Statistics on Insurance Corporations: Q3 2023
30/11/2023 - Press Releases
- Total assets of insurance corporations increased by 0.5% to €19,568 million from €19,475 million in the previous quarter.
- Total insurance technical reserves increased by €208 million to €14,375 million from €14,167 million in the previous quarter.
Total assets of insurance corporations increased by €93 million compared with the previous quarter and stood at €19,568 million in the third quarter of 2023.
In further detail, the overall deposits of insurance corporations increased by €21 million to €1,031 million at the end of the third quarter of 2023. Deposits to domestic credit institutions increased by €31 million to €776 million, while deposits to foreign credit institutions decreased by €10 million to €255 million. Deposits’ share in total assets stood at 5.3% in the third quarter of 2023 compared with 5.2% in the previous quarter.
Total holdings of debt securities decreased to €10,201 million in the third quarter of 2023 from €10,503 million in the previous quarter. This development is mainly due to sales of Greek government bonds as well as to a reduction in the prices of euro area government bonds, partially offset by purchases of other euro area bonds. Debt securities decreased to 52.1% of total assets at the end of the third quarter of 2023 compared with 53.9% in the previous quarter.
Total holdings of investment fund shares increased to €4,965 million from €4,649 million in the previous quarter. Their share in total assets increased to 25.4% compared with 23.9% in the previous quarter. The increase of these holdings is mainly due to purchases of other euro area investment fund shares.
Equity holdings decreased to €916 million in the third quarter of 2023 compared with €925 million in the previous quarter, mainly due to the decrease in prices of domestic equities. Their share in total assets remained unchanged at 4.7% compared with the previous quarter.
On the liabilities side, own funds decreased to €3,494 million at the end of the third quarter of 2023 compared with €3,569 million in the previous quarter. Total insurance technical reserves increased by €208 million to €14,375 million. Life technical reserves decreased by €215 million to €10,927 million, while non-life insurance technical reserves increased by €423 million to €3,448 million. The share of life technical reserves accounted for 76% 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 2023 will be published on 29 February 2024, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations