The project is not without some internal turmoil

A major turning point looms in the history of la Mutualité française prévoyance pole. The National Union of foresight of la Mutualité française (UNPMF) comes to validate in the General Assembly, on June 4, "the necessity to advance its economic and legal model to develop long-term mutual welfare". If nothing is decided at this stage, the preferred runway may seem iconoclastic check: it would be neither more nor less than transform into a société anonyme (SA) this union of mutuals which, since 2002, manufactures and manages the supply of welfare and pension for 155 mutual. "It is still in the study", warns the President, Patrick Brothier, while admitting that this trail is the rope. The objective would be to reach an agreement on this project here in late September.

The new entity could be operational in 2011, after validation by the bodies of the personnel, and then in the General Assembly, in the last quarter of 2010.

The project is not without some internal turmoil. Trade unions CGT, FO and South also indicated that they opposed to the transformation in anonymous society, fearing for employment. "Whatever form legal tool if it remains under mutual control." "The risk of demutualization is a false debate," said President, recalling that the shift has already taken in the public service mutuality. "If this materializes, this would be a very innovative and very strategic choice emphasizing that you can use modern weapons without betraying its ideals of origin", commented Olivier d. Picaud, partner and Vice President of the firm R & B Partners.

Anticipate Solvency II

The alternatives were considered (including a partnership with the NOC), but they had the disadvantage to exclude the adherent mutual UNPMF, whereas precisely the reverse is affected. "If companies become shareholders of the future SA, the interests, rights and duties of each will be better identified", argues Patrick Brothier, also citing the need to accompany the vast movement of ongoing consolidation in the sector. Among the potential shareholders, six large mutual already expressed: Adréa, Eovi, Apreva, Ociane, Préviadès and harmony mutuality. A place would be left to the community of other members mutual, said the UNPMF in its annual report.

The SA constitution would also meet regulatory requirements, knowing that the "long" risks, such as the provident or retirement, may cost money in capital with the passage under Solvency II in 2013. No filter however, at this stage, the level of intake capital target. The UNPMF, who has directed 934 million euros of turnover in 2009 ( 30), currently covers more than 2.2 times the regulatory requirements with its solvency margin. But it may lack the levers in the future to accompany its strong development, especially if the subordinate securities are excluded from the "hard" capital under Solvency II. In issued to 102 million euros last year.

The insane UNPMF in contrast the hypothesis that this "model change" could be linked to the issue of re-provisioning which it has faced in 2009 - 166 million of euros - to clear the past. The obligation to restore rates guaranteed lifetime on a portfolio of savings and retirement contracts entered into in the 1980s and 1990's in the end has a net loss of EUR 48 million.