The total asset value of insurance companies decreased by 5.24% in the second quarter of 2022 and amounted to 18,987 million euros, compared to 20,036 million euros in the previous quarter, as the Bank of Greece announced today.
At the same time, insurance technical provisions decreased by 865 million euros and amounted to 13,630 million euros, against 14,495 million euros in the previous quarter.
In detail, as announced by the Bank of Greece, the total asset value of insurance companies decreased by 1,049 million euros compared to the previous quarter and stood at 18,987 million euros at the end of the second quarter of 2022.
More specifically, the total deposits of insurance companies decreased by 185 million euros and amounted to 1,697 million euros at the end of the second quarter of 2022. Deposits in domestic credit institutions decreased by 24 million euros and amounted to 907 million euros, while deposits in foreign credit institutions decreased by 161 million euros and amounted to 790 million euros. The ratio of deposits to total assets decreased to 8.9% in the second quarter of 2022, compared to 9.4% in the previous quarter.
THE value of total placements of insurance companies in debt securities decreased to 10,604 million euros at the end of the second quarter of 2022, against 11,200 million euros in the previous quarter. This development is mainly due to a decrease in the valuations of the securities of both the Greek State and the other countries of the euro zone. The percentage of debt securities on total assets stood at 55.8% in the second quarter from 55.9% in the previous quarter.
THE value of total holdings in mutual fund units decreased to 3,842 million euros, compared to 4,137 million euros in the previous quarter and their percentage of total assets decreased to 20.2%, compared to 20.6% in the previous quarter. The decrease in the value of investments is mainly due to a decrease in the valuation of shares of foreign mutual funds.
THE value of total investments in shares and other means of ownership amounted to 694 million euros, compared to 699 million euros in the previous quarter, while their percentage of total assets was 3.7%, compared to 3.5% in the previous quarter.
From passive side, equity decreased to 3,494 million euros at the end of the second quarter of 2022, compared to 3,642 in the previous quarter. Insurance technical provisions decreased by 865 million euros and amounted to 13,630 million euros.
Life insurance technical provisions decreased by EUR 816 million and amounted to EUR 10,613 million, while non-life technical provisions decreased by EUR 49 million and amounted to EUR 3,017 million. 70.3% of all technical provisions correspond to technical life provisions other than pensions.
Table 1: Consolidated Accounting Statement of Insurance Companies (end of period balances in millions of euros)
Table 2: Net investment flows of Insurance Companies (in millions of euros)
Source: Capital
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