2017 annual report · to digital-native structures means insurers can offer new services, including...

2017 ANNUAL REPORT

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2 FRENCH INSURANCE FEDERATION – 2017 ANNUAL REPORT

INSURANCE IN A CHANGING WORLD

3FRENCH INSURANCE FEDERATION – 2017 ANNUAL REPORT

CONTENTS4 Editorial

6 The French Insurance Market

12 Protecting French People on a Daily Basis

26 Developing Long-Term Savings

32 Financing the Productive Economy

38 Employment, Training, Dialogue between Employers’ and Employees’ representative bodies

44 The Life of the FFA

56 2017: Insurance Dashboard


BERNARD SPITZPRESIDENT – FRENCH INSURANCE FEDERATION

We live in a world of constant change: social, techno log ica l , economic . Faced wi th such unpredictability and precarious balance, the insurance industry provides security in the present and prepares for the future by responding to tomorrow’s challenges.

Our industry is committed to responding to all environmental challenges by supporting the ecological transition. Alongside insured parties, throughout all France’s provinces and territories, insurers work at preventing risks and paying claims for damage. Together with the public authorities, the insurance industry has modernised its natural disaster insurance responses to provide better and faster support to all those exposed to climate risks’ increased frequency and intensity. Insurers also finance the sustainable, green economy and include environmental, social, governance and climate criteria in their investment strategies.

To answer our country’s social and demographic challenges, especially the overall aging of our populat ion, the insurance industr y suppor ts and protects citizens throughout their lives by offering

better tailored health, pension and long-term care policies. Insurance has also evolved innovative protection products fit for our new, more flexible employment world, enabling people to better deal with the insecurity inherent to these non-traditional frameworks, from the gig economy to the growth in collaborative platforms.

Insurance provides stability in the face of financial challenges and market volatility. Its long-term model enables it to protect policyholders’ savings against crises. In 2017, in an environment of continuing historically-low interest rates, life insurance continued to outperform regulated savings products.

The insurance industry is responding to technological challenges by supporting disruptive innovations, such as blockchain and artificial intelligence. The transition to digital-native structures means insurers can offer new services, including increasingly personalised policies and prevention solutions. Insurers also offer answers in support of emerging new technologies such as connected (soon autonomous) vehicles, or to provide rapid responses to the spread of new risks such as cyber risk.


Insurance makes people more secure in the present

and helps them for their future.

EDITORIAL

Finally, to tackle economic challenges, the insurance industry prepares for the future by helping create our economies’ two most powerful drivers: confidence and investment. By protecting against risk, insurance fosters entrepreneurship in our societies. As leading European institutional investors, insurers provide a large amount of financing for innovation and infrastructure, thereby supporting tomorrow’s growth.

The insurance industry must be able to rely on an appropriate regulatory environment if it is to successfully meet all these challenges. FFA and its members constantly seek to ensure a proper balance for European directives such as Solvency 2, in order to encourage long-term investment. They support a clear design for international standards such as IFRS 17 to ensure they are compatible with the reality of the insurance industry. To this end, FFA has established a tightly-knit network with all its European partners and peers.

Insurers are strengthened by their grassroots relationship with all insured parties. The industry supported the introduction of legislation intended to strengthen consumer protection such as regulation of insurance investment products (PRIIPS) and the Insurance Distribution Directive (IDD). While this legislation does help to strengthen consumers’ confidence, insurers nevertheless remain vigilant to ensure that it does not lead to a homogenisation of product and service offerings to the detriment of consumers’ freedom of choice.

The insurance industry relies on the proven ability of its workforce to adapt to changes in our sector. The commitments given industry-wide after the conclusion of the “Responsibility Pact” have been fulfilled. The insurance industry’s training commitment means employees are supported in taking on new responsibilities or moving into new career specialties.

The creation, in January 2017, of the Insurance Digital Skills Certificate has been ground-breaking for other industries.

FFA’s three-year forward plan, ”Ambition 2020”, aims to support changes in our industry even more effectively. This plan focusses on three areas: digital, Europe and insurers’ corporate social responsibility.

Over the next few years, our Federation, with the support of its members, will continue to incorporate and anticipate the impact of the digital revolution on the industry. FFA is coordinating a marketplace body of work on Blockchain. We also created the “Insurance and Innovation Hub”, a physical ecosystem dedicated to insurtech start-ups.

FFA is working to raise awareness of European issues among the majority of its employees. This will enable further upstream involvement in draft directives or regulations that will have a significant impact on the sector.

Finally, the FFA is dedicated to strengthening the insurance industry’s voice in major public debates, to build on the relationships established with a large number of civil society associations and representatives, and to improve consumers’ financial education by spreading practical and educational information on insurance.

In 2019, France will be the leading insurance market in the post-Brexit European Union. This is a major opportunity for our industry. I have no doubt that we will prove capable of taking up this leadership role and of demonstrating our ability to perform our missions: to protect households and businesses, to support growth through long-term investment, and to prepare for tomorrow’s world by further extending the boundaries of insurability.


THE FRENCH INSURANCE MARKET


Insurance is at the heart of French people’s lives. Through its ability to respond and its capacity for innovation, the insurance market offers private individuals, professionals and businesses, throughout metropolitan France and the overseas territories, products and services that match the changes in the way they live their lives.


THE FRENCH INSURANCE

MARKET

THE INSURANCE INDUSTRY’S MISSIONS: TO PROTECT HOUSEHOLDS AND BUSINESSES

AND TO FINANCE THE ECONOMY

In response to the annual 13.4 million accidents of everyday life, the French insurance industry has once again demonstrated its ability to provide

security in the present. It also helps prepare for the future: for individuals in terms of retirement and estate planning, and for businesses through

its role as a long-term investor supporting growth and employment.

A dynamic market

In 2017, the revenues of the French insurance sector were up by +1.4% at €211.6 bn. This growth was driven by property and casualty insurance, which saw revenues rise by +2.3%, with life, health and protection insurance recording a rise of +1.1%.

Benefits and claims paid were €182.5 bn, up +6% compared to 2017. This growth was mainly driven by benefits paid in life and capitalisation insurance, which rose by +8%. 2017 saw a serious f lu epidemic which increased mortality, a very dynamic property market and electoral uncertainty, all of which weighed down on the savings behaviour of the French.

A secure market

In 2017, French insurance under tak ings strengthened their solvency, primarily by increasing their own funds. As a result, the weighted average solvency ratio* rose from 188% to 208% for life insurance and from 270% to 276% for non-life insurance, in line with the best European standards.* Weighted average solvency ratio = Own funds/SCR. The SCR is the level of capital required for the annual probability that an insurer will default on payments to its customers to be almost zero.

Key data for the insurance market (in €bn)

Source: FFA 2017 (e)

Premiumsall markets

Premiums life, health and protection

insurance

Premiums property and casualty

insurance

Claims paid, benefits and withdrawals

2016 2016 2016 20162017 2017 2017 2017

208 155 53 172212 157 183

+1.4% +1.1% +2.3% +6.0%

55

Revenues of French insurers in 2017

€211.6 bn+1.4%


INSURANCE IS AT THE HEART OF THE LIVES OF FRENCH PEOPLE

37 millionbeneficiaries of a life insurance contract

2.1 millionbusinesses insured

366,000farms insured

40 millionhomes insured

220,000jobs*18 million

people covered by supplementary health insurance

42 millionvehicles insured

* FFA members and insurance intermediariesSource: FFA 2017 (e)

A market which anticipates risks in order to manage them better

In late 2017, the “Evolution of Risks” working group of the FFA’s Risk Analysis Committee identified the emerging risks that could significantly impact the insurance and reinsurance sector in France.

The emerging risks identified can be assigned to six categories: economic, environmental, political, social, technological and regulatory. They were classified according to the likelihood of their occurrence and their potential short- and medium-term impact (1 and 5 years).

Cyber risk appears to be the most important emerging risk for insurers and reinsurers between now and the end of 2018 given the scale of its potential economic and geopolitical consequences. Among the other risks that could impact its business in the short term, the industry identified: the uncertainties relating to the financial system due to excess liquidity feeding bubbles; climate change, leading to large-scale natural disasters; the impact of the avalanche of regulations burdening

companies in the sector; the climate of great tension in international politics and, with a horizon of 2022, the disruption caused by new technologies such as blockchain, platforms or artificial intelligence.

This mapping demonstrates the commitment of insurers and reinsurers to work continuously to anticipate and manage these risks.

See the results of the first emerging risks barometer for the insurance industry

A market that serves the French people

Through its ability to respond and its capacity for innovation, the insurance sector supports its changing environment by offering French people products and services that match their expectations. With 220,000 jobs and a service offering in all regions of France, insurance is at the heart of the lives of all French people.

https://www.ffa-assurance.fr/en/content/first-emerging-risks-barometer-insurance-industry-0

https://www.ffa-assurance.fr/en/content/first-emerging-risks-barometer-insurance-industry-0


A market that supports the digital revolution

In 2017, the insurance sector continued the digital transformation of all its components. The FFA supports the changes in the industry through industry initiatives driven particularly by its Digital Committee.

� Experimentation with an inter-insurer blockchain around secure data exchange

In 2017, fourteen insurers who came together within the blockchain working group of the FFA’s Digital Committee experimented with the deployment of this technology for secure data exchanges. This proof-of-concept (POC) was completed in four months and demonstrated the relevance of using blockchain in B2B exchanges that require a timestamp.

The prototype inter-insurer blockchain platform, developed to be agile, made it possible to analyse several related issues in more depth, such as blockchain governance, the legal aspects, identification of potential uses for the industry, etc.

During this “POC”, blockchain technology demonstrated a very high level of security in exchanges of data between insurers. It appeared to be well adapted to potential B2B uses, capable of being scaled up and of reducing the cost of handling cases and allowing a range of additional applications.

The members of the FFA’s Digital Committee will continue this work, together with the Life, Health and Protection Insurance Committee and the Property and Casualty Insurance Committee, in order to study the deployment of a market blockchain to support several areas of insurance business.

Learn more

The FFA’s Hub: a space for

innovation in the service of insuranceBig data, ar tif icial intelligence, blockchain, connected objects…: the insurance sector is supporting the profound transformation of our environment.

Created at the initiative of the French Insurance Federation, the Hub enables insured parties to respond to changes in the sector and to anticipate and respond to changes in society.

The Hub is a true ecosystem, offering start-ups a unique proximity to actors in the insurance sector. Its aim is to generate innovative collaborations in the service of both insurers and insured parties.

A place for discussions and meetings, the FFA’s Hub is a gateway to the insurance market for young, visionary businesses. This space also welcomes employees and members of the FFA to discuss and reflect on current developments in the digital area.

Learn more

https://www.ffa-assurance.fr/en/content/trial-inter-insurer-blockchain-exchange-secure-data

https://www.ffa-assurance.fr/en/content/about-ffa/le-hub


Use of your personal data: consult the guide!

With the development of connected vehicles, e-health, artificial intelligence, and also with the appearance of new risks such as cyber risks, protection of personal data is a major challenge for the insurance sector.

In December 2017, the FFA published the guide “Knowing you well is insuring you well”. This guide on the use of personal data in insurance is aimed

at the general public and provides a simple and informative explanation as to why it is essential for insurers to collect personal data in order to support their insured parties and offer them high quality services. It also sets out insurers’ commitments on the ethical, transparent and secure use of data.

Consult the guide

Artificial intelligence supporting risk managementConsiderable progress has been made in the area of artificial intelligence, particularly as regards the capacity to treat massive amounts of data: image, voice and emotion recognition, the ability to lip read, to follow a driver’s facial movements including their eyes, to identify an event that is going to occur on the road within a few seconds, etc. For insurers, there is great potential to include this technology in the customer experience in order to offer new services to insured parties.

Insurers are required to process a very high quantity of data, to study many claims and to analyse thousands of recurring transactions. These characteristics make insurance a sector that is perfectly suited to the techniques of machine learning and deep learning.

In time, all segments of the insurance value chain will be impacted by artificial intelligence: actuarial, customer relationship and claims management, risk assessment and the fight against fraud, etc.

The FFA has made artificial intelligence a priority area of work. The members of its Digital Committee are also working on the ethical issues around algorithms.

https://www.ffa-assurance.fr/content/assurance-et-vos-donnees-personnelles


PROTECTING FRENCH PEOPLE ON A DAILY BASIS


Motor, home, businesses, health, prevention… insurers are working to offer French people protection tailored to their changing environment and their expectations.


PROPERTY AND CASUALTY

INSURANCE

MORE COMPLEX RISKS

The increase in large-scale weather events, the development of autonomous vehicles, the spreading cyber threat: the area of property

and casualty insurance grows wider and more complex each year.

The revenues of property and casualty insurance were up +2.3% at €54.5 bn in 2017. The personal lines market grew by +3.0%, with premiums of €34.5 bn. The volume of premiums on the market for businesses was €20.0 bn (+1.2%).

Claims paid to insured parties rose by +1.4% in a year to €39.1 bn, due in particular to the weather events that occurred in 2017.

Property and casualty insurance saw a high level of claims again in 2017, at 13.4 million.

13.4 MILLION CLAIMS IN 2017

970burglary

530fire

1,470weather

events

23,430damage

470personal injury 2,700

property damage

1,100casualty

2,790other

3,240water damage

23,900motor

3,800business

9,000home

36,700claims

managed/day


Motor combined ratio in 2017

103%

Autonomous vehicles and insuranceThe development of autonomous vehicles is a potential source of a reduction in the number of claims but an increase in their costs and presents a significant challenge for insurers, who must identify and prevent the risks and pay claims.

The European and domestic legal framework is already perfectly suited to the insurance of autonomous vehicles, in particular as regards the compulsory nature of vehicle insurance and the systematic payment of compensation to the victims of road accidents (Badinter act).

In the future, however, law enforcement agencies and insurers will need access to data from autonomous vehicles in order to be able to establish the circumstances of an accident and determine liability in the case of a claim involving one or more autonomous vehicles. In the view of the insurance industry, it is essential for any vehicle offering the possibility of delegated driving to be equipped with an EDR (Event Data Recorder). The data collected will also assist

professionals in the motor trade in repairing and maintaining vehicles and enable them to offer their customers new services.

In all these areas, the insurance industry is involved in discussions with constructors, research institutes, the public authorities and the French data protection authority, the CNIL. The FFA is working with the French automobile constructors committee (CCFA) as well as the collaborative research body the Institut de Recherche Collaborative VEDECOM .

MOTOR INSURANCE

Fewer but more expensive accidents

In 2017, the revenues of the motor branch grew by +2.6% to €21.3 bn.

The number of personal-injury accidents was down over the year, but their average cost has grown steadily since 2010, by 4% a year on average.

The number of damage-only accidents was also down in 2017. However, the widespread presence of on-board technology meant repairs were more expensive and the average cost of claims was higher.

Claims paid to insured parties in 2017 totalled €17.4 bn, compared to €17.8 bn in 2016.

The motor branch continued to be loss-making, with a combined ratio of 103% in 2017.


HOME INSURANCE

Claims stable excluding weather events

In 2017, the number of home insurance claims – burglary, water damage, fire – remained stable, but weather events affected the profitability of this branch.

Premiums were up +2.7% in 2017 to €10.5 bn, driven by the recovery in the property sector. Claims paid were €7 bn, compared to €6.5 bn in 2016, impacted by “Storm – Hail – Snow” claims.

The multi-risk home insurance branch remained profitable but saw its combined ratio worsen by 2.1 points in 2017, reaching 95.7%.

AGRICULTURAL INSURANCE

A necessary increase in the rate of cover

Following 2016, which saw historical f loods, 2017 was another difficult year for farmers, with widespread spring frost affecting vineyards over a large part of France.

Despite 2017 seeing an increase of 13% in the area of land insured, farms and vineyards remain insufficiently covered and are exposed to huge losses of revenues as a result of weather events.

The FFA wants to see 30% of French agricultural land insured by 2022, which would be an increase from 4.7 million to 8 million hectares. In order to achieve this, insurers, who work closely with the public authorities and farmers’ representatives, have undertaken to propose more accessible offerings and targeted solutions, particularly for forage crops for livestock farmers.

