Carac

What Carac does

Carac is a French mutual savings insurance company (mutuelle d'épargne) founded in 1924, originally established by and for military veterans and now serving the broader French public with a comprehensive suite of savings, retirement, and protection products. Governed by the Livre II du Code de la mutualité, the company has no external shareholders — all surpluses accrue to members — and manages over €10.6 billion in assets on behalf of 300,000+ members holding more than 374,491 guarantees (as of December 31, 2023). Its core product architecture comprises multi-support life insurance contracts (Carac Epargne Patrimoine, Epargne Génération, Avenir Protégé, Epargne Solidaire) combining guaranteed euro funds with unit-linked supports, individual retirement plans (PER Individuel Carac, Retraite Mutualiste du Combattant with state-matched contributions up to 60%, and immediate life annuities), and protection products (Plan Obsèques, Carac Temporal term life). The flagship euro fund delivered 85% cumulative performance over 2004-2024 versus 68% for the market average and 40% for Livret A, and the firm charges 0% on contributions with management fees of 0.60% on euro funds and 0.90-1% on unit-linked supports.

Carac operates primarily through a sales-led, advisor-driven distribution model: a network of regional financial advisors (responsables de région and conseillers patrimoniaux) operating from 50+ agencies across metropolitan France, supplemented by phone advisory, video consultation, in-home and workplace visits, and digital subscription for select products like the RMC. Distribution is augmented by partnerships with Banque Française Mutualiste (public-sector employees) and Mutuelle Intégrance (vulnerable persons), as well as regional Soirées Patrimoniales events since 2024. Marketing spans the company's website with simulators and educational content, annual TV campaigns, financial press recognition (Gestion de Fortune, Le Revenu, Challenges, Good Value for Money), and a Parrainage referral program offering €50 e-gift cards. Strategic positioning emphasizes long-term member relationships, mutual independence, and recognized product quality — Carac Epargne Patrimoine has received the Oscar du meilleur contrat d'assurance vie from Gestion de Fortune and Trophée d'Or PER Awards from Le Revenu in 2024 and 2025.

Revenue mechanics rest on two primary streams: insurance premiums and contributions (subscription/recurring) across the product portfolio, and management fees on AUM. The company has no mobile app, no public API surface, and no disclosed AI/ML capability stack — its technology footprint remains traditional and actuarial. Strategic activity in 2023-2026 has been notably active, including the full acquisition of Ageas France (September 2023), a 30% minority stake in impact investment firm Raise Group (March 2026), and participation in France's Tibi Initiative Phase 3 to support French tech and deeptech sectors. Leadership comprises President Pierre Lara and Director General Michel Andignac (appointed July 1, 2022).

Name

Carac

Legal name

CARAC - Mutuelle soumise aux dispositions du Livre II du Code de la mutualité

Website

https://carac.fr

Company type

Private

Founded year

1924

Operating status

Operating

Headcount range

101–250 employees

Short description

Carac is a French mutual savings insurance company (mutuelle) founded in 1924, serving 300,000+ members with life insurance, retirement, and protection products distributed through 50+ agencies across France, and managing over €10.6 billion in assets.

Ownership category

akta.pro rank

Product category

Mutual Life Insurance and Retirement Savings

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Portfolio Management and Investment Advice (523940)

SIC

Life Insurance (6311), Insurance Carriers, Nec (6399)

akta.pro primary industry

Participating (Dividend) Whole Life Insurance (FSAIABAI)

Keywords

• Mutual life insurance
• Retirement savings plans
• Funeral expense planning
• Wealth management advisory
• Term life protection

Headquarters

HQ city

Neuilly

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insurance premiums and contributions: Carac generates revenue through insurance premiums on life insurance, pension contributions, and prévoyance products. Members pay contributions that are invested and managed, with Carac earning management fees on assets under management.
2. Management fees: Annual management fees charged on assets under management: 0.60% on euro fund Security, 0.90% to 1% on unit-linked supports for contracts such as Carac Epargne Patrimoine, PER Individuel Carac, Carac Epargne Génération and Carac Avenir Protégé.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Carac is a French mutual savings, retirement, and protection insurer that underwrites multi-support life insurance contracts (euro funds and unit-linked), individual retirement plans (PER), a veteran-specific pension with state-matched contributions (Retraite Mutualiste du Combattant), an immediate life annuity, a funeral pre-financing plan, and term life insurance. It also operates a free life-companion service (La Carac, Partenaire de Vie) and an impact-investing minority stake in Raise Group, all distributed through approximately 50 advisor agencies and digital channels across France.

Product overview

Carac is a French mutual savings insurance company (mutuelle d'épargne) founded in 1924, offering a comprehensive portfolio of savings, retirement, and protection products. The core offering consists of life insurance products (Carac Epargne Patrimoine, Carac Epargne Génération, Carac Avenir Protégé, Carac Epargne Solidaire) and retirement solutions (PER Individuel Carac, Retraite Mutualiste du Combattant, Rente Viagère Immédiate), alongside protection products (Plan Obsèques Carac, Carac Temporal). The company differentiates through its mutual structure with no shareholders, 100+ years of expertise, and specialized products for military veterans. An accompanying service, La Carac Partenaire de Vie, provides non-financial life support to members.

