reem
ent
intr
od
ucin
g
a co
mm
on
emp
loym
ent
cont
ract
fo
r m
ore
tha
n
21,0
00
of
its
staff
, the
Gro
up
has
succ
essf
ully
laid
the
fo
und
atio
n o
f th
e si
ngle
C
ovéa
gro
up. T
he c
ont
ract
in
par
ticu
lar
favo
urs
job
an
d g
eog
rap
hic
mo
bili
ty
and
giv
es t
he e
mp
loye
es
sig
nific
ant
adva
ntag
es.
CO
VÉ
A
Cové
a pa
rtne
rs C
hair
e Pr
even
t’H
oriz
onB
ecau
se C
ové
a co
nsi
der
s p
reve
nti
on
an
d it
s n
atu
ral
inte
gra
tio
n in
to t
he
cust
om
er
rela
tio
nsh
ip t
o b
e a
pri
ori
ty,
the
Gro
up
has
par
tner
ed t
he
crea
tio
n o
f C
hai
re P
reve
nt’
Ho
rizo
n,
wh
ose
wo
rk a
ims
to g
ain
gre
ater
kn
ow
led
ge
of
the
con
dit
ion
s an
d
leve
rs f
or
succ
essf
ul p
reve
nti
on
in
th
e ar
ea o
f h
ealt
h s
o a
s to
im
pro
ve it
s effi
cien
cy.
GM
F
Bet
ter
prev
enti
on
of u
rban
roa
d ri
sks
Giv
en t
he
po
or
kno
wle
dg
e o
f ri
sks
linke
d t
o r
oad
sh
arin
g in
to
wn
s re
veal
ed b
y th
e G
MF
Ass
ura
nce
s –
Op
inio
nW
ay s
urv
ey, a
film
usi
ng
36
0°
tech
no
log
y w
as
mad
e to
hei
gh
ten
aw
aren
ess
amo
ng
all
road
use
rs. T
his
is
just
on
e o
f th
e 2,
00
0 r
oad
ris
k p
reve
nti
on
act
ion
s o
rgan
ised
by
GM
F e
ach
yea
r.
MO
RE
THA
N
21, 0
00E
MP
LOY
EE
S B
EN
EF
IT
FR
OM
A C
OM
MO
N
EM
PLO
YM
EN
T C
ON
TR
AC
T
360°
28 COVÉA I 2017 BUSINESS REPORT
GM
F
18th
edi
tion
of t
he L
a G
azet
te-G
MF
Terr
itor
ial A
war
dsT
he
La
Gaz
ette
-GM
F A
war
ds
are
awar
ded
eac
h y
ear
fo
r in
itia
tive
s ca
rrie
d o
ut
by
loca
l au
tho
riti
es in
ter
ms
o
f se
rvic
es t
o c
itiz
ens.
Th
e 20
17 e
dit
ion
of
the
awar
ds
feat
ure
d a
no
velt
y w
ith
th
e aw
ard
ing
of
an a
dd
itio
nal
p
rize
, en
ablin
g G
MF
mem
ber
s to
des
ign
ate
thei
r p
refe
rred
pro
ject
. Th
ese
awar
ds
illu
stra
te G
MF
’s
com
mit
men
t to
th
ose
wh
o s
erve
th
e p
ub
lic a
nd
hav
e m
ade
this
th
eir
voca
tio
n.
MM
A
Fond
atio
n M
MA
des
En
trep
rene
urs
du F
utur
(the
M
MA
foun
dati
on fo
r fu
ture
en
trep
rene
urs)
wen
t a
step
fu
rthe
r in
20
17A
s w
ell a
s th
e G
rand
Pri
x d
es B
onn
es
No
uvel
les
des
Ter
rito
ires
aw
ard
s th
at w
ere
con
ferr
ed o
n 1
3 in
no
vati
ve lo
cal i
nit
iati
ves,
tw
o f
ree
app
s w
ere
lau
nch
ed f
or
hea
lthy
b
usi
nes
smen
: Mis
ter
Qu
ot’c
hin
g (
hea
lth
tip
s,
phy
sica
l exe
rcis
es)
and
Min
dfu
l Att
itu
de,
th
e 1st
fre
e m
edit
atio
n a
pp
, wh
olly
ded
icat
ed
to b
usi
nes
s m
anag
ers.
MM
A
1,00
0 p
eopl
e at
tend
ed th
e Re
ncon
tres
MM
A E
ntre
pris
e &
Cou
rtag
e br
oker
s m
eeti
ngs
Aft
er a
n e
xcep
tio
nal
yea
r in
20
17 in
ter
ms
of
sale
s re
sult
s,
the
Ren
cont
res
MM
A E
ntre
pri
se &
Co
urta
ge
mee
tin
gs
org
anis
ed in
Par
is a
nd
in t
he
oth
er r
egio
ns
pro
vid
ed a
n
op
po
rtu
nit
y to
th
ank
bro
kers
fo
r th
eir
tru
st in
us
and
to
sh
are
the
Gro
up
’s g
oal
s fo
r 20
18 w
ith
th
em.
GM
F
The
Min
istr
y of
the
Arm
ed F
orce
s
has
chos
en U
néo
and
GM
FT
he
Un
éo a
nd
GM
F jo
int
gro
up
ing
has
bee
n c
ho
sen
by
th
e M
inis
try
of
the
Arm
ed F
orc
es t
o p
rovi
de,
fo
r se
ven
yea
rs,
sup
ple
men
tary
hea
lth
an
d p
erso
nal
pro
tect
ion
insu
ran
ce
for
its
mili
tary
an
d c
ivil
per
son
nel
. Its
go
al is
no
w t
o o
ffer
a
ran
ge
of
pro
du
cts
and
affi
nit
y se
rvic
es t
hat
mee
t th
e
pre
cise
nee
ds
of
this
po
pu
lati
on
. Mai
nta
inin
g lo
cal c
on
tact
w
ith
th
is p
op
ula
tio
n v
ia d
esks
wit
hin
mili
tary
co
mp
lexe
s
and
a v
ast
pre
ven
tio
n p
rog
ram
me
are
the
two
mai
n f
oca
l p
oin
ts o
f o
ur
acti
on
.
A C T I O N S
2017 BUSINESS REPORT I COVÉA 29
MA
AF
Two
Aw
ards
in t
he A
rgu
s de
l’as
sura
nce
digi
tale
aw
ards
M
AA
F w
on
tw
o a
war
ds
in t
he
thir
d
edit
ion
of
the
Arg
us d
e l’a
ssur
ance
d
igit
ale
awar
ds,
on
e in
th
e “B
est
soci
al
net
wo
rks
stra
teg
y” c
ateg
ory
fo
r #
Maa
fVo
usA
cco
mp
agn
e, a
nd
th
e o
ther
in
the
“Bes
t in
no
vati
on
in c
on
nec
ted
ob
ject
s”
cate
go
ry f
or
Co
ach
AA
C, a
n a
pp
fo
r p
aren
ts o
f ch
ildre
n d
oin
g a
cco
mp
anie
d
dri
vin
g p
ract
ice,
pro
vid
ing
an
ele
ctro
nic
lo
g b
oo
k.
MM
A
An
offe
r de
dica
ted
to
cri
sis
man
agem
ent
and
loss
of i
mag
eW
hen
a c
risi
s o
ccu
rs, t
he
com
pan
y m
ust
be
in a
po
siti
on
to
res
po
nd
rap
idly
so
as
no
t
to lo
se c
on
tro
l an
d t
o p
rote
ct
its
imag
e. T
his
is w
hy M
MA
o
ffer
s su
pp
ort
fo
r b
usi
nes
s m
anag
ers
in a
ny c
risi
s si
tuat
ion
as
wel
l as
an in
sura
nce
so
luti
on
fo
r m
anag
ing
th
e si
tuat
ion
an
d
reb
uild
ing
th
e co
mp
any’
s im
age.
