Matmut's Record Year Forged by Transformative KOREGE Acquisition

ROUEN, France – April 09, 2026 – Matmut Group has announced a landmark year for 2025, posting record financial results that underscore a profound strategic metamorphosis. While a 16.2% surge in revenue to €3.7 billion and a staggering 56.3% leap in net income to €163.2 million paint a picture of robust health, the true story lies in the company's bold diversification through the acquisition of patrimonial insurer KOREGE. The move dramatically rebalances the mutual insurer's portfolio, significantly scaling its presence in the savings and protection market and marking a pivotal moment in its history.

This transformation is a cornerstone of the Group's 'Objectif: Impact! 2024–2026' strategic plan. “2025 marks a historic turning point for Matmut Group with the acquisition of KOREGE, a leading patrimonial insurance player,” stated Nicolas Gomart, Vice-President and CEO of Matmut Group. “Our diversification ambition is largely achieved, with a more balanced business mix across our activites. This enables us to diversify our risk profile while significantly increasing the Group’s scale.”

A Strategic Metamorphosis: The KOREGE Effect

The most significant event of 2025 was the finalization of the KOREGE acquisition on October 31. Formerly HSBC Assurances Vie (France), KOREGE was acquired for a reported sum of around €925 million, financed through a mix of company resources and a €500 million subordinated debt issuance. This single transaction has fundamentally reshaped Matmut's identity.

The impact on the Group's business mix is stark. On a pro forma basis, property and casualty (P&C) insurance, once the dominant force accounting for 69% of premiums in 2024, now represents a more balanced 47%. In its place, the savings and protection segment has exploded from a mere 6% of the portfolio to 36%. Health insurance now constitutes the remaining 17%.

This strategic pivot is reflected in the balance sheet. Assets under management have multiplied by nearly fivefold, rocketing to €28.5 billion from €6.1 billion in 2024. The Group's total balance sheet quadrupled to €30.2 billion. The integration of KOREGE brings not only scale but also new capabilities, expanding Matmut's product offerings with a range of unit-linked funds that complement its existing savings products.

Fortifying the Financial Fortress

Beyond the headline-grabbing acquisition, Matmut's underlying financial performance demonstrated considerable strength across all divisions. The 56.3% increase in net income was not solely a product of the KOREGE deal; on a like-for-like basis, excluding the new acquisition, net income still grew by an impressive 42.0% to €148.3 million.

This performance has bolstered the company's financial foundations. The Group's Solvency II ratio climbed to 215%, landing comfortably in the upper end of its target range of 180%–220%. This indicator of financial resilience prompted ratings agency Moody's to reaffirm Matmut's A2 rating with a stable outlook at the end of 2025. While analysts at Moody's noted the acquisition temporarily increased financial leverage, they also acknowledged the long-term benefits of improved business diversification and profitability.

Operational efficiency in the core P&C business also improved, with the non-life combined ratio falling to 96.4% from 98.3% in 2024. A figure below 100% indicates an underwriting profit, signaling that the company's more granular pricing and risk assessment strategies are paying dividends.

Growth Across the Core and Beyond

While the KOREGE deal captured the spotlight, Matmut's traditional business lines delivered solid, and in some cases, exceptional, growth. The core P&C business saw earned premiums rise by 4.8% to €2.31 billion, driven by strong performance in home (+7.2%) and motor (+4.4%) insurance. This growth was achieved despite a challenging environment, with weather-related claims doubling to a gross cost of €147 million.

In response to rising costs and climate risks, the Group has leaned into innovative, customer-centric solutions. Its "Eco-Smart" benefit, which offers a premium discount for using recycled parts in vehicle repairs, has seen a 31% adoption rate among new contracts since its launch in early 2025. This initiative aims to control repair costs while promoting circular economy principles.

Health insurance was another bright spot, with earned premiums jumping 9.2% to €864 million. The growth was propelled by the success of its digital-first "Santé Vous Bien" offering and the integration of contracts from the French firefighters' mutual, MNSPF. This demonstrates the Group's ability to drive organic growth through modern, accessible products.

Balancing Profit with Mutualist Purpose

True to its mutualist roots, Matmut is framing its financial success as a means to reinforce its commitments to its 5 million members and its broader societal responsibilities. The company's 'Objectif: Impact!' plan extends beyond financial metrics to include ambitious environmental, social, and governance (ESG) targets.

In 2025, the Group reported a 21% reduction in its CO2 emissions, largely attributed to a strategic greening of its investment portfolio. It also surpassed its gender diversity goals, with women now holding 54.32% of managerial positions. Reinforcing its commitment to its employees, the strong financial results enabled a 45% increase in the exceptional profit-sharing allocation, totaling €24.9 million.

As Matmut heads into the remainder of 2026, it does so with a transformed business model and a clear roadmap. The company has confirmed its strategic objectives, including maintaining a strong solvency ratio and a non-life combined ratio below 100%. In a market defined by uncertainty, Matmut has executed a bold maneuver, betting that diversification and scale are the keys to building a more resilient and impactful future.