Insurers are in no hurry to launch shared life insurance
Insurers are slowly launching the sale of shared life insurance policies (DSZh), which has been allowed since the beginning of 2025. According to market participants, some regulation issues remain unresolved in this segment, and also raises questions of the product of the product to compete with the PEFIs. In this regard, the market discusses the idea of an analogue of previously popular investment life insurance policies (ISS), but already for qualified investors.
Most of the insurance companies have not yet launched shared life insurance, follows from the Kommersant survey. Only the Licenses of the Criminal Code in the first quarter of 2025 “Sberbank Life Insurance” and “Renaissance Life” began to provide such services to customers. Moreover, Sberbank Life Insurance already provides an opportunity to purchase Paid PEF, registered on March 26, and Renaissance Life launched a product together with the Criminal Code of TKB Investment Partners.
At the same time, « Capital Life Life Insurance », which received the License of the Criminal Code in March 2025, only plans to launch the DSG at its base in the second quarter. Then they are planning to provide such services “Alfastrakhovka-Life”, “Sogaz-Life” and “Ingosstrakh”, but already in partnership with management companies (UK). “RSHB-insurance of life” is still negotiating with management companies-both inside the RSHB group and outside it. At the same time, the insurer plans to consider obtaining a license of the Criminal Code in the second half of 2025 “after the analysis of customer demand, as well as the cost assessment related to the support of the DSG agreements,” the company explained. “Consent” also considers both options for selling the product and plans to start sales of policies in the summer of 2025. “Insurers who will work both under their license and with market management companies will be able to make the most flexible solutions for the client,” Renaissance Life said.
From January 1, 2025, the provisions of the Law on the DSG related to the conclusion of insurance contracts entered into force. To conduct these operations, market participants must have either an agreement with the management company, or get a license of the Criminal Code. In the case of the acquisition of the DSG, the policyholder independently invests in shares of open and closed Pyths, changes the structure of the portfolio, giving the corresponding instructions of the insurance company. According to experts, the potential volume of the DSG market can amount to 180-250 billion rubles. (See “Kommersant” dated December 5, 2024).
According to experts, insurers are interested in selling PSG policies as an alternative to a significant segment of investment life insurance (IDS), in which they will not be able to carry out since 2026. At the same time, the insurer’s profit “on this product consists of two components – a commission for management (if the insurer received a license from the Criminal Code and is managing independently) plus margin for the insurance part,” explains the partner B1 Tatyana Samsonova.
At the same time, the products of the DSG are in serious competition with traditional investment tools.
And here the advantages for the final investor are not so obvious – “the choice of investment tools is limited, funds are frozen for a long time, the issue of tax benefits has not been fully resolved,” says Nikita Evseenko, director of the Revite Insept Department. From the point of view of legal issues, “the status of an insurance company as a full-fledged participant in the financial market in the framework of the DSG, which can identify the policyholder to conduct operations with shares, is still not defined, Sogaz-Life notes.
Against this background, insurers suggested that the Central Bank launch a new more risky life insurance product with an investment component. There is a discussion of the possible modification of ISS in terms of increasing the requirements for policyholders, by analogy with the status of a qualified investor among brokers, explain to the “Socombank of Life Insurance”. “In this category, higher prizes (from 10 million rubles) can be invested in ZPIF, to receive potentially higher profitability,” said Vladimir Shur, director of KEPT practicing with financial sector companies. Including, since the ZPIFs, which are available to qualified investors, offer wider investment opportunities and may have a greater potential profitability for the policyholder.
At the same time, this will increase earnings and insurers. “You can earn more on a larger amount of investments at the expense of commissions, make a cross-sales of other products. The client in this category is more wealthy, may be more likely to purchase additional products, ”explains Mr. Shur.