The inter-insurer agreement on the settlement of buildings claims (IRSI agreement): a simplified procedure for fire and water damage in apartment blocks.The IRSI agreement was approved in 2017 by all the members of the FFA and came into force on 1 June 2018.

The purpose of the IRSI agreement is to offer a better service to insured parties. It simplifies the payment of claims for water and fire damage in buildings: appointment of a single insurer to manage the event (searching for the leak, drawing up a list of insured parties and insurers, assessment, etc.), appointment of a single loss adjuster/assessor for all parties and systematic coordination of searches for leaks. The IRSI agreement concerns 700,000 claims with a value of less than 5,000 euros that occur each year within the 15 million apartment blocks.

The successful conclusion and introduction of this agreement is the result of 10 years’ work by insurers and represents a major step in rewriting and simplifying industry agreements concerning property and casualty insurance.


Cybermalveillance.gouv.fr: the governmental mechanism against cyber attacksLaunched in October 2017, Cybermalveillance.gouv.fr is the national platform for supporting victims of cyber attacks. It is managed by the public interest group ACYMA. Its missions are to support individuals, businesses and local authorities through:

� support for victims of cyber attacks

� providing information about and raising awareness of digital security on a national level

� monitoring digital risk in order to be able to anticipate it.

The French Insurance Federation is one of ACYMA’s founding members.

MEMBRE DU DISPOSIT IF

CYBER RISK

Increasing awareness

Insures have a major role to play in protecting businesses and individuals against cyber risks and in prevention of these risks.

In 2017, the Wannacry and Notpetya attacks produced a step change in the awareness of these risks, affecting millions of computers across the world and paralysing, among others, some very large companies.

The FFA set up a working group dedicated to cyber risks in March 2015. In 2017, this group worked on, among other things, the awareness and prevention of the risks, resulting in two publications:

� A guide to good practice to be adopted in order to anticipate and minimise the impact of a cyber risk on a business and to enable the business to continue operating without disruption. Produced by the FFA, this guide offers simple tools that businesses can use to reduce cyber risks and make them easier to insure against.

� The report “Assurer le risque Cyber” (Insuring against Cyber Risk) of the legal think tank Club des Juristes. Chaired by Bernard Spitz, the Club’s Cyber Risk Committee drew up ten recommendations for businesses – and particularly micro-, small-, and medium-sized enterprises – and local authorities to enable them to better insure themselves against cyber risk.

In addition, the FFA is an active participant in the technological research institute the Institut de Recherche Technologique SystemX and in the working group piloted by the French agency for the security of information systems ANSSI and Airbus Defence and Space. The aim of this group, which brings together a large number of professionals in the sector (insurers, reinsurers, intermediaries, the Directorate General of the Treasury, service providers, etc.), is to improve the way in which cyber risk is transferred to insurers.

2018 is a key year for cyber risks, with the entry into force, in May 2018, of the liability regime resulting from the European General Data Protection Regulation (GDPR) and the Network and Information Security (NIS) directive.

ANTICIPER ET MINIMISER L’IMPACT D’UN CYBER RISQUE SUR VOTRE ENTREPRISETPE, PME, vous êtes concernées !

24, rue Salomon de Rothschild - 92288 Suresnes - FRANCETél. : +33 (0)1 57 32 87 00 / Fax : +33 (0)1 57 32 87 87Web : www.carrenoir.com

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CYAN 100 % MAGENTA 100 %



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Download the FFA guide

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RAPPORT ASSURER LE RISQUE CYBER

JANVIER 2018TOME I

Download the Club des Juristes report

http://Cybermalveillance.gouv.fr

https://www.ffa-assurance.fr/content/anticiper-et-minimiser-impact-un-cyber-risque-sur-votre-entreprise-tpe-pme-vous-etes

http://www.leclubdesjuristes.com/les-commissions/commission-cyber-risk-tome-1-assurer-risque-cyber/

18 FRENCH INSURANCE FEDERATION – 2017 ANNUAL REPORT18 FRENCH INSURANCE FEDERATION – 2017 ANNUAL REPORT

Insurers recorded more than 50,000 claims with a total estimated cost of 2 billion euros following the destructive passage of hurricanes Irma and Maria over the French Antilles in September 2017.

Hurricane Irma devastated the islands of Saint-Martin and Saint-Barthélemy on 6 September 2017, and alone led to almost 25,600 claims with an estimated total cost of 1.9 billion euros.

From the very first days following the event, the FFA’s member insurers, working closely with the Committee of Insurers of the Antilles-Guyane (CAAG), put arrangements in place to facilitate the submission of claims and speed up settlement processes.

See the exceptional measures put in place by the insurance industry

Hurricane Irma’s unprecedented strength, with winds of up to 231 miles per hour, resulted in the islands’ populations and insurers being faced with multiple difficulties.

The problems accessing the islands in the three weeks following the hurricane; loss adjusters/assessors arriving gradually in difficult working conditions, co-owners of tax-exempt properties who were slow to come forward, many heavily-damaged buildings requiring complex loss adjustment/assessment processes, insufficient tradespeople to meet the demand for quotations and work all contributed to it taking longer to settle claims than is usually the case in natural disasters.

Furthermore, the scale of the event cast light on the vulnerability of these overseas territories , 45% of homes and 40% of retail businesses on Saint-Martin were uninsured.

Representatives of the French Insurance Federation have visited Saint-Martin and Saint-Barthélemy on several occasions with the president of the republic, the prime minister and the inter-ministerial delegate for reconstruction of the islands, and the Federation is continuing its work. It is committed, with its members and alongside the population and the economic actors of the islands, to a resilient reconstruction of the territories.

NATURAL DISASTERS:

A YEAR MARKED BY HURRICANE IRMA

Islands inaccessible for 3 weeks

Management of co-owned properties

Shortage of workers

Complex loss adjustments/assessments

MULTIPLE, UNPRECEDENTED DIFFICULTIES

https://www.ffa-assurance.fr/en/content/hurricane-irma-insurers-continue-rise-challenge-0

https://www.ffa-assurance.fr/en/content/hurricane-irma-insurers-continue-rise-challenge-0

19FRENCH INSURANCE FEDERATION – 2017 ANNUAL REPORT 19FRENCH INSURANCE FEDERATION – 2017 ANNUAL REPORT

Natural disaster regime: modernisation is under way

The feedback following the passage of Hurricane Irma in 2017, the Seine and Loire floods in 2016 and the Alpes-Maritimes floods in 2015 showed that events like these can create serious trauma and profound disruption to the economic continuity of the territories. This feedback demonstrates once again the need for the natural disaster regime to be modernised and adapted to the increase in the frequency of weather events and the associated claims.

The FFA has submitted a set of proposals to the Government that would make it possible to provide better support to populations facing the consequences of weather events and to strengthen preventive measures. A working group, bringing together representatives of businesses involved in insurance and prevention, as well as ministerial representatives, was set up in late 2017. The results of its work should be communicated in the course of 2019.

FFA’S PROPOSALSISSUES

Complex and punitive excesses for individuals

Simplification of excesses in the absence of a local risk prevention or response plan

Excesses too high for retailers Capping excesses for micro-enterprises

Municipalities without approved risk prevention plans

Putting in place monitoring of prevention plans by department

Cover for temporary accommodation costs

People obliged to leave their homes


HEALTH

HIGH-QUALITY CARE, ACCESSIBLE TO ALL

Insurers play a key role in protecting the health of the French people. They finance health expenditure and develop services (prevention,

support, partnerships) to improve access to care for all, at the best price, and to respond to the needs of each person.

Supplementary health insurers supporting zero out-of-pocket charges

In 2017, the government announced that it wanted to improve access to health care by reducing the level of the out-of-pocket charges (restes à charge) borne by insured parties in the areas of optical care, dental care and hearing aids. The primary aim was to bring an end to people forgoing care in these three areas for financial reasons.

In these three areas, compulsory sickness insurance payments are lower than the amount covered by the supplementary health insurers and the out-of-pocket charges are sometimes very high.

The aim is not to eliminate or even reduce all out-of-pocket expenses in these areas, but to

enable insured parties who wish to do so to obtain equipment (eyewear and hearing aids) or dental prostheses with no out-of-pocket expenses.

Together with its members, acting through its Health Committee, the FFA provided input to the government’s plans. This meant defining the most appropriate content of the “zero out-of-pocket charges” baskets in response to the issue of individuals deciding to forgo care. It also required a balance to be found in the distribution of the costs of the reform between health-sector professionals, compulsory sickness insurance and supplementary health insurers. The providers of supplementary social protection also emphasised the importance of understanding the cost of the reform in its entirety in order to offer insured parties health cover at the best price.

To meet these objectives, the FFA emphasised how the treatment networks (réseaux de soins) can contribute to achieving these aims. These networks’ negotiating capacity allows action to be taken on prices and out-of-pocket charges while ensuring high-quality health services. The FFA has proposed several levers that would allow the cost of the reform to be spread over several years. It has also emphasised the need for this reform to be part of a wider framework:

� rebalancing the activity of dental surgeons between prevention, restorative treatment and recourse to prostheses, as well as putting in place a care pathway in dentistry;

� strengthening the missions of the treatment networks and clarifying the respective roles of compulsory sickness insurers and supplementary health insurers in optical care;

Supplementary health insurers reimburse more than 13% of

health expensesAmong other things, insurers

finance:

73%

Eyewear

41%

Dental prostheses

31%

Hearing aids

DREES Comptes de la santé 2017 / DSS


� for hearing aids, pricing that reflects the value of the hearing aid and the follow-up adjustments made throughout the period the aid is worn;

� changes in staffing levels, training and assignment of work within the areas of optometry, dentistry and hearing aids;

� improvements in information and in the transparency of offerings, while complying with French people’s freedom to choose.

On 13 June 2018, the President of the Republic and the Minister for Solidarity and Health announced that the zero out-of-pocket charges reform, renamed “100% health” will be carried out by 2021. A committee will be put in place to monitor the reform.

Learn more

The FFA and its members will be particularly vigilant regarding the roll-out of the reform and its impact on supplementary health contracts. They will ensure insured parties are provided with reliable information without delay concerning “100% health” offerings and how to access them.

Making supplementary health contracts easier to understand

Following on from the initial commitments made in 2010, the FFA, with the CTIP, the FNMF and the UNOCAM (National Federation of Supplementary Sickness Insurance Organisations), decided to restart work to make supplementary health contracts easier for insured parties and future insured parties to understand.

An impor tant focus of this work concerns educational actions aimed at the general public and raising the awareness of all the other actors (compulsory sickness insurance schemes, branches and undertakings, health establishments and professionals) of the challenges of simplifying and harmonising the terms used.

There are two especially significant factors in the process:

� harmonising the main titles of the different types of cover: this will make it easier for people to identify, in all health contracts, the levels of cover offered for the largest or most frequent items of expenditure, while leaving organisations the freedom to highlight other individual features or innovative proposals of their offers;

� providing reimbursement examples: the supplementary health insurers have agreed a minimum list of reimbursement examples to be provided to their insured parties, for information and in Euros; this will provide individuals with better information on their levels of reimbursement and any out-of-pocket charges for the most common treatments and care. At the same time, the supplementary health insurers are encouraged to develop out-of-pocket charge simulators.

Revenues of supplementary health insurance companies*

€12 bn2017 was a year of strong growth for health insurers, with revenues up 4.9%. Premiums from group contracts equalled those of individual contracts for the first time.

* FFA member companies

Cotizen, a simplified online payment service

for businesses

In May 2017, Agirc-Arrco, the Technical Centre for Provident Institutions (CTIP), the French Insurance Federation (FFA) and the French Federation of Mutual insurance Companies (FNMF) launched Cotizen, a new electronic payment service aimed at businesses and third-party payment operators.

This service adds to the payment options already offered by the supplementary insurers through the monthly electronic payroll report (Déclaration Sociale Nominative). It gives businesses or their third-party payment operators the option of making payments online and from a single portal for premiums and contr ibutions to complementary pension providers, provident institutions and supplementary pension and health insurers.

Learn more

http://solidarites-sante.gouv.fr/actualites/presse/dossiers-de-presse/article/100-sante-des-soins-pour-tous-100-pris-en-charge

https://www.ffa-assurance.fr/en/content/social-security-contributions-cotizen-simplified-online-payment-service-companies


The Financial Sector Consultative Committee (CCSF) we lcomed the approach of the supplementary health insurers in its opinion delivered on 19 June 2018.

Long-term care: a major challenge for society

Providing and paying for care for those who lose their independence is a major challenge for our society. The increase in life expectancy beyond the age of 75 and the emergence of chronic illnesses are contributing to the number of people dependent on long-term care, which will increase from 1.3 million today to 2 million in 2040 and 2.4 million in 2060. This phenomenon brings into sharp focus the question of financing long-term care, the cost of which could rise from 1.1% to 2.1% of GDP between now and 2060. Above all, it is a challenge for our systems of providing and paying for social protection.

In this context, long-term care insurance has an essential role to play in order to reduce the out-of-pocket charges, in particular by identifying and preventing risk and providing essential support services to insured parties. Moreover, the ageing of the population opens up new economic possibilities with a future market – the silver economy – that will support employment, innovation and new technologies.

France has the second largest long-term care insurance market in the world. FFA member Insurers were pioneers in this area: in 2013 they launched the GAD ASSURANCE DÉPENDANCE® (GAD long-term care insurance) label, which combines levels of cover (for example, an annuity of €500 per month in the event of a high level of care needs) with guaranteed benefits and clearly worded contracts that are easy to understand. Nevertheless, this risk is often under-estimated by insured parties and is far from being correctly insured.

As one work stream, the industry is looking at the possibilities for developing the GAD ASSURANCE DÉPENDANCE® label, particularly in order to develop prevention and support services to make

life easier for people requiring long-term care and reduce the burden on their carers.

The industry continues to look at the inclusion of long-term care cover in supplementary pension contracts. It is also lobbying for a person who develops a need for a high level of care to be entitled to beneficial tax conditions if they exit a life insurance or supplementary pension contract by taking an annuity.

In June 2018, the President of the Republic announced a long-term care act before the end of 2019. The FFA is actively involved in the current discussions and will submit its proposals to the public authorities by the end of 2018. Insurers are thus seeking to be fully involved in modernisation of the care system, particularly by helping people to remain in their own homes, widening access to the most recent technological developments and giving due importance to prevention.

Number of people insured under a GAD ASSURANCE

DEPENDANCE® labelled contract

160,400The number of people insured grew by 12% in one year

Learn more about long-term care insurance

https://www.ffa-assurance.fr/content/assurance-dependance?parent=74&lastChecked=126

https://www.ffa-assurance.fr/content/assurance-dependance?parent=74&lastChecked=126


Long-term care contracts: introduction of

a search mechanismLong-term care insurance enables people to protect themselves against the consequences, and particularly the financial consequences, of losing their independence. Some insured parties may find that their mental or physical capacity has deteriorated to such an extent that they are not able to activate their long-term care contracts and those close to them may not be aware that such a contract exists. That is why the FFA’s insurers, through the Association for the Management of Insurance Risk (AGIRA), have put in place a mechanism that allows French people to know if a person close to them has a long-term care contract.

Any person (individual, care establishment, etc.) that is close to a person with long-term care needs can now carry out a search:

- by email: [email protected]

or

- by post: AGIRA - RECHERCHE DES CONTRATS DEPENDANCE TSA 30180 75441 PARIS CEDEX 09.

In order to be processed, the request must include:

� surname(s), forename (s), d at e and place of birth and address of the person with care needs;

� surname(s), forename (s), address of the person requesting the search, capacity of the person requesting the search with proof of identity and the nature of their relationship with the person with care needs who may be insured.

If the search reveals that a contract has been taken out, the insurer will contact the insured party or their legal representative within no more than a month of receipt of the request.

Learn more


https://www.ffa-assurance.fr/en/content/funeral-policies-and-long-term-care-policies-two-new-search-mechanisms-0


GLOBAL REINSURANCE IN 2017

Globally, the reinsurance market generated gross revenues of around $240 bn in 2017, up 4% compared to 2016, after falling for two years in a row.

An exceptional level of claims

The estimated total cost of natural and technical disasters in 2017 for insurers and reinsurers reached a record level of $144 bn. The total economic cost of these events is assessed at more than double this amount, $337 bn, highlighting the global protection gap.

