Paris – A significant portion of French life insurance investments continue to support fossil fuel companies, even as the industry faces increasing scrutiny over its climate impact, according to a modern study released Thursday by the non-governmental organization Reclaim Finance.
The report, which analyzed over 7,500 investment funds (unit-linked or “UCs”) offered by 27 French insurers, found that 62% contain at least one company involved in developing new oil, gas, or coal projects – a figure consistent with findings from 2024. This widespread exposure to fossil fuels casts a shadow over the environmental claims of many insurance products, Reclaim Finance argues.
The study highlights the presence of TotalEnergies, identified as the sixth largest developer of new oil and gas resources globally, in one out of every five UCs analyzed. Even funds marketed as “sustainable” or “responsible” are not immune, with nearly half (47%) containing investments in fossil fuel developers, raising concerns about “greenwashing,” the practice of misleading consumers about the environmental benefits of a product.
“This demonstrates a structural problem within the UC offerings of almost all 27 French life insurers and a lack of overall progress in their climate action,” Reclaim Finance stated. The findings come as unit-linked investments within life insurance have surged in popularity, with record collections in 2025.
Reclaim Finance is calling on French life insurers to exclude companies developing new fossil fuel projects from their UC offerings, aligning their investment practices with their stated climate commitments. The organization emphasizes that choosing fund managers carefully and reducing the number of UCs linked to fossil fuels are key steps towards limiting the presence of hydrocarbons and coal in these investments.
While the report paints a largely critical picture, it as well acknowledges some positive developments. Newer firms like Goodvest and Green-Got have emerged with offerings that explicitly exclude fossil fuel investments. BPCE Assurances ceased referencing new funds linked to these polluting resources in 2025 and insurers La Macif, MAIF, and SMA Vie have taken steps to exclude companies involved in thermal coal extraction.
France Assureurs, the French federation of insurance companies, acknowledged the report’s work on aligning savings with climate goals, but clarified that the analysis focuses on the number of funds referenced, not the actual amounts invested.
