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Plan séquence - Les assureurs se dopent à l'hormone d'euro-croissance

lundi 21 mars 2022

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Taux bas, volatilité des marchés et tendance inflationniste ne font pas bon ménage avec l’assurance vie. Ce contexte affecte plus particulièrement le fonds en euros. En 2021, la plupart des performances se situaient en dessous de 2% - soit nulles dans un contexte d’inflation supérieur à 2,8% - poussant les acteurs à se tourner vers de nouvelles alternatives.

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Après des débuts difficiles, l’euro-croissance pourrait bien se positionner comme une troisième voie dans le cercle fermé des supports en assurance vie.

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Par Mathilde Castagna

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I - Le démantèlement du modèle triptyque

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I-I- Le cocktail mortel du contexte actuel

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Pour trouver un remplaçant à la hauteur du fonds en euros, il semble juste de revenir sur les raisons de son succès. Connu pour sa prudence et son appétence pour la liquidité, l’investisseur français a vu dans le fonds en euros, la solution à tous ses maux. Avec un modèle à trois têtes : sécurité, liquidité et rendement, le placement fait un triomphe. Néanmoins, les taux bas persistants, les OAT ont longtemps navigué en territoire négatif et le contexte inflationniste ont refroidi assureurs, comme assurés. En 2021, la plupart des fonds euros ont servi des rendements inférieurs à 2%, dont une majorité située autour de 1%.

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Pour autant, la crise sanitaire ne semble pas avoir été l’élément déclencheur. Dès 2018, les taux de rendement chutes. Pour rappel, en 2017, l’Association française d’épargne et de retraite (AFER) affichait une performance de son fonds euros à 2,40% avant de passer sous la barre des 2% deux ans plus tard, à 1,85%. Pour 2021, l’association annonçait un rendement à 1,70%.

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En réponse à ces effets de marché, certains acteurs ont imposé des montants minimums investis en unités de compte au sein de leurs contrats. Les assurés se sont alors tournés vers ce support dans le but de tirer un profit supérieur à son cousin le livret A. En 2021, la performance des fonds euros de l’assureur italien Generali était comprise entre 0,70% et 1,50%. De son côté, Axa annoncer un taux de participation au bénéfice compris entre 0,90% et 1,35% sur l’année. Le taux de rémunération du livret A passait quant à lui à 1% au mois de février dernier constituant, pour le première fois depuis longtemps, un sérieux rival au fonds euros.

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disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false"][vc_row_inner][vc_column_inner extend="false"][vc_single_image image="1491559" img_size="full" alignment="center" el_class="image_separateur"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row extend="false" rtl_reverse="" css_animation="" bg_type="bg_color" bg_grad="" bg_color_value="#000000" parallax_style="vcpb-default" bg_image_new="id^1448142|url^https://d1p2aimeyx6kdr.cloudfront.net/wp-content/uploads/2021/03/18153716/separateur_beige_1.jpg|caption^null|alt^null|title^separateur_beige_1|description^null" layer_image="" bg_image_repeat="no-repeat" bg_image_size="" bg_cstm_size="" bg_img_attach="fixed" parallax_sense="30" bg_image_posiiton="" animation_direction="" animation_repeat="" video_url="" video_url_2="" u_video_url="" video_opts="loop" video_poster="" u_start_time="" u_stop_time="" viewport_vdo="" enable_controls="" controls_color="" bg_override="" disable_on_mobile_img_parallax="" parallax_content="" parallax_content_sense="" fadeout_row="" fadeout_start_effect="" enable_overlay="" overlay_color="" overlay_pattern="" overlay_pattern_opacity="" overlay_pattern_size="" overlay_pattern_attachment="" multi_color_overlay="uvc-multi-color-bg" multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="loop" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="loop" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false"][vc_empty_space][vc_column_text]

I-II- Renoncer au modèle à trois têtes

[/vc_column_text][vc_single_image image="1491637" img_size="full" alignment="center"][/vc_column][/vc_row][vc_row extend="false" rtl_reverse="" css_animation="" bg_type="bg_color" bg_grad="" bg_color_value="#000000" parallax_style="vcpb-default" bg_image_new="id^1448142|url^https://d1p2aimeyx6kdr.cloudfront.net/wp-content/uploads/2021/03/18153716/separateur_beige_1.jpg|caption^null|alt^null|title^separateur_beige_1|description^null" layer_image="" bg_image_repeat="no-repeat" bg_image_size="" bg_cstm_size="" bg_img_attach="fixed" parallax_sense="30" bg_image_posiiton="" animation_direction="" animation_repeat="" video_url="" video_url_2="" u_video_url="" video_opts="loop" video_poster="" u_start_time="" u_stop_time="" viewport_vdo="" enable_controls="" controls_color="" bg_override="" disable_on_mobile_img_parallax="" parallax_content="" parallax_content_sense="" fadeout_row="" fadeout_start_effect="" enable_overlay="" overlay_color="" overlay_pattern="" overlay_pattern_opacity="" overlay_pattern_size="" overlay_pattern_attachment="" multi_color_overlay="uvc-multi-color-bg" multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="loop" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="loop" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false" width="1/2"][vc_column_text]

Dans ce contexte, les acteurs s’activent à trouver des alternatives. Du point de vue des épargnants, la question serait de renoncer à l’un des atouts du fonds en euros, qui a jusqu’ici fait son charme.

Du côté des assureurs, le secteur se divise. Ils ont été nombreux à monter au créneau afin de militer pour une baisse de garantie en capital sur le fonds en euros. En baissant la garantie de quelques pourcents, les assureurs retrouvent une plus grande flexibilité leur permettant une prise de risque plus importante. La méthode est aujourd’hui utilisée dans certains contrats d’assurance vie. Néanmoins, la régulation Solvabilité II ne reconnait pas la méthode, ce qui ne permet pas d’alléger au moment des calculs, les exigences en fonds propres imposés par les textes.

Pour d’autres, la solution a été de rayer du menu les contrats monosupport fonds euros. Dans la quête à la sécurité, les investissements en immobilier ont rencontré récemment un franc succès. Pour autant, la garantie en capital se voit, de nouveau, écartée.

Le constat est clair : le marché ne semble pas s‘être encore accordé sur ce que pourrait être le remplaçant du fameux « placement préféré des français ».

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Ce qui est certain, c’est que le mue a commencé. « Nous pensons que l’assurance vie est en pleine évolution, elle reste cependant un outil qui répond aux attentes des Français concernant la gestion de l’épargne. Cependant, l’ère du 100% fonds euros est résolument derrière nous. Place à la diversification et au financement de l’économie réelle, pour une épargne plus performante et durable sur le long terme », lance Anne-Emmanuelle Corteel, directrice des solutions d’assurance du marché de l’épargne chez Generali France.

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multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row_content_no_spaces" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false"][vc_row_inner][vc_column_inner extend="false"][vc_single_image image="1491557" img_size="full" alignment="center" el_class="image_separateur"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row extend="false" rtl_reverse="" css_animation="" bg_type="bg_color" bg_grad="" bg_color_value="#12778e" parallax_style="" bg_image_new="id^1472817|url^https://d1p2aimeyx6kdr.cloudfront.net/wp-content/uploads/2021/10/27102303/transition1.jpg|caption^null|alt^null|title^transition1|description^null" layer_image="" bg_image_repeat="no-repeat" bg_image_size="initial" bg_cstm_size="" bg_img_attach="" parallax_sense="30" bg_image_posiiton="" animation_direction="" animation_repeat="" video_url="" video_url_2="" u_video_url="" video_opts="" video_poster="" u_start_time="" u_stop_time="" viewport_vdo="" enable_controls="" controls_color="" bg_override="" disable_on_mobile_img_parallax="" parallax_content="" parallax_content_sense="" fadeout_row="" fadeout_start_effect="" enable_overlay="" overlay_color="" overlay_pattern="" overlay_pattern_opacity="" overlay_pattern_size="" overlay_pattern_attachment="" multi_color_overlay="uvc-multi-color-bg" multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="chapitre2" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false"][vc_single_image image="1491574" img_size="full" alignment="center"][vc_customtyping]

II- L’euro-croissance en grand sauveur ?

