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Covéa reported its preliminary results for the year 2020. The mutualist group recorded a 4.5% turnover decline at the end of 2020. This is mainly due to the deterioration in the life class of business while the non-life activity remained almost stable.
The net result also decreased due to the business interruption loss experience and the extent of the extra-contractual solidarity measures implemented by the group for 440 million EUR (540.4 million USD).
Despite persistent low interest rates, Covéa posted a solvency ratio of 400% exceeding by 4 times the regulatory requirements of Solvency 2.
Read also | Covéa: 2020 results
