The Aéma insurance group saw its net profit fall by almost 60% to 50.9 million euros in 2023, a year “climatically disastrous”, according to a press release published Monday.
Adrien Couret, general director of Aéma, in March 2023, in Paris (AFP / JULIEN DE ROSA)
This result is notably “penalized by a net climate charge of 446 million euros”, a “tightening” of reinsurance conditions and “strong inflation in average repair costs”.
Retirement savings and asset management contributed to the group’s net profit, born from the merger of insurers Macif and Aésio, Abeille Assurance and Ofi Invest.
Turnover amounted to 15.6 billion euros, down slightly by 3.1% with a series of acquisitions in 2023: Mondial Pare-Brise by Macif, Union Financière de France (UFF, acquisition minority shares) and Les Bureaux de l’Epargne by Abeille Assurances, and Egamo by Ofi Invest.
The Mutuelle des Métiers de la Justice (MMJ) also joined the group in 2023.
“The year 2023 closes our first strategic plan with resilient development, results and solvency in a context that has become adverse. Our next strategic plan will be devoted to the consolidation of this model, between the development of our brands and synergies within the group “, indicates the general director of Aéma, Adrien Couret, quoted in the press release.
The group has 11.7 million policyholders.
“Like the French market, the Aéma group’s 2023 profit was affected by the continued inflation of claims costs and climatic events,” underlines Guillaume Lucien-Baugas, vice-president of Moody’s Ratings.
“The reinsurance coverage for the year 2024, however, remains similar to that of 2023 and offers levels of protection which remain below those enjoyed by MACIF previously, which means that the group’s profitability will remain very sensitive to climatic events,” he added.