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

TotalAssets/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

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Bank of Greece published this content on 31 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2022 10:09:58 UTC.