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Le fonds euro-croissance dont les caractéristiques garantissent un rendement allié au dynamisme des marchés et une sécurité en capital s’impose alors comme un potentiel candidat. En revanche, il n’offre pas non plus, une liquidité immédiate.

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Ils constituent donc une solution aux fonds en euros, à la condition d’accepter de conserver son épargne 8 ans, ou plus. Le code des assurances fixe à 8 ans la durée de détention minimal du capital afin de s’assurer d’un retour de ce dernier qui peut être total ou partiel suivant les contrats.

En 2021, les fonds euro-croissance ont surperformé les fonds euros. Ceux proposés par Axa ont servi un rendement de 3%, en hausse de 0,40 point sur un an. À titre de comparaison, les rendements des fonds en euros de l’assureur français s’élevaient en moyenne à 1%, soit trois fois moins. Pour Generali, les fonds euro-croissance servaient des taux de rendement entre 3,01% et 3,21% sur l’année, contre 0,70% pour ses fonds en euros.

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controls_color="" bg_override="" disable_on_mobile_img_parallax="" parallax_content="" parallax_content_sense="" fadeout_row="" fadeout_start_effect="" enable_overlay="" overlay_color="" overlay_pattern="" overlay_pattern_opacity="" overlay_pattern_size="" overlay_pattern_attachment="" multi_color_overlay="uvc-multi-color-bg" multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="loop" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="loop" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" 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II-I- Historique de l’euro-croissance

[/vc_column_text][vc_empty_space height="20px"][/vc_column][/vc_row][vc_row extend="false" rtl_reverse="" css_animation="" bg_type="bg_color" bg_grad="" bg_color_value="#b6fdb7" parallax_style="vcpb-default" bg_image_new="id^1448142|url^https://d1p2aimeyx6kdr.cloudfront.net/wp-content/uploads/2021/03/18153716/separateur_beige_1.jpg|caption^null|alt^null|title^separateur_beige_1|description^null" layer_image="" bg_image_repeat="no-repeat" bg_image_size="" bg_cstm_size="" bg_img_attach="fixed" parallax_sense="30" bg_image_posiiton="" animation_direction="" animation_repeat="" video_url="" video_url_2="" u_video_url="" video_opts="loop" video_poster="" u_start_time="" u_stop_time="" viewport_vdo="" enable_controls="" controls_color="" bg_override="" disable_on_mobile_img_parallax="" parallax_content="" parallax_content_sense="" fadeout_row="" fadeout_start_effect="" enable_overlay="" overlay_color="" overlay_pattern="" overlay_pattern_opacity="" overlay_pattern_size="" overlay_pattern_attachment="" multi_color_overlay="uvc-multi-color-bg" multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="loop" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="loop" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false" width="2/3"][vc_single_image image="1491845" img_size="full" alignment="center"][/vc_column][vc_column extend="false" width="1/3"][vc_column_text]

Revenu sur le devant de la scène en 2020, l’histoire du fonds euro-croissance a pourtant débuté il y a plus de sept ans. Le support fait son apparition sous la législature de François Hollande, et doit son lancement au ministre de l’Économie et des Finances en poste en 2014, Emmanuel Macron. « En travaillant sur la fondation du produit euro-croissance avec Emmanuel Macron, nous nous sommes battus pour que l’offre soit la plus simple possible. Ça n’a pas porté ses fruits puisque le produit n’a pas décollé », lance Bernard Spitz, président des Gracques et ex-président de la Fédération française de l'assurance (FFA) lors d’une rencontre organisée par l’Association nationale des journalistes de l'assurance (Anja).

