Household portfolios held a record-low 24.8% in insurance and pension products at end-2025.
Global inflows into insurance and pension assets fell 10.1% to $1.0t (EUR928b) in 2025, as a sharp decline in North America outweighed stronger flows in Western Europe and Japan, according to the Allianz Global Wealth Report 2026.
Insurance and pension products accounted for 22.4% of new household savings worldwide during the year. That was well below the average 44% share recorded during the decade before the pandemic, Allianz Research said.
The global decline came entirely from North America, where inflows into insurance and pension assets dropped 40.8% to $302.2b (EUR269b).
By contrast, Western European inflows rose 25.4% to $468.5b (EUR417b), whilst Japan recorded a 151.9% increase to $55.1b (EUR49b), although this came from a low base.
The figures come as insurance and pension assets continue to lose ground to securities in household portfolios.
Insurance and pension assets grew 5.0% in 2025, compared with a 12.4% increase in securities and 5.7% growth in bank deposits.
Between 2023 and 2025, insurance and pension assets grew by an average of 5.9% a year, less than half the 12.1% annual growth recorded by securities.
Insurance and pension assets made up 24.8% of global financial assets at the end of 2025, a record low. Their share has fallen by roughly the same amount that securities have gained over the past two decades. Securities accounted for a record 46.9% of global financial assets.
The role of insurance and pension products also varies widely by market. In Australia and New Zealand, they accounted for 54.6% of household financial assets in 2025. In the Netherlands, the share was 50.4%.
($1.00 = EUR0.89)