With more than 750,000 members, Afer is the main savers association in France. The rate of return on its life insurance is therefore eagerly awaited each year, not only by savers, but also by the entire sector in which it sets the tone for the season.
The gains obtained for the year 2021 with the fund in euros, the secure medium of the contract, amount to 1.7%, a figure identical to that of the year 2020, she said. Thursday by the voice of its president Gérard Bekerman. “It’s stable, I would say: ‘bravo’, he congratulated himself. Look at the loan [d’Etat français] in 10 years. » Sovereign bond rates indeed remained very low, even negative for part of last year. However, the loans subscribed by the most reliable countries represent a significant part of the investments of the funds in euros (44.5% of the Afer euro fund) due to regulatory constraints. Because these flagship life insurance products must combine a subtle equation: guarantee capital, availability and even offer a small profit. Gérard Bekerman indicated that the association “strengthened against overregulation” at the European level.
The operation was even more delicate for Afer last year, because it simultaneously experienced the sale of its insurer, Aviva France, and its takeover by Aéma: “It was not very easy to obtain such a rate”, admits Gerard Bekerman. The sale was formalized in October and could not take place without the approval of the association, which represents an outstanding life of 14 billion euros. “Aéma, for us, it was the best”, he insisted again.
Profit taking and more real estate
No doubt the stable rate will be perceived by the sector as a pause in the continuous decline in euro funds for several years. Its level is notably the result of profit taking on equities (6.6% of the allocation). These profits were not only directly distributed to the policyholders, but they also made it possible to considerably increase the reserves for the years to come, the “provision for profit-sharing”: it now amounts to 401 million euros, against 269 million the previous year. “The real estate pocket has increased in order to capture more returns”, also specified Didier Campa, representative of Aviva.
However, it is difficult to predict the future performance of funds in euros. Gérard Bekerman recalled the inertia that characterizes these investments and “a general movement that inevitably accompanies the fall in yields [obligataires] ».
A very political opinion
The presidential election seemed to be more of an issue for the president of Afer, who is worried about the various threats to the tax advantages of life insurance. The Economic Analysis Council (CAE), a body dependent on the Prime Minister, was explicitly targeted by Gérard Bekerman. The CAE has recently calculated that a removal of the deduction on the estate enjoyed by the beneficiaries of a contract (152,500 euros each) could bring in some 3.5 billion euros to the State.
“Afer will continue its fight in the face of ideological upheavals, declared the president of Afer. This reform is part of a perspective that seems dictatorial to us: do we want to be told who we will choose as heirs? » The questioning of the tax advantages of life insurance could result in a revision of its very flexible civil framework, because it allows the capital to be allocated to anyone without the other heirs being able to oppose it. . The CAE’s suggestion is not, however, being studied by the government, which will certainly not follow up on it until the presidential election. “Afer does not play politics, defended Gérard Bekerman. The only policy it pursues is that of savings. » A way of saying that she will want to be very invested in the campaign.