Each spring, Greek insurers publish their Solvency and Financial Condition Reports (SFCRs) — a rich, if underused, public window into how the market is actually performing. Now that the reports with reference date 31 December 2025 are out, we have worked through the numbers for a representative sample of life and non-life insurers covering most of the Greek market.
A few clear themes emerged. Premiums kept climbing, solvency stayed comfortable, motor remained the problem child, and the structure of the market itself continued to shift as Greek systemic banks reclaimed large insurance portfolios. Here is our read on the year.
Non-life: growth on top, motor still under pressure underneath
Non-life production for our sample group rose roughly 10%, from about €2.4bn to €2.6bn — and notably, not a single company in the sample reported a fall in production. Motor and property each grew around 11% and 10% respectively, driven by a mix of inflationary rate increases (spare parts, garage repairs, hospitalisation costs) and a regulatory tailwind: from June 2025, natural-catastrophe cover became mandatory for larger businesses and for all motor vehicles.
But growth in premium does not always mean growth in profit. Motor stayed loss-making at the median, and motor net loss ratios actually deteriorated slightly to a median of 61%. The story splits sharply between groups, though — domestic insurers' motor loss ratios improved (from 73% to 67%), while internationals edged the other way. Property remained the healthier line, profitable at the median, even as property expense ratios rose meaningfully across the board.
The overall technical result tells the cautionary tale: the median non-life technical result swung from a 4% profit in 2024 to a 1% loss in 2025. Underwriting margins are thin, and pricing discipline matters more than ever.
Solvency and investment returns held up well
On capital, the picture seems reassuring. Average non-life solvency ratios rose to around 196%, with internationals improving most. Investment returns improved too, averaging around 3.4% across more than €11bn of Solvency II assets, with domestic insurers posting notably stronger returns than their international peers.
Life: modest growth, strong health demand
Life production grew around 2% to roughly €2.9bn. The standout was long-term health, up about 8% — reflecting the sharp 7–8% rise in health premiums during 2025 and a further increase expected in 2026. That surge has triggered active debate about a possible regulatory cap on annual premium increases for lifetime health policies, an issue worth watching closely.
Life solvency also strengthened, averaging 182%, and surrenders eased slightly. Investment returns across more than €20bn of life-sector assets averaged 3.4%.
The structural story: banks are back in insurance
Perhaps the most consequential developments were not in the ratios at all, but in ownership. Three of the largest life portfolios are moving into the hands of Greek systemic banks — Ethniki to Piraeus, Eurolife to Eurobank, and a majority stake in AlphaLife to UniCredit. Taken together, these deals point to a renewed, bancassurance-led distribution model that could reshape how insurance is sold in Greece for years to come. Reinsurance structures are also being reworked, and AI is increasingly cited — both as an operational tool and as an emerging risk requiring new governance.
The takeaway
The 2025 SFCRs describe a market that is growing and well-capitalised, but where underwriting profitability is genuinely under strain — particularly in motor — and where the competitive landscape is being redrawn by bank ownership. For insurers, intermediaries and corporate buyers alike, understanding these undercurrents is essential to navigating the year ahead.
This post summarises selected findings from our full review of the 31 December 2025 Greek insurance SFCRs, which includes company-by-company data on production, loss ratios, expense ratios, technical results, solvency, reinsurance and investment returns across both life and non-life lines.
Would you like the full report? Contact us at
Cronje & Yiannas Actuaries and Consultants Ltd — www.cyactuaries.com
