The European Insurance and Occupational Pensions Authority (EIOPA) published its annual report on the costs and past performance of retail investment products in the European Union for the period from 1 January 2020 to 31 December 2024, covering insurance-based investment products and personal pension products. The report shows that 2024 market conditions supported positive net returns for consumers, while average costs for unit-linked products fell slightly but remained highly uneven across providers and Member States. Using a sample of almost 6,000 insurance products from 175 undertakings (representing over 60% of unit-linked and profit participation premium in the European Economic Area) and 1,677 products with pension features, EIOPA found consumers continued to favour low-to-medium risk products (Summary Risk Indicator of 3 or less) and that bancassurance remained the dominant distribution channel (70% of premiums), with online sales at 2.4%. In 2024, unit-linked and similar hybrid products delivered average net returns of 7.5% for low-to-medium risk products (80% of sample premiums) and 16.9% for higher-risk products, while profit participation and similar hybrid products delivered 2.3% and largely guaranteed at least 90% of capital at the recommended holding period. Over 2020–2024, nominal annual net returns averaged 1.5% for profit participation products and 2.2% for low-to-medium risk unit-linked products, versus around 8% for higher-risk unit-linked products; personal pension products where consumers bear some investment risk returned around 9.6% in 2024 and about 4.2% annualised over 2020–2024, while profit participation pension products returned around 1.4% in 2024 and 1% on average over the previous four years. Average unit-linked costs declined by 8 basis points in 2024, but EIOPA highlighted significant differences across providers and Member States, pointing to structurally higher pricing in some markets and the need for further work at EU level to ensure consistent consumer outcomes.
European Insurance and Occupational Pensions Authority 2026-04-01
European Insurance and Occupational Pensions Authority publishes 2020–2024 EU retail investment products report highlighting strong 2024 returns and wide cost disparities
The European Insurance and Occupational Pensions Authority published its annual report on costs and past performance of retail insurance-based investment and personal pension products in the EU for 2020–2024, noting that 2024 market conditions supported positive net returns. Unit-linked and hybrid products delivered average 2024 net returns of 7.5% for low-to-medium risk and 16.9% for higher-risk products, while profit participation products returned 2.3% and largely guaranteed at least 90% of capital. Average unit-linked costs fell by 8 basis points in 2024, but EIOPA flagged wide cost dispersion and structurally higher pricing in some markets, calling for further EU-level work to ensure consistent consumer outcomes.