Malakoff Humanis

Thomas Saunier, as Directeur Général, holds executive responsibility over the group's investment strategy. The group operates under a paritarian governance framework, meaning employer and union representatives jointly oversee strategic allocation decisions. Day-to-day investment management is delegated to internal teams and external managers across real estate, private debt, and liquid fixed-income mandates.

It is neither. Malakoff Humanis is a non-profit mutual insurance group governed by the French Social Security Code. It manages technical reserves backing compulsory supplementary pension schemes and complementary health insurance, placing it in the institutional asset-owner category alongside pension funds and insurers.

Malakoff Humanis holds direct real estate assets, including the OPPCI Vivaldi portfolio anchored at 91 Boulevard Pasteur in Paris, and participates in pan-European commercial property vehicles alongside partners such as Clariane. It also holds real estate positions linked to the UNOFI savings platform in collaboration with notaries.

The portfolio is structured around real estate, private credit, and healthcare infrastructure, with additional exposure to liquid fixed-income instruments required by Solvency II regulation. The group has not disclosed allocations to venture capital or speculative hedge-fund strategies, consistent with a liability-driven mandate tied to pension and health obligations.

Malakoff Humanis operates under France's paritarian system: its board is composed of representatives from employer organizations and labor unions who jointly oversee strategic decisions, including investment policy and social-engagement budgets. This governance structure distinguishes it from publicly traded insurers and pure asset managers.

The bulk of assets represent technical reserves from compulsory Agirc-Arrco supplementary pension contributions and complementary health-insurance premiums paid by French employers and employees. As a mutual insurer, the group builds reserves to meet long-term contractual liabilities rather than generate shareholder profit.

The group operates two separate grant-making foundations: Fondation Malakoff Humanis Handicap, focused on disability inclusion, and Fondation Médéric Alzheimer, which funds scientific research on Alzheimer's disease. Pascal Andrieux serves as Director of Social Engagements and Managing Director of the Foundation, maintaining operational separation between insurance activities and philanthropic programs.