EIOPA factsheet highlights EEA insurers' securities exposure concentrations

Traders Union
All News
Regulators
EEA insurers' securities exposure

Highlights

EEA insurers' securities portfolios totaled EUR 7.9 trillion at end-2025, with 38.2% domestic, 33.9% elsewhere in the EEA, and 27.9% outside the bloc.
U.S. securities make up about half of EEA insurers' non-EEA holdings, which are strongly allocated to equities according to EIOPA's factsheet.
Cross-border securities exposure is increasing in the euro area and Scandinavia, paralleling a larger share of unit-linked portfolios and shifting market concentrations.

Investment breakdown in EEA securities portfolios

As reported by EIOPA, insurers in the EEA hold EUR 7.9 trillion in government bonds, corporate bonds and equities at the end of 2025, either directly or indirectly through investment funds. The factsheet says around three-quarters of those securities investments remain inside the EEA, with 38.2% held in domestic markets and another 33.9% invested elsewhere in the bloc.

The remaining 27.9% is invested in the rest of the world, and U.S. securities account for about half of that external exposure. EIOPA says those non-EEA holdings show a strong allocation to equities.

The factsheet also examines concentration in national fixed income and equity markets by measuring how much of each market's holdings is accounted for by the top three issuer countries. Its visualisation indicates that preferences for home investments tend to be strongest in non-euro area countries.

Cross-border trends and market implications

The final chart in the publication tracks how cross-border investments evolve over time by asset class and region. The data indicates that rising cross-border exposure in the euro area and Scandinavian countries goes hand in hand with a growing share of unit-linked portfolios.

Total investments by EEA insurers amount to EUR 9.9 trillion in 2025, although the factsheet does not cover EUR 2.0 trillion of other assets. Those excluded holdings include direct and indirect investments in structured notes, collateralised securities, mortgages and loans, cash and deposits, property, other investments and unallocated amounts in investment funds.

EIOPA says the figures are based on Solvency II solo annual reporting for 2025. Differences from its quarterly exposure statistics reflect the use of look-through for investment funds where possible, the broader coverage of annual reporting and later data corrections and resubmissions.

Our earlier article on Japan’s Government Pension Investment Fund (GPIF) explained how the country’s long-running pension and demographic policies helped build the world’s largest pool of pension assets. We noted that because of its scale, any shift in GPIF’s bond-and-equity allocation can ripple through global market liquidity and influence demand across major asset classes.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.