The Group has strong own funds of more than € 10 billion to support its activities in the service of its policyholders. Those own funds are compounded of quality elements, almost all of Tier 1, and cover twice the regulatory requirement with a ratio S2 of 213% at the end of 2016.

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 Standards and Poor's rating : A- outlook stable; 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 December 31, 2017 is 224%, more than twice the regulatory minimum. 


The Group's regulatory coverage ratio is strong. It also includes transitional measures provided for by the new prudential regime, applicable until 2032. Excluding these measures, the ratio stands at 146%, up 16 points compared to 2016. This improvement of the ratio has been achieved despite the interest rates drop. It is the result of the implementation of an action plan aimed at achieving a minimum target of 150% by 2020.


A strong financial performance (la mondiale)



Eligible own funds of over € 10 billion and almost all of very good quality (Tier 1)

Own funds are compounded by 21% of subordinated debts (11% Tier 1 and 10% Tier 2).


Solvency Capital Requirement, or SCR, at € 5,2 billion

The SCR is composed for 73% 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.



Our measures to improve solvency ratios 

  • From the end of 2016, the Group issues "Mutual Certificates", a new Tier 1 capital instrument underwritten by its members and policyholders. In 2017, €76M were subscribed, and the Group expects in the medium term several hundred million euros of additional capital.
  • The issuance of subordinated debts in January 2017 improved the solvency ratio by 10 points.
  • The profit-sharing rate has also been adjusted to increase profit margins and policyholders surplus provision.
  • The business mix has been revised to limit guarantees. For example by switching all new subscriptions in euros to a guaranteed rate of 0% gross loadings, and favoring unit linked.
  • In terms of pensions and health, the recovery of technical balances is continuing.



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