Of the $144 bn of insured costs, $138 bn were caused by natural disasters. This figure is well above the annual average for the last ten years ($50 bn). The bulk of this cost can be attributed to the active hurricane season in the North Atlantic and to a series of forest fires, earthquakes and torrential rains in different regions of the world.

Technical disasters caused $6 bn of losses in 2017, lower than the $8 bn recorded in 2016(2).

North America alone accounted for a total of almost 83% of these insured costs ($119 bn), having suffered six “major” hurricanes (category 3 or above on the Saffir-Simpson scale)(2). The insured costs of disasters in Asia and Europe were $5 bn and $12 bn(2) respectively.

Revenues of French reinsurance companies in

2017

€27.3 bnincluding €14.2 bn for their subsidiaries abroad(1)

REINSURANCE


The Harvey, Irma et Maria (HIM) events

Hurricanes Harvey, Irma and Maria occurred in August and September 2017 and led to an estimated total of $92 bn insured claims(2).

In addition to the violent winds, these events caused catastrophic floods in some regions, particularly Houston, which was affected by Hurricane Harvey.

Hurricane Maria strengthened near the Lesser Antilles, which it passed over as a category 5 hurricane, and struck Puerto Rico with full force, paralysing the country’s infrastructure and particularly its electricity grid.

Irma, insured damage under the French Natural Disasters regime

Following Hurricane Harvey, the Caribbean was affected by the tropical storm Irma in early September 2017. Irma achieved the status of a category 5 hurricane as it approached the islands of Saint-Martin and Saint-Barthélemy.

Gusts of wind in excess of 187 miles an hour, accompanied by a strong swell, resulted in the low-lying parts of the shorelines of Saint-Martin and Saint-Barthélemy being submerged. Many homes, public buildings and energy and communications networks were damaged or destroyed.

According to the chronological reconstruction carried out by the French public sector reinsurer the CCR, we must go back to 1891 to find traces of damage caused by a category 5 hurricane in a French department in this region(3).

A market with growing concentration

Concentration of the reinsurance industry continues to grow. The 10 leading global reinsurers accounted for around 70% of the global market in 2017, compared to 64% in 2016. The market share of the five leading global reinsurers increased by 5 percentage points in 2016 to 55%. The life reinsurance market remains much more concentrated than the non-life reinsurance market.

Despite the very high level of claims recorded in 2017, global capital dedicated to reinsurance rose slightly in 2017.

At 31 December 2017 it stood at $605 bn, an increase of $10 bn (i.e. ~ 2%) compared to 31 December 2016(4).

A large part of this increase was accounted for by the increase in “alternative” capital, which rose by $8 bn to $89 bn. For its part, “traditional” capital remained relatively stable, increasing by $2 bn to $516 bn(4).

(1) Source: FFA(2) Source: Sigma(3) Source: CCR(4) Source: Aon Benfield

Major events recorded across the world in 2017

301• including 183 natural disasters (192 in 2016)• with an estimated total economic cost of $337 bn, almost double

the amount in 2016 ($175 bn)(2)


DEVELOPING LONG-TERM SAVINGS


Insurers support French people throughout their lives. They are by their side to help them finance long-term projects and support them in their retirement.


INSURERS SUPPORT FRENCH PEOPLE WITH THEIR PROJECTS

Realising a life project, preparing for retirement, estate planning: life insurance changes over time in line with savers’ changing objectives.

Life insurance ever-popular among the French

With more than 37 million beneficiaries and investments of €1,682 bn at the end of 2017, up +3% in a year, life insurance remains the preferred financial investment of French people.

In 2017, in a context of lasting, historically-low rates, life insurance continued to post higher returns than regulated savings products.

After falling for several years, the return on Euro funds was almost unchanged in 2017, at 1.8%, thanks in particular to the improved performance of sovereign bonds. The good performance of the financial markets also enabled unit-linked products to achieve a return of 5.3% over the year.

Finally, the per formance of Eurocroissance products was +3.4% in 2017. These contracts also benefited from the financial markets’ good performance.

See the monthly statistics for life insurance

DEVELOPING LONG-TERM

SAVINGS

Rates of return gross of inflation in 2017 (in %)

Life insurance – unit-linked(2) 5.3

Life insurance – Eurocroissance(2) 3.4

Life insurance – Euros(2) 1.8

Livret A and LDDS(1) 0.75

Taxable passbook saver accounts(1) 0.3

Inflation(1) 1.0

(1) Annual average(2) Rates net of charges

Life and capitalisation premiumsDirect business

105.8

28.1

€133.9 bn

2016

96.2

38.4

€134.6 bn

2017(e)

Euros: 71%

UC: 29%

-9%

+37%

https://www.ffa-assurance.fr/en/studies-and-key-figures


Net life insurance inflows in 2017 were €8.3 bn, i.e. less than half the 2016 figure (€17 bn). The total net inflow over the year was negative for Euro products (-€13.1 bn) and positive for unit-linked products (+€21.4 bn).

This fall in net inflows was mainly due to the increase in benefits paid. The uncertainty caused by the legislative changes in the autumn of 2016 (Sapin 2 act) and the elections caused a slowdown in premiums in the first six months of the year, while the major flu epidemic in the winter of 2017 increased mortality and the property market recovery led households to invest heavily in bricks and mortar.

In 2017, unit-linked products continued to grow and accounted for 29% of life insurance premiums (compared to 21% in 2016), the highest level for 17 years. This steady growth reflects French people’s desire to diversify their savings and improve the return they receive. This trend was confirmed in the first six months of 2018.

Entry into force of the PRIIPs regulation on 1st January 2018

The aim of the PRIIPs (Packaged Retail and Insurance-based Investment Products) regulation is to provide retail investors with a key information document (KID) for financial products that have the same characteristics, making them easier to compare.

The FFA, alongside the consumer associations and professionals, worked to obtain a postponement of the entry into force of this regulation, initially scheduled for the end of 2016. The delay of a year that was obtained made it possible to improve the quality of the information provided in the key information document.

The FFA, like its European peers, continues to pay great attention to the implementation of this regulation. The Federation is already looking towards the review of the regulation that the European Commission will carry out by the end of 2018.

The flat tax (prélèvement forfaitaire unique)

A flat tax has applied to investment income since 1st January 2018. This major reform simplified and lowered taxation of savings while preserving the essential pillars of life insurance, including the annual allowance for withdrawals once the contract has been held for 8 years.

The FFA is mindful of the impact of implementation of the flat tax on households’ behaviour. The Federation emphasises the fact that stability of savings is essential to the confidence of insured parties. It is also essential that the system of taxation encourages long-term holding of savings products.

Read about the new tax regime for life insurance

https://www.ffa-assurance.fr/content/le-regime-fiscal-de-assurance-vie?parent=74&lastChecked=131

https://www.ffa-assurance.fr/content/le-regime-fiscal-de-assurance-vie?parent=74&lastChecked=131


The FFA’s contribution to the Action Plan for Business Growth and Transformation (PACTE)In December 2017, within the framework of the action plan for business growth and transformation, the FFA submitted some twenty proposals in response to the Government’s expectations. The proposals covered all the challenges identified by the executive in the areas of transfer of ownership of businesses, growth, corporate social responsibility, business financing, simplification, digital transition and conquering international markets. The draft PACTE act was presented in the Council of Ministers on 18 June 2018. Among the many provisions concerning the industry, the Government and insurers share a desire to support the savings of insured parties by orientating them towards increased financing of businesses. The Government and the FFA’s members are working in particular to reinvigorate and simplify Eurocroissance funds in order to achieve this.Faced with increasing life expectancy, the Government and insurers want to develop supplementary pensions through harmonisation of supplementary pension schemes and increased portability, which will support the financing of the economy.

Read about PACTE

Pensions: enabling the French people to benefit from an additional life-time income

Despite falling replacement rates for future generations, the private pensions regimes remain under-developed in France. The benefits provided by these pension insurance regimes account for only 2% of the benefits of the pension system in France. This very low level compared to the OECD average (15%) also deprives the economy of an important source of very long-term financing.

The development of supplementary mechanisms for providing for retirement is therefore of crucial importance. That is why the FFA, as part of the Action Plan for Business Growth and Transformation (“PACTE”) consultation launched in October 2017, proposed to the public authorities that a universal pension product be created.

The product proposed by the FFA is designed to meet the changes in how French people live their lives. It would be available to all, would provide an additional income for life, with capital guarantees and protection in times of need, and would be portable between insurers.

Insurers emphasise that only a product that guarantees a lifetime income, i.e. one paid

throughout the beneficiary’s life, would enable French people to deal with the risk of longevity, as life expectancy continues to grow.

It is also by using products that pay a lifetime annuity that solutions can be offered in the event of long-term care needs.

The bill for the Action Plan for Business Growth and Transformation Act (loi “PACTE ”), which will be debated by Parliament from September 2018, includes a number of proposals put forward by the FFA, and in particular the harmonisation of supplementary pension products to facilitate development of those products. The Government is also studying, on the basis of work carried out by the FFA, the possibility of improving support for people with a high level of care needs through their life insurance or pension insurance.

For the insurance industry, the creation of a new supplementary pension savings product is the corollary of the universal pension system sought by the Government to meet the challenge of an ageing population. That is why insurers are in favour of incentives for insured parties to take a lifetime annuity, which provides better protection for the insured party and society than taking a lump sum.

https://www.economie.gouv.fr/plan-entreprises-pacte


Towards a pan-European pension product: the PEPP

On 29 June 2017, the European Commission published a draft regulation for the creation of a pan-European personal pension product, the PEPP This product would be portable and would therefore enable savers to continue to contribute to their PEPPs when they move from one member state to another. The draft regulation is accompanied by a draft recommendation that member states should tax all PEPP contracts in a similar way, regardless of the country of origin.

The purpose of the PEPP is to supplement existing state-based personal public pension, occupational

pension and retirement savings arrangements, without replacing those state-based personal pension arrangements.

The FFA is actively involved in the discussions and deliberations of the European Parliament and the Council concerning the PEPP. Insurers’ priority is to ensure the creation of a true pension product, with protection of the capital invested by savers and with a majority of savers opting for an annuity. The aim is to address demographic changes with a secure and attractive pension product for European consumers.


FINANCING THE PRODUCTIVEECONOMY


Insurers are major actors in financing the economy and are leading institutional investors in Europe. They support businesses of all sizes, and by doing so support the productive economy.


INSURERS HELP BUSINESSES GROW

The sector increased its commitments to productive investment in 2017, despite a financial environment that saw interest rates continue at historically-low levels.

Insurers strengthen their commitments

Insurers are institutional investors who give long-term commitments to the productive economy.

In 2017, the assets of insurance companies in France rose to €2,420 bn, up +3.1% compared to 2016. The majority of insurers’ investments are in businesses, accounting for 61% of their assets, i.e. €1,480 bn.

These investments take the form of debt through corporate bonds (39%), capital through shares (18%) and commercial and industrial real estate (4%).

At the end of 2017, insurers had €70 bn invested in direct f inancing of SMEs, medium-sized enterprises and start-ups, up 40% since 2014. The majority of this financing is provided to French businesses.

Insurers also f inance a large part of French government debt. At the end of 2017, French insurers held 41% of public debt financed by residents.

FINANCING THE PRODUCTIVE

ECONOMY

Insurers’ investments in businesses in 2017

€1,480 bn


Reforming Solvency 2 to encourage long-term investment

With almost €10,000 bn assets under management, insurers are among the leading institutional investors in Europe. Insurers’ solvency depends on the assets they hold, particularly long-term savings entrusted to them through life insurance. It also depends on the investments they make: purchases of bonds, shares, real estate, etc. The solvency rules therefore directly influence insurers’ investment strategies.

The Solvency 2 directive, which came into force in 2016, does not currently allow insurers to fully play their role as long-term investors and to provide the best returns to insured parties.

Throughout the year the FFA, together with the whole industry, lobbied the national and European authorities for:

� A reduction in the capital required for investments in shares

Under Solvency 2, shares are the investments that require the largest amount of capital to be locked up. However, thanks to their long-term liabilities,

insurers are able to invest in shares over a very long period and are therefore less exposed to short-term market volatility. Reducing the capital requirement for portfolios of shares backed by long-term liabilities is essential in order to boost insurers’ investment in the productive economy.

� A reduction in the size of the risk margin

The technical provisions recorded under insurers’ liabilities enable them to cover claims payments. The value of these provisions corresponds to the price that an insurer would have to pay to transfer its commitments to another insurer. That price also includes an additional prudential margin called the “risk margin”. The current level of the risk margin reduces European insurers’ own funds by more than 10%. Reducing the level of the risk margin by half would free up capital insurers need for long-term investments in financing businesses.

Discussions are currently under way at European level, and the Federation, working closely with the French government, is following the review clauses of the Solvency 2 directive very closely.

Capital requirements for investments under the Solvency 2 prudential framework

As % of the market value of the security

Government bonds0%

Corporate bonds*7%

Real estate25%

Listed shares39%

Unlisted shares49%

*For a bond with a term of 5 years and an A rating


Insurers support the innovative economy

In conjunction with the French Ministry of Economy and Finance, the Caisse des Dépôts and Bpifrance, insurers have, for five years, been diversifying their methods of financing SMEs and intermediate-sized enterprises: through capital (NOVA and NOVI funds), through debt (NOVO and NOVI funds) and by holding Bpifrance securities.

In this way the industry has made possible a revival in the small enterprises equity market and enabled SMEs and intermediate-sized enterprises to access bond f inancing and an innovative integrated financing offering (equity and debt).

At the end of 2 017, the NOV funds had provided more than €1,700 mn to French SMEs and intermediate-sized enterprises, generating more than 39,000 jobs in the businesses financed.

This commitment continued in early 2018 with the launch of the new NOVO 2018 funds and the second capital raising for the NOVI funds; these two events raised €600 mn, almost a quarter of the funds already raised by the NOV funds.

Read the press release “Funds lending to SMEs and intermediate-size enterprises: the French Insurance Federation and Caisse des Dépôts welcome the launch of NOVO 2018”.

INSURANCE SUPPORTING THE INNOVATIVE ECONOMY

NOVA funds€162 mn

2012

3-year extension for NOVAfunds

2017

Eurocroissance

2014

NOVI funds€580 mn

2015

New NOVO funds€480 mn

Second capital raising of NOVI funds€130 mn

2018

NOVO funds€1,015 mn

2013

Second capital raising of NOVO funds€405 mn

2016

€2.7 bn commitments received by the NOV funds

Insurers invest responsibly

� Inclusion of ESG- Climate cr i ter ia in investment strategies

In spring 2017, the FFA’s Sustainable Development Committee and its Economic and Financial Committee created a working group to assess how insurers’ investments strategies incorporate environmental, social and governance (ESG) and climate criteria.

The results of this work demonstrate the industry’s commitment to the challenges of sustainable development:

- 60% of insurers take ESG-Climate criteria into account in their investment decisions.

- More than 60% of insurers’ assets are covered by an ESG analysis.

https://www.ffa-assurance.fr/en/content/funds-lending-smes-and-intermediate-size-enterprises-french-insurance-federation-and-0





- More than 40% of insurers’ assets are covered by a climate analysis.

The assessments carried out identified eighteen operational recommendations to be implemented in 2018 in order to increase the inclusion of ESG-Climate criteria and to build on insurers’ commitments as responsible investors.

To learn more, go to “The Roadmap for Reinforcing ESG and Climate Criteria in Insurers’ Investment Strategies”

� Financing of the energy and ecological transition

In addition, on the occasion of the One Planet Summit in December 2017, French insurers and reinsurers announced three initiatives to support the fight against global warming:

- The FFA noted the desire of its members no longer to invest in businesses that do not abandon their plans to develop new coal-fired power stations.

- Insurers undertook to include in their life insurance offerings, by the end of 2018, at least

one unit-linked product with a socially responsible investment, solidarity and/or climate label, and in particular the energy and ecological transition for the climate (TEEC) label or the socially responsible investment (IRS) label,

- In partnership with the French business federation (MEDEF) and the French asset management association (AFG), the FFA launched a joint issuers/investors initiative on transparency of climate data.

Insurers have made specific climate commitments and are supporting implementation of the Paris Agreement commitments. They are doing this through their primary mission of knowing and managing risks, and also by integrating ESG-Climate criteria in their long-term investment strategies and developing their green or responsible offering in life insurance.

