Covea — full event log

Covéa finalised the sale of the CSE group, based in California, on 2 April 2025. This fits with Covéa's goal of refocusing its international activities and making reinsurance, through PartnerRe, the main priority in developing its business outside France. The group earned €46m premiums from the US in 2024.

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For 2025, Covéa for the first time estimated and published GHG emissions associated with motor insurance claims handling (damage assessments and repairs for passenger cars and utility vehicles) and assistance services under Scope 3 Category 11. This is described as an initial estimate subject to ongoing improvement.

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Covéa published its first transition plan for climate change mitigation in 2025, covering three activities: insurance (56% sustainable repairs by end-2028), investment (25% carbon intensity reduction in equity/bond portfolio 2024-2030; 35% reduction in commercial property carbon intensity 2023-2030), and own operations (30% absolute GHG reduction 2019-2030 using SBTi methodology).

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Since 2025, Covéa has committed to devoting 0.5% of climate-related home insurance premiums each year to implementing climate risk prevention measures, across three pillars: technological insight, awareness & information, incentives & funding.

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With effect from 1 July 2025, Maud Petit was appointed Chief Executive Officer of the Covéa Group, replacing Thierry Derez, who took on the role of Chair of the Board of Directors, replacing Michel Gougnard (appointed Vice-Chair).

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Covéa launched its new three-year strategic plan 'dynamiC' for 2026-2028, structured around three core principles (solidity, performance, development) and two engines (insurance and reinsurance). Brand ambitions include making MAAF the customer-preference leader, MMA in top 3 in each target market, GMF as No.1 insurer for public sector employees, and PartnerRe focused on portfolio diversification and underwriting discipline.

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On 24 October 2025, S&P Global Ratings lowered the long-term insurer financial strength and issuer credit rating of Covéa Coopérations and its core and guaranteed subsidiaries from AA– to A+, with a stable outlook. This followed France's sovereign rating downgrade from AA– to A+.

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First-time inclusion of emissions from motor insurance claims handling and assistance services (Scope 3 Category 11) in the Group's carbon footprint. Estimated at 154 ktCO2e in 2025. 2024 pro forma also provided at 162 ktCO2e. This represents 1.88% of total Group GHG emissions.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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