LA MONDIALE

EthiFinance Ratings downgrades La Mondiale's rating from"A" to "A-", maintaining its Stable outlook. 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 La Mondiale s leading position in the French insurance market, its robust solvency position, as well as its shift towards Unit Linked products, which have lower capital requirements than general account products. Nevertheless, our credit rating is constrained by its moderate profitability and efficiency, impacted in 2022 by the devaluation of financial assets due to interest rate hikes, and to a lesser extent, by lower premiums, higher claims expenses and higher reinsurance expenses. H igh concentration in the French market and macroeconomic risks owing to slower economic growth are also taken into consideration.