The Situation of Insurers in France at End-2025 (ACPR)

Summary

• Insurers' investments totalled €2,819 billion at 31 December 2025.p.5
• Life earned premiums grew 10.2% in 2025 while benefits fell 4.6%.p.2
• The non-life combined ratio reached 95.3% at end-2025, down 1.3 points over one year.p.2
• Non-life direct earned premiums grew 5.6% while claims rose 1.4%.p.2
• Investments are 19% sovereign bonds, 27% financial sector bonds and 10% non-financial corporate bonds.p.5
• High carbon-intensity exposures represent less than 2.5% of investments, or €69 billion, of which €12 billion relate to the energy sector.p.3

Key insights

1. The global marine insurance market was valued at $40 billion in premiums in 2024, with nearly half of turnover in Europe.p.3
2. Marine and air transport insurance represents €4.7 billion of premiums for French insurance groups.p.3
3. Non-financial corporates represent €531 billion of insurers' exposures.p.3