{"id":16733212,"date":"2025-07-28T15:11:12","date_gmt":"2025-07-28T13:11:12","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=16733212"},"modified":"2026-06-12T08:58:27","modified_gmt":"2026-06-12T06:58:27","slug":"investment-rules","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/insurance\/stress-tests-insurance-companies\/investment-rules\/","title":{"rendered":"Investment Rules"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><div class=\"wp-block-cover has-custom-content-position is-position-bottom-right\"><img loading=\"lazy\" decoding=\"async\" width=\"1700\" height=\"716\" class=\"wp-block-cover__image-background wp-image-11757925 size-full\" alt=\"\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Anlageverhalten-Cover.png\" style=\"object-position:84% 56%\" data-object-fit=\"cover\" data-object-position=\"84% 56%\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Anlageverhalten-Cover.png 1700w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Anlageverhalten-Cover-320x135.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Anlageverhalten-Cover-640x270.png 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Anlageverhalten-Cover-1536x647.png 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim\" style=\"background-color:#5b545a\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<p class=\"has-text-align-right has-medium-font-size wp-block-paragraph\">Investment Rules in relation to Stress Tests &ndash; Insurance<\/p>\n<\/div><\/div><div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><p class=\"wp-block-paragraph\">If insurance undertakings change how they invest, then their risk and financial market stability may also change. Investments influence insurance undertakings&rsquo; own funds and their volatility via the balance sheets drawn up based on market values under <a href=\"https:\/\/www.fma.gv.at\/en\/insurance\/solvency-ii\/\">Solvency II<\/a>. Investment also changes the solvency capital requirement and the ratios. The Austrian Financial Market Authority (FMA) also monitors investment behaviour in conjunction with the regulations set out in the Insurance Undertakings Investment Regulation (<a href=\"https:\/\/www.fma.gv.at\/wp-content\/plugins\/dw-fma\/download.php?d=2759\">VU-KAV 2015<\/a>; <span lang=\"de\">Versicherungsunternehmen-Kapitalanlageverordnung<\/span>). The FMA develops methodological approaches and improves the data basis.<\/p><div class=\"wp-block-image\">\n<figure data-wp-context='{\"imageId\":\"6a55f6267aea2\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a55f6267aea2\" class=\"aligncenter size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"944\" height=\"355\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-46.png\" alt=\"\" class=\"wp-image-37372665\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-46.png 944w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-46-320x120.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-46-640x241.png 640w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><button class=\"lightbox-trigger\" type=\"button\" aria-haspopup=\"dialog\" data-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\" data-wp-init=\"callbacks.initTriggerButton\" data-wp-on--click=\"actions.showLightbox\" data-wp-style--right=\"state.thisImage.buttonRight\" data-wp-style--top=\"state.thisImage.buttonTop\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\"><\/path>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: FMA analysis on asset allocation excluding investments for unit-linked and index-linked life insurance, Data: Q1 2016 &ndash; Q4 2025<\/figcaption><\/figure>\n<\/div><p class=\"wp-block-paragraph\">Traditionally, insurance undertakings are net purchasers of bonds. This applies in Austria for government bonds, which are purchased primarily by life insurance undertakings with long maturities. Corporate bonds, particularly those in the financial sector, are being sold on a net basis, as maturing and sold bonds are being replaced by fewer purchases.<\/p><div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure data-wp-context='{\"imageId\":\"6a55f6267bb14\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a55f6267bb14\" class=\"wp-block-image size-video-thumb wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"710\" height=\"464\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-36-710x464.png\" alt=\"\" class=\"wp-image-37352268\"><button class=\"lightbox-trigger\" type=\"button\" aria-haspopup=\"dialog\" data-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\" data-wp-init=\"callbacks.initTriggerButton\" data-wp-on--click=\"actions.showLightbox\" data-wp-style--right=\"state.thisImage.buttonRight\" data-wp-style--top=\"state.thisImage.buttonTop\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\"><\/path>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: FMA analysis on net purchased of government bonds in relation to holdings in bonds as a whole at the end of the preceding quarter, excluding funds and index-based life insurance, Data: Q1 2017 &ndash; Q4 2025<\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure data-wp-context='{\"imageId\":\"6a55f6267c5bd\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a55f6267c5bd\" class=\"wp-block-image size-video-thumb wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"709\" height=\"464\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-37-709x464.png\" alt=\"\" class=\"wp-image-37352413\"><button class=\"lightbox-trigger\" type=\"button\" aria-haspopup=\"dialog\" data-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\" data-wp-init=\"callbacks.initTriggerButton\" data-wp-on--click=\"actions.showLightbox\" data-wp-style--right=\"state.thisImage.buttonRight\" data-wp-style--top=\"state.thisImage.buttonTop\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\"><\/path>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: FMA analysis on net purchased of corporate bonds in relation to holdings in bonds as a whole at the end of the preceding quarter, excluding funds and index-based life insurance, Data: Q1 2017 &ndash; Q4 2025<\/figcaption><\/figure>\n<\/div>\n<\/div><p class=\"wp-block-paragraph\">The cosine similarity index measures the risk of contagion due to portfolio overlaps for example in relation to issuers. Portfolio Cosine Similarity is the normalised scalar products of the vectors of issuer weightings of two insurance undertakings respectively. Recently the level of similarity of portfolios has started to increase again.<\/p><div class=\"wp-block-image\">\n<figure data-wp-context='{\"imageId\":\"6a55f6267d025\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a55f6267d025\" class=\"aligncenter size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"946\" height=\"355\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-43.png\" alt=\"\" class=\"wp-image-37370972\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-43.png 946w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-43-320x120.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2026\/05\/image-43-640x240.png 640w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><button class=\"lightbox-trigger\" type=\"button\" aria-haspopup=\"dialog\" data-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\" data-wp-init=\"callbacks.initTriggerButton\" data-wp-on--click=\"actions.showLightbox\" data-wp-style--right=\"state.thisImage.buttonRight\" data-wp-style--top=\"state.thisImage.buttonTop\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\"><\/path>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: FMA analysis on the risk of contagion due to portfolio overlap regarding issuers for listed stocks, bonds and investment funds (without lookthrough) excluding funds and index-based life insurance, Data: Q3 2016 &ndash; Q4 2025<\/figcaption><\/figure>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If insurance undertakings change how they invest, then their risk and financial market stability may also change. Investments influence insurance &#8230;<\/p>\n","protected":false},"author":20,"featured_media":11757935,"parent":16732163,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"landing-page.php","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-16733212","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investment Rules - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/insurance\/stress-tests-insurance-companies\/investment-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investment Rules - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"If insurance undertakings change how they invest, then their risk and financial market stability may also change. 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