Financial assets of insurance corporations - France - 2026-Q1
Published on 7th of July 2026
Net investment flows from insurers and pension funds offset the negative valuation recorded in the first quarter of 2026
In the first quarter of 2026, outstanding financial investments of insurers and pension funds amounted to €2 854.5 billion. Net investment flows recorded by insurers (€32.7 billion) and pension funds (€2.2 billion) remain high but are offset by negative valuation effects of €33.7 billion. The rise in long-term interest rates led to a fall in bond prices, accompanied by a fall in share prices.
Before applying the look-through approach to French investment funds, insurers and pension funds mainly favoured direct purchases of long-term debt securities (+ €20.9 bn) as well as investment fund shares (+ €14.4 bn), including €8.3 billion in non-money market funds. Net investments in listed shares are negative, at - €2 bn.
After applying the look-through approach (see page 2, in particular the footnote on the change in methodology), insurers and pension funds mainly hold securities issued by the financial sector excluding mutual funds (40%, including 25% from other financial institutions and 15% from monetary financial institutions).
The look-through approach portfolio of insurers and pension funds is made up of 64% debt securities, 26% equities, and 1% units in investment funds that cannot be looked-through, as they are mainly foreign. Moreover, it consists of 41% securities issued in France, 41% issued abroad and 18% unallocated units in investment funds.
Before applying the look-through approach to French investment funds, insurers and pension funds mainly favoured direct purchases of long-term debt securities (+ €20.9 bn) as well as investment fund shares (+ €14.4 bn), including €8.3 billion in non-money market funds. Net investments in listed shares are negative, at - €2 bn.
After applying the look-through approach (see page 2, in particular the footnote on the change in methodology), insurers and pension funds mainly hold securities issued by the financial sector excluding mutual funds (40%, including 25% from other financial institutions and 15% from monetary financial institutions).
The look-through approach portfolio of insurers and pension funds is made up of 64% debt securities, 26% equities, and 1% units in investment funds that cannot be looked-through, as they are mainly foreign. Moreover, it consists of 41% securities issued in France, 41% issued abroad and 18% 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 | 1.2 | 0.0 | 36.2 | 0.2 | 0.0 | 13.7 | 0.5 | 0.0 | 7.8 |
| Debt securities | 13.5 | -13.6 | 1,200.3 | 3.9 | -1.4 | 129.8 | 0.6 | -1.1 | 101.1 |
| < ou= 1 year (original maturity (1) | -2.9 | 0.0 | 17.4 | 0.0 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 |
| >1 year (original maturity (1)) | 16.3 | -13.6 | 1,183.0 | 3.9 | -1.4 | 129.5 | 0.6 | -1.1 | 101.1 |
| Loans | 0.4 | 0.0 | 55.4 | -0.7 | 0.0 | 13.3 | 0.3 | 0.0 | 1.5 |
| Equity | 0.1 | -2.0 | 188.8 | 0.0 | -0.9 | 94.5 | 0.1 | -0.1 | 14.8 |
| Listed shares | -2.0 | -2.6 | 65.8 | -0.2 | -0.7 | 16.0 | 0.2 | -0.2 | 6.8 |
| Unlisted shares | 0.3 | 0.4 | 72.7 | 0.0 | -0.5 | 43.2 | -0.1 | 0.0 | 2.9 |
| Others shares | 1.8 | 0.2 | 50.3 | 0.1 | 0.3 | 35.3 | 0.0 | 0.0 | 5.1 |
| Investment fund shares (2) | 13.9 | -12.9 | 867.9 | 0.0 | -0.3 | 47.7 | 0.6 | -1.5 | 76.4 |
| Money market funds | 6.5 | 0.0 | 85.4 | 0.3 | 0.0 | 6.6 | -0.8 | 0.0 | 3.7 |
| Non money market funds | 7.3 | -12.9 | 782.5 | -0.4 | -0.3 | 41.1 | 1.4 | -1.4 | 72.7 |
| ow equity funds | 1.2 | -7.3 | 256.0 | -0.6 | -0.1 | 7.4 | -0.2 | -0.7 | 23.7 |
| ow fixed income funds | 3.3 | -1.6 | 159.0 | 0.4 | -0.1 | 10.4 | 0.2 | -0.1 | 10.9 |
| ox mixed funds | -0.9 | -2.6 | 178.6 | 0.7 | -0.1 | 7.0 | 0.2 | -0.5 | 24.8 |
| Financial derivatives | 0.4 | 0.0 | 5.4 | 0.0 | 0.0 | 0.1 | 0.2 | 0.0 | -0.4 |
| Total | 29.5 | -28.6 | 2,354.0 | 3.2 | -2.5 | 299.1 | 2.2 | -2.6 | 201.3 |
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 2026 Q1
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 2026 Q1
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 26%, and the share of debt securities from 50% to 64%.
Compared to previous publications, the methodology for looked-through investments has evolved. Since the first quarter of 2025 it 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. Since the first quarter of 2025 it 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 : 6th October 2026
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Updated on the 6th of July 2026