Life Insurance: 6.7 billion euros in premiums collected in June, a record since 1997
The French have never invested so heavily in life insurance. In June, net inflows reached 6.7 billion euros—an all-time high for that month since France Assureurs began tracking statistics in 1997, according to the Cercle de l'Épargne. And with 36.5 billion euros raised in six months, the investment sector posted its second-best half-year performance in history.
This is unprecedented in nearly thirty years of statistics. In June, French people contributed 6.7 billion euros more to their life insurance policies than they withdrew, according to a press release published on Thursday, July 30, by the Cercle de l’Épargne, based on data from France Assureurs. This “net inflow”—that is, the difference between savers’ deposits and their withdrawals—had never reached such a high level for the month of June since the statistical series began in 1997. The previous record was set in June 2007, at 5.417 billion euros.
June is traditionally a strong month for life insurance, with average premium inflows of 1.5 billion euros over the past ten years. The 2026 figure is more than four times that amount. It also exceeds the June 2025 figure (5.247 billion) by 1.3 billion. This is a far cry from the spring of 2020, when the COVID-19 crisis caused the last outflow for that month (−414 million euros). Since 1997, the life insurance sector has, in fact, only posted a net outflow in three Junes: 2020, 2013 (−217 million), and 2012 (−1.341 billion). Across all months, the all-time record remains that of January 2006, at +9.336 billion euros. It’s not that far off anymore.
Unit-linked products are leading the pack
The driving force behind this inflow is unit-linked products: these are portions of insurance policies invested in stocks, bonds, or real estate, where the principal is not guaranteed but which benefit from the strong performance of the financial markets. They attracted 5.4 billion euros in June, compared with 1.3 billion for euro-denominated funds, the secure segment of life insurance.
For the first half of the year as a whole, net inflows totaled 36.5 billion euros, an increase of 8.9 billion compared with a year earlier. Only one half-year has outperformed this in the history of investment: the first half of 2006, with 40.2 billion. Once again, unit-linked funds dominated (+27.5 billion euros compared with +8.9 billion for euro-denominated funds), even though the latter returned to clearly positive inflows.
Gross deposits, meanwhile, are breaking all records. Contributions reached 108.8 billion euros in six months, surpassing the previous high set in the first half of 2025 (97.661 billion). This half-year figure also far exceeds those of 2024 (92.733 billion) and 2023 (81.133 billion). In June alone, savers deposited 19.3 billion euros, a record for that month: contributions rose by 15% for unit-linked plans and 10% for euro-denominated funds compared to June 2025. Unit-linked plans accounted for 43% of the month’s contributions (39% for the half-year). Outflows remained modest: €12.6 billion in benefits paid out in June (+7% year-over-year) and €72.3 billion for the first half of the year (+2%), with redemptions from euro-denominated funds actually down 4% for the month. As a result, total assets under management—that is, the total amount held in policies—reached 2,162 billion euros at the end of June, up 6% year-over-year (+122 billion).
The Livret A craze is fizzling out
Where does this enthusiasm come from? Returns, first and foremost. Euro-denominated funds have held up well, and the financial markets have boosted unit-linked funds. Since last year, households have been acting on this: they’re shifting part of the cash they’ve accumulated in regulated savings accounts—whose interest rates have fallen—into life insurance. As a result, the Livret A lost nearly 6 billion euros in the first half of the year, while life insurance gained more than 36 billion. “Against a backdrop of strong savings, life insurance has been the leading investment since the start of the year,” summarizes Philippe Crevel, director of the Cercle de l’Épargne. A preferred investment of the middle and upper classes, it allows people to plan for retirement or the transfer of their assets, while remaining accessible in the event of a financial setback.
That leaves the August 1 deadline: the Livret A interest rate will rise from 1.5% to 1.7%. Will this be enough to draw savers back to the tax-free savings account? Philippe Crevel isn’t convinced: “The increase in the Livret A rate effective August 1, 2026, is unlikely to change the situation much. ” At 1.7%, the Livret A will still lag behind inflation. Life insurance, on the other hand, allows investors to strike a balance between the security of euro-denominated funds and market potential. Savers have clearly made their choice.”
