Financial assets of insurance corporations – France 2019Q2

Published on 10/11/2019
Insurers prefer liquid and foreign investments in the 2nd quarter

At the end of June 2019, the outstanding amount of French insurance companies' financial investments increases by €52 billion to reach €2,642 billion as a result of the rise in assets prices: +€34 billion including €24 billion on debt securities. They benefit from a further easing of long-term interest rates (decrease by 36 basis points in the 10-year OAT in the second quarter).

Moreover, insurers record €18 billion in net investment flows, of which €6 billion in the form of money market funds units and €4 billion in the form of currency and deposits. To a lesser extent, they remain net purchasers of long-term debt securities (+ €3 billion) and unlisted equity securities (+ €3.5 billion). They reduce their exposure to resident debt securities (- €9 billion), mainly securities issued by general government but are net purchasers of debt securities issued by the other euro area and non -euro area countries for €7 billion and €5 billion respectively.

Financial portfolio assets by type of assets
After the implementation of a look-through approach1, debt securities account for 73% of insurers' portfolio, equities represent 15% and the remaining 12% is made up of mutual fund shares.

47% of the portfolio is invested in assets issued by residents, 40% in assets issued by non-residents and 12% in unallocated mutual fund shares.

Investments finance mainly general government (30%), non-financial corporations (23%), banks and other monetary financial institutions MFIs (18%), and financial corporations (16%).

Financial portfolio assets by geographical area
Financial portfolio assets by issuers
(1) The look-through approach consists, when the information is available, in replacing the resident mutual funds shares in the insurance portfolios by the final investments of mutual funds. The 12% residual amount correspond to these mutual funds shares (mainly non-resident) which cannot be allocated with this approach. After a look-through approach, the share of equities increased by +7 basis points (8% to 15%) and the one of debt securities by +13 basis points (60% to 73%).
Financial assets of insurance corporations - 2nd quarter 2019
(EUR billion, outstanding amounts at market prices at end of period, variations, transactions, valuation effects during period)
Life and composite IC Non-Life IC Total IC
Flows Valuation effect Stocks Net flows Valuation effect Stocks Net flows Valuation effect Stocks
Currency and depositis 3.1 0.0 32 0.7 0.0 14 3.8 0.0 47
Debt securities
< ou= 1 year (original maturity) -1.2 0.0 23 0.1 0.0 1 -1.2 0.0 24
> ou= 1 year (original maturity) 4.3 22.2 1,446 -0.8 1.5 113 3.4 23.7 1,559
Loans 0.1 0.0 43 -0.1 0.0 9 -0.1 0.0 52
Equity
Listed shares 0.3 0.8 73 0.0 0.4 14 0.2 1.2 87
Unlisted shares 1.1 0.7 55 0.1 -0.5 26 1.2 0.2 82
Others shares 2.1 0.0 22 0.2 -0.2 23 2.3 -0.2 45
Investment
Money market funds 6.8 -0.1 97 -1.0 0.0 7 5.8 -0.1 104
Non money market funds 1.1 8.7 600 0.3 0.4 36 1.4 9.0 636
Financial derivatives 0.7 5 0.1 0 0.7 5
Total 18.2 32.3 2,398 -0.6 1.6 244 17.6 33.9 2,642

Date of next publication : 11 January 2019
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STAT INFO - 2nd quarter 2019
Financial assets of insurance corporations

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Financial assets of insurance corporations - France
  • Published on 10/11/2019
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Published on Friday, October 11, 2019