La Mondiale : In search of a new impetus

AG2R La Mondiale recorded strong inflow momentum and record contributions in 2024, but net profit fell by 20%, below the targets of the Nouvelle Donne business plan. Although the plan has succeeded in turning around the protection and health division, other measures will be needed to restore Domitys' profitability and, more generally, to ensure the group's long-term economic balance. Fabrice Heyriès, chief executive since 7 April, will have the job of preparing and implementing the next strategic plan. Stronger profitability would boost the solvency ratio, which has stabilised at 176% over the past two years. We are confident in the group's ability to take the necessary measures and are maintaining our stable outlook on the credit.
We expect the group to return to the market this year to refinance the € 500m of Tier 3 notes coming due in 2026. We are adjusting our recommendations to the market situation.