Read the brochure “Tackling Climate Change: Insurers Commit”

Insurers and reinsurers across the world launch a new “Appeal on Climate Change”In December 2017, two years after COP21 and the “Appeal on Climate Change” launched at the initiative of the French Insurance Federation with the support of Insurance Europe, 35 European and international insurance and reinsurance associations and federations reaffirmed their commitment to tackling climate change.

Read the appeal on climate change


https://www.ffa-assurance.fr/en/content/integrating-esg-and-climate-criteria-investment-strategies-insurers-take-action



https://www.ffa-assurance.fr/content/lutte-contre-le-changement-climatique-les-assureurs-s-engagent

https://www.ffa-assurance.fr/content/lutte-contre-le-changement-climatique-les-assureurs-s-engagent

https://www.ffa-assurance.fr/en/content/insurers-and-reinsurers-across-world-launch-new-appeal-climate-change-0

https://www.ffa-assurance.fr/en/content/insurers-and-reinsurers-across-world-launch-new-appeal-climate-change-0


EMPLOYMENTTRAINING DIALOGUE BETWEEN EMPLOYERS’ AND EMPLOYEES’ REPRESENTATIVE BODIES


With 146,800 employees and more than 13,000 new employees recruited each year, more than 60% of whom are under 30 years of age, insurance is a dynamic sector in terms of employment, training and dialogue between employers’ and employees’ representative bodies.


THE INSURANCE SECTOR DEMONSTRATES ITS DYNAMISM

The insurance sector demonstrates its commitment to a high-quality dialogue between employers’ and employees’ representative bodies and to

supporting its employees in an ever-changing working environment.

Recruitment levels maintained

Employment in insurance undertakings* has been stable for 10 years despite a constantly-changing environment and an increasingly rapid transformation of skills.

The majority (55.4%) of the 14,386 new entrants in 2017 were under 30 years of age. Work-linked training - apprenticeships and vocational training contracts – remains one of the main ways of entering the industry, accounting for more than a quarter of new recruits.

The rise in the level of qualifications of recruits underpins the development of high value-added jobs. 80.6% of employees are recruited at bac +2 or higher; 27% have more than 5 years of post-bac study.

Occupational training supporting changes in the sector

The insurance sector has always paid great attention to training its employees. The amount of training provided by insurance undertakings is 50% higher than the national average.

*governed by the Insurance Code

Women account for more than

60%of employees

EMPLOYMENT, TRAINING, DIALOGUE BETWEEN EMPLOYERS’ AND EMPLOYEES’

REPRESENTATIVE BODIES


Mission Handicap AssuranceMission Handicap Assurance is an organisation created by the French Insurance Federation. Its principal mission is to promote the employment of people with disabilities in insurance companies, in particular through its annual recruitment and training programmes. It also supports member insurance companies in implementing their policies for the employment of people with disabilities.

Visit the website of Mission Handicap Assurance

Over the year, more than 80% of employees undertook some form of training. The average training time per employee was 31 hours.

Digitisation of the sector and its impact on job content and the organisation of undertakings are leading insurance companies to continue their commitments to improving the employability of their employees.

Launched in January 2017, the Certificate of Digital Skills for the Insurance Sector aims to provide employees in the insurance sector with the skills they need to do their jobs. The Certificate is the result of work carried out within the framework of the Insurance Industry’s National Joint Committee on Vocational Training and Employment. Approved as a qualification by the French national committee for certification of vocational qualifications (CNCP), the Certificate of Digital Skills for the Insurance Sector is evidence of the skills of employees of insurance companies in the following areas: “the incorporation of digitisation of activities and the contributions of IT tools into working practices” and the “mastery of connected workstation tools”. All employees in the industry are encouraged to obtain this qualification by 2020. Several thousand already have the certificate.

Learn more about the Certificate of Digital Skills for the Insurance Sector.

In addition to digitisation, all the other changes affecting the industry (regulation, distribution methods, customer relations, changes in offerings, etc.) require employees to continuously adapt. To that end, the insurance companies sector is implementing a policy to develop skills to meet companies’ needs and support professional development.

In 2017, 332 employees obtained the occupational qualification certificate “Customer Relationship Manager in Insurance”, which was created and is managed by the employers’’ and employees representative bodies in the sector.

They also manage a list of certifications, which are approved by the national register of vocational certifications (Répertoire national de la certification professionnelle) or by the CNCP (more than 180 registered in 2017), relating to sought-after skills in the insurance sector and which can be accessed by insurance sector employees using their personal training accounts.

A productive and innovative dialogue between employers’ and employees’ representative bodies

The insurance sector is characterised by a dialogue between employers’ and employees’ representative bodies that is focused on effectiveness and progress, based on trust between the companies in the sector and the trade union organisations. Ongoing exchanges between these bodies help to make insurance one of the most innovative sectors in the area of employment and training.

Nine agreements were signed in 2017 by the employers’ and employees’ representative bodies, bringing the number of agreements signed over the period 2015-2017 to around thirty.

https://mission-handicap-assurance.fr/

https://www.ffa-assurance.fr/en/content/introduction-certificate-digital-skills-insurance-sector

https://www.ffa-assurance.fr/en/content/introduction-certificate-digital-skills-insurance-sector


In 2017, two emblematic agreements demonstrated the employers and employees’ joint commitment to maintain a high-quality dialogue:

� The “Social Action” Agreement

This agreement provides innovative measures for employees and pensioners in the insurance sector, focussing on four areas:

- Covering par t of the premium payable by pensioners on the lowest incomes under the insurance industry pensioners sickness insurance scheme (régime d’assurance maladie des allocataires – Rama).

- Putting preventive actions in place that are available to pensioners and active employees to support health and quality of working life: online health services, conferences, health centres, etc.

- Financial assistance for children’s education and for young employees. The purpose of this measure is to provide financial support, under cer tain circumstances, to employees and pensioners who have dependent children in higher education.

- Financial support for employees in the insurance industry experiencing difficulties as a result of their spouse or a child suffering a disability. Assistance can also be provided to employees whose outgoings ser iously exceed their income, to avoid them entering a spiral of over-indebtedness.

� The “Agreement on Dialogue between Employers’ and Employees’ Representative Bodies”

The FFA and the trade union organisations CFDT, CFE-CGC, CGT, CFTC and UNSA signed the renewal of the agreement that establishes the structure and organisation of the dialogue between employers’ and employees’ representative bodies in the insurance sector until 2022.

This agreement falls within the framework of the French act of 20 August 2008, which establishes the principle of making employees available to the sector’s trade unions. It has been signed by five of the six trade unions that represent employees in the industry. The previous renewal, in 2013, was signed by only two trade union organisations.

Through this industry-wide agreement, employers and employee representatives express their ambition to place innovation in employment and training at the heart of the industry’s plans and to support the development of trade union activity on an ongoing basis. The agreement also makes it possible to enhance trade union career paths in the context of changes in union representation following the 2017 labour ordinances (ordonnances travail).

2018 will also see a great deal of activity in the area of employment which will impact the dialogue between employers’ and employees’ representative bodies at sectoral level but particularly at company level:

� The 2017 labour ordinances must be implemented in each sector and each company. They will lead, inter alia, to the merger of the employee representative bodies, which will be replaced by a social and economic committee.

� The apprenticeship and training reform will bring more autonomy and responsibility at sectoral and company level; the role of the careers observatories and of the approved joint collection bodies (organismes paritaires collecteurs agréés) will change significantly.

� The industry also wishes to improve the sector’s health/protection and supplementary pension schemes.

� Finally, the outcome of the debates on gender equality, anti-discrimination and inclusion of disabled workers will be implemented at sectoral and company level. A new diversity agreement for the sector is being prepared.


Quality of working lifeThe insurance companies sector launches a good corporate practice guide

In line with their joint commitments, in November 2017 the FFA and the trade union organisations CFDT, CFE-CGC, CFTC and UNSA organised a conference on the quality of working life. The good corporate practice guide presented at that conference is intended to support the implementation of initiatives that promote the quality of working life. It lists actions taken by insurance companies that can be adopted by all undertakings in the sector. It provides a working tool that will be regularly updated.

Read the good corporate practice guide


https://www.ffa-assurance.fr/en/content/quality-working-life-insurance-companies-sector-continues-its-initiatives-and-launches-guide

https://www.ffa-assurance.fr/en/content/quality-working-life-insurance-companies-sector-continues-its-initiatives-and-launches-guide


THE LIFE OF THE FRENCH INSURANCE FEDERATION


The French Insurance Federation brings together insurance and reinsurance undertakings operating in France: 262 companies accounting for more than 99% of the market.

46 FRENCH INSURANCE FEDERATION – 2017 INSURANCE DASHBOARD

The French Insurance Federation’s principal

missions � Representing insurers to national and international public authorities, institutions and other regulatory and administrative bodies

� Keeping accurate and detailed industry statistics

� Informing the general public and the media

� Strengthening and promoting risk education

� Developing the attractiveness of our industry through education and training

Watch our institutional film


https://www.ffa-assurance.fr/en/content/video-every-60-seconds-France

47FRENCH INSURANCE FEDERATION – 2017 INSURANCE DASHBOARD

ORGANISATION

Throughout the year, the Federation’s teams worked, in France and abroad, to raise awareness and recognition of the role played by insurance in protecting households and businesses on a daily

basis, as well as in the long term financing of the economy.

Bernard SPITZ

Vice-PresidentsPresident

The President’s Committee brings together the President and the three Vice-Presidents of the French Insurance Federation to appoint the chairs and vice-chairs of the FFA’s standing committees and sub-committees, the executives to whom the principal tasks of representing the Federation externally are entrusted and the chairs of the trade organisations linked to the FFA.

THE BODIES OF THE FRENCH INSURANCE FEDERATION

The French Insurance Federation is a trade association. It is organised around the following bodies: the President’s Committee, the Executive Board, the General Meeting and twelve standing committees.

Pascal DEMURGER President of the Association of Mutual Insurers (AAM), CEO of the MAIF group

Jacques RICHIER President of the French Federation of Public Limited Insurance Companies (FFSAA), Chairman and CEO of Allianz France

Pierre de VILLENEUVE President of the French Bancassurance Association, Executive Chairman of BNP Paribas Cardif

The President’s Committee


The Executive Board at 1 September 2018

The Executive Board consists of the Chair, elected by the General Meeting for three years, representatives of twenty-three member companies, and the Treasurer. The eighteen largest groups and companies in terms of revenues are automatically members of the Executive Board. The five representatives of the other companies are elected by their peers: a reinsurer, three mutual insurance companies and a public limited company.

Stéphane DESSIRIER CEO, Groupe MACSF

Patrick DIXNEUF CEO, AVIVA France

Walter ERAUD CEO, SWISS RE

Patrick JACQUOT President and CEO, Assurance Mutuelle des Motards

Patricia LACOSTE President and CEO, Groupe Prévoir

Romain LAUNAY Member of the Executive Committee, SCOR SE

Sylvain MORTERA CEO, AREAS Assurances

Jacques de PERETTI President and CEO, AXA France

Philippe PERRET President and CEO, Sogécap

André RENAUDIN CEO, AG2R LA MONDIALE

Frédéric THOMAS CEO, CREDIT AGRICOLE Assurances

Paul VILLEMAGNE Treasurer of the French Insurance Federation

Bernard SPITZ President of the French Insurance Federation

Pascal DEMURGER CEO, MAIF


Jacques RICHIER President and CEO, ALLIANZ France

Pierre de VILLENEUVE Executive President, BNP PARIBAS CARDIF

Paul ESMEIN CEO, COVEA

Pierre ESPARBES CEO, SMABTP

Jean-Laurent GRANIER President and CEO, GENERALI France

CEO, CNP Assurances

Jean-François LEQUOY Member of the Senior Management Committee, NATIXIS Assurances

Thierry MARTEL CEO, GROUPAMA SA

Jean-Marc RABY CEO, MACIF

Pierre REICHERT Executive Board President, Assurances du Crédit Mutuel

Charles RELECOM President SWISS LIFE


The standing committees at 1 July 2018

The standing committees bring together, in their respective subject areas, representatives of the member companies of the French Insurance Federation. They can set up sub-committees and working groups to carry out their work. The mission of the committees is to study the key issues facing the sector and propose solutions, actions or positions to be supported by the industry as a whole.

See the presentation of the FFA’s committees here

Risk Analysis CommitteeChair: Virginie Le Mée, Risk and Continuous Monitoring Director - MACIFVice-Chair: Philippe Marie-Jeanne, Head of Risk Management - AXA

Property and Casualty Insurance CommitteeChair: Stéphane Duroule, CEO - MAAFVice-Chairs:François Farcy, Deputy CEO, Compensation and Services - Groupe MatmutJean-Luc Montané, Director, Corporate Property and Casualty Insurance - AXA

Life, Health and Protection Insurance CommitteeChair: Jean Malhomme, Director, Savings and Protection - AXAVice-Chairs:Pierre François, CEO - Swiss Life Prévoyance Santé – CEO, Swiss Life Assurance de BiensXavier Larnaudie-Eiffel, Deputy CEO - CNP Assurances

Ethics CommitteeChair: Frédéric Jenny, Chair of the OECD’s Competition Committee

Sustainable Development CommitteeChair: François Garreau, Head of CSR - GeneraliVice-Chair: Renaud Berrivin, Director of Communication and CSR - Intermutuelles assistance

Distribution CommitteeChair: Matthieu Bébéar, Deputy CEO - AXAVice - Chai r : Marc Bor re i l , D i rec to r o f Partnerships - Mutuelle des Motards

Economic and Financial CommitteeChair: Antoine Lissowski, Deputy CEO - CNP AssurancesVice-Chair: Olivier Arlès, Deputy CEO - Groupe MACIF

Legal, Tax and Competition CommitteeChair: Philippe Giraudel, Legal Director - GROUPAMAVice-Chair: Angélique Sellier-Levillain, Legal Director, Insurance - Allianz

Anti-Money Laundering CommitteeChair: Christophe Izart, Deputy CEO - BPCE Vie & BPCE Prévoyance, Natixis AssurancesVice -Chair: Hubert Marck, Director, Public Affairs and Compliance - AXA

Digital CommitteeChair: Antoine Denoix, Director of Marketing, Digital, Data and Customer Service, Member of the Executive Committee - AXAVice-Chairs:Valérie Bompard, Director, Innovation and Digital Transformation - Société Générale InsuranceYann Arnaud, Director, Products, Economic Steering, Performance and Risk - Groupe MACIF

Reinsurance CommitteeChair: Anne-Marie Cical, Director - SCORVice - Chai r : August in Rémy, D i rec to r, Reinsurance - Groupe MACIF

Employment CommitteeChair: Olivier Ruthardt, Deputy CEO, Human Resources and Employee Relations – Groupe MatmutVice-Chair: Sibylle Quere-Becker, Director of Human Resources - AXA

The General Meeting

The General Meeting comprises all the members of the French Insurance Federation.

https://www.ffa-assurance.fr/en/content/about-ffa/our-standing-committees

https://www.ffa-assurance.fr/en/content/about-ffa/our-standing-committees


President Bernard Spitz*

Economic Studies and Statistical Department

� Economic Studies and Statistical Department José Bardaji

CEO, Business Division Arnaud Chneiweiss*

Life, Health and Protection Insurance

� Life and Capitalisation Philippe Bernardi

� Health Véronique Cazals

Property and Casualty Insurance

� Property and Casualty Insurance, markets Stéphane Pénet

� Property and Casualty insurance, insurance lines Catherine Traca

General Secretary Gilles Wolkowitsch*

� Digital and Innovation Jérôme Balmes

Public Affairs and Communication Arielle Texier*

� Parliamentary Affairs Jean-Paul Laborde

� Communication Delphine Deleval

CEO, Functions Philippe Poiget*

Legal, Tax and Consumer Affairs

� Legal, Tax and Consumer Affairs Philippe Poiget

Europe andInternational Department

� Europe and International Christian Pierotti

� Employment Affairs Alexis Meyer

� Accounting, prudential and Finance Christine Tarral

Cabinet Director Mathieu Gatineau

� General Secretariat Grégory Gaudet

� Human Resources Martine Bacciochini

� Information Systems and General Resources Jean-Luc Saghaard

� Finance Slimane Tezkratt

* Members of the Management Board

INTERNAL ORGANISATIONAL STRUCTURE CHART


Natural disasters: networks serving those affectedIn the event of severe weather, the delegates of the Insurance Documentation and Information Centre (CDIA) are mobilised as soon as an amber alert is issued by Météo France. They transmit information gathered on the ground about the scale and progress of the event to the FFA in real time. This information is extremely valuable to the Federation, enabling it to be highly responsive, both locally

and nationally, to the public authorities, the media and those affected. These local representatives also provide information to those affected and help them with their claims, for example by holding regular information sessions. In addition, the CDIA’s delegates and the CATNAT (Natural Disaster) coordinators participate in the crisis units set up by the government following a major weather event.

