Press Releases

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.

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