The French market is up around 15% compared to the same period last year.
The French life insurance market continued to climb in April with net inflows of 2.2 billion euros, up around 15% compared to the same period last year, according to figures published on Wednesday. by France Insurers.
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“A level not reached for more than 10 years”
“Life insurance maintains its development momentum“, rejoiced Franck Le Vallois, general manager of the professional federation, during a conference call. Since the beginning of the year, collections have amounted to 10.5 billion euros, “a level not reached for more than 10 yearsover this period, he added. Contributions in life insurance, or deposits, reached 12.5 billion euros last month, or 0.5 billion euros less than in April 2021.
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According to Franck Le Vallois, this “slight decreasecan be explained by the fact that the month of April in 2022 had one less working day than the previous year. Net collection is still progressing because benefits, or withdrawals, have fallen more than contributions: they have lost 0.8 billion euros compared to April 2021, to 10.3 billion. Savers continue to opt for riskier investments, in units of account, which offer a potentially higher return than funds in euros. They remain at an unchanged level, at 39% of contributions. In total, at the end of April, outstanding life insurance contracts reached 1.847 billion euros, up 1.1% over one year.
Life insurance is attracting more and more savers
According to France Assureurs, the dynamic of life insurance is fueled by retirement savings plans (PER), a product launched in 2019 as part of its Pacte law to encourage the French to invest in the economy in order to supplement their retirement pensions, which gained 122,400 insured in April. Life insurance has been a major success with savers since 2021, after having suffered in 2020, the French preferring to turn to safe haven investments such as the livret A.
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The Banque de France will also initiate a discussion this summer with life insurance players, its president François Villeroy de Galhau said on Tuesday on the sidelines of the publication of the annual report of the Prudential Control and Resolution Authority (ACPR). ). He believes that the remuneration for these contracts must be fairer and more transparent.
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