Press Releases

Statistics on Insurance Corporations: December 2017

16/03/2018 - Press Releases

Statistics on Insurance Corporations (1) - December 2017

In the fourth quarter of 2017, total assets of insurance corporations increased to €16,893 million, from €16,445 million in the previous quarter.

In further detail, the overall deposits of insurance corporations decreased by €288 million, compared to the previous quarter, and stood at €1,161 million at the end of the fourth quarter of 2017. It should be noted that deposits with domestic credit institutions decreased by €83 million, whereas deposits with foreign credit institutions decreased by €205 million. Deposits amounted to 6.9% of total assets in the fourth quarter of 2017 compared with 8.8% in the previous quarter.

The total holdings in debt securities increased to €10,146 million in the fourth quarter of 2017 from €9,504 million in the previous quarter. Debt securities amounted to 60.1% of total assets at the end-December 2017 compared with 57.8% in the previous quarter. The increase in the value of debt securities is due, on one hand, to the increase in the prices of Greek government bonds and, on the other hand, to net purchases of foreign debt securities. More precisely, in the fourth quarter of 2017, net purchases of foreign securities by insurance corporations amounted to €224 million and mainly concern government bonds of euro area countries.

The total holdings in investment fund shares increased to €2,851 million compared with €2,743 million in the previous quarter. Investment fund shares amounted to 16.9% of total assets at end-December 2017, compared with 16.7% at end-September 2017. The increase in the value of total holdings in investment fund shares is due not only to price changes but also to net purchases of both domestic investment fund shares (€35 million) and foreign fund shares (€21 million).

The total holdings in shares and other equity excluding mutual funds increased to €521 million, from €496 million in the previous quarter. Equity amounted to 3.1% of total assets at end-December 2017, almost unchanged compared with end-September 2017. The increase in the value of total holdings in shares is due to the rise in the market value of domestic equities.

The prepayments of insurance premiums declined to €408 million from €420 million in the previous quarter. The amount of loans remained almost unchanged at €139 million, while other assets decreased by €33 million to €1,034 million.

On the liabilities side, equity decreased by €12 million to 2,947 million at end-December 2017. Total insurance technical reserves increased by €282 million to €12,215 million, with life insurance technical reserves (excluding pension entitlements) representing 68.6% of total technical reserves.

Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)

Q3 2017

Q4 2017

Deposits

1,449

1,161

Domestic

887

804

Rest of the world

562

357

Securities other than shares and derivatives

9,504

10,146

Domestic

3,431

3,855

Rest of the world

6,074

6,291

Investment funds shares/units

2,743

2,851

Domestic

829

900

Rest of the world

1,914

1,951

Shares and other equity excluding mutual funds units

496

521

Domestic

386

406

Rest of the world

111

115

Fixed assets (net of depreciation)

623

631

Financial Derivatives

3

3

Loans

139

139

Prepayments of insurance premiums

420

408

Other assets

1,067

1,034

Total Assets / Liabilities

16,445

16,893

 

 

Q3 2017

Q4 2017

LIABILITIES

 

 

Equity

2,959

2,947

Insurance technical reserves

11,933

12,215

Life insurance technical reserves

8,762

9,124

of which Pension entitlements

743

749

Non-life insurance technical reserves

3,171

3,091

Loans

89

88

Other liabilities

1,463

1,642

Table 2: Net flows (2) of investments of Insurance Corporations (EUR millions)


Investments

Q3 2017

Q4 2017

Securities other than shares and derivatives

130

209

Domestic

101

-14

Rest of the world

29

224

Investment funds shares/units

-23

56

Domestic

-6

35

Rest of the world

-17

21

Shares and other equity excluding mutual funds units

20

-1

Domestic

25

0

Rest of the world

-5

-1

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  

(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 adjustments.

Note: The next Press Release on “Statistics on Insurance Corporations” for the first quarter of 2018 will be published on 12 June 2018.

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