Insurance, the collection of revaluable policies starts again
A few days ago we learned that the share of public debt held by Italians is equal to 213 billion, approximately 9% of the total amount of Italian debt. From an interview with Dr David Iacovonidirector general of public debt to the Treasury, it is noted that (we report a sentence that has a significant impact on the debt redistribution policy, as repeatedly reiterated in the numerous previous articles), “… But there is ample room for growth in retail: without going back to the 80s, even at the beginning of the 2000s, at the debut of the euro, the share of debt in retail portfolios was much higher than at present, around 20%”.
A share which in any case would not be sufficient to replace the purchases by theEurosystem-Bce which in January 2023, held 31% of our government bonds equal to approximately 704 billion euros.
But we are on the right track
In fact, in March 2023 alone, the new business relating to Class I, guaranteed capital policies, whose premiums are invested in specific separate management with variable returns, amounted to 5.8 billion (76% of the entire life business , against 64% in the month of March 2022 ). In the first quarter of 2023, total premiums from individual Class I policies amounted to 15.4 billion, 17% more than in the same period of 2022.
Why do we say that this is a positive factor?
Because the “container” of separate management is mainly composed of Italian public securities and it is obvious that savers, very sensitive to the guarantee of invested capital and the return of interesting yields on Italian government bonds, have decided to divert their assets to this sector.
The total collection since the beginning of the year of new life business amounted to 22.1 billion euro 9.9% less than in the first three months of the previous year.
The cause of this significant decrease is substantially attributable to the decrease in the subscription of Unit-Linked policies of Class III. Since January, inflows from new business have amounted to 4.5 billion, 44.7% less than in the first three months of 2022. But how many of those 4.5 billion were invested in units of external or internal investment funds?
Only 1.8 billion, still down compared to March 2022 (-33.6%). 61% of the new premiums collected were invested in multi-line contracts, which in any case belong to the Unit-Linked sector, also down by 32.9% compared to the same period of the previous year.
Bank and post office branches
We must bear in mind that the banking and postal sector raised a total of 5.7 billion, in the quarter of the year the volume of new business reached an amount equal to 14.7 billion. Since January, premiums on guaranteed capital policies in Class I have amounted to 12.1 billion, with an annual increase of 30.4%.
It represents 78.6% of the entire production of the guaranteed capital policies sector. A residual portion of new production is represented by Unit Linked policies linked, as already mentioned, to funds, without any form of financial protection or minimum return guarantee. Since January, the volume of new business has amounted to 2.5 billion, with an annual decrease of 47.3%.
Monthly map of managed savings – March 2023
The significant drop in the volumes of Unit Linked policies, we are now more than convinced of this, is also negatively connected with the new subscriptions of mutual investment funds (quarter of 2023). The press release from Assogestioni reports that assets under management as at 31 March 2023 amounted to 2,255 billion euro, up by 12 billion compared to February.
This result is influenced by the market effect which the Assogestioni research office estimates as positive at 0.8%. Net inflows, on the other hand, amounted to -6.04 billion euros as a result of the 6.4 billion outflows registered by institutional mandates during the month. A result which, unfortunately, confirms what we claimed.