In insurance, you bill for services. They just have to exist. France's financial prosecutor is looking at intermediary services at Malakoff Humanis suspected of being… ghosts. On 16 June 2026, searches reportedly targeted the insurer and a partner firm.

Services suspected of being fictitious

According to L'Argus de l'assurance, the PNF probe, opened after revelations by Mediapart, concerns “the remuneration of intermediaries during investments” for services suspected of being fictitious and generating kickbacks. The 16 June searches reportedly covered Malakoff Humanis's headquarters, Thomas Vendôme Investment (TVI) and private homes.

The La Défense business district.
Photo: Wikimedia Commons — CC BY 2.0 — The probe targets the relationship between the insurer and an intermediary firm.

€7 million and two executives questioned

About €7 million reportedly appears in the file, corresponding to commissions received by TVI. Two executives were reportedly questioned as suspects: Thomas Saunier, CEO of Malakoff Humanis, and Jean-Pierre Thomas, chairman of TVI. The group “firmly rejects” any kickback and says it has filed a complaint.

😏 The cynical take
A fictitious service is one you pay for without ever seeing it. A bit like insurance — except here, investigators say, it is the insurer who allegedly bought the product.

Magouilles & Compagnie's verdict

€7 million in commissions for services prosecutors suspect were empty: the case strikes at the core of management — whether what is billed is real. Malakoff Humanis denies it; the investigation must decide, presumption of innocence included.