mutual commitment

Transcription

mutual commitment

Business
Report
2013
MUTUAL COMMITMENT
02
A powerful group,
respectful of mutualist
values
2
04 Key figures and notable developments
06 An attractive group that combines
soundness with security
08 Interview with Thierry Derez
10 Governance
A dynamic sales
team on the
insurance market
26
A permanent quest for
innovation, engagement
and performance
28 Covéa AIS
32 Technology and Information System
34 RSE and Human Resources
38 Control, Solvency, Accounts and Reporting
40 Finance Covéa
42 Reinsurance and Acceptances,
Organization and Financial Results
43 Consolidated Financial Statements 2013
Insurance Covéa 14
MAAF 16
MMA 17
GMF 18
Specialised companies 19
Health and Provident Cover Covéa 20
International 24
A powerful
group,
respectful
of mutualist
values
02 03
BUSINESS REPORT 2OI3 / Covéa
Key
figures
Assets and Liabilities
N°1
(1)
Individual Health
N°4
Companies
N°3
Legal Protection
N°1
Commercial results
Financial results
Life and non-life turnover
Net result (Group share)
billion euros (+5.8%)
824
million euros
Turnover
Solvency
15.5
69%
31%
Non-life
Life
Members and clients
11
(2)
More than
million
405%
Equity capital (Group share)
10.6
billion euros
Vehicles insured
10
(2)
million
Homes insured
7.4
(2)
(1) Source: l'Argus de l'Assurance at 31/12/2012.
(2) F igures for the French companies included
within the Covéa scheme (not including Carma).
04 05
million
26,624
employees (in France and abroad)
Notable
developments
Organisation/Strategy
Services
Offers
•Stronger asset management
with the creation of MMA
Expertise Patrimoine resulting
from the merger of AZUR
Patrimoine and Courtage Vie.
•User-friendly and versatile:
creation of a new, more
ergonomic member's area,
“Votre Espace GMF”.
•New MAAF individual health
product “Vivazen” constructed
jointly with APGIS.
•30 years of the first GMF
Telephone Call Centre (CRT)
which today uses 11 CRT.
•Covéa operational
reorganisation with creation
of an Insurance Directorate
and new Group Directorates.
•Joaquim Pinheiro succeeds
Étienne Couturier as Managing
Director of MAAF.
•SMI joins Covéa to strengthen
the group health insurance
position.
•Dematerialisation of claims
management, a major increase
in fluidity in customer relations
and between MMA departments.
•“Vigicarotte”, MAAF's
travel safety plan to make
young people aware of their
responsibilities regarding
the dangers of drink-driving,
highlighted on the social
networks.
•Roll-out of the “breakdown
network” for all the Group's
motor insurance customers,
a unique solution in France.
•Development of collaborative
practices with all agents
of the leading social insurance
network MMA: customers,
employees, agency staff
and agents.
•The professionals and firms,
heroes of the new MMA
advertising campaign.
•Marketing of the value version
of “Santé Pass” to suit GMF
members with restricted
budgets.
•Price blitz with “MAAF Power”:
5% reduction on 2013 motor
insurance prices and no
increase in 2014.
•GMF launches “Protection
Revenu” to maintain
the standard of living
of state-employed agents
and contract workers.
An attractive group that
combines soundness
with security
Strong brands in a powerful mutual
insurance Group
Guided by the core values of mutual insurance,
MAAF, MMA and GMF have combined their
forces within Covéa. With their reputable
specialist areas and respected identities,
these top rank players in the insurance market
in France still remain competitors.
MAAF, mutual insurance company without
any intermediary, offers global insurance
solutions for individual private clients
and corporate professionals.
MMA, multi-specialist insurer with a network
of general agents, caters for both the public
at large and the business community.
GMF, mutual insurance company without
any intermediary, is the insurer of choice
for those working in the public sector thanks
to the range of policies and services it offers
on property and personal insurance.
A Group in constant development
Covéa’s positioning and solidity make it
very attractive, opening up opportunities for
development by bringing in new supporters.
That was how APGIS, an organisation
specialising in employee benefit schemes,
then SMI, a mutual health insurance company,
joined Covéa, in 2011 and 2013 respectively.
Some twenty brands are present in the Group
operating in the field of insurance, finance
and general consultancy services.
Covéa is also set up abroad where it
realises an increasing part of its turnover.
06 07
Its subsidiaries are situated in the United
Kingdom, Italy, USA and Luxembourg. In addition,
it has share interests in Spain and Canada.
Over 11 million members: a growing
impact on the French market
Covéa has over 11 million members and clients
in France. With policies designed to cover
damage to property, life insurance as well as
employee benefit schemes, the Group’s logos
and signs are up there in the everyday life of
their clients. The three companies guarantee
them solidarity, through customer relations
and the management of claims and losses
as well as being physically nearby. Each one
provides excellent linked-up access facilities
(points of sale, telephone, internet and social
networks) in order to offer clients the contact
point which suits them best.
A staff of over 26,000 in France
and abroad
The Group’s construction is above all that
of a human adventure: over 26,000 women
and men work together within Covéa.
A staff of over 21,000 spread across France,
at numerous locations, put their skills
at the service of the people they insure.
Multiple cooperation
SGAM is a tool which allows the various
companies to share certain resources
and activities and thus gives them an added
edge of competitivity.
From year to year, Covéa has allowed cooperation
in areas where the handling of financial issues
is vital and where size and efficiency play
a decisive role, such as, particularly,
the efficient processing of claims and losses,
investments and financial management,
general procurement procedures, IT,
reinsurance, health and supplementary
benefits as well as international operations.
This blending of skills provides a positive
advantage for both the mutual insurance
companies involved as well as their members
who enjoy the best price rates as well as
the most efficient and reliable services.
In 2013, Covéa stepped up its organisation
in order to further strengthen cooperation
and explore sectors which had not so far been
linked together, particularly in the core areas
of business and skills.
A model of organisation combining
solidity and security
Financial solidarity between the three
enterprises is one of SGAM’s fundamentals.
It guarantees the durability of the companies
and thus of the insurance provisions and
services given to members. The organisation
model thus provides the overall structure
with solidity and security - vital elements
in the current environment.
AN
CE
IP
AN
D
A
LI
SU
MU
y
log ion
hno at
Tecinformem
t
and sys
SE
RV
S
Ac c o l ve n c
oun y co
ts, R ntr
epo ol,
rtin
g
ICES AND F
Ind
N
INA
C
E
e
tancer vices
s
i
s
As ties s
i
emn
H
Ge uma
ne n R
ra l e s
Se our
c re c e
tar s iat
L C O M PA N I E S
INSURAN
CE
T UA
Members
and clients
tional
Institutners
Pa r
tion
D
BS
TE
unica
A
Comm
ce
F
ID
R
IE
S
IN
FR
an
FI
IA
I
ns
a
ur
Fin
e
nc
Interview
with Thierry Derez
Chairman and Managing Director
How would you define the year 2013
for Covéa?
Commercially, 2013 was rather satisfactory
for the Group, particularly in the field of car
and house insurance. As regards life insurance,
although our net funds are positive, we have
suffered from the uncertainty on the trends
in the relevant tax levels involved.
Our combined turnover, at over 15.5 billion
euros, shows a progression of 5.8%.
Covéa confirms its good financial solidity
with a constantly high solvency margin.
Finally, the year was essentially thwarted
by the chain of climatic events, which taken
individually weren’t all that spectacular,
but which, globally, represent a net charge
for claims of 221 million euros.
The entry of SMI into Covéa dates
from October 2013. Are there any plans
for development, in France or abroad?
If an industrial project needed new support
or simply increased cooperation with Covéa,
we would very clearly study the question.
But, for the time being, we haven’t started
looking for any new partnership.
Similarly, our strategy for diversification
at international level remains very pragmatic.
08 09
If an opportunity presented itself and met
our criteria, we would analyse it carefully.
Nevertheless, our objective is not to spread
our wings abroad like some over-enthusiastic
fanatic, given that the international side of
our business already represents 12% of our
combined turnover.
Moreover, bearing in mind the context of the
regulations and uncertainties which still hover
over the conditions of solvency which will be
imposed on us tomorrow, it’s sensible to bide
our time.
What are the highlights in store for 2014?
We are currently involved in the preparation
for the coming into force of Solvency 2 in order
to be up and running by 1st January 2016.
This reform requires very significant means
and human resources.
Then, our domestic markets will be impacted
by the implementation of new regulations
and we must get ourselves ready for that.
By authorising the infra-annual cancellation
of car and house insurance policies,
the Hamon law will bring about additional
costs for technical, administrative and
commercial management which will inevitably
have an influence on our pricing policies.
The Accord National Interprofessionnel
[Inter-professional National Agreement]
imposes on all companies the obligation to
establish by 1st January 2016 at the latest
a collective guarantee plan for health care
costs, a plan which is obligatory to sign up for.
This new arrangement should provoke shifts
between individual and collective health
insurance.
“The very marked advances
in our environment
constitute a real challenge
for Covéa.”
Finally, we have to persevere in adapting
to the digital revolution. New functions and
processes have come into being, particularly
via the internet and social networks.
The following stage is the “big data” one.
We must anticipate the arrival of these
enormous databases which, by the sheer
wealth of the information they contain,
will allow us to refine our offers and prices.
Governance
Covéa Management Committee at 31 december 2013
To strengthen the links between the Group’s operational management boards and increase the level of cooperation,
Covéa set up a new organisation in June 2013.
Led by Thierry Derez, Chairman and Managing Director, the Covéa Management Committee is composed of 11 members:
Thierry Derez
Christian Baudon
Didier Bazzocchi
Sophie Beuvaden
Patrice Forget
Hervé Frapsauce
Chairman and
Managing Director of
Covéa, MAAF and GMF,
Chairman MMA
Managing Director,
Insurance Covéa
Managing Director,
Institutional
Partnerships and
Health and Provident
Cover Covéa
Managing Director,
Finance Covéa
Managing Director,
Human Resources/
General Secretariat
Covéa
Managing Director
MMA
Michel Gougnard
Joaquim Pinheiro
Philippe Renault
Laurent Tollié
Jean-Claude Seys
Managing Director,
Assistance,
Indemnities, Services
Covéa
Managing Director
MAAF
Managing Director
of Technology and
Information System
Covéa
Managing Director
GMF
Vice-Chairman
and Managing Director
of Covéa
10 11
Covéa’s Board of Directors
At 31 December 2013, Covéa’s
Board of Directors had
28 executive managers:
Thierry Derez,
Chairman and Managing Director
Jean-Claude Seys,
Vice-Chairman
and Managing Director of Covéa
Denis Barré,
Serge Dussaussois,
Marie-Françoise Ferrand,
Jean-Philippe Gauduchon,
Michel Roux,
Rémy Verges,
Assurances Mutuelles
de France represented
by Alex Capelle,
La Garantie Mutuelle
des Fonctionnaires represented
by Hubert Ivanoff,
GMF Assurances represented
by Jean-Marie Iché,
GMF Vie represented
by Michel Radelet,
MAAF Assurances represented
by Michel Castagné,
MAAF Assurances SA
represented by Bernard Barbottin,
MAAF Santé represented
by Charles Zanoni,
MMA IARD Assurances
Mutuelles represented
by Michel Coursat,
Audit Committee
Assurances Mutuelles de France represented
by Alex Capelle - Président,
Force et Santé represented by Michèle Beyt,
Anne-José Fulgéras,
MMA IARD (SA) represented
by Anne José-Fulgéras,
La Garantie Mutuelle des Fonctionnaires
represented by Hubert Ivanoff,
Assistance Protection
Juridique represented
by Jean-Pierre Gualezzi,
MMA Vie Assurances
Mutuelles represented
by Christophe Guettier,
MMA IARD Assurances Mutuelles
represented by Michel Coursat,
Apgis represented
by Gilbert Lebrument,
MMA Vie (SA) represented
by Mario Colaiacovo,
DAS Assurances Mutuelles
represented by Patrice Daudier
de Cassini,
Prony Habitations represented
by Christian Delahaigue,
Fidélia Assistance represented
by Xavier Dejaiffe,
Force et Santé represented
by Michèle Beyt,
La Sauvegarde represented
by Alexis Lehmann,
SMI represented
by Gérard Dufour,
Téléassurances represented
by Pierre Vionnet.
Prony Habitations represented
by Christian Delahaigue,
Michel Roux,
Téléassurances represented by Pierre Vionnet,
Jean-Jacques Vouhé.
A dynamic
sales team on
the insurance
market
12 13
Insurance Covéa
Strengthening
the Covéa
effect
Maintaining the dynamics of each division by exploiting Covéa’s potentials to the
fullest extent possible. This is the objective of the new General Management for
Insurance set up in June 2013 and comprising the senior insurance management
executive boards of MAAF, MMA and GMF. Entrusted to Christan Baudon,
it streamlines and facilitates the sharing and exploiting of the various skills
available. Covéa’s General Management for Insurance coordinates the General
Management boards of MAAF, MMA and GMF, as well as the General Management
team for Health and Provident Cover.
MAAF, MMA, GMF, strong brands
In Covéa’s new organisation, each company
keeps its own particular identity, with its
own plan of action and its own operational
organisation. Each one of them aims to
remain a strong brand and pursue growth
in its profitability.
The creation of the General Management Insurance aims to carefully consider every
aspect of an issue and act together on it.
The challenge for the Group is to increase
its competitivity in order to tackle a level
of competition which is constantly becoming
more and more sustained. On the one hand,
by reducing its costs, prudently selecting
its risks and cutting costs on production
so as to be able to offer attractive prices and,
on the other hand, by offering quality products
and services to its policyholders.
14 15
A Management Board for Strategic
Transformation
Within the General Management - Insurance,
the Management Board for Strategic
Transformation has as its mission an increase
in the efficiency and competitivity of each
company individually and throughout the
Group as a whole. It plays an important role
in underlining the benefits of size, explores
what can be achieved by working together
and stimulates permanent improvement.
This Management Board works closely with
all the other General Management Boards
in the Group in order to draw out new forms
of cooperation.
COhesion
I had the opportunity and
good luck to develop within
the three companies in the
Group. This experience is very
enriching indeed. The links
forged make it far easier to
manage files in the common
interest of our clients.
Marina Rosel,
GMF Assurances - Cayenne
“We have a real potential
of reciprocal experiences
to share.”
Christian Baudon,
Managing Director
Insurance Covéa
What new types of cooperation
between the companies in the
Group do you intend creating?
It’s still too early to determine
exactly what the areas we could
develop together will be and how
we shall proceed, but history
would indicate that we should
build together. For a decade now,
the growing strength of Covéa has
already made it possible to develop
lots of areas of cooperation,
notably for the management of
losses, investments and financial
management, procurement, etc.
The challenge is to go further and
explore the sectors which have not
yet been linked up, particularly
on core business and specific
professional skills. We have a real
potential of reciprocal experiences
to share in order to further reduce
our costs, select our risks better
and offer still more service to
our members.
How do you envisage
strengthening competitivity
within the Group?
It could well be, for instance,
by creating common tools.
Today, knowledge of our clients
is an area that can be improved.
In our files, we have mainly
management data, linked to the
various individual policies, but very
little behavioural information on
the policyholder. Our competitivity
is thus going to concentrate
and depend on that side of things
too - refine the profile of our
members, by making full use
of all the data we can access
and cross-reference within
our various companies.
How are you organising
inter-company work?
Initially, what’s important is to learn
how to get to know each other
and work together. That’s why
we’ve created clubs by specific
job areas (Life, Networks,
Technical, etc.). These meetings,
presented by members of the
Strategic Transformation division’s
management team, make it possible
to get to know and trust each other.
Thus, in particular, working groups
have already been set up to analyse
the consequences of the Hamon
law for our companies. This means
that an analysis is carried out only
once and not three times as it
used to be. The construction
phase will be implemented later.
The quality price benchmark
3.6 million 3.8 million 2.4 million
members/clients(1)
vehicles insured(1)
price increases in car insurance and,
above all, was a real commercial
success. Finally, the Enchantement
client, a loyalty programme involving
very broadly our networks and
loss management procedures was
the end of the year event and set the
groundwork for the 2014 action plan.
Joaquim Pinheiro,
Managing Director MAAF
What are MAAF’s 2013
financial results?
Our results for 2013 meet our
expectations and nicely reflect the
operational resources we used.
There were three very positive
periods during the year. In the spring,
the launch of Vivazen, our new
individual Health offer, performed
very well. Singled out and honoured
by the professional press, this new
policy received a very favourable
network response. With MAAF Power,
price rebates on current policies
and maintenance of prices for 2014,
MAAF opened the debate on the
How does this balance sheet
translate into figures?
We recorded 80,000 net car policies,
against 30,000 in 2012. MRH’s
business also benefitted from the
fallout from MAAF Power, since we
picked up more than 70,000 net
houses insured(1)
On the pensions side of the business,
our turnover, just like the number
of policies, is up. On life assurance,
we continued our growth, with a
net increase in funds collected of
+17%, more additional payments
and a significantly higher level
of new business. And I’m convinced
we can do even better!
What are your priorities for 2014?
The first priority is to pursue the
Enchantement client, the catalyst
for growth par excellence. Creating
trust and guaranteeing satisfaction
are essential in our business. Four key
More than
7,400
employees (FTE)
The small business market, our core
target, continues to progress in spite
of the crisis, and we have a strong
potential for development in this
segment.
Finally, we are obviously preparing,
together with the Covéa General
Management for Health and
Provident Cover, the implementation
of the statutory collective health
insurance, for which we shall have
to adapt our distribution procedures,
passing from a rather individual and
generalist approach to one which
is rather collective and specialised.
We approach all our strategic
“We approach all our strategic challenges in the Covéa
context, a third route, which offers us experiences
and enrichment.”
MRH policies, as against 55,000 last
year. A more than ideal phenomenon
which, let’s hope, will be confirmed
over time. And it’s the first time,
since 2009, that the cancellation
rate hasn’t risen all that much.
moments in the relationship with our
policyholder have been identified, and
on these we can being real added
value - support, managing a claim,
moving house and, for us in the
business, all the administrative tasks.
challenges in the Covéa context,
a third route, which offers us
experiences and enrichment.
(1) Perimeter: MAAF Insurance, MAAF Health and MAAF Life
16 17
The leading insurance
social network
in France
Hervé Frapsauce,
Managing Director MMA
3.3 million
2.8 million
1.8 million
More than 6,600
members/clients
vehicles insured
houses insured
employees (FTE)
What is MMA’s commercial
track-record as shown in its
balance sheet?
MMA has had a successful year,
our business results are solid,
in line with the best in the market.
Two segments performed well:
there was an increase of 2.8% for
car insurance and 4.6% for health
insurance.
The number of units of account
collected posted a very strong
increase of 32% and counterbalances
a global figure collected which
is slightly down. In the pensions
market, we posted a record increase
of +104% in new business.
On the Professional Bodies and
Companies side, our turnover is
slightly up. The share of our active
general agents in this segment is
increasing. We are also attracting
more and more new business
through IARD [Fire, Accidents, Misc.
Risks] brokerage, which constitutes
a strong engine for development
in this market.
Finally, MMA has capitalised on its
signature: 1st social network for
insurance picking up over 13% new
business via the internet.
What are your priorities for 2014?
Our primary objective is to further
improve our structural profitability
by concentrating on the general
efficiency of our activities. This
efficiency entails a return to the
On the Life market, the major challenges
are to maintain the sustained
development and position of MMA on
the market. Finally, we will have to be
ready to mobilise ourselves faced with
the restructuring of the Health market.
“Covéa constitutes a powerful
training channel and contributes
to our financial solidity.”
fundamentals of insurance: careful
choosing of risks, portfolio monitoring
and perfect management of the work
involved in dealing with accidents
and losses.
Our second ambition is to become
a recommended player on the
Professional Bodies and Companies
market. Our offers have been revised
or are in the process of being so.
The quality of our operational
management and the capacity of
our sales and commercial forces to
encourage our agents and brokers
will be decisive. There is little doubt
that we have a place to occupy.
And in the longer-term?
MMA is thinking a lot about the
future of its business model and
the positioning of its general agents.
This future will notably involve
e.business, if we wish to increase
our position in the market for private
individual clients in the coming years.
In this context, Covéa constitutes
a powerful training channel and
contributes to our financial solidity.
Assuredly human
“Covéa allows
sharing which in
turn stimulates
the GMF
dynamic.”
Laurent Tollié,
Managing Director GMF
18 19
How has your balance sheet
worked out for 2013?
Commercially speaking, GMF
has enjoyed a very good dynamic.
The level of development in IARD
is markedly ahead of the market.
For car insurance, we’ve seen
the portfolio pass the 2% growth
mark (+2.2%) for the third year
in a row and nearly 2% for house
insurance. And all this with
a controlled lapse rate.
The Health portfolio, bearing
in mind how recent our offer is,
is 30% up. For Life assurance,
the gross takings are up by +4%,
consistent with overall market
results. Finally, Prêtiléa,
a mortgage insurance product,
has also been well received.
What were the highlights?
In 2013, we launched the new
site for members on gmf.fr,
which allows us to offer an
internet site which is practical,
up-to-the-minute and upgradeable.
We have adjusted the
organisational arrangements
for work both in terms of
telephonic communication and
the management of accidents
and losses in order to improve
efficiency and increase
satisfaction for members
as well as for staff.
For the network, we have also
set up new tools with the aim
of helping managers in the
organisation of their GMF
Consultancy assignments.
These initiatives have been
accompanied by significant
support and guidance
programmes for our managers
in order to provide them
with the means to implement
these new procedures.
Finally, a monitoring and
technical quality control project
has been initiated in the agencies
and call centres.
What are your priorities
for 2014?
First of all, we must retain a
strong commercial dynamic which
will be based on operations linked
to the brand’s 80th birthday set
against an economic (but also
regulatory) environment which
remains very difficult.
It is also a year where we will be
finalising a cycle of important
investments, with notably the
setting up of the new Information
System for accidents and losses.
2014 is finally a year which
will project us into the future
with the construction of new
mutualisation programmes
in Covéa, and the drafting
of our next strategic plan
for 2015-2020!
3.4 million
3.1 million
2.7 million
More than 6,600
members/clients
vehicles insured
houses insured
employees (FTE)
Specialised
companies
Covéa Fleet
A subsidiary of Covéa Coopérations,
MMA IARD and MAAF, Covéa Fleet
- with its network of over 3,000
professionals (agents, brokers and
staff networks) - is the only insurer
in France specialising in the vehicle
fleet, transport and haulage markets.
In the same field, Covéa Fleet has
also formed multiple partnerships,
notably with car makers and their
financial brokers handling policies
for financing and damages as well as
mechanical warranties in France
and Europe.
Globally for 2013, turnover reached
715 million euros - up by close on
7% compared with 2012. Business
generated under the Freedom
to Provide Services arrangement
represents 17% of this turnover.
Covéa Risks
An IARD subsidiary of MMA,
Covéa Risks works exclusively with
brokers and maintains business
relations with the big international
brokerage groups as well as with
purely national or regional brokers.
It offers its collaborators a complete
range of all-inclusive products as
well as customised offers on the
professional, MSE and medium-sized
company markets. It also has a range
of products for private individuals
intended to support its professional
and business clients. Capitalising
on the expertise and know-how
of the management teams at MMA,
Covéa Risks intends to deploy
a development strategy aimed at
positioning it amongst the reference
players in IARD’s Professionals
and Companies brokerage business
without, for all that, adversely
affecting the profitability of its
operations.
In a difficult economic environment
and a depressed market, Covéa Risks
confirms its dynamism with an
advance in its turnover of more
than 6% (623 million euros),
in accordance with its commercial
policy.
Covéa Caution
Covéa Caution is involved in 3 areas
of financial guarantees in different
business sectors: the guarantee
known as “legal” (mandatory
notably for the legal profession,
as well as for property and tourism
companies), the building guarantee
(for professionals in the property
construction industry), and the
supplier and miscellaneous
guarantees (in the service and
transport industries).
The business for 2013 turned out to
be relatively stable at over 10 million
euros in spite of the conditions
affecting the main markets in which
it operates (construction and
property).
This performance was possible,
in particular, thanks to the increase
in the impact of its new product
for operators of wind farms
(site reinstatement guarantee),
the marketing of the solution in the
area of the Financial Guarantee of
Completion targeted at property
developers as well as the ongoing
development of its portfolio for
professionals in the tourism industry.
The mobilisation of its teams,
the quality of the underwriting and
monitoring of the portfolio, allowed
Covéa Caution to maintain a high
level of profitability for the financial
year 2013.
Nexx Assurances
Nexx Assurances is a “remote”
insurance company which, since
1997, has been developing new
distribution concepts for its
products by:
Online sales over the Internet
and by telephone,
• the provision of specific offers
for peer targets,
• the setting up of partnerships
with companies keen to diversify.
These “ready to go” solutions come
in different forms: distribution
under the Nexx brand or white label,
sales via its call centres or through
a management arrangement offered
by the partner.
To date, Nexx has signed
partnership agreements notably
with large-scale distribution
operators, the automobile industry
and the insurance business.
Alongside this, Nexx provides
its support to MAAF for selling
over the Internet and to insurance
professionals.
The “laboratory” activity on behalf
of MAAF has, moreover, made it
possible, in 2013, to carry out a pilot
to test the proper functioning of the
switch to the new European bank
credit and debit transfer system
(Sepa).
In 2013, the Nexx Assurances
portfolio comprises 152,800 policies
for 94,100 clients.
Health and Provident Cover Covéa
Capture market
opportunities
in Health and
Provident Cover
With 3.2 million health insurance beneficiaries, 40% of whom are covered
by collective policies, the Covéa Group is a significant player on this market.
Endowed with a strong sense of commercial reactivity, MAAF, MMA, GMF
can seize those opportunities which arise in the Health and Provident
insurance markets, relying on their numerous expert skills and the mobilisation
of key resources thanks to an extensive transformation programme.
COoperation
With almost 4,000 new
companies insured in
18 months, the MAAF-APGIS
partnership shows that
the Covéa Group has a real
potential for development in
collective Health and Pension
schemes with SMEs and very
small companies.
Laurence Bouquet,
Collective Insurance Director,
Covéa
20 21
Covéa’s Health insurance business enjoyed
sustained growth in 2013.
Covéa now covers 3.2 million Health
policyholders, in other words, an increase
of 660,000 persons protected, following
the entry of SMI into Covéa last October.
The premiums acquired in 2013 for individual
and collective health insurance came to
1.488 billion euros, against 1.240 billion euros
in 2012, in other words, a growth of 20%
in turnover. Covéa henceforth occupies
4th position in the league table of individual
health insurers in France and 10th position
for collective insurance.
2 million individual health beneficiaries
Covéa is already very present on the individual
health insurance market. The three names
MAAF, MMA and GMF insure nearly 2 million
people on an individual basis. GMF, which
only recently started offering individual health
cover, passed the hurdle of 100,000 people
protected at the end of 2013. Designed to
respond subtly to market expectations,
MAAF’s Vivazen offer got off to a good start
in 2013, with over 133,000 beneficiaries at
the end of the year and picking up several
distinctions including two for excellence.
“We are in the process of being
configured so as to be reactive to cope
with the changes in regulations.”
Are you satisfied with
Covéa’s Health and Provident
Cover business in 2013?
Yes. The initial results of Covéa’s
Health and Provident Cover
dynamic, after two years of
existing in its current form, are
quite satisfactory, not least
thanks to the success of the
Vivazen and Façonnables offers.
For the development of the
Group’s collective activity,
SMI’s joining Covéa constitutes
a significant advance.
On the human front, efficiency
and a constructive frame of mind
have prevailed in the cooperation
between MAAF, MMA, GMF,
APGIS and SMI, in an unstable
legislative environment.
How do you see the future
faced with the unstable
market announced?
2014 will be a decisive year. There
are signs that the market will see
times of great instability which
will affect the entire profession.
The teams have displayed a great
sense of cohesion and excellent
responsiveness in this difficult
environment. That’s a good omen.
Besides the development of
the collective insurance offer
available, we must actively
prepare the arrival of the new
policy known as “responsible”,
anticipated for 1st January 2015.
The revision of our offers to bring
them into line with regulations is
vital. According to the content of
the new regulations, the impact
on our portfolios could well be
very significant.
On the other hand, the possibility
of making offers in the area of
agreements with professional
bodies represents a new
opportunity for MAAF and MMA
over the next few years.
Finally, 2014 will likewise be an
important year for the public
sector. It is possible that future
strategic partnerships could take
shape for the GMF brand.
What trump cards does
Covéa hold to successfully
come through these different
stages?
Our brands and distribution
networks are powerful and
have a real multi-channel
dimension. Within Covéa Health
and Provident Cover, we have
strengthened our professional
skills and created synergies
between the know-how of the
different companies in the
Group. We are thus preparing
to be reactive in the face of
the upcoming amendments
to the regulation. With the
commercial networks of the
brands (MAAF, MMA and GMF),
APGIS and SMI, supported by
the management of the IT and
marketing departments, we are
all up and ready to beat these
new challenges.
Didier Bazzocchi,
Managing Director,
Health and Provident Cover
Covéa
Santéclair, an access platform
for medical care and treatment
Covéa offers its members, via the
Santéclair platform, a unique range
of services associated with their
additional health policy. Santéclair
is designed to facilitate access for its
clients to medical care and services
through the development of care
networks. Seven networks have so
far been developed in the following
areas: dentistry, implantology,
optics, refractive surgery, audiology,
osteopathy and dietetics. The main
services offered by Santéclair are
navigating around the care system,
the analysis of quotes and estimates
and the possibility for beneficiaries
to get better value for money when
buying optical equipment, dental
implants or even when purchasing
hearing aids.
Santéclair had a total 6.5 million
clients at the end of 2013 for a
turnover of 16 million euros (ex-VAT).
2013 was a year marked by a strong
progression in the number of clients.
It also saw the creation of the dental
implant network (with around forty
practitioners) the implementation
of the dental estimate via the Internet
(“web devis”) and the launching of
the new search tool for Santéclair
partners (“Géoclair”) for the
platform’s clients.
22 23
MMA’s individual health insurance scheme,
with more than 837,000 beneficiaries, will be
reviewed during the year to bring it into line
with legislative and regulatory developments
currently under way.
Increase in strength towards
collective insurance cover
The entry in 2013 of SMI into the Group,
after that of APGIS in 2012, coupled with the
sustained commercial development of MAAF
on this market in 2013 have contributed to
restoring balance to Covéa’s business in
the direction of company health insurance
schemes. This segment thus represents
almost a third of the Group’s health insurance
turnover and 40% of its Health portfolio in
terms of the number of persons protected.
The MAAF-APGIS cooperation arrangement
thus enjoys a strong dynamic which helps to
boost the MAAF portfolio significantly among
very small companies and professionals
(+15.1% of very small companies and
professionals in 2013).
Family Accident, strategic approach
Provident insurance also constitutes a
catalyst for growth for Covéa. 2013 saw a net
progression in individual pensions business
for MAAF, MMA and GMF, with 100,000 new
policies compared to 2012 and a final turnover
of 192 million euros, up by 7% compared
to 2012.
Initial results of the cooperation
between APGIS and MAAF
Since mid-2012, MAAF has been offering a
collective insurance scheme, Les Façonnables
[The Shapables], aimed at companies with
a staff of less than 20. This offer, co-insured
and managed by APGIS, is well positioned on
the market - it has already convinced more
than 3,700 companies and covers more
than 20,000 beneficiaries.
SMI, or Société Mutualiste Interprofessionnelle, is a 45 mutual insurance company
designed for the pension schemes of four professional branches. It insures and
manages 760,000 beneficiaries in health and pension schemes, mainly in the form
of collective policies. SMI has been an affiliate of Covéa since the end of 2013.
It has a staff of 161, mostly based in Paris.
In 2013, SMI’s turnover (including reinsurance) was 191 million euros. SMI directly
manages the schemes for its 5,274 corporate members.
APGIS is a Pension Fund under joint
management which insures and
manages statutory collective schemes
signed into by companies for the
benefit of their staff as well as a
Health and Provident Cover scheme
known as “heavy” (death, death
annuities, incapacity and disability).
APGIS is also the insurer of nine
branch agreements. Affiliated to
the Covéa Group since October 2011,
it has a staff of 232.
In 2013, its turnover reached
417.10 million euros (inclusive of all
taxes, gross of reinsurance and net of
acceptance). It handles the insurance
requirements of 25,500 companies,
390,000 dues-paying members
and 709,000 protected persons.
The year was marked by a strong
progression in the “heavy” pensions
business, with +33% in incapacity/
disability and +19% in death/death
annuities insurance.
Within the framework of their
co-insurance partnership,
MAAF and APGIS achieved almost
3,000 members in statutory collective
health schemes for very small companies.
International
A Group present on
the international stage
Via subsidiaries in which it has
a majority holding or some other
degree of share interest, Covéa is
present in Europe and North America.
Insurance policies on damages and life
assurance taken out at international
level henceforth represent 11.6% of
turnover, up by 17% compared to
2012 and to which must be added
the brokerage business in Great
Britain and the Freedom to Provide
Services arrangement. A successful
diversification.
Through its various company connections,
Covéa has been present beyond the
boundaries of France for over 30 years.
Although the development of the Group
rests essentially on its activities in France,
the internationalisation of the business
remains an important factor.
The Group has subsidiaries in the
United Kingdom, Italy, Luxembourg
and the United States. It also has share
interests in Spain and Canada.
Covéa has over 5,000 associates abroad.
24 25
Fine performance from
the Life subsidiary in Italy
In Italy, the Life subsidiary, Bipiemme, turns
in a fine performance. The premiums recorded
have advanced by close on 43%, exceeding
the billion euros mark.
For its part, the non-Life start-up, Bipiemme
Assicurazioni, continues to develop, with
turnover at 13.4 million euros on the car, house
and loan insurance segments. The marketing
of the car offer has only just begun.
Covéa Insurance celebrates
its first birthday
In the United Kingdom, for its first full
financial year, Covéa Insurance, born from
the merger in 2012 of Provident and MMA
Insurance, has posted a turnover below
expectations, a drop of 8.2% on last year.
The British market is very aggressive with
certain competitors having anticipated in their
prices an improvement on car claim rates.
In this context, Covéa Insurance has chosen,
instead, to give precedence to maintaining its
result. Moreover, it recorded a fairly strong
claim rate, linked particularly to the very bad
weather in Great Britain at the end of the year.
The insurance firm of Swinton is pursuing
its transformation plan, which consists
principally of reorganising its distribution
network and renewing its information system.
Its turnover, near that for 2012, came to
359 million euros(1).
CSE lowers its combined ratio
CSE, in California, is pursuing its
recovery plan launched in 2012.
In one year, its combined ratio has
already dropped by 4 points, to 103%,
the aim being, by putting the accent
on claims and general expenses,
to reach 99% on a long-term basis.
Its turnover of 117.6 million euros
is stable.
Caser, in Spain, has revived with
a positive result after a difficult year
in 2012. Operational results remain
excellent, while, taking account of the
stabilisation of the Spanish banking system,
the financial side is picking up too.
The restructuring of the banking system
has led to a significant loss of partners
for Caser, and therefore a reduction in its
network of distributors and its turnover.
In Luxembourg, AME Life Lux, in spite of
the good performance of gross income figures,
recorded net negative figures due to the
fears sparked off by new fiscal regulations
in Belgium.
Covéa also has share interests of 30% and
20% in the Quebec group La Capitale.
In 2013, the Canadian group continued
its development, with profitability in line
with that of the market.
(1) Corporate turnover
COllaboration
We are bringing to BPM Covéa’s technical and commercial know-how in the
area of the management of insurance products and services for families.
The bank is bringing us a quality network and customer base.
Richard Ellero, Managing Director of the Bipiemme Vita Group
Subsidiaries and shareholdings at 31 december 2013
UK
Italy
USA
Luxembourg
Spain
Canada
Market
Distribution
mode
Link
with Covéa
Headcount
Covéa Insurance
(insurance)
non-life
brokers
subsidiary
833
Swinton
(brokerage)
non-life
multi-chanel
subsidiary
3,992
Bipiemme Vita
(insurance)
life / accident
and healthcare
partner bank
subsidiary
72
Bipiemme Assicurazioni
(assurance)
non-life
partner bank
subsidiary
15
CSE
(insurance)
non-life
non-exclusive
agents
subsidiary
154
AME Life Lux
(insurance)
life
brokers and
authorised agents
subsidiary
24
Caser
(insurance)
non-life / life
bancassurance
shareholding
La Capitale AG
(insurance)
non-life
brokers and
affiliated agents
shareholding
PennCorp
(insurance)
life / accident
and healthcare
brokers
and agents
shareholding
26 27
A permanent
quest for
innovation,
engagement and
performance
Covéa AIS
The passion
of progress
Covéa AIS (Assistance - Indemnities - Services) today manages one out of five
claims in France. It constitutes a powerful strike force. To maintain its advance on
its competitors, it is developing an appropriate organisation and high-performance
services to offer its members a level of support which goes far beyond simple
compensation. It is lining up for battle to anticipate the changes of tomorrow.
2013 was a year particularly marked by
climatic events. Floods, snow, hail, tornadoes,
and on and on - a cortege of storms hit the
country which, taken on their own, were not
that dramatic but, taken together, added up
to something quite exceptional.
A year of bad weather
Twenty-one events were recorded, in other
words, nearly two a month. Totally unheard
of! So, Covéa recorded a significant number
of MRH/Pro claims, with 140,000 additional
cases opened because of the storms and
estimated at over 300 million euros, in other
words twice the number of the 2012 climatic
incidents - the equivalent of the Klaus
and Quinten storms combined.
On the vehicle side, the number of people
killed on the roads continued to drop (-11%)
and the number of people injured was down
by 6%. This drop in vehicle injury claims can
be explained on the one hand by the lowering
28 29
of average speed limits combined with the
wider application of the law enforcement
system and on the other by the drop in the
number of kilometres driven due to the
economic crisis and the cost of petrol; then,
by the weather conditions which discourage
people from actually going anywhere.
The number of RC claims and damages is also
down globally. Conversely, claims for broken
windscreens are up.
As regards thefts, they’re stagnant for cars
but had already been dropping these last few
years as a result of the protection improvements
made by car makers. Delinquency claims are
moving towards MRH, since burglaries are
constantly on the increase.
Average costs across all segments taken
together are globally slightly up. In terms
of physical injuries, the increase comes
essentially from serious physical injury
claims at GMF.
COordination
Should there be a climate
event, Fidélia deploys
significant technical means to
bring together on to one single
site the vehicles of Covéa
policyholders which needed
expert assistance - in order
to speed up administrative
procedures and thus
compensation.
Patrick Brunaud,
Head of the Automobile Technical
Division at FIDELIA Assistance
APJ
Assistance Protection Juridique (APJ)
is the legal protection insurer for MAAF
and GMF members. It offers extensive
ranges of products intended for private
individuals and professionals.
In 2013, it also concluded a distribution
partnership for a legal protection
policy through the Banques Populaires
network.
For its legal information business
by telephone, in October 2013 AJP was
awarded ISO 9001 certification, a real
acknowledgement of the quality of its
organisation, skill and the motivation
of its teams.
The APJ portfolio has over 2.5 million
policies and almost 4 million people enjoy
the benefit of cover in a group policy.
The company has a staff of 245 and in
2013 it achieved a turnover of 122 million
euros, an increase of 5.3%.
What new types of cooperation
do you envisage with the
integration of the Group’s legal
protection companies into
the activities covered by
Covéa AIS?
The types of cooperation promoted
by the arrival of DAS and APJ
within Covéa AIS will be translated
into facets of progress thanks
to the choice of the best practices
and the advantages linked to
size (negotiation with supplier
networks, sharing of development
costs for new tools, etc.) or the
increase in the capacity for service
innovations.
“Our ambition is
quickly summed
up - ‘tomorrow is
always just round
the corner’.”
What are your plans for
developing the service to
members even further?
In 2014, we are initiating two
large-scale studies on the search
for new services tied in with the
opportunities offered by the digital
age on the one hand and the social
networks on the other.
Moreover, we are already working
on innovative offers of services
within the framework of re-using a
part, repairing broken windscreens,
replacing in kind vehicles which
are no longer usable, help to the
helpers, accompanying patients
suffering from chronic illness, etc.
Michel Gougnard,
Managing Director of Covéa AIS
Progress to always provide better
satisfaction for our clients.
What are the avenues of
progress you wish to explore?
With the development of new
technologies and the increasing
population of internet users,
our environment is going to see
great changes in years to come.
The requirements and needs of
our members are going to change,
as well as our range of specialist
skills - 2014 is for us year 1 towards
the 2020 and beyond. Indeed,
our ambition can be summed up
in just a few words - “tomorrow
is always just round the corner”.
That’s why, with the 600 managers
at Covéa AIS, we are in the course
of identifying the main areas on
which we shall be focussing our
efforts to pave the way towards
the 2020 horizon in terms of our
service, our advice, prevention,
risk selection, portfolio monitoring
and subscriptions. We must get
ready now and make the right
choices as soon as possible about
the paths we want to go down.
In the area of call-out, there is a 4.5% for cars
and 4.6% for medical assistance. It is down
by -2.4% for MRH/Santé.
Ever more services
In its constant quest for innovation, Covéa AIS
tries to stand out from the competition by
always improving the service provided to the
policyholder, while at the same time working
on reducing claim rate costs.
In 2013, it created the “breakdown network”,
an unprecedented solution in the insurance
world. This plan allows the client, in the event
of a breakdown, to entrust his vehicle to one of
the 1,900 service agents recommended by his
insurer for its multi-brand skills and priority
access commitment. The person insured also
benefits from advantageous price conditions
and related services, including, amongst
others, priority treatment to reduce downtime
and the provision of a replacement vehicle
at privileged conditions.
A solution which adds to the other support
measures for the policyholder involved in an
accident which have been put in place these
last few years, particularly the completed
reconstruction for victims of a fire (or a
climate event) whose house has been totally
destroyed. Another illustration: the TravoDéco
site dedicated to policyholders who have
suffered damage and who are willing to do the
work themselves as a result of water damage.
DAS
DAS is the legal protection company of the Covéa Group’s insurance companies with
intermediaries (MMA, Covéa Risks, Covéa fleet). A major French player in the market,
DAS is the leader with industry professionals. Its offer meets the needs of all types
of policyholders - private individuals, professionals or collective groups - in the form
of either a standard or customised policy.
DAS is also present on the Financial Losses market with its range of compensation
guarantees.
The pursuit of the strategy of refocussing on its core business “Legal Protection”
is bearing fruit with a legal protection turnover of 87 million euros (+3.4%), thanks
particularly to the mobilisation of the network of MMA agents (+6% turnover).
The commercial dynamic is based also on brokerage, a logic strengthened by the
synergies installed with Covéa Risks.
DAS supports over 4 million people in the protection of their rights. In 2013, over
200,000 legal and practical information memos were issued and over 37,000 legal
protection cases dealt with.
The 2013 turnover came to 194.2 million euros, a drop of 24.5% due to the combined
effect of cancellations at the instigation of DAS of the Rents Outstanding portfolio
(-87%) and Financial Losses policies (-22%).
Over and above these figures, DAS has the advantage of forces indispensable to any
success: the commitment, professionalism and expertise of its 220 associates.
30 31
Ever more cooperation
In July 2013, the Covéa AIS Management
Board integrated into its perimeter,
the Group’s two legal protection companies,
always taking care to ensure that they would
preserve their independence. Thus, after
Fidélia (a Covéa assistance company),
in 2011, APJ and DAS joined to strengthen
the ranks of Covéa AIS. This is a coming
together which will complete the overall
organisation for the management of claims,
the management of assistance and legal
protection to ensure that the various
companies involved will perform better
together. In 2013, at the time of the climate
events which struck France, the claims
and assistance management teams joined
forces to respond urgently to the needs
of policyholders who had suffered damage.
FIDELIA Assistance
This Covéa company, FIDELIA Assistance operates round
the clock, in France and around the world, to come to the aid
of its clients.
It works in the area of medical assistance (repatriation,
medevac), assistance on vehicles (breakdowns, towing away),
assistance at home (broken locks and plumbing, electrical
appliance breakdowns, etc.) and personal services (home help,
child care, school support, etc.).
Fidélia Assistance works on a white label with most of its clients.
It also helps insurance companies such as the Mutuelle de Poitiers,
health insurance companies like the Mutuelle Générale
de la Police, the Mutuelle Nationale Territoriale, the GMPA,
and financial establishments like the Banque Postale, Sofinco
and Natixis.
A business on the up
In 2013, FIDELIA Assistance increased the volume of its
business by +2.9% compared with 2012, reaching a turnover
of 394.3 million euros.
This was made up of +4.5% for vehicle assistance and +4.6 %
for medical assistance. This can be explained particularly
through the continuously increased frequency of vehicle
assistance, the interventions necessary as a result of the
damage by the violent storms of the month of July and
an increased activity of +3.4% over the summer period.
House/health assistance was down against 2012 (-18.6%)
due mainly to a milder winter.
A staff of over 1,200, spread across three sites (Saint-Cloud,
Tours and Nantes) are at the service of over 12 million clients.
In 2013, almost 1.2 million cases were opened and 8 million
calls handled.
A real confirmation of client satisfaction
The global rate of client satisfaction is maintained at a high
level with 96.3% of clients satisfied.
Technology and Information System
Surf on
the conversion
to digital
Responding to client expectations on services, particularly via the new technologies
available. Anticipate their needs for tomorrow. Imagine the insurance world of
the future. These are the challenges for Covéa’s new Technology and Information
System management team which brings together all the Information System
managers from MAAF, MMA and GMF and whose function aims at boosting
cooperation in order to prepare better for the future.
The use of the Internet and social networks,
in particular, has brought about a development
in client behaviour and ways of working and
makes it possible to offer innovative services.
And this is only the beginning. The procedures
for insurance must adapt to the digital age and
the new uses each person makes of the tools
available - smartphones, tablets, sensors,
online devices, etc. and the data generated
by these uses.
Non-stop News
The world is gradually transforming itself into
a constant stream of information - no matter
where you are, you have to be able to react
instantly. The insurance industry is feeling
this pressure on policyholders’ demands.
32 33
To respond to these expectations, Covéa
intends pursuing its innovations in order to be
able to offer members new technical facilities electronic signature, digitisation, geolocation,
connected devices, online services via
smartphones or websites for clients, etc.
The first thing is that the Group’s information
systems must be able to handle these new
uses, so that the client can connect to them.
In other words, to be linked to what’s out there
in the market for the general public. A service
for the client, but also one which facilitates
work for the staff.
Research and Development
The Technology and Information System
management Board is also on the look-out
for new technological solutions and using
them in the world of insurance on behalf of
the companies in the Group. It detects and
so proposes the products and services which
will make life simpler for members - plusses
which will create loyalty, improve risk or win
new clients. Thanks to the strength of its staff,
Covéa makes it possible for three companies
to share experiences, as well as to work
together and make joint investments.
This fusion of resources allows MAAF, MMA
and GMF to try out new services, each to their
own rhythm, by sharing ideas and costs.
Covéa is also initiating different studies to
make a forecast of technological or societal
trends and their potential consequences on
the development of the insurance industry.
“The quality of information is one
of the essential factors of competitive
differentiation between insurers.”
Philippe Renault,
Managing Director
of Technology and the
Information System Covéa
Prevention through innovation
The use of new technologies is going to make
it possible to develop prevention, in order
to reduce the incidence of accidents.
Thus, a house with an online connection
is going to be able at less cost to detect a
break-in, a water leak, a problem which might
have happened to someone at home who has
reduced mobility, etc. Covéa keeps a very
close eye on all advances in this field.
As regards the area of artificial intelligence,
by using autonomous robotics, an elderly
person who has been the victim of, for example,
a fractured femur neck finds it easier and
more secure to manage life at home.
Sigfox, currently being tested at GMF, offers
a system of auto surveillance which directly
alerts the policyholder in the event of an
intrusion or fire.
In the Health sector, prevention here too
is going through a period of innovation with,
for instance, the development of actimetry
which measures and records data relating
to a person’s activity over a determined period.
The analysis of this data helps in the detection
and screening of various different pathologies.
What are the benefits expected
from one single DGTSI?
With just one DGTSI grouping all
the IT resources together, we have
more levers to be competitive.
We share the investment costs,
which reduces the global invoice
and allows us to reinvest, and thus
have the advance on our competitors.
We are also more efficient - the
1,800 internal staff working for
DGTSI represents a considerable
force of professionalism, creativity
and innovation on whom we rely
to speed up our development.
We can identify the various types
of expertise and choose the best
profiles to head up our projects.
And that in turn encourages
our staff to look towards the future
and acquire knowledge across
a wider field.
What do you think of big data,
those huge volumes of digitised
data?
The quality of information is one of
the essential factors in the overall
competitive distinction between
insurers. It is the accuracy of data
which will allow us to personalise
our offers, refine our pricing system
and price range depending on how
policyholders react towards the risk
element they face and this in turn
will allow us to develop messages
of targeted prevention. And then
we have to know how to handle
volume, variety and complexity and know how to do so quickly.
The concrete applications of big
data are only in their infancy, but
they are already clearly evident as a
major trend over the next few years.
What steps is Covéa taking
to prepare for the use of all
this data?
This extraordinary quantity
of data to be processed entails
new architectures and new
methods to analyse it, since the
classic management tools are no
longer adequate. To exploit this
“infobesity”, we need processing
power. We are interested in “cloud”
offers which you pay for according
to usage. That makes us more agile
than if we were to buy a whole
infrastructure which we would then
have to maintain and make secure.
Our teams are, of course, actively
on the look-out for all opportunities
in this field.
RSE and Human Resources
Citizen-like
and committed to
the whole idea of SER
MAAF, MMA and GMF, whose values as mutual benefit companies are predominant,
have for several years now been adopting an approach of Social and Environmental
Responsibility (SER). The building of a relationship of trust between members
of staff - beneficiaries - partners and investors is at the core of the actions
undertaken by the Group’s companies. By its commitment, the Group contributes
to risk control and accident prevention. All the measures adopted are guided by the
long-term development charter of the AFA (Association Française de l’Assurance).
Since 2013, the departments in charge
of Social and Environmental Responsibility
(SER) at MAAF, MMA and GMF have been
regrouped into a Covéa management Board,
in order to underscore the mutual nature of
actions and construct a global policy within
the Group.
34 35
For the women and men at Covéa
Real support
The three companies pay particular
attention to supporting their staff, at all
stages of their professional life, in terms
of career management, skills development,
mobility, stress management, etc. Numerous
agreements have been signed, such as,
recently, the Gestion Prévisionnelle des
Emplois et des Compétences [Forecast
Management of Jobs and Skills] at MMA in
July 2013, the Agreement on the Generation
Contract signed in May 2013 by GMF or that
concluded in 2012 at MAAF on the prevention
of psychosocial risk.
Richness through diversity
Covéa lauds cultural, ethnic and social
diversity as a source of cohesion, innovation
and performance, and by the same token
fights against discrimination. A climate of
awareness is encouraged in the companies,
particularly in the area of sexual equality and
disability. To affirm its wish to intensify its
progress in diversity, in 2013 MMA created
a dedicated hub. MAAF, MMA and GMF each
set up a Handicap mission and operate
a voluntary policy to make it easier for
handicapped persons to integrate and find
a job.
Close support for society at large
Support for vulnerable people
Both the MAAF and MMA Foundations
contribute financially to projects targeted
at helping handicapped people and their
families. As for GMF, it has been carrying
out, for more than 25 years now, numerous
actions to defend the mentally handicapped
and their families.
Since 2008, GMF has been supporting
the French National Parks organisation.
This patronage aims to provide easier
access to nature for persons suffering from
a handicap and share the richness of the
preserved areas along with everyone else.
Via MMA Mutual Assistance Fund or GMF
Solidarity, Covéa comes to the assistance
of members who are victims of an
non-insurable risk.
Finally, the companies will make overtures
to the protected and disabled sector as soon
as this is possible.
Prevention: an investment for the future
As an insurer, Covéa has an important
prevention role to play. The Group’s companies
contribute to making the general public (...)
Co-development… or learn how
to learn together
Over 300 members of Covéa’s staff
are on the co-development scheme.
The principle: bet on the collective
and the interactions between
people to turn each professional
situation into an opportunity for an
apprenticeship. At the workshops,
not only does a new managerial culture
emerge, but a form of solidarity
and decompart-mentalisation within
the company also become evident.
Covéa is one of the rare French
groups to be interested in the way
staff relate to each other as a
vector for operational efficiency.
Co-development is the marrying
of performance and development
of the person to stand out from
our competitors.
CO-development
It’s a digression which allows
a person to reflect on his
practices, his convictions. Into
the equation come managerial
and relational situations,
feelings and, following on
from this, the door to emotion
then opens up.
Maurice Julliard,
Director of Specialist Networks
of the Life division, MMA
Patrice Forget,
Managing Director
of Human Resources and
Secretariat General Covéa
Is Covéa a Group which recruits?
In 2013, globally, the Group was
a net creator of jobs. Between the
new requirements and the numerous
members of staff retiring, something
we’ll still have to face up to for some
years yet, we have a strong recruitment
programme. This principally concerns
the commercial networks and the
management of losses and claims
division, where the number of people
involved are larger. Solvabilité 2
[Solvency 2] also leads us to strengthen
staff levels in the actuarial, audit,
compliance and reporting departments.
We are also looking for skills connected
with the new technologies or in very
specialised areas such as, in particular,
health and engineering.
“Covéa has
numerous talents
and skills, which
constitute a real
force to contemplate
the future calmly.”
36 37
What are the common
projects between the various
HR departments of Covéa?
We work together on crossover sites.
Thus, we have just finalised a Covéa
profit-sharing scheme for all employees
and signed an agreement on the creation
of a Covéa negotiation document. A site
is underway to re-invigorate executives,
another on the setting up of a Covéa
integration process for new members of
staff. Joint working operations are also
carried out on web 2.0, something which
will entail a development in management
methods and practices. Finally,
the programme of co-development
is continuing and expanding.
Does the Group promote internal
mobility?
Covéa has a staff of 26,624. All skills and
profiles are represented in sites located
in various geographical locations.
This is a great wealth of resources for
everybody. The opportunities for the
various appointments and jobs are far
greater. Covéa has numerous talents
and skills, which constitute a real force
to contemplate the future calmly.
A joint work bursary is available in all
the companies. And we are studying
the legal conditions for internal mobility,
in order to harmonise them.
(...) aware of road safety - MMA, for instance,
with its “Zero Hassle” and its coverage of all
related subjects, MAAF with the Vigicarotte
operation aimed at young drivers and
GMF which runs a programme of almost
5,000 items to draw the awareness of staff
in companies and administrative departments
in the public sector to the dangers around
on the roads.
With its mobile app “Eco-drive”, MAAF lets
drivers reduce their fuel consumption by up
to 20%. With its “Air Assistant”, it provides
real time information on air quality. It also
sponsors two short TV programmes, one on
health “1,001 health questions” and the other
on the theme of mobility “Transport me”.
Finally, since 2012, Covéa has been launching
a responsible buying policy. An SER clause
is incorporated into each contract issued
and suppliers are subjected to an SER
questionnaire.
Taking the environment into account
Responsible actions
Even if Covéa’s business has limited
consequences on the environment, actions are
already in place to reduce its environmental
footprint. The direct and indirect impacts
in the area of the emission of greenhouse
gases (GES) linked to the internal operating
and management of business premises are
measured every year by a set of carbon figures
across all sites. An action plan is then drawn
up to define the measures to be progressively
put in place.
Over and above statutory vigilance,
the reduction of its environmental footprint
(energy, water, materials) is studied across
the property activity at the time of property
renovations, on the investments relating
to furniture (amortisation period, choice of
materials and suppliers, recycling) and the IT
involved (amortisation period, rationalisation
of use, server performance, recycling).
Moreover, actions are in operation to reduce
the environmental impact of travel: video
conferencing, low emission car fleet, using
public transport, electric sockets at certain
sites, etc. The website coveaturage.fr allows
all members of the Groups staff to get in
touch with each other to share their vehicle.
For its part, MMA has also initiated on several
of its sites a company and inter-company
travel plan.
On the logistics side, computerisation
is gaining ground more and more every year,
added to which is the recycling of waste,
consumables, paper, materials, etc.
Encourage virtuous behaviour
With its device “Solid’action”, GMF offers
its staff the opportunity of devoting a part
of their annual leave to an environmental
protection plan.
Finally, Covéa encourages ongoing good
behaviour on the part of its private
or professional members, offering them,
via the companies, guarantees and services
with added environmental values. Several
actions are also operating in the management
of losses and claims: creation of a mobile dent
removal platform which allows on-the-spot
repair of vehicles damaged by hail using
paint without solvent.
For 10 years now, MAAF’s “Environment Car
Prize” is given to vehicles whose technological
developments have made it possible to reduce
their energy footprint on the environment.
Control, Solvency, Accounts and Reporting
Rigorous risk
control and
management
Anticipate, manage and control risks. An inherent need of Covéa activities.
In 2013, the Group established a Control, Solvency, Accounts and Reporting
Department (DCSCR). An organisation that is in keeping with the principles
of the European Solvency 2 directive, due to come into effect on 1 January 2016.
38 39
Covéa has established a Control, Solvency,
Accounts and Reporting Department (DCSCR)
in order to bring risk control and management
activities together within a single Department.
The objective of the DCSCR is to ensure
the conformity of mechanisms, to secure
risk management and to restore a global
vision of the Group over its fields of activity.
Created in June 2013, it encompasses
the supervision of permanent control, internal
auditing, Group reporting and the management
of the Solvency 2 mechanism. Centralising
the resources dedicated to these activities
encourages increased skills within the teams
and the development of new expertise.
Moreover, it satisfies the requirements
of separating tasks between operational
and control functions.
The objective for Covéa is to respond
to the increased regulatory requirements
associated with the upcoming introduction
of Solvency 2, by clearly identifying the new
obligations and by transversely managing
studies, projects and their implementation.
This work involves countless collaborators
within each of the companies and entities,
and this pooling of effort allows the Group
to be effective at least cost.
Maud Petit,
Covéa Control, Solvency,
Accounts and Reporting Director
How are you preparing
for Solvency 2?
Preparation for Solvency 2 is a "Group"
project carried out jointly, which must
allow all entities to attain the same
quality level. The new Solvency 2
environment does indeed present
a certain number of challenges because
of its technical complexity, the extent
of its scope and a doctrine which
is still proving to be uncertain with
regard to certain aspects. Moreover,
some mechanisms to be deployed
are innovative and require new skills
which are still to be developed...
It is the Solvency 2 Project Steering
Unit within the DCSCR that is in charge
of the project.
“Solvency 2 is
a major project.
The start date is just
around the corner
and our preparation
efforts are at their
maximum.
Specifically, what is the role
of the Project Steering Unit?
The objective of the Solvency 2
Project Steering Unit is the introduction
of a clear, optimal and conforming
mechanism. Its missions are twofold.
Firstly, it is responsible for ensuring
monitoring and standardisation,
by disseminating know-how to facilitate
understanding of the subjects.
Thus, collaborators participate in
financial community bodies, coordinate
and challenge the cross-disciplinary
views of experts in the field within
the companies and have the mission
of defining common standards.
Moreover, the Solvency 2 Project
Steering Unit is responsible to conduct
the preparatory work required by
the controlling authorities and the
deployment of the target mechanism.
The team manages the workgroups,
the issue being, of course, to bring
about homogeneous development
within Covéa.
What is the Group's state
of progress on the project?
Solvency 2 is a major project. It started
more than 4 years ago, at the time
of the vote on the Directive in 2009.
Uncertainties around the implementation
date, however, led to the work schedule
being revised several times...
The consensus established within
Europe last November finally set
the start date for 1 January 2016.
Therefore, the date is not far away
now and our preparation efforts are
at their maximum. The projects which
are most advanced are those relating
to industrialisation, that is to say,
the setting up of databases,
the construction of calculation and
simulation models and the production
of the new reporting procedures
required by the new standard.
These projects are run by the IT Systems
and Technologies Department teams.
Other projects relating to governance
and to risk management are also
ongoing. We are not concerned about
our ability to meet the 1 January 2016
deadline, the commitment of the teams
concerned is total. Nevertheless,
efforts will remain extremely sustained
over the next two years.
Finance Covéa
Optimised asset
management
at the service
of the companies
in the Group
81 billion financial assets, 4.3 billion
in investment property: to enhance
the management of all these assets,
Covéa has set up a global organisation,
supported by great expertise,
particularly in the field of financial
analysis and risk management.
Monitored and adapted in real time,
these defined paths are entrusted to the
three divisions of the Group’s expertise:
C
ovéa Finance, one of the top asset
management companies in the insurance
market;
•C
ovéa Property Asset Management,
in charge of the transactions on the Group’s
property assets;
•C
ovéa Property Management, operator
for the management of all property held.
Very efficient centralised management
Set up in 2009, the organisation of the
General Management - Finance ensures
fluidity in exchanges, a high level of reactivity
and efficiency.
Each company has its own Direction de la
Stratégie Financière [Financial Strategy
Management Board] (DSF), responsible
for the investment strategy of its own area
of business. It is at this level, each year,
that the investment programmes on the
financial and property markets are defined.
Expert and recognised players
Close proximity to the Group’s core business
and a perfect understanding of the fact that
the proper management of the insurance
company business relies on the combined
skills of these three dedicated structures.
Covéa Finance has developed an internal
financial analysis department which
guarantees its independence. It has made
the quality of its value chain the backbone
of its own organisation. Amongst the best
in the market, it manages its assets according
40 41
to a set of principles and rigorous risk control,
searching for the perfect balance between
optimisation of yields and long-term value
creation.
Covéa Immobilier, a relatively recent player
in its market (2010), is now known and
recognised and very frequently sought
after for new acquisitions. The extent of
its operations was completed in 2013 by
the integration of MMA’s assets, until then
managed independently by the company
itself. Acquired by the Asset Management
Board, several investment properties
are being totally renovated under the
supervision of the Property Management
Board. This is particularly so in the case of
a ground-breaking and very comprehensive
project in the heart of the 7th arrondissement
in Paris.
Property assets
At the end of 2013, the investment property
assets held by Covéa amounted to 4.36 billion
euros. Made up of 239 properties, representing
more than 726,000 m2, it is mostly invested
in Paris and the region round Paris.
“In a complex environment, we have
performed well on the share market,
but have suffered from an over-valued
property market.”
Nature of the assets
61%
Offices and businesses
38%
Housing
Geographical location
72%
28%
Île-de-France
Provinces
Financial shares
With over 81 billion euros managed, Covéa Finance
is the 7th management company in the field
of insurance in France(1) and the 10th in the field
of French management companies(2).
At 31 December 2013, it was managing 56 funds
and held a total sum invested in shares
of 15.5 billion euros.
Division of the OPC
35
Shares
21
(3)
Rates
(1) Source: L'Argus de l'assurance at 31/12/2012
(2) AFG, 31/12/2012
(3) 11 of them are employee investments funds
Sophie Beuvaden,
Managing Director
of Finance at Covéa
What will your final figures
look like for Covéa’s property
management in 2013?
In accordance with the
macro-economic forecasts of
Covéa Finance, the economic
recovery in the USA has had
the anticipated effect. Several
scenarios anticipating this
recovery have made it possible to
benefit from opportunities - on the
share market where a significant
performance has been possible.
Finally, in a bond market which
is still difficult, characterised by
the weakness of rates, we bet on
the Italian economy.
What has your policy been
on property investments?
The persistence of very low-yield
interest rates also complicates
property management.
The abundance of liquid assets
resulting from this provokes market
anomalies, such as the sudden
rise in the prices for acquisitions.
Against this background,
the investments of Covéa Immobilier
Asset Management have been limited.
Covéa Immobilier has assigned
around ten properties, profiting
thereby from a cycle peak on
certain assets which are very
much in demand.
How do you envisage 2014?
It is still difficult to understand the
economic climate at the moment.
France is not yet fully benefitting
from the recovery first stemming
from the American economy.
Our watchword is still vigilance.
We have a very solid share
portfolio, with good outlooks for
capital gains. In rates management,
we are well placed with an
interesting repayment schedule
and a very good level of liquidity.
This situation should allow us to be
reactive in the event of a rise in rate.
On the property front, therefore,
we keep a keen eye on the situation
and will be able to seize upon even
the slightest quivers in the market.
“Reassurance Acceptations” activity is already well established internationally
Emboldened by its financial spread and good
level of solvency, the Covéa Group, via one of
its mutuals – Assurances Mutuelles de France
(AM), has been present on the reinsurance
market for sixty years now.
AM’s financial solidity is characterised by
an excellent ratio of solvency, capital equity
amounting to 1,155 million euros and an
A rating (stable) from both AM Best agency
and Standard and Poor’s.
The management Board of Réassurance
Acceptations of AM operates a policy
encouraging the continuity of relations with
carefully chosen partners and relying on
an experienced team of 23 specialist staff.
The policy of taking out insurance and
underwriting, stable over time, is based
on a technical approach at the service of
commercial development. Dues acquired
in 2013 amounted to 132.6 million euros.
AM has a portfolio of 1,212 cover contracts,
in 37countries and with more than
200 assignors. In 2014, two new countries
where insurance contracts are taken out
will be added - Japan and Morocco.
In a medium-term development project,
the reinsurance management board is currently
in human resources and analysis tools.
It envisages progressively expanding the
geographic field of its business.
In spite of a very competitive reinsurance
market and a great many climatic occurrences
in Europe in 2013, results remain very
encouraging.
Streamlined legal and financial organisation
In its ongoing endeavour to build a sound
and perennial mutualist group, in 2012 Covéa
went ahead to implement a legal and financial
streamlining with the aim of simplifying its
legal structure, reinforcing cohesion among
the various units and increasing its capacity
to mobilise resources to develop its activities.
The reorganisation led to the regrouping
of its operating companies into one legal
corporation, Covéa Coopérations, a pivotal
structure acting between the shareholder
mutuals and the Group's operating affiliates.
In the course of its business activities in 2013,
each of the mutualist segments held an equal
holding in Covéa Coopérations.
Technical balance control and maintenance
of the financial results for the year allowed
a Group net profit share of 824 million euros
to be achieved in 2013, up 196 million euros
over 2012.
Latent capital gains on financial investments
amounted to more than 9 billion euros.
Sound financial results
Covéa Group turnover reached 15.525 billion
euros in 2013, up by 5.8%.
The Group's strong sales performance
allowed it to achieve almost 12% growth in Life
activities and 3.3% in non-Life activities.
Non-Life activities accounted for 69% of turnover,
while international business made up 12%.
As a result, the Group's share of capital reached
10.6 billion euros as at 31 December 2013.
The Basics
(in millions of euros)
Gross premiums
Net income (Group share)
Equity capital (Group share)
STATUTORY SOLVENCY RATIO
42 43
2013
2012
15,525
14,676
824
628
10,622
9,641
405%
392%
Consolidated Balance Sheet 2013
Assets (in thousands of euros)
Goodwill
Intangible assets
1,024,445
Amortisation
and provisions
-831,356
Gross amount
Net amount
2013
193,089
Net amount
2012
231,974
455,737
-190,418
265,319
256,428
75,773,116
-587,851
75,185,265
72,476,621
- Land and buildings
3,595,922
-589,594
3,006,328
3,042,452
- Investments in tied companies and businesses in which Covéa has a stake
1,494,638
-162,185
1,332,453
990,515
163,928
70,846,484
68,443,654
2,955,896
2,406,994
Insurance company investments
- Other investments
Investments for unit-linked accounts
70,682,556
2,955,896
Investments in banking companies
Investments in other companies
505,950
Equity affiliates
361,629
Underwriting reserves held by reinsurers and retrocessionnaires
2,077,989
Insurance and reinsurance receivables
2,457,067
-74,727
-134,045
431,223
441,466
361,629
416,173
2,077,989
1,962,934
2,323,022
2,118,573
1,102,646
903,429
Customer receivables from banking company clients
Customer receivables from banking companies
Other receivables
Other assets
Accrual accounts - Assets
- Deferred sales charges
- Other
1,102,646
1,288,294
-37,901
632,783
-439,027
2,828,717
1,250,393
1,114,170
2,828,717
2,718,532
193,756
166,961
692,169
692,169
653,645
2,136,548
2,136,548
2,064,887
89,168,944
85,214,255
2013
2012
10,621,760
9,640,973
Translation gains or losses
TOTAL ASSETS
Liabilities (in thousands of euros)
Group capital
91,464,269
-2,295,325
1,104,037
1,093,158
- Premiums
3,386
3,386
- Reserves
- Mutual capital or equivalent funds
8,690,765
7,916,673
- Net income
823,572
627,756
Minority interests
63,287
54,843
Subordinated debt
Gross underwriting reserves
175,739
165,016
71,020,103
68,423,415
. Life insurance underwriting reserves
48,500,672
46,722,433
. Non-life insurance underwriting reserves
22,519,431
21,700,982
Underwriting reserves for unit-linked contracts
2,984,175
2,425,775
Provisions for liabilities and charges
580,117
591,017
Insurance and reinsurance liabilities
1,105,555
953,918
Bonds and negotiable debt instruments
Debts with banking companies
Other payables
Accrual accounts
561,276
688,591
1,735,796
1,923,584
321,136
347,123
89,168,944
85,214,255
Translation gains or losses
TOTAL LIABILITIES
Commitments received and granted 2013
(in thousands of euros)
2013
2012
49,872
63,281
62,210
16,608
368,028
411,328
62,918
72,207
COMMITMENTS RECEIVED
Insurance companies
Banking companies
Other companies
COMMITMENTS GRANTED
Insurance companies
Banking companies
Other companies
PLEDGES RECEIVED FROM REINSURERS AND RETROCESSIONNAIRES
1,095,264
897,419
481,500
731,500
OUTSTANDINGS ON LONG-TERM FINANCIAL INSTRUMENTS
Consolidated Profit and Loss Account 2013
ALL BUSINESS LINES
(in thousands of euros)
Premiums issued
Change in unearned premiums
PREMIUMS EARNED
Income from bank activities
Gross premium or income from other activities
Other operating income
Financial income net of expense
TOTAL OPERATING INCOME
Expenses from insurance services
Reinsurance expense or income net of disposals
Expenses from bank activities
Expenses from other activities
Management expenses
TOTAL OPERATING EXPENSES
CURRENT OPERATING INCOME
Intersectoral transfers
CURRENT ECONOMIC OPERATING INCOME
Other net income
Extraordinary profit or loss
Income tax
NET PROFIT OF CONSOLIDATED COMPANIES
Group share in net profit or loss of disposed companies
Group share in profit of equity affiliates
Provision for depreciation of goodwill
CONSOLIDATED NET PROFIT OR LOSS
Minority interests
NET INCOME (GROUP SHARE)
44
Non-life
insurance
business
10,750,480
-82,007
10,668,473
Life
insurance
business
4,856,362
4,856,362
55,200
801,832
11,525,505
-7,803,292
-317,676
27,851
2,263,896
7,148,109
-6,481,189
-14,382
-2,631,208
-10,752,176
773,329
-122,587
650,742
-352,772
-6,848,343
299,766
-7,767
291,999
Banking
business
Other
business
2013
2012
15,606,842
-82,007
15,524,835
14,814,840
-138,488
14,676,352
400,255
13,878
51,800
465,933
400,255
96,929
3,117,528
19,139,547
-14,284,481
-332,058
397,278
86,314
3,016,413
18,176,357
-13,476,472
-151,732
-481,115
-481,115
-2,983,980
-18,081,634
1,057,913
0
1,057,913
-63,044
279,734
-409,157
865,446
-490,872
-2,838,082
-16,957,158
1,219,199
0
1,219,199
-51,624
-162,485
-304,590
700,500
9,633
-40,533
834,546
-10,974
823,572
-18,356
-45,665
636,479
-8,723
627,756
-481,115
-15,182
130,354
115,172
Designed and produced by:
Editorial: Covéa
Photo credits: Jean Chiscano - Hervé Hote, agence
Caméléon – Stéphane Lavoué – Laurent Mauger –
L’Œil du Diaph – Alain Perus - Poly – Olivier Roux –
Photothèques MAAF, MMA, GMF and Covéa.
Document published
by Covéa Communication Department
Tel.: +33 (0)1 53 10 65 10
E-mail: [email protected]
This document is printed on 100% recyclable, biodegradable
coated paper made from ECF pulp (Elemental Chlorine Free).
It was manufactured in European paper mills with the following
certifications: ISO 9001 (for quality management), ISO 14001
(for environmental management), PEFC (for using papers
from sustainably managed forests) OHSAS 18001 (for health
and safety).
www.covea.eu
www. c ov e a . e u
MUTUAL GR OUP IN S UR A N C E C O MPA N Y
g o vern e d by the F renc h Ins u r a n c e C o d e
RCS Pa ris 450 527 916
7 , p lace des Cinq Marty rs d u Ly c é e B u f f o n – 7 5 0 1 5 PAR IS
Te l.: + 3 3 (0)1 53 10 66 00
MUTUAL COMMITMENT

mutual commitment

Transcription

Similar documents

MALAYSIAN MEDICAL ASSOCIATION

UN-GGIM: User case studies

ACCOMMODATION Wyższa Szkoła Języków Obcych w Szczecinie

MMA - Prescription Drug Benefits in Managed Medical Assistance

presentation - SPI International

Chatri SITYODTONG

surat kabar - to www.mabolemalay.comand

Sustainable Growth. Long-Term Success.

Tales From the Octagon

Annonce S1