THE FRENCH INSURANCE FEDERATION’S REGIONAL NETWORKS

The French Insurance Federation has a number of networks of representatives in the regions. These regional networks allow effective intervention in the event of a crisis, as well as providing day-to-day representation of the Federation and the industry throughout the country.

The FFA’s correspondents are the preferred interlocutors of the public authorities, trade bodies and chambers of commerce, industry, crafts and agriculture in the regions. They disseminate the Federation’s principal messages on key issues for the insurance sector. The 12 correspondents, directors of regional of f ices of insurance companies, are based in 6 major French cities: Lille, Lyon, Marseille, Rennes, Strasbourg and Toulouse.

The rep resen t a t i ves o f t he Insu ranc e Documentation and Information Centre (CDIA) – general agents and brokers – are responsible for delivering practical and educational information on insurance to all audiences: private individuals, professionals, businesses and associations. The 94 delegates and 400 local correspondents also play an essential role on the ground when a weather event occurs.

The Natural Disaster coordinators are the industry’s technical advisers in the departments when major weather events occur. They are almost a hundred in number and they act with the public authorities to deal with complex problems in terms of insurance in order to speed up settlement of insured parties’ claims and help them get their lives back to normal.

The insurance careers ambassadors meet the public at job fairs, orientation sessions and information meetings to promote careers, training and employment in the insurance sector. The 50 ambassadors are insurance company employees and are present in the main towns and cities of France.

The regional life, health and protection insurance clubs, six in number, cover the whole of France and bring together the sales managers of the insurance companies’ salaried employee sales networks. These clubs provide a forum for sharing information on technical, commercial, regulatory and ethical developments in life, health and protection insurance.

Read about the FFA’s presence in the regions

https://www.ffa-assurance.fr/en/content/about-ffa/our-regional-presence


CORA’s areas of focus

HealthThe costs of cutting-edge medical care are rising dramatically. National budgets are tightening. The role of insurers in ensuring the stability of health systems is crucial. CORA considers how to improve social protection for all French people within a system they value.

The digital revolutionInsurers’ activities and their relations with citizens-consumers are being transformed by the digital revolution. CORA looks at all aspects of this change: access to personal data, simplification of services and benefits, etc.

RegulationCORA is committed to promoting good regulation, which allows fair competition, and raising the alarm where it sees examples of poor regulation, which is a source of inefficiency and destroys value.

Risk cultureCORA contributes to the public debate and encourages initiatives that develop risk education, thus contributing to social and entrepreneurial development in our country.

Protection of people and propertyCORA contributes to the discussions and reflections of insurers, who seek to push back the boundaries of insurability every day.

See the subjects considered by CORA and the list of CORA’s members

THE CORA THINK TANK

The CORA Think Tank (Conseil d’Orientation et de Réflexion de l’Assurance) was created in 2008 at the initiative of Bernard Spitz, Chairman of the French Insurance Federation.

The aim of this independent think tank is to foster dialogue between the insurance industry and civil society. It meets four times a year.

Contributing to public debate

The setting up of CORA reflects insurers’ desire to play their role in society to the full and to contribute to public debate.

CORA is chaired by Jean-Pierre Boisivon and has some twenty members, all drawn from civil society.

These men and women are philosophers, doctors, lawyers, trade unionists, economists, teachers, historians, demographers, writers, politicians, former ministers, entrepreneurs and others, both French and foreign, bringing a range of different sensibilities and opinions.

CORA focuses on the issues of today and tomorrow, such as the ageing population, health, the digital revolution, sustainable development, risk education, regulation, etc.

The freedom of CORA’s members to express themselves and the diversity of their skills and professional experience enable insurers to better understand changes in society.

https://www.ffa-assurance.fr/en/content/about-ffa/cora


THE UNIVERSITY OF INSURANCE

The University of Insurance was created in 2010. Its purpose is to promote a culture of insurance and risk management among students, professionals and decision-makers.

Established as a network bringing together higher education establishments and insurance companies, the University of Insurance has as its missions:

� the creation and promotion of centres of excellence in insurance education;

� building bridges between those working in higher education and insurance professionals;

� promoting innovative teaching.

The University of Insurance is chaired by Sylvain Mortera, CEO of AREAS Assurances.

The insurance centres of excellence: high-level multi-disciplinary training

The insurance and reinsurance sectors offer many career opportunities. The University of Insurance has set up centres of excellence across France delivering high-level insurance training to provide an effective response to companies’ recruitment needs.

The multi-disciplinary education provided by the centres of excellence provides students with access to all insurance and risk management careers. Numerous training programmes are offered, tailored to student profiles: initial training, continuing training, certif ication, work-linked training, etc.

More than 30 training courses are already provided by the University of Insurance’s network.

Education that helps students find employment

The University of Insurance increases exchanges of ideas and experiences between those working in higher education and professionals in the insurance sector. The relationships established make it possible to continuously adapt the training programmes to changes in the insurance and reinsurance sector.

The insurance industry also promotes international exchanges by developing partnerships between higher education establishments across the world.

Prioritising innovation in teaching and research

The University of Insurance promotes innovation in teaching and research in the areas of insurance and risk management. By doing so, it supports the transformation of the sector, which is ever more international in nature and in which the role of digital is ever-increasing.

Learn more about the University of Insurance, the training courses and those involved

http://www.universite-assurance.org/

http://www.universite-assurance.org/


THE ASSOCIATION ATTITUDE PRÉVENTION

Prevention is an integral part of insurers’ work. It is an important cause, inseparable from insurers’ social responsibility, and all insurers are engaged in it.

Standing alongside their insured parties when an accident or loss occurs, insurers provide them with the best possible support to mitigate the consequences. But they owe it to themselves to go further and make the French people aware of the risks they run in their daily lives and help them to protect themselves against those risks.

That is why the members of the French Insurance Federation carry out numerous awareness campaigns on an individual basis. They have also chosen to participate in collective initiatives and actions within the association Attitude Prévention.

The missions of Attitude Prévention are:

� to raise awareness about prevention – particularly road-related risks, accidents of everyday life and health – on behalf of all insurers, in conjunction with the French Insurance Federation;

� to design and implement initiatives to raise awareness of road-related risks, risks in the home and health risks among the general public, alone or in partnership with other organisations;

� to act as a point of reference for the analysis of data on road-related risks, risks of everyday life and health risks.

Attitude Prévention is chaired by Patrick Jacquot, President and Chief Executive Officer of Assurance Mutuelle des Motards.

Learn more and see what Attitude Prévention is doing: www.attitude-prevention.fr

Find Attitude Prévention on the social networks

Join the community Les Mamans Assurent

The Facebook Community “Les Mamans Assurent” is an initiative of Attitude Prévention. Its aim is to raise awareness, inform and share advice and tips for children and mothers at the top of their form.

Le CosapAttitude Prévention’s

Scientific CouncilCosap is Attitude Prévention’s scientific council. It was set up on 13 November 2017, under the chairmanship of Bernard Spitz, Chairman of the FFA. Its members are senior people from different backgrounds; this diversity brings great benefits and is a source of creativity and innovation. Cosap is a real asset for the association, giving access to the best experts on social changes and advances in research to enable insurers to respond in the best way possible to the challenges of preventing road-related accidents, accidents in the home, accidents of everyday life, health risks, climate risks, digital risks, etc. Attitude Prévention looks to Cosap for advice and opinions on its current actions and approach to issues, exchanges of views on actions that could be taken in the future, and input into its work to develop its cross-cutting approach to risk culture.

http://www.attitude-prevention.fr


https://www.facebook.com/attitude.prevention/

https://twitter.com/preventattitude?lang=fr

https://www.youtube.com/channel/UC2QqrP_YiFmeL7T-47-h-mg

56 FRENCH INSURANCE FEDERATION – 2017 INSURANCE DASHBOARD56 FRENCH INSURANCE FEDERATION – 2017 INSURANCE DASHBOARD

57 The economic and financial environment

59 The insurance sector

60 Life, health and protection insurance

66 Property and casualty insurance

70 The insurance sector’s financial activity

73 French insurers’ international activity

STATISTICSTechnical data75 Premiums78 Benefits and claims

Accounting data79 All insurance companies80 Life and composite insurance companies82 Non-life insurance companies

The economic and financial environment84 Households’ net new financial investments84 Households’ stock of financial investments84 The financial markets

Employment data85 Salaried employees of insurance companies

2017: INSURANCE DASHBOARD

Because of rounding, the sum of the sub-headings is not always equal to the total.


THE ECONOMIC AND FINANCIAL ENVIRONMENT

Slightly less accommodating monetary policies on both sides of the Atlantic

In the eurozone, 2017 saw significant growth in gross domestic product of +2.6% (compared to +1.8% in 2016), a rise in inflation associated with higher oil prices, and continuing reductions in unemployment, to its lowest level since 2008 (9.1%). The United States’ economy is also recovering. GDP growth reached 2.3% (compared to 1.5% in 2016) and unemployment was at its lowest for seventeen years (4.4%). Thus, economic growth was a little higher in the eurozone than in the United States for the second year running, despite the significant appreciation of the euro against the dollar. Nevertheless, the differences in inflation and unemployment rates once again led the central banks on either side of the Atlantic to pursue different monetary policies. The US Federal Reserve (Fed) continued to raise interest rates with three further increases and, from October, began very gradually to reduce the size of its balance sheet by not reinvesting the proceeds of maturing Treasury securities and mortgage-backed securities. The European Central Bank (ECB) continued its very accommodating monetary policy, although it somewhat reduced the volume of its bond purchases, from €80 bn to €60 bn from April.

Short-term interest rates continued to fall in 2017, moving a little deeper into negative territory and approaching the ECB’s deposit facility rate (-0.4% since March 2016). At the end of 2017, the 3-month Euribor was at the historical low of -0.33%, down 10 basis points compared to the end of 2016. Long-term interest rates did not follow the same trend, rising slightly over the year after falling for two years in a row, although they still remained at historically low levels. Several events contributed to this rise, such as the reduction in the ECB’s purchases and the increase in inflation. Finally, the interest rate on French ten-year OATs (fungible treasury bonds) ended the year at 0.8%, 10 basis points higher than at the end of 2016.

The Paris Bourse recorded its best performance since 2013

In 2017, the CAC 40 index produced its best performance for four years, with growth of 9.3% (compared to 4.9% in 2016). All the major stock markets rose, with a salient feature being the extremely low volatility. However, political risk meant that the Paris Bourse did not grow in a linear way over the year. In fact, 2017 saw the rise of tensions concerning the result of the French presidential election and also the elections in Germany, the Netherlands and Austria and the referendum in Catalonia. Political risk also manifested itself in investors’ doubts about Donald Trump’s ability to implement the reforms on the basis of which he was elected. In the end, the stronger growth, in both the eurozone and the United States, made it possible for global trade to recover, businesses to return to profitability and the CAC 40 to climb above the 5,300 point threshold.

Slower growth in households’ purchasing power but an increase in their saving rate

In 2017, French economic activity rose by 2.2%, significantly above the 1.2% achieved in 2016. This is the highest rate of growth since 2007. It is notable that last year economic activity was driven by household and business investment and not the traditional engine of growth, household consumption. Growth in the purchasing power of households’ gross disposable income slowed because of accelerating pr ices, while the household saving rate was up slightly by 0.3 of a percentage point at 14.3%.


Key figures: the economic and financial environment

Level at 31 December 2017 or change

3-month interest rate -0.33%

10-year interest rate 0.78%

CAC 40 5,313 pts (+9.3%)

GDP in value €2,291.7 bn (+2.8%)

GDP growth (volume) +2.2%

Growth in household consumption +1.0%

Growth in business investment +4.1%

Growth in gross disposable income +2.6%

Household saving rate 14.3%

Household financial saving rate 4.4%

Net change in household debt €70.1 bn

Inflation (annual average) +1.0%

Unemployment rate (ILO definition, annual average) 9.4%

Sources : European Banking Federation, Banque de France, Agence France Trésor, Euronext, Insee (French Economic Research and Statistics Institute).

10-year bond interest rate (as %)

2.62

0.30 0.67

3.35

-2

0

2

4

6

8

10

12

14

16

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Source: Investing Last points: 29 June 2018

United States

ItalyFrance

Germany


THE INSURANCE SECTOR

2017 saw modest growth in revenues in the insurance sector, up 1.4% compared to GDP growth of 2.8% in terms of value. Growth was a little stronger in property and casualty insurance (+2.3%) than in life, health and protection insurance (+1.1%).

Looking at the detail, it was sickness and personal injury accident insurance that achieved the strongest growth (+4.8%), while premiums in life

and capitalisation insurance suffered from an unfavourable environment, during the first half of the year in particular (political and regulatory uncertainty, recovery of the property market, etc.). In property and casualty insurance, personal lines in particular achieved significant growth in premiums. Business insurance recorded modest growth, contrasting with the recovery in French economic activity over the year.

Key figures: insurance – direct business France

2016 in € bn 2017 in € bn Change

Premiums (total) 208.6 211.6 +1.4%

Life, health and protection insurance premiums 155.4 157.1 +1.1%

- Life and capitalisation 133.9 134.6 +0.5%

- Sickness and personal injury accidents

21.5 22.5 +4.8%

Property and casualty insurance premiums 53.2 54.5 +2.3%

- Personal lines 33.5 34.5 +3.0%

- Business 19.7 20 +1.2%

Source: FFA – Companies governed by the French Insurance Code


LIFE, HEALTH AND PROTECTION INSURANCE ACTIVITY

Life, health and protection insurance premiums grew by 1.1% in 2017 to €157.1 bn direct business France.

This increase was characterised by weak growth in life insurance and capitalisation premiums, to €134.6 bn (+0.5%), and strong growth in premiums for personal injury insurance (sickness and non-

motor personal injury accidents), which reached €22.5 bn (+4.8%).

In addition, life and capitalisation insurance benefits (€126.3 bn) grew at a faster rate (+8.0%) than the last two years. Sickness and personal injury accident benefits and claims in 2017 were €17.1 bn, representing slower growth than in the previous two years (+1.9% compared to +4.3%).

Key figures: life, health and protection insurance – direct business France

Premiums: €157.1 bn (+1.1%) 2017 in € bn Change

Life and capitalisation 134.6 +0.5%

Euro products 96.2 -9.1%

Unit-linked products (1) 38.4 +36.7%

Sickness and personal injury accidents 22.5 +4.8%

Health care 12.0 +4.9%

Permanent and temporary disability-Long-term care-Accidental death

10.5 +4.7%

Benefits and claims: €143.4 bn (+7.3%)

Life and capitalisation 126.3 +8.0%

Sickness and personal injury accidents (2) 17.1 +1.9%

Net inflows (life and capitalisation): €8.3 bn (-51.1%)

Euro products -13.1 n.s.


Mathematical provisions and profit participation provisions (life and capitalisation): €1,682.3 bn (+3.0%)

Mathematical provisions 1,632.4 +2.7%

Euro products 1,280.1 +0.0%


Profit participation provisions 49.8 +14.4%

(1) Including Eurocroissance products(2) Benefits and claims incurredSource: FFA – Companies governed by the French Insurance Code


Life insurance and capitalisation contracts

The market

Life insurance and capitalisation premiums (direct business France) were €134.6 bn in 2017, up 0.5% compared to 2016. This increase was driven by individual contracts (+0.6%, to €121.2 bn). Premiums from group contracts were stable at €13.5 bn.

2017 saw very strong growth in premiums invested in unit-linked products (+36.7%, to €38.4 bn) and a fall in payments into Euro products (-9.1%, to €96.2 bn). Unit-linked products thus accounted for 29% of premiums in 2017, compared to 21% in 2016.

