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Summary
The French retirement and employee savings market has experienced significant growth. The market has been influenced by the aging of the population and societal trends towards responsible savings, particularly with regard to the environment.
Traditional financial institutions such as Axa and Crédit Agricole, as well as insurance players, continue to dominate the market, although they now face competition from digital pure players such as Yomoni and Ramify. The adoption of digital platforms to manage retirement savings has been a notable trend, with providers offering automated financial services and human expertise. Despite economic challenges such as a significant rise in inflation in 2022, household savings rates were above pre-pandemic levels, thanks in part to public measures to support purchasing power.
French retirement and employee savings market: aging population and changing consumer preferences boost demand
The French retirement and employee savings market has seen substantial growth, driven by demographic trends and changes in consumer behavior. The market, which excludes life insurance, is divided into two categories: retirement savings and employee savings.
Over the past decade, retirement savings outstandings in France have increased by almost 66%, reaching around 250 billion euros by the end of 2020. The employee savings sector has also seen renewed growth, with a 13.7% increase in assets under management in 2021 compared to the previous year.
The ageing of the French population is an important factor in these trends: people over 65 will represent around 21% of the population in 2022. This demographic shift not only increases the number of beneficiaries, but also stimulates demand for retirement savings products, as individuals prepare for their future. Some 37.5 million people, or more than half the population, are in the age bracket most likely to contribute to supplementary pensions, suggesting a significant potential customer base for savings products.
In addition, there is a growing demand for responsible savings options, with more than half the French population taking ecological issues into account when making investment decisions. Retirement savings products, including the PER (Plan Épargne Retraite), benefit from this demand. Following the introduction of the PER, the number of policyholders rose by a remarkable 41% in less than a year.
Another major influence on the market is the Pacte law, which aims in particular to direct savings towards financing the real economy and to make companies more socially and environmentally responsible. This law has also shaken up the market by promoting competition and introducing unique retirement savings products such as the PER. While inflation trends and the financial impact of crises such as COVID-19 and geopolitical tensions may affect savings habits, the savings rate of the French is still high.paring rate is still high, reflecting an inherent preference for precautionary savings.
In short, an ageing population, changing savings preferences and new legislation are the main factors shaping the French retirement and employee savings market. With individuals increasingly turning to sustainable investment options, and robust market growth, French demand in this sector is on a clear upward trajectory.
Key players in the French retirement and employee savings market
The French retirement and employee savings market is home to a wide range of financial institutions, each playing an important role in shaping the landscape of this increasingly critical sector. Here are some of the key players who have actively contributed to and competed in the market:
- Axa France: One of the market giants, Axa France is a leader in insurance and asset management. As well as offering conventional insurance products, it has made its mark in the field of retirement savings, demonstrating its ability to innovate and adapt to changing market dynamics.
- Amundi: Thanks to its in-depth expertise and extensive reach, Amundi is recognized as a titan in the field of asset management. Offering a range of retirement and employee savings products, Amundi remains a preferred choice for individuals and companies wishing to invest wisely for the future.
- BNP Paribas: One of the pillars of the banking sector, BNP Paribas does not limit itself to traditional banking services. The Group's asset management arm, BNP Paribas AM, plays a central role in the retirement and employee savings market, offering customers solid solutions to meet their financial planning needs.
- Crédit Agricole Assurances: Crédit Agricole Assurances is a subsidiary of one of France's largest banking groups, known for its diverse portfolio of financial services. In the field of retirement savings, it stands out for its personalized formulas that meet the different preferences of its customers.
- Swiss Life: Swiss Life is a trusted name in insurance and asset management. Offering comprehensive retirement savings solutions, Swiss Life reassures customers with its expertise in risk protection and customized financial planning.
- Natixis Investment Managers: One of the world's leading asset management companies, Natixis Investment Managers offers a multitude of investment opportunities, including retirement and employee savings plans. With innovative strategies and a focus on sustainable investment, they meet the evolving demands of today's savers.
- Malakoff Humanis: Specializing in employee benefits, Malakoff Humanis occupies an important place in the employee savings market. It offers comprehensive solutions that integrate retirement planning and employee savings with health and provident services.
- Generali: This international insurance and asset management company offers a range of services and products, particularly in the field of retirement savings. Generali emphasizes personalization, ensuring that its offerings closely match individual and organizational objectives.
- Société Générale Assurances: Within the Société Générale group, the insurance branch offers global solutions.
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Inforamtion
- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 21/10/2021
Summary and extracts
1 Market overview
1.1 Definition and scope of study
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.
1.2 The global market
Pension systems differ widely from country to country, making it difficult to estimate the size of the global retirement and employee savings market. However, it is possible to observe the pension market as a whole.
for example, the total amount of retirement pensions worldwide reached ** trillion US dollars in ****. Between **** and ...
1.3 The French market
retirement savings
According to the DRESS (***) **** report, retirement savings supplement outstandings reached ***.* billion euros at December **, ****. In ** years, between **** and ****, outstandings have increased by **%. In ****, **.* billion euros will have been collected.
Evolution of retirement savings supplements outstanding France, **** - ****, in billions of euros Source: ****
employee savings
On the employee savings side, ...
2 Demand analysis
2.1 The French and savings
In addition, it's interesting to observe the savings intentions of the French. Between **** and ****, the proportion of French people who intend to save more increased by * points, from **% to **%. It was in ****, at the height of the pandemic, that the intention to save increased the most (***), a sign that the uncertainty ...
2.2 Determinants of demand for retirement savings
Retirement savings in France are optional, unlike the compulsory basic and supplementary pension schemes. Retirement savings correspond to what is known as supplementary retirement. [***].
Share of supplementary pensions in total pension schemes (***) :
The chart below shows the share of supplementary pensions in total pension contributions. Over the past decade, this share ...
2.3 Determinants of demand for employee savings plans
There are several employee savings schemes: profit-sharing, incentive schemes, PEE and Perco. According to the Dares report of April ****, **.*% of employees had access to at least one profit-sharing, incentive or employee savings scheme in ****. The following graph shows that PEE (***).
Percentage of employees with access to a profit-sharing, incentive or employee ...
2.4 Macroeconomic factors
Inflation trends can have an impact on the retirement and employee savings market, as they directly influence households' purchasing power and their ability or willingness to save (***).
Inflation, which between **** and **** was contained below or barely above *%(***), exploded in **** following the war in Ukraine. Indeed, in September ****, compared with September ****, inflation ...
2.5 Demographic factors
The retirement savings market is closely linked to the country's demographics, both in terms of the number of people able to contribute, and the number of people able to receive benefits. In ****, the French population will number **.* million.
thus, people over **, the main population group receiving retirement benefits, will represent **% of ...
2.6 Demand trends: towards increasingly responsible savings?
Ecological issues are becoming increasingly topical in many areas, including finance and, more specifically, savings. In ****, **% of French people will take ecological issues into account at least from time to time when making their savings and/or investment choices.
Answer to the question: Do you take sustainable development issues into account ...
3 Market structure
3.1 Structure of the retirement savings market
Breakdown of the retirement savings sector by type of organization
in the supplementary retirement sector, * categories of players can be distinguished: insurance companies (***), mutual insurance companies, supplementary occupational pension funds, employee savings management organizations and provident institutions. [***]
The following three graphs show the breakdown of contributions, benefits and mathematical reserves for ...
3.2 Structure of the employee savings market
Below is a ranking of the companies holding the most employee savings assets in France in ****. We can see that there are a few players who are also among the leading players in retirement savings (***), such as BNP Paribas, Axa, Malakoff Humanis and Swiss Life.
In addition,the same categories of ...
3.3 The Pacte Act has turned the market upside down
The Loi Pacte (***) of May **, **** and applied since October * of the same year has * main objectives:[***]
*/ Facilitate the creation and transfer of businesses, and the rebound in the event of failure.
*/ Enable SMEs to grow
*/ Encourage savers to finance the real economy rather than debt (***).
*/ Make companies ...
4 Offer analysis
4.1 PER offer typology
The table below shows the average of the various fees and the performance according to investor profile (***) of ** PERs on the market in ****:
Source: ****
The various fees applied are as follows
Membership fees: these are the fees for opening an account Instalment charges: these apply to each instalment paid into the ...
4.2 Supply trends: digitalization
Several players are positioning themselves as pure players in the retirement and employee savings market.
