With 2021 revenue up 10%, Altima Assurances is back to cruising speed after a turbulent 2020. Driven by its car fleet activities and its HRM partnerships, the Maif group subsidiary is completing its 2019-2022 strategic plan.
After a year 2020 heckled by the Covid crisis, Altima Assurances is finding runners in 2021. In parallel with the results of its parent company the Maif group, the insurer reports an increase in turnover (gross of reinsurance) 10% over the year to 25.6 million euros, according to its latest SFCR report.
While the insurer is completing its 2019-2022 strategic plan called “Committed to tomorrow”, it shows a 2021 result also improving over one year even if it remains in deficit at -5.8M euros (compared to -6.1M euros in 2020). In particular, the company mentions in its report “an overall loss charge, net of reinsurance, down ” as well as “increased general costs, particularly related to IT investments”.
On the equity side, at the end of 2021 Altima Assurances posted an SCR coverage ratio of 241% (at 15.5M euros)
The state-of-the-art car fleet
In detail, Altima Assurances explains that in 2021, 70% of the premiums earned come from car insurance (RC or damage guarantees) and 30% from property damage (damage guarantees or general RC): a stable distribution compared to last year.
Thus, premiums earned in auto liability represent 24% of Altima’s portfolio at 6.2 million euros at the end of 2021, up by 761,000 euros over the financial year. “due to the increase in the automotive fleet portfolio, and despite the decline in Altima’s historical automotive products”says the insurer.
As for other VAM insurance, car damage guarantees (45% of premiums acquired from the Maif subsidiary) recorded an amount of premiums acquired in 2021 up from 757,000 euros to 11.5 million euros. Finally, property damage insurance (damage and general liability) increased over the year and represented 31% of earned premiums at nearly 7.7 million euros.