DJ Aéma Groupe: FY 2023 Results
Aéma Groupe
Aéma Groupe: FY 2023 Results
08-Apr-2024 / 08:30 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Press release - Paris, April 8th, 2024
AÉMA GROUPE - FINANCIAL RESULTS 2023
A solid Groupe at the service of mutualist redistribution:
in just three years since it was formed, Aéma Groupe has achieved profitable growth, despite the challenging economic
climate
# A NEW MUTUALIST PROTECTION GROUP
-- Founded in 2021 by Macif and AÉSIO mutuelle, which constitute its governance, Aéma Groupe is now among
the top 5 French insurance and asset management player, thanks to the acquisition of Abeille Assurances in 2021,
the creation of Ofi Invest in 2022, and the affiliation of the Mutuelle des Métiers de la Justice (MMJ) in 2023.
-- Aéma Groupe has cemented the mutualist model in the insurance market, while developing a strong value
chain through four acquisitions in 2023: Mondial Pare-Brise by Macif, the Union Financière de France (UFF, buyout
of minority interests), Les Bureaux de l'Epargne by Abeille Assurances, and Egamo by Ofi Invest *.
*Acquisition by Ofi Invest Asset Management was announced at the end of November 2023, and has been effective as of
January 8, 2024.
# DEVELOPMENT
-- Since it was formed in 2021, Aéma Groupe has continued the strong organic growth of its portfolio of
policyholders, subscribers and customers. It now provides coverage for more than 11.7 million people, and gained
130,000 new policyholders in 2023.
-- In 2023, Aéma Groupe's premium income was 15.6 billion euros, with contrasting business dynamics -
positive development in non-life, and health and personal risk, with a decline in retirement savings.
# REDISTRIBUTION
-- In 2023, the group increased its redistribution capacity, paying out more than 9.2 billion euros to its
policyholders (compared with 8.9 billion euros in 2022).
-- Staying true to its mutualist model, with no financial shareholders, Aéma Groupe provides one of the
highest levels of benefits to its members on the market, in non-life, and health and personal risk insurance, and
through its pensions and savings products.
# BUSINESS SOLIDITY
-- Despite a challenging economic climate, Aéma Groupe has maintained a positive net income of 50.9 million
euros in 2023 (down 58.2%). This drop is due to the deterioration in the technical margin of the P&C business
(combined ratio of 105.6%), as a result of extreme weather events in 2023 which cost 446 million euros, and strong
inflation in average repair costs. In health and personal risk, the combined ratio improved to 100.9% due to a more
favourable claims period, and the first results of the recovery plans initiated in 2022. Retirement savings and
asset management contributed positively to the Group's net income.
-- Solvency has risen by 23 points since the Group was created, reaching 178% in 2023. This is down 10
points on 2022, however, the result of a group decision not to renew the subordinated debt of 400 million euros
maturing in 2023. This decision was part of the Group's strategy to reduce its debt levels.
# ON YOUR MARKS - the strategic plan to 2026
-- After 3 years of growth, the 2024-26 strategic plan "Aéma 2026: À vos marques!" ["Aéma 2026: on your
marks!" - the French word "Marque" means "Brand"] aims to consolidate the foundation of the group and its brands
(Macif, AÉSIO mutuelle, Abeille Assurances, Ofi Invest) through synergies and the affirmation of its mutualist
differentiators.
KEY FIGURES 2023
Premium income: 15.6 billion euros
Net income: 50.9 million euros
Development:
11.7 million members, policyholders, customers
+130,000 new policyholders
Solvency ratio: 178%
Combined ratio:
P&C: 105.6%
Health and personal risk: 100.9%
Assets under management: 203.6 billion euros
Pascal Michard, Aéma Groupe Chairman of the Board of Directors, said:
"In 2023 we completed the group's structure, and confirmed our mutualist mission at the service of everyone. Our size
and our dynamism mean we can look to the future with strong commitments that echo the group's fundamentals. We are well
placed to amplify our primary mission of offering the most accessible protection to everyone, in a context where
social, economic and environmental imperatives are more pressing than ever."
Adrien Couret, Aéma Groupe CEO, added:
"From its foundation by Macif and AÉSIO mutuelle, to the creation of Ofi Invest and the acquisition of Abeille
Assurances, Aéma Groupe has, in the last three years, established a new model for the French insurance landscape. We
are convinced that the mutualist not-for-profit model is a strength in a volatile world. It's a model that works
because of the complementary nature of our diverse business lines, and because of our strong brands. It's a model of
openness, proved by tactical acquisitions we've made across the value chain. 2023 marks the end of our first strategic
plan. We've achieved resilient growth, earnings and solvency in what has become a far more challenging environment. Our
next strategic plan will be devoted to consolidating this model, between the development of our brands and synergies
within the Group".
AÉMA GROUPE: A BALANCED DIVERSIFICATION OF ACTIVITIES AND RISKS
1. Premium income that reflects the French insurance market
The Group's premium income totalled 15.6 billion euros in 2023, down 3.1% on 2022.
In the property and casualty business, earned premiums rose by 4.2% to 5.7 billion euros, accounting for 37% of the
Group's consolidated premium income. This increase was driven by strong development momentum in both motor and home
insurance.
In the health and personal risk business, earned premiums rose by 2.7%* to 3.3 billion euros, contributing 21% to the
Group's consolidated premium income.
*+0.6% on a like-for-like basis
The pensions and savings business, with gross new money of 6.6 billion euros, contributed 42% of the Group's
consolidated premium income. On a like-for-like basis, business was down 11.1%. However, assets under management, which
account for the bulk of the retirement savings sector's revenues, increased to 107.4 billion euros, confirming the
solidity of the business model.
2. An economic contribution driven by retirement savings and asset management
Group net income in 2023 was EUR50.9 million, down 58.2%. This was marked by a fall in the technical margin of the
property and casualty business (combined ratio of 105.6%), penalised by a year of extreme weather events, tighter
reinsurance conditions, and significant inflation in average repair costs.
In health and personal risk, the technical margin improved following pricing adjustments (combined ratio of 100.9%), a
better technical balance, and reduced operating costs. The investment margin also improved as a result of higher
interest rates and capital gains.
Net pensions and savings income remains the main contributor to the Group's net income, at EUR100.8 million euros.
However, this was down on the previous year, partly explained by the full-year effect of the subordinated debt issued
by Abeille Vie in 2022.
Assets under management amounted to 203.6 billion euros (+13.7% vs 2022). Much of this growth came from the acquisition
of Egamo (18.5 billion euros AuM) by Ofi Invest on December 31, 2023*. Asset management made a positive contribution of
EUR47 million to the Group's net income.
*Pro forma scope including Egamo assets, resulting from the announcement in November 2023 of a long-term partnership
with the VYV mutual group, and the acquisition of its management company Egamo by Ofi Invest Asset Management at the
beginning of January 2024.
3. Increased solvency since the Group was founded
The Group's Solvency 2 (S2) ratio is 178%, down 10 points compared with 2022. This decrease is mainly the result of the
redemption of 400 million euros of external subordinated debt in March 2023, as well as to changes in market conditions
and the commutation of a reinsurance treaty. These last two points increased the capital requirement in 2023.
2023, THE FINAL YEAR OF A SUCCESSFUL FIRST STRATEGIC PLAN
A growing group with a solid business model that has proved its relevance in a challenging economic climate
By combining strong brands - AÉSIO Mutuelle, Macif, Abeille Assurances, Ofi Invest - that are references in their
markets, with complementary expertise, and driven by a common set of values, Aéma Groupe now covers all protection
needs of more than 11.7 million policyholders (+130,000 members and customers in 2023).
Despite the difficult and volatile economic climate since it was formed, Aéma Groupe has held its position in the top 5
of the French insurance and asset management (via Ofi Invest) markets in France in 2023.
On the strength of its unique mutualist model, Aéma Groupe has built a solid and steadily growing group thanks to the
stability of its governance by two mutuals, Macif and AÉSIO Mutuelle, and thanks to the complementary nature of its
business lines, distribution networks and risks.
Attractiveness and consolidation
Following the acquisition of Abeille Assurances, the creation of Ofi Invest and the affiliation of MMJ to UMG Aésio,
the group continued its consolidation in 2023 through a strategy of acquisitions made in all its business lines. This
has demonstrated Aéma Groupe's attractiveness and its leading position on the French insurance market.
In addition, Aéma Groupe has developed synergies between its brands, by pooling technical expertise, service providers
and purchasing contracts.
The affirmation of an activist mutualist model
In an uncertain socio-economic context, and in a society in need of long-term, meaningful collective projects, Aéma
Groupe is positioning itself as a player in the social and solidarity economy. Aéma Groupe is proud of its mutualist
identity.
In 2023, Aéma Groupe's activities generated an unprecedented 9.23 billion euros for redistribution to its
policyholders, an increase of 330 million euros compared to 2022, including 4.38 billion euros in property and casualty
insurance benefits, 2.58 billion euros in health and personal insurance benefits, and 2.27 billion euros from its
pensions and savings products.
