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French insurers’ investments remain under pressure from low rates
[Les placements des assureurs français restent sous la pression des taux bas]

Author

Listed:
  • Gaëlle CAPITAINE
  • Sébastien GALLET
  • Frédéric GUIMIOT
  • Côme ROERO

Abstract

In a context of falling stock markets in the fourth quarter of 2018, the value of French insurers’ investments remained stable at EUR 2,601 billion at market value, dipping by 1% at end-2018 before rebounding by 3.3% in the first quarter of 2019. French insurers maintained a stable asset allocation strategy between 2017 and 2018. They invested predominantly in France or in the euro area, and primarily in fixed-income securities (sovereign or financial sector bonds). Against a backdrop of falling interest rates, the bond portfolio weighed down on the profitability of their investments. In particular, the maturing of high-coupon bonds reduced the performance of the asset portfolio. As a result, insurers pursued diversification strategies for a limited share of their investments (EUR 347 billion). Dans un contexte de chute des marchés boursiers au quatrième trimestre 2018, la valeur des placements des assureurs français se maintient à 2601 milliards d’euros en valeur de marché, en légère baisse de 1% fin 2018 avant un rebond de 3,3% au premier trimestre 2019. Les assureurs français ont conservé une stratégie d’allocation de leurs actifs stable entre 2017 et 2018. Ils investissent de façon prépondérante en France ou dans la zone euro, et prioritairement dans des titres de taux (obligations souveraines ou du secteur financier). Dans un contexte de baisse des taux d’intérêt, le portefeuille obligataire pèse sur la rentabilité de leurs placements. En particulier, l’arrivée à échéance des obligations à taux de coupon élevé diminue la performance du portefeuille d’actifs. En conséquence, les assureurs poursuivent des stratégies de diversification pour une part limitée de leurs placements (347 milliards d’euros).

Suggested Citation

  • Gaëlle CAPITAINE & Sébastien GALLET & Frédéric GUIMIOT & Côme ROERO, 2020. "French insurers’ investments remain under pressure from low rates [Les placements des assureurs français restent sous la pression des taux bas]," Bulletin de la Banque de France, Banque de France, issue 227.
  • Handle: RePEc:bfr:bullbf:2020:227:04
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    More about this item

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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