Sustained growth in market shares and earned premiums:
· + 82,000 customers
· + 96,000 motor policies
· + 3.8% in non-life earned premiums

In 2008, MAAF passed the 50% threshold for customers using several different products.

In 2008 the MAAF Group posted growth of 1.7% in its overall earned premium income and 3.8% in non-life business. With markets in crisis state, these results are tangible evidence of an ambitious sales and pricing policy aimed solely at enhancing value for insured members. The portfolio showed further significant growth (82,000 customers, up by 2.2%), even in the most competitive markets such as motor insurance (96,000 additional policies) where MAAF is on the cutting edge in terms of pricing.

The MAAF Group also further consolidated its financial position. Its solvency ratio at year-end stood at 342% (including unrealised capital gains), while net income reached €121 million and the combined ratio was 99.2%.

For the MAAF Group, the past financial year demonstrates the validity of its business model, which puts its insured members’ general interest first and foremost, and for the long term.

This policy of staying close to customers and interacting with them has continued in 2009, with the creation of exclusive products and services. These include the "Engagements Efficacité", which are simple, measurable commitments enabling customers to judge MAAF’s effectiveness; the call-back service, which has been successfully tested on the Internet; and Electronic Document Management, which ensures 90% same-day processing of customer correspondence.

At the same time, MAAF continues to expand its range of products on offer, with particular success in the field of provident insurance, where earned premium income rose by 9% in 2008, health (up 5.9%) and personal property and casualty (up 7.8%). The trust-based relationship that MAAF has built up with its customers was shown clearly in 2008: for the first time, MAAF passed the 50% threshold for customers using several different products.

MAAF continues to grow in its chosen markets

The MAAF Group generated earned premium income of €3,446 million in 2008, representing an increase of 1.7% on the previous year. Non-life business, which accounts for 82.8% of the group’s overall earned premium income, increased by 3.8%. The MAAF Group’s asset and liability insurance activities grew faster than the overall market (+3.3% compared with +2.5%).

In life insurance, both term and savings, our subsidiary MAAF Vie held up very well in a sharply falling market. Thanks to a rigorous investment policy, MAAF Vie was able to offer its customers a very attractive rate of remuneration on their savings (4.51% for Winalto, putting MAAF Vie in the top 10 of the market), while still maintaining a high level of provisions.

All non-life sectors up, even the highly competitive motor market

With 96,000 additional policies, the MAAF Group posted an increase of 1.9% in earned premium income from its motor business. This result is all the more significant since in 2008 customers benefitted from "zero inflation" premiums. This further increase is also proof of MAAF’s dynamism in the market, as shown by reduced premiums and the launch of "Pur Bonus Auto" (promoting low-pollution vehicles) and "Bonus à Vie MAAF" (counteracting loss of no-claims bonus by rewarding the policyholder’s long-term record).

In the personal property and casualty segment, and more particularly in home insurance, MAAF saw its earned premium income grow by 7.8%.

It was also a positive year as regards professional and commercial lines (up by 3.1%), in a highly competitive environment and against a backdrop of crisis in the construction industry.

In personal insurance, MAAF saw its provident business rise sharply (up by 9% as against 5.9% in 2007). With beneficiaries now totalling one million, MAAF’s health business grew by 5.9%. MAAF is committed to striving towards public healthcare that is accessible to all.

In 2008, the Group made available to its health beneficiaries a new self-medication help service, with the posting online of the "Giroud-Hagège Tips on Self-medication", thus offering the first tangible, safe and responsible solution for the development of self-medication in France.

Also in 2008, MAAF joined the campaign to properly equip the hard of hearing in France by offering its health policyholders in two pilot French “départements” (provinces or counties) hearing aids at very competitive prices (40 to 50 percent below market prices across all ranges of major brands of hearing aids) and transparent pricing.

Technical results live up to strategic ambitions

In motor insurance, the downward trend in claims frequency rates continued (-1%), under the double effect of more careful driving and a reduction in traffic (as shown by a fall of 2.8% in petrol consumption in France).

The focus now is on the costs involved in bodily injury, which continue to grow. In this regard, MAAF plays an active part in the fight against drink-driving; in 2008 it launched the first free breathalyser test that can be downloaded onto a mobile phone.

In home insurance, claims frequency rates remained stable (+0.25%), while in professional multi-risk they fell by 3.1%.

Sound investment that makes all the difference

In a turbulent environment, the MAAF Group posted net income of €121 million, thanks to its commercial dynamism and its policy of prudent investment geared entirely to its customers’ best interests.

The MAAF Group enjoys a solid financial footing, with a sound investment structure favouring the long term, and a large proportion of secured bond investments.

Combined with strict controls on general expenses, this investment policy enables the MAAF Group to implement its financial strategy with confidence, and to pursue its dynamic marketing and sales policies. The year-end solvency ratio stood at 342% (including unrealised capital gains).

These accounts will be submitted for approval to the General Meeting of Shareholders to be held in Niort on 13 June 2009.