Expected synergiesSynergies are also expected in attendance

For those who knew, it is an economic actor weight are currently creating mutual benefit groups MMA-Maaf and Azur-GMF. Since December, 4 families of mutual are legally related, their reconciliation is being translated by joining societies and mutual azure and GMF SGAM (mutual insurance group company) Covéa, the umbrella structure of MMA-Maaf.

The figures speak for themselves. On the basis of the first accounts combined Covéa, the new mutualist giant "weighs" 11.6 billion euros of turnover including eight billion in insurance-damage and 5.8 billion of own funds, employs nearly 20,000 people and reached last year's net result EUR 753 million.

16 market share

"We are now the first group insurance and liability on French territory, to AXA and the AGF", welcomes Jean-Claude Seys, Covéa and MMA President, referring to a market share of 16. And to add immediately that this first set of account simple aggregation of the accounts of the four groups only reflects partly the strength of the new giant, mutual, since "there is not yet true synergies, which will begin this year." Synergies should make their appearance in the 2006 accounts, to begin with, the effects of the merger between MMA and azure, the two companies for General officers. This merger, which must be endorsed on 22 and 23 June by the General Assemblies of the two entities, will take effect on 1 January 2006, retroactively. The "new MMA" the azure mark, less strong, will disappear on 1 January 2007 will have, with 2,035 points of sale, third network of French general agents, and will, according to its leaders, the second insurer (ex aequo with the AGF) to companies, behind AXA.

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In practice, it is mainly on the management of claims that the new set will bring its weight. "From July 1, four marks will have a common disaster management policy, and all network providers will be common by the end of 2007," explains Michel Gougnard, Director of the claims of the group. So that one of the big issues will focus on the adoption by agents azure, the policy of centralized management of claims in force in the MMA. "We will go to Azur officers campaign, and all this will be achieved on the basis of voluntary," said.

Expected synergies

Synergies are also expected in attendance. Effective January 1, 2007, global Assistance is established more on behalf of the MMA, who decided to appeal to Fidelia, company into the fold of Azur-GMF (Maaf will however keep its links with IMA). A reduction of 30 of the cost of assistance is anticipated between the abolition of VAT and the absence of margins by Fidelia.

The Group also has to make "substantial savings" on the reinsurance transfers currently representing an annual cost of EUR 400 million per year. These achievements will take effect as early as this year, even if "everything not materialise in the 2006 accounts", said Michel Gougnard.

Finally, side staff organization of the new together, "reflections argue quite quickly", said Jean-Claude Seys, stating that there would be no "upheaval".