Statistics on Insurance Corporations - September 2017
15/12/2017 - Press Releases
In the third quarter of 2017, total assets of insurance corporations increased to €16,445 million, from €16,400 million in the previous quarter.
More precisely, the overall deposits of insurance corporations increased by €36 million, compared to the previous quarter, and stood at €1,449 million at the end of the third quarter of 2017. It should be noted that it was only the deposits in domestic credit institutions that increased (€46 million), whereas deposits with foreign credit institutions decreased by €10 million. Deposits amounted to 8.8% of total assets in the third quarter of 2017 compared with 8.6% in the previous quarter.
Holdings of debt securities increased to €9,505 million in the third quarter of 2017 compared with €9,404 million in the previous quarter. Debt securities amounted to 57.8% of total assets at end-September 2017 compared with 57.3% at end-June 2017. The increase in the value of debt securities is due to net purchases of domestic securities. More precisely, in the third quarter of 2017, insurance corporations’ net purchases of domestic securities amounted to €101 million, while net purchases of foreign securities amounted to €27 million.
Holdings of investment fund shares decreased to €2,742 million in the third quarter of 2017 compared with €2,757 million in the previous quarter. Investment fund shares amounted to 16.7% of total assets at end-September 2017, compared with 16.8% at end-June 2017. This decrease is mainly due to net sales of foreign investment fund shares amounting to €17 million.
In the third quarter of 2017, holdings of shares and other equity excluding mutual funds decreased to €496 million, from €501 million in the previous quarter. Equity amounted to 3.0% of total assets at end-September 2017, compared with 3.1% at end-June 2017. The decrease is due to the drop in the market value of domestic equities.
In the third quarter of 2017, the prepayments of insurance premiums stood at €420 million compared with € 441 million in the previous quarter. The amount of loans decreased by €2 million to €139 million, while other assets decreased by €35 million to €1,067 million.
On the liabilities side, equity increased by €26 million to 2,960 million at end-September 2017. Total insurance technical reserves increased by €59 million to €11,933 million, with life insurance technical reserves representing 67% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
|
Q2 2017
|
Q3 2017
|
|
Deposits
|
1,413
|
1,449
|
|
Domestic
|
841
|
887
|
|
Rest of the world
|
572
|
562
|
|
Securities other than shares and derivatives
|
9,404
|
9,505
|
|
Domestic
|
3,361
|
3,431
|
|
Rest of the world
|
6,043
|
6,074
|
|
Investment funds shares/units
|
2,757
|
2,742
|
|
Domestic
|
840
|
828
|
|
Rest of the world
|
1,917
|
1,914
|
|
Shares and other equity excluding mutual funds units
|
501
|
496
|
|
Domestic
|
385
|
386
|
|
Rest of the world
|
116
|
111
|
|
Fixed assets (net of depreciation)
|
638
|
623
|
|
Financial Derivatives
|
2
|
3
|
|
Loans
|
141
|
139
|
|
Prepayments of insurance premiums
|
441
|
420
|
|
Other assets
|
1,102
|
1,067
|
|
Total Assets / Liabilities
|
16,400
|
16,445
|
|
LIABILITIES
|
|
|
|
Equity
|
2,934
|
2,960
|
|
Insurance technical reserves
|
11,874
|
11,933
|
|
Life insurance technical reserves
|
8,695
|
8,762
|
|
of which Pension entitlements
|
743
|
743
|
|
Non-life insurance technical reserves
|
3,179
|
3,171
|
|
Loans
|
88
|
89
|
|
Other liabilities
|
1,504
|
1,462
|
Table 2: Net flows(2) of investments of Insurance Corporations (EUR millions)
|
Investments
|
Q2 2017
|
Q3 2017
|
|
Securities other than shares and derivatives
|
12
|
128
|
|
Domestic
|
134
|
101
|
|
Rest of the world
|
-122
|
27
|
|
Investment funds shares/units
|
78
|
-23
|
|
Domestic
|
80
|
-6
|
|
Rest of the world
|
-2
|
-17
|
|
Shares and other equity excluding mutual funds units
|
-2
|
20
|
|
Domestic
|
-3
|
25
|
|
Rest of the world
|
1
|
-5
|
The complete data set of insurance corporations is published on the Bank of Greece website and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/nomonetary/default.aspx
Note: This is the first Press Release on statistical data of insurance corporations and it will be published quarterly following the implementation of Regulation ECB/2014/50 concerning the obligation of insurance corporations to transmit statistical data based on a harmonized methodology, common to all euro area countries.
This Press Release concerns statistical data as collected by the Bank of Greece in accordance with the above mentioned Regulation. Statistics on euro area insurance corporations are published by the European Central Bank (https://www.ecb.europa.eu/press/pr/stats/icb/html/index.en.html).
(1) Data to the Bank of Greece are submitted by the supervised insurance corporations as defined in article 1 of Executive Committee Act 94/16.5.2016 concerning the single submission of national reports by insurance and reinsurance corporations to the Bank of Greece in the context of Solvency II for supervisory and statistical purposes.
(2) Net flows are derived from the change in the outstanding amounts of stocks corrected for revaluation adjustments.