Deeply committed to society and the environment, Aéma Groupe has spent the last three years developing and implementing
actions dedicated to supporting the environmental transition. With strong mutualist values and convictions, the group
acts not only as a shareholder, but also as a responsible investor. With more than 200 billion euros in assets under
management, Aéma Groupe's substantial investment capacity is a strong lever for accelerating the transition in the face
of growing climate and societal challenges. Since 2021, Aéma Groupe has invested more than 6 billion euros in green,
social and sustainable bonds, including more than 1.3 billion euros in 2023.
Convinced that unity is strength, Aéma Groupe has also joined a number of industry initiatives - the Principles for
Responsible Investment (PRI) and the Forum for Responsible Investment (FIR) - and actively participates in debates and
shared commitments across the ecosystem. Through its membership of the Net Zero Asset Owner Alliance (NZAOA), Aéma
Groupe has adopted the ambitious strategy of decarbonizing its portfolio. In July 2023, the group signed the Finance
for Biodiversity Foundation's (FFBF) Deep Sea Mining appeal to help, protect and restore biodiversity and ecosystems
through their investments and financing activities.
"ON YOUR MARKS!" A NEW STRATEGIC PLAN TO 2026
Aéma Groupe's first strategic plan, Cap 2023 "Building to conquer", established a new leading mutualist player in the
French insurance market.
Encouraged by this successful growth, the group has announced a new strategic plan: "Aéma 2026: À vos marques!" ["Aéma
2026: on your marks!" - the French word "Marque" means "Brand"].
In a challenging macroeconomic environment, this new plan aims to consolidate the group's common project, its economic
and financial foundations, and those of its entities.
The plan, based on the governance of its founding mutuals and its new structure around its 4 brands, articulates the
respective strategic plans of Macif, AÉSIO mutuelle, Abeille Assurances and Ofi Invest:
-- Growth and development of the brands' quality of service;
-- Pursuing synergies across the Group;
-- Asserting the mutualist difference, in particular by defending the interests of policyholders, and
defense of its interests as an insurer in France and Europe in the face of intensifying regulation;
-- Pursuing a strategy of openness to anticipate future protection needs, and to achieve a broader
positioning than just insurance;
-- Strengthening its impact on society and the environment through its commitment to responsible finance and
insurance, with a target of reducing the carbon footprint of its investment portfolios by 50% by 2030.
With the deployment of this new strategic plan over the period 2024-2026, Aéma Groupe intends to fulfil its original
ambition of guaranteeing quality protection that is accessible to as many people as possible in the face of economic,
social and environmental difficulties.
ABOUT AÉMA GROUPE
Aéma Groupe is France's fourth largest insurance company. With a revenue of more than 16 billion euros in 2022, the
Groupe includes the Aésio Mutuelle, Macif, Abeille Assurances and Ofi Invest brands. Its more than 20,000 employees and
1,800 elected representatives work every day to support and protect more than 11 million policyholders.
A leading multi-brand, multi-network and multi-business insurer, Aéma Groupe covers all insurance needs (Property &
Casualty, Health & Personal Risk, Retirement Savings and Asset Management). Its extensive risk expertise and economic
strengths make it a major partner in building the insurance of the future.
Independent and resolutely mutual, Aéma Groupe aims to provide enlightened, constructive and human answers to the major
insurance challenges linked to transitions being experienced across the world. By building a leading mutual insurance
company that brings together economic, social and environmental performance, Aéma Groupe is creating a new and solid
model to provide global, sustainable and fair insurance for everyone.
aemagroupe.fr
INVESTOR CONTACT
Aéma Groupe: Jean-Yves Icole - Head of Funding and Investor Relations, Aéma Groupe- jeanyves.icole@aemagroupe.fr
PRESS CONTACTS
Agence Rumeur Publique - aema-groupe@rumeurpublique.fr - Taline Sarkissian: 06 13 36 70 23 - Mathias Jordan: 06 63 48
59 16
Aéma Groupe - Amandine Boideau: aboideau@aemagroupe.fr - Flore Witvoet: fwitvoet@aemagroupe.fr
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Regulatory filing PDF file
File: ENG - CP - Aema Groupe_Resultats financiers 2023
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Language: English
Company: Aéma Groupe
17-21, place Etienne Pernet
75015 Paris
France
Phone: (0)1 55 31 67 27
Internet: https://aemagroupe.fr/
ISIN: FR0014003XY0
Euronext Ticker:
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1874833
End of Announcement EQS News Service
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