At the same time, benefits paid were €126.3 bn, up 8.0% compared to the previous year, representing 8% of mathematical provisions and prof it participation provisions at end December 2017.

The narrowing of the gap between premiums and benefits paid resulted in a positive net inflow of €8.3 bn in 2017, lower than that for 2016 (€17.0 bn). This net inflow was strongly orientated towards unit-linked products (+€21.4 bn), while the net inflow for Euro products was negative (-€13.1 bn).

Mathematical provisions grew by 2.7% to €1,632.4 bn at 31 December 2017. Unit-linked products accounted for 22% of these provisions (€352.3 bn), up sharply over the year (+13.9%), benefiting once again from positive valuations.

Profit participation provisions grew strongly to reach €49.8 bn at the end of 2017, up 14.4%. Insurers continued to build reserves in the continuing low interest rate environment.

2016 2017

105.8 96.2

28.1 38.4

133.9 134.6

2016 20172016 2017

103.6 109.4

13.317.0

116.9126.3

Premiums(in € bn)

Benefits paid(in € bn)

Net inflows(in € bn)

2.2

-13.1

14.821.4

17.0

8.3

Eurosunit-linked

Mathematical provisions relating to pension insurance contracts were €197.6 bn at end 2017, up 4.5% compared to 2016. For these contracts, 2017 saw a slight reduction in premiums (-0.6%, to

€12.0 bn) and an increase in benefits paid (+6.1%, to €8.8 bn). Regular annuity payments accounted for 58% of benefits paid in 2017.


Returns

In 2017, the rate of return on Euro products is estimated to have been 1.8%. Against a background of continuing low interest rates, the reduction in this rate of return was lower in 2017 than in 2016 (-8 bp compared to -34 bp). It has thus fallen by 2.2 percentage points over the last ten years, i.e. an average of a little more than 0.2 percentage points each year.

The reduction in returns on life insurance products in Euros is a direct consequence of the continuing low interest rate environment. Insurers suffer from this environment, which limits income from the bonds they hold. At the end of 2017, the 10-year OAT (fungible treasury bond) was at 0.78%, close to its level of 0.68% at the end of 2016 but with a higher annual average (0.81% compared to 0.47% in 2016).

Life insurers were therefore able to provide competitive rates of remuneration while protecting the future by increasing reserves. In fact, insurers funded their profit participation provisions for the sixth year in a row.

The remuneration of Euro products net of inflation was, however, down, at 0.8% compared to 1.7% in 2016. Inflation measured by the French consumer prices index accelerated, averaging 1.0% in 2017 compared to 0.2% in 2016.

In 2017, the performance of unit-linked products net of fees and charges was 5.3%, significantly higher than both the figure for 2016 (2.1%) and the average for the last 4 years, These products benefited in particular from the performance of the stock markets (+9.3% for the CAC 40 and +25.1% for the Dow Jones).

Finally, the performance net of fees and charges of Eurocroissance products was 3.4% in 2017. These contracts also benefited from markets’ strong performance. It is not possible to show historical trends for these products because they are so new.

Overall, life insurance continued to provide better returns than regulated savings.

Rates of return gross of inflation in 2017 (as %)

Life insurance unit-linked products(2) 5.3

Life insurance Eurocroissance products(2) 3.4

Life insurance Euro products(2) 1.8

Livret A and LDDS(1) 0.75

Taxable passbook saver accounts(1) 0.3

Inflation(1) 1.0

(1) Annual average(2) Rates net of fees and charges

4.6

2.82.5

2.31.9

1.81.6 2.5

2.0

1.3 1.01.6

0.91.10.750.75

2013 2014 2015 20172016

Unit-linked products (average2013-2017)

Return on Euro productsHome savings plans Livret A


Insurance as a component of household wealth

At the end of 2017, household wealth was estimated at €12,800 bn. More than 60% of this was made up of non-financial assets (real estate, built-on land, gold, valuable objects, etc.), with almost 40% comprising financial assets. Insurance accounted for 16% of total household wealth.(1)

In 2017, the stock of households’ f inancial investments grew by 4%, slightly less than in 2016 (+6%). Insurance accounted for 40% of households’ financial assets, ahead of securities (31%), cash (23%) and contractual savings (6%).

According to the provisional financial accounts of the Banque de France, households’ net new financial investments were €110 bn in 2017, sharply up on 2016 (€93 bn). With only a small increase in the household saving rate, this strong growth came mainly from the acceleration in household borrowing. Nevertheless, this sharp growth in households’ net new financial investments in 2017 was still below the record levels reached between 2005 and 2007 (€130 bn on average over the period). Moreover, insurance, which accounted for

44% of this flow in 2016, represented only 38% in 2017, ceding first place to cash.

Cash accounted for almost 50% of households’ net new financial assets in 2017, compared to 36% in 2016. This strong growth was driven by current accounts as well as the good performance of taxable passbook savings accounts and Livret A, which recorded its best inflow since 2013. Cash benefited from the wait-and-see attitude adopted by households, due especially to the uncertainty at the beginning of the year concerning the presidential election. The share accounted for by contractual savings fell significantly (9%, following a fall of 20% in 2016) as a result of the slowdown in deposits in home savings plans.

The stock of long-term savings comprising medium- and long-term financial investments such as life insurance, contractual savings (home savings plans, bank popular savings plans) and other long-term savings products (shares, bonds, employee savings plans, etc.) stood at €3,800 bn at the end of 2017.

Household wealth2016 2017

Non-financial assets 61% 61%

Financial assets 39% 39%

- Insurance products 16% 16%

- Cash investments 9% 9%

- Securities 12% 12%

- Contractual savings 2% 2%

Source: Banque de France

Net new financial investments (in billions of Euros)

2013 2014 2015 2016 2017

Cash investments 18 4 22 34 54

Contractual savings 8 17 23 18 9

Securities 17 10 19 0 5

Insurance products 41 54 50 41 42

Net new financial investments 84 85 115 93 110Source: Banque de France

(1) Mainly life insurance, including supplementary pension savings. The non-life premium and loss reserves are also included.


Health and social protection

In 2017, the health and social protection market for all supplementary insurance providers (provident institutions governed by the French Social Security Code, insurance companies governed by the French Insurance Code and mutuals governed by the French Mutual Insurance Code) experienced growth of 3%, with premiums (1) of €58.6 bn. This growth was driven by group contracts (+4.6% compared to +1.5% for individual contracts), accounting for half of the premiums.

The supplementary health insurance market grew by 2.3% in 2017, to €37.1 bn of premiums. This growth was driven by group contracts, which accounted for €17.4 bn, up by 4.4% compared to 2016. The volume of premiums from individual contracts was up slightly at €19.7 bn, +4% compared to 2016.

For insurance companies and provident institutions premiums were up 4.9% and 3.0% respectively. For mutuals, premiums were up slightly (+0.4%). At the end of 2017, market shares (individual and group) were 50% for mutuals, 32% for insurance companies and 18% for provident institutions.

The social protection market(2) grew by 4.4% in 2017, to €21.4 bn of premiums. Premiums were up 3.9% for individual contracts and 4.7% for group contracts. Group contracts continued to predominate, accounting for 55% of premiums.

The overall market dynamism was shared among the participants. Growth in premiums was 4.6% for insurance companies, 4.1% for provident institutions and 3.8% for mutuals. At the end of 2017, market shares were 64% for insurance companies, 28% for provident institutions and 8% for mutuals.

In 2017, for insurance companies alone, premiums for personal injury (sickness and personal injury accidents) rose by 4.8% to €22.5 bn (direct business France).

This growth was higher than in 2016 (3.5%) because of a sharp acceleration in premiums for cover for temporary and permanent disability, long-term care and accidental death in group contracts (+5.5% compared to +1.0%). It is also explained by stronger growth of premiums for cover for health care (+4.9% compared to +3.5%) as a result of individual contracts returning to positive growth (+1.4% compared to -3.4% in 2016, a year which saw the roll-out of supplementary health insurance to all employees of private-sector businesses). As regards type of contract, 2017 saw growth which, although higher than in 2016, remained fairly modest for individual contracts (+2.5% compared to +0.7%), mainly due to a slowdown in premiums for cover for temporary and permanent disability, long-term care and accidental death (+3.8% compared to +6.1%). For group contracts, growth remained strong (+7.1% compared to +6.3%), regardless of the type of cover. It should, however, be noted that premiums for health care cover slowed (+8.5% compared to +11.9%), one year after the rollout of supplementary health insurance. For the first time, health care premiums under group contracts accounted for half of all premiums for the year, compared to 42% in 2013, the year in which the act of 14 June 2014 rolling out supplementary health insurance to all employees of private companies was enacted.

Adding in all-causes death insurance, which saw premiums rise to €11.7 bn in 2017 (up 4.0% over one year), the total for insurance companies’ health and protection activity was €34.2 bn in 2017 (+4.5% compared to 2016).

Benefits and claims incurred reached €17.1 bn in 2017, up 1.9% over one year. As regards type of cover, benefits and claims incurred rose by 5.5% for health care but fell by 2.3% for other types of cover. As regards type of contract, they rose by 2.7% for group contracts, compared to 0.7% for individual contracts.

(1) Premiums excluding tax(2) Protection brings together supplementary insurance, alongside health, and personal injury insurance. The latter corresponds to cover and contracts for temporary and permanent disability, long-term care, accidental death, all-causes death (individual term death insurance and group death insurance), whole-of-life death insurance. Credit protection cover (temporary and permanent disability and death) is excluded from the scope of social protection given its specific nature


The role of insurance in social protection

Insurance organisat ions supplement the compulsory schemes in reimbursing health care costs and the costs of medical goods, paying benefits in the event of sickness, permanent disability or the need for long-term care and paying a capital sum or an annuity in the event of death. They also act as managers of the compulsory schemes for self-employed workers and farmers. The basic cover for accidents at work and occupational diseases for farmers was transferred to Social Security on 1 April 2002, although farmers can still choose the manager. These insurance organisations, also provide cover for accidents at work for those who are not covered by Social Security, for example the personnel of local authorities or the liberal professions.

Financing the costs of health care and medical goods

In 2016, consumption of health care and medical goods was €198.5 bn, up 2.3% compared to 2015, representing a higher rate of growth than that recorded in 2015 (+1.5%).

With €155.6 bn paid in 2016 (+2.5% compared to 2015), Social Security (general and special schemes), the State and the local authorities paid for 78.4% of the costs of health care and medical goods, up 0.2 of a percentage point compared to 2015.

Benefits and claims paid by all supplementary insurance providers were €26.4 bn, up 1.5% over one year, i.e. a lower rise than that of the compulsory schemes. As a result, the portion financed by these providers fell slightly to 13.3% (-0.1 of a percentage point compared to 2015). This slight fall was partly the result of the “responsible contracts” reform and mechanisms put in place, such as treatment networks. Out-of-pocket payments by households were up 1.8% at €16.5 bn, accounting for 8.3% of consumption of health care and medical goods; the share accounted for by out-of-pocket payments has fallen by 0.9 of a percentage point since 2011.

Supplementary health insurance providers continue to pay the largest share of optical and dental costs and of the costs of hearing aids.

Benefits and claims paid in respect of the costs of health care and medical goods (in billions of Euros)

2012 2013 2014 2015 2016

Compulsory schemes 141.1 144.4 149.2 151.8 155.6

Insurance organisations 25.0 25.4 25.6 26.0 26.4

- insurance companies 6.8 6.9 7.1 7.2 7.5

Households 16.5 16.3 16.4 16.3 16.5

Total 182.6 186.1 191.2 194.0 198.5

Source: DREES (French Department of Research, Surveys, Evaluation and Statistics) (health accounts)


PROPERTY AND CASUALTY INSURANCE

Premiums from property and casualty insurance were up 2.3% in 2017 at €54.5 bn direct business France.

This figure masks different levels of growth in different areas. While the increase in premiums for motor insurance (+2.6%) and personal-lines property insurance (+2.7%) was similar, it was particularly weak for the main areas of business insurance (+0.5% for business and agricultural property insurance, stable for general liability

Insurance and -0.3% for construction insurance despite the recovery of the property market). The most dynamic insurance branches were credit surety (+14.6%), assistance (+7.4%) and legal protection (+6.9%). Transport insurance premiums fell sharply (-6.8%).

The combined ratio (1) for all property and casualty insurance improved slightly to 98.7% (compared to 99.4% in 2016).

Key figures: property and casualty insurance – direct business France

2016 in € bn 2017 in € bn Change 2017

Premiums 53,2 54,5 +2,3 %

Motor 20,7 21,3 +2,6 %

Property - personal lines 10,2 10,5 +2,7 %

Property – business and agricultural 7,6 7,6 +0,5 %

General liability 3,6 3,6 +0,0 %

Construction 2,1 2,1 -0,3 %

Transport 0,9 0,8 -6,8 %

Natural disasters 1,6 1,6 +1,9 %

Legal protection 1,3 1,4 +6,9 %

Credit surety 1,2 1,3 +14,6 %

Assistance 2,0 2,2 +7,4 %

Financial losses 2,0 2,0 +0,2 %

Source: FFA

Combined ratio(2) for property and casualty insurance

100.1

99.8

98.2

99.4

98.7

2013 2014 2015 2016 2017

(1) Combined ratio after reinsurance: ratio of claims paid, transfers to provisions for claims payable, overheads and the cost of reinsurance to total premiums(2) net of reinsurance


Motor insurance

Motor insurance revenues increased by 2.6% in 2017, to €21.3 bn. This was higher growth than in the previous two financial years. The market was supported by an increase of 5.2% in new vehicle registrations.

In terms of claims, the improvement in road safety indicators (number of deaths -0.8% in 2017; number of injuries +1.0%) corroborates the reduction in personal injury liability claims (-2.9%). Together with the lower rise in the average cost of damage claims, claims incurred in the motor branch were lower in 2017

The combined ratio net of reinsurance was 103.0%, down 2.4 percentage points compared to 2016.

Combined ratio(1): motor insurance

102.9

103.6

102.8

105.4

103.0

2013 2014 2015 2016 2017(1) net of reinsurance

Home insurance

In 2017, premiums on the personal-lines property damage insurance market grew by 2.7% to €10.5 bn, which was a higher rate of growth than 2016 (+2.2%). This increase was the result of two opposing forces: continuing fierce competition and a sharp rise in the construction index (+3.1%).

As a result of a significant rise in “Storm-Hail-Snow” claims, the claims incurred in personal-lines property damage insurance rose to €7 bn in 2017, compared to €6.5 bn in 2016. As a result, the accounting combined ratio net of reinsurance was 95.7%, up 2.1 percentage points compared to 2016.

Combined ratio(1): home

102.9

98.7

95.2

93.6

95.7



Business and agricultural property insurance

Continuing the trend of previous years, the business and agricultural proper ty insurance market experienced modest growth in 2017 (+0.5%).

Claims for industrial risks rose significantly as a result of the sharp rise in the cost of large claims. The level of claims for damage to agricultural property, on the other hand, fell sharply in 2017, following the record level reached in 2016 as a result of the various weather events that strongly impacted crop insurance (€700 mn damage for that branch alone). Overall, claims incurred in the business and agricultural property damage market in 2017 (€4.3 bn) were down compared to 2016 (€4.8 bn). The combined ratio net of reinsurance was 93.3%, down 1.3 percentage points compared to 2016.

Combined ratio(1): business and agricultural property insurance

97.4

93.895.4

94.693.3


Change in large claims (total multi-risk property damage excluding agricultural and natural disasters)

In € mn 2014 2015 2016 2017

Claims ≥ €2 mn

Number 99 104 96 104

Cost 405 508 463 726

Of which claims ≥ €10 mn

Number 3 6 9 17

Cost 41 160 140 398

Source: FFA

General liability

After falling for three years and then rising slightly in 2016 (+1.1%), receipts of the general liability branch stagnated in 2017, at €3.6 bn. The market is highly heterogenous, comprising risks as diverse as medical liability, buildings liability or manufacturers’ liability.

While claims incurred of €2.5 bn in 2017 were lower than in 2016 (€2.8 bn), this change was mainly accounted for by a halving of transfers to provisions (€305 mn in 2017 compared to €632 mn in 2016). The combined ratio net of reinsurance was 99.7%, down by 2.1 percentage points compared to 2016.

