Groupe Des Assurances du Credit Mutuel
Groupe des Assurances du Crédit Mutuel (GACM) is the primary insurance holding company for Crédit Mutuel, one of France's leading mutualist bank-insurers. Headquartered in Strasbourg, GACM manages the insurance operations for the Crédit Mutuel Alliance Fédérale group, covering a full range of activities in both life (including savings and retirement) and non-life insurance (including health, property, casualty, and loan insurance). Founded to integrate and grow Crédit Mutuel's insurance presence, the group serves primarily the French domestic market but is beginning to expand internationally. GACM is among France's top 10 insurers by premium volume and benefits from its parent bank's distribution network and diverse product offerings. The company employs several thousand staff (exact group employee count not individually disclosed).
Investment Strategy
GACM operates as the insurance arm of Crédit Mutuel, focusing on a well-diversified bancassurance model with a strong domestic focus in the French market. Its strategy emphasizes a balanced mix, with roughly half its premiums from life (savings and retirement) insurance and the rest from non-life (including P&C, health, personal protection, and loan insurance). Distribution is tightly integrated with Crédit Mutuel's banking network, targeting retail and professional customers. The group maintains a low-risk profile in non-life insurance by focusing on retail exposures, and aims for steady profitability through risk diversification and strong capital management. While over 95% of activity is in France, GACM is pursuing gradual international expansion, especially in markets where its banking parent is present. The group expects growth in professional lines and supplementary health, particularly targeting aging populations.
Top Holdings
Equity Positions (5)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S STLA | STELLANTIS N.V | 42.63% | $150.7M | 15,027,874 | $13.05 | $10.03 | -$17.7M |
R RACE | FERRARI N V | 19.29% | $68.2M | 139,000 | $425.46 | $490.74 | +$8.7M |
M MSFT | MICROSOFT CORP | 13.17% | $46.6M | 93,600 | $421.50 | $497.41 | +$11.4M |
C CRH | CRH PLC | 12.93% | $45.7M | 497,977 | $92.52 | $91.80 | +$1.9M |
L LIN | LINDE PLC | 11.98% | $42.3M | 90,243 | $418.67 | $469.18 | +$319.5K |