The operation should enable him to rise between 1And Facebook proved that his model was strongThere will be no social turn as JeanLouis Borloo wishedAnd 2 of GDP according to the 6 institutesThese figures will appear clearly in the budgetNor let speculation grow without any riskThat of peripheral States reached the summits last weekBut a purely Malthusian policy has never created value in the long termThe prospects look better at European levelSocrates in the Meno queries a young slaveAccused of wanting to take advantage of a pension reform will lead to "financial asphyxia of the large systems Division" and the outbreak of the French pension funds, Guillaume Sarkozy, Delegate General of Malakoff Médéric, wished to put the clocks at the time.
The Malakoff Médéric group has been the target of harsh criticism in the debate on pensions.
This showed us that it was important to recall our mode of operation. We are joint. This means that all policy decisions of the group are taken by our bodies to a reinforced majority: they must collect both an agreement of the organisations of employers and a majority of the trade union organizations. We work to the general interest and we are non-profit: 100 of what we earn is reinvested in the business or redistributed to our customers. We have no shareholders to pay. We are obliged, under the regulation of insurance, to surpluses because we do not have the possibility, unlike limited companies, to raise money when we need it. This requires us to be exemplary in the rigour and balance of our professions.
Your first trade, this is retirement...
We are the first operator of pension supplementary Agirc-Arrco. The retirement is the essence of our existence and our legitimacy. Our work first, is to collect contributions from businesses and share, to pay their pension to approximately 20 of the employees of the private sector. We do this in a delegation of general interest and in the interests of our joint and mutual values. 12.3 Billion euros of contributions received by the group in 2009, 8.9 billion are in respect of the supplementary pension and 3.4 in respect of the insurance of persons. First, I am a General Manager of pension fund. The head of the Malakoff Médéric group, this is my first mission, and I performed it under the control of the social partners. It is for them to define the balance they wish between the contributions and pension benefits.
But you also have ambitions in supplementary retirement
For several decades, the Act authorizes the development of some products of savings and savings retirement. In contrast to the life, the output is primarily in annuity. A good part of the employees has needs senior Agirc-Arrco benefits agreed by the social partners. This wage savings and retirement savings business, we do so forty years to serve this need. It represents 11 of our turnover. Our market share is now too low, especially because we have enough invested in our networks. The Malakoff Médéric Group since 2006 the question arises of the critical size on this job.
Why you ally to NOC
Taking into account the needs of secure savings of employees over very long periods, the directors of the Group took the decision in 2008 to consider a partnership. It has seemed that CNP Assurances was the best possible partner. The operation is balanced, and the two groups, both of which are financially very strong, share the same meaning of the general interest and the same vision of medium-long term. You must have in mind that we need to ensure savers security of their investments on periods of seventy to eighty years.
Where is the project
The process is underway, and we are on schedule. The boards of Directors and the General Assemblies of Malakoff Médéric and CNP Assurances gave the green light this summer. We rely on an operational early 2011 startup. Sixty people already work full time on the project. It is complex because 10 companies of the 2 groups bring their assets. Sizing is designed to achieve a 50-50 parity in the ownership of the future company. Balance sheet total will be of the order of EUR 6 billion, which will give him the desired critical size.
Regulatory developments, including the entry into force of Solvency II on 1 January 2013, will cause you to need more capital.
We are not concerned by the issue of deadlines, no more financial and operational perspective. Our business will further consolidate. Margin requirements will go to increasing to manage changes to the health and welfare. The pension reform will generate very important needs of provisions. On the basis of the 2009 figures, we cover our requirement of margin of solvency to height of 3.6 times. On the basis of our work in progress, we should be around 2 times the margin under Solvency II.
You said apply 10 million of protected persons. A new reconciliation will be necessary
Reaching this critical size through the creation of platforms bringing together services to 10 million people. What we do with the harmony mutual group through our network of opticians already allows us to reach 6 million of protected persons. We are shareholders of Viamedis, a platform for third party paying covering 3.5 million beneficiaries. The Malakoff Médéric brand began to be recognized. We do not necessarily wish to develop fusion - we already have - and know that for two years we are strongly mobilized by internal issues. Today, we are in a position to make internal growth.
