Major French insurers enter into exclusive merger talks

French insurance groups AG2R La Mondiale and Matmut announced they have entered into exclusive talks as they consider merger plans.

Such a move would be effective on 1 January 2019, subject to various approvals, stated the two firms in a joint press release.

In recent years, the firm has been quite active in the M&A activity of the French insurance sector having merged with Réunica Prévoyance in 2015 and ViaSanté Mutuelle in 2014.

AG2R La Mondiale tallies 15 million individuals and 500,000 companies as clients. Its asset management branch, led by chief executive officer Sylviane Masson, had been renamed to AG2R La Mondiale Gestion d’Actifs (previously Agicam) last April. It is split in three divisions : multimanagement, fixed income and equities.

As of end March 2017, its assets under management amounted to €25.77bn, including €15.06bn in equities, €9.63bn in fixed income and €1.08bn in money market securities.

Regarding the Matmut group, counting 3.3 million members, it holds a 25.8% share in OFI Asset Management while Macif, another insurance group, has a 60.9% in the €68bn manager (as of end March 2017).

OFI AM has set a target of reaching €100bn of assets under management last February while unveiling the firm’s 2020 strategic plan.

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is deputy editor and French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

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