According to data from the Bank of Greece, insurance companies’ core investments—in bonds, mutual funds, and stocks —totaled 18.882 billion euros at the end of the first quarter of 2026. Of this amount, €13.574 billion is invested abroad and €5.308 billion in the Greek market.
This amount constitutes a subset of the sector’s total assets, which amount to €21.947 billion. Looking only at these three investment categories, approximately 72% of the funds are located outside Greece—mainly in foreign bonds and international mutual funds.
Bonds: The Largest Category
The largest investments are in debt securities (bonds), where insurance companies hold €10.571 billion—€8.123 billion in foreign securities and €2.448 billion in Greek ones. This is the largest investment category, accounting for 48.2% of assets.
The total value of bonds declined compared to the previous quarter, from €10.629 billion to €10.571 billion. The decrease is attributed to a decline in the valuations of Greek and foreign securities and was partially offset by net bond purchases.
Mutual funds and stocks
Mutual fund holdings reached €7.315 billion —€4.950 billion in foreign shares and €2.365 billion in domestic shares. Here too, the value declined marginally (from €7.373 billion) due to valuations, with the percentage of assets remaining at 33.3%.
The share of equities is more limited: €996 million in total, of which €501 million in foreign equities and €495 million in Greek equities. At the same time, the sector holds €560 million in deposits (€382 million in Greek banks, €178 million abroad)—a liquidity item rather than an investment position.
Where funds moved during the quarter
The figures above are balances and are affected by changes in valuations. To see the net investment activity for the quarter, one needs to look at net flows (purchases minus sales). There, the picture is not clear-cut: in the bond market, insurance companies sold Greek securities (net sales of 148 million) and bought foreign securities (net purchases of 186 million), continuing—albeit more moderately—the shift toward foreign assets. In mutual funds, however, the trend reversed: net purchases of 90 million domestically and net sales of 29 million abroad.
Compared to the first quarter of 2024, when foreign bond purchases were more intense (254 million) and new mutual fund capital was directed mainly abroad, the current picture shows a moderation in outward-looking investment—and a partial return to the domestic market for mutual funds.