It has been several years now that insurers have decided to give pride of place to diversified supports. They thus practice active policies to improve the returns on funds in euros of multi-support contracts with the highest unit-linked costs, the unguaranteed supports of life insurance.
Market figures attest to the success of these incentives. In 2023, these units of account captured 41% of new sums placed in life insurance, and this rate rose to 44% in January 2024. These vehicles also showed net inflows last year (deposits, less withdrawals) positive by 30 billion euros, while that of funds in euros fell into the red, at -27.6 billion euros.
“This is good news for financing our country’s productive economy”, rejoices Franck Le Vallois, general director of the professional federation France Assureurs. The stated aim is in fact to encourage savers to take more risks to make their contract more profitable over time, while supporting the real economy.
But companies also have every interest in diverting their customers from supports offering a capital guarantee, which immobilizes part of their own funds. Savings invested in units of account are not protected: their valuation depends on fluctuations in the markets where these vehicles are invested. Expected to increase in 2023, the average performance of the units of account fell to -12% in 2022, after having reached +9.1% in 2021.
With the rise in bond rates, once again favorable to euro funds, some players are however reversing course. This is the case of mutualist France, which announced at the start of the year the allocation of the same yield to all its customers for 2023: 3.7% (compared to a range of 2.11% at 2.31%, depending on the share of units of account, for 2022). At BNP Paribas Cardif, the shift is less clear, but, while continuing to offer bonuses, the bancassurance provider has paid for 2023 on most of its contracts “a unified and competitive base rate of 3%”specifies Fabrice Bagne, deputy general manager of BNP Paribas Cardif and head of France.
Prom
In a number of networks (Caisses d’Epargne, Crédit Agricole, Crédit Mutuel, La Banque Postale, LCL, Société Générale, but also AG2R La Mondiale, Axa, Le Conservateur, MMA, Swiss Life, etc.), on the other hand, policies systematic bonuses remain in place. At LCL, for example, the rates paid on the LCL Vie contract vary from 2.80% if you hold less than 25% of units of account to 3.60% if you have 50% or more. These practices call for careful examination to, beyond the average rates put forward by the establishments, clearly identify the remuneration scale that applies, depending on the share of units of account that one holds or wishes to hold.
You have 45.54% of this article left to read. The rest is reserved for subscribers.