Insurance companies also have been active in the large mutual fund segment, though have a relatively small market share. 1998 was a year of considerable change in the French insurance industry. Apart from GAN's links to CIC, a number of important bank-insurance company links exist. CNP does not have its own distribution channels, but La Poste and Caisse d'Epargne with which it has quasi-exclusive relations, are two of the largest bancassurers in France. In October 1998, CNP was floated on the stock exchange.
French insurers face stiff competition from banks in the life insurance market.
Profits are being squeezed and growth in the market has been showing signs of a slow-down. Their taxation treatment is identical, but there are some other important differences between the two vehicles, which mean that Sicav's are generally more expensive to set up and run than FCP's. As a result, Sicav's tend to be the preferred vehicle for standard funds issued by the big-banking networks, while FCP are favored for specialist funds, dedicated funds and guaranteed funds. After several slow years, net subscriptions in French funds grew strongly in 1998. This has been driven by especially strong international equity funds.