Combined ratio(1): General liability

89.9

93.1

86.9

101.8

99.7

2013 2014 2015 2016 2017

(1) net of reinsurance


Transport

The transport insurance market (direct business France) fell again in 2017 (-6.8%) to €850 mn. Revenues for all business combined (direct and acceptances, France and international) were also lower, at €2 bn, with the change in the Euro/dollar exchange rate having a significant negative impact (a lot of business in this branch is conducted in dollars).

The technical results for the branch (direct business France) were positive in 2017 (€103.1 mn, following a loss of €43.8 mn in 2016).

Combined ratio(1): transport

94.9

98.2

90.2

106.9

94.3

2013 2014 2015 2016 2017


Construction

The recovery in construction activity that began in 2016 continued in 2017, and as a result receipts from decennial liability insurance for new buildings rose (+2.5%) after falling for 4 years. Overall, premiums for this branch remained almost unchanged, at €2.1 bn, with premiums for structural damage insurance down 7%.

Claims incurred were down 7.4% in 2017, at €1.8 bn compared to €1.9 bn in 2016. The combined ratio net of reinsurance was 108.7.

Combined ratio(1): construction

116.3

122.8124.7

114.3

108.7

2013 2014 2015 2016 2017


Natural events

2017 was particularly expensive in terms of claims associated with natural events. While metropolitan France suffered only one significant event in the form of Storm Zeus in March 2017 (€160 mn), the french Antilles were very severely affected in September 2017 by hurricanes Irma and Maria, with a cost of €1.9 bn and €140 mn respectively.

As a result, claims incurred in the natural disaster branch in 2017 were €3.0 bn, up €700 mn on 2016, which had already seen a high level of claims following the floods in May-June of that year. The combined ratio net of reinsurance was 131.2%, up 23.5 percentage points on 2016.

Combined ratio(1): natural disaster

93.998.6

105.0107.7

131.2



THE INSURANCE SECTOR’S FINANCIAL ACTIVITY

The investments of insurance undertakings

The insurance industry plays a key role in financing the economy. In 2017, insurance companies managed a portfolio of assets of more than €2,400 bn. Given the nature of the contracts, life (and composite) insurance accounted for 90% of these investments, with non-life insurance accounting for the remainder.

In 2017, the stock of investments grew by 3.1%, as a result of new investments made during the year and the good performance of the financial markets (see above). Life insurance benefited from a net inflow of €8.3 bn. This, together with a performance of 5.3% by unit-linked products,

resulted in investments representing unit-linked contracts exceeding €360 bn for the first time.

Unrealised capital gains were slightly down compared to 2016 (-€11 bn, at €238 bn at end 2017). This reduction was mainly due to old bonds reaching maturity together with the continuing low interest rate environment. Unrealised capital gains on bonds fell (-€19 bn, to €131 bn). Unrealised capital gains on the equity and real estate components of portfolios, on the other hand, rose as a result of the good performance of the markets (up by +€6 bn to €84 bn and by +€2 bn to €23 bn respectively).

Investments of insurance undertakings (in billions of Euros)

End 2016 End 2017 Change (as %)

Total 2,347 2,420 3.1%

- Unrealised capital gains 249 238 -4.6%

Life/composite undertakings 2,121 2,183 2.9%

- Investments of unit-linked contracts 316 361 14.4%

- Unrealised capital gains 205 192 -6.4%

Non-life undertakings 226 237 4.8%

- Unrealised capital gains 45 46 3.7%

Source: Etats FR05.01

More than 60% of the investments were in businesses, either directly or through UCIs. Of these, shares accounted for 18%, bonds for 39% and the rest were in commercial and industrial real estate. Investments in sovereign debt accounted for 30% of the stock of investments. Thus, insurers held 18% of the negotiable debt of the French state, the stock of which was €1,686 bn at the end of 2017. Finally, the dynamism of real estate investments, with growth of 12% over the year, must be highlighted. Standing at €125 bn, they accounted for 5.1% of investments at the end of 2017 (compared to 4.7% at the end of 2016).

Suppor t for SMEs and intermediate-sized enterprises reached €70 bn in 2017, compared to €63 bn in 2016. This growth of €7 bn is part of a proactive portfolio management policy in a low interest rate environment, which encourages insurers to diversify more.


Results for the year

Insurance undertakings’ results grew in 2017 to €10.6 bn, compared to €9.7 bn in 2016. This improvement was driven by non-life undertakings, whose profits were up €1.1 bn, while those of the life sector fell slightly (-€0.2 bn).

For non-life insurance undertakings, profits for the year were €4.2 bn in 2017 (+€1.1 bn compared to 2016). This improvement came primarily from a reduction in claims, resulting in an improvement in the combined ratio of property and casualty insurance (98.7% compared to 99.4% in 2016). The technical result of the ‘personal injury’ branch of non-life undertakings also rose (+€0.5 bn, to €0.8 bn). Net financial income increased by 20% due, in particular, to the realisation of €1.1 bn of capital gains. Nevertheless, these good technical and financial performances were reduced by an increase of €0.5 bn in the corporate income tax burden; this increase was primarily due to the application of an exceptional surcharge on large companies.

Life and composite insurance undertakings saw results for the year of €6.4 bn (-€0.2 bn compared to 2016). Life and non-life business of composite insurance undertakings moved in opposing directions. Signif icant growth in overheads contributed to a fall of €0.2 bn in the technical result of the life and capitalisation branches. Because of a favourable change in the level of claims, the technical result of the ‘personal injury’ branch was up by €0.5 bn. Finally, these undertakings also suffered from the exceptional surcharge, resulting in the corporate income tax burden rising from €2.4 bn to €2.8 bn for the year.

These results enabled the sector to achieve a return on equity of 8.9% in 2017. For life/composite undertakings, the solidity of the sector was strengthened by these results. Resources that could potentially be mobilised were 19.1% of mathematical provisions (compared to 19.5% in 2016), as shown in the illustration below.

Life insurers have several tools to mitigate the effects of potential shocks such as a sharp rise in interest rates. There are the profit participation provisions and capitalisation reserves, which both grew in 2017. There are also the unrealised capital gains, which remain at a high level.

Soundness of life insurance undertakings (as % of provisions for life insurance activities)

2016 2017

10.3% 9.0%

4.7%5.0%

1.3% 1.4%

3.2%

19.5%

3.7%

19.1%

Unrealised capital gains: bondsUnrealised capital gains: shares and real estate Capitalisation reservesParticipation provisions

Solvency of insurance undertakings

Measured using the Solvency II benchmark, the solvency of French insurance undertakings strengthened during the year. The average solvency ratio (own funds/SCR) on an individual basis rose from 188% to 208% for life insurance and from 270% to 276% for non-life insurance. This improvement was primarily due to an increase in own funds, particularly for life/composite undertakings.

The quality of available own funds was particularly high: Tier 1 own funds were 89% for life/composite undertakings and 97% for non-life undertakings.

Focus on market risk: the ‘market risk’ module is particularly significant for undertakings that use the standard formula to calculate their SCR, accounting for 79% of SCR in life insurance and 50% in non-life insurance. Given the composition of the portfolios of assets, it is corporate assets (shares and corporate bonds) that carry the greatest weight in determining market risk (see illustration below).


Components of insurance undertakings’ solvency (in billions of Euros and as %)

End 2016 End 2017 Change

Solvency ratio: life/composite insurance undertakings 188% 208% +20 bp

Own funds 144.3 157.3 9.0%

SCR 76.5 75.2 -1.7%

- Undertakings using standard formula 59.9 60.1 0.3%

- Undertakings using internal models 16.6 15.1 -9.0%

Solvency ratio: non-life insurance undertakings 270% 276% +6 bp

Own funds 100.8 110.0 9.1%

SCR 37.3 39.8 6.7%

- Undertakings using standard formula 25.6 27.8 8.4%

- Undertakings using internal models 11.7 12.0 2.5%

Source: Etats S25.01

Breakdown of market risk in 2017 (as % of the market SCR)

Life companies(€144 bn)2.6%

31.1%

10.8%

9.9%

15.6%

4.2%11.1%

6.6%

54.8%41.2%

4.1%8.1%

Non-lifecompanies

(€20 bn)

Note: the holding of real estate assets accounted for 10.8% of the market risk of non-life insurance undertakings using the standard formula. The market risk of these companies is assessed at €20 bn.

Interest rates

Real estate

Concentration

Shares

Spread

Currencies


FRENCH INSURERS’ INTERNATIONAL ACTIVITY

Foreign revenues of French insurers and reinsurers grew by 0.8% in 2017, to €115.8 bn. Even though its share fell by 1 percentage point, the European Union remained by far the principal area of international activity of French insurers, with a 48.4% share of foreign revenues. North America was in second place with 17.5% (+0.2 of a percentage point) and Asia in third with 12.8% (-0.4 of a percentage point).

Latin America benefited from these relative re-positionings, with an 8.2% share (+1.7 percentage points).

Specifically, French reinsurance companies, whose activity is by its nature most often international, achieved revenues of €27.3 bn, of which €14.2 bn from their subsidiaries abroad.

Breakdown of foreign revenues of French insurers in 2017

Area of activity 2016 2017

European Union (excluding France) 49.4% 48.4%

- Italy 16.3% 15.4%

- Germany 11.7% 11.7%

- United Kingdom 7.2% 7.1%

- Luxembourg 4.0% 3.5%

- Spain 3.4% 3.2%

- Belgium 3.2% 3.1%

- Ireland 0.8% 1.2%

- Poland 0.7% 0.9%

- Hungary 0.3% 0.3%

- Others 1.9% 1.5%

North America 17.3% 17.5%

Asia 13.2% 12.8%

Europe (excluding EU) 11.9% 11.3%

Latin America 6.5% 8.2%

Near East and Africa 1.5% 1.6%

Oceania 0.2% 0.2%Source: FFA


Market shares of the principal countries of the EU in 2017

European countries 2016 2017

United Kingdom 21.8% 20.9%

France 17.8% 17.8%

Germany 16.1% 16.4%

Italy 12.0% 11.5%

Netherlands 5.8% 5.8%

Spain 5.2% 5.2%

Ireland 4.5% 4.7%

Others 21.8% 17.6%

Source: Swiss Ré


TECHNICAL DATA

PREMIUMS

Total premiums (direct business, in billions of Euros)

2012 2013 2014 2015 2016 2017

Life, health and protection insurance 132.0 138.3 149.1 156.3 155.4 157.1

Property and casualty insurance 49.4 50.2 51.2 52.4 53.2 54.5

TOTAL 181.4 188.5 200.3 208.7 208.6 211.6

Life, health and protection insurance premiums 1 (direct business, in billions of Euros)

2012 2013 2014 2015 2016 2017

Life insurance contracts payable on survival and capitalisation contracts

102.8 108.1 118.1 124.4 122.6 122.9

Life insurance contracts payable on survival

96.7 101.6 110.6 117.0 115.3 115.7

- Individual contracts 90.1 95.8 105.1 111.7 108.9 109.5

- Group contracts 6.5 5.8 5.5 5.3 6.4 6.2

Capitalisation contracts 6.2 6.6 7.5 7.4 7.3 7.2

Insurance payable on death, sickness or accidents 29.1 30.2 31.0 31.8 32.8 34.2

Insurance payable on death 10.4 10.7 10.9 11.1 11.3 11.7


- Group contracts 6.7 6.8 6.8 7.0 7.0 7.3

Sickness and personal injury accident insurance

18.7 19.5 20.1 20.8 21.5 22.5


- Group contracts 8.7 9.2 9.5 10.1 10.7 11.5

TOTAL 132.0 138.3 149.1 156.3 155.4 157.1

% SHARE OF TOTAL MARKET 72.8 73.4 74.4 74.9 74.5 74.2


Unit-linked products2 13.8 16.8 20.7 28.0 28.1 38.4

Euro products 89.0 91.3 97.3 96.5 96.4 84.5(1) Life, health and protection insurance includes insurance payable on survival and on death, capitalisation contracts and personal injury insurance (sickness and non-motor personal injury accident insurance. The latter appear in the financial accounts of non-life insurance companies).(2) Including Eurocroissance products.


Property and casualty insurance premiums (direct business, in billions of Euros)

2012 2013 2014 2015 2016 2017

Motor 19.5 19.7 20.1 20.4 20.7 21.3

Property damage

- Personal lines 8.9 9.3 9.7 10.0 10.2 10.5

- Business 6.2 6.2 6.2 6.37.6 7.6

- Agricultural 1.1 1.2 1.2 1.2

Transport 1.0 1.0 1.0 1.0 0.9 0.8

General liability 3.6 3.6 3.6 3.6 3.6 3.6

Construction 2.4 2.3 2.2 2.1 2.1 2.1

Natural disasters 1.5 1.5 1.6 1.6 1.6 1.6

Sundry (credit, legal protection, assistance)

5.2 5.5 5.7 6.1 6.5 6.9

TOTAL 49.4 50.2 51.2 52.4 53.2 54.5

% SHARE OF TOTAL MARKET 27.2 26.6 25.6 25.1 25.5 25.7

Premiums by method of distribution (breakdown in %)

2012 2013 2014 2015 2016 2017

Life and composite companies 1

Bancassurance networks 63 64 64 64 65 64

General agents 7 7 6 6 6 6

Brokers 11 11 11 11 11 11

Salaried employees 16 15 15 15 15 15

Other methods 3 3 4 4 3 4

Non-life companies

Bancassurance networks 12 13 13 13 14 15

General agents 34 34 34 34 33 31

Brokers 18 18 18 18 17 17

Salaried employees 2 2 2 2 1 1

Companies without intermediaries 33 32 32 32 33 34

Other methods 1 1 1 1 2 2

(1) Excluding personal injury

TECHNICAL DATA


TECHNICAL DATA

Foreign companies’ share of premiums (breakdown in %)

2012 2013 2014 2015 2016 2017

All companies

Branches 1.5 1.6 1.6 1.8 2.0 1.9

Subsidiaries 19.9 18.5 17.8 18.0 16.9 17.5

Total 21.4 20.1 19.4 19.8 18.9 19.4

Life and composite companies

Branches 0.2 0.3 0.3 0.4 0.3 0.3

Subsidiaries 19.6 18.2 17.6 17.7 16.5 17.3

Total 19.8 18.5 17.9 18.1 16.8 17.6

Non-life companies

Branches 3.9 4.1 4.6 5.0 5.7 5.6

Subsidiaries 20.4 19.1 18.2 18.6 17.9 17.8

Total 24.3 23.2 22.8 23.6 23.6 23.4

Global revenue

2012 2013 2014 2015 2016 2017

Life and composite companies

€ bn 138.1 144.3 158.1 164.8 176.8 168.3

in % -4.0 4.5 9.6 4.2 7.3 -4.8

Non-life companies€ bn 71.5 72.9 74.2 74.0 75.1 79.5

in % 0.4 2.0 1.8 -0.3 1.5 5.9

All authorised companies(1)

€ bn 209.6 217.2 232.3 238.8 251.9 247.8

in % -2.5 3.6 7.0 2.8 5.5 -1.6

Insurance subsidiaries abroad

€ bn 92.9 91.3 93.5 95.7 95.4 95.2

in % 6.1 -1.7 2.4 2.4 -0.3 -0.2

Reinsurance companies and subsidiaries

€ bn 14.6 21.9 20.8 33.0 23.8 27.3

in % -3.9 50.0 -5.0 58.7 -27.9 14.7

GLOBAL REVENUE€ bn 317.1 330.4 346.6 367.5 371.1 370.3

in % -0.2 4.2 4.9 6.0 1.0 -0.2(1) This revenue includes direct business, reinsurance acceptances and activity under freedom to provide services or of branches


BENEFITS AND CLAIMS

Total benefits and claims (direct business, in billions of Euros)

2012 2013 2014 2015 2016 2017

Life, health and protection insurance 133.4 122.7 121.5 128.1 133.7 143.4

Property and casualty insurance 35.1 35.9 36.9 36.5 38.6 39.1

TOTAL 168.5 158.7 158.4 164.7 172.2 182.5

Benefits and claims in life, health and protection insurance (direct business, in billions of Euros)

2012 2013 2014 2015 2016 2017


115.7 104.0 102.3 107.7 112.4 121.8

Insurance payable on death 3.9 4.1 4.1 4.3 4.5 4.5

Sickness and personal injury accidents1 13.8 14.7 15.1 16.1 16.8 17.1

TOTAL 133.4 122.7 121.5 128.1 133.7 143.4(1) Benefits and expenses paid during the financial year and transfers to the provisions for claims payable, whatever the date of occurrence of the loss.

