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Plan séquence - Eurocroissance : Mal-aimé, à tort ou à raison ?

jeudi 20 avril 2023

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Eurocroissance : Mal-aimé, à tort ou à raison ?

[/vc_customtyping][vc_empty_space height="35px"][vc_column_text css_animation="none" el_class="custom_paragraphe"]Dans une histoire d'amour, il faut être deux. Or, entre les assureurs et l'eurocroissance, ce ne fut pas toujours un long fleuve tranquille. Pour preuve, en 10 ans, seuls quelques acteurs ont cédé aux sirènes de ce troisième support.[/vc_column_text][vc_column_text css_animation="none" el_class="custom_paragraphe"]

Par Katerina Stergiou

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Mauvais départ

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Depuis 2020, l’épargne des Français ne faiblit pas. Selon les derniers chiffres de la Banque de France, le surplus d’épargne financière des ménages accumulée depuis l’année du Covid s’élève à 157Mds d’euros. Deux grands types de supports sont privilégiés par les Français. Le premier est constitué des dépôts bancaires (les dépôts à vue, les dépôts à terme et les dépôts remboursables avec un préavis inférieur à trois mois). Ces derniers représentent 34% du patrimoine financier des ménages à fin septembre 2022, d’après l’ACPR, gendarme de la banque et l’assurance.

En hausse de 4,6%, leurs encours ont augmenté de 85 milliards d’euros depuis fin décembre 2021, pour atteindre 1.913 milliards d’euros au 31 décembre 2022. Le deuxième support est l’assurance vie, dont l’encours représente 33% du patrimoine financier des Français, soit 1.885 milliards d’euros à fin 2022. Les fonds euros restent largement plébiscités, même si la part investie en unités de compte croît d’année en année quitte à subir les soubresauts des marchés financiers. En 2022, 40% de l’épargne a été investie en unités de compte. Si le mix fonds euros/unités de compte est bien ancré dans les mœurs de l’assurance vie, un troisième support – bien qu’à la marge – existe : l’eurocroissance.

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Un produit nébuleux

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A mi-chemin entre le fonds euro et les unités de compte, l’eurocroissance est le troisième support à travers lequel on investit en assurance vie. Ce dispositif a été pensé par le Trésor dans un souci de diversification de l’épargne. Pour autant, ses débuts ont été compliqués au grand dam du gouvernement. Le fonds eurocroissance a payé le tribut d’un fonctionnement complexe. A son lancement en 2014, le produit reposait sur deux composantes pour le moins nébuleuses : d’un côté la provision mathématique, de l’autre la provision de diversification. La première – exprimée en euros – assure une garantie au capital. La seconde – exprimée en nombre de parts – représente, quant à elle la part risquée du contrat d’assurance vie qui évolue au gré des marchés. En clair, c’est la partie qui augmente la rentabilité du placement.

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Le lifting de la Loi Pacte

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Afin de booster l’eurocroissance, le législateur a fluidifié sa composition à travers la loi Pacte. Depuis 2019, le produit est uniquement composé de parts de provisions de diversification, mais garantit toujours une protection du capital à échéance. L’objectif du gouvernement : décupler les encours en deux ans pour atteindre 20Mds d’euros…

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Seconde chance

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Malgré les efforts de simplification, les fonds eurocroissance ont toujours du mal à convaincre. Ils représentent moins de 1% (0,35%) des encours totaux de l’assurance vie. Il faut dire que l’environnement des taux bas sur la dernière décennie a joué les trouble-fêtes. Par ailleurs, une fois ancrées, les habitudes des épargnants et des distributeurs sont difficiles à déraciner. Résultats : quatre ans après l’adoption de la Loi Pacte, les encours restent trois fois inférieurs à ceux escomptés en deux ans par le gouvernement.

