The Niort based mutual insurer Maif saw its net profit drop by 47% in 2022, to 82.4 million euros, “penalized by an exceptional charge linked to the integration and recovery of SMACL Assurances SA”, according to a press release. released on Tuesday by the group.
Maif and SMACL joined forces in 2021 to create a limited company focused on local authorities, SMACL Assurances SA.
But faced with a sluggish start for this joint venture, Maif, who owns 87%, had to inject 140 million euros, hoping for a return to profitability by the end of 2024.
Apart from this exceptional effect, we would have had a better group result than last year, General Manager Pascal Demurger told AFP.
And this, despite a year 2022 marked by inflation, a rise in rates and an unprecedented climate loss, specifies the press release.
Maif thus paid around one billion euros in compensation for climate-related claims, an amount of which approximately half was, however, paid for by reinsurers, companies whose business is to insure insurers in the event of claims that are too costly. .
Maif’s turnover for its part increased by 13.4% in 2022 compared to 2021, 4.5 billion euros, boosted in particular by the arrival of 250,000 new policyholders (+6.3% for a total of 4.2million customers).
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Although the start of 2023 was really very favorable with a low level of claims, Mr. Demurger is particularly concerned about the continuation of inflation and the drought at the start of the year.
On the drought front, 2022 was the worst year for insurers, with the historically low rainfall recorded at the start of 2023 making them fear another very difficult year.
In accordance with its promise at the beginning of January, the insurer will allocate 10% of its net profit, or approximately 8.2 million euros, to climate solidarity and biodiversity protection projects.