Statistics on Insurance Corporations: Q2 2023
31/08/2023 - Press Releases
- Total assets of insurance corporations increased by 1.83% to €19,475 million from €19,125 million in the previous quarter.
- Total insurance technical reserves increased by €217 million to €14,167 million from €13,950 million in the previous quarter.
Total assets of insurance corporations increased by €350 million compared with the previous quarter and stood at €19,475 million in the second quarter of 2023.
In further detail, the overall deposits of insurance corporations decreased by €320 million to €1,010 million at the end of the second quarter of 2023. Deposits to domestic credit institutions decreased by €23 million to €745 million, while deposits to foreign credit institutions decreased by €297 million to €265 million. Deposits’ share in total assets decreased to 5.2% of total assets in the second quarter of 2023 compared with 7.0% in the previous quarter.
Total holdings of debt securities decreased to €10,503 million in the second quarter of 2023 from €10,586 million in the previous quarter. This development is mainly due to sales of Greek government bonds, partially offset by purchases of non-euro area bonds. Debt securities decreased to 53.9% of total assets at the end of the second quarter of 2023 compared with 55.4% in the previous quarter.
Total holdings of investment fund shares increased to €4,649 million from €4,161 million in the previous quarter. Their share in total assets increased to 23.9% compared with 21.8% in the previous quarter. The increase of these holdings is mainly due to purchases of euro area investment fund shares.
Equity holdings increased to €925 million in the second quarter of 2023 compared with €879 million in the previous quarter, mainly due to the increase in prices of domestic equities. Their share in total assets stood at 4.7% compared with 4.6% in the previous quarter.
On the liabilities side, own funds increased to €3,569 million at the end of the second quarter of 2023 compared with €3,423 million in the previous quarter. Total insurance technical reserves increased by €217 million to €14,167 million. Life technical reserves increased by €219 million to €11,142 million, while non-life insurance technical reserves stood at €3,025 million compared with €3,027 million in the previous quarter. The share of life technical reserves accounted for 78.6% 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 third quarter of 2023 will be published on 30 November 2023, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations