But the 2010 vintage should fall at around 3

October 21, 2011 12:00 AM
But the 2010 vintage should fall at around 3

The preferred placement of the French drew 92 billion euros in payments from January to July 2010, which is 10 better than to end of July 2009. The craze for the funds in euros is denied not: they account for 87 of this collection. However, the performance of these media Withers inexorably. End of 2008, they had yet to 4 on average your savings. But the 2010 vintage should fall at around 3.5 compared with 3.7 end 2009. "All the factors of evolution of the yields of the assets of insurers are in the same direction, the decline", said Guillaume Leroy, actuary associated in Winter and associates.

Why this erosion The main factors of explanation is the lower profitability of the investments made by companies. It is shrinking as a result of the replacement of old high performance obligations reached maturity by more recent and far less profitable titles. Or obligations are not less 80 carried out investments of life insurers, half of securities issued by States and by private companies. Example: in 2000, the State loan to the maturity of 10 years (OAT) guaranteed its buyers of coupons to 5.5 every year.

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Unfortunately, in 2010, these juicy obligations come to term and insurers are no longer equivalent on the market. The coupon used by current ALO is more than of 2.59 in early September 2010, or a lower history! And performance rates charged by companies last year, which could be up to 9 are returned to a much more normal situation, with higher wages of barely 1 of government bonds. Second factor: the bad stock market year. "The assets of the companies have between 5 and 10 of shares, but there's no miracle to wait on this side, the performance of the shares is negative since January," added Guillaume Leroy. In short, on the two main categories of assets held by the companies, the signal are red.

In terms of actual performance, excluding inflation, can build on 1.8 in 2010 (see table). But behind the overall market average hide important disparities between companies, NET returns for 2009 were the great gap between 3 and 5.01. Then, despite the adverse context, an astute insured may obtain attractive earnings through a Fund in euros of quality. Should be for all succumb to the "small" Fund in euros to high remuneration or is it better to build on a fund more former which has already proved its worth and has reserves to improve performance if needed Nothing prevents you to accept both, even if subsequently switch all or part of your savings to the highest bidder, because everything will depend on the evolution of interest rates, some see rise in two years. "If rates rise, a small Fund benefit better effect than a big", said Pascal Vétu, President of the Nortia broker. Of course, it is the opposite if bond rates remain very low, the most important Fund with the means to cushion the decline, with the older bonds held in the portfolio.

One thing is certain, "he should not agree a contract on the sole basis of the rate used last year, but rather on its performance over long period," advises William Leroy. This is the case of managed products for a long time by associations of savers (tars, Agipi, Gaipare, CCSA-Fapès). Professional mutual also stand by the quality and regularity of yields served their sociétaires (MACSF for the medical profession, SMABTP) and FAS construction, building, AGPM for soldiers, among others. The advantage of these institutions is that they distribute the same rates to all insured persons, even if the contract is more distributed.