The retirement and employee savings market - France

The subject of retirement and employee savings is increasingly topical in French society, driven in particular by the aging population and forthcoming reforms. The retirement and employee savings market can be divided into 3 segments: - retirement savings - employee savings plans - life insurance. However, this study does not cover the life insurance segment, which is characterized by completely different logics and players. The scope of the study is therefore that of retirement and employee savings. Globally, the retirement savings market is growing rapidly. between 2010 and 2020, assets under management rose by 86%. This rise is the result of an increase in the proportion of people covered by a pension plan worldwide, coupled with higher contribution rates in certain countries. On a national level, outstandings in the retirement savings market have increased by 66% over the last decade. On the employee savings side, assets under management increased by 13.7% in 2021 compared with the previous year. The aging of the population and the French people's desire to save are driving growth in this market. In addition, demand is increasingly moving towards more responsible savings, particularly in environmental terms. The national market was recently strongly impacted by the Pacte law, adopted and applied since 2019, which notably opened up asset management to competition, and harmonized the supplementary pension system with the introduction of a single product (the PER). The main players in the retirement and employee savings market are insurers (AXA, Amundi, Natixis) and banking groups (Crédit Agricole, BNP Paribas). However, the latter are facing increasing competition from pure playerssuch as Yomoni and Ramify.