COVÉA LIFE LIMITED

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. COVÉA LIFE LIMITED 2015-12-31 → present
2. COVEA LIFE LIMITED 2015-12-31 → 2015-12-31
3. STERLING LIFE LIMITED 1982-04-16 → 2015-12-31
4. HILLGATE LIFE ASSURANCE COMPANY LIMITED 1967-07-21 → 1982-04-16

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Forvis Mazars LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors believe that the Company is well placed to manage the risks facing it. Emerging risks together with associated sensitivity analysis are considered by the Risk Committee and in the Company's ORSA. After making enquiries, the Directors are satisfied that the Company has adequate resources to continue as a going concern for 12 months and beyond from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.”

Group structure

1. COVÉA LIFE LIMITED · parent
   1. SLI Services Limited 100% · UK · holds a bank account in the UK in respect of cash holdings due to a third party

Significant events

• “During the year a broker that the Company was partnered with entered administration. This resulted in the Company migrating the policy administration and premium collections in-house. The Company worked closely with the brokers administrators and as such the 2024 results are not materially impacted.”
• “The increasing geopolitical tension and protectionism are sources of high level of uncertainty around the long-lasting impacts on the insurance industry and on the economy in general.”
• “Inflation has gradually decreased throughout 2024 prompting the Bank of England to implement several interest rate cuts. The outlook for the UK economy remains uncertain, influenced by factors such as economic growth, monetary policy, and global trends. Market expectations are that inflation will remain above the Government's target of 2% throughout 2025. This could continue to put pressure on business and household incomes with discretionary spend on insurance reducing.”
• “Investment yields continued to remain high in 2024 reflecting a number of factors including the inflationary environment, Government spending levels as well as global influences. The Company's assets are invested in cash and high-quality corporate bonds and gilts.”
• “The Company's core focus remains on providing the highest levels of service to its customers and business partners alike, while ensuring pricing is both competitive and sustainable. The Company has a stable insurance portfolio and will continue to explore products and opportunities that are complementary to its existing product base. The Company will maintain a conservative investment strategy and, in so doing, will manage its counterparty exposure risk.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

11

last 12 months

Capital events

0

last 24 months

Officers appointed

4

last 12 months

Officers resigned

4

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Gross written premiums

  -11.1%

  £6,776,000 → £6,022,000

• Net earned premiums

  -5.9%

  £3,158,000 → £2,972,000

• Profit before tax

  -160.4%

  £619,000 → -£374,000

• Equity

  -3.9%

  £14,950,000 → £14,366,000

• Claims incurred

  +31.3%

  £3,350,000 → £4,397,000

• Insurance contract liabilities

  -6.8%

  £28,204,000 → £26,275,000

• Investment return

  -173.2%

  £2,170,000 → -£1,588,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers