“I remain very confident that we are well placed to keep delivering profitable growth across all our lines of business over the coming years.”
These were the words of Covéa Insurance chief executive James Reader even after the British insurer saw its profit (after tax) fall from £38.4 million in 2016 to last year’s £24.1 million. A couple of factors drove the decline.
“We’ve faced a number of headwinds, in particular the motor pricing volatility following the Ogden rate change and continued elevated levels of claims inflation; however, we continue to respond positively and maintain our focus on delivering a great service for our customers and broker partners, and sustainable profitable growth for our business,” commented Reader.
Good news came in the area of gross written premium, with Covéa Insurance posting a 10.8% rise from 2016’s £666.3 million to £738.5 million in 2017.
Reader said investments in digital technology and agile working are streamlining the firm’s service offering, driving efficiency improvements, and delivering further enhancements to customer experience.
“Additionally, our direct relationship with customers, through our Provident Insurance business, is providing increased understanding of customers’ requirements, to the benefit of our propositions across all our distribution channels,” he noted.
Covéa Insurance specialises in commercial, motor, high net worth, property, and protection insurance. It employs around 1,500 employees across 10 offices throughout the UK.