Statistics on Insurance Corporations: Q3 2024
27/11/2024 - Press Releases
- Total assets of insurance corporations increased by 1.9% to €20,980 million in the third quarter of 2024 from €20,599 million in the previous quarter.
- Total insurance technical reserves increased by €326 million to €15,665 million from €15,339 million in the previous quarter.
Total assets of insurance corporations increased by €381 million compared with the previous quarter and stood at €20,980 million at the end of the third quarter of 2024.
In further detail, the overall deposits of insurance corporations decreased by €31 million to €705 million at the end of the third quarter of 2024. Deposits to domestic credit institutions decreased by €31 million to €522 million, while deposits to foreign credit institutions remained unchanged at €183 million. Deposits’ share in total assets decreased to 3.4% in the third quarter of 2024 compared with 3.6% in the previous quarter.
Total holdings of debt securities increased to €10,985 million at the end of the third quarter of 2024 from €10,610 million in the previous quarter. This development is mainly due to an increase in prices of other euro area government bonds as well as net purchases of non-euro area bonds. Debt securities’ share in total assets increased to 52.4% in the third quarter of 2024 from 51.5% in the previous quarter.
Total holdings of investment fund shares increased to €5,979 million compared with €5,822 million in the previous quarter. Their share in total assets increased to 28.5% in the third quarter of 2024 compared to 28.3% in the previous quarter. The increase of these holdings is due to an increase in their prices as well as to net purchases of domestic investment fund shares.
Equity holdings increased to €995 million from €971 million in the previous quarter, due to the increase in their prices. Their share in total assets remained unchanged at 4.7% in the third quarter of 2024.
On the liabilities side, own funds increased to €3,551 million at the end of the third quarter of 2024 compared with €3,484 million in the previous quarter. Total insurance technical reserves increased by €326 million to €15,665 million. In particular, life technical reserves increased by €299 million to €12,103 million, while non-life technical reserves increased by €27 million to €3,562 million. The share of life technical reserves amounts to 77.3% 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 fourth quarter of 2024 will be published on 27 February 2025, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations