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.