Illiquid assets rose to 19.4% of German insurers’ investments in 2025, Moody’s estimates
By IAN Editorial Desk
News date: 20 October 2026Published 21 October 2026·3 min read
Private credit was about 9.3% of German insurers' invested assets at end-2024, against a 7.5% European insurance average.
Moody's Ratings, the international credit rating agency, estimates that illiquid assets made up 19.4% of German insurers' invested assets in 2025, up from 15.8% in 2019. The estimate appears in an assessment reported on 20 October 2026 and draws on data from the European Insurance and Occupational Pensions Authority (EIOPA).
Private credit makes up a larger part of German portfolios…
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