CO
VÉ
A
The
empl
oyer
bra
nd
reve
als
its
stre
ngth
sTo
ach
ieve
gre
ater
vis
ibili
ty in
th
e jo
b m
arke
t: t
his
is t
he
aim
set
by
Co
véa
wit
h t
he
lau
nch
of
its
firs
t em
plo
yer
cam
pai
gn
hig
hlig
hti
ng
th
e G
rou
p’s
un
iqu
e m
od
el,
com
pet
itiv
enes
s an
d m
od
ern
ity.
It
s g
oal
is t
o a
ttra
ct n
ew t
alen
t,
seek
ing
to
co
mb
ine
amb
itio
n
and
so
lidar
ity.
MA
AF
A ne
w ty
pe o
f offi
ce
for a
new
cust
omer
ex
peri
ence
In P
aris
’s 1
2th d
istr
ict,
MA
AF
h
as b
een
exp
erim
enti
ng
wit
h
a n
ew t
ype
of
offi
ce f
ocu
sed
o
n d
igit
al f
acili
ties
, wit
h
the
aim
of
imp
rovi
ng
cu
sto
mer
sa
tisf
acti
on
. P
erso
nal
ised
rec
epti
on
, co
mfo
rtab
le w
aiti
ng
are
a
(wifi
, lib
rary
an
d c
off
ee)
equ
ipp
ed w
ith
co
nn
ecte
d
too
ls, t
his
pro
toty
pe
pla
ces
cust
om
ers’
exp
ecta
tio
ns
at
th
e h
eart
of
the
syst
em.
30 COVÉA I 2017 BUSINESS REPORT
A C T I O N SA C T I O N S
CO
VÉ
A
Ant
icip
atin
g
clim
ate
risk
Co
véa
has
en
tere
d in
to a
rei
nsu
ran
ce
agre
emen
t fo
r €
90
mill
ion
wit
h t
he
Iris
h
com
pan
y H
exag
on
Re.
Th
e ai
m o
f th
is
inn
ova
tive
cat
astr
op
he
bo
nd
issu
e is
to
co
ver
the
Gro
up
’s F
ren
ch in
sura
nce
co
mp
anie
s ag
ain
st t
he
risk
of
sto
rm
dam
age
in m
etro
po
litan
Fra
nce
as
fro
m
1 Ja
nu
ary
2018
.
GM
F
Put
ting
in p
lace
an
ele
ctro
nic
sign
atur
e fa
cilit
yTo
fac
ilita
te f
orm
alit
ies
fo
r it
s p
olic
yho
lder
s’ a
nd
si
mp
lify
thei
r d
aily
live
s,
GM
F h
as p
ut
in p
lace
an
el
ectr
on
ic s
ign
atu
re f
acili
ty
for
any
new
or
mo
difi
cati
on
o
f a
mo
tor
insu
ran
ce
cont
ract
. Thi
s is
yet
ano
ther
st
ep f
orw
ard
in t
he
dev
elo
pm
ent
of
pap
erle
ss
con
tact
init
iate
d b
y G
MF.
MM
A
A n
ew-g
ener
atio
n tr
aini
ng ce
ntre
for
insu
ranc
e ag
ents
: “En
trep
rene
urs
d’A
ssur
ance
s U
nive
rsit
é” (I
nsur
ance
En
trep
rene
urs
Uni
vers
ity)
Th
is n
etw
ork
tra
inin
g c
entr
e in
aug
ura
ted
in 2
017
dra
ws
on
ac
tive
an
d d
igit
al t
each
ing
met
ho
ds
to e
nco
ura
ge
the
agen
ts in
th
e M
MA
net
wo
rk t
o b
eco
me
gen
uin
e in
sura
nce
en
trep
ren
eurs
so
th
at t
hey
can
res
po
nd
effi
cien
tly
to t
he
nee
ds
of
self
-em
plo
yed
pro
fess
ion
als
and
bu
sin
esse
s
90 MIL
LIO
N E
UR
OS
RE
INS
UR
AN
CE
FR
OM
H
EX
AG
ON
RE
MA
AF
-FID
ÉLI
A
MA
AF
repa
tria
tion
Liv
e tw
eet,
in
par
tner
ship
wit
h Fi
délia
T
he
Gro
up
’s a
ssis
tan
ce s
ervi
ces
com
pan
y en
able
d it
s fo
llow
ers
to e
xper
ien
ce a
re
pat
riat
ion
as
tho
ug
h t
hey
wer
e th
ere
and
to
se
e th
e se
rvic
es p
rovi
ded
, th
anks
to
th
e L
ive
twee
t ca
rrie
d o
ut
on
MA
AF
’s t
wit
ter
acco
un
t.