Pour autant, ils sont sur une pente ascendante. Selon les chiffres de France Assureurs, ils atteignent 6,6Mds d’euros en 2022, en progression de 45%, après avoir cru de 37% en 2021 et de « seulement » 9% en 2020. A titre de comparaison, les encours s’élevaient à 1,9Md d’euros en 2016 sur un total de 1.635Mds d’euros (voir histogrammes ci-contre). La fédération du secteur des assurances dénombre 414.000 contrats incluant des supports eurocroissance en 2022, contre 322.000 un an plus tôt. « La remontée récente des taux a renforcé son attractivité », explique France Assureurs. Le rendement des obligations d’État françaises à 10 ans atteignait plus de 3% à fin décembre, alors qu’il tournait autour de 0% un an plus tôt.

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Pour autant, leur rémunération déçoit. Après une performance estimée à 2,8% en 2021, elle est ressortie en territoire négatif fin 2022, à -1,6%. Pas de quoi améliorer sa notoriété. Néanmoins, « si l’on considère le produit depuis sa nouvelle version modernisée avec la Loi Pacte, la performance est significative de 2018 à 2022 », précise France Assureurs. « Les supports eurocroissance affichent un rendement annuel moyen de 1,9% contre 1,5 % pour les fonds en euros », poursuit la fédération.

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La baisse du pouvoir d’achat qui devrait être comprise entre 1,2% et 2% fin 2023 par rapport à fin 2021, selon l’Observatoire français des conjonctures économiques n’arrange pas non plus les affaires de l’eurocroissance. Et plus largement celles de l’assurance vie. Les épargnants trouvent refuge dans l’épargne réglementée. En février, le Livret A a battu son record. « La collecte de février 2023 est plus de cinq fois supérieure à la moyenne des mois de février de ces dix dernières années », explique Philippe Crevel, président du Cercle de l’épargne. Il faut dire que son taux de rémunération fixé à 3% attise les convoitises.

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Si ces produits « ne sont pas assimilables », selon Florence Lustman, présidente de France Assureurs, ils vont de pair dans l’imaginaire collectif. L’épargne réglementée sert souvent de référence pour l’assurance vie et vice-versa. Une sorte de benchmark naturel.

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Je t'aime, moi non plus !

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Dans la famille de l’eurocroissance, il y a ceux qui l’estiment et ceux qui le mésestiment. Concernant les partisans notoires, les calculs sont vite faits. Axa et Generali figurent parmi les fervents défenseurs du support. Tous deux évoquent un argument de taille en faveur de la protection des épargnants : la diversification.

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Pourquoi misez-vous sur l’eurocroissance ?

Gilbert Chahine : Ce qui nous a séduit chez Axa c’est le fait d’élargir et de diversifier encore davantage une offre d’assurance vie qui, depuis plusieurs années, était appelée multisupport avec uniquement deux opportunités : d’un côté les unités de compte, de l’autre les fonds en euros. Avec l’eurocroissance, l’offre devient réellement multisupport composée de trois piliers différents.

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Hugues Aubry : Pour la diversification. Generali s’est positionné sur ce support dès son lancement en 2014. Pour autant, ce fonds était assez compliqué à vendre car compliqué à comprendre et fortement concurrencé par le fonds en euros. Heureusement, la loi Pacte a permis de simplifier sa lecture et puis au moment où la loi Pacte est passée, nous avons enchaîné sur 2019 avec une période de taux très bas. Tous ces éléments-là ont permis de mettre le phare sur ce type de support. C’est souvent comme ça : les produits mettent un peu de temps à trouver leur place.

Hugues Aubry : Il s’agit d’un support de diversification entre les fonds en euros et les unités de compte. Pour rappel, Generali s’est positionné sur l’eurocroissance dès son lancement en 2014. Pour autant, les premiers fonds étaient assez compliqués à vendre car difficiles à comprendre et fortement concurrencés par les fonds en euros. Heureusement, la loi Pacte a permis de simplifier la lecture de ces supports et puis au moment où la loi Pacte est passée en 2019, nous étions dans une période de taux très bas. Tous ces éléments ont permis de mettre le phare sur ce type de support. Les nouveaux produits mettent souvent du temps à émerger et à trouver leur place.

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A combien s’élèvent vos encours du fonds eurocroissance ?

