Sources#

Source ids — [S#] primary product and firm documents, [R#] regulatory and actuarial references — are carried verbatim from _research/eurocroissance.md and are frozen; they are never renumbered. Only sources actually cited in product-spec.md or technical-notes.md are listed. Omitted, and retaining their numbers in the research file: S11, R17 and R20. S11 (Profession CGP, “Fonds eurocroissance : l’âge de raison ?”) returned HTTP 403 twice and nothing was ever cited from it; R17 (ACPR Analyses et synthèses n° 170 on the 2024 life market) was retrieved but carries no eurocroissance figure these documents rely on; R20 (ACPR n° 179 on the 2025 life market) returned HTTP 403 to WebFetch and to curl with a browser User-Agent. No new sources were fetched at drafting. Each heading below carries the publisher and the document type.

Access date for every entry: 2026-08-26. The consequential gap: no notice d’information, conditions générales or PRIIPs document d’information clé for any eurocroissance support could be retrieved [S10], so every insurer-level parameter here is a third-party fact-sheet figure [S8] [S9] or std.

Primary product and firm documents [S#]#

S1 — AXA France Vie, “Fonds Croissance” — retail insurer product page#

  • URL: https://www.axa.fr/epargne-retraite/assurance-vie/eurocroissance.html

  • Retrieved: YES (page fetched and read).

  • Used for: the provision mathématique / provision de diversification split and the statement that the insurer commits to the number of parts but not their value; guarantee 100 % of net invested capital at a 10-year minimum maturity; total or partial capital loss before maturity; the garantie décès plancher; the 2018–2023 net returns and the 2.98 % average since 2017.

S2 — AXA France Vie, “Fonds Croissance” — second retail product page#

  • URL: https://www.axa.fr/particuliers/epargne/assurance-vie/eurocroissance.html

  • Retrieved: YES.

  • Used for: 100 % of net invested capital guaranteed at the 10-year maturity; rachat at any time without surrender penalty but exposed to capital loss; SRI 2/7.

S3 — AXA France, “AXA France annonce une hausse de ses rendements” — press release, 15 January 2026 (2025 credited rates)#

  • URL: https://www.axa.fr/particuliers/qui-sommes-nous/espace-presse/epargne-retraite/assurance-vie-rendements-2025.html

  • Retrieved: YES (full press-release text).

  • Used for: Fonds Croissance 2025 2.50 %–4.50 %, average 3.13 %; euro supports 2.25 %–4.25 %; PER “Ma Retraite” eurocroissance 3.25 %; the 2026 bonus device (+0.50 % on pre-2026 savings, +2.00 % on new payments, ≥ 45 % unit-linked condition).

S4 — AXA France Vie, “Dispositifs euro + et eurocroissance + 2026” — insurer product page#

  • URL: https://www.axa.fr/epargne-retraite/assurance-vie/bonus-euro-2026.html

  • Retrieved: YES.

  • Used for: the Eurocroissance + conditions — +2 % on 2026 payments up to 4.50 %, the ≥ 45 % unit-linked condition, the hold to 31 December 2026 and through to the attribution date no later than 1 April 2027, exclusions; and the art. A. 132-3 guaranteed-rate ceiling.

S5 — Generali France, “Fonds croissance” — insurer press-room topic index#

  • URL: https://presse.generali.fr/fonds-croissance.html

  • Retrieved: YES (index page read; headline figures only).

  • Used for: G Croissance 2014 as Generali’s first eurocroissance fund and G Croissance 2020 launched December 2020 as its PACTE successor — the two generations being distinct funds.

S6 — Generali France, “Generali France annonce des rendements 2025 solides” — press release, 26 January 2026#

  • URL: https://www.generali.fr/actu/generali-strategie-diversification-2025-taux-pb/

  • Retrieved: YES (press-release text read).

  • Used for: the 2025 euro-fund average of 2.55 % for life insurance — the comparator for the eurocroissance premium — and the description of Fonds Croissance as carrying a partial capital guarantee at maturity.

S7 — Crédit Agricole Assurances (Predica), “Predica lance Objectif programmé” — product-launch press release, 16 October 2014#

  • URL: https://www.ca-assurances.com/publication/predica-lance-objectif-programme-son-premier-support-croissance-eurocroissance/

  • Retrieved: YES.

  • Used for: the first-generation parameters — duration 8 to 40 years, guarantee level 80 % to 100 %, both chosen by the saver — and the distribution list.

S8 — FranceTransactions, “G CROISSANCE 2020 (Generali)” — third-party fund fact page (secondary; Generali’s own notice could not be retrieved, see S10)#

  • URL: https://www.francetransactions.com/assurance-vie/fonds-euro-croissance/g-croissance-2020-generali-eurocroissance.html

  • Retrieved: YES (published 7 February 2021; performance table updated 27 January 2026).

  • Used for: the only retrieved charge levels for any eurocroissance support — frais de gestion 1.00 %, frais sur versements 4.50 % max, frais de conversion 0.50 % — plus guarantee 80 %, term 8 to 30 years, and the 2020–2025 return series. Third-party, so treated as indicative and marked as such wherever used.

S9 — MoneyVox, “Eurocroissance : principe et fiscalité du contrat d’assurance vie” — third-party explainer with a cross-insurer rate table#

  • URL: https://www.moneyvox.fr/assurance-vie/euro-croissance.php

  • Retrieved: YES (page last updated 26 May 2026 per the fetched page).

  • Used for: the 2025 cross-market net-return table (0.90 %–3.40 % across seven supports); €11.3 bn across more than 700 000 contracts at March 2025; the social levy at the fund’s maturity; and — reported and marked unverified — the reserved-name claim.

S10 — Generali Vie, G Croissance 2014 / 2020 — notice d’information valant conditions générales and PRIIPs document d’information clé#

  • URL: not located (Generali’s pages refer to the notice but expose no PDF)

  • Retrieved: NO. Known reference only; nothing is cited from it.

  • Used for: the record, in both scope notes, that no contractual document for any eurocroissance support could be retrieved.

Regulatory and actuarial references (product research numbering) [R#]#

R1 — Légifrance, Code des assurances, arts. L. 134-1 to L. 134-5 (legislative part, Chapter IV)#

  • URL: https://www.legifrance.gouv.fr/codes/section_lc/LEGITEXT000006073984/LEGISCTA000029141706/ ; https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000038611220 (L. 134-1)

  • Retrieved: YES (Légifrance pages; the full chapter also read verbatim from the consolidated code PDF, edition 2026-07-19, at https://codes.droit.org/PDF/Code%20des%20assurances.pdf, downloaded with a browser User-Agent).

  • Used for: the two modalities and the exclusion of temporary death assurance (L. 134-1); the comptabilité auxiliaire d’affectation (L. 134-2); the duty to complete the representation of 1° engagements and to constitute a PGT for 2° engagements (L. 134-3); policyholder priority over all other creditors (L. 134-4).

R2 — Légifrance, Code des assurances, arts. R. 134-1 to R. 134-12 (regulatory part, Chapter IV)#

  • URL: https://www.legifrance.gouv.fr/codes/section_lc/LEGITEXT000006073984/LEGISCTA000029426878/ ; …/LEGIARTI000039739654 (R. 134-1) ; …/LEGIARTI000039739643 (R. 134-4)

  • Retrieved: YES (Légifrance pages; full chapter also read verbatim from the consolidated code PDF, edition 2026-07-19).

  • Used for: nearly every mechanic in both documents — the minimum part value and the denomination arrêté (R. 134-1); rights in number of parts and the PM as the discounted guarantee (R. 134-2); the six permitted charge bases, base 3° restricted to accounts holding no 1° engagements (R. 134-3); the participation account, its destinations and the part-value floor on a debit balance (R. 134-4); the surrender and transfer values and the eight-year cap on a non-surrender period (R. 134-5); the maturity amounts and the three-month notice (R. 134-6); complementary guarantees outside the account (R. 134-7); assets at realisation value (R. 134-8); admitted provisions (R. 134-9); pre-sale disclosure (R. 134-10); per-account application (R. 134-11).

