Euro funds or unit-linked funds: what the AMF says

A life insurance contract can allocate your savings to two types of investment vehicles. The euro fund is invested in assets that the AMF (French Financial Markets Authority) classifies as low-risk, primarily bonds. Unit-linked funds are market-based investment vehicles: the insurer guarantees the number of units, not their value, and the invested capital can decrease.

This page is based on the French Financial Markets Authority's document "Investing in Life Insurance" (April 6, 2022) and the public service information sheet on how the contract works (verified September 25, 2026). It does not provide any return, past performance, or recommended allocation between the two investment vehicles.

The two supports in one painting

The euro fund

The AMF states that the euro fund is invested "in low-risk investments, primarily in government and corporate bonds, but also, to a lesser extent, in equities and real estate." It specifies that the insurer "is required to reimburse the capital paid in at the contract's maturity.".

A precaution is just as important as the rule itself. The AMF (French Financial Markets Authority) warns that, in some contracts, capital protection excludes management fees. Check this point in your contract before subscribing.

Service-public summarizes the compromise of this investment: capital protection in exchange for a low return.

Unit-linked funds

A unit of account is an investment vehicle. Service-public specifically mentions stocks, bonds, SCPI units, UCITS units, and AIF units. The AMF specifies that the list of available unit-linked funds varies from one contract to another.

Two sentences summarize the risk:

• The capital is not protected. The AMF (French Financial Markets Authority) indicates that, for most unit-linked funds, the invested capital is not guaranteed. Service-public.fr mentions a risk of capital loss, in exchange for a potentially more attractive return.
• The insurer commits to the number of units, not their value. You hold a number of units. The value of each unit varies with the market, and it is this value that determines the amount of your unit-linked investment in your contract.

For how long?

The AMF recommends investing in riskier unit-linked funds only with money you are certain you can lock away for several years, at least 5 years. It adds that you should carefully choose your investment vehicles and diversify your investments according to your investor profile.

What the insurer must show you

Since January 1, 2025, according to the French government's public service website, performance information for each unit of account must be provided for the last completed financial year and also as a 5-year annualized average. The public service website also indicates that the risk level of a financial product is classified from 1 to 7, and that the insurer must provide the Key Information Document (KID) before the contract is signed. This page does not reproduce any of this performance data; it must be read for each investment option individually in the contract documents.

Monosupport, multisupport, euro-growth

• Single-support contract : a contract that offers only one investment option (service-public). The single option is not always the euro fund: economie.gouv.fr describes a single-asset contract whose payments are invested in a euro fund, and service-public cites a single-asset unit-linked contract.
• Multi-support contract : different investment vehicles coexist in the same contract (public service); the euro fund and unit-linked funds may be included.
• Euro-growth fund The invested capital is protected provided the contract is held for at least 8 years. Depending on the fund, the protection is total or partial: for example, 80 % of the invested capital, even at the end of the holding period.

According to the AMF (French Financial Markets Authority), for multi-asset contracts opened since January 1, 2022, advisors are required to offer at least one socially responsible investment fund. The French government's public service website indicates that insurers must also offer at least one SRI (Socially Responsible Investment) labeled unit-linked fund, and also mentions Greenfin and socially responsible unit-linked funds. The public service website does not provide an effective date.

Fees, support by support

The AMF lists the fees to look out for before choosing: application or membership fees, deposit fees, contract management fees, transfer fees, redemption fees, and management fees on UCITS funds. Two key points emerge from its document:

• the contract management fees are specific to unit-linked contracts ; they are levied annually, or even more regularly, on the number of UC units held; ;
• Arbitration fees only apply to multi-asset contracts.

Rates vary depending on the contract. This page does not list any.

An effect on taxation: at what point

The French government's public service website specifies the schedule for social security contributions. These are deducted annually by the insurer from the interest earned on euro-denominated investments. For unit-linked investments, they are only due upon redemption. The applicable rate for 2026 is detailed on a dedicated page.

Numerical example (fictitious profile)

Situation. Martine, a manager, invests €60,000 in a multi-support contract. She invests €30,000 in the euro fund and €30,000 in a unit-linked fund with a share value of €100.

Issue. What happens to his contract if the value of the share falls by 20 %? The insurer commits to the number of shares, not to their price.

Strategy. Before paying, Martine reviews with the firm her investment horizon, the portion of her savings that she can lock away for several years, and the actual investment options offered by the contract.

Result. Example assumptions: the capital of the euro fund is returned as is, without interest or fees. No fees are taken into account on the unit-linked investment.

The number of units remained at 300. Their value decreased: the contract is worth €6,000 less than the €60,000 paid in, representing a decrease of 10% of the initial payment and 20% of the amount invested in unit-linked funds. This profile is hypothetical. The 20% decrease is a calculation assumption: it is neither a forecast nor a stated scenario. The figures illustrate the mechanism.

What changes depending on your situation

• Your horizon : the AMF recommends at least 5 years for risky unit-linked investments.
• Your need for availability : the money you may need in the short term.
• Your contract single-support or multi-support, list of proposed unit-linked funds, level of fees.
• Your saver profile : the level of risk you accept, as defined by the AMF.
• Your age and your tax situation : they are found on other pages.

The rule depends on your situation. No results are guaranteed.