Statistics on Insurance Corporations: Q3 2022

30/11/2022 - Press Releases

- Total assets of insurance corporations decreased by 2.52% to €18,500 million from €18,978 million in the previous quarter.

- Total insurance technical reserves decreased by €237 million to €13,383 million from €13,620 million in the previous quarter.

Total assets of insurance corporations decreased by €478 million compared with the previous quarter and stood at €18,500 million in the third quarter of 2022.

In further detail, the overall deposits of insurance corporations decreased by €236 million to €1,460 million at the end of the third quarter of 2022. Deposits to domestic credit institutions decreased by €104 million to €802 million, while deposits to foreign credit institutions decreased by €132 million to €658 million. Deposits' share in total assets decreased to 7.9% of total assets in the third quarter of 2022 compared with 8.9% in the previous quarter.

Total holdings of debt securities decreased to €10,340 million in the third quarter of 2022 from €10,610 million in the previous quarter. This development is due to the decrease in the prices of both Greek and other euro area government bonds. Debt securities accounted for 55.9% of total assets at the end of the third quarter of 2022, unchanged from the previous quarter.

Total holdings of investment fund shares increased to €3,911 million from €3,832 million in the previous quarter. Their share in total assets increased to 21.1% compared with 20.2% in the previous quarter. The increase of these holdings is due to net purchases of both domestic and foreign investment fund shares.

Equity holdings amounted to €705 million in the third quarter of 2022 from €692 million in the previous quarter and their share in total assets stood at 3.8%, compared with 3.6% in the previous quarter.

On the liabilities side, own funds decreased to €3,328 million at the end of the third quarter of 2022 compared with €3,494 million in the previous quarter. Total insurance technical reserves decreased by €237 million to €13,383 million. Life technical reserves decreased by €192 million to €10,411 million. Νon-life insurance technical reserves decreased by €45 million to €2,972 million. Life technical reserves (other than pension entitlements) accounted for 70.1% of total technical reserves.

Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)

	Q2 2022	Q3 2022
ASSETS
Deposits	1,696	1,460
Domestic	906	802
Foreign	790	658
Debt Securities	10,610	10,340
Domestic	3,683	3,600
Foreign	6,927	6,740
Investment Fund Shares	3,832	3,911
Domestic	1,071	1,124
Foreign	2,761	2,787
Equity	692	705
Domestic	460	457
Foreign	232	248
Fixed assets (net of depreciation)	707	709
Financial Derivatives	1	7
Loans	183	158
Prepayments of insurance premiums	404	396
Other Assets	853	814
TotalAssets/ Liabilities	18,978	18,500
LIABILITIES
Own Funds	3,494	3,328
Insurance technical reserves	13,620	13,383
Life insurance technical reserves	10.603	10,411
of which Pension entitlements	1.030	1,030
Non-Life insurance technical reserves	3,017	2,972
Loans	266	264
Other liabilities	1,597	1,524

Table 2: Net flows of investments of Insurance Corporations (EUR millions)

Investments	Q2 2022	Q3 2022
Debt Securities	118	114
Domestic	-23	28
Foreign	141	86
Investment fund shares	-28	136
Domestic	22	77
Foreign	-50	59
Equity	30	26
Domestic	-2	1
Foreign	32	25

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 2022 will be published on 6 March 2023, according to the Advance release calendar, as published on the Bank of Greece website.

Related link:
Aggregated balance sheet of insurance corporations

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