France’s life insurance industry has adapted well to increasing interest rates, with insurers drawing on surplus reserves to offer competitive credited rates, while unit-linked products are expected to remain at about 40% of total savings gross written premiums (GWP) over the next two years. Despite profitability pressures on some segments, the total net combined ratio is expected to stabilize in 2025 and 2026 at about the 2024 level of 99%. We expect price increases will compensate for cost inflation over the next three years, with the natural catastrophe (Nat Cat) loading on premiums increased to 20% from 12% for home and business properties, and to 9% from 6% for motor vehicles.