MAIF launches its Socially Responsible Retirement Savings Plan

11 September 2020


Eager to offer its members investment support consistent with its raison d’être, French mutual and ICMIF member MAIF has this week announced the launch of a new product: the Socially Responsible Retirement Savings Plan.

This retirement savings plan, the first on the market to be classed as a 100% socially responsible investment (SRI), expands MAIF’s range of socially responsible savings products. These products created by MAIF are in response to the objective enshrined in France’s PACTE* law of promoting sustainable retirement savings and investment products in the French economy.

A new socially responsible savings product

This product has the unique feature of being made up of both a 100% SRI fund in euros and exclusively labelled SRI or solidarity units of account, selected according to several criteria:

  • their long-term financial performance,
  • their investment in companies with the best practices in their sector in terms of environmental, social and governance (ESG),
  • being recognised as an SRI product or under the Finansol label.

The MAIF retirement savings plan aims to offer the possibility of preparing for retirement while financing the development of companies that actively support employment and professional development, as well as supporting environmental goals and the ecological transition.

The plan takes the form of a 100% SRI unit-linked group life insurance policy, with individual membership and variable contributions. As with all retirement savings plans, invested savings are only available upon retirement (except in special cases provided for by law).

The member’s individual rights are denominated in euros and / or in SRI unit-linked policies, spread over different business sectors, geographic areas or even management strategies.

Members can choose between three possible management modes: self-managed (the member manages their own fund), manager-guided and with a given time horizon, or managed – for the latter two, three profiles are offered (prudent, balanced, dynamic).

This new retirement savings plan automatically replaces the plan previously distributed by MAIF. All those who had taken out the previous policy will have their plan automatically transferred to the new Socially Responsible Retirement Savings Plan.

* The new Retirement Savings Plan (PER) was created by the Pacte law, adopted in May 2019. It succeeds the current PERP and “Madelin” policies, and has rules which are more favourable to savers.

MAIF, a responsible investor

With 20 billion euros under management, MAIF has made responsible investment a major focus of its investment policy. The mutual has been a signatory of the United Nations Principles for Responsible Investment (PRI) since 2009, and the MAIF Group is committed to implementing the Principles throughout its investment policy. It aims to reconcile sustainable and financial performance within any investment, integrating an analysis of ESG and climate issues related to the assets it selects, in the same way as a financial analysis of the assets.

In line with these commitments, the MAIF retirement savings plan combines purpose and profitability; 100% of the Socially Responsible Retirement Savings Plan in euros therefore meets MAIF’s requirements in terms of taking into account ESG criteria, while ensuring strong financial returns for savers.

MAIF was the first French insurer to offer a range of fully socially responsible savings products, which it first launched more than 10 years ago. It includes its: Socially Responsible Life Insurance, Alternative savings plan, and the Socially responsible investment fund. These offerings support projects that have a real impact on society and the common good on behalf of savers who put their trust in MAIF:

  • € 547 million invested in the energy transition from savings in life insurance policies managed by MAIF VIE (MAIF Life).
  • 175,000 jobs created or supported thanks to socially responsible savings invested in collaboration with France Active over the past ten years in companies working for employment and professional rehabilition.

Hélène N’Diaye, Deputy Director General in charge of personal insurance said: “We believe it is essential to offer our members investment support that is fully consistent with our purpose. The Socially Responsible Retirement Savings Plan has the unique feature of being entirely made up of 100% socially responsible investments. This makes us unique: strengthening our savings products by offering our members the opportunity to support social projects by directing their investments for the common good.”

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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