Statistics on Insurance Corporations: Q2 2022
31/08/2022 - Press Releases
-Total assets of insurance corporations decreased by 5.24% to €18,987 million from €20,036 million in the previous quarter.
-Total insurance technical reserves decreased by €865 million to €13,630 million from €14,495 million in the previous quarter.
Total assets of insurance corporations decreased by €1,049 million compared with the previous quarter and stood at €18,987 million in the second quarter of 2022.
In further detail, the overall deposits of insurance corporations decreased by €185 million to €1,697 million at the end of the second quarter of 2022. Deposits with domestic credit institutions decreased by €24 million to €907 million, while deposits with foreign credit institutions decreased by €161 million to €790 million. Deposits’ share in total assets decreased to 8.9% of total assets in the second quarter of 2022 compared with 9.4% in the previous quarter.
Total holdings of debt securities decreased to €10,604 million in the second quarter of 2022 from €11,200 million in the previous quarter. This development is mainly due to the decrease in the prices of both Greek and other euro area government bonds. Debt securities accounted for 55.8% of total assets at the end of the second quarter of 2022, compared with 55.9% in the previous quarter.
Total holdings of investment fund shares decreased to €3,842 million from €4,137 million in the previous quarter. Their share in total assets decreased to 20.2% compared with 20.6% in the previous quarter. The decrease of these holdings is mainly due to valuation effects arising from a decrease in the prices of foreign investment fund shares.
Equity holdings amounted to €694 million in the second quarter of 2022 from €699 million in the previous quarter and their share in total assets stood at 3.7%, compared with 3.5% in the previous quarter.
On the liabilities side, own funds decreased to €3,494 million at the end of the second quarter of 2022 compared with €3,642 in the previous quarter. Total insurance technical reserves decreased by €865 million to €13,630 million. Life technical reserves decreased by €816 million to €10,613 million. Νon-life insurance technical reserves decreased by €49 million to €3,017 million. Life technical reserves (other than pension entitlements) accounted for 70.3% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
| Q1 2022 | Q2 2022 |
| ASSETS |
|
|
| Deposits | 1,882 | 1,697 |
| Domestic | 931 | 907 |
| Foreign | 951 | 790 |
| Debt Securities | 11,200 | 10,604 |
| Domestic | 3,910 | 3,683 |
| Foreign | 7,290 | 6,921 |
| Investment Fund Shares | 4,137 | 3,842 |
| Domestic | 1,122 | 1,071 |
| Foreign | 3,015 | 2,771 |
| Equity | 699 | 694 |
| Domestic | 487 | 461 |
| Foreign | 212 | 233 |
| Fixed assets (net of depreciation) | 706 | 707 |
| Financial Derivatives | 11 | 1 |
| Loans | 181 | 183 |
| Prepayments of insurance premiums | 415 | 404 |
| Other Assets | 805 | 855 |
| Total Assets / Liabilities | 20,036 | 18,987 |
| LIABILITIES |
|
|
| Own Funds | 3,642 | 3,494 |
| Insurance technical reserves | 14,495 | 13,630 |
| Life insurance technical reserves | 11,429 | 10,613 |
| of which Pension entitlements | 1,034 | 1,030 |
| Non-Life insurance technical reserves | 3,066 | 3,017 |
| Loans | 269 | 265 |
| Other liabilities | 1,631 | 1,596 |
Table 2: Net flows of investments of Insurance Corporations (EUR millions)
| Investments | Q1 2022 | Q2 2022 |
| Debt Securities | 96 | 112 |
| Domestic | -419 | -23 |
| Foreign | 515 | 135 |
| Investment fund shares | -202 | -19 |
| Domestic | -8 | 22 |
| Foreign | -194 | -41 |
| Equity | 12 | 31 |
| Domestic | 3 | -1 |
| Foreign | 9 | 32 |
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 third quarter of 2022 will be published on 30 November 2022, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations