THE FUTURE - Covéa · 2017 BUSINESS REPORT I COVÉA 5 PORTFOLIO Marion is relaxed Marion has opted...

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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: [email protected] @groupecovea Covéa

https://twitter.com/groupecovea?lang=fr

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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.


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


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.


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.



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.


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.


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.


This story is purely imaginary and does not commit the insurer. See details of the home insurance policy in the MAAF branches.


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.


Our resources and our products

at 31 December 2017

26,000 EMPLOYEES INCLUDING over 21,000IN FRANCE


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


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


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.“


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.


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.”


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.”


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


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


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.


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

“


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


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


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


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.


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


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.

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


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


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.



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.


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.



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


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.

…/…


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


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.


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.


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.


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


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


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: [email protected] @groupecovea Covéa

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