Financial assets of insurance corporations - France - 2025-Q2
Published on the 20th of October 2025
statistics
Outstanding investments of insurers and pension funds increased in the second quarter of 2025
At the end of June 2025, outstanding financial investments of insurers and pension funds amounted to €2,779 billion, up €45 billion from the preceding quarter. Net investment flows from insurers (+ €13.9 bn) and pension funds (+ €1.9 bn) were accompanied by a positive asset evaluation (+ €26.3 bn).
Before looking through French investment funds, insurers and pension funds favored direct purchases of investment fund shares (+ €15.2 bn) and non-money market fund shares (+ €9.1 bn). Conversely, they sold listed shares (- €2.4 bn).
After looking through (see page 2, in particular the footnote on the change in methodology), insurers and pension funds held a majority of securities issued by the financial sector excluding mutual funds (40%, including 25% from other financial companies and 15% from monetary financial institutions).
The looked-through portfolio of insurers and pension funds is made up of 65% debt securities, 25% equities, and 1.2% units in investment funds that cannot be looked through, as they are mainly foreign. It is made up of 40% securities issued abroad, 43% issued by France, and 17% unallocated units in investment funds.
Before looking through French investment funds, insurers and pension funds favored direct purchases of investment fund shares (+ €15.2 bn) and non-money market fund shares (+ €9.1 bn). Conversely, they sold listed shares (- €2.4 bn).
After looking through (see page 2, in particular the footnote on the change in methodology), insurers and pension funds held a majority of securities issued by the financial sector excluding mutual funds (40%, including 25% from other financial companies and 15% from monetary financial institutions).
The looked-through portfolio of insurers and pension funds is made up of 65% debt securities, 25% equities, and 1.2% units in investment funds that cannot be looked through, as they are mainly foreign. It is made up of 40% securities issued abroad, 43% issued by France, and 17% unallocated units in investment 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 | 0.6 | 0.0 | 34.5 | -0.2 | 0.0 | 14.0 | 0.6 | 0.0 | 7.6 |
| Debt securities | 3.0 | 12.5 | 1,184.0 | 0.0 | 1.5 | 124.0 | -0.7 | 1.1 | 102.2 |
| < ou= 1 year (original maturity (1) | 0.2 | 0.0 | 20.5 | -0.1 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 |
| >1 year (original maturity (1)) | 2.7 | 12.4 | 1,163.5 | 0.0 | 1.5 | 123.7 | -0.7 | 1.1 | 102.1 |
| Loans | 0.3 | 0.0 | 57.2 | 0.0 | 0.0 | 14.7 | 0.0 | 0.0 | 1.2 |
| Equity | -2.4 | -0.6 | 185.1 | 0.0 | 1.0 | 90.9 | 0.0 | -0.1 | 14.6 |
| Listed shares | -0.6 | 0.2 | 66.9 | -0.1 | 0.7 | 17.4 | 0.1 | 0.0 | 6.8 |
| Unlisted shares | -0.6 | -0.9 | 69.5 | -0.1 | 0.6 | 41.5 | 0.0 | -0.1 | 2.8 |
| Others shares | -1.2 | 0.1 | 48.7 | 0.2 | -0.2 | 31.9 | 0.0 | 0.0 | 5.1 |
| Investment fund shares (2) | 11.8 | 9.4 | 828.8 | 1.5 | 0.2 | 45.5 | 1.9 | 1.3 | 71.3 |
| Money market funds | 5.1 | 0.8 | 89.3 | 0.9 | 0.0 | 7.8 | 0.1 | 0.0 | 3.7 |
| Non money market funds | 6.7 | 8.6 | 739.5 | 0.6 | 0.2 | 37.6 | 1.8 | 1.2 | 67.6 |
| ow equity funds | 2.1 | 5.2 | 246.3 | 0.3 | 0.2 | 8.0 | 0.5 | 0.6 | 21.8 |
| ow fixed income funds | 1.2 | 0.7 | 152.3 | 0.2 | 0.0 | 9.7 | 1.0 | 0.1 | 9.7 |
| ox mixed funds | 1.3 | 2.9 | 190.2 | 0.0 | 0.1 | 8.9 | 0.0 | 0.6 | 26.0 |
| Financial derivatives | -0.7 | 0.0 | 4.1 | 0.1 | 0.0 | 0.1 | 0.2 | 0.0 | -0.8 |
| Total | 12.5 | 21.2 | 2,293.7 | 1.3 | 2.8 | 289.3 | 1.9 | 2.3 | 196.1 |
1 Short-term maturities (ST = less than or equal to 1 year) and long-term maturities (LT = strictly greater than 1 year) are determined based on the original maturity at the time the security is issued
2 UCITS stands for "Undertakings for Collective Investment in Transferable Securities"
Within equities, other equity investments include share equivalents that cannot be traded on a regulated market
2 UCITS stands for "Undertakings for Collective Investment in Transferable Securities"
Within equities, other equity investments include share equivalents that cannot be traded on a regulated market
Security portfolio transactions (3) of insurance corporations and pension funds (in billions of euros) in 2025 Q2
By category of issuers (4)
By geographical area
3 Debt securities, equities and investment fund shares
4 "Unallocated" is composed of bonds and equities issued outside the euro area.
4 "Unallocated" is composed of bonds and equities issued outside the euro area.
Breakdown of outstanding amounts of financial portfolio after looking through UCITS in 2025 Q2
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 fund shares in insurers' portfolios by the final investments held by these funds. A residual 1.2% of the outstanding amount corresponds to mutual fund shares (mainly foreign) for which this operation cannot be carried out. After a look-through approach, the share of equities increases from 10% to 25%, and the share of debt securities from 51% to 65%.
Compared to previous publications, the methodology for looked-through investments has evolved. It now includes an estimate of foreign fund holdings, reducing the residual share of unallocated fund units. The scope has also been expanded to include directly held deposits/loans and indirect real estate holdings via investment funds
Compared to previous publications, the methodology for looked-through investments has evolved. It now includes an estimate of foreign fund holdings, reducing the residual share of unallocated fund units. The scope has also been expanded to include directly held deposits/loans and indirect real estate holdings via investment funds
Date of next publication : 14th January 2026
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Updated on the 17th of October 2025