According to data published by the Bank of Greece, the total value of insurance company assets in Q4 2022 rose by 1.18% to €18,719 million, compared to €18,500 million in the previous quarter.
Specifically, total deposits by insurance enterprises decreased by €240 million and came to €1,220 million at the end of Q4 2022. Deposits at domestic credit institutions were down by €77 million and amounted to €725 million, while deposits at foreign credit institutions were down by €163 million and came to €495 million. The percentage of deposits over total assets shrunk to 6.5% in Q4 2022, compared to 7.9% in the previous quarter.
The value of total investments by insurance enterprises in debt securities increased to €10,509 million by the end of Q4 2022, compared to €10,340 million in the previous quarter. This development is mainly due to the bond markets in other countries of the euro area. The percentage of debt securities over total assets grew to 56.1% in Q4 2022, compared to 55.9% in the previous quarter.
The value of total investments in mutual fund shares rose to €4,124 million, compared to €3,911 million in the previous quarter, and their percentage over total assets increased to 22.0%, compared to 21.1% in the previous quarter. The increase in the value of investments is due to net share purchases domestically and in other euro area countries, as well as to an increase in their valuation.
The value of total investments in shares and other equity came to €712 million, compared to €705 million in the previous quarter, and their percentage over total assets remained unchanged at 3.8% compared to the previous quarter.
On the liabilities side, own funds fell by €3,178 million at the end of Q4 2022, compared to €3,328 million in the previous quarter. Insurance technical provisions rose by €354 million and came to €13,737 million. Technical provisions for life insurance rose by €362 million and came to €10,773 million, while those for non-life declined by €8 million and amounted to €2,964 million. Of the total technical provisions, 70.9% represents life insurance technical provisions except pensions.
