SOCIETE DE GESTION DES ACTIVITES MEDICALES - SGAM

Name

SOCIETE DE GESTION DES ACTIVITES MEDICALES - SGAM

Legal name

Covéa SGAM (Société de Groupe d'Assurance Mutuelle)

Website

https://covea.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Mutual Insurance and Reinsurance

NAICS

Finance and Insurance (52), Portfolio Management and Investment Advice (523940), Other Insurance Funds (525190), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411), Life Insurance (6311), Investment Advice (6282), Accident & Health Insurance (6321), Investors, Nec (6799)

akta.pro primary industry

Commercial Package / Business Owners Policies (BOP) (FSAJAMAG)

akta.pro secondary industries

Mid-Market Commercial Package (Package Policies) (FSAJAFAB), Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI), Real Estate / Lessors Risk BOP (FSAJAFAI), Personal Umbrella Insurance (FSAJANAA)

Keywords

• Mutual insurance
• Property casualty insurance
• Reinsurance services
• Auto home insurance
• Legal protection insurance

Headquarters

HQ city

Le Pré-saint-gervais

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance premiums: Gross written premiums from insurance activities (66% of total business). Covers property and casualty insurance including auto, home, legal protection across MAAF, MMA, and GMF brands for individuals, professionals, businesses, and public sector employees in France.
2. Reinsurance premiums: Reinsurance activity through PartnerRe representing 34% of total gross written premiums. Covers high-severity risks internationally with diversified portfolio across non-life and life reinsurance.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Covéa SGAM sells property and casualty, health, life, legal protection, and professional risks insurance in France through its MAAF, MMA, and GMF brands, and provides international reinsurance through PartnerRe. The group serves 11.1 million policyholders with 10.2 million vehicles and 7.2 million homes insured, and generates €27.4 billion in gross written premiums annually.

Product overview

Covéa operates as a multi-brand mutual insurance group that is the French leader in property and liability insurance and a major global reinsurer. The portfolio includes three consumer insurance brands (MAAF, MMA, GMF) serving individuals, professionals, and public sector employees, a reinsurance operation (PartnerRe) covering international high-severity risks, and specialized entities for real estate (Covéa Immobilier), asset management (Covéa Finance), affinity partnerships (Covéa Affinity), assistance (Fidélia Assistance), and legal protection (Covéa Protection Juridique). Core products center on auto insurance (10.2M vehicles), home insurance (7.2M homes), health insurance (3.1M beneficiaries), and legal protection — with additional offerings in life insurance, professional risks, and assistance services. The Group generates €27.4 billion in gross written premiums across insurance (66%) and reinsurance (34%) activities.

Differentiator

Problem solved

Functional benefit

Products and services

• Automobile Insurance Vehicle coverage insuring 10.2 million vehicles in France, making Covéa the #1 auto insurer in France. Offered through MAAF, MMA, and GMF brands with coverage for individuals, professionals, and businesses. AI-powered claims assessment via Tractable technology.
• Home Insurance Residential property coverage protecting 7.2 million homes in France, the #1 home insurer in France. Offered through MAAF, MMA, and GMF brands with climate risk prevention tools (Argidiag, Bien Informé Bien Assuré).
• Health Insurance Health coverage with 3.1 million beneficiaries across France, offered through MAAF, MMA, GMF, SMI, and APGIS entities. Includes individual and collective health insurance for individuals, professionals, and enterprises.
• Life Insurance Life and savings products offered through MAAF, MMA, and GMF brands. Performance recognized by Trophées Le Revenu 2026 for life insurance contracts from MAAF and GMF.
• Legal Protection Insurance Legal protection insurance making Covéa the #1 provider in France. Distributed via MAAF, MMA, and GMF brand networks and through Covéa Protection Juridique (formed in 2018 via merger of DAS and Assistance Protection Juridique).
• Professional and Business Insurance Multi-risk professional policies and commercial property coverage for artisans, merchants, professionals, businesses, associations, and local authorities. Served through MAAF brand (historically rooted in the artisan world) and MMA intermediated networks.
• International Reinsurance Reinsurance coverage through PartnerRe, representing 34% of Covéa's gross written premiums. Covers non-life and life reinsurance for insurance companies worldwide with diversified portfolio across North America, Europe, and Asia-Pacific. Makes Covéa the 12th largest global reinsurer.
• Affinity Insurance Affinity insurance partnerships offered through Covéa Affinity, a market reference for nearly forty years. Includes partnership with Mobilize Financial Services for used vehicle market in France.
• Asset Management Services Portfolio management through Covéa Finance, seeking long-term performance with risk management at the core of its strategy. Manages investments as part of the group's €117 billion investment portfolio.
• Assistance Services 24/7 emergency assistance services through Fidélia Assistance, implementing assistance guarantees for Covéa insurance contracts.
• Real Estate Asset Management Real estate asset management and property services through Covéa Immobilier, combining asset valorization with environmental commitment.

