Malakoff Médéric Humanis Merger Complete – France
French social protection group (SPG) Malakoff Médéric Humanis (MMH) in January 2019 arose from the merger of the two former Malakoff-Médéric and Humanis SPGs.
As the new French market leader in group life and health insurance (market share 17%), MMH has 426,000 corporate clients with 10 million people insured. Furthermore, it is the recommended employee benefits provider for 93 professional sectors, a significant competitive advantage.
In pensions, MMH has 600,000 corporate clients and manages 7 million beneficiaries (EUR 36.5 billion per year in payouts) and 8 million contributors of the Agirc-Arrco second-pillar regime.
Unlike many competitors, rather than acquiring local insurers abroad MMH has chosen to support corporate clients in their international development with a range of products for internationally mobile employees and covering foreign subsidiaries.
The group is a significant player in the French expatriate insurance market (iPMI and life coverage), both as a health and life insurance carrier and as a third-party administrator (TPA). In pensions, MMH is the sole provider of French Social Security-compatible expat retirement products as the manager of the CRE-IRCAFEX plan. In partnership with Aetna International, it offers US- and GCC-compliant expat products as well.
And to provide coverage for local employees of foreign subsidiaries, MMH is a member of the IGP and AIG multinational pooling networks.
The merger was first announced in June 2018 and the new Executive Committee in October 2018. As of January 2019, a new logo is in use and brokers have a single point of contact in the new organization. In April 2019, the product range and the sales networks will be unified. In 2020, a new strategy, corporate name, and brand will be introduced.