Gilbert Chahine : Les produits eurocroissance existent chez nous, comme dans l’ensemble du marché, depuis 2014. Les débuts ont été poussifs. Le marché collectait quelques dizaines de milliers d’euros sur ce produit… trois fois rien. Depuis 2019, l’eurolifting que l’on a opéré, grâce à la loi Pacte, nous a permis d’atteindre 3,5Mds d’euros d’encours à fin 2022. Je rappelle que l’encours se situe à 6,6Mds d’euros sur l’ensemble du marché. Depuis 2019, on a réussi à décupler notre production et atteindre 1,7Md d’euros de collecte en 2022. Ce n’est qu’à partir de fin 2020, début 2021 que le déploiement du produit s’est accéléré. Depuis, nous observons une réelle dynamique de croissance, fruit de tous nos investissements en vue de sa commercialisation au sein de nos réseaux.

Hugues Aubry : Sur l’ensemble de nos fonds croissance, nous atteignons 680 millions d’euros, ce qui représente environ 10 % des encours du marché. Si sur le total des encours de Generali, le niveau reste marginal, petit à petit, ces supports trouvent leur place et leur public. Sur les deux premiers mois de l’année, nous avons collecté plus de 30millions d’euros sur nos fonds croissance.

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Hugues Aubry : Au total, on est à 683M d’euros, contre 280M d’euros un an plus tôt. Dans le total des encours de Generali, le niveau reste marginal. Mais petit à petit l’oiseau fait son nid. Depuis le début de l’année, on est à peu près à 30M d’euros d’encours supplémentaires.

La hausse des taux a-t-elle impacté le comportement des épargnants en 2022 ?

Gilbert Chahine : En 2022, l’année a été exceptionnelle chez Axa. Nous avons bien plus que doublé notre collecte par rapport à l’année précédente. Nous restons dans une dynamique de croissance très forte. C’est le cas encore sur les premiers mois de 2023. Le fonds eurocroissance étant un fonds jeune, et qui bénéficie chez Axa d’une collecte croissante à vitesse grand v, la capacité de ce fonds à absorber la hausse des taux dans son rendement est très intéressante et quasi immédiate ce qui est moins le cas pour les fonds en euros beaucoup plus inertes.

Quant au taux de rendement, il est ressorti à 3,30% en 2022, contre 3% un an plus tôt. Un taux concurrentiel face à la rémunération du Livret A passé à 3% le 1^er février. La rémunération cumulée depuis le lancement du fonds, en 2017, s’élève à 18,88%, soit 2,92% de performance annualisée.

Hugues Aubry : La remontée des taux est globalement bénéfique pour l’économie, pour les assureurs et pour leurs clients . Mais il existe une différence majeure entre les fonds en euros et les fonds croissance. Comme nous disposons d'un stock important de fonds en euros, le temps pour les reluer est long. En revanche, quand vous avez des fonds qui pèsent entre 300 et 350 millions d’euros et que vous apportez entre 150 et 200 millions d’euros de collecte annuelle, la hausse des taux est particulièrement favorable. Nous avons intérêt dans ce contexte, clients et assureurs, à générer de la collecte sur ce support. C’est une vision que l’on pousse en interne. Nous consacrons beaucoup d’efforts pour la commercialisation des fonds croissance et restons convaincus de leur intérêt dans la stratégie patrimoniale des épargnants.

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Hugues Aubry : Quand les taux remontent, ça aide tout type de produits. Mais il existe une différence majeure entre les fonds euros et le fonds croissance. Comme nous disposons d'un énorme stock de fonds euros, le temps pour reluer est très long. En revanche, quand vous avez des fonds qui pèsent entre 300 et 350M et que vous apportez 150M d’euros, la hausse des taux est, dans ce contexte, très favorable à ce type de lancement. Nous avons tout intérêt, chez Generali, à faire en sorte qu’on ait de la collecte sur ce support. C’est une vision que l’on pousse en interne. Nous consacrons beaucoup d’efforts sur la commercialisation de ces produits.

Quelle est l'allocation idéale ?

