Insurance policy: discover the recent reforms introduced by the Pacte law

In a context of rapid transformation of the life insurance market, the Pacte law, recently adopted, introduces a series of major reforms aimed at modernizing and energizing this key savings sector in France. Faced with increased competition among insurers such as Groupama, AXA, and Allianz, as well as growing expectations from savers regarding transparency and innovation, these measures redefine the rules of the game. Among these are the unprecedented possibility of partially transferring certain contracts, better information on performance and fees, and an incentive to incorporate more green and solidarity funds. This reform seeks to address contemporary challenges while offering new savings opportunities. Compared to historical practices, these changes open interesting perspectives for key players such as La Banque Postale, CNP Assurances, or Generali, among others.

While the question of full transferability of life insurance contracts remains unresolved, a significant step has been taken with the adoption of amendments allowing limited transfers within the same insurance company. This initiative results from lengthy and sometimes tense negotiations between various stakeholders, including insurers, fintechs, savings associations, and governmental representatives. In all cases, transparency now takes center stage, with increased requirements for communicating fees and returns, making insurers much more accountable to their clients.

The new rules for transferring life insurance contracts with the Pacte law

The transferability of life insurance contracts has long been a sensitive subject in France. Until recently, it was not possible to transfer a contract from one insurer to another without losing accumulated tax advantages. The Pacte law proposes a partial but significant evolution: internal transferability. This means that you can now, under certain conditions, ask your insurer to transfer an old contract to a newer one without losing fiscal seniority, but only if this transfer remains within the same insurance company. This option aims to allow you to benefit from recent innovations, especially regarding investment supports and often more favorable fees.

Specifically, this measure extends the possibility of what is called “Fourgoussage,” which previously concerned only the transfer from a monosupport contract in euro funds to a multisupport contract in unit-linked funds. The novelty now is that transfers between multisupport contracts are also permitted, offering greater flexibility. In practice, if you hold a very traditional AXA or Macif contract, you can request to transform it into a more modern contract with broader investment options.

Here’s what you need to know about this measure:

• 📌 Limitation to the same insurer: The transfer must imperatively be within the same company, for example with Allianz or BNP Paribas.
• 📌 Avoiding loss of seniority: The fiscal value of the contract is preserved, avoiding often significant disappointments for savers.
• 📌 Extension to multisupport contracts: All types of contracts, including multisupport ones, can be involved.
• 📌 Annual information requirement: Your insurer must now inform you annually of this possibility.

Professionals such as LCL or CNP Assurances actively promote this measure, as it provides a leverage for attractiveness and loyalty. However, it remains a first step, far from total transferability which would allow a complete change of insurer, a delicate issue still under study.

Criteria 🔍	Situation before the Pacte law 🚫	Situation after the Pacte law ✅	Examples of concerned insurers 🏢
Transfer between companies	Impossible without losing fiscal seniority	Prohibited (except within the same company)	Groupama, AXA, Allianz, BNP Paribas
Transfer within the same company	Rarely authorized	Authorized with retention of fiscal seniority	The Postal Bank, Generali, Macif
Types of contracts concerned	Monosupport to multisupport only	All types of contracts (monosupport & multisupport)	CNP Assurances, LCL
Annual information for the saver	Not mandatory	Mandatory from 2022	AXA, Allianz, Groupama

Practical implications for savers

For savers, this reform is therefore a significant advance. Imagine a person who has held a traditional euro fund contract with low returns at Generali for 15 years. They can now request their insurer to convert it into a more performant contract offering euro-growth funds or diversified unit-linked funds, without losing the tax advantages linked to their seniority. It is a measure which, in theory, enhances wealth and offers greater flexibility.

However, before making such a transfer, it is necessary to verify that the new proposed contract truly offers advantages (reduced fees, improved yields, richer options) and that the risk/return balance suits you. This kind of advice is often provided by recognized players such as BNP Paribas or LCL. In any case, more attention is now given to prior communication through an increased annual information obligation.

The impacts of the Pacte law on transfers to Retirement Savings Plans (PER)

Another important aspect of the Pacte law concerns the possibility of partially transferring one’s savings from life insurance to Retirement Savings Plans (PER). These plans, which replaced several devices such as Perp or Madelin, are designed to offer a more flexible retirement savings solution with advantageous tax treatment.

With the new reforms, holders of life insurance contracts can benefit until January 1, 2026 (extended from an initially shorter window) from a transfer possibility to a PER with dual tax incentives:

• 💡 Exemption from capital gains tax up to €9,200 for singles, €18,400 for couples during the transfer.
• 💡 Deduction of contributions made to the PER from taxable income, allowing for a reduction in income tax at source.

This measure strongly encourages the creation and development of PER, thus directing a portion of savings towards retirement objectives while capitalizing on the advantageous fiscal treatment of the initial life insurance. Actors such as Avenir Mutuel and La Banque Postale quickly integrated this dynamic into their commercial offerings, proposing combined solutions to make this transfer clear and secure.

It is nevertheless important to carefully anticipate this decision, because while the PER offers advantages, it is less liquid than traditional life insurance. For concerned savers, it therefore involves reflecting on their investment horizon and liquidity needs.

Main characteristic 🔍	PER	Life insurance	Main actors 💼
Taxation during transfer	Limited exemption up to €9,200 / €18,400	Standard, possible taxation on capital gains	Generali, CNP Assurances
Tax on contributions	Deductibility of contributions	Non-deductible	Avenir Mutuel, La Banque Postale
Funds availability	Blocked until retirement unless exceptions	Freely accessible	AXA, Macif

Which profiles are concerned by this transfer?

Transfers to PERs are ideally suited for individuals who proactively plan their retirement and wish to benefit from immediate fiscal advantages on their income. For example, an employee who has accumulated multiple life insurance contracts and wants to centralize their retirement savings may find this approach interesting. Likewise, independents benefiting from Madelin offers have every interest in switching to a more modern PER adapted to evolving fiscal and social contexts. Finally, young professionals attracted by more ambitious savings solutions should consider this integrated option, available from insurers such as Allianz or BNP Paribas.

The integration of PER into the life insurance ecosystem is an advancement that quite significantly disrupts habits. Although this device remains relatively recent, the trend is clear: insurers, whether traditional like Groupama or innovative like La Banque Postale, are positioning themselves to support and simplify this transfer.

Increased transparency on euro fund yields: a step toward more trust

Another fundamental aspect of reforms brought by the Pacte law concerns transparency. Euro funds, widespread in life insurance contracts, offer capital guarantees but often suffer from limited performance, leading to dissatisfaction or misunderstanding among savers. In response, the law now requires insurers to annually publish guaranteed returns and the share of profit participation attributed.

Specifically:

• 📣 Mandatory publication before the end of April: insurers must communicate on their website, within a maximum of 90 working days after December 31, the rate applied for the previous year.
• 🖥️ Accessibility over five years: This information must remain accessible to the public for at least five years.
• 🔒 Broadened control: Returns from non-marketed contracts must also be published.

These requirements promote a better understanding of actual performance for savers and facilitate comparison between actors like Generali, LCL, or BNP Paribas, all vying to attract a more demanding and informed clientele.

Obligation 📑	Benefit for the saver 💡	Concerned insurers 🏢
Mandatory annual publication	Clear and regular performance tracking	AXA, Groupama, Macif
Transparency on old contracts	Better visibility on all products	CNP Assurances, Allianz
Availability of online data	Simplified comparison	La Banque Postale, Generali

A positive dynamic for the market and policyholders

This obligation resonates positively with consumers who have long demanded more information. It is a direct response to the informational imbalance that often disadvantaged the saver, especially in dealings with insurers with very different communication styles.

This measure could also prompt some market players to review their pricing policies and profit-sharing strategies to stay competitive and transparent, a point closely monitored by institutions such as Macif or Allianz.

Strengthening information on fees charged in life insurance

Alongside the publication of yields, the Pacte law emphasizes a central point: precise knowledge of fees associated with life insurance contracts. Unit-linked funds (UC), which offer higher returns but present risks, are at the heart of concerns. This reform aims to improve the readability of fees to better protect the saver and enable informed choices.

During the subscription or membership phase, the insurer must now provide a detailed document outlining:

• 📄 The gross and net performance of fees for each contemplated unit-linked fund.
• 🕵️‍♂️ The details of fees charged over a previous period, set by decree.
• 🏷️ The possible retrocessions received by insurers or delegated managers.

In practice, this framework helps avoid surprises related to high costs, especially with groups like BNP Paribas or AXA, which are very active in these markets. The informed consumer now has better visibility on what they are truly paying.

Information element 🔎	Before the reform	After the reform	Representative insurers ⚖️
Presentation of fees before subscription	General and often summary	Detailed and quantified per UC	Groupama, Generali, Macif
Transparent retrocessions	Little or no communication	Mandatory and mentioned	CNP Assurances, La Banque Postale
Analysis of net performance of fees	Not systematic	Required	LCL, Allianz

This increased transparency is widely welcomed by both savers and oversight bodies, fitting into a broader movement toward actor accountability within the sector, notably among Avenir Mutuel or BNP Paribas.

Encouragement of green and solidarity savings through life insurance

Faced with climate and social issues, the Pacte law also includes provisions to better inform policyholders about the share of their savings invested in green or solidarity funds. Ultimately, the goal is to promote more responsible finance without making this option mandatory.

• 🌳 Mandatory information before subscription: insurers must clearly present the green or solidarity supports available in the contract.
• 📈 Annual statement: contract holders receive information on the actual share of their capital invested in responsible investments.
• 🤝 Encouragement without obligation: insurers promote the choice of these funds without forcing their adoption.

Several companies like La Banque Postale, Groupama, or Macif quickly adopted this approach. Some sector specialists like CNP Assurances emphasize creating dedicated unit-linked funds for ecological transition. This trend reflects a growing desire to align savings with personal values, an important consideration for many savers in 2025.

