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Eurovita, which is owned by British private equity company Cinven, saw its cash reserves depleted by a sudden rise in bond yields in the second half of last year, eroding the value of its holdings of government bonds, which largely consisted of French and German issues. Notwithstanding a financial injection of 100 million euros on Feb. 22, 2023, by parent company Cinven, Eurovita was nevertheless placed under provisional administration by IVASS, Italy's insurance regulator.

All funds were frozen. Over 15 billion euros were placed under administration.

In accordance with the legislation and to stop outflows, Eurovita's administrator blocked the early surrender of its insurance policies until the end of March.

This was the first application in Europe of the European directive, better known in France through its transposition into French law as the "Sapin law."

All funds have been frozen (15 billion euros under management) and savers could no longer access their money, without being informed.

But even these measures were to no avail. Eurovita was declared bankrupt on March 24, 2023.

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