France's insurance regulator has unearthed greater pay-outs to policyholders by providers of individual and group life insurance in 2023, but divergence in the outstanding volumes in these product types.
In a report published yesterday, the Autorité de contrôle prudentiel et de résolution (ACPR) found the outstanding volume of individual life contracts fell 1.5% to €1.1trn, while group life business grew 5.9%, to €144bn.
In the study of 122 undertakings, the watchdog also noted the average 'revaluation rate' – the combination of a policy's guaranteed return and policyholders' participation in technical/financial profits – rose for each type of product.
For individual life contracts, the year on year rise in that rate was 69 basis points (bps) to 2.6%, while for group business there was a 38bps rise, to 2.59%.
Last year was the second consecutive yearly rise for individual contracts' revaluation rate.