Covea

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Covéa pursues renewable energy through both on-site solar panel installations and purchased renewable electricity. Six solar installations were in service by end-2025 generating approximately 3.1 GWh annually; a new installation at the Niort site was added in 2025. The Group targets more than 4.7 GWh/year of self-generated renewable energy by end-2026. Renewable sources accounted for 18.6% of total energy consumption in 2025 (up from 16.5% in 2024), with 10,806 MWh purchased from renewable sources and 3,070 MWh self-generated. The energy sobriety plan (regulating heating/air conditioning, optimising floor space) also contributed to a 7.3% reduction in fossil fuel consumption.

Covéa explicitly states that GHG removals and GHG mitigation projects financed through carbon credits are 'Not material' and 'Irrelevant for the Group (carbon credits not used)'. Internal carbon pricing is also stated as not used. The Group does not rely on offsets or removals in its transition plan, focusing instead on absolute emission reductions in operations and carbon intensity reductions in investment portfolios.

• Own operations GHG reduction – 30% absolute target 2019-2030 (SBTi)

  For French insurance and reinsurance entities (excluding affiliates), Covéa targets a 30% absolute reduction in Scopes 1, 2 and 3 (Categories 1-7) emissions between 2019 and 2030, using the SBTi methodology. The baseline was 65,678 tCO2e in 2019; target is 45,975 tCO2e by 2030. By end-2025, 18.2% reduction had been achieved (53,726 tCO2e). Key levers include the Tertiary Eco Energy project (72 energy-saving measures in 2025), shifting company vehicles to low-emission models (54.7% reduction in vehicle/travel/freight emissions vs. 2019), enabling home-working, sustainable transport incentives, and streamlining logistics flows.

• Investment portfolio decarbonisation – 25% carbon intensity reduction in equity/bonds 2024-2030

  Covéa targets a 25% reduction in carbon intensity (Scopes 1 and 2) of its portfolio of shares and corporate bonds held directly by French insurance and reinsurance entities under Covéa Finance mandates, from 52.7 tCO2e/€m invested (end-2024) to 39.5 tCO2e/€m invested (end-2030). This aligns with Paris Agreement pathways (IPCC/NGFS/IEA). By end-2025, a 1.7% reduction had been achieved. Implementation relies on fossil fuel exclusion policies (thermal coal by 2030 for OECD, unconventional hydrocarbons by 2030), steering reinvestment toward transition-committed companies, and active shareholder dialogue (25 climate dialogues in 2025).

• Investment property carbon intensity reduction – 35% reduction 2023-2030 (CRREM)

  Covéa Immobilier targets a 35% reduction in carbon intensity of the commercial property portfolio (directly owned at end-2023 by French insurance/reinsurance entities, ~70% of total property investment portfolio) from 12.8 kgCO2e/m² (end-2023) to 8.3 kgCO2e/m² (end-2030), using the CRREM framework. By end-2025, a 21% reduction had been achieved (10.1 kgCO2e/m²). Actions include renovating over 170,000 m² of properties, optimising energy management, collecting tenants' consumption data (>75% of floor space), and raising tenant awareness through green committees.

• Sustainable vehicle repairs programme – 56% sustainable repairs target by end-2028

  Covéa promotes repair over replacement and reused parts for motor insurance claims, targeting 56% sustainable vehicle repairs (parts repaired or replaced with reused parts from eligible list) at approved garages by end-2028, vs 48% at end-2023. By end-2025, 50.8% was achieved (up 1.6 points from 2024). The multi-year Sustainable Repairs programme involves incentivising repairers, developing circular economy spare parts distribution via the Carrosity platform, selecting 16 committed recycling partners, and leveraging Cesvi France's repair technology centre. In 2027, a new centre specialising in electric vehicle battery repairability will open.

• Fossil fuel exclusion policy in insurance underwriting and investments

  In 2025, Covéa strengthened its underwriting policy with fossil fuel sector restrictions, implemented by MMA (non-life insurance/commercial liability) and PartnerRe (direct and facultative reinsurance): no new coal-fired power stations or thermal coal mines; no mining companies >30% revenue from thermal coal; no new oil/gas exploration fields. Exposure to the full fossil fuel value chain represents only 0.2% of total non-life gross premiums in 2025. Covéa Finance's investment exclusion policy provides for gradual withdrawal from thermal coal by 2030 (OECD) / 2040 (non-OECD) and unconventional hydrocarbons by 2030; PartnerRe had no thermal coal investments remaining in 2025.