Th
is s
oci
al m
edia
init
iati
ve w
on
MA
AF
an
Arg
us
de
l’ass
uran
ce d
igit
ale
awar
d in
th
e “B
est
soci
al
net
wo
rks
stra
teg
y” c
ateg
ory
.
LOOKING
Covéa is a solid, innovative and efficient group to the benefit of
its members and customers naturally enough, and also to the benefit
of its employees. To prepare the future, we have decided to focus our energy on excellence of customer experience
and on adapting our teams to meet the challenges of the new
insurance universe.
AHEAD
T R A N S F O R M AT I O N S
32 COVÉA I 2017 BUSINESS REPORT
T R A N S F O R M A T I O N S
A NEW CUSTOMER
EXPERIENCE With the aim of providing the best possible insurance
experience, our strategy focuses on being close to our customers at all times, drawing on all the
complementary channels but also foreseeing our members and customers’ future needs. Explanation.
CUSTOMER LOYALTY MUST BE
EARNED BY PROVIDING MORE
THAN JUST AN INSURANCE
SERVICE. COVÉALINK ROBOT
BECOMING THE CUSTOMER’S TRUSTED PARTNER
Covéa’s new strategy focuses strongly on the customer experience, where it quite simply seeks to achieve excellence. Nowadays, even a satisfied customer can easily switch to another insurer. This is why we need to earn their loyalty by giving them more than just insurance services and by becoming a trusted partner that will remain at their side throughout their lives. Covéa puts together enhanced offers closely adapted to its customers’ needs.
COVÉA, A LABORATORY OF INNOVATION
The Group has numerous initiatives in terms of
2017 BUSINESS REPORT I COVÉA 33
innovation. In health insurance, the Covéa brands offer a wide range of assistance, support and prevention services along with their insurance contracts.
For example, as part of our partnership with Santéclair, health insurance policyholders benefit from a healthcare network that enables them to find top quality health professionals at controlled prices. Since March 2018, the Group also offers a remote medical consultation service.
As for Covéa’s assistance services company Fidélia, it constantly enhances its services in motor, home and health insurance, with, for example, the “Memory Analysis” tested this year with policyholders aged over 50.
MAAF has opened a test office, whose design is centred on digital: touch screen on entry for personalised attention, waiting area with coffee, wifi and TV screens, mobile staff equipped with tablets who can deal with customers at the reception desk or in closed offices when confidentiality is required. This test office is designed to try out new layouts and tools to serve customers and ensure more fluid and efficient engagements.
Another step forward in the enhancement of Covéa’s services platform was made in 2017 with the launch of a joint offer by Covéa and Verisure, the European leader in remote surveillance. Other services will over time be added to the platform’s
portfolio to enable the Group’s three brands to offer their customers services far beyond just insurance.
Other examples are the electronic signature facility put in place by GMF for motor insurance contracts or CovéaLink which, by combining wifi and robotics, enables victims of serious bodily injury to maintain the links with their family and social environment from afar.
34 COVÉA I 2017 BUSINESS REPORT
T R A N S F O R M A T I O N S
SUCCEED IN THE DIGITAL TRANSFORMATION
Covéa Affinity, the Covéa entity dedicated to affinity partnerships in the motor industry, has rolled out its new information system for B to B customer relationships. This will enable 24/24 contact, more digital facilities via a web platform (underwriting, claims management, reporting, communication) and will simplify exchanges with partners’ information systems. All designed to make life easier for customers.
2017 BUSINESS REPORT I COVÉA 35
UNDERSTANDING AND SERVING OUR CUSTOMERS BETTER ON A LASTING BASIS
Covéa aims to transform the entire customer relationship: a revolution that also implies digital progress. The Group nonetheless remains true to its “Kayros” philosophy: remaining attentive to technical developments and their uses but without rushing in.
Covéa is firmly convinced that digital will never replace human relations. Moreover, it believes that customers should be able to choose their means of contact, according to the situation and the customer’s request.
“Digital tools are a lever for getting to know, understanding and serving our customers better over time. They will reveal their full potential with the strengthening of our relationship capacities and expertise. The aim is to offer our customers the products and services they explicitly, specifically and really need,” explains Juliette Baudot, Director Strategy, Customer, Transformation.
SEIZING ALL THE OPPORTUNITIES OFFERED BY DIGITAL TECHNOLOGY
To stay ahead of customers’ needs, Covéa’s brands constantly develop innovative services that draw on digital technology. In 2017, MMA intensified its offensive in the self-employed professionals and businesses market with an increasingly informative web site, enhanced with new functions and e-business offers.
For its part, GMF has continued to roll out its multi-channel strategy based on seeking useful contacts and optimising interaction between physical networks and digital channels, with the aim of fine-tuning knowledge of the customer and making all its channels ‘inter-operational’.
Lastly, MAAF made an impact with its MAAF et Moi app which enables customers to follow up their claims and to be geolocated by MAAF Assistance if they have a breakdown or an accident.
All these examples show the extent to which Covéa intends to make the most of all the potential offered by new technologies.
Covéa, a pioneering insurance company in the area of big data
Covéa has taken a close interest in big data since 2014. Its aims: finer risk analysis, better knowledge of customers, optimisation of the Group’s operating efficiency and, lastly, make data a competitive advantage. Numerous industrial projects have been born in this context, such as the V360, a new tool that gives MMA insurance agents a 360° view of their customers on tablet or PC. In the long run, Covéa is well aware that mastery of data will be a key factor for creating offers with increasingly relevant contents. The entire Group is working to meet this challenge.
SUCCEED IN THE DIGITAL TRANSFORMATION Because excellence in the customer relationship also requires digital
tools, we have integrated such tools into all the Group functions and business lines. In the framework of our new strategy, our brands
have taken numerous initiatives in this area. Panorama.
36 COVÉA I 2017 BUSINESS REPORT
T R A N S F O R M A T I O N S
What is the key factor of success for the Group’s transformation?
Juliette Baudot: Completely satisfying our customers. This means we must offer them what they need in terms of products and services, pricing and claims management. And of course, provide them with the best experience over time. The customer relationship is really and truly the lifeblood of our transformation. Also, we are launching an ambitious Customer Relationship Transformation Programme to redesign and construct via digital and human contact a truly memorable customer experience.
Amaury de Hauteclocque: I would highlight the motivation of our staff. Without them, none of the challenges could be met. At a time when our markets are changing, we need to gain in terms of agility and performance to provide optimal service quality.
What do you expect from your staff in these conditions?
Juliette Baudot: Periods of change are fascinating but never simple. In a demanding environment, our managers must unleash the energy of their teams so that they dare to experiment, challenge and make proposals. For our part we must clearly explain to them what we are doing and why.
Amaury de Hauteclocque:I expect dynamic cooperation supported by team spirit. Our business is changing and must be re-thought. We will need to work differently within our united enterprise. We must develop our desire to succeed together.
Perspective on our transformation with Juliette Baudot, Director Strategy, Customer, Transformation, and Amaury de Hauteclocque, Managing Director Human Cooperation.
1 2
What do you consider to be the main priority for Covéa for 2018?
Juliette Baudot: We must continue our endeavours to adapt to an ever more rapidly changing world, without losing sight of what we are and what makes us unique, i.e. a group that combine human relationships and digital technology.
