Life Insurance: Total Assets Exceed the 1,900 Billion Euro Mark for the First Time
In June, life insurance premiums rebounded sharply, rising 30% year-over-year to reach a record high of 15.6 billion euros, pushing total assets under management past the 1,900 billion euro mark. Net inflows into life insurance totaled +1.7 billion euros in June and +4.1 billion euros in the first half of 2023.
The market for insurance-based retirement savings plans continues to grow strongly: premiums reached 716 million euros in June 2023, also up 30% year-over-year.
In June, life insurance premiums rebounded sharply, rising 30% year-over-year to a record high of 15.6 billion euros.
In June 2023, life insurance premiums totaled 15.6 billion euros, up 30% compared to June 2022. This level of premiums has never been seen in a single month before (the previous record was 15.1 billion euros in March 2006). Specifically, premiums rose by 21% for euro-denominated policies, to 8.5 billion euros, and by 44% for unit-linked policies, to 7.1 billion euros. Unit-linked premiums accounted for 46% of the total for the month.
In the first half of the year, life insurance premiums totaled 81.8 billion euros, up 6% compared with the same period in 2022. This increase was nearly identical for euro-denominated funds and unit-linked products: €48.6 billion for the former, up 6%, and €33.2 billion, up 7%, for the latter. Unit-linked premiums have accounted for 41% of the total since the beginning of the year, compared to 40% for the full year 2022.
In June, revenue totaled 13.9 billion euros, up 21% compared to June 2022. For the first six months of the year, they totaled 77.7 billion euros (+19%).
Net inflows were positive in June, as they have been since the beginning of the year, while assets under management exceeded 1,900 billion euros for the first time.
As a result, net inflows totaled +1.7 billion euros in June 2023, compared with +0.5 billion euros in June 2022, representing an increase of +1.2 billion euros year-over-year. Net inflows amounted to +4.5 billion euros for unit-linked funds and −2.8 billion euros for euro-denominated funds.
In the first half of the year, net inflows totaled +4.1 billion euros (compared with +11.9 billion euros in the first six months of 2022). They amounted to +19.5 billion euros in unit-linked policies.
In total, outstanding life insurance policy balances stood at 1,911 billion euros at the end of June, up 5% year-over-year.
"Eurocroissance" funds continue to show strong growth momentum
The momentum of “Eurocroissance” funds remains strong. Assets under management have grown by 41% year-over-year, reaching 7.6 billion euros across 471,200 accounts.
The market for insurance-based retirement savings plans (PER) continues to grow strongly
In June 2023, contributions to insurance-based PERs totaled 716 million euros, a 30% increase compared to June 2022, with 62,000 new policyholders (up 10%). At the same time, 9,200 policyholders transferred 271 million euros from existing retirement insurance policies to a PER.
In the first half of 2023, premiums paid totaled 4.1 billion euros for 447,700 new policyholders, representing increases of 22% and 20%, respectively, compared to the first half of 2022. Net inflows into PERs totaled 2.8 billion euros (an 8% increase compared to the first half of 2022).
As of the end of June 2023, 5.1 million policyholders held a PER with assets under management totaling 66.8 billion euros, 39% of which were in unit-linked funds.
