Savers filled their life insurance contracts with a net 437 million euros in November, and 3.4 billion since the start of the year, according to data published Friday by the France Assureurs federation.
The monthly figure, however, marks a decline compared to October, when deposits exceeded outflows by 1.5 billion euros.
In detail, life insurance recorded last month a level of contributions (amounts paid on contracts) of 12.8 billion euros (+3% over one year) and benefits (which include redemptions and payments in the event of death) of 12.4 billion euros (+11%).
Over the first 11 months of the year, life insurance earned 3.4 billion euros net and contributions amounted to 140.9 billion euros (+6% over one year), a level never before reached, beating a previous record in 2021 134.6 billion euros, according to Franck Le Vallois, general director of France Assureurs, during a telephone conference.
Units of account (UC), more risky but potentially more profitable, continue to be preferred investments for policyholders.
The share of contributions in UC stands at 43% for the month of November and 40% since the start of the year, and their net collection amounts to 2.3 billion euros over the month and 28.8 billion euros since the start of the year.
Another point of attention for insurers: the level of benefits since the start of the year, 137.5 billion euros, up 15% compared to the same period in 2022.
In November, the market for retirement savings plans marketed by insurers also recorded 93,300 new policyholders and 1.543 billion euros in payments (including transfers).
Since the start of the year, the net collection of these savings products implemented in 2019 amounts to 6.169 billion euros, up 13% compared to November 2022.
Life insurance, which suffers from competition from Livret A and Livret de développement durable et solidaire (LDDS) offering a net return of 3% much more attractive than euro life insurance funds, however remains the leading product of savings of the French in value, with an outstanding amount at the end of November of 1.917 billion euros.