The total value of assets of insurance companies decreased by 2.71% and amounted to 20,046 million euros compared to 20,604 million euros in the previous quarter, as announced today by the Bank of Greece.
Insurance technical provisions decreased by 638 million euros and amounted to 14,506 million euros compared to 15,144 million euros in the previous quarter.
Analytically, as announced by the BoG, the total value of the assets of insurance companies decreased by 558 million euros compared to the previous quarter and amounted to 20,046 million euros at the end of the first quarter of 2022.
More specifically, the total deposits of insurance companies increased by 235 million euros and amounted to 1,882 million euros at the end of the first quarter of 2022. Deposits in domestic credit institutions increased by 11 million euros and amounted to 931 million euros , while deposits in foreign credit institutions increased by 224 million euros and amounted to 951 million euros. The percentage of deposits on total assets increased to 9.4% in the first quarter of 2022, compared to 8.0% in the previous quarter.
The value of the total placements of insurance companies in debt securities decreased to 11,205 million euros at the end of the first quarter of 2022, compared to 11,693 million euros in the previous quarter. This development is mainly due to a decrease in securities valuations of both the Greek State and other euro area countries. The percentage of debt securities on total assets decreased to 55.9% in the first quarter from 56.8% in the previous quarter.
The value of total mutual fund placements decreased to € 4,140 million, compared to € 4,347 million in the previous quarter and their share of total assets decreased to 20.7%, compared to 21.1% in the previous quarter. The decrease in the value of the investments is mainly due to the liquidation of foreign mutual fund units.
The value of total investments in shares and other assets decreased to 700 million euros, compared to 803 million euros in the previous quarter, a development that is mainly due to the reduction of stock valuations both domestically and in other euro area countries. Their share of total assets stood at 3.5%, compared to 3.9% in the previous quarter.
On the liabilities side, equity amounted to 3,641 million euros at the end of the first quarter of 2022, compared to 3,644 in the previous quarter. Insurance technical provisions decreased by 638 million euros and amounted to 14,506 million euros. Life insurance technical provisions decreased by EUR 578 million and amounted to EUR 11,440 million, while technical loss provisions decreased by EUR 60 million and amounted to EUR 3,066 million. 71.7% of all technical provisions correspond to technical provisions for life outside pensions.
Source: Capital
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