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Aéma Groupe
Adrien Couret leads Aéma Groupe, the 2021 merger of Macif and Aésio that then acquired Aviva France, managing an estimated $195.2B for French...
Aéma Groupe
Aéma Groupe launched in 2021 via the merger of Macif, a household name in French auto and home insurance, and Aésio, a major health and protection mutual. Pascal Michard chairs the resulting Société de Groupe d'Assurance Mutuelle (SGAM), with Adrien Couret as CEO. The group's structure is a protective federation — the four member brands (Macif, Aésio, Abeille Assurances, and Ofi Invest) each retain separate governance but coordinate under the Aéma umbrella, covering one in six French residents. Aéma invests its estimated $195.2B in general account assets (Altss estimate) across a mix that includes European real estate, listed equities, government and corporate bonds, and private assets. Its asset management arm, Ofi Invest, runs proprietary portfolios including a dedicated European real estate portfolio spanning office, retail, and residential properties. The acquisition of Aviva France — rebranded Abeille Assurances — brought a €3.2B transaction, a life insurance book, and a network of 800 tied agents, expanding distribution reach and adding scale in savings and retirement products. Team size and detailed deployment figures are not publicly broken out, but Aéma maintains offices for the Macif brand in Paris and Niort, while Abeille Assurances operates from Bois-Colombes. The group anchors its investment strategy in responsible-investment commitments, joining the Net Zero Asset Owner Alliance and the Finance for Biodiversity Pledge. In March 2026, it published its annual gender pay-gap index showing scores of 88/100 and 85/100 for its two main entities. Where Aéma departs from a typical insurance balance sheet is in its open-architecture mutualism — the group is simultaneously a consolidator, a multi-brand distributor, and an asset manager, yet remains accountable to a membership base rather than public shareholders. This design allows it to acquire portfolios like Aviva France's and immediately fold them into a mutualist governance model, a structural differentiator in European insurance M&A.
General information
Firm type
Insurance
Year founded
2021
AUM
~$195.2B (Altss estimate)
Location
Region
Europe
Country
France
City
Paris
Corporate office
Paris, France
Principals
Adrien Couret
CEO
Pascal Michard
Chairman
Sector focus
Frequently asked questions
Who controls investment decisions at Aéma Groupe?
Aéma Groupe operates through its four member brands, each retaining separate governance. Ofi Invest, the group's dedicated asset management arm, manages the general-account portfolios. The combined entity's strategic direction is set by CEO Adrien Couret and Chairman Pascal Michard, with the SGAM structure providing central coordination without eliminating brand-level autonomy.
How did Aéma Groupe acquire Aviva France, and what did it change?
Aéma Groupe acquired Aviva France in 2021 for €3.2 billion, simultaneously with the group's formation. The acquired operations were rebranded as Abeille Assurances and added a life insurance book, savings products, and a network of 800 tied agents. The deal turned Aéma into a composite multi-line insurer overnight, complementing the property-and-casualty roots of Macif.
Is Aéma Groupe a stock-listed insurer or a mutual?
Aéma Groupe is a mutual group — a Société de Groupe d'Assurance Mutuelle (SGAM) — owned by its member policyholders rather than public shareholders. Its four brands (Macif, Aésio, Abeille Assurances, Ofi Invest) operate under this mutualist federation, making it one of Europe's largest mutual-insurance structures.
What asset classes does Aéma Groupe invest in?
Ofi Invest manages the group's assets across European real estate (office, retail, residential), listed equities, government and corporate bonds, and private assets. The real estate portfolio is predominantly European, and the group has committed to responsible-investment frameworks including the Net Zero Asset Owner Alliance and the Finance for Biodiversity Pledge.
What philanthropic or engagement structures does Aéma maintain?
Aéma Groupe operates two associated foundations: Fondation Aésio and Fondation Macif. These are separately governed vehicles that advance causes tied to the group's mutualist roots, such as healthcare access and social inclusion, distinct from the group's investment operations.
How many brands operate under Aéma Groupe, and what do they cover?
Four brands: Macif (property and casualty auto/home insurance), Aésio (health and protection), Abeille Assurances (life insurance and savings, formerly Aviva France), and Ofi Invest (asset management). Together they cover the full range of insurance, protection, and savings needs for roughly one in six people in France.
What is Aéma Groupe's position on net-zero and biodiversity?
Aéma Groupe joined the UN-convened Net Zero Asset Owner Alliance and the Finance for Biodiversity Pledge, committing to decarbonize its investment portfolios and protect biodiversity. The group describes its SRI (Socially Responsible Investment) policy as central to its strategy, applying it across managed assets.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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