Covéa Insurance plc has posted a profit after tax of £32.9m for 2024, reversing the loss of £87.3 it recorded in the previous year. The carrier said gross written premium was down from £711.3m (2023) to £641.5m and credited this to its accelerated move away from non-core business during the year. Its combined operating ratio in 2024 of 97.8% was an improvement on the 116.9% achieved in 2023.

Georges de Macedo (pictured), chief executive of Covéa Insurance, said: “I am very proud of what the Covéa teams have achieved in successfully delivering our Doing What Really Matters strategy.

“Going beyond financial results, we are working closely with brokers to maximise value, providing high quality services to customers, and attracting talented people to join our business. With the unwavering support of the Covéa Group, we are set to remain a trusted and preferred insurer in the UK market.”