In an environment marked by changing interest rates, regulatory shifts, and increasingly demanding customer expectations, CNP Luxembourg shares its strategic vision of the market, the evolution of its product offerings, and the drivers of its growth. Joint interview with Raphaël Torres, Sales Director for France, Luxembourg, and Belgium, and François Le Conte, Head of Investments and Treasury
How do you assess recent developments in the life insurance market in Luxembourg, and what opportunities do they present for wealth management firms in this changing landscape?
Raphaël Torres — We are currently seeing continued growth in the life insurance market in Luxembourg, a trend that began in the summer of 2024. While political upheavals initially contributed to a significant increase in the number of transactions, they are now far from being the sole drivers of this momentum. Players—whether brokers or managers—who have a solid grasp of the Luxembourg environment highlight the real advantages of a Luxembourg policy to clients: the investment universe and the framework of the Freedom to Provide Services. As a result, the Luxembourg contract has become, much like its French counterpart, a product that is truly integral to a proper duty of advice.
François Le Conte — I would add that 2024 was also marked by falling interest rates, resulting in lower returns on short-term assets, such as money market funds. This is prompting clients to turn to more diversified assets that generate new returns. In this regard, Luxembourg’s regulatory and financial framework, along with the agility of the market’s investment services, are conducive to medium- and long-term investments.
How is CNP Luxembourg adapting its investment offering to meet the specific expectations of Luxembourg and international clients?
Raphaël Torres — By listening to its partners and thanks to an agile investment team dedicated to client service, CNP Luxembourg successfully evolved its investment policy in 2024 to ensure full alignment with Luxembourg’s financial regulations and market developments.
François Le Conte — Since January 2025, we have incorporated more high-yield assets into our investment policy, such as high-yield bonds, as well as private assets like private equity and private debt funds. We now allow policyholders to invest up to 60% of their life insurance policies in these private assets by signing a letter of assignment of securities in the event of surrender(s) or the death of the insured policyholder. Furthermore, to meet the specific needs of certain partners regarding the creation of customized products for their clients, the minimum issue size required for a structured product has been reduced from €1 million to €250,000.
Raphaël Torres — These are major developments that support our commercial bonus offering, which promotes multi-asset investments that generate returns in a low-interest-rate environment.
What role does the synergy between the various entities of the CNP Group (France, Luxembourg, Italy) play in your development strategy and in the offerings provided to clients?
Raphaël Torres — CNP Luxembourg’s strength lies in its ability to offer robust and committed commercial solutions, guided by the stable strategy of a major group. The creation of our Wealth Management Europe Business Unit in 2024, combining high-end services through a single entity encompassing Luxembourg, France, and Italy, allows us to work in tandem with the French and Italian entities while incorporating the specific characteristics of the Luxembourg market into our offering.
François Le Conte — In this spirit of complementarity serving policyholders, we have the opportunity to share best practices with teams in France and Italy and benefit from the support of a major group on a daily basis.
Given current market trends and customer expectations, what are your strategic priorities for the coming years to sustain this growth?
Raphaël Torres — It is important to continue our growth by making the customer experience the cornerstone of healthy and solid development. Continuing to rely on the strength of a large group will allow us to benefit from our parent company’s advancements on strategic projects, such as digital initiatives, for example.
François Le Conte — It is essential to continue promoting the advantages of the Luxembourg contract, particularly by pursuing our strategy of geographic diversification and by remaining attentive to our clients’ expectations regarding their short-, medium-, and long-term investment goals.
In summary, CNP Luxembourg intends to consolidate its growth by focusing on agility, product innovation, and the strength of a well-structured European group. This solid positioning will enable us to keep pace with developments in wealth management, serving an increasingly international and demanding clientele.
