critical digital component and a new General Secretary in charge of reinforcing the Group’s compliance. On that very day, a “chair for the client” was symbolically placed in all the Company’s meeting rooms to emphasize our renewed focus on customer satisfaction. And a Shadow ExCo, composed of the 16 brightest managers under 40 of age, was set up to steer innovation and challenge the thinking of the Group’s leadership. The governing bodies of AG2R LA MONDIALE largely adopted the Plan’s various components, including a new framework and set of rules for all the Group’s entities on May 25th, 2022, the restructuring of the Protection & Health division on June 9th, 2022, and the IT & Digital roadmap which involves a 630m-EUR investment plan over a 6-year period in December 2022. The transformation plan was itself unanimously voted for in October 2022. The Plan’s immediate implementation has led to concrete results materializing very rapidly: - The turnaround of the Protection & Health division has been spectacular, with the division’s net result moving from a 70m-EUR loss in 2021 to achieved breakeven H1 2023. In addition, we managed to reduce overhead costs by 70m EUR. These two major achievements led the French regulator to terminate its reinforced supervision of the Group, which had been initiated back in 2017, as early as April 19th, 2023. - Our digital capabilities are being significantly enhanced with the delivery of already more than 130 major items, including a brand new 360° Customer Vision tool. - A landmark partnership with MAIF, a leading P&C insurer in France, signed on April 11th, 2023, opens new distribution channels for our products and allows us to offer a fullyfledged insurance product range to our clients. - Employee engagement has significantly improved and now displays an exceptional level of buy-in, with 3 out 4 employees stating they agree with and have confidence in the Group’s strategy. - And the Plan is praised by rating agencies: S&P has now twice confirmed our “A stable outlook” grade, underlining an exceptional level of liquidity but also the expected benefits that “Nouvelle Donne” will yield for the Group. At the same time, we have delivered stellar environmental and social performances, rewarded by 7 trophies throughout the year and by AG2R LA MONDIALE ranking top among French insurers for ESG performance. Overall, “Nouvelle Donne” and its execution showcase the Group’s intention and ability to achieve rapidly a massive step change for the sole interest of our clients. To this end, we are fully committed to pursue our efforts to grow and improve our business with a strong focus on delivering best-in-class solidarity and sustainability policies. A Unique Player in the Insurance Industry AG2R LA MONDIALE is a leading French insurance company, providing its clients with Health, Income, Pension and Saving protections through policies subscribed by individuals directly, or by their employers or trade branches. The Group’s history dates back 118 years. Today, it counts more than 15 million clients and is a daily partner for 500,000 businesses. AG2R LA MONDIALE’s footprint covers the whole French metropolitan and overseas territory, with a 15 000-employee workforce. It ranks as the second complementary pension scheme operator in France and is the leading provider of senior housing and living services through its subsidiary Domitys. For year 2022, the Group’s insurance businesses earned 11.4bn EUR of gross written premium. And AG2R LA MONDIALE held 120bn EUR in assets under management. The Group displays a unique DNA on the back of a singular governance framework involving workers’ unions, employers’ organizations and a cooperative model. As such it aims for both profitability and solidarity. Our promise to our clients is to help them “take control on tomorrow”. We do so by accompanying them at all stages of their life, including the more challenging times, by offering a complete range of personal insurance products. We also leverage our expertise to advise on the right choices they can make to have durable protections for themselves and their loved ones. Through its core businesses, the social action carried by the Group’s Pension and Health divisions, a wide range of community involvements, and a stringent ESG policy, AG2R LA MONDIALE strives to contribute positively on topics of importance, including, but not limited to, tackling the challenges entailed by climate change and population ageing. A New Deal for the Benefit of our Clients AG2R LA MONDIALE is committed to a redefining transformation plan coined “Nouvelle Donne” (“New Deal”), which places our clients at the core of our actions and decisions and aims at reinforcing the Group’s abilities to cope with a more challenging environment while seizing every profitable growth opportunity. To do so, the Plan sets out eight distinct objectives. A significant IT overhaul, a genuine omnichannel distribution model as well as a leaner organization and processes will yield increased client satisfaction and improved employee engagement. The restructuring of our Protection & Health division, a focus on expanding our profitable businesses as well as forays in meaningful new businesses and services will strengthen the Group’s financial trajectory. Concrete efforts and impact towards this transformation started on May 2nd, 2022 under the leadership of a new executive team, among whom a new CEO (Bruno Angles) to spearhead the overall effort, a new CIO to oversee the Plan’s CEO Today Europe Awards 2023 - FRANCE - - 19 -
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