Euro area insurance corporations statistics: first quarter 2022
June 1, 2022
- Total assets insurance companies in the euro zone amounted to 8,911 billion euros in the first quarter of 2022, i.e. 329 billion euros less than in the fourth quarter of 2021
- Total insurance technical reserves Eurozone insurance companies fell to €6,643 billion in the first quarter of 2022, down €308 billion from the fourth quarter of 2021
Total assets euro area insurance companies decreased to €8,911 billion in the first quarter of 2022 from €9,240 billion in the fourth quarter of 2021. Debt securities accounted for 37.0% of the total of sector assets in Q1 2022. The second largest category of holdings were investment fund shares (30.0%), followed by stocks (12.2%) and loans (7.0%) .
Assets of debt securities decreased to €3,296 billion at the end of the first quarter of 2022 from €3,490 billion at the end of the previous quarter. Net sales of debt securities amounted to €6 billion in the first quarter of 2022 (see Chart 1); price and other changes amounted to -€188 billion. The year-over-year growth rate of debt securities held was -1.0%.
Looking at holdings by issuing sector, the annual growth rate of debt securities issued by general government in the euro area was -1.7% in the first quarter of 2022, net sales during the quarter amounting to 4 billion euros. Regarding debt securities issued by the private sector, the annual growth rate was -1.0% and quarterly net sales amounted to 2 billion euros. For debt securities issued by non-residents of the euro area, the annual growth rate was 0.5%, with quarterly net sales close to 0 billion euros.
With regard to the assets of insurance companies in investment fund shares, these fell to 2,673 billion euros in the first quarter of 2022, compared to 2,776 billion euros in the previous quarter, with net purchases of 17 billion euros (see graph 2) and price variations and others of -120 billion euros. The year-on-year growth rate in the first quarter of 2022 was 5.6%.
The annual growth rate of shares in euro area money market funds held by insurance corporations was -1.6% in the first quarter of 2022, with net sales during the quarter amounting to 4 billion euros. As regards holdings of shares in euro area non-monetary UCITS, the annual growth rate was 6.0%, with quarterly net purchases amounting to €21 billion. For investment fund shares issued by non-euro area residents, the annual growth rate was 8.3%, with quarterly net sales close to 0 billion euros.
In terms of main liabilities, the total insurance technical reserves insurance companies amounted to 6,643 billion euros in the first quarter of 2022, compared to 6,950 billion euros in the fourth quarter of 2021 (see appendix, table 1). Life insurance technical reserves represented 89.7% of total insurance technical reserves in the first quarter of 2022. Unit-linked products amounted to €1,558 billion, representing 26.1% of technical reserves total life insurance.
Total written premiums of euro area insurance corporations reached €1,198 billion in 2021 (corresponding to 17.5% of total insurance technical reserves at the end of 2020), compared to €1,094 billion in 2020 (16.6%). Over the same period, claims fell from 835 billion euros (12.7%) to 889 billion euros (13.0%) and acquisition costs fell from 119 billion euros (1, 8%) to 126 billion euros (1.8%).
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- “Other assets” include currency and deposits, insurance technical reserves and related claims, financial derivatives, non-financial assets and residual assets.
- The “private sector” refers to the euro area excluding general government.
- “Investment funds” include money market funds and non-money market funds.
- Hyperlinks in the main body of the statistical release and in the appendix table lead to data that may change with subsequent releases as a result of revisions. The figures presented in the table in the appendix are an overview of the data at the time of current publication.