Dutch insurers’ €47bn private assets face DNB stress tests
De Nederlandsche Bank sharpens scrutiny of insurers’ €47bn private assets
Dutch insurers face closer scrutiny of private assets after De Nederlandsche Bank (DNB) said today that rapid growth in private markets requires vigilance and better access to information. DNB attributed the shift to major insurers’ private-assets share rising from 14% in 2021 to 22% in 2025, equivalent to approximately €47bn excluding real estate and mortgage loans.
Private-assets exposure
DNB said insurers and pension funds are allocating more to private assets such as private equity and private credit. The total private-assets stock across the two sectors reached €276bn by 2025, with growth particularly evident among major insurers.
Data requests and stress testing
- Private-assets survey: DNB’s insurer supervision calendar includes a “Private assets and loan-level mortgages survey”, under which it will request data on private assets and Dutch mortgages held to assess potential financial-stability implications.
- Scenario analysis: DNB said it will prioritise better data, additional scenario analyses and stress tests so private-markets risks can be identified and managed earlier.
Earlier this year, DNB issued a targeted data request to the largest Dutch pension funds and insurers on private-asset exposures, including private credit. The calendar also identifies data management and best estimate technical provisions as strategic themes in insurer supervision.
Risk assessment
DNB said the current scale of private-asset investment does not raise concerns about direct systemic risks. Its closer monitoring centres on information quality and risk management as private-market exposures grow.
--- Sources: https://www.dnb.nl/en/general-news/news-2026/dutch-insurers-and-pension-funds-are-investing-more-and-more-in-private-assets/ https://www.dnb.nl/en/sector-news/supervision-2026/q3/dutch-insurers-and-pension-funds-have-been-investing-more-in-private-assets-in-recent-years/
