Total assets of insurance corporations increased by 2.17% to EUR19,125 million from EUR18,719 million in the previous quarter.
Total insurance technical reserves increased by EUR213 million to EUR13,950 million from EUR13,737 million in the previous quarter.
Total assets of insurance corporations increased by EUR406 million compared with the previous quarter and stood at EUR19,125 million in the first quarter of 2023.
In further detail, the overall deposits of insurance corporations increased by EUR110 million to EUR1,330 million at the end of the first quarter of 2023. Deposits to domestic credit institutions increased by EUR43 million to EUR768 million, while deposits to foreign credit institutions increased by EUR67 million to EUR562 million. Deposits' share in total assets increased to 7.0% of total assets in the first quarter of 2023 compared with 6.5% in the previous quarter.
Total holdings of debt securities increased to EUR10,586 million in the first quarter of 2023 from EUR10,509 million in the previous quarter. This development is due to positive price revaluations and net purchases of other euro area bonds that were partially offset by sales of Greek government securities. Debt securities decreased to 55.4% of total assets at the end of the first quarter of 2023 compared with 56.1% in the previous quarter.
Total holdings of investment fund shares increased to EUR4,161 million from EUR4,124 million in the previous quarter. Their share in total assets stood at 21.8% compared with 22.0% in the previous quarter. The increase of these holdings is mainly due to the increase in prices that was partially offset by sales of other euro area investment fund shares.
Equity holdings increased to EUR879 million in the first quarter of 2022 compared with EUR712 million in the previous quarter, mainly due to purchases of foreign shares. Their share in total assets increased to 4.6% compared with 3.8% in the previous quarter.
On the liabilities side, own funds increased to EUR3,423 million at the end of the first quarter of 2023 compared with EUR3,225 million in the previous quarter. Total insurance technical reserves increased by EUR213 million to EUR13,950 million. Life technical reserves increased by EUR150 million to EUR10,923 million, while non-life insurance technical reserves increased by EUR63 million to EUR3,027 million. Life technical reserves accounted for 78.3% 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.
BANK OF GREECE 
