The mutual insurer Matmut, mainly positioned in damage insurance, unveiled on Thursday a net profit up nearly 50% last year, to 88.1 million euros, exceeding its pre-crisis level thanks to a booming business volume.
The 2021 financial year will remain as an excellent vintage for the Matmut group, welcomed its general manager Nicolas Gomart during a press conference, qualifying the year as a record in a number of respects.
Turnover first, up 5.1% to 2.4 billion euros, thanks in particular to the signing of nearly 200,000 new contracts, bringing the total to 7.8 million, for around half fewer members.
This spring was essential for the group to grow last year since the rates for car and motorcycle insurance had been frozen due to the lower loss experience in this segment induced by the confinements.
Strong growth expected in retirement savings
Matmut logically notes a resumption of this in 2021: the total cost of claims is 133 million euros higher than that of 2020, but the level compared to 2019, specifies the group.
In home insurance, the number and cost of claims are also on the rise, with a significant increase in the number of water and fire damage.
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Matmut generates more than three-quarters of its turnover in property and casualty insurance – mainly car and home – and is positioned to a lesser extent in health insurance (16%) and provident savings (6%).
The group, which celebrated its sixtieth anniversary last year, also returned on Thursday to its strategic plan for the period 2021-2023, announced a year ago. It is still aiming for strong growth in retirement savings and in the professional market.
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The solvency ratio, a key indicator for the entire insurance sector that measures the financial strength of a company, is estimated at 196% at December 31, 2021, compared to 202.5% at the end of 2020.
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