Total assets of insurance corporations increased by €195 million compared with the previous quarter and stood at €22,064 million at the end of the fourth quarter of 2025.
In further detail, overall insurance corporations’ deposits increased by €31 million to €558 million at the end of the fourth quarter of 2025. Deposits with domestic credit institutions increased by €19 million to €372 million, while deposits with foreign credit institutions increased by €11 million to €186 million. Deposits’ share in total assets remained almost unchanged at 2.5% in the fourth quarter of 2025.
Total holdings of debt securities decreased to €10,629 million at the end of the fourth quarter of 2025 from €10,719 million in the previous quarter. This development is mainly due to net sales of domestic bonds as well as decreases in prices of foreign bonds, despite net purchases of foreign bonds that took place. Debt securities’ share in total assets stood at 48.2% in the fourth quarter of 2025 from 49.0% in the previous quarter.
Total holdings of investment fund shares increased to €7,373 million compared with €7,143 million in the previous quarter. Their share in total assets increased to 33.4% in the fourth quarter of 2025 from 32.7% in the previous quarter. The increase in the value of these holdings arises mainly from upward revaluations of both foreign and domestic investment fund shares.
Equity holdings decreased to €1,034 million from €1,049 million in the previous quarter. This development is mainly attributed to decreases in domestic equity prices, but also to net sales of foreign equities. Equity holdings’ share in total assets remained almost unchanged compared with the previous quarter and stood at 4.7% in the fourth quarter of 2025.
On the liabilities side, own funds decreased to €3,897 million at the end of the fourth quarter of 2025 compared with €3,955 million in the previous quarter. Total insurance technical reserves increased by €62 million to €16,056 million. In further detail, life technical reserves increased by €116 million to €12,529 million, while non-life technical reserves decreased by €54 million to €3,527 million. The share of life technical reserves corresponds to 78.0% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR million at the end of the period)
|
Q3 2025 |
Q4 2025 |
|
|
ASSETS |
|
|
|
Deposits |
527 |
558 |
|
Domestic |
353 |
372 |
|
Foreign |
175 |
186 |
|
Debt Securities |
10,719 |
10,629 |
|
Domestic |
2,705 |
2,631 |
|
Foreign |
8,015 |
7,998 |
|
Investment Fund Shares |
7,143 |
7,373 |
|
Domestic |
2,212 |
2,312 |
|
Foreign |
4,932 |
5,061 |
|
Equity |
1,049 |
1,034 |
|
Domestic |
508 |
497 |
|
Foreign |
541 |
537 |
|
Fixed assets (net of depreciation) |
749 |
754 |
|
Financial Derivatives |
0 |
0 |
|
Loans |
187 |
213 |
|
Prepayments of insurance premiums |
666 |
742 |
|
Other Assets |
829 |
761 |
|
Total Assets / Liabilities |
21,869 |
22,064 |
|
LIABILITIES |
||
|
Own Funds |
3,955 |
3,897 |
|
Insurance technical reserves |
15,994 |
16,056 |
|
Life insurance technical reserves |
12,413 |
12,529 |
|
Non-Life insurance technical reserves |
3,581 |
3,527 |
|
Loans |
343 |
485 |
|
Other liabilities |
1,578 |
1,628 |
Table 2: Net flows of investments of Insurance Corporations (EUR millions)
|
Investments |
Q3 2025 |
Q4 2025 |
|
Debt Securities |
129 |
-59 |
|
Domestic |
-5 |
-69 |
|
Foreign |
134 |
10 |
|
Investment fund shares |
98 |
67 |
|
Domestic |
49 |
28 |
|
Foreign |
49 |
39 |
|
Equity |
-17 |
-7 |
|
Domestic |
-99 |
-2 |
|
Foreign |
82 |
-5 |
