The heavyweight of complementary health/provident insurance Malakoff Humanis sealed this week its merger with the savings mutual La France Mutualiste, the two groups announced on Friday in a press release.
The general meetings of the two groups validated the affiliation of La France Mutualiste to the insurance center (SGAM, mutual insurance group company) created by Malakoff Humanis, they indicated. The operation is a new example of the grouping of non-profit health/welfare groups (joint or mutual) to better resist the growing competition from for-profit insurance groups.
SGAMs allow them to form groups of companies linked by financial solidarity, but retaining statutory and management autonomy. The arrival of La France Mutualiste will allow the center created around Malakoff Humanis to develop its savings activities, Thomas Saunier, the general director of Malakoff Humanis, explained to AFP.
The group’s turnover in savings will reach 700 million euros in 2024, with the ambition of reaching 1.5 billion euros in 2030, indicated Mr. Saunier. We aim to become the cluster’s individual savings factory, while retaining our employees and our governance, explained Isabelle Le Bot, the general director of France Mutualiste.
The cluster created around Malakoff Humanis had a turnover of nearly 6.23 billion euros in 2023, mainly generated by complementary health and provident insurance (risk of death, disability, long-term sick leave, etc.). .). France Mutualiste, for its part, achieved 468 million euros in turnover in 2023.
In the complementary health sector alone, the two leading players are non-profit, the mutual group VYV and Sgam Malakoff Humanis, but the third is the private group Axa, according to the 2023 ranking carried out by Argus de l’Assurance .
All insurance sectors combined, Sgam Malakoff Humanis ranks in 15th position, behind VYV (14th) and Sgam AGRR La Mondiale (13th), first among non-profit groups (excluding bancassurance), according to the same source.