Statistics on Insurance Corporations - September 2018
07/12/2018 - Press Releases
Statistics on Insurance Corporations (1) - September 2018
In the third quarter of 2018, total assets of insurance corporations stood at €17,042 million from €17,071 million in the previous quarter.
In further detail, the overall deposits of insurance corporations decreased by €132 million, compared to the previous quarter, and stood at €1,162 million at the end of the third quarter of 2018. It should be noted that deposits with domestic credit institutions increased by €27 million, whereas deposits with foreign credit institutions decreased by €158 million. Deposits amounted to 6.8% of total assets in the third quarter of 2018 compared with 7.6% in the previous quarter.
Total holdings of debt securities increased to €10,198 million in the third quarter of 2018 from €10,107 million in the previous quarter. Debt securities amounted to 59.8% of total assets at end-June 2018 from 59.2% in the previous quarter. This development reflects the net purchases of mainly domestic debt securities.
Total holdings of investment fund shares increased to €2,878 million from €2,850 million in the previous quarter. Investment fund shares amounted to 16.9% of total assets at end-September 2018, compared with 16.7% at end-June 2018. The increase in the value of investment fund shares is mainly due to the net purchase of foreign fund shares (€13 million).
Total holdings of shares and other equity excluding mutual funds shares decreased to €523 million compared with €537 million in the previous quarter. Equity amounted to 3.1% of total assets at end-September 2018, unchanged from the previous quarter. The decrease in the value of shares and other equity is mainly due to the decrease in market prices of domestic equities.
On the liabilities side, equity decreased by €79 million to €2,869 million at end-September 2018. Total insurance technical reserves decreased by €8 million to €12,504 million, mainly due to the decrease in non-life technical reserves by €37 million, while life technical reserves increased by €29 million. Life technical reserves (other than pension entitlements) amounted to 68.6% of total technical reserves from 68.3% in the previous quarter.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
|
Q2 2018
|
Q3 2018
|
|
ASSETS
|
|
|
|
Deposits
|
1,294
|
1,162
|
|
Domestic
|
813
|
840
|
|
Rest of the world
|
481
|
323
|
|
Debt Securities
|
10,107
|
10,198
|
|
Domestic
|
4,022
|
4,132
|
|
Rest of the world
|
6,084
|
6,065
|
|
Investment fund shares
|
2,850
|
2,878
|
|
Domestic
|
894
|
894
|
|
Rest of the world
|
1,956
|
1,984
|
|
Shares and other equity excluding investment fund shares
|
537
|
523
|
|
Domestic
|
420
|
389
|
|
Rest of the world
|
117
|
134
|
|
Fixed assets (net of depreciation)
|
608
|
608
|
|
Financial Derivatives
|
3
|
2
|
|
Loans
|
131
|
130
|
|
Prepayments of insurance premiums
|
487
|
468
|
|
Other assets
|
1,054
|
1,072
|
|
Total Assets / Liabilities
|
17,071
|
17,042
|
|
|
Q2 2018
|
Q3 2018
|
|
LIABILITIES
|
|
|
|
Equity
|
2,948
|
2,869
|
|
Insurance technical reserves
|
12,512
|
12,504
|
|
Life insurance technical reserves
|
9,347
|
9,376
|
|
of which Pension entitlements
|
805
|
804
|
|
Non-life insurance technical reserves
|
3,165
|
3,128
|
|
Loans
|
97
|
98
|
|
Other liabilities
|
1,512
|
1,570
|
Table 2: Net flows (2) of investments of Insurance Corporations (EUR millions)
|
Investments
|
Q2 2018
|
Q3 2018
|
|
Debt Securities
|
-15
|
188
|
|
Domestic
|
14
|
146
|
|
Rest of the world
|
-29
|
41
|
|
Investment fund shares
|
51
|
17
|
|
Domestic
|
-16
|
4
|
|
Rest of the world
|
66
|
13
|
|
Shares and other equity excluding investment fund shares
|
11
|
17
|
|
Domestic
|
9
|
0
|
|
Rest of the world
|
2
|
18
|
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: The next Press Release on “Statistics on Insurance Corporations” for the fourth quarter of 2018 will be published on 12 March 2019.
(1)Data to the Bank of Greece are submitted by the supervised insurance corporations as defined in article 1 of the 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 and reclassification adjustments.