The French life insurance market continued to climb in April with a net collection of 2.2 billion euros, up about 15% from the same period last year, according to figures released on Wednesday by France Assureurs.
“Life insurance maintains its development momentum,” said Franck Le Vallois, director general of the professional federation, at a conference call.
Since the beginning of the year, the collection has been 10.5 billion euros, “a level not reached for more than 10 years” during this period, he added.
Life insurance contributions, or deposits, reached € 12.5 billion last month, € 0.5 billion less than in April 2021.
According to Le Vallois, this “slight decline” is due to the fact that April had a working day in April 2022 less than the previous year.
Net revenue is still rising as benefits, or withdrawals, have fallen more than contributions: they have lost € 0.8 billion compared to April 2021 to € 10.3 billion.
Investors continue to opt for riskier investments, in units of account, which offer a potentially higher return on euro funds. They remain unchanged at 39% of contributions.
In total, at the end of April, outstanding life insurance contracts reached € 1,847 billion, up 1.1% year-on-year.
According to France Assureurs, the dynamics of life insurance are fueled by retirement savings plans (PER), a product launched in 2019 under its Pact Act to encourage French people to invest in the economy to supplement their pensions of retirement, which gained 122,400 policyholders in April.
Life insurance has been a big hit with savers since 2021, after suffering in 2020, with the French preferring to turn to sheltered investments such as Booklet A.
The Banque de France will also hold a discussion this summer with the players in life insurance, its president François Villeroy de Galhau said on Tuesday in the margins of the publication of the annual report of the Prudential Control and Resolution Authority (ACPR ). ).
He considers that the remuneration of these contracts must be fairer and more transparent.