Statistics on Insurance Corporations: Q1 2023
02/06/2023 - Press Releases
- Total assets of insurance corporations increased by 2.17% to €19,125 million from €18,719 million in the previous quarter.
- Total insurance technical reserves increased by €213 million to €13,950 million from €13,737 million in the previous quarter.
Total assets of insurance corporations increased by €406 million compared with the previous quarter and stood at €19,125 million in the first quarter of 2023.
In further detail, the overall deposits of insurance corporations increased by €110 million to €1,330 million at the end of the first quarter of 2023. Deposits to domestic credit institutions increased by €43 million to €768 million, while deposits to foreign credit institutions increased by €67 million to €562 million. Deposits’ share in total assets increased to 7.0% of total assets in the first quarter of 2023 compared with 6.5% in the previous quarter.
Total holdings of debt securities increased to €10,586 million in the first quarter of 2023 from €10,509 million in the previous quarter. This development is due to positive price revaluations and net purchases of other euro area bonds that were partially offset by sales of Greek government securities. Debt securities decreased to 55.4% of total assets at the end of the first quarter of 2023 compared with 56.1% in the previous quarter.
Total holdings of investment fund shares increased to €4,161 million from €4,124 million in the previous quarter. Their share in total assets stood at 21.8% compared with 22.0% in the previous quarter. The increase of these holdings is mainly due to the increase in prices that was partially offset by sales of other euro area investment fund shares.
Equity holdings increased to €879 million in the first quarter of 2022 compared with €712 million in the previous quarter, mainly due to purchases of foreign shares. Their share in total assets increased to 4.6% compared with 3.8% in the previous quarter.
On the liabilities side, own funds increased to €3,423 million at the end of the first quarter of 2023 compared with €3,225 million in the previous quarter. Total insurance technical reserves increased by €213 million to €13,950 million. Life technical reserves increased by €150 million to €10,923 million, while non-life insurance technical reserves increased by €63 million to €3,027 million. Life technical reserves accounted for 78.3% 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 second quarter of 2023 will be published on 31 August 2023, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations