Macif : Solid credit and still attractive yield/rating trade-off

On 1 January 2026, Aéma will celebrate its fifth anniversary and launch the final year of its strategic plan, Aéma 2026: On your marks! Barring uncontrollable external events, the objectives of this second strategic plan for this young group, the result of the conglomeration of various entities and activities with different cultures (merger of Aésio and Macif, integration of Aviva France and creation of Ofi Invest), should be achieved.
The challenge will be to consolidate profitability and enhance business and cost synergies while shoring up the Sgam's solvency ratio. For the current level is far from optimal given the sensitivity of the ratio and the political and financial situation of the French government.
Although its current level is not optimal given the ratio sensitivity and the French government's political/financial situation, we are cautiously optimistic about its continued progress, given its strengthened capital generation capacity (more solid technical underlying in health/personal protection and savings) and its resolve to optimise risk calculation.
We are maintaining our Stable credit opinion. We reiterate our Buy recommendation on the RT1 PNC28 notes, which, in addition to its strong performance over the past two years, continues to offer an attractive yield of over 5% for a Baa3' rating, and on the two Tier 2 20252/32 and 2033 bonds, and our Buy & Hold recommendation on the Tier 3 2027 bonds.