Amaury de Hauteclocque:Covéa must win the customer relationship battle. This means working in a climate of confidence, respect and solidarity and capitalising on our strengths. The goal has been set, it is up to us to reach it as rapidly as possible. The Human Cooperation department intends to be the facilitator of the Group’s transformation.
3
Win the customer relationship battle
JULIETTE BAUDOT
AMAURY DE HAUTECLOCQUE
2017 BUSINESS REPORT I COVÉA 37
BUILDING THE FUTURE WITH
OUR STAFF The success of our transformation will require the support and
mobilisation of all our staff. Above and beyond the Group spirit that characterises Covéa, 2017 featured numerous initiatives. Overview.
Since January 2018, more than 21,000 Covéa employees in France have the same standardised employment contract. Working hours, remuneration, retirement and health insurance, career development, etc. each employee now enjoys the same conditions and benefits. In an increasingly competitive environment, the single contract is a considerable step forwards for Covéa, going well beyond what is on offer in the market. It enables the Group to be modernised by creating passageways between the various brands and encourages employee commitment thanks to a stimulating and attractive work environment. Our long-term aim: to create an efficient group and efficient brands with enough flexibility to ensure the competitiveness of our services.
INCREASED ATTRACTIVENESS
Our brands constantly seek new profiles so as to adapt to the changes in their markets. The single contract offers the possibility of taking advantage of the skills available within the Group and facilitates employees’
internal mobility. But the Group also needs to attract new talent to meet the numerous challenges it faces in the future. In 2017, more than 2,000 recruitments were made, mainly in sales, technical and management functions, actuarial positions, product managers, data scientists and IT experts.
The Group took advantage of the transformation into a single company and the agreement signed providing for a modern and advantageous contract that highlights the Group’s difference in a highly competitive insurance market.
…/…
38 COVÉA I 2017 BUSINESS REPORT
differently: more creatively, more collectively and more efficiently. It is also an opportunity to acquire new skills and learn new practices. As part of Campus Covéa, 18 workshops were organised in 2017 on the theme of “How to make Covéa a major advantage for each of its brands?”. 360 members of staff involved in customer relationships worked together to draft a White paper shared by all.To support the transformation efforts under way within the Group, Covéa provides the teams and employees with new tools and resources
such as Digital Days, days dedicated to familiarising the staff with the Group’s new digital tools and projects.As a catalyst for projects, contacts and relationships, co-development has also grown remarkably. Based on collective intelligence, this process enable the staff that wish to do so to discuss the issues encountered in their working lives with their peers. This provides an opportunity to develop new approaches and innovative solutions, adapted to their situation. Some 1,200 employees have experimented with this coaching method since it was launched.
It is the goal of its first recruitment campaign, underpinned by a strong slogan: “Let’s build the future of insurance together”. The Group highlights its distinctive characteristics and, in particular, the uniqueness of its model: a group built on synergies between its founding mutual companies, where cooperation and a collective spirit guide business conduct and the search for performance.
AN ENVIRONMENT THAT FAVOURS COOPERATION AND INNOVATION
Because adaptability has become a crucial element for meeting challenges in the insurance sector, Covéa encourages innovation by developing a collaborative ecosystem. The single contract is in itself an opportunity to make better use of the skills and know-how that already exist within the Group. A global experiment in terms of work environments was also launched in 2017 to encourage an open organisation that favours cooperation and innovation. The use of collaborative tools, working in project mode, building multiple skills and a mobile approach are just some of the paths being explored.
DEVELOPING GROUP DYNAMICS
The aim of this initiative is to create value by working
2017 BUSINESS REPORT I COVÉA 39
COVÉA INTENDS TO SUPPORT THE TRANSFORMATION UNDER WAY IN THE INSURANCE INDUSTRY TO THE BEST OF ITS ABILITY.
