Global Insurance Market Trends 2021

2.3. Portfolio allocation: Composite insurers 
A number of OECD and non-OECD jurisdictions allow insurance companies to offer both life and non-life 
insurance products. For example, life insurance companies in many jurisdictions offer health/accident and 
sickness insurance, which is classified as non-life business under the OECD classification of insurance 
0
20
40
60
80
100
Hungary
Slovenia
Lithuania
Mexico
Estonia
Portugal
Brazil
Italy
Colombia
Latvia
Uruguay
Chile
Australia
Czech Republic
Poland
Costa Rica
Belgium
Bulgaria
United States
United Kingdom
Ireland
Greece
Norway
Bermuda
Denmark
Israel
Germany
Guatemala
Singapore
Luxembourg
Argentina
Iceland
Spain
Turkey
Chinese Taipei
France
Korea
South Africa
Peru
El Salvador
Finland
Switzerland
Malaysia
Indonesia
Bolivia
Japan
Public and private sector bonds
Public sector bonds
Private sector bonds
Equity
Cash and Deposits
Land and buildings
Collective Investment Schemes (CIS)
Other Investments

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GLOBAL INSURANCE MARKET TRENDS 2021 © OECD 2022 
activities. Companies engaged in both life and non-life insurance activities are defined as composite 
companies.
Composite companies also invested predominantly in bonds in 2020 (Figure 8). In 26 out of 28 reporting 
jurisdictions, composite insurers held more than 50% of their assets in bonds. Composite insurers in 
Lithuania held the largest share of bonds (85% of assets), mainly in government bonds. Although 
composite companies usually invested more in bonds than in equities, the share of equities was relatively 
significant in their portfolios in Honduras (14%), Portugal (15%) and Singapore (14%) for instance. In some 
countries, composite companies also held a significant amount of assets in cash and deposits, especially 
in some Latin American jurisdictions such El Salvador (46%) and Guatemala (26%).