Due to climate change and the biodiversity crisis, French ICMIF member MAIF has announced that from now on, 10% of its annual profits will be allocated to climate solidarity and biodiversity regeneration projects.
MAIF has been what is known in France as a “société à mission” (a company with a mission) since 2020, says it is now placing the search for positive impacts on society and the environment at the heart of its strategy. The mutual insurance company had already begun to reduce the greenhouse gas emissions linked to its activities, notably by selling its last fossil fuel-based financial investments under direct management in 2022; by switching to geothermal energy to power its head office; and by using recycled parts to repair its members’ cars.
But, MAIF says, given the seriousness of climate change and the extent of the destruction of biodiversity, reducing emissions and our ecological footprint is no longer enough. It is also necessary to invest to contribute to the restoration of ecosystems and biodiversity.
From now on, MAIF will allocate 10% of its annual profits to the planet, ie an estimated EUR 10 million for the year 2022. This ecological dividend reflects MAIF’s desire to reinvent the sharing of value within the company in order to finance effective and supportive ecological actions which are in line with the insurance business. In concrete terms, this share of the profits will finance three types of action:
- Biodiversity preservation and regeneration projects (sustainable forest management, rehabilitation of wetlands, restoration of watercourses, etc) to help local authorities strengthen the resilience of their territories against the consequences of climate change.
- Supporting MAIF members in the face of climate change through a range of prevention services, such as the implementation of flood barriers and watertight doors or the reinforcement of walls against the risk of drought. The dividend will finance all or part of this work for the most vulnerable members, provided they meet certain social criteria and are exposed to climate risks.
- The Prévention MAIF association’s measures in favour of the climate.
Pascal Demurger, CEO of the MAIF Group said: “Faced with climatic events that are becoming more intense and more frequent, we refuse to accept the status quo. By creating the ecological dividend, we are putting our economic power at the service of a liveable world. More than ever, we place the search for positive impact for our members, for society and for the planet at the heart of our activity.”
Yves Pellicier, Chairman of the MAIF Group said: “It is an activist decision in essence. The aim is to fight the environmental crisis and protect nature. It is further proof of our long-term commitment, in line with our raison d’être.”
AIF has never had shareholders and says it has always reinvested its profits to ensure the sustainability of its model; the quality of the service provided to its members; the development of its employees; and the fulfilment of its mission. By implementing this new, highly committed measure, the mutual insurance company is assuming its responsibilities by acting for the planet, the people who live there and future generations.
Image: Vincent NGUYEN / MAIF