ICMIF member Aéma Groupe (France) has reported its 2025 results, highlighting continued growth across its main business lines and a strengthening of its mutualist model five years after its creation.

The group, formed in 2021, said it now protects nearly 12 million member policyholders. It has developed a diversified structure designed to withstand economic volatility, financial market fluctuations and increasingly frequent climate-related events.

Aéma Groupe brings together four brands, Macif, AÉSIO mutuelle, Abeille Assurances and Ofi Invest. The group has expanded through major transactions, including the acquisition of Abeille Assurances and the creation of Ofi Invest, which has become one of France’s largest asset managers.

In 2025, Aéma Groupe increased its redistribution to policyholders to more than EUR 9.5 billion, up from EUR 9.3 billion a year earlier. The group said the increase reflected higher benefit redistribution in property and casualty and health and protection, as well as improved returns in savings and retirement products.

Pascal Michard, Chair of Aéma Groupe and ICMIF board member said: “Five years after its creation, Aéma Groupe fully demonstrates the relevance of the mutual model and the strength of its values. The group will continue to fully play its role: defending accessible protection, promoting prevention, and supporting major transitions.”

Chief Executive Officer, Adrien Couret, added: “Since its creation in 2021, Aéma Groupe has reached key milestones and doubled in size to now protect nearly 12 million people in 2025 and generate EUR 18.6 billion in revenue, positioning itself among the top five players in the major French insurance markets…Our strength lies in the consistency of the strategic choices we have made, which now provide us with a solid foundation for further acceleration. In the face of increasing risks, the 2025 results illustrate the relevance of our mutualist model and its ability to maintain accessible insurance for all French citizens.”

Business performance

In non-life insurance, damages turnover increased by 7.9% year-on-year to EUR 6.6 billion, despite an exceptional climatic burden of EUR 480 million and continued inflationary pressure on repair costs. The group improved its combined ratio to 103.5% and returned the business to breakeven, supported by targeted pricing actions and strong commercial performance at Macif.

Health and protection turnover rose 3.6% to EUR 3.5 billion. The segment returned to positive technical performance, with a EUR 84 million technical margin, an improvement of more than EUR 82 million compared with 2024. The combined ratio improved to 97.6%. The group said the result reflected tighter claims management, pricing changes and the impact of a transformation plan within AÉSIO mutuelle.

Retirement savings delivered EUR 8.6 billion in turnover, up 27.8% year on year. Net inflows returned to positive territory at EUR 664 million, supported by growth in unit-linked products, which rose 41.8%, and improved market conditions. The launch of Afer Génération was also highlighted as a contributor to growth.

Asset management, led by Ofi Invest, reported EUR 210.2 billion in assets under management, up 4.7%. Net income rose to EUR 83 million, supported by higher operating margins, synergies from the integration of Egamo and contributions from Swen Capital Partners. The cost income ratio improved to 75.4%.

Outlook

Looking ahead to 2026, Aéma Groupe said it will continue implementing its strategic plan “Aéma 2026: À vos marques!” while preparing its next long-term cycle.

The group said rising risks, particularly around climate and health, are increasing pressure on traditional insurance models and reinforcing the need for broader risk sharing and prevention approaches.

It outlined three priorities for the next phase, strengthening mutualisation, expanding prevention strategies for climate and health risks, and developing responsible investment. The group said it has already invested more than EUR 12 billion in sustainable assets, including EUR 1.3 billion in 2025.

Five years after its creation, Aéma Groupe said its model combines financial strength with social purpose, aiming to support more accessible and sustainable protection in the French insurance market.