Bermuda’s foreign portfolio holdings were $546.2 billion last year, an increase of 8 per cent on 2015.

The increase was attributed to a growth in the insurance sector’s total assets.

The insurance sub sector accounted for 84 per cent of the island’s total foreign portfolio holdings, followed by investment funds at 14 per cent, and banks.

The insight comes from data released for by the Bermuda Monetary Authority. Since 2001, Bermuda has been participating in a voluntary global investment survey, under the auspices of the International Monetary Fund.

The Co-ordinated Portfolio Investment Survey tracks the cross-border holdings of portfolio investment securities in 82 countries. The information shows where Bermuda’s financial services entities invest assets, and which countries are investing in Bermuda.

US holdings in the United States dominated Bermuda’s foreign portfolio investment assets, accounting for 58 per cent, which was up 7 per cent the previous year.

Debt securities comprised 82 per cent of the island’s foreign portfolio holdings, with the vast majority — some 93 per cent — being long-term debt securities.

In a statement, the BMA said: “The CPIS is part of the International Monetary Fund’s comprehensive international survey. It measures Bermuda’s holdings of foreign portfolio investment assets, which comprise tradable financial instruments — other than direct investments or reserve assets — issued by unrelated non-residents.

“Bermuda’s participation in the CPIS contributes to improved understanding of the jurisdiction as an international financial centre and its impact on global financial intermediation.”