EIOPA factsheet shows European insurers’ home and cross-border investments as well as exposure concentrations

The European Insurance and Occupational Pensions Authority (EIOPA) collects and publishes comprehensive statistics on insurance undertakings in the European Economic Area (EEA). The factsheet published today complements regular statistics by providing further insights into insurers’ home and cross-border investments in securities. 

At the end of 2025, EEA insurers held EUR 7.9 trillion in government bonds, corporate bonds and equities, either directly or indirectly via investment in funds. The factsheet shows that around three-quarters of these investments remain within the EEA. Home-bound investments account for 38.2% of securities holdings, while a further 33.9% is invested elsewhere in the EEA. Just over a quarter (27.9%) is invested in the rest of the world. US securities make up about half of these external holdings, with a strong allocation to equities.

Next, the factsheet highlights the extent of concentration in each national market’s overall fixed income and equity holdings, showing the share of the holdings accounted for by the top 3 issuer countries for each market. The visualisation also illustrates that preferences towards home investments tend to be strongest among non-EA countries.

The final diagram shows how cross-border investments have evolved over time across asset classes and regions. The graphs indicate that the increase in cross-border exposure in the euro area and Scandinavian countries has gone hand in hand with a growing share of unit-linked portfolios.

Total investments by EEA insurers amounted to EUR 9.9 trillion in 2025. EUR 2.0 trillion of other investments—including direct and indirect investments in structured notes, collateralised securities, mortgages and loans, cash and deposits, property and other investments, as well as unallocated amounts in investment funds—are not represented in this factsheet. The data is based on Solvency II solo annual reporting for 2025.