Insurance companies, in their search for yield, have increased their exposure to bonds with lower credit ratings and to less liquid securities like non-listed equities and loans, according to a survey by Europe’s insurance watchdog published Thursday.
The survey, looking at investment trends by insurers over the past five years, also found that bond portfolios increased and that big insurers invested increasingly in non-traditional assets like infrastructure, mortgages, loans and real estate.
The Frankfurt-based watchdog, the European Insurance and Occupational Pensions Authority (EIOPA) conducted the survey during the first quarter of 2017. It included responses from 91 insurance companies across 16 countries.
(Reporting by Tom Sims; editing by Mark Potter)
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