• FR AMF gave the Aéma Group (Macif) the green light for the takeover of Aviva France.

Background

• The Aéma Group and Aviva France are two French operators in the insurance sector.
• Particularly active in the non-life, personal, savings and asset management markets.
• The Aéma Group achieves a turnover of 8.2bn euros entirely generated in France.
• It controls, among others, the mutual insurance company Macif, which mainly carries out non-life insurance activities, in particular automobile insurance and housing.
• Aviva France has a turnover of around 6bn euros generated almost entirely in France.
• It is active through several subsidiaries: Aviva Vie, Aviva Epargne Retraite, Aviva Retraite Professionnelle, UFF Banque, Aviva Assurances and Aviva Investors France.
• On 24 June 2021, the Aéma Group notified FR AMF of plan to acquire control of Aviva France.

Decision

• FR CMP analyzed the market power of the new entity following the transaction.
• Given the new entity's market share and the number of sector players concerned by the transaction, FR CMP considered the transaction not likely to harm competition.