Differentiator

Problem solved

Functional benefit

Brands

• Carac Épargne Patrimoine: Multi-support life insurance contract for wealth diversification and transmission
• Carac Épargne Génération
• Carac Avenir Protégé
• Carac Épargne Solidaire
• PER Individuel Carac
• Retraite Mutualiste du Combattant
• Plan Obsèques Carac
• Carac Temporal

Products and services

• Carac Épargne Patrimoine Multi-support life insurance contract that lets members diversify savings between a secured euro fund and unit-linked supports, transmit capital to loved ones, with 0% fees on contributions and asset-based management fees (0.60% on euro fund Security; 0.90%–1% on unit-linked). Designed for French individuals and households seeking long-term savings and estate planning.
• Carac Épargne Génération Life insurance savings product accessible from birth, designed to financially help children and grandchildren, with favorable tax treatment after 8 years of holding. Aimed at parents, grandparents, and family members seeking intergenerational wealth transfer.
• Carac Avenir Protégé Savings solution designed to protect the savings of vulnerable persons, providing tailored financial management with appropriate legal protections (e.g., guardianship-aware structuring). Targeted at families and guardians of persons in situations of disability or vulnerability.
• Carac Épargne Solidaire Solidarity-based savings product that allows members to give meaning to their savings by investing in sustainable and socially responsible finance. Targeted at members seeking ESG/impact-aligned savings vehicles.
• PER Individuel Carac Individual retirement savings plan (Plan d'Épargne Retraite) open to all, successor to PERP and Madelin products, allowing accumulation of retirement savings with tax-deductible contributions within legal limits and flexible withdrawal options at retirement. Management fees of 0.90%–1% apply on unit-linked supports. Targeted at French individuals building tax-advantaged retirement income.
• Retraite Mutualiste du Combattant (RMC) Military veterans' mutual retirement contract providing lifetime annuity benefits, tax-exempt contributions and distributions, with state supplementation (12.5%–60%) for Carte du Combattant holders, Titre de Reconnaissance de la Nation holders, or recognized war victims. Minimum €150 initial contribution and €80/month regular contributions; 0.55% annual management fee on AUM. Reserved for qualified veterans and war victims.
• Plan Obsèques Carac Funeral planning product that allows members to pre-finance their funeral arrangements, with guaranteed acceptance for persons aged 45–80 without medical questionnaire. Targeted at individuals and families seeking to organize and pre-fund end-of-life arrangements.
• Carac Temporal Term life insurance protection product that provides a capital payment to family members in case of death or total permanent disability, with coverage available until age 70. Targeted at individuals and households seeking temporary death and disability protection.
• La Rente Viagère Immédiate Carac Immediate life annuity product available from age 50, allowing members to receive semester income for life by converting their savings into a lifetime annuity with favorable tax treatment. Targeted at individuals aged 50+ converting accumulated savings into guaranteed lifetime retirement income.
• La Carac, Partenaire de Vie Free life-companion service providing social support, guidance, and assistance with daily challenges, helping members and their loved ones navigate administrative procedures, caregiving situations, and finding local services. Bundled with Carac membership to complement financial products.

Quantifiable outcome

• 85% growth on euro fund over 20 years (2004-2024) vs 68% market average and 40% Livret A
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Ageas FrancecoreStrategic or Co-development PartnerCarac completed the acquisition of 100% of Belgian group Ageas's French operations in September 2023, significantly expanding its presence in the French insurance market.
• Banque Française MutualisteminorStrategic or Co-development PartnerPartnership agreement between Banque Française Mutualiste (bank for public sector employees) and Carac to provide savings and retirement solutions to Banque Française Mutualiste clients.
• Mutuelle IntégranceminorStrategic or Co-development PartnerPartnership in favor of members in situations of disability and vulnerability, providing complementary health coverage solutions.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Matmut: French mutual insurer with national agency network offering life insurance, retirement, and prévoyance products; comparable distribution model and member-owned structure to Carac.
• Maif: Major French mutual insurer expanding from P&C into life insurance, savings, and retirement; overlaps directly with Carac's wealth advisory and PER distribution to similar French mass-affluent and family segments.
• Macif: French mutual insurer offering life insurance, savings, prévoyance, and retirement products with a similar member-owned governance model; competes directly with Carac's multi-support life and PER offerings across France.
• AG2R La Mondiale: French mutual insurance group focused on retirement, savings, and prévoyance, including PER products; directly comparable in target customer, mutual structure, and retirement-savings focus.
• Malakoff Humanis: French mutual group offering retirement, health, prévoyance, and life insurance to individuals and enterprises; directly comparable in mutual governance and product mix centered on retirement and protection.
• Covéa: French mutual insurance group (parent of MAAF, MMA, GMF) with savings, life, and prévoyance offerings; comparable member-owned model and broad multi-product savings franchise.

Broad incumbents

• CNP Assurances: One of France's largest life insurers (part of La Banque Postale group), with deep life-insurance and retirement-savings market share; a broader incumbent competing in the same PER and fonds en euros categories as Carac.
• Suravenir (Crédit Mutuel Arkéa): Life-insurance and retirement subsidiary of Crédit Mutuel Arkéa; competes directly with Carac in multi-support life insurance and PER, distributed primarily through banking networks rather than advisor agencies.

Emerging players

• Linxea: French digital life-insurance broker specializing in online multi-support contracts and PER; comparable in product set but competes via a low-fee, self-serve digital model that contrasts with Carac's advisor-led distribution.
• Boursorama Banque: Online French bank (Société Générale group) offering life insurance and savings wrappers through a fully digital UX; competes for the same digitally savvy savers and pushes fee transparency that pressures traditional mutuelles like Carac.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/carac_epargne

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carac