In the third quarter of 2015 the mortgage loan portfolio of Dutch life insurers rose nearly € 2 billion to more than € 46 billion, figures released by De Nederlandsche Bank show.
After a quarter of stagnation, growth in mortgage loans regained momentum, increasingly so by new mortgages. Insurers thus also realign their balance sheets at the expense of debt paper.
Over the past eight quarters, the mortgage portfolio of life insurers increased € 10 billion, though the picture is rather erratic over time. This is especially the result of the one-off take-overs of sometimes sizeable existing mortgage portfolios. In total, this represents around half the increase. However, recently various insurers have shown more autonomous growth.
In addition to investing directly in mortgage loans, life insurers also invest in bonds issued by domestic and foreign securitisation vehicles. The paper covered by mortgage loans as of September 2015 amounts to € 7 billion, a slight decline compared to the end of 2014, partly as a result of sales.