Statistics on Insurance Corporations: Q4 2022
06/03/2023 - Press Releases
- Total assets of insurance corporations increased by 1.18% to €18,719 million from €18,500 million in the previous quarter.
- Total insurance technical reserves increased by €354 million to €13,737 million from €13,383 million in the previous quarter.
Total assets of insurance corporations increased by €219 million compared with the previous quarter and stood at €18,719 million in the fourth quarter of 2022.
In further detail, the overall deposits of insurance corporations decreased by €240 million to €1,220 million at the end of the fourth quarter of 2022. Deposits to domestic credit institutions decreased by €77 million to €725 million, while deposits to foreign credit institutions decreased by €163 million to €495 million. Deposits’ share in total assets decreased to 6.5% of total assets in the fourth quarter of 2022 compared with 7.9% in the previous quarter.
Total holdings of debt securities increased to €10,509 million in the fourth quarter of 2022 from €10,340 million in the previous quarter. This development is due mainly to net purchases of other euro area bonds. Debt securities increased to 56.1% of total assets at the end of the fourth quarter of 2022 compared with 55.9% in the previous quarter.
Total holdings of investment fund shares increased to €4,124 million from €3,911 million in the previous quarter. Their share in total assets increased to 22.0% compared with 21.1% in the previous quarter. The increase of these holdings is due to net purchases of domestic and other euro area investment fund shares as well as to the increase in their prices.
Equity holdings amounted to €712 million in the fourth quarter of 2022 compared with €705 million in the previous quarter and their share in total assets stood at 3.8%, unchanged from the previous quarter.
On the liabilities side, own funds decreased to €3,178 million at the end of the fourth quarter of 2022 compared with €3,328 million in the previous quarter. Total insurance technical reserves increased by €354 million to €13,737 million. Life technical reserves increased by €362 million to €10,773 million. Νon-life insurance technical reserves decreased by €8 million to €2,964 million. Life technical reserves (other than pension entitlements) accounted for 70.9% 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 2023 will be published on 2 June 2023, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations