Allianz France has launched a €13bn “fonds de retraite professionelle supplémentaire (FRPS), a new type of financing vehicle that some French insurance-based pension providers have been setting up.
Regulatory approval for the creation of the vehicle, which Allianz France has named Allianz Retraite, was granted last week, according to a statement.
Now housing the retirement business previously assigned to Allianz France, it has €13bn in assets covering 650,000 individuals and 20,000 companies.
A key feature of the FRPS vehicles is that they are not subject to Solvency II requirements.
“Allianz France has chosen to transfer all its retirement activities to Allianz Retraite, which will be able to invest over the long term in line with the investment horizon of policyholders,” said Sylvain Coriat, member of the insurer’s executive committee of Allianz France.
“Freed from the short-term constraints of Solvency II regulations, this entity will be able to invest sustainably in equities, infrastructures and support for the national economy, thanks to a solid solvency which will exceed four times the regulatory margin.”
The creation of the FRPS comes after the insurer earlier this year launched two new defined contribution retirement savings solutions, one for individuals and one for employers, under the Plan d’Epargne pour la Retraite (PER) wrapper introduced by the PACTE reform.
“As a long-term player, Allianz France is pleased that the PACTE law has given new impetus to group retirement savings products,” said Jacques Richier, chair and CEO of Allianz France.
“The time was therefore ideal to create our FRPS. It will allow Allianz France to support employees and the liberal professions* in preparing for their retirement.”
Aviva, Malakoff-Médéric and Sacra are other among five other providers that have set up FRPS vehicles and as far as IPE is aware Allianz’s is the largest by assets.
*Liberal professions refers to a wide-ranging regulated category of self-employed occupations in France.