Life insurance contracts recorded a net inflow of 0.5 billion euros in September, three times less than in the same month last year, according to figures released Friday by France Assureurs.
It is however a little better than the month of August 2022, when life insurance recorded a net outflow: the amounts disbursed then exceeded deposits by 700 million euros.
In detail, all contributions, i.e. the sums paid, amounted to 10.8 billion euros in September, i.e. 0.5 billion less than last year at the same time, while benefits (which include redemptions and payments in the event of death) rose to 10.3 billion: this is 0.6 billion more than in September 2021.
Euro funds particularly affected
Euro funds, whose capital is guaranteed, are particularly affected by this disaffection with a net outflow of 2 billion euros last month. They have seen their yield melt in recent years, weighed down by the continuous fall in interest rates. And with the revaluation of the Livret A, past 2% on August 1, many euro funds have become much less attractive than this savings product. Since the start of the year, euro funds have suffered a real haemorrhage with outflows of 14.4 billion euros.
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Units of account (UA), potentially more profitable but also more risky, have on the other hand recorded a net inflow of 27.0 billion euros since January. Unlike euro funds, the amounts invested in unit-linked funds are not guaranteed. Their current performance, like that of the markets that have been heavily rocked since the beginning of the year, does not plead in their favour.
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Thus, savers in life insurance have seen 68 billion euros disappear from their portfolios since the start of the year, despite positive net inflows (euro and unit-linked funds combined). At the end of September, total life insurance outstandings stood at 1.808 billion euros, compared to 1.876 billion at the end of December 2021.
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