The European Insurance and Occupational Pensions Authority has released a factsheet providing details on the asset allocations, market concentrations and geographical distribution of investments held by insurers in the European Economic Area.
Geographical Distribution of Securities Assets
Total investments held by insurance undertakings in the European Economic Area stood at 9.9 trillion euros at the close of 2025. Of this overall total, 7.9 trillion euros was allocated to government bonds, corporate bonds and equities, either through direct ownership or indirectly via investment funds.
Approximately three-quarters of these securities investments remain inside the European Economic Area. Home-bound holdings account for 38.2% of securities assets, while 33.9% is allocated to other jurisdictions within the region. External markets account for 27.9% of holdings, with US securities representing approximately half of those external allocations and exhibiting a strong concentration in equities.
Concentration Risks and Allocation Trends
The analysis highlights market concentration in national fixed income and equity portfolios by examining the proportion of assets tied to the top three issuer nations for each market. Visualisations within the published details show that preferences for domestic assets are most pronounced among non-euro area countries.
Longer-term developments show that the growth in cross-border exposures across euro area and Scandinavian markets has coincided with an increasing share of unit-linked portfolios. The underlying dataset derives from 2025 Solvency II solo annual reporting, incorporating fund look-through treatments where applicable.
