decline in 2023 net profit due to the withdrawal of reinsurers

The mutual insurer Matmut announced on Tuesday that it had generated a net profit of 44.1 million euros in 2023, down 4.7% year-on-year, due to the withdrawal of reinsurers who no longer want to take on climate risks. .

The costs due to climate disasters were lower for the year 2023 than in 2022, but they remain very high in terms of history, and have been all the more burdensome as we note the withdrawal of insurers from risks and particularly climate risks, underlined the general director Nicolas Gomart during a press conference.

Faced with the increase in natural disasters, most insurers, whose activity consists of insuring insurers, have decided to expose themselves less to certain perils. An economic choice which raises the question of the insurability of climate change.

We did not cede any claims to reinsurers in 2023 while we had ceded a much larger number in 2022, added Nicolas Gomart, indicating that the reinsurance balance was overall down by 63 million in 2023 compared to 2022.

An increase of 180,000 members expected between 2024 and 2026

Matmut also highlights the inflationary trend in repair costs, in both the automobile and housing sectors. On a professional scale, the cost of natural disasters in France represented 6.5 billion euros in 2023according to the professional federation France Assureurs, the third most expensive year after 1999 and 2022.

Matmut’s turnover is up 18% to 2.9 billion euros thanks in particular to the integration of the Mgfi mutual insurance company, specializing in the public service and provident savings, but also thanks to its organic growth ( +6.8% over one year) bringing the number of contracts to 8.3 million for 4.5 million members in 2023.

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This integration allowed the group to diversify, going from 80% of its turnover in property and casualty insurance in 2020 to 70% in 2023, with a share in health insurance increasing from 16% to 24% and from 4% to 6% in pension savings.

Furthermore, Matmut unveiled its new strategic plan for the period 2024-2026. It aims an increase of 180,000 members and 20% of turnover.

The solvency ratio, a key indicator for the entire insurance sector which measures the financial solidity of a company, is estimated at 189% as of December 31, 2023, compared to 203% at the end of 2022.

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