The life insurance sector grew by 19.7% during the period under review, driven by a 58.3% increase in life insurance tied to investment funds or other financial assets, according to the third-quarter 2025 report on the evolution of the insurance activity released by the Insurance and Pensions Funds Supervisory Authority (ASF).
Non-life insurance sectors saw an increase of 9.2%, due to growths of 11.9% in the health sector, 9.8% in the automobile sector, and 8.4% in the fire and other damage sectors, such as in the work accident segment.
Between January and September, direct insurance payouts fell by 15%, to 6.5 billion euros, with life insurance payments decreasing by 28.7% (to 3.3 billion euros), while non-life sector payouts rose by 6.3% (to 3.2 billion euros).
The investment portfolios of insurance companies in the third quarter of the year reached 55.8 billion euros, marking an increase of 6.1% compared to the end of the previous year. In the same period, the volume of technical provisions was 46.4 billion euros.
Debt instruments, including bonds and stocks, remained predominant in the value of investment portfolios, maintaining a similar weight to that of 2024.
In the third quarter of 2025, a 2.2% rise was observed in the amounts invested in PPR insurance, explained by the increase in amounts applied in public debt securities.
The estimated coverage ratio for potential losses resulting from “a highly adverse event” was 215%, reflecting an increase of seven percentage points compared to 2024.
The estimated coverage ratio for the Minimum Capital Requirement (MCR)—the minimum level of own funds below which the existing risk is deemed unacceptable—was 549%, reflecting a three percentage points increase compared to the end of the previous year.