[/vc_column_text][/vc_column][/vc_row][vc_row extend="false" rtl_reverse="" css_animation="" bg_type="bg_color" bg_grad="" bg_color_value="#b6fdb7" parallax_style="vcpb-default" bg_image_new="id^1448142|url^https://d1p2aimeyx6kdr.cloudfront.net/wp-content/uploads/2021/03/18153716/separateur_beige_1.jpg|caption^null|alt^null|title^separateur_beige_1|description^null" layer_image="" bg_image_repeat="no-repeat" bg_image_size="" bg_cstm_size="" bg_img_attach="fixed" parallax_sense="30" bg_image_posiiton="" animation_direction="" animation_repeat="" video_url="" video_url_2="" u_video_url="" video_opts="loop" video_poster="" u_start_time="" u_stop_time="" viewport_vdo="" enable_controls="" controls_color="" bg_override="" disable_on_mobile_img_parallax="" parallax_content="" parallax_content_sense="" fadeout_row="" fadeout_start_effect="" enable_overlay="" overlay_color="" overlay_pattern="" overlay_pattern_opacity="" overlay_pattern_size="" overlay_pattern_attachment="" multi_color_overlay="uvc-multi-color-bg" multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="loop" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="loop" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false"][vc_empty_space height="20px"][vc_column_text]

En effet, le lancement ne fait pas grand bruit. La complexité du produit décourage les assureurs et le manque de lisibilité dissuade les distributeurs du marché. « La partie garantie du produit était la provision mathématique et l’autre partie était exprimée en parts de provision de diversification. La répartition entre provision mathématique et provision de diversification dépendant de la durée, de la garantie et des conditions de marché au moment du versement. De ce fait, le rendement annuel était propre à chaque date d’investissement et horizon de placement, il n’était donc pas unifié pour tous les souscripteurs d’un même produit », explique la directrice des solutions d’assurance du marché de l’épargne chez Generali France.

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Selon Bernard Spitz, l’euro-croissance va surtout permettre le financement à long terme de l’économie, ce qui est l’« objectif fondamental » lors de sa création. Il explique notamment, que les cours de la bourse vont inévitablement se retourner dans un futur proche, ce qui affaiblira alors l’engouement actuel pour les unités de compte.

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overlay_pattern_attachment="" multi_color_overlay="uvc-multi-color-bg" multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row_content_no_spaces" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false"][vc_row_inner][vc_column_inner extend="false"][vc_single_image image="1491552" img_size="full" alignment="center" el_class="image_separateur"][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row extend="false" rtl_reverse="" css_animation="" bg_type="bg_color" bg_grad="" bg_color_value="#000000" parallax_style="vcpb-vz-jquery" bg_image_new="id^1472953|url^https://d1p2aimeyx6kdr.cloudfront.net/wp-content/uploads/2021/10/27225726/background_frise_test_1.jpg|caption^null|alt^null|title^background_frise_test_1|description^null" layer_image="" bg_image_repeat="" bg_image_size="" bg_cstm_size="" bg_img_attach="" parallax_sense="30" bg_image_posiiton="" animation_direction="" animation_repeat="" video_url="" video_url_2="" u_video_url="" video_opts="" video_poster="" u_start_time="" u_stop_time="" viewport_vdo="" enable_controls="" controls_color="" bg_override="" disable_on_mobile_img_parallax="" parallax_content="" parallax_content_sense="" fadeout_row="" fadeout_start_effect="" enable_overlay="" overlay_color="" overlay_pattern="" overlay_pattern_opacity="" overlay_pattern_size="" overlay_pattern_attachment="" multi_color_overlay="uvc-multi-color-bg" multi_color_overlay_opacity="" seperator_enable="" seperator_type="" seperator_position="" seperator_shape_size="" seperator_svg_height="" seperator_shape_background="" seperator_shape_border="" seperator_shape_border_color="" seperator_shape_border_width="" icon_type="" icon="" icon_size="" icon_color="" icon_style="" icon_color_bg="" icon_border_style="" icon_color_border="" icon_border_size="" icon_border_radius="" icon_border_spacing="" icon_img="" img_width="" ult_hide_row="" ult_hide_row_large_screen="" ult_hide_row_desktop="" ult_hide_row_tablet="" ult_hide_row_tablet_small="" ult_hide_row_mobile="" ult_hide_row_mobile_large="" notification="" full_width="stretch_row_content_no_spaces" equal_height="" content_placement="" design__empty_1="" full_height="" columns_placement="top" background="" background_image_type="static" background_image__effect="" bg_size="initial" bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false"][vc_row_inner][vc_column_inner extend="false"][vc_empty_space][vc_column_text]

