The assets of insurance companies decreased by 1.9 billion euros in the fourth quarter of 2022 compared to the corresponding quarter of 2021 and amounted to 18.7 billion euros from 20.6 billion euros. It should be noted that during the same period, insurance production increased by 4.2% and reached 4.8 billion euros.

A decrease in assets results from the reduction of positions or the valuation of assets such as deposits, bonds or stocks. In particular, according to data released yesterday by the Central Bank of Greece, deposits of insurance companies decreased from 1.6 billion euros at the end of 2021 to 1.2 billion euros at the end of 2022, placements in bond securities fell from 11.7 billion euros. to 10.5 billion euros, while investments in mutual funds decreased from 4.3 billion euros to 4.1 billion euros, and in shares – from 804 million euros to 712 million euros.

It is reduced by 1.9 billion euros compared to the corresponding period in 2021 – insurance production increased by 4.2%.

As can be seen from the detailed data published by the Central Bank of Greece, most of the investments of insurance companies operating in our country are in assets abroad, the value of which at the end of 2022 amounted to 10.5 billion euros. in contrast to placements in domestic values, the amount of which amounted to 6 billion euros. The largest investment category in the sector is in bond securities, and the “preference” for foreign securities is mainly due to the fact that our country does not have an investment grade, resulting in investment in Greek government securities, despite providing a higher yield. puts a burden on capital for the sector due to the lower rating. In the fourth quarter of 2022, the share of investments in securities was 56.1% of the total assets of the sector, the share of total investments in mutual funds was 22%, and the share of investments in shares was 3.8% of total assets.

In terms of liabilities, the sector’s equity stood at €3.2bn, down from €3.6bn, while insurance reserves fell from €15.2bn to €13.7bn, of which €10.8bn accounted for by reserves for the life insurance sector and 2.9 billion euros for general insurance. the insurance sector.