Life insurance posts a record first half

Life insurance regained its momentum in the first half of 2022, according to the results unveiled on Wednesday July 27 by France Assureurs. Over the first six months of the year, the support recorded very strong momentum. Contributions amounted to 76.4 billion euros, “a record level for 10 years”, underlined Franck Le Vallois, managing director of France Assureurs during a press briefing. They were directed to unit-linked (UA) to the tune of 31.5 billion euros, up 8% compared to the first half of 2021. Euro funds attracted only 44.9 billion euros in contributions, recording a decline of 3% compared to the same period last year. “The share of unit-linked contributions stood at 41% in the first half, compared to 39% for the whole of 2021”, specifies France Assureurs.

Net inflows amounted to €12.1 billion, i.e. €1.8 billion more than in the first half of 2021. It amounted to €20.9 billion for unit-linked units and remained negative for funds in euros (-8.8 billion euros). At the end of June, the total outstanding amount of life insurance contracts stood at 1.821 billion euros.

Contract transfers and PER are increasing

In the first half of 2022, 216,000 life insurance contracts were transferred under the Pacte law, excluding transfers of pension insurance contracts to a retirement savings plan (PER). A clear increase compared to the second half of 2021 (159,000). In total, no less than 8.1 billion euros were transferred, including 1.8 billion euros reinvested in UC.

For their part, PERs continue to rise. Over the first six months of this year, contributions paid amounted to 3.3 billion euros, up 37% compared to the first half of 2021. To this amount are added 7.8 billion euros transfers of pension insurance contracts (+43%). “In total, the PER market marketed by insurance companies thus recorded payments of 903 million euros in the month of June 2022 and 11.1 billion euros since the start of 2022”, details France Assurers.

At the end of June 2022, 3.4 million policyholders held a PER for an outstanding amount of 41.4 billion euros.

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