II-II- Le tournant Pacte

La loi Pacte figure parmi les marqueurs du quinquennat d'Emmanuel Macron. Promulguée, le 22 mai 2019, elle acte la naissance des PER côté épargne supplémentaire. Mais elle dépoussière un euro-croissance moribond depuis son lancement en 2014. A l'époque les chiffres sont peu flatteurs. Moins de 200.000 contrats pour un encours inférieur à 3Mds d'euros. Une paille dans l'océan de l'épargne en France. Le produit est jugé trop complexe et invendable dans le contexte de taux.

C'est dire si la simplification était attendue par le secteur coincé entre un fonds euros gourmand en fonds propres et des unités de compte qui transfèrent le risque sur l'assuré. Dans le cadre de la loi Pacte, le principe reste le même, à savoir une garantie à terme du capital. Un décret du 23 décembre 2019 a fixé à 8 années minimum l'échéance à partir de laquelle l'assuré peut récupérer la garantie de capital fixée à la souscription. Il peut tout à fait procéder à des rachats avant cette date. Mais il perd alors cette garantie.

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Concrètement, la grande nouveauté de la loi Pacte est la fusion des deux provisions qui existaient dans le système précédent, à savoir la provision mathématique et la provision de diversification. La nouvelle poche unique est rebaptisée... provision de diversification. Cette dernière est libellée en euros. L'assuré achète ainsi des parts de cette provision de diversification.

Les assureurs conservent toutefois la possibilité de doter une provision collective de diversification différée. Comme la PPE sur le fonds euros, elle est destinée à lisser les rendements dans le temps.

Ces modifications ne sont pas anodines. Elles répondent à l'injonction de transparence de Bruno Le Maire. Le ministre de l'Economie souhaitait en effet que les assureurs puissent communiquer sur des taux de rendement communs aux épargnants, comme ils le pratiquaient déjà avec le fonds euros. La fusion des provisions et le fait que la garantie du capital ne soit plus possible avant au moins 8 ans le permettent.

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Deux ans plus tard, certains s'y sont mis avec de grandes ambitions. D'autres traînent encore des pieds et se montrent peu convaincus malgré la réforme.

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II-III- Coûteux mais socialement responsable

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L’euro-croissance se présente comme un produit à mi-chemin entre les fonds euros classiques et les unités de compte plus sensibles, mais plus rémunératrices. « Ils permettent d’allier performance, volatilité maîtrisée, garantie partielle du capital à l’échéance, diversification de l’investissement et accompagnement d’une relance économique respectueuse de l’environnement », ajoute Anne-Emmanuelle Corteel. À l’unique condition de bloquer son capital pour un minimum de 8 ans, avec des échéances pouvant aller jusqu’à 40 ans pour certains contrats.

Par ailleurs, pour l’épargnant, renoncer à son épargne ne garantit pas de retrouver la totalité de celle-ci. En cas de retrait avant échéance, toute opération de sortie vient diminuer la garantie. Mais également à terme, puisque certains assureurs ne garantissent pas la totalité du capital investi, à l’image de Generali qui a parié sur une garantie à hauteur de 80%. L’assureur italien a annoncé miser sur une allocation d’actifs plus diversifiée, dynamique et flexible que celle d’un fonds en euros.

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Au-delà d’une garantie à terme et d’une diversification accrue, l’euro-croissance permet aujourd’hui de rediriger ses investissements vers des fonds plus durables et responsables qui se placent cette fois sur du temps long. À ce sujet, Axa France a engagé une démarche de transformation de son support, avec à horizon fin 2022, un objectif de 50% d’investissements verts. L’assureur français souhaite rediriger ses investissements vers des domaines tels que les infrastructures scolaires, les éoliennes et la biodiversité.

