Press Releases

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.

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