Statistics on Insurance Corporations: Q4 2023
29/02/2024 - Press Releases
-Total assets of insurance corporations increased by 3.7% to €20,288 million from €19,568 million in the previous quarter.
-Total insurance technical reserves increased by €836 million to €15,211 million from €14,375 million in the previous quarter.
Total assets of insurance corporations increased by €720 million compared with the previous quarter and stood at €20,288 million in the fourth quarter of 2023.
In further detail, the overall deposits of insurance corporations decreased by €74 million to €957 million at the end of the fourth quarter of 2023. Deposits to domestic credit institutions decreased by €42 million to €734 million, while deposits to foreign credit institutions decreased by €32 million to €223 million. Deposits’ share in total assets decreased to 4.7% in the fourth quarter of 2023 compared with 5.3% in the previous quarter.
Total holdings of debt securities increased to €10,557 million in the fourth quarter of 2023 from €10,201 million in the previous quarter. This development is due to the increase in the prices of both other euro area government bonds and Greek government bonds. Debt securities’ share in total assets remained almost unchanged at 52.0% in the fourth quarter of 2023.
Total holdings of investment fund shares increased to €5,398 million from €4,965 million in the previous quarter. Their share in total assets increased to 26.6% compared with 25.4% in the previous quarter. The increase of these holdings is due to purchases of other euro area investment fund shares as well as the increase in their prices.
Equity holdings decreased to €881 million in the fourth quarter of 2023 compared with €916 million in the previous quarter, mainly due to sales of domestic equities, which were partially offset by an increase in their prices. Their share in total assets decreased at 4.3% in the fourth quarter of 2023 compared with 4.7% in the previous quarter.
On the liabilities side, own funds decreased to €3,351 million at the end of the fourth quarter of 2023 compared with €3,494 million in the previous quarter. Total insurance technical reserves increased by €836 million to €15,211 million. Life technical reserves increased by €772 million to €11,699 million, while non-life insurance technical reserves increased by €64 million to €3,512 million. The share of life technical reserves accounted for 76.9% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
Table 2: Net flows of investments of Insurance Corporations (EUR millions)
Chart 1
Chart 2
Notes:
1. Data to the Bank of Greece are submitted by the supervised insurance corporations as defined in article 1 of the Executive Committee Act 94/16.5.2016 concerning the single submission of national reports by insurance and reinsurance corporations to the Bank of Greece in the context of Solvency II for supervisory and statistical purposes.
2. Net flows are derived from the change in the outstanding amounts of stocks corrected for revaluation and reclassification adjustments.
Related information:
The next Press Release on “Statistics on Insurance Corporations” for the first quarter of 2024 will be published on 4 June 2024, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations