Statistics on Insurance Corporations: Q1 2022
01/06/2022 - Press Releases
-Total assets of insurance corporations decreased by 2.71% to €20,046 million from €20,604 million in the previous quarter.
-Total insurance technical reserves decreased by €638 million to €14,506 million from €15,144 million in the previous quarter.
Total assets of insurance corporations decreased by €558 million compared with the previous quarter and stood at €20,046 million in the first quarter of 2022.
In further detail, the overall deposits of insurance corporations increased by €235 million to €1,882 million at the end of the first quarter of 2022. Deposits with domestic credit institutions increased by €11 million to €931 million, while deposits with foreign credit institutions increased by €224 million to €951 million. Deposits accounted for 9.4% of total assets in the first quarter of 2022 compared with 8.0% in the previous quarter.
Total holdings of debt securities decreased to €11,205 million in the first quarter of 2022 from €11,693 million in the previous quarter. This development is mainly due to the decrease in the prices of both Greek government bonds as well as other euro area government bonds. Debt securities’ share in total assets decreased to 55.9% at the end of the first quarter of 2022, compared with 56.8% in the previous quarter.
Total holdings of investment fund shares decreased to €4,140 million from €4,347 million in the previous quarter. Their share in total assets decreased to 20.7% compared with 21.1% in the previous quarter. The decrease of these holdings is mainly due to net sales of foreign investment fund shares.
Equity holdings decreased to €700 million in the first quarter of 2022 from €803 million in the previous quarter, mainly due to the decrease in prices of both domestic and other euro area equities. Their share in total assets stood at 3.5%, compared with 3.9% in the previous quarter.
On the liabilities side, own funds stood at €3,641 million at the end of the first quarter of 2022 compared with €3,644 in the previous quarter. Total insurance technical reserves decreased by €638 million to €14,506 million. Life technical reserves decreased by €578 million to €11,440 million. Νon-life insurance technical reserves decreased by €60 million to €3,066 million. Life technical reserves (other than pension entitlements) accounted for 71.7% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
| Q4 2021 | Q1 2022 |
| ASSETS | | |
| Deposits | 1,647 | 1,882 |
| Domestic | 920 | 931 |
| Foreign | 727 | 951 |
| Debt Securities | 11,693 | 11,205 |
| Domestic | 4,543 | 3,910 |
| Foreign | 7,150 | 7,295 |
| Investment Fund Shares | 4,347 | 4,140 |
| Domestic | 1,086 | 1,122 |
| Foreign | 3,261 | 3,018 |
| Equity | 803 | 700 |
| Domestic | 552 | 488 |
| Foreign | 251 | 212 |
| Fixed assets (net of depreciation) | 703 | 706 |
| Financial Derivatives | 3 | 11 |
| Loans | 173 | 181 |
| Prepayments of insurance premiums | 430 | 416 |
| Other Assets | 805 | 805 |
| Total Assets / Liabilities | 20,604 | 20,046 |
| LIABILITIES | | |
| Own Funds | 3,644 | 3,641 |
| Insurance technical reserves | 15,144 | 14,506 |
| Life insurance technical reserves | 12,018 | 11,440 |
| of which Pension entitlements | 1,019 | 1,034 |
| Non-Life insurance technical reserves | 3,126 | 3,066 |
| Loans | 271 | 269 |
| Other liabilities | 1,550 | 1,632 |
Table 2: Net flows of investments of Insurance Corporations (EUR millions)
| Investments | Q4 2021 | Q1 2022 |
| Debt Securities | -345 | 103 |
| Domestic | -254 | -414 |
| Foreign | -91 | 517 |
| Investment fund shares | 438 | -200 |
| Domestic | 10 | -8 |
| Foreign | 428 | -192 |
| Equity | 24 | 13 |
| Domestic | 19 | 4 |
| Foreign | 5 | 9 |
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.
Further Information:
The next Press Release on “Statistics on Insurance Corporations” for the second quarter of 2022 will be published on 31 August 2022, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations