{"id":4096,"date":"2019-11-04T12:31:12","date_gmt":"2019-11-04T12:31:12","guid":{"rendered":"https:\/\/detralytics.com\/?p=4096"},"modified":"2026-06-22T14:51:43","modified_gmt":"2026-06-22T14:51:43","slug":"calcul-de-la-valeur-de-conversion-de-lusufruit","status":"publish","type":"post","link":"https:\/\/detralytics.com\/en\/publications\/calcul-de-la-valeur-de-conversion-de-lusufruit\/","title":{"rendered":"Calcul de la valeur de conversion de l&#8217;usufruit"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4096\" class=\"elementor elementor-4096\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-178bcb4 e-flex e-con-boxed e-con e-parent\" data-id=\"178bcb4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;shape_divider_bottom&quot;:&quot;tilt&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M0,6V0h1000v100L0,6z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c6eba0 elementor-widget elementor-widget-heading\" data-id=\"8c6eba0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Calcul de la valeur de conversion de l'usufruit<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-824921d elementor-widget elementor-widget-heading\" data-id=\"824921d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">DetraNote 2019-3<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-87f3931 e-flex e-con-boxed e-con e-parent\" data-id=\"87f3931\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-9aa7e1d e-con-full e-flex e-con e-child\" data-id=\"9aa7e1d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-67f934f elementor-widget elementor-widget-image\" data-id=\"67f934f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/detralytics.com\/wp-content\/uploads\/2019\/11\/ConversionUsufruit_DetraNote2019.pdf\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"771\" height=\"1080\" src=\"https:\/\/detralytics.com\/wp-content\/uploads\/2019\/11\/Miniature-Calcul-de-la-valeur-de-conversion-de-lusufruit-771x1080.png\" class=\"elementor-animation-grow attachment-medium size-medium wp-image-4098\" alt=\"Calcul de la valeur de conversion de l\u2019usufruit - Detralytics\" srcset=\"https:\/\/detralytics.com\/wp-content\/uploads\/2019\/11\/Miniature-Calcul-de-la-valeur-de-conversion-de-lusufruit-771x1080.png 771w, https:\/\/detralytics.com\/wp-content\/uploads\/2019\/11\/Miniature-Calcul-de-la-valeur-de-conversion-de-lusufruit-768x1076.png 768w, https:\/\/detralytics.com\/wp-content\/uploads\/2019\/11\/Miniature-Calcul-de-la-valeur-de-conversion-de-lusufruit.png 902w\" sizes=\"(max-width: 771px) 100vw, 771px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-420ffe4 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"420ffe4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/detralytics.com\/wp-content\/uploads\/2019\/11\/ConversionUsufruit_DetraNote2019.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-arrow-alt-circle-down\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8zm0 448c-110.5 0-200-89.5-200-200S145.5 56 256 56s200 89.5 200 200-89.5 200-200 200zm-32-316v116h-67c-10.7 0-16 12.9-8.5 20.5l99 99c4.7 4.7 12.3 4.7 17 0l99-99c7.6-7.6 2.2-20.5-8.5-20.5h-67V140c0-6.6-5.4-12-12-12h-40c-6.6 0-12 5.4-12 12z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2e62cc6 e-con-full e-flex e-con e-child\" data-id=\"2e62cc6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fc5d00b elementor-widget elementor-widget-heading\" data-id=\"fc5d00b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Abstract<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1e1dc7 elementor-widget elementor-widget-text-editor\" data-id=\"f1e1dc7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">L\u2019analyse de Denuit et Trufin a permis de mettre en lumi\u00e8re l\u2019impossibilit\u00e9 d\u2019appliquer les calculs actuariels bas\u00e9s sur la loi des grands nombres \u00e0 une op\u00e9ration par essence unique comme celle de la conversion de l\u2019usufruit. Dans la lign\u00e9e de cette \u00e9tude, nous proposons ici une m\u00e9thode simple et \u00e9conomiquement justifi\u00e9e permettant d\u2019\u00e9valuer les droits viagers, au premier rang desquels figure l\u2019usufruit. L\u2019argument consiste \u00e0 rapprocher les droits des parties de produits d\u2019assurance disponibles sur le march\u00e9, puis d\u2019utiliser les prix minimaux tels que d\u00e9finis par la Banque nationale de Belgique dans son r\u00f4le de r\u00e9gulateur du march\u00e9 pour d\u00e9terminer une clef de r\u00e9partition de la valeur du bien grev\u00e9 d\u2019usufruit entre le nupropri\u00e9taire et l\u2019usufruitier.