Life insurers received 64.3 million euros in insurance premiums in the first quarter of 2020, which was 5% less than in the last quarter of 2019. The premiums were 1.5% more than in the first quarter of last year. Claims of 38 million euros were submitted in the first quarter of 2020, which was 20% more than in the fourth quarter of 2019. The combined assets of life insurance companies declined by 0.8% in the first quarter from 1.06 billion euros to 959 million.
Key indicators |
Q4 2019 | Change | Q1 2020 |
|---|---|---|---|
| Value of insurance premiums | 68 mln € | ↓ | 64 mln € |
| Value of claims submitted | 30 mln € | ↑ | 38 mln € |
| Value of assets of insurance companies | 1,06 bln € | ↓ | 0,96 bln € |
| Value of insurance liabilities | 749 mln € | ↓ | 701 mln € |
| Expenses as a ratio to net insurance premiums (cumulative) | 13,7% | ↓ | 11,8% |
| Solvency capital requirement coverage ratio | 158% | ↓ | 148% |
The coverage of the solvency capital requirement by the life insurance sector fell from 158% to 148% in the first quarter, mainly because of changes in the risk-free interest curve used to discount liabilities. Both the life insurance companies met the requirement.