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Néanmoins, au-delà de sa complexité, la mise en place d’un tel dispositif s’avère coûteux. Pour réduire les coûts, les assureurs ayant sauté le pas dès le lancement du produit ont capitalisé sur leur expérience. Tant sur les aspects de développements IT, que de déploiement aux réseaux. À titre d’exemple, Generali a consacré pour le lancement de son second fonds euro-croissance appelé « G Croissance 2020 », 10 à 15% de son budget projets IT. L’investissement a permis à l’assureur de développer le produit dans le système de gestion et les extranets clients et distributeurs.

Pour Axa, la note se compte en millions. « Nous avons investi plusieurs millions d’euros ces dernières années à la fois sur le design du produit, son déploiement sur l’ensemble de nos réseaux et supports ainsi que sur les outils digitaux afin de procurer aux clients des parcours de souscription et de prestation de qualité. Nous continuerons d’investir dans les années à venir sur l’enrichissement continu de l’offre et de sa disponibilité ainsi que sur son animation auprès de nos réseaux », a indiqué un porte-parole du groupe.

Concernant les frais de gestion, ils s’accordent avec le reste du marché. Ils s’élèvent environ à 0,80% pour le fonds distribué par Axa, et à 1% par an pour Generali.

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III- Les acteurs convaincus, ou pas

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Présenté jusqu’ici comme un produit complexe et coûteux, l’euro-croissance est aujourd’hui un troisième volet de l’assurance vie. Peu nombreux sont les acteurs qui se sont lancés sur ce terrain, mais il ne saurait tarder. Fin décembre, l’encours des fonds euro-croissance français atteignaient 4,6Mds d’euros, soit une croissance de 37% sur un an, d’après les chiffres de France Assureurs. Toujours, selon la fédération, le fonds euro-croissance est aujourd’hui présent dans 322.100 contrats d’assurance vie. Cela représente une hausse de 17% sur un an et une croissance de 46% sur trois ans.

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bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="loop" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="loop" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" video_bg_url="https://www.youtube.com/watch?v=lMJXxhRFO1k" video_bg_parallax="" el_id="" gap="0" disable_element="" settings__tag_1="" viewport_lg="" viewport_md="" viewport_sm="" viewport_xs="" settings__empty_1="" el_class="" version="1" css=""][vc_column extend="false"][vc_empty_space][vc_column_text]

III-I- Axa met le pied sur l’accélérateur

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Les preneurs de risques qui sont resté ont par ailleurs redécouvert les vertus de la diversification. Ils ne veulent surtout pas mettre tous leurs œufs dans le même panier.

Pour Axa, le coup de foudre s’est fait en deux temps. « Là où il était complexe par le passé, il est devenu plus transparent et compréhensible. Nous avons alors commencé à investir de façon massive dès 2019 afin de déployer ce produit sur l’ensemble de nos gammes et nos supports et monter en puissance sur l’ensemble de nos réseaux de distribution. Aujourd’hui, le fonds Croissance est désormais disponible au sein de nos réseaux salariés, chez nos agents généraux multibranches mais aussi au sein des réseaux tiers de nos partenaires CGP et partenariats bancaires », explique Gilbert Chahine. Le premier fonds avait été lancé dès 2014, année de création du support.

L’allocation idéale pour l’assureur français serait 50% en unités de compte, 25% en fonds euro-croissance et 25% en fonds euros.

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Le fonds investi en partie dans l’immobilier, l’infrastructure, les sociétés non-cotées, la dette privée par construction a affiché un rendement moyen autour de 3% par an sur les sept dernières années. En détail, il sert une performance à 2,40% en 2018, 3% en 2019, 2,60% en 2020 et enfin, 3% en 2021. « Nous sommes désormais dans un paradigme de diversification supplémentaire avec l’euro-croissance. Ce n’est pas conjoncturel ni contextuel, c’est fait pour durer et donc nous sommes sur une dynamique d’accélération des tendances », ajoute le directeur général de l’épargne, retraite et prévoyance des particuliers d’Axa France. Le support est aujourd’hui disponible au sein des produits d’assurance vie et de retraite du groupe.

