With approximately 770,000 members, the French Association for Savings and Retirement (Afer) is the largest of its kind. Its life insurance contract even sets the standard in the sector. Last year, it served 1.7% with the fund in euros, the flagship and secure support, the one on which the capital cannot decrease and which still today brings together the vast majority of the savings of the insured. A stable figure compared to 2020, notwithstanding a slow erosion over time.
A slow ascent
But the trend could be reversed. The president of Afer, Gérard Bekerman, told the press that he hoped “a rising rate” for 2022. Despite everything, we should not hope to catch up with the 2.8% of French government bonds with a 10-year maturity, although the general assets have a lot. The ring-fenced euro fund Afer has 12 billion euros of bonds assimilated to the Treasury out of 60 billion under management. “When the coupons increase, it takes a year or two before it affects the rate”explains Gérard Bekerman.
However, Afer has reserves, and not just a little: 401 million at the end of 2021, or approximately 0.9% of the euro outstanding (provision for profit sharing). It remains to be seen whether and to what extent it is ready to use this hoard, which must return by right to savers no later than eight years after each endowment, or whether it relies solely on its current assets to fuel profit sharing. However, Afer is not the only one to decide since the fund in euros is managed by Abeille Assurance (formerly Aviva France).
Afer would like to boost its assets
Gérard Bekerman hopes in any case that the regulations on solvency margins, which he compares to “cannonballs that were once placed on the feet of a convict”is relaxed. “We would like to go faster, further. » In other words, he wants the authorities to allow companies to further diversify their allocation with the guaranteed fund.
He was speaking as part of a presentation of a support program for start-ups, Nov’Afer, in which it is not excluded that Afer invests. They have the particularity of offering services likely to be promoted to members. The Colette company, for example, allows seniors to rent a room in their main residence to a young person under 30 years old. The Mansa company, for its part, offers loans to the self-employed for amounts of less than 30,000 euros. It is also a way for Afer to outsource its innovation.