the low interest rates are going to continue, and have to continue, given the global economic cooldown. the current low interest rate environment also has positive effects that must not be underestimated. if the ecb had not acted to bring down interest rates and purchase assets, there would have been between 1 and 1. 5 percentage point of inflation less in the euro area during the 2015 - 18 period, but above all there would have been less growth ( of approximately 2. 5 percentage points ) and fewer jobs in france and europe. the insurance profession, like banks, benefits from this improved economic environment. since 2013, the euro area has created 11 million jobs. mario draghi, whose term comes to a close next thursday, has been far more than a great ecb president. he has been a great servant of europe. b. this low rate environment calls for vigilance and adaptation nonetheless, and this is an undeniable fact as it is mechanical, low rates are putting pressure on european insurers ’ scr coverage ratios. their solvency ratio remained stable in 2018 at an average of around 240 %, but it is true that it declined sharply in the first half of 2019 to 225 % [ q2 2019 ]. this level is still high though, and testament to the resilience of all europe ’ s insurers : it gives them the time and capacity they need to make the essential adaptations. the impact of low rates on insurers ’ solvency, especially for those companies covering long - term risks, has already been one of the supervisor ’ s priorities for a number of years. this year the acpr has again strengthened its supervision of the management of low interest rate risk by ensuring “ ongoing close monitoring ” of those firms that are most exposed. in this context, i would like to urge insurers to intensify their efforts in two areas : reducing the rates paid to policyholders, and diversifying their products and business model. the reduction in revaluation rates – of around 0. 17 % or 17 basis points on average per year since 2011 – has to be continued and stepped up after being put on hold last year. for insurers to meet their long - term commitments securely, they have to – and this is imperative – pass on the lower returns on their investments to the remuneration rates on life insurance policies. the page 4 of 6 rates currently being paid to existing policyholders are still high : 1. 8 %

be a conviction, one that i hope you will share : we are waging these battles collectively for the benefit of the insurance industry, which is a key player in the economy. we are also waging them to protect policyholders, who are one of the acpr ’ s core responsibilities. and we are waging them to prepare for the future and to be able to make the massive investments that will be necessary. beyond the issue of low rates, therefore, insurance has an essential role to play in this world which, more than just being “ short - term ”, is also undergoing major upheavals. a climate upheaval, first and foremost, and i welcome eiopa ’ s “ sustainable finance ” group, cochaired by the acpr, which will also modify solvency ii to take better account of climate - related risks in the governance and management of insurers ’ risks. second, a digital upheaval, which is completely transforming your activities and raising crucial questions about the protection of policyholders ’ data, and about the rising threat of cyber risk and how to insure against it. yes, this world really needs insurance. thank you for your commitment and your attention. i paul valery, mauvaises pensees et autres, 1942.