#SAVINGS & FINANCIAL PRODUCTS
"A euro fund quotes a net rate, so it carries no fees." The 2.63% credited in 2025 is what remains after a 0.63% management charge. Before that deduction, the return works out at 3.26%.
Published on September 12, 2026 · to be rechecked on July 31, 2027
On 30 June 2026 the ACPR, France's prudential supervisor, published its annual review of life insurance crediting rates, covering 116 undertakings and 36,053 contract versions. It defines the crediting rate as net of charges levied on assets, and publishes those charges separately: 0.63% on average on the euro-denominated portion of individual contracts, against 0.62% in 2024. With 2.63% credited, the return before management charges works out at 3.26%, of which fees absorb 19.3%. Across individual and collective contracts alike, half of all undertakings charge between 0.5% and 0.8%.
Is a euro fund quoting a rate "net of management fees" a product without fees?
No. The deduction has already happened: it amounts to 19.3% of the return before fees.
In other words: the headline rate is not what the fund earned, it is what is left once the insurer has been paid.
Five caveats that belong with the number
- The 3.26% and the 19.3% are arithmetic on two figures published by the ACPR, 2.63% net and a 0.63% charge: the ACPR does not publish that ratio itself.
- The charge rate divides fees collected by average mathematical reserves: it is an asset-weighted average, not the tariff written into any one contract.
- That 0.63% covers the euro-denominated portion only: no entry fees, no switching fees, no fees on unit-linked funds.
- The 2.63% is credited before the 17.2% French social levies.
- The charge varies little by type of insurer, 0.63% at bank-owned insurers and 0.64% at traditional ones: this is not where the gap between contracts is decided.
Why it still matters: a rate quoted net says nothing about what the product earned, only about what is left.
For you
- Do you know the management charge rate on your own life insurance contract?
- Is a fee deducted before the rate is displayed still a fee, from the saver's point of view?
Source: ACPR, Analyses et synthèses No. 180, "Revalorisation 2025 des contrats d'assurance-vie et de capitalisation", 30 June 2026.
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