Total assets of insurance corporations increased by 381 million euros to 20.980 billion euros in the third quarter of 2024, compared to the previous quarter, according to data from the Bank of Greece.
In more detail, overall deposits of insurance corporations decreased by 31 million euros and amounted to 705 million euros at the end of the third quarter of 2024. Deposits in domestic credit institutions decreased by 31 million euros to 522 million euros, while deposits in foreign credit institutions remained unchanged at 183 million euros. The percentage of deposits in total assets dropped to 3.4% in the third quarter of 2024, compared to 3.6% in the previous quarter.
Total holdings of debt securities increased to 10,985 million euros at the end of the third quarter of 2024, compared to 10,610 million in the previous quarter. This development was mainly due to an increase in the valuations of government bonds of other euro area countries and net purchases of bonds in countries outside the eurozone. The share of debt securities in total assets increased to 52.4% in the third quarter of 2024, compared to 51.5% in the previous quarter.
The value of total mutual fund shares rose to 5,979 billion, compared to 5,822 million euros in the previous quarter, and their percentage of total assets jumped 28.5% in the third quarter of 2024, compared to 28.3% in the previous quarter. The increase in the value of investments is attributed to an increase in their valuations, as well as to net purchases of Greek shares.
Total holdings of investment fund shares increased to 995 million euros, compared to 971 million euros in the previous quarter, as a result of an increase in their valuations. Their percentage of total assets remained unchanged at 4.7% in the third quarter of 2024.
On the liabilities side, own funds increased to 3,551 billion euros at the end of the third quarter of 2024, compared to 3,484 billion euros in the previous quarter. Insurance technical provisions rose by 326 million euros and amounted to 15,665 million euros.
In detail, life insurance technical provisions increased by 299 million euros and totaled 12.103 billion euros, while technical reserves increased by 27 million euros to 3.562 billion euros. The share of life technical reserves amounts to 77.3% of total technical reserves.
