Outlook: Stable
Action date: 09/08/2022
Rating action: New


La Mondiale, SAM (hereinafter, La Mondiale) is part of the French mutual group SGAM AG2R La Mondiale and offers life and savings insurance and individual and group pensions. Our credit rating is based on its high capitalization and in the conservative profile of its financial investments. We also value positively the progressive increase in the volume of Unit Linked insurance policies, which are life and savings insurances, since in addition to being products with lower capital requirements, that have improved the company's capitalization, they have reduced its sensitivity to low interest rates. On the other hand, our rating is limited by the concentration of its revenues in the French market and a profitability that places it below its main peers.


Date last rating: 09/08/2022
Date first rating: 09/08/2022