Financial assets of insurance corporations - France - 2025-Q4
Published on 15th of April 2026
In 2025, investments of insurance corporations and pension funds increase by 128.4 billion euros
At the end of 2025, the financial investments of insurance corporations and pension funds outstanding amounts were of €2 853.4 billion. They Increased by €128.4 billion over the year.
This rise results from positive net investment flows (€85.6 billion) and the revaluation of assets (€42.8 billion).
Debt securities remain the major asset class for life and composite insurance corporations, with outstanding amounts totaling €1,200 billion, largely composed of long term debt securities (€1,180 billion). Investment funds represent the second investment category (€867 billion), dominated by non money market funds (€788 billion), especially equity funds (€263 billion) and mixed funds (€192 billion).
Positive net flows are mainly directed towards non money market fund shares (€41.6 billion), particularly mixed funds (€18.9 billion). Positive valuation effects mainly concern equity funds, due to the rise in equity markets (the CAC 40 increased by 10.4% in 2025). By contrast, long term debt securities record negative valuation effects (-€9.1 billion), reflecting the growth of long term interest rates (+40 base points on the 10 year Treasury Bonds over the year).
After making French UCIs transparent, insurers and pension funds' portfolios are mainly invested in debt securities (64%), while equities represent 26.5%
This rise results from positive net investment flows (€85.6 billion) and the revaluation of assets (€42.8 billion).
Debt securities remain the major asset class for life and composite insurance corporations, with outstanding amounts totaling €1,200 billion, largely composed of long term debt securities (€1,180 billion). Investment funds represent the second investment category (€867 billion), dominated by non money market funds (€788 billion), especially equity funds (€263 billion) and mixed funds (€192 billion).
Positive net flows are mainly directed towards non money market fund shares (€41.6 billion), particularly mixed funds (€18.9 billion). Positive valuation effects mainly concern equity funds, due to the rise in equity markets (the CAC 40 increased by 10.4% in 2025). By contrast, long term debt securities record negative valuation effects (-€9.1 billion), reflecting the growth of long term interest rates (+40 base points on the 10 year Treasury Bonds over the year).
After making French UCIs transparent, insurers and pension funds' portfolios are mainly invested in debt securities (64%), while equities represent 26.5%
(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 | Valuation effect | Stocks | Net flows | Valuation effect | Stocks | Net flows | Valuation effect | Stocks | |
| Currency and depositis | 0.0 | 0.0 | 35.1 | -0.6 | 0.0 | 13.5 | 0.2 | 0.0 | 7.4 |
| Debt securities | 43.5 | -6.7 | 1,200.5 | 6.3 | 0.3 | 127.3 | 0.7 | -2.4 | 101.6 |
| < ou= 1 year (original maturity) (1) | -0.4 | 0.2 | 20.3 | -0.1 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 |
| >1 year (original maturity) (1) | 43.8 | -6.9 | 1,180.2 | 6.4 | 0.3 | 127.0 | 0.7 | -2.4 | 101.6 |
| Loans | -2.1 | 0.0 | 55.0 | -0.7 | 0.0 | 14.1 | 0.2 | 0.0 | 1.2 |
| Equity | -0.6 | 6.8 | 190.6 | 0.2 | 8.1 | 95.6 | 0.3 | 0.6 | 14.9 |
| Listed shares | -0.9 | 5.8 | 70.4 | -0.3 | 2.3 | 16.9 | 0.1 | 0.6 | 6.8 |
| Unlisted shares | 1.5 | 0.5 | 72.0 | 0.4 | 2.9 | 43.7 | 0.1 | 0.0 | 2.9 |
| Others shares | -1.1 | 0.5 | 48.2 | 0.0 | 3.0 | 35.0 | 0.2 | 0.0 | 5.1 |
| Investment (2) | 28.9 | 31.8 | 867.0 | 3.2 | 0.6 | 48.0 | 5.2 | 3.9 | 77.3 |
| Money market funds | -3.8 | 2.2 | 78.9 | -0.9 | 0.1 | 6.3 | 0.3 | 0.1 | 4.5 |
| Non money market funds | 32.7 | 29.6 | 788.0 | 4.1 | 0.5 | 41.7 | 4.9 | 3.8 | 72.8 |
| equity funds | 7.7 | 18.9 | 262.7 | 0.3 | 0.6 | 8.1 | 1.6 | 2.0 | 24.5 |
| bonds funds | 7.5 | 2.3 | 157.8 | 0.8 | 0.1 | 10.4 | 1.6 | 0.2 | 10.5 |
| mixed funds | 16.2 | 8.9 | 191.6 | 2.1 | 0.2 | 10.2 | 0.6 | 1.5 | 25.4 |
| Financial derivatives | 0.6 | 0.0 | 5.0 | 0.0 | 0.0 | 0.1 | 0.3 | 0.0 | -0.5 |
| Total | 70.3 | 31.8 | 2,353.1 | 8.4 | 9.0 | 298.5 | 6.9 | 2.1 | 201.7 |
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
Security portfolio transactions (3) of insurance corporations (in billions of euros) in 2025
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
Distribution of outstanding investments in the 4th quarter of 2025
Breakdown of outstanding amounts of security portfolio by category of issuers (after making UCIs transparent)![]()
After making French UCIs transparent, the stock of securities held by insurers and pension funds primarily finance the financial sector excluding mutual funds (38.8%, including 14.8% for monetary financial institutions and 24% for financial companies), non-financial companies (22.7%) and general government (20.7%).
Debt securities make up 64% of the portfolio, while equities account for 26.5%.
The looked-through portfolio is made up of 41.7% securities issued in France, 41.1% securities issued abroad and 17.2% unallocated investment fund shares.
Debt securities make up 64% of the portfolio, while equities account for 26.5%.
The looked-through portfolio is made up of 41.7% securities issued in France, 41.1% securities issued abroad and 17.2% unallocated investment fund shares.
Breakdown of outstanding amounts of security portfolio by geographical area (after making UCIs transparent)![]()
Breakdown of outstanding amounts of security portfolio by type of securities (after making UCIs transparent)
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 11% to 26.5%, and the debt securities from 50% to 64%.
The methodology for look-through investments now includes an estimate of holdings via foreign funds, which reduces 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.
The methodology for look-through investments now includes an estimate of holdings via foreign funds, which reduces 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.
Structure of responsible investments as of 2025 Q4
By the end of 2025, responsible investments held by insurance companies and pension funds amount to €324.3 billion. They account for 11.4% of total financial investments (€2,853.4 billion).
These investments fall into two main categories: SRI/ESG funds, which represent 50.8%, and green, sustainable and social bonds, accounting for 46.6%.
Other, more specialised labelled UCIs make up the remaining 2.6%.
In 2025, outstanding amounts of green, sustainable and social bonds held by insurers and pension funds stabilised at €151.1 billion, an increase of 0.3% year on year.
At the same time, assets invested in labelled UCIs increased significantly to €173.2 billion, up from €94.5 billion in 2024, after the reform of the SRI label in 2024.
These investments fall into two main categories: SRI/ESG funds, which represent 50.8%, and green, sustainable and social bonds, accounting for 46.6%.
Other, more specialised labelled UCIs make up the remaining 2.6%.
In 2025, outstanding amounts of green, sustainable and social bonds held by insurers and pension funds stabilised at €151.1 billion, an increase of 0.3% year on year.
At the same time, assets invested in labelled UCIs increased significantly to €173.2 billion, up from €94.5 billion in 2024, after the reform of the SRI label in 2024.
Share of green, sustainable or social bonds in total bond holdings
Share of labelled UCIs in total UCI holdings
5- Labelled UCIs are funds that hold a label confirming that they take into account non-financial, environmental or social criteria (e.g. SRI, Greenfin, Finansol). This regulatory recognition requires their inclusion in certain savings products, such as unit-linked life insurance and employee savings schemes
6- ESG funds: resilient assets in a less favourable environment | Banque de France
Date of next publication: 7th July 2026
Download the PDF version of the document
EN_Stat_Info_Financial_investments_of_Insurance_Corporations_and_Pension_Funds_2025Q4.pdf
Updated on the 16th of April 2026