The Group has strong own funds of more of € 14.3 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 at the beginning of year 2021; 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 FY 2021 is 218%




Robust and comfortable at 218%, with nearly €7.6 billion in excess margin

The solvency ratio increased by 38pts between FY 2020 and FY 2021 mainly due to : 

  • Financial market environment impact (especially rise of interest rates by 40bps and CAC40) for +35pts
  • +25pts impact through the individual pension transformation
  • An inflation rise which costs 15pts

SGAM solvency level at 218%, on the high range of the Group target.

The Group settles into a comfortable solvency position that can be managed with confidence. Especially since the result directly feeds equity with no shareholders to remunerate.

Thus, the transitional measure on technical provision represents 50pts of SGAM ratio. The measure has been agreed by the supervisor until 2032.

The issuer La Mondiale (solo) S2 ratio is at 262%.


Performance in line with our financial strategy



Eligible own funds of €14.1 billions and almost all of very good quality (Tier 1)

Solvency Capital Requirement, or SCR, at €6.5 billions

The SCR is composed for 67% 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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