Groupama strengthens its partnership with Aviation Industry Corporation of China

On the occasion of the state visit of French President in China, Groupama and the Chinese Aerospace Group AVIC (Aviation Industry Corporation of China), signed a second partnership agreement in the field of insurance in the presence of President Xi Jinping and President Hollande.

The agreement signed by the CEO of Groupama Thierry Martel and the Vice General Director of Avic Group Gu Huizhong, witnesses the success of its joint venture by providing a capital injection to double the capital of Groupama AVIC Property Insurance Company Ltd. to 1 billion Yuan (125 million euros). This increase of the capital by both partners on equal bases intends to support the growth of Groupama AVIC Insurance market in agricultural insurance and rural areas in China which exceeds initial forecasts.At the end of its first year of activity, Groupama Avic is already among the top three insurers with foreign capital in China, with a turnover of 737 million Yuan (91.4 million euros), nearly 250,000 customers and a break-even result.

This second agreement also provides for the extension of the strategic partnership between the two groups in the field of life insurance. Under the agreement, a joint working group is responsible for preparing the business plan, legal structure and governance rules of a new joint venture in life insurance and foresight in China.

Thierry Martel has stated after the signing ceremony: “This new commitment between Groupama and AVIC signed at the People’s Palace in Beijing, which is two and a half years after the first agreement signed at the Elysée Palace in Paris, shows the strength of our partnership and strategic dimension for both groups. “