European insurers’ assets under management jumped 9.4 percent to €9.9 trillion ($11.15 trillion) in 2014 from a year earlier, trade body Insurance Europe said on Tuesday, mainly driven by increased investment by life insurers.

European gross written premiums rose by 3.7 percent to €1.2 trillion [$1.355 trillion], Insurance Europe said in a statement, with life insurance premiums showing the largest rise.

Low interest rates in the developed world have made it harder for European insurers to make the investment returns needed to match their pension liabilities.

This has encouraged a move into less liquid assets such as corporate bonds, real estate and infrastructure.

The European insurance industry has 35 percent of the global market, followed by North America at 29 percent and Asia at 28 percent, Insurance Europe said.

The number of European insurance companies totaled 4,860 last year, down slightly from 4,883 in 2013.

(Reporting by Carolyn Cohn; Editing by Greg Mahlich)