Statistics on Insurance Corporations: Q1 2024
04/06/2024 - Press Releases
- Total assets of insurance corporations increased by 1.5% to €20,588 million from €20,287 million in the previous quarter.
- Total insurance technical reserves increased by €224 million to €15,435 million from €15,211 million in the previous quarter.
Total assets of insurance corporations increased by €301 million compared with the previous quarter and stood at €20,588 million at the end of the first quarter of 2024.
In further detail, the overall deposits of insurance corporations decreased by €217 million to €740 million at the end of the first quarter of 2024. Deposits to domestic credit institutions decreased by €159 million to €575 million, while deposits to foreign credit institutions decreased by €58 million to €165 million. Deposits’ share in total assets decreased to 3.6% in the first quarter of 2024 compared with 4.7% in the previous quarter.
Total holdings of debt securities increased to €10,571 million at the end of the first quarter of 2024 from €10,557 million in the previous quarter. This development is mainly due to net purchases of other euro area bonds, partially offset by sales of Greek securities. Debt securities’ share in total assets decreased to 51.3% in the first quarter of 2024 compared with 52.0% in the previous quarter.
Total holdings of investment fund shares increased to €5,810 million from €5,398 million in the previous quarter. Their share in total assets increased to 28.2% compared with 26.6% in the previous quarter. The increase of these holdings is mainly due to purchases of other euro area investment fund shares as well as an increase in their prices.
Equity holdings increased to €960 million compared with €881 million in the previous quarter, mainly due to an increase in the prices of both other euro area and Greek equities. Their share in total assets increased to 4.7% in the first quarter of 2024 compared with 4.3% in the previous quarter.
On the liabilities side, own funds increased to €3,443 million at the end of the first quarter of 2024 compared with €3,373 million in the previous quarter. Total insurance technical reserves increased by €224 million to €15,435 million. Life technical reserves increased by €242 million to €11,941 million, while non-life insurance technical reserves decreased by €18 million to €3,494 million. The share of life technical reserves accounted for 77.4% 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 second quarter of 2024 will be published on 29 August 2024, according to the Advance release calendar, as published on the Bank of Greece website.
Related link:
Aggregated balance sheet of insurance corporations