German Insurers Hold $108 Billion Illiquid Debt Pile, EIOPA Says

German insurers are the most exposed in Europe to illiquid corporate bonds, a top watchdog said in one of the most detailed reports to date on the industry’s investments in private credit.

At €91.8 billion ($108 billion), more than 40% of German insurers’ bond holdings were in unlisted notes at the end of last year, the European Insurance and Occupational Pensions Authority said on Monday in Frankfurt.