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Le bilan agrégé des six principales banques françaises a progressé de 3,4% en 2024, atteignant 8 801,5 milliards d'euros, principalement grâce à une hausse des titres de dette détenus (+17,1%) et des prêts aux institutions financières. Le Produit Net Bancaire (PNB) a atteint un niveau historique de 158,7 milliards d'euros (+8%), porté par les commissions et les activités de marché, malgré un léger recul de la Marge Nette d'Intérêts. La rentabilité s'améliore, avec une hausse du résultat net de 11,7%. La situation de solvabilité (ratio CET1 à 15,6%) et de liquidité reste solide, bien que le risque de crédit ait légèrement augmenté dans un contexte macroéconomique incertain.

L'activité d'assurance-vie en France a connu une forte croissance en 2024, avec une collecte brute record de 141,8 milliards d'euros, tirée par les supports en euros. Les rachats ont diminué de 10% par rapport à 2023. La collecte nette est redevenue positive, atteignant 22,8 milliards d'euros, malgré une collecte nette négative pour les supports en euros. Dans le même temps, l'assurance non-vie a vu ses primes augmenter plus rapidement que les sinistres, améliorant le ratio combiné à 96,9%. Le ratio de solvabilité moyen des assureurs a légèrement baissé à 238% fin 2024, dû à une diminution des fonds propres et une hausse du capital de solvabilité requis.

EU/EEA banks are required to integrate geopolitical risk into their business processes and risk assessments, focusing on exposures to vulnerable sectors amid heightened global tensions. Maintaining operational resilience is essential as banks face rapid changes in geopolitical and technological environments, with increased investment in cybersecurity a priority. As defense financing needs rise, banks must apply robust underwriting standards. Market volatility underscores the importance of prudent capital buffer management and timely bond issuance. Effective cost and provision management, sustainable revenue strategies, and the integration of ESG risks into risk frameworks are also mandated.

The ESAs (EBA, EIOPA, and ESMA) have launched a public consultation on draft Joint Guidelines for ESG stress testing. These guidelines aim to standardize how banking and insurance sectors integrate environmental, social, and governance risks into supervisory stress tests. Key aspects include:
ESG Stress Testing Framework: Establishes a common approach for developing methodologies and standards across the EU's financial system.
Guidance on Stress Tests: Covers design, features, and organizational arrangements, including expertise, data management, and scenario analysis timelines.
Long-term Approach: Accommodates future advancements and data improvements, promoting consistency and effectiveness.
The consultation runs until September 19, 2025, allowing stakeholders to provide feedback on the draft guidelines.

This study examines how European insurance companies influence mutual fund stability, particularly during periods of significant net outflows. Utilizing Solvency II and Lipper/Eikon data, the study reveals that insurers exhibit contrarian trading behavior, purchasing fund shares when other investors divest, especially in fixed-income funds. This behavior is more pronounced for affiliated funds. The paper also finds that insurers' financial health, indicated by solvency ratios, impacts their ability to act as contrarian traders; lower solvency ratios correlate with fewer purchases during outflows. Funds with insurer investments demonstrate enhanced resilience, exhibiting lower flow-to-performance sensitivity and reduced flow volatility. The findings suggest insurers can mitigate investor runs, but their stabilizing influence may lessen under systemic stress affecting their own financial health.

Insurance Europe advocates for simplifying EU digital regulations, including the Cybersecurity Act and upcoming digital omnibus initiatives, to alleviate compliance burdens. The organization seeks to reduce overlaps and duplications in cybersecurity reporting, particularly under DORA, GDPR, and other horizontal legislations. They propose aligning cyber reporting mechanisms and centralizing notifications to multiple national agencies. Additionally, Insurance Europe supports stakeholder involvement in cybersecurity certification development, emphasizing that certification should remain voluntary. Concerns have been raised regarding the European Cybersecurity Certification Scheme for Cloud Services (EUCS), specifically regarding a lack of transparency and the inclusion of sovereignty requirements that could limit service provider choice and increase costs for insurers.

The report underscores the robustness of Europe’s insurance, reinsurance, and pension sectors despite a volatile macroeconomic environment. Strong capital positions persist, with median Solvency II ratios slightly down but stable. Premium growth surged, with non-life up 8.2% and life at 13.8%. Profitability improved, with median return on assets at 0.7%. However, it points out that risks from exchange rate volatility, elevated interest rates, geopolitical tensions, and cyber threats require vigilant monitoring. It also notes significant US equity exposure, urging caution amid potential market corrections.

The EBA released three final draft technical standards to support the EU Banking Package, enhancing supervisory oversight. These include Regulatory Technical Standards (RTS) for calculating the Business Indicator (BI) for operational risk capital, Implementing Technical Standards (ITS) mapping BI to FINREP for consistency, and amended ITS on operational risk reporting. The standards refine BI components, address mergers and disposals, and improve reporting accuracy. Set for adoption, the EBA will release IT tools and a technical package in Q4 2025, with reporting starting March 31, 2026.

EIOPA has published the results of its first EU-coordinated mystery shopping exercise, assessing the sales process for insurance-based investment products (IBIPs) across eight EU member states. While distributors often provided relevant information, areas for improvement were identified in disclosure, transparency, and consumer outcomes. Key findings include inadequate provision of cost information and limited consideration of sustainability preferences. EIOPA Chair Petra Hielkema emphasized the need to explore a more outcome-oriented sales approach, focusing on simple and transparent products that offer value for consumers.

Face à un contexte géopolitique tendu, France Assureurs appelle à réorienter le règlement FIDA pour un partage des données financières et d’assurance plus compétitif, sécurisé et centré sur le client. Trois priorités sont mises en avant : garantir la compétitivité via un déploiement progressif et une sécurité juridique accrue, préserver la souveraineté européenne en excluant les géants non-européens, et répondre aux besoins réels des clients avec un encadrement strict du traitement des données. Malgré des avancées dans les discussions, des ajustements restent nécessaires pour protéger les consommateurs et renforcer la cyber-résilience.