COMBINING PERFORMANCE AND QUALITY OF WORKING LIFE
Attractive for its existing staff and appealing for job candidates, Covéa was awarded the Capital magazine’s “best employer” label in the Insurance category in both 2017 and 2018. This label rewards a human and determined HR policy that, at a time when the company is undergoing transformation, manages to give meaning to employees’ roles, give them confidence in their abilities and foster internal cohesion.It was in this spirit that the new training programme,
“Destination Manager,” was created for new managers. Structured around innovative teaching approaches, it helps to develop a unique identity and create shared management indicators based on synergy, cooperation, collective spirit and skills development. Around one hundred managers benefited from this programme in 2017.It is also the aim of the women’s network Cov&elles designed to bring together the 360 women, managers of managers and senior executives, to discuss their career paths, help change behaviours and support those
who wish to rise to positions of greater responsibility within the Group. All these initiatives, rolled out to benefit employees, highlight Covéa’s mobilisation with regard to keeping abreast of the transformation within the insurance universe and satisfying our members and customers.
40 COVÉA I 2017 BUSINESS REPORT
SNAPSHOTS OF LAB COVÉA*
Wholly dedicated to innovation, Lab Covéa was created to enable innovative projects to receive support as a start up.
Working solely on projects sponsored by the various business departments, Lab Covéa offers employees the chance to test and implement their ideas in the best possible conditions.
The Lab aims to develop entrepreneurial spirit and familiarise staff with new working methods with the aim of improving the customer relationship.
The Group has set up Lab Covéa to support and act as the catalyst for innovative projects. In 2017, three main new experiments were
developed to further enhance customer service.
2017 BUSINESS REPORT I COVÉA 41
This incubator for winning ideas saw the emergence in 2017 of a GMF staff initiative, “My Local Community”. Using a collaborative platform, this project enables public sector workers to share tips and best deals.
The “Help Impôts” team is studying the development of a system for welcoming customers and prospective customers to our branches to facilitate tax actions.
Similarly, Mon Artisan Idéal, thought up by two employees at Fidelia Assistance and MAAF, makes it possible to compile a directory of the best local craftsmen in each branch. The idea of this service has been tested in MAAF and GMF’s offices and met with great interest by customers.
*The portfolio features the “Help Impôts” project team.
42 COVÉA I 2017 BUSINESS REPORT
Balance sheet Commitments
Income statement
2017 COMBINED BALANCE SHEET
ASSETS (in € thousands)Gross
amount
Amortisation, depreciation and reserves
Net amount2017
Net amount2016
Goodwill 913,703 -838,521 75,182 93,697
Intangible assets 491,555 -226,412 265,143 254,902
- Insurance business portfolio 149,368 -99,230 50,138 50,138
- Other 342,187 -127,182 215,005 204,764
Insurance undertakings’ investments 88,906,545 -1,154,647 87,751,898 86,164,740
- Land and buildings 3,672,489 -644,890 3,027,599 2,992,639
- Investments in related parties and companies with which there is a shareholding relationship 853,440 -169,014 684,426 1,610,988
- Other investments 84,380,616 -340,743 84,039,873 81,561,113
Investments representing unit-linked commitments 5,622,029 5,622,029 4,687,701
Investments in other companies 272,981 -58,230 214,751 202,550
Investments in associates 280,265 280,265 299,959
Outward reinsurers’ and retrocessionnaires’ share of technical reserves 2,213,553 2,213,553 2,082,922
Receivables arising from insurance or reinsurance transactions 3,660,257 -116,820 3,543,437 3,419,638
Interbank loans and advances 1,989,267 1,989,267 1,561,552
Other receivables 1,229,016 -29,618 1,199,398 1,403,127
