法国预测与国际信息中心-货币政策与人寿保险盈利能力：银行保险在低收益世界中的优势（英）-2025.12-45页.pdfVIP

No2025-22–December2025WorkingPaper

MonetaryPolicyandLifeInsurance

Profitability:Bancassurance’s

EdgeinaLow-YieldWorld

PabloAguilar-Perez

Highlights

Weshowhowthelow-yielderaofthe2010sshapedthebehaviorandprofitabilityofnon-bankfinancial

intermediaries,identifyinganincomechannelthroughwhichmonetarypolicytransmitstolifeinsurers.

Wedemonstratethatmonetaryeasingraisesprofitability,butitseffectdependscriticallyontheguaranteed

yieldspread:insurersrelyingonlargemarginsbetweenportfolioreturnsandguaranteedratesare

significantlymoreexposed.

Weuncoverstrongbusiness-modelheterogeneity:bancassurersrepriceliabilitiesfaster,sustainhigher

premiumgrowth,andbenefitfrommorediversifiedportfolios,givingthemastructuraladvantageinlow-yield

environments.

CEPIIWorkingPaperMonetaryPolicyandLifeInsuranceProfitability

Abstract

Thispaperexaminestheeffectsofmonetarypolicyontheprofitabilityoflifeinsurersduringtheprolongedlow-interest-

rateperiod,leveraginganoveldatasetof31leadingFrenchinsurersfrom2009to2018.Followingsupervisory

practiceandbusiness-modelcriteria,weclassifyfirmsintobancassurers(insurancesubsidiariesofbankinggroups)

andnon-bancassurers(therestoflifeinsurersgovernedbytheFrenchInsuranceCode).Ourcentralcontribution

istodocumenttheincomechannelforlifeinsurance.Monetarypolicyeasingboostsprofitability,buttheadverse

effectofthelow-yielderaoperatesthroughthespreadbetwe