Covéa returns to profit in 2021

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Covéa Insurance has reported post-tax profit of £7.9m in 2021 reversing the loss of £30.8m the previous year.

The underwriting result swung back to profit with a positive £6.8m result versus a £50.8m deficit in 2020.

The insurer’s return to the black came as gross written premium grew 16% year-on-year to £839.3m. Its combined operating ratio improved markedly from 109.6% in 2020 to 98.8% last year.

According to the insurer it delivered a “strong trading result” however it acknowledged that post the Covid-19 pandemic the 2021 results benefited “from the release of reserves held to cover claims which

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