The market value of investments held by French insurers and pension funds increased by 5.4% from €2,950bn to €3,109bn between end-2024 and end-2025, according to latest statistics published by Banque de France.
Of this latest total, 76% is held by life insurers, 17% by non-life insurers and 7% by pension funds.
In 2025, insurers and pension funds redirected their investment flows into debt securities and non-money market collective investment undertakings (CIUs), at the expense of money market instruments and directly held equities.
This reallocation took place amidst falling key interest rates and rising long term rates, which boosted the attractiveness of long-term bond investments.
Portfolios remain predominantly invested in euro denominated products. Their exposure to foreign currencies and to non-euro area issuers remains limited and stable compared with 2024.