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0f29719 e-con-full e-flex e-con e-child\" data-id=\"0f29719\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2952de9 elementor-widget__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"2952de9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Sector: <\/b>Insurance<\/p>\n<p><b><\/b><b>Expertise: <\/b>Life Insurance<\/p>\n<p><b>Authors:<\/b> Michel Denuit<\/p>\n<p>et Julien Trufin<\/p>\n<p><b>Publisher:<\/b> Detralytics<\/p>\n<p>\u00a0<\/p>\n<p><b>Date:<\/b> November 2019<\/p>\n<p><b>Language:<\/b> French<\/p>\n<p><b>Pages:<\/b> 11<\/p>\n<p><b>Reference :<\/b> Detra Note 2019-3<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c6ae38d e-flex e-con-boxed e-con e-parent\" data-id=\"c6ae38d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a1c05c2 elementor-widget elementor-widget-spacer\" data-id=\"a1c05c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f183faa elementor-widget elementor-widget-heading\" data-id=\"f183faa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">About the authors<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b455dd6 e-flex e-con-boxed e-con e-parent\" data-id=\"b455dd6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-826b55c e-con-full e-flex e-con e-child\" data-id=\"826b55c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a4936f2 elementor-widget elementor-widget-image\" data-id=\"a4936f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"501\" src=\"https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond.png\" class=\"attachment-large size-large wp-image-2059\" alt=\"Michel Denuit\" srcset=\"https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond.png 500w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-400x400.png 400w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-150x150.png 150w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-100x100.png 100w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-250x250.png 250w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-320x320.png 320w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-146x146.png 146w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-50x50.png 50w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-75x75.png 75w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-85x85.png 85w, https:\/\/detralytics.com\/wp-content\/uploads\/2020\/12\/Michel_Rond-80x80.png 80w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-888af75 e-con-full e-flex e-con e-child\" data-id=\"888af75\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b42de73 elementor-widget elementor-widget-heading\" data-id=\"b42de73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Michel Denuit<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c03f01f elementor-widget elementor-widget-text-editor\" data-id=\"c03f01f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Michel is a Scientific Advisor at Detralytics, as well as a professor in actuarial science at the Universit\u00e9 Catholique de Louvain. He has international experience as a visiting professor, and has promoted many projects in collaboration with the industry. At Detralytics, Michel coaches young talents, provides cutting-edge training, fosters innovation and oversees R&amp;D projects.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-53f26ef e-flex e-con-boxed e-con e-parent\" data-id=\"53f26ef\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-45ca7dd e-con-full e-flex e-con e-child\" data-id=\"45ca7dd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d43f55d elementor-widget elementor-widget-image\" data-id=\"d43f55d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/detralytics.com\/wp-content\/uploads\/2025\/08\/Julien.png\" class=\"attachment-large size-large wp-image-5905\" alt=\"Julien\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f0de6fc e-con-full e-flex e-con e-child\" data-id=\"f0de6fc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-224cb75 elementor-widget elementor-widget-heading\" data-id=\"224cb75\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Julien Trufin<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58dff6d elementor-widget elementor-widget-text-editor\" data-id=\"58dff6d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Julien is a Scientific Advisor at Detralytics, as well as a professor in Actuarial Science at the department of mathematics of the Universit\u00e9 Libre de Bruxelles. Julien has experience as a consultant and a strong academic background developed at prominent institutions, including Universit\u00e9 Laval (Canada), UCL, and ULB (Belgium). At Detralytics, Julien coaches young talents, provide cutting-edge training, fosters innovation and oversees R&amp;D projects.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-31d2dba e-flex e-con-boxed e-con e-parent\" data-id=\"31d2dba\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bb48ea2 elementor-widget elementor-widget-button\" data-id=\"bb48ea2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/detralytics.com\/en\/publications\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span 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l\u2019usufruit.<\/p>\n","protected":false},"author":1,"featured_media":4098,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[139,133],"tags":[131],"class_list":["post-4096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-139","category-publications","tag-detranote"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Detra Note : Calcul de la valeur de conversion de l&#039;usufruit<\/title>\n<meta name=\"description\" content=\"Cette analyse a permis de mettre en lumi\u00e8re l\u2019impossibilit\u00e9 d\u2019appliquer les calculs actuariels bas\u00e9s sur la loi des grands nombres \u00e0 une op\u00e9ration par essence unique comme celle de la conversion de l\u2019usufruit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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