The Group has strong own funds of more of € 12.8 billion to support its activities in the service of its policyholders. Those own funds are compounded of quality elements, almost all of Tier 1.

Financial solidity of SGAM AG2R LA MONDIALE

  • results from the strength of each of its affiliates, reinforced by the links of financial solidarity and the diversification of risks between them;
  • is confirmed by the strong recognition by S&P of the robustness of AG2RLM model upgrading from ‘A-’ Positive outlook to ‘A’ Stable outlook; and
  • gives the ability to provide the security expected by its policyholders and partners, to access debt markets, and to develop mutual certificates, thus strengthening the link between the Group and its policyholders.

The Solvency 2 ratio of SGAM AG2R LA MONDIALE as of FY2020 is 180%




The solvency ratio decreased by 41pts between FY 2019 and FY 2020 mainly due to : 

  • Financial market environment (especially drop of interest rate by -48bps) for -35pts
  • Advantageous market access as an issuer in a low interest rates framework, providing 15pts of solvency flexibility
  • Exposition to equities and longer terms & corporates bonds, to optimize the asset and liability management and the return / risk ratio without modifying the risk policy (one-shot cost of 21pts on the solvency ratio).

SGAM solvency level at 180%, still in the target range.

Significant levers are identified with a positive impact on solvency ratio. 

  • As of end of February, rates have risen and would lead to a solvency ratio above 200% 
  • More than 25pts positive expected impact on the solvency ratio as of 2022 through the individual pension transformation project

The amount of the transitional measure on technical provision is €2.7bn and represents 44pts of SGAM ratio. The measure has been agreed by the supervisor until 2032


The issuer La Mondiale solvency ratio is at 195% 

Performance in line with our financial strategy



Eligible own funds of €12.8 billions and almost all of very good quality (Tier 1)

Solvency Capital Requirement, or SCR, at €7.1 billions

The SCR is composed for 69% of the SCR market, directly related to the weight of savings and retirement activities and the risk profile of Sgam. The various management actions such as the control of the collect in euros, the underwriting policy on all the Group's businesses (Savings, Retirement, Pension, Health) and the adjustment of the profit-sharing policy to the low interest rate environment are used to master the level of SCR.

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