EEA Insurers Home and Cross-Border Securities Holdings at Year-End 2025 (European Insurance and Occupational Pensions Authority)

Summary

• EEA insurers held a total of €7.9 trillion in government bonds, corporate bonds, and equity at the end of 2025.p.1
• Total investments by EEA insurers reached €9.9 trillion in 2025, with €2.0 trillion in other asset classes remaining outside the scope of securities holdings.p.1
• Home investments represented 38.2% of total securities holdings, while intra-EEA investments accounted for 33.9% and rest of the world 27.9%.p.1
• Corporate bonds in non-unit-linked portfolios totaled €2,045 billion, while non-unit-linked government bonds reached €1,956 billion.p.1
• Equity holdings amounted to €1,678 billion in non-unit-linked portfolios and €1,420 billion in unit-linked portfolios.p.1
• France was the largest issuer country for EEA insurer holdings at €1,580 billion, followed by Germany at €985 billion and the United States at €1,154 billion.p.1

Key insights

1. Preferences toward home investments tend to be strongest among insurers in non-euro area countries.p.2
2. The concentration of home investments in equity exceeds that in fixed-income assets for countries including Germany, Austria, France, and the Netherlands.p.2
3. In Scandinavian countries, Italy, and Spain, home concentration is higher in fixed-income assets than in equity holdings.p.2
4. United States exposures are significantly more prevalent in equity holdings than in fixed-income holdings across EEA national markets.p.2
5. In the euro area and Scandinavia, expanded cross-border exposure over time coincided with a growing share of unit-linked portfolios across all asset classes.p.3
6. Non-euro area EEA countries maintained a high concentration in home government bonds and equity while maintaining more diversified corporate bond portfolios.p.3