The mutual insurance group Covéa recorded a record net profit of €1,8 billion in 2025, up 47,5% year-on-year. This performance is primarily due to the strong results of its brands in France, notably GMF, Maaf, and MMA, whose activities contributed significantly to the overall growth.
Despite this result, the group's revenue declined slightly to €27,4 billion, impacted by the weakening dollar, which weighed on the performance of its reinsurance subsidiary, PartnerRe. However, insurance profits in France nearly doubled, driven in particular by higher premiums, especially in the automotive sector.
A year marked by climate costs
The 2025 financial year was also impacted by weather events, representing over €750 million in charges for the group. Major losses included a cyclone in Réunion and several hailstorms, in addition to provisions related to drought risks.
Covéa, which presented its results for the first time under the leadership of Maud Petit, nevertheless expressed confidence for the coming years. The group is targeting annual profits of between €1,5 billion and €2 billion by 2028, with a revenue target of €30 billion.
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