AM Best Affirms Credit Ratings of Covéa Coopérations

AMSTERDAM--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Covéa Coopérations (France), the intermediate operating holding company of Société de Groupe d’Assurance Mutuelle Covéa (Covéa or the group), a leading mutual insurance group in France. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Covéa’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, very favourable business profile and appropriate enterprise risk management.

Covéa’s balance sheet strength assessment is underpinned by its consolidated risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The assessment considers the group’s liquid and conservative investment portfolio, together with its prudent reserving practices. AM Best expects Covéa’s risk-adjusted capitalisation to remain comfortably above the minimum required for the strongest assessment prospectively.

Covéa’s adequate operating performance assessment is underpinned by the group’s weighted average return-on-equity ratio of 5.3% for the five-year period ending in 2024, as calculated by AM Best, and factors in the group’s track record of stable earnings. The group’s earning profile is well-diversified, with prospective metrics expected to continue to benefit from the contribution of PartnerRe Ltd. (PartnerRe), as it has been the case since 2022.

Covéa has a strong presence in the French market, where it benefits from a large, well-established customer base and strong distribution capabilities. The acquisition of PartnerRe in July 2022 has significantly enhanced the group’s product and geographic diversification. PartnerRe provides both life and non-life reinsurance on a worldwide basis and is one of the largest reinsurers globally.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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James Kenfack
Financial Analyst
+31 20 808 2272
[email protected]

Dr. Mathilde Jakobsen
Senior Director, Analytics
+31 20 808 3118
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Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
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Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
[email protected]

Source: AM Best

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