Matmut Group Reports Strong First Half 2026 Earnings Growth

Matmut Group reported a strong first half of 2026, with earnings and savings inflows up significantly. The company’s total revenue for the period reached €2,646 million, a 45.1% increase from the same period in 2025. Excluding the integration of KOREGE, which was consolidated in November 2025, the growth was a more modest 1.2%. Despite the loss of a major health insurance contract, the property and casualty insurance business saw a solid 4.5% increase in earned premiums.

The Group’s property and casualty insurance division, which includes motor, home, and other P&C policies, recorded a 4.5% increase in earned premiums to €1,200 million. Motor insurance premiums rose by 4.3% to €762 million, driven by positive volume growth and pricing adjustments. Home insurance, a strong performer within the P&C segment, saw a 6.1% increase in earned premiums to €313 million, reflecting more accurate risk assessments and pricing.

Health insurance activities showed mixed results. Mutuelle Ociane Matmut, a key player in the health insurance market, saw a 8.6% increase in earned premiums, with a 4.4% increase in the number of policies. However, the overall health insurance business experienced a 18.5% decrease in earned premiums, largely due to the loss of the Mgéfi contract, which covered employees of the Ministry of Finance. Despite this, 95% of the Ministry’s retired employees chose to maintain their coverage with Mgéfi, highlighting the quality of their service.

Savings and protection products, which include life insurance and borrower insurance, saw a significant boost, with revenue nearly quadrupling to €1,080 million. This growth was driven by the integration of KOREGE, which was consolidated into the Group in November 2025, and strong commercial performance from Matmut Vie, which recorded gross inflows of €244 million and net inflows of €205 million.

Investments continued to focus on primary issuances of French sovereign debt, contributing to the financing of public investment programmes. The unlisted portfolio, accounting for 7% of total assets under management, maintained a low-risk profile through diversification across various investment vehicles.

At this stage of the year, Matmut Group reaffirmed the financial targets set for its current strategic plan "Objective: Impact! 2024-2026." The Group expects a solvency II ratio between 180% and 220%, a non-life net combined ratio below 100%, and a return on equity between 3% and 4%. The Group noted that the 2025 results benefited from several positive exceptional items, including the consolidation of KOREGE for the final two months of the year and a low corporate tax rate.

The Group is preparing its next strategic plan, which will be presented in early 2027. The plan will address the challenges facing the country and the policyholder-members, while seeking to further strengthen the development of core businesses. The Group remains mindful of the regulatory environment, particularly the potential implementation of a 2026 premium freeze, which could have an estimated €25 million impact. The constitutionality of this measure is currently under review by the Constitutional Council, with a decision expected by the end of October 2026.

Nicolas Gomart, Vice-President and CEO of Matmut Group, expressed gratitude to employees and partners for their commitment throughout the first half of the year. He emphasized the Group’s strategic choices in product design and pricing, which validated the Group’s approach to growth and diversification.