Societe Generale Sequoia Review 2026: Test and Analysis

Societe Generale Sequoia at a glance

Sequoia is the flagship life insurance policy of Societe Generale, underwritten by Sogecap, the group's life insurance subsidiary. Distributed exclusively through Societe Generale branches, it is the preferred investment product that branch advisors offer to retail customers.

With nearly 2,200 branches across France, Societe Generale has significant geographical coverage, even if smaller than Credit Agricole's network. The Sequoia policy capitalises on this proximity and brand recognition. But in 2026, faced with fierce competition from online policies, Sequoia shows major shortcomings that make it one of the least attractive policies on the market.

Our overall score: 3.5/10

Policy fact sheet

Fees: the weakest link

Entry fees: 2 to 3 %

Like most traditional bank policies, Sequoia charges fees on every contribution. The standard scale observed in the majority of branches is as follows:

• Contributions under 8,000 EUR: 3 %
• Contributions from 8,000 to 30,000 EUR: 2.50 %
• Contributions from 30,000 to 100,000 EUR: 2 %
• Contributions over 100,000 EUR: 1.50 % (negotiable)

Negotiation is possible, especially for wealth clients or large contributions. Some advisors will agree to reduce fees to 1 % or even 0.50 % for large amounts, but achieving 0 % remains exceptional.

Impact on an initial 80,000 EUR contribution: At a 2.50 % entry fee rate, the saver immediately loses 2,000 EUR. Only 78,000 EUR is actually invested. That 2,000 EUR, invested over 25 years at 5 % net, would have generated approximately 6,770 EUR. The real cost of the entry fee therefore far exceeds its initial amount.

Management fees: among the highest on the market

Annual management fees of 0.85 % on unit-linked funds place Sequoia among the most expensive policies. On the euro fund, management fees are 0.60 %, slightly lower but still above the 0.50 % charged by market leaders.

To put these figures in perspective:

The 350 EUR per year gap between Sequoia and the best policies (0.85 % vs 0.50 %) seems modest. But over 25 years, with the compounding effect, this gap represents approximately 15,000 to 20,000 EUR on a 100,000 EUR capital.

Switching fees: 1 % per transaction

This is one of the highest switching fee rates on the market. At 1 % of the amount switched (capped at 300 EUR per transaction), every change to your allocation becomes costly. A 20,000 EUR switch costs 200 EUR. Two or three switches per year represent 400 to 600 EUR in additional fees.

Some Sequoia plan variants include one free switch per year, but this remains insufficient for an active saver who wants to regularly adjust their allocation.

The Sogecap euro fund: a disappointing return

2024 return: approximately 2.10 %

The Sogecap euro fund, the main guaranteed fund of the Sequoia policy, delivered a return of approximately 2.10 % net of management fees in 2024. This places the Sogecap euro fund among the weakest performers on the market.

For comparison with the 2024 returns of key competitors:

• Fonds euros Spirica Nouvelle Generation: approximately 3.13 %
• Euro Exclusif (Generali via Boursorama): approximately 3.10 %
• Fonds euros Cardif: approximately 3.00 %
• Fonds euros Suravenir Rendement: approximately 2.50 %
• Fonds euros Sogecap (Sequoia): approximately 2.10 %

A structural underperformance

The underperformance of the Sogecap euro fund is explained by several factors. Sogecap's bond portfolio still contains a significant proportion of bonds acquired during the low interest rate period (2015-2021), which carry low coupons. Additionally, Sogecap's distribution policy is considered ungenerous by market observers, as the insurer tends to retain more in reserves (provision pour participation aux excedents) rather than distributing to policyholders.

The gap of approximately 1 percentage point with the best euro funds is very significant. On a 150,000 EUR capital invested in the euro fund, this gap represents 1,500 EUR less in returns every year. Over 20 years, with compounding, this difference translates to a cumulative shortfall of approximately 35,000 to 40,000 EUR.

Unit-linked funds: the most limited choice

Only about 30 to 50 funds

Sequoia's unit-linked range is one of the narrowest on the market. With only 30 to 50 funds depending on the policy version, the saver does not have the tools needed to build a truly diversified allocation.

The majority of available funds are managed by Societe Generale Gestion (SGSS) or group partners like Lyxor (now Amundi). The selection is oriented towards in-house funds, whose internal fees typically range from 1.50 % to 2.50 % per year. This creates a highly penalising double layer of fees: 0.85 % policy fees + 1.50 to 2.50 % internal fund fees = 2.35 to 3.35 % total annual fees.

Near-absence of ETFs

ETFs, essential tools for the modern investor thanks to their extremely low management fees (0.10 to 0.30 % per year), are virtually absent from the Sequoia range. At best, you'll find 2 to 3 ETFs, generally Lyxor/Amundi products with a European focus.

For a saver looking to invest in MSCI World ETFs, S&P 500 ETFs, or emerging markets ETFs, Sequoia is simply unsuitable. At Linxea Spirit 2, approximately 40 ETFs are available. At Lucya Cardif, it's approximately 70 ETFs.

No direct SCPI access

Access to real estate through SCPIs is one of the major advantages of life insurance. Unfortunately, Sequoia does not offer direct SCPI access. At best, the saver can access one or two SCIs managed by Sogecap, whose performance and transparency are inferior to market-leading SCPIs like Corum Origin, Iroko Zen, or Remake Live.

Managed portfolio: an expensive option

Societe Generale Private Banking mandate

For savers who don't want to manage their own allocation, Sequoia offers a managed mandate operated by Societe Generale Private Banking teams. Several risk profiles are available: conservative, balanced, growth, and aggressive.

The additional cost of the management mandate is approximately 0.20 to 0.40 % per year depending on the chosen profile. Added to the policy management fees (0.85 %) and the internal fees of the selected funds (1.50 to 2.00 % on average), the total annual cost often exceeds 3 % per year. At this fee level, it is extremely difficult to generate a satisfactory net return for the saver.

Underperforming results

The performance of Sequoia's managed mandate is generally below that of managed solutions offered by online players. On the balanced profile, the annualised 5-year performance is estimated at between 3 and 5 % gross, or 0 to 2 % net of fees. Compare this with the 5 to 8 % gross (3 to 6 % net) of the best online managed solutions over the same period.

The advantages of Sequoia: let's be fair

A national branch network

Societe Generale has approximately 2,200 branches across France. For savers who want a face-to-face contact, this is a genuine advantage. The advisor can explain life insurance mechanisms, help draft the beneficiary clause, and assist with withdrawal or contribution procedures.

Brand and institutional trust

Societe Generale is one of the largest French and European banks. For many savers, this reputation and institutional solidity are reassuring. Sogecap benefits from the SG group's financial strength.

An already-opened policy for many

Many Societe Generale customers have held a Sequoia policy for years, sometimes with significant tax seniority (over 8 years). This seniority has value that should not be wasted.

Policy advance option

Sequoia allows requesting an advance (a loan granted by the insurer backed by the policy's capital) without having to make a withdrawal. This option can be useful for funding a temporary cash need without triggering any tax liability.

The major disadvantages

The highest fees in our comparison

With entry fees of up to 3 %, management fees of 0.85 %, and switching fees of 1 %, Sequoia sits at the top end of the most expensive policies. The cumulative fee cost over 20 to 30 years frequently exceeds 60,000 to 80,000 EUR on an average capital.

The weakest euro fund in our comparison

At approximately 2.10 % net in 2024, the Sogecap euro fund is one of the weakest among the policies we tested. The gap with the best euro funds approaches 1 percentage point, which is considerable over the long term.

A woefully inadequate fund range

With 30 to 50 funds, almost exclusively in-house, Sequoia does not allow you to build a modern and diversified allocation. The absence of ETFs and SCPIs is a deal-breaker.

Basic digital interface

Societe Generale's online client area for life insurance management is functional but basic. Performance tracking, simulation, and comparison tools are limited compared to the interfaces of specialised online brokers.

Head-to-head comparison with market leaders

What to do if you hold a Sequoia policy

Step 1: Open an online policy immediately

The first step, which costs nothing and takes 15 minutes, is to open an online policy with Linxea (Spirit 2) or AssuranceVie.com (Lucya Cardif). You can redirect your future contributions to this new policy as soon as it's opened.

Step 2: Evaluate whether a withdrawal makes sense

If your Sequoia policy is over 8 years old and contains capital gains, you can make annual partial withdrawals using the tax-free allowance of 4,600 EUR (single person) or 9,200 EUR (married couple) on gains. This gradual withdrawal strategy allows you to transfer your capital to a better policy with little or no tax payable.

If your policy is less than 8 years old, calculate the taxable capital gains before making a withdrawal. If gains are small (for example because markets have fallen), a withdrawal can be tax-neutral.

Step 3: Keep a minimum balance in Sequoia

Do not fully close your Sequoia policy if it has tax seniority of more than 8 years. Leave a minimal balance (a few hundred euros in the euro fund) to preserve this tax seniority. It could prove useful in the future.

Final verdict: 3.5/10

Societe Generale's Sequoia is one of the least competitive life insurance policies on the market in 2026. The combination of high entry fees, among the most expensive management and switching fees, an underperforming euro fund, and an extremely limited fund range make it a policy to avoid for any saver looking to optimise their wealth.

The only genuine advantage is branch-based support, but this service comes at a steep price. A saver who keeps a Sequoia policy for 25 years rather than a high-performing online policy potentially loses between 50,000 and 100,000 EUR in fees and underperformance, depending on the amount invested.

Our recommendation is unambiguous: open a quality online policy (Linxea Spirit 2, Lucya Cardif), redirect your contributions, and plan a gradual exit from your Sequoia policy. It's one of the most profitable financial decisions you can make.