Quantifiable outcome

• 11.1 million clients and policyholders served in France
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature7 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Leroy MerlincoreStrategic or Co-development Partner · 22 June 2026Covéa and Leroy Merlin partnership to accelerate sustainable repair deployment in home insurance. Combined expertise to develop repair solutions using eco-responsible materials and techniques, promoting circular economy in housing sector.
• Amazon Web Services (AWS)coreTechnology or IntegrationCovéa collaboration with AWS for NéoFlux project, modernizing customer contact management platform using cloud infrastructure for telephone flux management.
• Centre Scientifique et Technique du Bâtiment (CSTB)coreStrategic or Co-development PartnerStrategic partnership between Covéa and CSTB to develop sustainable repair in the building sector, combining technical expertise for eco-responsible repair techniques and materials.
• ADIM Paris Ile-de-France (VINCI Construction)minorStrategic or Co-development PartnerContract for restructuring real estate asset, combining Covéa Immobilier and VINCI Construction expertise for property development project.
• Mobilize Financial ServicesminorChannel Partner/ Reseller/ DistributorRenewed partnership between Covéa Affinity and Mobilize Financial Services to support growth of used vehicle market in France through affinity insurance solutions.
• TractablecoreTechnology or IntegrationRenewed partnership for AI-powered auto claims management, enabling faster and more efficient claims processing across MAAF, MMA and GMF.
• Moody's RMScoreTechnology or IntegrationImplementation of Moody's RMS HD model for enhanced severe convective storm risk modeling capabilities, strengthening climate risk assessment.
• Association Antoine AllénominorGTM or Marketing PartnerMAAF, MMA and GMF brands supporting Dérap' Pas operation organized by Association Antoine Alléno for road safety education.
• Institut DiderotminorStrategic or Co-development PartnerPartnership for analyzing and understanding societal transformations, contributing to thought leadership on economic and social transitions.

Scale indicators22 records

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• AXA: French-headquartered global insurer and #1 in domestic P&C before recent restructuring. AXA is the most relevant large incumbent peer, sharing the French P&C market leadership with Covéa and operating across life, health, and asset management globally.
• Swiss Re: Top-three global reinsurer. Swiss Re provides the most relevant global benchmark for PartnerRe's life and non-life reinsurance portfolios and shares European regulatory exposure.
• Zurich Insurance: Global insurer with strong European P&C franchise. Zurich is comparable to Covéa on multi-line European insurance scale and competes in commercial and specialty lines similar to MMA and PartnerRe portfolios.
• Allianz: Global P&C and life insurance leader with European scale comparable to Covéa. Allianz competes for large corporate and reinsurance business similar to what MMA and PartnerRe offer, with broader geographic diversification.
• Munich Re: Global #1 or #2 reinsurer. Munich Re is the direct global benchmark for PartnerRe's franchise and competes for international reinsurance treaties across life and non-life.

Direct peers

• BNP Paribas Cardif: BNP's insurance arm focused on savings, protection, and creditor insurance. Overlaps with Covéa in life, health, and affinity-style products distributed through partner networks.
• CNP Assurances: Major French personal insurer owned by La Banque Postale. CNP competes with Covéa in life, health, and provident insurance, including via partnerships with public-sector employee segments that overlap GMF's positioning.
• Société Générale Insurance: Bancassurer competing in life insurance, savings, and personal protection. Overlaps with Covéa in personal lines and savings products distributed through banking channels.
• Crédit Agricole Assurances: French bancassurer covering P&C, life, and health for Crédit Agricole clients. Competes directly with Covéa brands (especially MAAF and MMA) for individual and professional customers through a distribution model analogous to Covéa's multi-brand approach.
• SCOR: French global reinsurer ranking among the top tier alongside PartnerRe. SCOR is the closest direct peer to Covéa on the reinsurance side, sharing Paris base, life/non-life mix, and global treaty specialty franchises.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/groupecovea
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• Instagraminstagram.com/groupecovea

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

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