Financial assets of insurance corporations - France - 2025-Q1
Published on the 9th of July 2025
Outstanding investments of insurers and pension funds relatively stable in the first quarter of 2025.
At the end of March 2025, outstanding financial investments of insurers and pension funds amounted to €2 734 billion, up €13 billion from the preceding quarter. Net investment flows from insurers (+ €23.9 bn) and pension funds (+ €0.8 bn) exceeded the asset depreciation (- €11.4 bn).
Before looking-through French investment funds, insurers and pension funds favored direct purchases of long-term debt securities (+ €21.7 bn) and non-money market fund shares (+ €2.3 bn). Conversely, they sold equity fund shares (- €1.7 bn).
After looking-through (see page 2), insurers and pension funds held a majority of securities issued by the financial sector excluding mutual funds (39%, including 23% from other financial companies and 16% from monetary financial institutions), by non-financial companies (23%), and by general government (22%).
The looked-through portfolio of insurers and pension funds is made up of 64% debt securities, 20% equities and 16% units in mainly foreign investments funds. It is made up of 43% securities issued abroad, 41% issued by France, and 16% unallocated units in investments funds.
Before looking-through French investment funds, insurers and pension funds favored direct purchases of long-term debt securities (+ €21.7 bn) and non-money market fund shares (+ €2.3 bn). Conversely, they sold equity fund shares (- €1.7 bn).
After looking-through (see page 2), insurers and pension funds held a majority of securities issued by the financial sector excluding mutual funds (39%, including 23% from other financial companies and 16% from monetary financial institutions), by non-financial companies (23%), and by general government (22%).
The looked-through portfolio of insurers and pension funds is made up of 64% debt securities, 20% equities and 16% units in mainly foreign investments funds. It is made up of 43% securities issued abroad, 41% issued by France, and 16% unallocated units in investments funds.
(EUR billion, outstanding amounts at market prices at end of period, transactions, valuation effects during period)
| Life and composite IC | Non-Life IC | Pension funds | |||||||
| Net flows | Valuations | Stocks | Net flows | Valuations | Stocks | Net flows | Valuations | Stocks | |
| Currency and depositis | -1.0 | 0.0 | 30.5 | 0.2 | 0.0 | 14.0 | -0.2 | 0.0 | 6.6 |
| Debt securities | 17.3 | -12.4 | 1,167.5 | 2.8 | -0.7 | 122.5 | 0.6 | -2.1 | 101.8 |
| < ou= 1 year (original maturity) | -1.0 | 0.0 | 19.6 | -0.1 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 |
| >1 year (original maturity) | 18.2 | -12.4 | 1,147.9 | 2.9 | -0.7 | 122.2 | 0.6 | -2.1 | 101.7 |
| Loans | -0.4 | 0.0 | 56.9 | 0.1 | 0.0 | 14.8 | 0.2 | 0.0 | 1.4 |
| Equity | 0.7 | 3.3 | 188.9 | 0.4 | 2.2 | 89.8 | 0.2 | 0.5 | 14.6 |
| Listed shares | -0.2 | 2.8 | 67.3 | 0.4 | 1.6 | 16.9 | 0.0 | 0.4 | 6.7 |
| Unlisted shares | 0.7 | 0.5 | 71.4 | 0.0 | 0.6 | 41.0 | 0.0 | 0.1 | 2.9 |
| Others shares | 0.2 | 0.0 | 50.3 | 0.0 | 0.0 | 31.9 | 0.1 | 0.1 | 5.1 |
| Investment fund shares | 3.9 | -2.2 | 808.8 | -0.5 | 0.1 | 43.8 | 0.1 | -0.1 | 68.4 |
| Money market funds | 2.2 | 0.4 | 83.0 | -0.2 | 0.0 | 6.8 | -0.5 | 0.0 | 3.6 |
| Non money market funds | 1.7 | -2.5 | 725.8 | -0.3 | 0.1 | 36.9 | 0.6 | -0.2 | 64.8 |
| ow equity funds | -1.5 | -1.6 | 240.2 | -0.1 | 0.0 | 7.5 | 0.0 | 0.0 | 20.8 |
| ow fixed income funds | 1.7 | 0.0 | 150.0 | -0.1 | 0.0 | 9.5 | -0.1 | 0.0 | 8.5 |
| ox mixed funds | -0.2 | -0.7 | 185.3 | -0.1 | 0.1 | 8.9 | 0.6 | -0.2 | 25.4 |
| Financial derivatives | 0.5 | 0.0 | 4.8 | 0.0 | 0.0 | 0.1 | -0.1 | 0.0 | -0.9 |
| Total | 21.0 | -11.3 | 2,257.5 | 2.9 | 1.7 | 285.0 | 0.8 | -1.8 | 191.8 |
Within equities, other equity investments include share equivalents that cannot be traded on a regulated market
Security portfolio transactions (1) of insurance corporations and pension funds (in billions of euros) in 2025 Q1
By category of issuers (2)
By geographical area
1 Debt securities, equities and investment fund shares
2 "Unallocated" is composed of bonds and equities issued outside the euro area.
2 "Unallocated" is composed of bonds and equities issued outside the euro area.
Breakdown of outstanding amounts of security portfolio after looking through UCIs
By category of issuers![]()
By geographical area![]()
By type of securities
The look-through approach consists, when the information is available, in replacing the French mutual funds shares in the insurance portfolios by the final investments of mutual funds. The 16% residual amount correspond to these mutual funds shares (mainly foreign) which cannot be allocated with this approach. After a look-through approach, the share of equities increases by + 8 percentage points (11% to 19%) and the one of debt securities by + 11 percentage points (53% to 64%).
Date of next publication : 9th October 2025
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Updated on the 10th of July 2025