The collection remains for the moment quite symbolic

Year 2010 will be that of the outbreak of the "variable annuities" in French Imported from the United States, where they are legion, these products to life in units of account (CPU) provide, in brief, to invest in the stock market while being protected against the cuts, with the secondary guarantees in the contract. The philosopher's stone Not quite, because these safeguards have a price for the insurer to the insured, seriously added by the increased volatility linked to the financial crisis. Very present in the US market which is at the origin, AXA has also made the costs, the covers of its "variable annuities" Americans who cost him 600 EUR million net in 2008.

It remains that these savings of a kind new surfing on the willingness of the savers, strengthened by the crisis, to the cake and butter, i.e. both the performance and security. What the traditional funds in euros, whose performance decrease regularly, are struggling to provide an environment of low interest rates.

New "business models".

Insurers admit: should probably find an alternative to the traditional duality between media in euros (secure but less profitable for the insured) and units of account (most profitable when the markets are upside, but whose risk is covered by the insured). Incidentally, the massive report found in 2009 on life in euro costs to insurers, (lower) margins, and own funds (solvency requirements are now four times higher than those of the contracts in CPU).

NOC, first insurer to France persons, recognized this summer be for new "business models", compatible with the security needs of the insured. "As the average performance of financial assets will probably not much increase in the four or five years to come, will have to put Overdrive on integrating the provident savings products", then indicated the group. Same for AXA. "The ability to structure guarantees will be, in the future, a competitive advantage critical to savers for extra protection", explained Henri de Castries, Chairman of the Executive Board ("Les Echos" from April 30).

Wealthy clientele

In France, three groups market with "variable annuities": AXA, Allianz, and the world AG2R. Swiss Life France has recently indicated that it would in the first half of 2010. The collection remains for the moment quite symbolic. Pioneer of the genre, AXA France thus evokes EUR 700 million in sales since the launch of the Accumulator range, compared to the 9.5 billion euros collected in 2008 in individual life insurance. After a test phase in early 2009 and some product development, the world has truly launched future Earth in last September, and indicates not be able to compile balance at this stage. Asked about Invest4Life, launched end of 2008, Allianz France has not responded to our questions.

For the time being, these products were mainly sold to a relatively wealthy clientele - the entry ticket is high, to the order of 30,000 euros-, in a logic of constitution of a complement of resources - guaranteed and defined in advance - for retirement. The problem is that the financial crisis has led proponents to retarifer these products, raising the cost of the guarantees and lowering the rate of adjustment, so that the economic equation has yet to demonstrate.

The American experience nevertheless tends to prove that the "variable annuities" can target the general public because, with the volume and competition, the cost of the guarantees tends to di minuer. "Eventually, when products have earned volumetric, market volatility, which is the first factor of cost of the guarantee, be less detrimental" predicted Christophe Eberlé, Chairman of the cabinet of actuarial Optimind.