Societe Generale’s insurance business jumps 8.6%

The headquarters of Societe Generale.

Societe Generale recorded an increase in its turnover of more than 8% in its insurance business, while its life insurance outstandings also continued to rise.

While it has shown resilience during the crisis, Societe Generale’s insurance business is showing new signs of growth with an increase in its turnover of more than 8% over one year. For the year 2021, the bank-insurer thus sees its turnover reach 963M euros, against 887M euros in 2020 and 909M euros in 2019.

As a health crisis hit the markets in January 2020, Societe Generale’s life insurance outstandings were getting a makeover. Since then, it has continued to climb. In one year, it went from 125.6 billion euros to 135.2 billion euros, an increase of 7% over one year.

While life insurance outstandings are increasing, their share of euro funds is shrinking slightly. In the market average, Société Générale posted a share of 37% invested in unit-linked funds and 63% in euro funds at the end of 2021. In comparison, at the end of 2020 this unit-linked share amounted to 32% and that of euro funds to 68%.

Still in life insurance, gross inflows posted stable results in 2021, never falling below the 3 billion euro mark. After gross inflows of 3.5 billion euros in the first and second quarters, it amounted to 3.2 billion euros in the third quarter and ended the year at 3.6 billion euros.

Protection activity

In the provident branch, the bank insurer is bouncing back. While premiums fell by 3.3% in 2020 over the full year, they rose slightly by 3% in 2021. In the last quarter of the year, they reached 277 million euros, compared to 266M euros in the first part of the year. On the non-life insurance side, premiums increase by almost 9% between 2020 and 2021.

Over this last financial year, the insurance activity represented 4.5% of the group’s total NBI, compared to 4% in 2020. Although insurance continues to progress, Societe Generale does not neglect its asset management activity. , which recorded 6% growth over the year.

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