Gilbert Chahine : Eurocroissance, fonds euros, ou unités de compte... Il faut choisir les trois. Je crois fondamentalement à l’intérêt du fonds en euros. En revanche, nous pensons qu’il faut profiter de l’eurocroissance pour diversifier son épargne. Là où un client jusqu’à maintenant avait, selon son profil et son horizon de placement une allocation à 80% ou 75% sur le fonds en euros, et 25% sur les UC, on dit à ce client qu’il a tout intérêt – en fonction de son âge et de son horizon d’investissement plus ou moins long – à diversifier pour pouvoir bénéficier d’un potentiel de performance moyen plus intéressant sur la durée. Pourquoi pas allouer 1/3 1/3 1/3 ?

Sur un horizon long terme, il me paraît pertinent que la part d’eurocroissance et d’unités de compte soient majoritaires. Dans tous les cas, le maître-mot reste la diversification.

Hugues Aubry : La question à se poser est de savoir si, dans une allocation globale d'un contrat d'assurance vie, ce type de produit, qui fonctionne quasiment comme un produit structuré, a sa place. Chez Generali, nous communiquons sur une approche simple. A ne pas confondre avec simpliste. On considère que si l’on investit 100 euros dans un contrat d’assurance vie, il faut opter pour une allocation de type 1/3 1/3 1/3. 1/3 de fonds en euros, 1/3 d’unités de compte traditionnelles et 1/3 de supports alternatifs comme les actifs réels, les produits structurés et les fonds croissance. Le fonds en euros limite la volatilité de l’allocation globale, capitalise lentement et assure la liquidité. C’est une sorte de « poire pour la soif ». En revanche, c’est bien la fin du fonds en euros en tant que colonne vertébrale, moteur de performance principal du contrat d’assurance vie . Les unités de compte traditionnelles, plus volatiles, apportent des perspectives de performances plus importantes . Enfin, les supports alternatifs capitalisent régulièrement et ont une volatilité maîtrisée.

Notre leitmotiv est la diversification. Attention toutefois à ne pas mettre tous les supports au même niveau. Nous ne cherchons pas la même chose en fonction du support choisi, nous cherchons la complémentarité les uns vis-à-vis des autres.

Sur un horizon long terme, il me paraît pertinent que la part d’eurocroissance et d’unités de compte soient majoritaires. Dans tous les cas, le maître-mot reste la diversification.

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Hugues Aubry : Le sujet n’est pas de savoir si le produit est bien ou mal. La question à se poser est de savoir si, dans une allocation globale d'un contrat d'assurance vie, ce type de produit, qui fonctionne exactement comme les produits structurés, ont leur place. Chez Generali, nous communiquons sur une approche simple. A ne pas confondre avec simpliste. On considère que si l’on investit 100 euros dans un contrat d’assurance vie, il faut opter pour une allocation 1/3 1/3 1/3. 1/3 de produits euros, 1/3 d’unités de compte et 1/3 d’eurocroissance. Tous ceux qui pensent que chez Generali, le fonds euro c’est fini, ont tort. Au contraire, le fonds euro limite la volatilité et garantit de la liquidité. C’est une sorte de poire pour la soif. En revanche, c’est bien la fin du fonds euro en tant que colonne vertébrale du contrat d’assurance vie car cela n’a plus de sens aujourd’hui.

Notre leitmotiv est la diversification. Attention toutefois à ne pas tout mettre sur le même piédestal car nous ne cherchons pas la même chose en fonction du support choisi.

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De leurs côtés, les détracteurs estiment que le mix fonds en euros/unités de compte suffit. Faute de popularité, ce support serait voué à garder une place marginale dans l’allocation des épargnants. C'est l'avis de Tanguy Polet, directeur général de Swiss Life France (voir vidéo ci-dessous).

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Malgré des encours en hausse d’année en année, la place de l’eurocroissance reste marginale dans le cœur de l’assurance vie. Et les assureurs ne montrent pas d’entrain à son égard. La flamme pourra-t-elle se raviver ?

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