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Life insurance is off to a flying start in 2024

“The year 2024 is off to a flying start” for life insurance, said Franck Le Vallois, general director of the professional federation of insurers.

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Life insurance is off to a flying start in 2024

“The year 2024 is off to a flying start” for life insurance, said Franck Le Vallois, general director of the professional federation of insurers. Savers deposited 2.4 billion euros more than they withdrew on their life insurance contracts in January, as much as in all of 2023, France Assureurs announced this Thursday.

The first month of the year is generally good for savings thanks to Christmas gifts and a lower level of spending after the holidays. A success which contrasts with the modest performance of Livrets A and Livrets de développement durable et solidaire (LDDS), the rate of which was frozen at 3% much less than the theoretical yield by the government.

In detail, life insurance recorded last month a record level of contributions of 15.9 billion euros (12% over one year) and benefits which include redemptions and payments in the event of death of 13 .5 billion euros (3%). Units of account (UC, investment vehicles including shares and bonds listed on the stock exchange), more risky but potentially more profitable, continue to be preferred investments for policyholders. The share of UC contributions stood at 44% in January, compared to 39% a year earlier. Their net collection amounted to 4.7 billion euros in January.

Euro funds, which benefit from guaranteed capital but are less remunerated and generally less attractive than Livret A, are still in the red, with a net outflow of 2.3 billion euros. The total outstanding amount of life insurance products reached a record level at the end of January, at 1,933 billion euros, up 2.5% over one year. In January, the market for retirement savings plans (PER) marketed by insurers recorded 75,800 new policyholders and 912 million euros in payments (including 299 million transfers from old retirement savings contracts).

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