Aspect 🌱	Description	Objective	Involved actors 🌿
Information before subscription	Details of green/solidarity funds available	Transparency on the offer	Groupama, La Banque Postale, AXA
Annual statement	Actual share of responsible savings	Monitoring and education	CNP Assurances, Macif, Allianz
Encouragement	No taxation, only promotion	Sustainable development	Generali, BNP Paribas

Enhanced obligations regarding information and communication

In general, all modifications introduced by the Pacte law aim at making insurers more responsible through reinforced communication obligations towards policyholders. This involves not only the systematic publication of performance and fees but also more pedagogical and understandable communication for savers.

Among the flagship measures are:

• 📢 Annual publication of a clear report on their contract, highlighting fees, performance, and savings supports, by major players such as BNP Paribas or LCL.
• ✍️ Improvement of the pre-contractual information document that must detail risks and costs precisely.
• 🎯 Training of advisors and agents so they can better assist their clients in making decisions.

This more rigorous framework aims at greater customer satisfaction, including in establishments managing large portfolios such as Generali or Groupama. It seeks to reduce disputes and provide a smoother experience in managing your life insurance.

Obligation 📋	Expected effect 🎯	Examples of engaged actors 🤝
Transparent annual report	Clarity and easier monitoring	AXA, Macif, CNP Assurances
Detailed pre-contractual document	Less surprises for the saver	La Banque Postale, Allianz, BNP Paribas
Training of advisors	Better support	Generali, Groupama, Avenir Mutuel

Tax implications and points of attention for 2025

The fiscal aspect remains central to the attractiveness of life insurance, and the Pacte law provides important clarifications. The possibility of internal transfers while maintaining fiscal seniority avoids undesirable taxation issues. Additionally, transfers to a PER benefit from attractive fiscal incentives, combining exemption on capital gains and contribution deductions.

However, it is crucial to recall these essential points:

• ⚠️ The transfer does not eliminate the classic taxation upon subsequent withdrawal: your contract remains subject to the usual taxation rules as before.
• ⚠️ The window for transfer to PER is limited in time, beyond January 1, 2026, this option will cease.
• ⚠️ Be mindful of the placement-liquidity balance: the long-term PER limits access to funds.

It is advisable to carefully analyze with specialized advisors, especially those present in large companies such as BNP Paribas or AXA, before initiating these operations. For curious individuals, detailed analyses are available on specialized websites, notably on the MGEN redistribution or around debates on the healthcare insurance economy.

Fiscal element 📊	Before the Pacte law ⚖️	After the Pacte law 🚀	Practical advice 📝
Maintaining fiscal seniority	Impossible to transfer without loss	Internal transfer with preservation	Consult your insurer
Transfer to PER	Rarely possible	Possible until 2026 with fiscal advantages	Think long-term
Tax on withdrawals	Standard taxation	No change	Seek advice before any operation

What strategies to adopt in the face of insurance reforms?

For savers, the Pacte law offers several levers to optimize their life insurance, but it is still necessary to understand the steps. The main challenge is to evaluate the new products offered by insurers such as Allianz, Macif, or Groupama, and to decide the right moment for a transfer, an arbitration, or diversification into green funds.

Here are some practical tips:

1. 🎯 Analyze your current contract: identify if it is old and underperforming, which might motivate an internal transfer to benefit from improved options.
2. 📊 Compare fees and performance: leverage increased transparency to study data published by your insurers, whether BNP Paribas, Generali, or CNP Assurances.
3. ♻️ Consider solidarity or green unit-linked funds: take advantage of reinforced information to align your savings with your values, especially through funds offered by La Banque Postale or AXA.
4. 🔐 Consider PERs for part of your retirement savings: especially if you benefit from significant tax advantages.
5. 🗓️ Pay attention to deadlines: notably the end of the transfer possibility to PER in 2026.

Professional guidance remains essential. Major sector players, such as LCL or Allianz, offer personalized advice tailored to each situation to avoid costly mistakes. Do not hesitate to seek more information from your insurer or on specialized platforms like health contribution reimbursements, which also cover topics related to life insurance.

Practical FAQ on the new features of life insurance in the Pacte law

• ❓ Does internal transferability apply to all life insurance contracts?
  Yes, the extended transferability concerns both monosupport and multisupport contracts, provided the transfer occurs within the same insurer.
• ❓ What are the fiscal advantages of transferring to a PER?
  The transfer involves exemption from capital gains tax up to a certain ceiling and allows deductibility of contributions made to the PER from taxable income.
• ❓ What does mandatory publication of euro fund yields mean?
  Insurers must provide online detailed information on guaranteed rates and profit participation, for current and past contracts.
• ❓ Why is transparency on fees important?
  Better visibility on costs allows the saver to compare offers, understand the impact of costs on net yields, and avoid unpleasant surprises.
• ❓ How to find out about green or solidarity supports?
  Insurers must inform before subscription and through annual statements about the share of savings invested in these supports, thus providing a tool for informed choices.