For example, Boursorama Banque, an online bank, offers ***% online PER subscription, as with its other services.
The same is true of roboadvisors. This term refers to digital platforms offering automated financial management services, using algorithms based ...
5 Regulations
5.1 PER (Plan Epargne Retraite) regulations
The PER is a new retirement savings product in place since October *, ****. This product is gradually replacing the old retirement savings plans (***) and it is possible to transfer savings from old plans already open to the new PER. [***]
The PER is available in three sub-products:
The Individual PER
The individual PER ...
6 Positioning the players
6. Segmentation
- Axa groupe
- Crédit Agricole Groupe
- Swiss Life France
- Natixis Wealth Management
- BNP Paribas Banque Privée
- Crédit Mutuel
- Malakoff Humanis
- Yomoni
- Boursorama Banque
- Generali
List of charts
- Change in retirement savings supplements outstanding
- Employee savings assets
- Breakdown of contributions to supplementary pension plans, by type of organization
- Breakdown of supplementary pension benefits by type of organization
- Breakdown of mathematical reserves for supplementary pension plans, by type of organization
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Latest news
AXA: an extremely balanced business model - 22/02/2024
- - The business model is split equally between companies and individuals, with 50% each
- - 17,000 people to be hired worldwide by 2021, including 6,000 in France
Crédit Mutuel Leasing strengthens its position with Roulenloc - 03/10/2023
- Crédit Mutuel Leasing has been in business for 60 years.
- They have recently acquired Roulenloc and its online car leasing platform
- Crédit Mutuel Leasing has been in the car leasing business for 10 years.
- 35.000 car leasing contracts.
- 20% market share in equipment financing for professionals and businesses.
- Roulenloc has around twenty employees.
- 70% of Roulenloc's €14 million sales in 2022 will come from long-term leasing.
- The remainder of sales will come from rental with purchase option and a hybrid subscription format.
- Today, 80% of Roulenloc's solutions are aimed at private customers.
- The former managers of Roulenloc now hold over 10% of the capital.
- The Crédit Mutuel network has 4,500 branches.
Generali strengthens its position in asset management - 12/07/2023
- The competing asset managers have the following assets under management: Amundi (€1,935 billion), Natixis IM (€1,112 billion), AXA IM (€823 billion) and BNP Paribas AM (€555 billion)
- Acquisition of Spanish Liberty Seguros and Taiwanese Conning
- Conning's assets under management are estimated at 144 billion euros.
- Generali Investments Holding's total assets under management will increase to 775 billion euros
Generali acquires Liberty Seguros for 2.3 billion euros - 18/06/2023
- Italy's leading insurance company, Generali, acquires Liberty Seguros for 2.3 billion euros.
- generali's biggest acquisition in ten years.
- Liberty Seguros has a portfolio of over 1.2 billion euros in premiums in 2022.
- Liberty Seguros has around 1,700 employees and 5,600 intermediaries in its markets.
- Generali acquired the Italian insurer Cattolica in 2021 for 1.2 billion euros
- Generali acquired the La Médicale group in February 2022 for 435 million euros
- Generali achieved a net profit of 2.9 billion euros in 2022.
Arkéa and Crédit Mutuel: peace restored - 03/05/2023
- Crédit Mutuel is a French mutual banking group.
- The group is made up of the Arkéa branch (Brittany and South-West federations), the Confédération nationale du Crédit Mutuel (the group's central body) and 18 other member federations.
- The dispute between Arkéa and Confédération nationale du Crédit Mutuel lasted over ten years before a memorandum of understanding was reached.
- Creation of a delegated vice-presidency, to be attributed to Arkéa's Chairman
- A right of veto is granted to the federations in the event of infringement of their vital interests, particularly with regard to employment.
- The "Crédit Mutuel" brand may be used autonomously by the federations and caisses
Crédit Mutuel Arkéa is considering a partial sale of Monext - 19/04/2023
- Crédit Mutuel Arkéa continues to review its fintech portfolio.
- The mutual bank is considering opening up the capital of Monext, its electronic payment subsidiary.
- Monext is valued at around 350 million euros.
- Crédit Mutuel Arkéa acquired Monext in 2009.
- Monext posted operating income (Ebitda) of 25 million euros in 2020.
- Monext achieved sales of 97.2 million euros in 2020.
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