The total asset value of insurance companies increased by 93 million euros compared to the previous quarter and reached 19.56 billion euros at the end of the third quarter of 2023, according to data from the Bank of Greece.
Insurance technical provisions increased by 208 million euros and amounted to 14.375 billion euros, against 14.167 million euros in the previous quarter.
Deposits
In more detail, the total deposits of insurance companies increased by 21 million euros and amounted to 1.031 billion euros at the end of the third quarter of 2023.
Deposits in domestic credit institutions increased by 31 million euros and amounted to 776 million euros, while deposits in foreign credit institutions decreased by 10 million euros and amounted to 255 million euros. The ratio of deposits to total assets remained almost unchanged at 5.3% in the third quarter of 2023, compared to 5.2% in the previous quarter.
Debt securities
The value of the total placements of insurance companies in debt securities decreased to 10.201 billion euros at the end of the third quarter of 2023, against 10.503 million euros in the previous quarter.
This development is mainly due to liquidations of Greek government bonds, but also to the reduction in the valuations of the government bonds of the countries of the euro zone, which were partially offset by purchases of securities of other countries of the euro zone. The percentage of debt securities on total assets decreased to 52.1% in the third quarter, compared to 53.9% in the previous quarter.
Mutual Funds
The value of total investments in mutual fund units increased to €4.965 billion, compared to €4.649 billion in the previous quarter, and their share of total assets rose to 25.4%, compared to 23.9% in the previous quarter. The increase in the value of the placements is mainly due to purchases of shares of other euro zone countries.
Shares
The value of total investments in shares and other means of ownership decreased to 916 million euros, compared to 925 million euros in the previous quarter, a development mainly due to a reduction in the valuations of Greek shares. Their percentage of total assets remained unchanged at 4.7%.
Liabilities
On the liability side, equity decreased to €3.494 billion at the end of Q3 2023, compared to €3.569 million in the previous quarter. Insurance technical provisions increased by 208 million euros and amounted to 14.375 billion euros.
According to newsit, life insurance technical provisions decreased by 215 million euros and amounted to 10.927 billion euros, while technical loss provisions increased by 423 million euros and amounted to 3.448 billion euros. Of all the technical forecasts, 76% correspond to technical life forecasts.
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