法国预测与国际信息中心：货币政策与人寿保险盈利能力：银行保险在低收益世界中的优势（英文版）

This paper examines the effects of monetary policy on the profitability of life insurers during the prolonged low-interestrate period, leveraging a novel dataset of 31 leading French insurers from 2009 to 2018. Following supervisory practice and business-model criteria, we classify firms into bancassurers (insurance subsidiaries of banking groups) and non-bancassurers (the rest of life insurers governed by the French Insurance Code). Our central contribution is to document the income channel