Insurance asset allocation of Europe’s largest groups 2016 – 2023

Assets under management of Europe’s largest insurance groups rose by 6% in 2023 to EUR 4.6 trillion (up from EUR 4.1 trillion based on Solvency II QRT template S020102__R0500_C0010). This after a 16% drop last year.

Total Assets of Europes largest insurance groups 2016 2023
SOURCE: Solvency II Wire Data

Largest European insurance groups

Allianz remains Europe’s largest insurance group by total assets, followed by AXA, L&G and Generali. The top ten groups have kept their position in the past three years.

Europes largest insurance groups 2016 2023, Solvency II Wire Company Ranking tool
SOURCE: Solvency II Wire Data Company Ranking tool

Insurance group asset allocation

The asset allocation of the groups reveals a few trends.

Asset allocation of Europes largest insurance groups 2016 2023 a
SOURCE: Solvency II Wire Data

Bonds (S020102__R0130_C0010) still make up the largest asset class for most insurers, with the exception of the three UK groups. The figures reveal that Allianz reduced its bond portfolio significantly in 2018.

Other prominant investment types include the broad class of Assets held for index-linked and unit-linked contracts (S020102__R0220_C0010) and Collective Investments Undertakings (S020102__R0180_C0010)

While Equities (S020102__R0100_C0010) and, more prominantly, Derivatives (S020102__R0190_C0010) remain one of the least utilised asset classes by the groups.

Analysis of Group SFCRs 2023

SFCR 2023: Solvency II template S.25.05 partial and full internal model reporting

AXA Group reports highest Solvency II ratio to date

L&G solvency ratio down

ASR introduces tier 3 capital

LV= returns to tier 3 capital

Eurovita portfolio transfer to Cronos Vita details

European insurance market insights 2023: group tier capital

Drivers of Solvency II ratio change 7 European insurance groups 2022 – 2023

More information about the data is available to premium subscribers of Solvency II Wire Data and subscribes to Solvency II Wire‘s exclusive SFCR Spotlight mailing list (subscribe for free here).

Datasets available on Solvency II Wire Data

    • Bermuda Financial Statements: data for 226 insurers 2016 – 2022 (1090 reports) selected tables

    • Israel Economic Solvency Ratio Reports: all available data 2016 – 2022