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Statistics on Insurance Corporations: March 2020

03/06/2020 - Press Releases

Statistics on Insurance Corporations[1]: March 2020

In the first quarter of 2020, total assets of insurance corporations decreased to €18,416 million from €18,882 million in the previous quarter.

In further detail, the overall deposits of insurance corporations increased by €10 million to €1,233 million in the first quarter of 2020. Deposits with domestic credit institutions decreased by €43 million, while deposits with foreign credit institutions increased by €52 million. Deposits accounted for 6.7% of total assets in the first quarter of 2020 compared with 6.5% in the previous quarter.

Total holdings of debt securities decreased to €11,756 million in the first quarter of 2020 from €11,822 million in the previous quarter; their reduced value is due to the decrease in foreign debt security prices and net sales of domestic securities, which were partially counterbalanced by purchases of foreign securities. Debt securities increased to 63.8% of total assets at end-March 2020 from 62.6% in the previous quarter.

Total holdings of investment fund shares decreased to €2,573 million from €2,977 million in the previous quarter. Their share in total assets decreased to 14.0% at the end of the first quarter of 2020 from 15.8% in the previous quarter. The reduced value of the total holdings is due both to net sales and declining prices of investment fund shares.

Total holdings of shares and other equity, excluding mutual funds shares, decreased to €563 million in the first quarter of 2020 compared with €639 million in the previous quarter, while their respective share in total assets decreased to 3.1% from 3.4% in the previous quarter.

On the liabilities side, own funds decreased by €304 million to €2,876 million at end-March 2020. Total insurance technical reserves decreased by €101 million to €13,920 million, mainly due to the decrease in life technical reserves by €100 million. Νon-life insurance technical reserves remained almost unchanged at €3,089 million. Life technical reserves (other than pension entitlements) accounted for 71% of total technical reserves.

 

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

 

Q4 2019

Q1 2020

Assets

 

 

Deposits

1,223

1,233

Domestic

888

845

Foreign

335

387

Debt Securities

11,822

11,756

Domestic

5,396

5,258

Foreign

6,426

6,497

Investment Fund Shares

2,977

2,573

Domestic

928

779

Foreign

2,049

1,794

Shares and other equity excluding investment fund shares

639

563

Domestic

458

404

Foreign

181

159

Fixed assets (net of depreciation)

671

691

Financial Derivatives

3

3

Loans

166

164

Prepayments of insurance premiums

435

417

Other Assets

947

1,016

Total Assets / Liabilities

18,882

18,416

Liabilities

 

 

Own Funds

3,180

2,876

Insurance technical reserves

14,021

13,920

Life insurance technical reserves

10,931

10,831

of which Pension entitlements

842

950

Non-Life insurance technical reserves

3,090

3,089

Loans

138

132

Other liabilities

1,542

1,487

 

 

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

 

Investments

Q4 2019

Q1 2020

Debt Securities

191

113

Domestic

73

-116

Foreign

119

230

Investment fund shares

-17

-133

Domestic

-16

-40

Foreign

0

-93

Shares and other equity excluding investment fund shares

12

-22

Domestic

0

-14

Foreign

12

-8

 

Chart 1


 

Chart 2

 

The complete data set of insurance corporations is published on the Bank of Greece website and can be accessed via the following link:

https://www.bankofgreece.gr/en/statistics/non-monetary-financial-institutions/aggregated-balance-sheet-of-insurance-corporations

Note: The next Press Release on “Statistics on Insurance Corporations” for the second quarter of 2020 will be published on 31 August 2020, according to the Advance release calendar, as published on the Bank of Greece website.

 


[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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