The European Insurance and Occupational Pensions Authority published a factsheet showing that European Economic Area insurers held EUR 7.9 trillion in government bonds, corporate bonds and equities at the end of 2025, directly or through investment funds. Home market securities represented 38.2% of these holdings and investments elsewhere in the EEA accounted for 33.9%, while 27.9% was invested outside the region. US securities made up about half of external holdings, with exposure concentrated in equities. Home market preferences were generally strongest among non-euro area countries. In many EEA markets, including Germany, Austria, France and the Netherlands, home concentration was higher for equities than fixed income, while the reverse applied in Scandinavian countries, Italy and Spain. Increased cross-border exposure in the euro area and Scandinavia since 2017 coincided with a growing share of unit-linked portfolios across asset classes. The analysis is based on Solvency II solo annual reporting and excludes EUR 2 trillion of other investments from insurers’ EUR 9.9 trillion total investments in 2025.
European Insurance and Occupational Pensions Authority reports EEA insurers held 72.1% of securities investments within the EEA in 2025
The European Insurance and Occupational Pensions Authority reported that EEA insurers held EUR 7.9 trillion in bonds and equities at the end of 2025, with 38.2% invested at home and 33.9% elsewhere in the EEA. The remaining 27.9% was invested outside the region, about half in US securities, while rising cross-border exposure in the euro area and Scandinavia coincided with growth in unit-linked portfolios.