The episode therefore mainly served rehearsal

Unlike Caesar, Groupama prefers to be the fifth in Rome as the first in his village. Long, historic leader of agricultural insurance, mutual insurance group was confined to its position as the major player in the rural world. Despite the first diversification by the resumption of the GAN, a weakened nationalized group, Groupama remains a green insurer in every sense of the term with 20 of market share in rural area for 13 at the national level. The group is also proportionately more present than peers in insurance. And protection of persons, it is stronger in the field of health and life insurance.

As large external growth operations are more possible in France and that it is already number one in health insurance and agricultural and number two in car, any significant increase in its market share in France would lead to concentrate more risks. To avoid this pitfall, the Director-General, Jean Azéma, has therefore decided to focus on the international growth. In assigning aims to become a "leader of the insurance in Europe" in the Top 10 of the continent, Groupama in its strategy the rule prudential number one of the insurers is to diversify the risks.

So that the operation has a sense, to the 11 billion in sales of the group in France for 2 billion only abroad, it may be that significant acquisitions, and therefore expensive.

Pledged a peasant sense, Groupama has decided not to put the cart before the horse. The Group has therefore first adapted its mutual structures to prepare an introduction on the stock market capable of ensuring the refinancing of external growth. In a close pattern of green cousin, Crédit Agricole, Groupama has with a company of head controlling its main activities and detained by the regional funds. In bringing their participation from 99 to 51 and simultaneously making a capital increase, the introduction on the stock exchange could yield from 5 to 7 billion euros. A figure that might be enhanced by use of debt. So an 8 or 9 billion is in the scope of Groupama. This is what would have happened if the Winterthur record led.

Jean Azéma teams and their advice was studied for months the resumption of the large Swiss insurer. The approach allowed to check in size that the Group had now governance structures, human resources and the funding scheme for carrying out a transaction of this magnitude. Only problem, a few miles from the finish line, Credit Switzerland decided to again tour of major European insurers for the best price of its subsidiary. AXA, now interested, then put its financial weight in the balance to prevail. As external growth is made to the Group and not to weaken the Groupama could not compete on the global giant, surface and other more important ways. AXA could afford to pay high price Winterthur without weaken.

The episode therefore mainly served rehearsal. A priori, Groupama is not necessarily operations of this size, but the opportunity may be the thief. However, the epilogue showed one of the weaknesses of the Green insurer: the difficulty of succeeding in the Court of the great. Any target significant risk of creating the appetite for giants such as AXA, Allianz or Generali which can still take advantage of their size and their financial resources to make a difference. Willing to develop in Europe from the South (Italy, Spain) or the United Kingdom, Groupama aims mainly to medium-sized prey. Winterthur, given its size and its presence in Europe and Asia, presented the interest to kill three birds with a stone. This is not the case and La Bâloise, that rumours would well be of interest to the French. They were too large market share in life insurance and retirement Switzerland to meet the criteria of diversification of Groupama.

This is because the proposed transactions are low synergies with existing portfolio that Jean Azéma prefers to carry out acquisitions going stock rather than get money in the market to its shopping. As investors are still very keen of synergies, it be better to address them in a second phase when the operation will be successful in terms of diversification of risk and profitability, making it the new more attractive Groupama.

However, the insurer is not condemned to as sister Anne in the Tower until a large acquisition occurs. The Group thus has other smaller fire irons to boost its growth and maintain the dedication of its staff and its members. In France he can make progress in urban areas by strengthening the network of general agents of the GAN. These last, very active in damages, can still develop in insurance and savings. Small acquisitions could also be profiler if foreign groups who do not have the critical size cede their subsidiaries. Outside Europe, the Group has placed its pawns in China. Located in the province of Sichuan, twice as populated that the France, Groupama, this crop insurance and housing, awaits the total damage insurance market to get superior speed by opening 80 agencies in three years.

Finally, the group is diversified in the Bank. With the help of Société Générale, which he is the first shareholder, one of his best investments, it created Groupama Bank to strengthen its positions on the market of savings. With today 331.000 customers, should be profitable within three years when it will be 550,000, or 10 of its customers.

The line is so clear and everything will be for the better if the Group succeeds quickly enough to translate desires into reality. It would be however damaging to its only external both internal image that he has prepared a beautiful table without food of choice to place in the dishes.