Other assets 597,051 -370,841 226,210 223,934
Accruals - assets 2,856,179 2,856,179 2,789,160
- Deferred acquisition costs 908,264 908,264 864,308
- Deferred tax assets 921,496 921,496 889,814
- Other 1,026,419 1,026,419 1,035,038
Total assets 109,032,401 -2,795,089 106,237,312 103,183,882
2017 BUSINESS REPORT I COVÉA 43
LIABILITIES (in € thousands) 2017 2016
Group equity 14,253,193 13,459,648
- Share capital or equivalent funds 1,120,794 1,117,352
- Additional paid-in capital 6,358 6,358
- Reserves 12,308,259 11,511,203
- Profit for the year 817,782 824,735
Non-controlling interests 75,938 66,630
Subordinated debt 180,762 181,497
Gross technical reserves 80,976,902 79,730,173
- Life technical reserves 55,473,066 54,892,134
- Non-life technical reserves 25,503,836 24,838,039
Technical reserves of unit-linked policies 5,643,654 4,703,185
Reserves for liabilities and charges 554,945 564,932
Liabilities arising from insurance or reinsurance transactions 1,167,495 1,118,629
Owed to banking sector companies 360,647 391,538
Other liabilities 1,796,268 1,777,697
Accruals - liabilities 1,227,508 1,189,953
Total liabilities 106,237,312 103,183,882
44 COVÉA I 2017 BUSINESS REPORT
2017 COMMITMENTS RECEIVED AND GIVEN
(in € thousands) 2017 2016
COMMITMENTS RECEIVED
- Insurance companies 362,734 366,262
- Other companies 0 75
COMMITMENTS GIVEN
- Insurance companies 734,799 542,435
- Other companies 60,793 42,738
SECURITIES RECEIVED AS COLLATERALFROM REINSURERS AND RETROCESSIONNAIRES 1,244,096 1,412,653
FORWARD FINANCIAL INSTRUMENT OUTSTANDINGS 0 0
2017 COMBINED INCOME STATEMENT ALL ACTIVITIES
(in € thousands)Non-life
insurance activities
Life insurance activities
Other activities 2017 2016
Written premiums 11,954,628 4,519,196 16,473,824 16,410,705
Change in unearned premiums -168,950 -168,950 -110,174
Earned premiums 11,785,678 4,519,196 16,304,874 16,300,531
Premium income or income from other activities 228,024 228,024 279,386
Other operating income 61,658 47,320 5,623 114,601 96,909
Net financial income (expense) 910,049 2,093,947 68,680 3,072,676 2,771,188
Total operating profit from continuing operations 12,757,385 6,660,463 302,327 19,720,175 19,448,014
Claims expenses -8,334,425 -5,906,789 -14,241,214 -14,371,299
Net income (expense) from (on) reinsurance cessions -211,892 -18,161 -230,053 -158,395
Expenses on other activities -325,280 -325,280 -350,265
Management charges -3,033,688 -364,028 -3,397,716 -3,255,440
Total operating expenses on continuing operations -11,580,005 -6,288,978 -325,280 -18,194,263 -18,135,399
OPERATING PROFIT FROM CONTINUING OPERATIONS 1,177,380 371,485 -22,953 1,525,912 1,312,615
Inter-segment transfers -65,300 16,691 48,609 0 0
Operating profit from continuing economic operations 1,112,080 388,176 25,656 1,525,912 1,312,615
Other net income -8,839 -17,874
Non-recurring items -17,469 27,765
Income tax -658,482 -479,914
NET PROFIT (LOSS) OF CONSOLIDATED COMPANIES 841,122 842,592
Group’s share of net income (loss) of companies sold
Group's share of income (loss) of equity affiliates 16,908 12,002
Goodwill amortisation -26,547 -18,025
COMBINED NET INCOME (LOSS) 831,483 836,569
Non-controlling interests -13,701 -11,834
Net income (Group share) 817,782 824,735
Discover the digital version of this business report at:
www.rapport-activite-covea.com/en
COVÉA ON LINE
Design and production: scriptosensu.comwith the participation of So differentIllustrations: Brian Wells StevensPhoto credits: Thierry Borredon, Fotolia, Getty Images, Alex Giraud, iStock, Photothèque Covéa, Plain Picture, Poly
This document is printed on 100% PEFC certified paper. This product comes from sustainably managed forests and controlled sources.
We wish to thank all members of the Covéa staff who were kind enough to lend their image to illustrate this publication.
Document published by Covéa External and Institutional Communication department.Tel: +33 (O) 1 55 50 65 10Email: contact@covea.frwww.covea.eu @groupecovea Covéa
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