All insurance companies had own funds in the amount higher than the Solvency Capital Requirement (SCR) and the Minimum Capital Requirement (MCR), maintaining some capital surpluses - the SCR coverage ratios of all insurers were above 130%.
The NBP explains that the increase in own funds resulted mainly from a decrease in liabilities due to unpaid dividends, as well as an increase in the valuation of shares in subsidiaries of non-life insurance companies.
NBP also indicated that dynamic changes in interest rates in 2022 affected the capital position of insurance companies but had a limited impact on their financial results. In 2022, profits from investment activities increased in both segments, and only in life insurance with unit-linked funds, a loss of PLN 3.5 billion (~EUR 0.74 billion) was recorded.
The report in Polish may be found here.
*EUR 1 = PLN 4.70 (31.12.2022)
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