NEWS / PRESS

April 19, 2012:

Presentation given by Didier Davydoff at the AFGAP

Didier Davydoff gave a presentation at a breakfast held at the Association de la Gestion Actif Passif (AFGAP, the Asset Liability Management Association) on April 19, 2012. The presentation compared the number of savings transfers made by savers from life insurance companies to banks.

For more information, read the presentation (French only)

April 2012:

The AMF publishes its first "Letter from the Observatory of Savings"

The Autorité des Marchés Financiers (AMF) published its first "Letter from the Observatory of Savings", which includes the tariffs of financial products. At the end of 2011, the average cost of buying and selling Euronext Paris shares on the internet from large networks amounted to, on average, 7.40 € for an order of 1,000 €, 25 € for an order of 5,000 € and 47 € for an order of 10,000 €. Custody fees for Euronext Paris listed share portfolios were on average 77 € per year for a portfolio of 10,000 € with 10 different shares and 145 € for a portfolio of 50,000 €. The Total Expense Ratio (TER) of French UCITS was, on average, 1.64% of the outstanding amount in 2010, with a maximum of 2.39% for European shares funds and a minimum of 0.30% for monetary funds.

For more information, download the AMF letter (French only)

April 4, 2012:

Conference on Long-Term Savings organized by the FFSA and the ANIA

The Fédération Française des Sociétés d'Assurances (FFSA) and Italy's Associazione Nazionale fra le Imprese Assicuratrici held a conference on long-term savings. Bernard Spitz was able to show, using statistical analyses provided by IODS, that the main characteristics of savings in Italy and France were similar, except for the prevalence of Italy's household bond portfolios. In France, bonds are more usually held in life insurance contracts.

During the conference, Gilles Benoist, CEO of CNP Assurances, expressed a need for a modification to the IFRS accounting rules. He gave the example of "strategic participation" that would allow insurance companies to invest in equity without excessive costs in the Solvency 2 directive. Current accounting regulations do not, however, allow this.

For more information: See the presentation, visit the FFSA website (French only)