It is to no longer include anything in it. We are told the end of life insurance in euros funds when it has never appealed to savers. The favorite placement of the French posted a record gross inflow in 2019 at 144.6 billion euros, up 3.5% according to the latest figures from the French Insurance Federation (FFA). Unheard of for twenty years! Even outstandings record a record level, thanks to a rebound of 6% over one year, to 1,788 billion euros, of which more than two thirds are placed in funds in euros where the invested capital is guaranteed 100% by the insurer. "Beyond the controversies, this is a golden year for life insurance," summarizes Philippe Crevel, director of the Cercle de l'Épargne in his annual report.
What cheers insureds and insurers? Not at all. Because in 2019, the remuneration of euro funds fell sharply, to the point of calling into question the existence of euro funds with guaranteed capital. "While it stood at 1.83% in 2018, the average yield on these contracts should rise to 1.4% in 2019," says Olivier Moustacakis, cofounder of the comparator Assurland.com.
This average, of course, hides large disparities according to contracts and insurers. The guaranteed fund in euros of the French Savings and Retirement Association (Afer) shows a return of 1.85% last year (compared to 2.25% in 2018). AG2R La Mondiale posted a yield close to 1.7%, GMF + 1.9% and better still, the Gaipare association, + 2.15%. Unmatched by the yield of only 1% granted by the euro funds of SwissLife, Generali (AGGV).
2020 will not be better
If some contracts are doing better than others, the decline in yields is long-term. And it is the saver who suffers in the first place. Because the returns displayed obviously do not take into account inflation (between 1% and 1.2% in 2019) or social security contributions on profits of 17.2%. If you take this into account, there are few euro contracts to bring in money in 2019.
And 2020 does not look much better. "It should be of the same ilk, even worse, judge Karl Toussaint du Wast, co-founder of the online marketplace Netinvestment. Banks and insurers can no longer offer a return, even of 1%, on euro funds while by investing this liquidity in government bonds, they do not bring them anything and even in some cases cost them money. money ".
Faced with this addition each year more salty, insurers set up barriers to the entry of euros funds to dissuade the subscription. The first aims to impose up to 2% on payment fees. "It doesn't sound like much but we quickly arrive at large sums," says Olivier Moustacakis of Assurland. "But be aware that you can still negotiate these costs," warns Karl Toussaint du Wast.
"We have come to the end of an era"
The second barrier consists in imposing in the life insurance envelope a minimum percentage invested in units of account (stocks, bonds, currencies, commodities, real estate). This share varies from 10% to 70% depending on the contracts and saver profiles. First to mention it publicly, the Italian insurer Generali created the surprise before being quickly followed by others. Since January 13, AG2R La Mondiale has been imposing on its new savers placing between 20,000 euros and 100,000 euros to invest at least 20% in account units (+ 35% up to 250,000 euros). And if all that is not enough, insurers no longer hesitate to take out the carrot through bonuses (+ 0.1% to 0.4% per year) granted to savers who agree to exceed the 30% threshold for example units of account in their contract.
So many measures which annoy associations of savers like the Afer. "It is indecent to condemn the funds, said its president Gérard Bekerman. We must be aware of the need to evolve, but not through coercion ”. A page is turned for life insurance. "We have arrived at the end of an era, at the end of a cycle," summarizes Bernard Le Bras, president of the executive board of the insurer Suravenir (Arkéa group). The magic triangle - guaranteed capital, liquidity and a return higher than inflation - which made the success of life insurance in euro funds a thing of the past ”.