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bg_position="center-center" row_bg_image="" bg_repeat="no-repeat" background_image_type__bg_color="rgba(255, 255, 255, 1)" row_bg_parallax_images="" row_bg_slideshow_images="" background_video_type="youtube" background_video__youtube__url="" background_video__youtube__parallax="" background_video__youtube__options="" background_video__youtube__fallback_image="" background_video__hosted__mp4="" background_video__hosted__webm="" background_video__hosted__ogv="" background_video__hosted__parallax="" background_video__hosted__options="" background_video__hosted__fallback_image="" background_color_type="color" bg__empty_1="" background_color_type__gradient_color1="rgba(44, 74, 228, 1)" background_color_type__gradient_color2="rgba(44, 74, 228, 1)" background_color_type__color_color1="rgba(44, 74, 228, 1)" bg__empty_2="" background_color__effect="" background_color__direction="left-to-right" parallax="" parallax_speed_bg="1.5" parallax_image="" video_bg="" 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III-II- Generali limite la garantie à 80%

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Un an après l’assureur français, Generali lance « G Croissance 2014 » et le déploie au sein d’une vingtaine de produits d’assurance vie. Le fonds est distribué via les agents généraux, les courtiers, CGPI, les banques privées et les banques régionales. En 2021, il affichait une performance à 3,21%, pour un rendement annualisé depuis sa création à 4,81%. Il est désormais fermé à la commercialisation.

En contrepartie, « G Croissance 2020 » a pris le relais. Lancé fin 2020, le fonds affiche pour sa première année sur le marché une collecte de 205M d’euros et un rendement supérieur à 3%, à 3,01%.

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Contrairement au précédent, ce fonds euro-croissance n’est pas disponible à la distribution pour les agents généraux et courtier. « Nous avons pu capitaliser sur notre expérience en la matière, tant sur les aspects des développements IT, que de déploiement aux réseaux », explique-t-elle. Disponible au sein des contrats d’assurance vie, l’assureur italien n’a pas encore intégré son offre à ses produits retraite.

En capitalisant sur son expérience passée, Generali a décidé de plafonner son niveau de garantie en capital à 80%. « Nous avons choisi de proposer une garantie du capital de 80 % au terme pour optimiser le dynamisme de l’allocation d’actifs et l’espérance de rendement à terme. L’objectif est de tirer parti d’une allocation d’actifs plus diversifiée, dynamique et flexible que celle d’un fonds en euros. La part significative en actions, actifs non cotés et immobilier offre un potentiel de performance plus élevé », ajoute-t-elle. Pour ce fonds euro-croissance, l’assureur compte réinvestir environ 5% de son budget projet IT dans l’amélioration du produit en 2022 et 2023. « Une assurance vie repensée, c’est ce que nous considérons comme l’avenir du marché », conclut la directrice du des solutions d’assurance du marché de l’épargne.

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III-III- AG2R La Mondiale observe, Groupama passe son tour

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Du côté des sceptiques le marché se divise également.

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AG2R La Mondiale s’était pourtant lancé sur le marché en 2014. Le groupe de protection sociale a, depuis, fait machine arrière. Le produit n’étant plus commercialisé, le groupe comptabilise aujourd’hui un peu moins de 100.000 euros en stock « mais cela représentait quelques millions d’euros à l’époque », précise un porte-parole du groupe.

L’espoir n’est pas mort pour autant. Benoit Courmont n’écarte pas l’idée de se replonger dans le bain de l’euro-croissance, à condition que « les taux s’améliorent » et que « le marché se structure sur le sujet ».

Côté Groupama, on ne peut pas dire que les dirigeants montrent un grand intérêt pour l'eurocroissance. « C'est un produit compliqué à vendre, estime Cyril Roux, directeur général adjoint finance. Et puis aucun sociétaire n'est encore venu nous voir pour nous demander si on commercialisait des contrats eurocroissance. On préfère se concentrer sur le plan épargne retraite individuel. On doit faire des choix et on ne vend pas tout ».

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