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Life insurance premiums slowed in August 2022

In August 2022, life insurance premiums amounted to 8.6 billion euros, down compared to August 2021 (–1.5 billion euros). Since the beginning of the year, they amount to 96.9 billion euros (–1.1 billion euros compared to the same period in 2021). In units of account (UA), contributions amount to 38.6 billion euros (+1.0 billion euros compared to the same period in 2021). They represent 40% of all contributions, i.e. a share very close to that observed in 2021 (39%).

In addition, in August 2022, 38,300 new policyholders took out a PER with an insurance company. Contributions to an insurance PER amounted to 535 million euros, an increase of +45% compared to August 2021. At the same time, 10,600 policyholders transferred old contracts to a PER for 321 million euros over the month.

In total, the PER market marketed by insurance companies recorded 48,900 additional policyholders and 856 million euros in payments in August 2022.

Net inflows of PER amounted to +424 million euros in August and +3.5 billion euros since the start of 2022.

At the end of August 2022, 3.5 million policyholders held a PER for an outstanding amount of 43.6 billion euros. Excluding transfers, 88% of new holders of a PER (at the end of March 2022) took it out with an insurer.

According to Franck Le Vallois, Managing Director of France Assureurs: “The macroeconomic context is deteriorating, explaining the relative wait-and-see attitude of savers, a behavior already observed in the past during periods of uncertainty. Despite this context, life insurance premiums in 2022 are very close to their level of 2021 and the share of unit-linked premiums has continued to rise. The 18 million French people who hold a life insurance policy therefore show their attachment to this tool which remains a solid long-term refuge.”

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