A PNF investigation opened in June
France’s second-largest social protection group, which covers 400,000 companies and nearly 10 million people through its insurance business, is going through a difficult period. At the end of June, Mediapart revealed that the group and its chief executive were the subject of an investigation by the National Financial Prosecutor’s Office (PNF) for “organised corruption”. The investigation concerns their dealings with the intermediary Jean-Pierre Thomas.
This preliminary investigation led to searches on 16 June at the group’s headquarters and at Thomas Saunier’s home. According to Les Echos, the French Prudential Supervision and Resolution Authority (ACPR) has written to Malakoff Humanis once again following these investigations.
A preliminary investigation does not prejudge the liability of those concerned, who are presumed innocent.
More than €22 million in commissions
New documents published by Mediapart relate to the group’s delegated asset management. According to these documents, Thomas Vendôme Investment (TVI), Jean-Pierre Thomas’s consultancy firm, contractually obtained more than €22 million in commissions from asset managers selected by Malakoff Humanis.
The investigative outlet states that an internal investigation conducted by the group sheds light on the role played by this intermediary within the delegated management arrangements.
Joint governance under strain
Created on 1 January 2019 from the merger of Malakoff Médéric and Humanis, the group has been led by Thomas Saunier since its inception. In line with its joint (paritaire) and mutualist model, it is controlled by eight employers’ organisations and employee trade unions. According to Mediapart, the question of whether to keep its chief executive in post has become a highly political issue for them.
The board of directors of SGAM Malakoff Humanis, the head entity of the prudential group under ACPR supervision, met on Wednesday 30 September. According to Les Echos, the previous meeting on 8 September had already taken place in a tense atmosphere, and this new board meeting was expected to be even more heated.
A contested line of defence
Thomas Saunier maintains that he knew nothing of the relationship between his group and Jean-Pierre Thomas. Mediapart nonetheless considers that documents obtained by its newsroom, together with the testimony of the business introducer himself, weaken this line of defence.
The outlet refers in particular to “pressure” and to a market it describes as rigged.
A key insurer for the HCR branch
For the hotel and restaurant sector, the case goes beyond social protection alone. Alongside Klesia, Malakoff Humanis is one of the two co-insurers approved for the health and welfare offering of the hotels, cafés and restaurants (HCR) branch. This approval rests on an agreement ratified on 22 September 2023 by the GHR and four employee trade unions: CGT, CFDT, FO and CFE-CGC.
HCR Bien-Être, the social pillar of the scheme
The group is also one of the two pillars of the branch’s social support programme. Driven by the signatory social partners, the HCR Bien-Être social support scheme is included in Klesia’s and Malakoff Humanis’s health and welfare contracts. It funds targeted assistance relating to health, parenthood and exceptional events, as well as prevention initiatives, including a psychological support service.
Its most visible component is an emergency solidarity grant, activated at the initiative of the branch’s employers’ organisations and trade unions. Employees placed on short-time working or forced to relocate following a disaster can receive €1,000, plus €500 per dependent child. The grant is not means-tested. Eligibility simply requires being an employee of an HCR business and contributing to Malakoff Humanis or Klesia.
At the end of July 2026, the scheme was activated for employees affected by the major wildfires in Gironde, the Landes, the Var, the Pyrénées-Orientales and Fontainebleau. It had previously been deployed after Cyclone Garance on Réunion, Storms Kirk and Leslie, the 2015 and 2016 terrorist attacks and the 2020 health crisis. In 2025, 80 exceptional assistance applications were processed, an increase of 333%.
Since 1 January 2025, the scheme has also included a means-tested grant towards the purchase of period products for female employees covered by HCR Santé. All grants and their eligibility criteria are set out on the hcrbienetre.fr website.
A scheme contested from the outset
Umih and GNC have contested the approval of Klesia and Malakoff Humanis from the outset. In November 2023, Les Echos reported that the broker Colonna, the long-standing manager of the branch’s contracts, had filed a criminal complaint against Malakoff Humanis and Klesia.
Analysis – These developments come as the sector’s employer representation is being reshaped, ahead of the Umih presidential election scheduled for 13 October. Against this backdrop, the stability of governance at one of the branch’s two insurers is becoming a point of concern, both for employers and for the employees who benefit from these schemes.
🔗 Read more on LTH In the press | UMIH considers launching its own mutual health insurer!
At a glance by The Hospitality Tribune
Malakoff Humanis: PNF probe puts CEO Thomas Saunier under pressure
France’s No. 2 social protection group: 400,000 client companies, nearly 10 million people insured
PNF preliminary investigation into suspected organised corruption; searches carried out on 16 June 2026
Mediapart: consultancy TVI secured over €22m in contractual commissions from asset managers selected by the group
H1 2026: revenue up 19%, solvency ratio at 272%, equity at €11.3bn
Co-insurer with Klesia of the HCR branch, funding the HCR Bien-Être social support scheme (€1,000 emergency aid per employee)