R3 — Légifrance, Code des assurances, arts. A. 134-1 to A. 134-7 (arrêté part, Chapter IV)#

  • URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000039801782 (A. 134-1) ; …/LEGIARTI000039801776 (A. 134-2) ; …/LEGIARTI000039801769 (A. 134-3) ; …/LEGIARTI000046824887 (A. 134-6)

  • Retrieved: YES (four Légifrance article pages; A. 134-4, A. 134-5 and A. 134-7 read verbatim from the consolidated code PDF, edition 2026-07-19).

  • Used for: the 90 %-of-TECn discount ceiling with interpolation, the longest-TEC rule, the zero floor and the irreversible per-account method choice (A. 134-1); the PGT definition and its A. 132-18 basis (A. 134-2); the two tests gating a guarantee revaluation (A. 134-3); the five-year and 15 %-of-PM conversion gates (A. 134-4); the at-least-monthly intermediate value and the forward part value used for exits (A. 134-5); the SRI ≤ 2 maturity default (A. 134-6); the annual ACPR return by maturity year and guarantee level (A. 134-7).

R4 — Légifrance (JORF), LOI n° 2019-486 du 22 mai 2019 (loi PACTE), article 72#

  • URL: https://www.legifrance.gouv.fr/jorf/article_jo/JORFARTI000038496267

  • Retrieved: YES.

  • Used for: the creation of the 2° modality — no euro guarantee during accumulation, a euro guarantee at maturity — and the transformation of 1° into 2° engagements by agreement.

R5 — Légifrance (JORF), Décret n° 2019-1437 du 23 décembre 2019 (implementing decree for PACTE art. 72)#

  • URL: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000039667326

  • Retrieved: YES (JORF text page read).

  • Used for: the rewriting of the whole regulatory chapter and the addition to R. 343-3 of the provisions 9°, 10° and 11°; in force 1 January 2020.

R6 — Légifrance (JORF), Arrêté du 12 septembre 2014 (the first-generation A. 134 series)#

  • URL: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000029446963

  • Retrieved: YES (JORF text page read).

  • Used for: the 2014 regime — the 90 %-of-TEC rule PACTE retained, and the 8 % volume cap and 8-year holding period PACTE removed and lengthened.

R7 — Légifrance (JORF), Décret n° 2025-1333 du 26 décembre 2025 (reinstating art. R. 134-12, apports d’actifs)#

  • URL: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000053174741

  • Retrieved: YES (JORF text page read; R. 134-12 also read verbatim in the consolidated code PDF).

  • Used for: contributions up to 10 % of the diversification provision, entering at realisation value and endowing the PCDD; the three-limb re-allocation cap and the sixteenth-year deadline; and the rule that affectations happen on the participation-account striking dates after the balance has been allocated, which fixes the model’s annual processing order.

R8 — Légifrance (consolidated code PDF), Code des assurances art. R. 343-3 (catalogue of life provisions)#

  • URL: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000039739686 ; https://codes.droit.org/PDF/Code%20des%20assurances.pdf

  • Retrieved: YES (text read verbatim from the consolidated PDF).

  • Used for: the definitions of 9° provision de diversification, 10° provision collective de diversification différée and 11° provision pour garantie à terme, and the rule that an engagement is provisioned under only one category.

R9 — Légifrance (consolidated code PDF), Code des assurances art. A. 132-16 (holding period for profit-sharing reserves)#

  • URL: https://codes.droit.org/PDF/Code%20des%20assurances.pdf

  • Retrieved: YES (read verbatim; version from the arrêté du 26 décembre 2019 art. 2).

  • Used for: the fifteen-year clock on sums carried to the PCDD, against eight years for a euro fund’s provision pour participation aux bénéfices.

R10 — Légifrance (consolidated code PDF), Code des assurances arts. A. 132-18 and R. 132-5-3#

  • URL: https://codes.droit.org/PDF/Code%20des%20assurances.pdf

  • Retrieved: YES (both read verbatim; A. 132-18 from the arrêté du 14 août 2017, R. 132-5-3 from décret n° 2024-539 art. 2).

  • Used for: the mortality bases A. 134-2 points to for the PGT — homologated tables by sex, or an insurer table certified by an independent approved actuary — and the 5 % surrender indemnity cap, together with R. 132-5-3’s permission for the contract to provide no indemnity at all once it has been in force more than ten years. The article grants that permission; it does not prohibit an indemnity after ten years, and the reference contract’s zero beyond ten years is the permission taken up, std.

R11 — Légifrance (consolidated CSS PDF), Code de la sécurité sociale art. L. 136-7 (social levy)#

  • URL: https://codes.droit.org/PDF/Code%20de%20la%20s%C3%A9curit%C3%A9%20sociale.pdf

  • Retrieved: YES (read verbatim; version from LOI n° 2026-103 du 19 février 2026 art. 24).

  • Used for: the product-specific trigger at II 3° b) — CSG/CRDS levied “à l’atteinte de la garantie” on the surrender value of those engagements less the premiums allocated to them.

R12 — Légifrance (consolidated CGI PDF), Code général des impôts arts. 125-0 A and 990 I#

  • URL: https://codes.droit.org/PDF/Code%20g%C3%A9n%C3%A9ral%20des%20imp%C3%B4ts.pdf

  • Retrieved: YES (both read verbatim; 125-0 A from LOI n° 2021-1900 art. 35, 990 I from LOI n° 2023-171 art. 3).

  • Used for: the ordinary assurance-vie income-tax regime; the transformation neutrality of 125-0 A I 2°, which preserves fiscal seniority on a move into diversification-provision rights; and 990 I — €152 500 per beneficiary, then 20 % up to €700 000 and 31.25 % above.

R13 — Institut des actuaires, Peltier and Odier, “Eurocroissance : quels sont les impacts attendus de la loi PACTE ?” — published actuarial mémoire, 86 pp.#

  • URL: https://www.institutdesactuaires.com/docs/mem/8e47df87101af694559589fb43a46a29.pdf

  • Retrieved: YES (PDF downloaded, full text extracted). Undated on its cover; its placement in 2020–2021 is inferred and unverified.

  • Used for: the only complete public parameterisation of this product, and the anchor for most std levels — initial premium €10 000 with free additional premiums of €2 000, age 57, 10-year term, g = 100 %, entry charge 2 %, encours charge 0.8 %, performance charge 10 %, initial part value €10, the 90 % TEC haircut, surrender rates 2 %–3 % (full) and 6 % then 2 %–4 % (partial), transfert de richesse at 10 % of net premiums for three years, the euro-fund rate + 0.30 % PCDD piloting objective — plus its structural findings (the reform removes the PM and gives one common return for all savers; solvency improves 20–26 points, worth 13 %–20 % more equity exposure; pooling two maturity cohorts gives no mutualisation benefit). Its printed discount expression is dimensionally suspect and is not copied.

R14 — France Assureurs, “En 2024, l’assurance vie a confirmé son attractivité” — trade-body press release, 31 January 2025#

  • URL: https://www.franceassureurs.fr/espace-presse/les-communiques-de-presse/assurance-vie-attractivite-2024/

  • Retrieved: YES.

  • Used for: the only retrieved document sizing eurocroissance directly — €11.1 bn (+24 %) across 673 000 contracts (+26 %) at end-2024 — and the €1 989 bn market denominator.

R15 — France Assureurs, “L’assurance vie en 2024” — chiffres clés page, 23 September 2025#

  • URL: https://www.franceassureurs.fr/nos-chiffres-cles/assurance-vie/lassurance-vie-en-2024/

  • Retrieved: YES.

  • Used for: the unit-linked comparator (€587.1 bn of provisions at end-2024), and as evidence that eurocroissance is not broken out in the standard statistical presentation.

R16 — France Assureurs, “L’assurance vie en 2025” — trade-body press release, 27 January 2026#

  • URL: https://www.franceassureurs.fr/espace-presse/lassurance-vie-en-2025-une-collecte-solide-au-service-de-leconomie-francaise/

  • Retrieved: YES.

  • Used for: end-2025 encours €2 107 bn, and the fact that this release carries no eurocroissance line, so no end-2025 product size is available from a retrieved source.

R18 — ACPR / Banque de France, “Analyses et synthèses n° 146 — Le marché de l’assurance-vie en 2022” — supervisory analysis, 20 March 2023#

  • URL: https://acpr.banque-france.fr/system/files/import/acpr/medias/documents/20230320_as146_av_2022_vf.pdf

  • Retrieved: YES — only via curl with a browser User-Agent; a plain fetcher returns HTTP 403 on this host. Full text extracted.

  • Used for: the methodological fact that ACPR’s weekly life-flows collection “se concentre sur l’analyse des supports rachetables (excluant l’épargne retraite et les produits eurocroissance)”.

R19 — ACPR / Banque de France, “Analyses et synthèses n° 175 — Revalorisation 2024” — annual revaluation study, 4 August 2025#

  • URL: https://acpr.banque-france.fr/system/files/2025-08/20250804_AS175_Revalorisation_contrats_assurance_vie_2024.pdf

  • Retrieved: YES (via curl with a browser User-Agent; full text extracted).

  • Used for: the macro anchor behind the std TEC10 level — the 10-year OAT averaged 3.0 % in both 2024 and 2023 — and as evidence that the study contains no eurocroissance section.

R21 — Sia Partners, “Eurocroissance : un nouvel élan” — practitioner analysis, 17 November 2023#

  • URL: https://www.sia-partners.com/fr/publications/publications-de-nos-experts/eurocroissance-un-nouvel-elan

  • Retrieved: YES.

  • Used for: market sizing at €7.1 bn (end-2022) and €7.6 bn (mid-2023, +41 %) across more than 470 000 contracts; PCDD smoothing over 15 years; and the verdict that only a handful of insurers offer the new eurocroissance. Its 8-year minimum-duration statement is reported as unverified.

R22 — Légifrance, Ordonnance n° 2014-696 du 26 juin 2014 (the ordonnance that created Chapter IV)#

  • URL: not resolved (a guessed identifier returned an empty page; the search budget was exhausted before a verified URL could be obtained)

  • Retrieved: NO. Known reference only.

  • Used for: the chronology only, and cited as not retrieved. What is verified about it comes from the texts that cite it R1 R4; the content of its article 3 is unverified.

Cross-product references ([REG-R#])#

[REG-R#] tags resolve against references/regulatory-and-actuarial-references.md (ids R1–R49 frozen there; prefixed REG- in product documents to avoid collision with the product research numbering above). Research provenance: _research/regulatory-actuarial.md. Entries cited by the two documents in this directory:

  • REG-R1 — Directive 2009/138/CE (Solvabilité II): best estimate plus risk margin; the capital layer is cited-not-specified here. (fetched_ok: no — EUR-Lex WAF challenge)

  • REG-R2 — Règlement délégué (UE) 2015/35: the technical-provision mechanics. (fetched_ok: no)

  • REG-R5 — EIOPA risk-free term structures: the curves a market-consistent valuation would use; no numeric curve reproduced. (fetched_ok: yes)

  • REG-R6 — C. ass. art. R. 343-3: the eleven French life provisions, of which 9–11 exist only for eurocroissance. (fetched_ok: yes)

  • REG-R7 — C. ass. art. R. 343-5 (PRE): no purpose inside an auxiliary account whose assets are at realisation value. (fetched_ok: yes)

  • REG-R13 — CMF art. L. 631-2-1 (HCSF): the power to limit surrender payments for up to six consecutive months. (fetched_ok: yes)

  • REG-R15 — C. ass. arts. A. 132-10 to A. 132-15: the minimum-PB machinery, from which A. 132-12 excludes art. L. 134-1 contracts. (fetched_ok: yes)

  • REG-R16 — C. ass. arts. A. 132-16 / A. 132-16-1: the eight-year PPB clock, comparator for the fifteen-year PCDD clock. (fetched_ok: yes)

  • REG-R17 — C. ass. arts. A. 132-1 / A. 132-1-1: the maximum technical rate, a different and stricter object than the A. 134-1 discount ceiling. (fetched_ok: yes)

  • REG-R18 — C. ass. arts. A. 132-2 / A. 132-3: the TMG ceiling any guaranteed rate is subject to. (fetched_ok: yes)

  • REG-R19 — C. ass. art. L. 134-1 and R. 134-1 to R. 134-12: the cross-product anchor, and the note that no percentages and no time limits appear in R. 134-4. (fetched_ok: yes)

  • REG-R20 — Décret n° 2019-1437: the cross-product anchor for the PACTE reform and its 1 January 2020 / 1 October 2020 transitional dates. (fetched_ok: yes)

  • REG-R21 — Arrêté du 1er août 2006 (TGH05 / TGF05): the generational annuity tables an annuity option at maturity would use — cited, never shipped. (fetched_ok: yes)

  • REG-R22 — Arrêté du 20 décembre 2005 (TH 00-02 / TF 00-02): the homologated non-annuity tables — cited, never shipped. (fetched_ok: yes)

  • REG-R23 — C. ass. art. A. 335-1 and Annexe: which mortality table a French tariff may use, and the décalages d’âge. (fetched_ok: yes, served in a pre-2016 version)

  • REG-R24 — INSEE mortality data: the only freely redistributable French series, and the basis of this library’s std decrement proxies. (fetched_ok: yes)

  • REG-R29 — C. ass. arts. L. 132-5-1 / L. 132-5-2: the thirty-day renonciation right. (fetched_ok: yes)

  • REG-R30 — C. ass. arts. A. 132-4 / A. 132-8: the note d’information and the encadré, which require maximum charges to be disclosed but cap nothing — the reason every charge level here is std. (fetched_ok: yes)

  • REG-R31 — C. ass. arts. L. 132-21 / L. 132-22 / L. 132-23-1: the two-month surrender settlement, and the duty to update art. L. 134-1 information at least quarterly and to give a statement one month before term. (fetched_ok: yes)

  • REG-R33 — PRIIPs Règlement (UE) 1286/2014 and AMF DOC-2011-05: the synthetic risk indicator behind the SRI ≤ 2 maturity default. (fetched_ok: partial — the regulation was not retrieved)

  • REG-R40 — CGI art. 125-0 A: the eight-year threshold and the €4 600 / €9 200 abattement that shape surrender timing. (fetched_ok: yes)

  • REG-R41 — CGI arts. 990 I and 757 B: the death-benefit levy and its abatements. (fetched_ok: yes)

  • REG-R44 — Institut des actuaires, NPA 2 Modèles actuariels: the standard this documentation, worked example and test suite sit under. (fetched_ok: yes)

  • REG-R45 — IFRS 17: the reporting basis from 2023; the variable fee approach for direct-participating contracts is unverified here. (fetched_ok: yes, landing page only)

Provenance note#

Extraction details — the per-source content notes, the nineteen extracted specification sections, the cross-insurer variation analysis and the twelve-item gaps register these documents draw on — live in _research/eurocroissance.md; the cross-product regulatory bibliography lives in references/regulatory-and-actuarial-references.md.

Recorded gaps inherited by this specification, visible as std or unverified tags in the two documents: no contractual document exists in the source set [S10], so charge levels for AXA and Predica and the minimum part value for every insurer are unknown; the “eurocroissance” denomination arrêté appears never to have been issued, so the reserved-name and 8-year-minimum claims [S9] R21 are unverified; the mémoire’s statement that PACTE made the participation-account and asset-performance levies simultaneous, capped at 15 % and 10 %, is unverified against the retrieved R. 134-3 5°, which reads “ou alternativement” and states no caps R2 R13; the transfert de richesse conditions it describes predate décret n° 2025-1333 and are unverified against the reinstated R. 134-12 R7; its own date and its printed mortality table (“TH00-05”) are unverified R13; ACPR’s 2025 life-market study and Profession CGP’s analysis both returned HTTP 403 (research ids R20 and S11, omitted from this list because nothing is cited from either); the Légifrance page for ordonnance n° 2014-696 was not resolved R22; and the regulatory mortality tables are cited by name and arrêté but never shipped, the decrement CSVs being std proxies built from INSEE data REG-R21 REG-R22 REG-R23 REG-R24. Host behaviour worth recording: legifrance.gouv.fr and codes.droit.org serve fully to a plain fetcher, while ACPR PDFs require curl with a browser User-Agent — that technique retrieved R18 and R19 but still failed on the 2025 life-market study.

On this page
Show Source