Claims1 in property and casualty insurance (direct business in billions of Euros)

2012 2013 2014 2015 2016 2017

Motor 15.8 16.2 17.1 17.0 17.8 17.4

Property damage

- Personal lines 6.8 6.9 6.9 6.6 6.5 7.0

- Business and agricultural 4.3 4.7 4.4 4.3 4.8 4.3

Transport 0.7 0.5 0.5 0.6 0.6 0.3

General liability 2.3 2.3 2.4 2.2 2.8 2.5

Construction 1.9 2.1 2.1 2.3 1.9 1.8

Natural disasters 0.8 0.6 0.8 1.0 1.3 3.0

Sundry (credit, legal protection, assistance)

2.5 2.6 2.7 2.7 2.8 2.9

TOTAL 35.1 35.9 36.9 36.5 38.6 39.1(1) Claims and expenses paid during the financial year and transfers to the provisions for claims payable, whatever the date of occurrence of the loss.

TECHNICAL DATA


ALL INSURANCE COMPANIES

Investments

Stock of investments* and annual change (in billions of Euros)

2012 2013 2014 2015 2016 2017

Net book value1,711.9 1,793.9 1,890.9 1,982.4 2,097.8 2,182.0

3.9% 4.8% 5.4% 4.8% 5.8% 4.0%

Realisable value1,856.2 1,938.0 2,143.9 2,213.7 2,347.1 2,420.0

11.4% 4.4% 10.6% 3.3% 6.0% 3.1%

Unrealised capital gains 144.3 144.1 253.0 231.3 249.4 238.0* including cash and equivalent assets since 2016

Structure of the investments (net book value, breakdown in %)

2012 2013 2014 2015 2016 2017

Bond and fixed-income UCIs 71.9% 71.7% 70.6% 69.6% 70.4% 68.7%

Shares and variable-income UCIs 22.0% 21.2% 21.7% 22.2% 22.2% 23.5%

Real estate 3.4% 3.5% 3.7% 4.0% 4.0% 4.4%

Loans and other assets 2.7% 3.6% 3.9% 4.2% 3.4% 3.4%

TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

TECHNICAL DATA


LIFE AND COMPOSITE INSURANCE COMPANIES

Key figures

2012 2013 2014 2015 2016 2017

Technical provisions on the balance sheet (in € bn)

1,493.9 1,558.7 1,636.3 1,713.3 1,778.8 1,843.9

Own funds (in € bn) 55.9 58.0 60.9 64.3 66.7 70.0

Ratio: own funds and unrealised capital gains/technical provisions

11.3% 10.7% 16.6% 14.7% 15.9% 14.6%

Share of unit-linked products in the technical provisions on the balance sheet

15.0% 15.8% 16.3% 17.0% 17.7% 19.7%

Unrealised capital gains (in € bn) 113.4 109.2 210.8 187.9 204.8 191.8

Investments


2012 2013 2014 2015 2016 2017

Net book value1,554.4 1,634.4 1,724.3 1,815.3 1,916.4 1,991.5

4.4% 5.1% 5.5% 5.3,% 5.6% 3.9%

Realisable value1,667.7 1,743.6 1,935.1 2,003.2 2,121.2 2,183.3

12.2% 4.6% 11.0% 3.5% 5.9% 2.9%


Structure of the investments (net book value, breakdown in %)

2012 2013 2014 2015 2016 2017

Bonds and fixed-income UCIs 73.0% 72.9% 71.7% 70.6% 70.4% 68.7%


Real estate 3.1% 3.3% 3.5% 3.7% 4.0% 4.4%


TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

ACCOUNTING DATA


Results (in billions of Euros)

2012 2013 2014 2015 2016 2017

Technical account - life

Earned premiums¹ 117.9 122.0 136.3 134.7 138.3 140.8

Net income from investments² 45.6 48.0 48.4 50.1 45.5 46.1

Variable-capital insurance adjustment

21.4 17.7 13.9 10.4 7.8 18.1

Other technical income 1.3 1.4 1.5 1.8 1.6 1.5

Sub-total A 186.2 189.1 200.1 197.0 193.3 206.6

Claims incurred 123.2 122.6 107.6 99.5 99.2 131.6

Technical provisions charge 3.7 4.7 31.2 33.0 34.1 15.1

Profit participation 40.4 42.1 41.4 42.3 37.5 37.3

Acquisition and administration Costs

12.3 12.4 13.0 13.6 13.8 14.3

Other technical costs 1.0 1.0 1.2 1.2 1.3 1.1

Sub-total B 180.6 182.8 194.4 189.6 185.9 199.3

Technical result A-B 5.6 6.3 5.7 7.4 7.4 7.2

Non-technical account 0.0 0.0

Allocated investment income 0.5 0.5 0.6 0.6 0.5 0.6

Other elements of the non-technical account

-1.5 -1.6 -1.2 -1.4 -1.3 -1.4

Net accounting result 4.6 5.2 5.1 6.6 6.6 6.4(1) Transactions net of reinsurance(2) Including capital gains realised on disposals of assets (net of capital losses) less investment income transferred to the non-technical account

ACCOUNTING DATA


NON-LIFE INSURANCE COMPANIES

Key figures

2012 2013 2014 2015 2016 2017

Combined ratio* (direct business) 98.0% 99.1% 99.0% 97.5% 98.5% 97.7%

Own funds (in € bn) 42.6 41.6 42.5 44.6 47.2 49.0

Ratio: own funds /premiums net of reinsurance

77.2% 76.7% 76.1% 81.1% 84.1% 84.7%

Technical provisions gross of reinsurance (in € bn)

136.2 138.9 143.9 143.2 149.8 157.5

Unrealised capital gains (in € bn) 31.0 34.9 42.2 43.4 44.6 46.2

* net of reinsurance, including personal injury

Investments


2012 2013 2014 2015 2016 2017

Net book value157.5 159.5 166.6 167.1 181.3 190.5

-0.9% 1.3% 4.5% 0.3 % 8.5 % 5.1 %

Realisable value188.5 194.4 208.8 210.5 225.9 236.7

5.1% 3.1% 7.4% 0.8 % 7.3 % 4.8 %


Structure of the investments (net book value, breakdown in%)

2012 2013 2014 2015 2016 2017

Bonds and fixed-income UCIs 61.1% 60.7% 60.7% 61.0% 60.9% 60.3%


Real estate 6.1% 6.4% 6.6% 6.8% 6.6% 6.8%


TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

ACCOUNTING DATA


Results (in billions of Euros)

2012 2013 2014 2015 2016 2017

Technical account

Earned premiums¹ 57.1 58.6 60.5 59.7 57.8 61.0

Allocated investment income 2.8 4.0 4.3 3.9 3.4 3.9

Other technical income 0.8 0.8 0.8 0.8 0.7 0.7

Sub-total A 60.7 63.4 65.6 64.4 61.9 65.5

Claims incurred² 41.4 43.0 44.0 42.0 42.4 44.0

Acquisition and administration costs

13.7 14.1 14.5 14.5 13.9 14.5

Other technical costs 2.5 2.6 2.8 3.0 1.7 1.9

Sub-total B 57.6 59.7 61.3 59.5 58.1 60.4

Technical result A-B 3.1 3.7 4.3 4.9 3.8 5.1

Non-technical account

Net investment income³ 0.8 1.3 1.4 1.4 1.3 1.7

Other elements of the non-technical account

-2.3 -1.7 -2.0 -2.2 -1.9 -2.6

Net accounting result 1.6 3.3 3.6 4.1 3.1 4.2(1) Transactions net of reinsurance(2) Including transfers to the technical provisions(3) including capital gains realised on disposals of assets (net of capital losses) less investment income transferred to the non-technical account

ACCOUNTING DATA


HOUSEHOLDS’ NET NEW FINANCIAL INVESTMENTS(in billions of Euros)

2012 2013 2014 2015 2016 2017

TOTAL 89.7 84.0 85.2 114.5 92.6 110.3

Change -7.8% -6.4% 1.5% 34.4% -19.1% 19.1%

Breakdown in %

Cash¹ 43.3 26.8 21.7 45.5 52.0 63.3

Securities 23.3 16.6 10.0 18.6 -0.1 5.5

Insurance 23.1 40.5 53.6 50.4 40.7 41.6

(1) Including money-market UCIs

STOCK OF HOUSEHOLDS’ FINANCIAL INVESTMENTS(in billions of Euros)

2012 2013 2014 2015 2016 2017

TOTAL 4,020.7 4,169.3 4,308.6 4,556.2 4,822.7 5,032.1

Change 5.9% 3.7% 3.3% 5.7% 5.9% 4.3%

Breakdown in %

Cash 31.3% 30.9% 30.4% 29.8% 28.7% 28.7%

Securities 29.6% 29.9% 29.9% 31.3% 30.0% 31.1%

Insurance 39.1% 39.2% 39.7% 39.0% 41.3% 40.2%

THE FINANCIAL MARKETS

2012 2013 2014 2015 2016 2017

Eonia money market rate¹ 0.2 0.1 0.1 -0.1 -0.3 -0.4

3-month Euribor rate¹ 0.6 0.2 0.2 0.0 -0.3 -0.3

Average yield of long-term government bonds on the secondary market¹ (TME)

2.6 2.3 1.7 0.9 0.5 0.8

Index of French share prices² CAC 40

3,641.1 4,296.0 4,272.8 4,637.1 4,862.3 5,312.6

Index of European share prices² EuroStoxx 50

2,635.9 3,109.0 3,146.4 3,288.0 3,290.5 3,504.0

(1) Average over the year (2) Last value for the year

THE ECONOMIC ENVIRONMENT


EMPLOYMENT DATA

SALARIED EMPLOYEES OF INSURANCE COMPANIES*

2012 2013 2014 2015 2016 2017

Total number of employees 148,200 147,300 146,600 147,100 146,200 146,800

- Administrative 131,200 131,000 130,200 131,300 131,500 132,600

- Travelling sales people 17,000 16,300 16,400 15,800 14,700 14,200

Women 59.6% 59.9% 60.2% 60.2% 60.4% 60.6%

- Administrative 63.2% 63.4% 63.7% 63.7% 63.4% 63.4%

- Travelling sales people 31.8% 31.3% 32.3% 32.9% 33.3% 34.1%

Managers 44.2% 44.8% 45.6% 46.0% 47.6% 48.4%

- Administrative 46.0% 46.6% 46.9% 46.3% 49.0% 49.7%

- Travelling sales people 30.0% 30.7% 35.4% 36.7% 35.4% 36.4%

* Companies governed by the French Insurance Code


USEFUL ADDRESSES

Association des Professionnels de la Réassurance en France (APREF)

26 boulevard Haussmann 75009 Paris Tel.: +33 (0) 1 42 47 90 10 www.apref.org

Association pour la Gestion des Informations sur le Risque en Assurance (AGIRA)

1, rue Jules Lefebvre 75431 Paris Cedex 09 www.agira.asso.fr

Attitude Prévention

26, boulevard Haussmann 75311 Paris Cedex 09 Tel.: +33 (0) 1 42 47 90 00 www.attitude-prevention.fr

Autorité de Contrôle Prudentiel et de Résolution (ACPR)

61, rue Taitbout 75436 Paris Cedex 09 Tel.: +33 (0) 1 49 95 40 00 acpr.banque-france.fr

Bureau de représentation de la FFA à Bruxelles

51, rue Montoyer B-1000 Bruxelles Tel.: +32 2 894 30 94 [email protected]

Centre National de Prévention et de Protection (CNPP)

Route de la Chapelle Réanville CD 64 - CS 22265 27950 Saint-Marcel Tel.: +33 (0) 2 32 53 64 00 www.cnpp.com

Chambre Syndicale des Courtiers d’Assurances (CSCA)

10 rue Auber 75009 Paris Tel.: +33 (0) 1 48 74 19 12 www.csca.fr

Commission Nationale de l’Informatique et des Libertés (CNIL)

3 place de Fontenoy TSA 80715 75334 Paris Cedex 07 Tel.: +33 (0) 1 53 73 22 22 www.cnil.fr

Fédération nationale des syndicats d’Agents Généraux d’Assurance (AGEA)

30, rue Olivier Noyer 75014 Paris Tel.: +33 (0) 1 70 98 48 00 www.agea.fr

Global Federation of Insurance Associations (GFIA)

51, rue Montoyer B-1000 Bruxelles Tel.: +32 2 894 30 81 www.gfiainsurance.org

Institut de Formation de la Profession de l’Assurance (IFPASS)

Immeuble Le stratège 172-174 rue de la République 92817 Puteaux Cedex Tel.: +33 (0) 1 47 76 58 00 www.ifpass.fr

Insurance Europe

51, rue Montoyer B-1000 Bruxelles Tel.: +32 2 894 30 00 www.insuranceeurope.eu

La Prévention Routière

4, rue de Ventadour 75001 Paris Tel.: +33 (0) 1 44 15 27 00 www.preventionroutiere.asso.fr

La Médiation de l’Assurance

TSA 50110 75441 Paris Cedex 09 www.mediation-assurance.org

http://www.apref.org/en

http://www.agira.asso.fr


https://acpr.banque-france.fr/en

https://www.ffa-assurance.fr/en

https://www.cnpp.com/eng/

http://www.csca.fr

https://www.cnil.fr/en/home

http://www.agea.fr

http://www.gfiainsurance.org

http://www.ifpass.fr

http://www.insuranceeurope.eu

http://www.preventionroutiere.asso.fr

http://www.mediation-assurance.org


Mission Handicap Assurance

26, boulevard Haussmann 75009 Paris Tel.: +33 (0) 1 42 47 90 00 www.mission-handicap-assurance.fr

Observatoire de l’Évolution des Métiers de l’Assurance

1, rue Jules Lefebvre 75431 Paris Cedex 09 Tel.: +33 (0) 1 53 21 51 20 www.metiers-assurance.org

ORIAS

1, rue Jules Lefebvre 75431 Paris Cedex 09 Tel.: +33 (0) 9 69 32 59 73 www.orias.fr

Planète courtier

12-14, Rond-Point des Champs-Élysées 75008 Paris Tel.: +33 (0) 1 53 53 14 42 www.planetecourtier.com

Revue Risques

26, boulevard Haussmann 75009 Paris www.revue-risques.fr

Union Nationale des Organismes d’Assurance Maladie Complémentaire (UNOCAM)

120, boulevard Raspail 75006 Paris Tel.: +33 (0) 1 42 84 95 00 www.unocam.fr

ACKNOWLEDGEMENTS

The data published in this report relate to all the French and foreign insurance companies operating in France. These data are provided by the FFA member companies, as well as by professional

bodies representing general agents and brokers. Pending receipt of the definitive results for all actors on the insurance market, the data mentioned for 2017 must be deemed to be provisional.

French Insurance Federation: September 2018 - www.ffa-assurance.fr/en

Design and production: www.lcomfi.fr

Photography:

William Beaucardet, Thierry Borredon, Vincent Bourdon, Fred Dumur, Yves Durand, Marc Ginot, Alain Goulard, Groupama, Sylvie Humbert, Stephan Knecht, Jean-François Labat, François Maréchal, Bernard Martinez, Olivier Panier des Touches, Xavier Renauld, Patrick Sagnes, Seignette-

Lafontan, Aldo Sperber, Hervé Thouroude, Fabrice Vallon, Arnaud Vareille, Mathieu Walter, DR, Adobe Stock, iStock, Schutterstock.

http://www.mission-handicap-assurance.fr

http://www.metiers-assurance.org

http://www.orias.fr

http://www.planetecourtier.com

http://www.revue-risques.fr

http://www.unocam.fr


http://www.lcomfi.fr

26, boulevard Haussmann 75311 Paris Cedex 09

Rue Montoyer 51 1000 Bruxelles

ffa-assurance.fr/en @FFA_assurance S

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