Comparing assurance vie contracts in 2026: the criteria that matter

• 2.63%: average return on euro funds in 2025 according to the ACPR, net of management fees, before social charges.
• 0.63%: average annual management fees on euro funds, according to the same study; many online contracts charge less.
• Return bonuses often depend on holding a share in unit-linked funds, usually one point and up to more than two.
• The criteria: fees, quality of the euro fund, choice of unit-linked funds, options, the insurer's strength.

The assurance vie market is huge: €1,207 billion in the euro funds of individual contracts alone at the end of 2025, according to the ACPR, which studied more than 36,000 contract versions at 116 insurers. Two savers who invest the same sum on the same day can end up with very different results after twenty years, depending on their contract's fees and the quality of its funds.

This guide sets out the criteria for comparing contracts, with a worked example of the effect of fees, then a summary table of what to read and where to find it. Figures come from the ACPR study on 2025 returns (in French), published on June 30, 2026. For the basic rules of the wrapper, see the assurance vie guide.

Why there is no “best” assurance vie

A cautious saver who wants to keep capital safe looks mainly at the euro fund. A long-term saver who accepts swings looks at the choice and cost of unit-linked funds. A parent planning an inheritance looks at the flexibility of the beneficiary clause and the options. The same contract can be excellent for one and mediocre for another.

The gaps are measurable, though. The ACPR notes that euro fund rates vary from one group of contracts to another, and even from one policyholder to another at the same insurer, depending on commercial offers and bonuses. A policyholder with no bonus received at least 0.39 point less than the 2.63% average in 2025.

Fees, the first criterion

Fees are the only certain feature of a contract: future returns are uncertain, fees will be taken every year. There are several layers:

• Fees on payments: a percentage taken from each sum paid in. Many online contracts charge none; others charge several percent, often negotiable.
• Annual management fees of the contract, taken from savings: 0.63% on average on euro funds in 2025 according to the ACPR. They are often slightly higher on unit-linked funds.
• Unit-linked fund fees: each fund has its own ongoing charges, on top of the contract's. An ETF usually costs far less than an actively managed fund.
• Switching fees, when moving savings between funds, and the cost of any managed portfolio option.

Example: what fees cost over 20 years

The same gross investment ends with a gap of nearly €2,400 between the first and last lines, 12% of the result. The gap grows with time and with regular payments: fees are charged on savings that keep growing.

The euro fund: return and conditions

The euro fund guarantees capital, net of management fees, and pays a profit share every year. According to the ACPR, its average return was 2.63% in 2025, as in 2024, net of management fees and before social charges. Three points matter when comparing:

• The return history of the fund over several years, not just the last one: a fund that has paid above average for ten years has shown it can.
• Bonus conditions: many insurers raise the return if part of the savings is in unit-linked funds. According to the ACPR, these bonuses are often one point and go up to more than two. A rate shown “with bonus” is not what a saver who stays in euros receives.
• Access limits: some contracts cap the euro fund share or require a minimum in unit-linked funds.

Unit-linked funds: choice, cost and management

Unit-linked funds, equity, bond, property funds and ETFs, do not guarantee capital: their value rises and falls with markets. According to the ACPR, they have returned about 2.0% a year on average since 2020, net of fund fees and contract management fees, with large swings from year to year. To compare contracts on this point:

• ETFs available, these low-cost index funds, and how many: they are often what lowers the total cost of unit-linked savings the most.
• The range of funds: global equities, bonds, property (SCPI, SCI), possibly unlisted assets.
• Managed portfolios: the insurer or an asset manager allocates savings according to a profile; it has a cost, to compare with simple self-directed management.
• The ongoing charges of each fund, shown in its key information document.

Options, transfers and the insurer's strength

• Management options: scheduled payments, scheduled partial withdrawals, automatic locking-in of gains, free online switches.
• The beneficiary clause: being able to draft it freely, for example with a split of ownership, matters for estate planning.
• Transfers: since the Pacte law, a contract can be transferred to a newer contract at the same insurer without losing its tax seniority, under conditions. Changing insurer, however, means cashing in, with tax on the gains.
• The insurer's strength: if an insurer fails, the Fonds de garantie des assurances de personnes covers up to €70,000 per policyholder and per insurer for assurance vie. Beyond that, spreading savings across insurers limits the risk.

Comparison: the criteria and where to find them

Opening a contract early, even with a small payment, starts the eight-year clock that matters for the tax on withdrawals: the guide to assurance vie tax explains it. The assurance vie calculator compares the effect of fees and returns on your own plan.

Comparing assurance vie: the key points

1. No universal ranking: the right contract depends on your plans, horizon and risk.
2. Compare fees first, every layer included: they are certain, returns are not.
3. Judge the euro fund over several years and without bonus: 2.63% on average in 2025 according to the ACPR.
4. Check for ETFs and the cost of unit-linked funds.
5. Read the key information document and the fee schedule before signing.

This comparison is educational, names no contract and is not personalized advice. Unit-linked funds carry a risk of capital loss. Past returns do not predict future returns.

Frequently asked questions