Statistics on Insurance Corporations: Q3 2021
30/11/2021 - Press Releases
- Total assets of insurance corporations increased by 1.1% to €20,586 million from €20,366 million in the previous quarter.
- Total insurance technical reserves increased by €147 million to €15,035 million from €14,888 million in the previous quarter.
Total assets of insurance corporations increased by €220million compared with the previous quarter and stood at €20,586 million in the third quarter of 2021.
In further detail, the overall deposits of insurance corporations increased by €90 million to €1,690 million at the end of the third quarter of 2021. Deposits with domestic credit institutions increased by €36 million to €972 million, while deposits with foreign credit institutions increased by €54 million and stood at €718 million. Deposits accounted for 8.2% of total assets in the third quarter of 2021 compared with 7.9% in the previous quarter.
Total holdings of debt securities increased to €12,185 million in the third quarter of 2021 from €12,149 million in the previous quarter. This development is mainly due to acquisition of foreign and sales of domestic debt securities. Debt securities’ share in total assets decreased to 59.2% at the end of the third quarter 2021, compared with 59.7% in the previous quarter.
Total holdings of investment fund shares increased to €3,840 million from €3,738 million in the previous quarter. Their share in total assets stood at 18.7% compared with 18.4% in the previous quarter. The increase in the value of these holdings is mainly due to net purchases of foreign investment fund shares.
Equity holdings increased to €778 million in the third quarter of 2021 from €728 million in the previous quarter, mainly due to purchases of equities. Their share in total assets stood at 3.8%, compared with 3.6% in the previous quarter.
On the liabilities side, own funds increased by €74 million to €3,759 million at the end of the third quarter of 2021. Total insurance technical reserves increased by €147 million to €15,035 million. Life technical reserves increased by €79 million to €11.930 million. Νon-life insurance technical reserves increased by €68 million to €3,105 million. Life technical reserves (other than pension entitlements) accounted for 72.6% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
| Q2 2021 | Q3 2021 |
| ASSETS | | |
| Deposits | 1,600 | 1,690 |
| Domestic | 936 | 972 |
| Foreign | 664 | 718 |
| Debt Securities | 12,149 | 12,185 |
| Domestic | 5,106 | 4,876 |
| Foreign | 7,043 | 7,309 |
| Investment Fund Shares | 3,738 | 3,840 |
| Domestic | 1,093 | 1,067 |
| Foreign | 2,645 | 2,773 |
| Equity | 728 | 778 |
| Domestic | 525 | 541 |
| Foreign | 202 | 237 |
| Fixed assets (net of depreciation) | 693 | 690 |
| Financial Derivatives | 4 | 2 |
| Loans | 204 | 174 |
| Prepayments of insurance premiums | 411 | 431 |
| Other Assets | 839 | 796 |
| Total Assets / Liabilities | 20,366 | 20,586 |
| LIABILITIES | | |
| Own Funds | 3,685 | 3,759 |
| Insurance technical reserves | 14,888 | 15,035 |
| Life insurance technical reserves | 11,851 | 11,930 |
| of which Pension entitlements | 1,020 | 1,020 |
| Non-Life insurance technical reserves | 3,037 | 3,105 |
| Loans | 127 | 252 |
| Other liabilities | 1,667 | 1,540 |
Table 2: Net flows of investments of Insurance Corporations (EUR millions)
| Investments | Q2 2021 | Q3 2021 |
| Debt Securities | -86 | 58 |
| Domestic | -87 | -226 |
| Foreign | 1 | 284 |
| Investment fund shares | 192 | 91 |
| Domestic | 29 | -27 |
| Foreign | 163 | 118 |
| Equity | -5 | 46 |
| Domestic | -10 | 26 |
| Foreign | 5 | 20 |
Chart 1
Chart 2
Notes:
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.
Further Information:
The next Press Release on “Statistics on Insurance Corporations” for the fourth quarter of 2021 will be published on 2 March 2022, according to the Advance release calendar, as published on the Bank of Greece website.
Related links:
Aggregated balance sheet of insurance corporations