Deposits exceeded benefits given in the event of death or withdrawal by 14.3 billion euros.
After a stellar 2021, life insurance drew fewer savings from the French in 2022, unlike Livret A, which was a flamboyant success, according to data published Thursday by the French Association of Assureurs. Last year, deposits exceeded benefits paid in the event of death or withdrawal by 14.3 billion euros. It is therefore a drop of almost 40% compared to the €23.7 billion of the 2021 cohort, the best since 2010.
And even compared to the year 2019 – i.e. before the Covid-19 pandemic – which was recorded at 21.9 billion euros, the result for 2022 has also fallen significantly. “Economic uncertainties are not the same, the situation has changed a lot“, stressed Franck Le Vallois, CEO of France Assureurs, during a press briefing. This downturn in life insurance, without being as catastrophic as in 2020, when benefits only exceeded contributions by 6.5 billion, contrasts with Livret A’s success. Last year Livret A actually earned 27.23 billion euros, almost as much as the 28.16 billion of the record in 2012, when the ceiling was raised. “For us, there is no match between insurance and Livret A“, these two savings products”with very different properties“, declared Franck Le Vallois, who, however, acknowledged that the successive increases in the prices of the Livret A tin”generate a questionamong consumers about where they can best invest their money, in favor of Livret A.
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Livret A has mainly caught money lying dormant in current accounts rather than insurance policies, he explained. As in previous years, it was the Eurofund, whose capital is guaranteed, that first of all suffered from the disinterest of the French, with benefits exceeding contributions by around 20.3 billion. Euro funds, with an average expected return of between 1.80% and 1.90%, according to Cyrille Chartier-Kastler, founder of the firm Facts & Figures, actually pale in comparison to Livret A, which has gone from 2% to 3% , on February 1, especially since the interests of the latter are exempt from taxes and social contributions.
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