Officially the idea is to achieve a first step

The mutual General (MG) has a very clear idea of what it wants to be by 2012: "a mutual interprofessional first plan, to be the Centre of excellence health of a group of insurance of persons", summarizes Patrick Sagon, the President of the second French mutual. On paper, the road map seems all drawn, the ex-mutuelle of the position and France Telecom with two important fire irons.

First, the pre-agreement signed in May 2009 with La Banque Postale, which both intend create a joint subsidiary in health insurance. The specific terms of the strategic partnership for the MG in terms of access to the La Poste network, will be unveiled early July, the idea being to market the first products personal health in 2011.

Then, the negotiations with the joint Mornay, aimed at "building a partnership structuring in insurance of persons", playing on the lever of business or branch collective contracts. ("Les echos" February 5-6). The time is for "possible synergies", knowing that there is in fact not two, but four groups around the negotiating table, Mornay being parallel engaged in a process of rapprochement with the D & O and Apgis joint groups. Officially, the idea is to achieve "a first step." by signing something before the end of the year The probability to achieve is considered "rather high" by Patrick Sagon, less disert however as it is to say yes or not, such an agreement might one day turn into a "strategic partnership".

The network, an other asset

It must be said that mutual General considers have two important advantages: its distribution network (450 employees specialized for 110 points of sale in France) and, especially, its mark - "an intangible asset of great value" - on which it intends to continue to invest heavily after the campaign of last year (EUR 10 million). "It works so although it largely optimizes budget, our campaign with outstanding efficiency", notes Patrick Sagon, referring to gain nearly 37,000 contracts in 2009 on the market of individuals, and a goal to 40,000 in 2010.

In short, the mutual is not bradera pretext to participate in the broad movement of ongoing consolidation in the world of health. "We have not the knife under the throat." Here two or three years, it will be necessary to be part of an integrated group, but should be good. "If the objective is simply to get their hands on our billion of turnover, this risk less us please", summarizes Patrick Sagon, thus leaving the door open to other combinations (for example with a rather specialized in insurance-damages as Covéa group).

Financial strength

In the meantime, the continuous mutual General to strengthen its financial soundness (299 solvency margin at end-2009), passage to Solvency II online focus. At EUR 29.3 million to 1.01 billion in contributions, the net result, which has benefited from the recovery for 20 million of the provision for liability risk, lies within a range target of 2.5 to 3 of the turnover. To finance investments, self-financing the solvency margin and the debts (48 million TSDI, participatory loan 75 million).