Press Releases

Statistics on Insurance Corporations - March 2018

12/06/2018 - Press Releases

Statistics on Insurance Corporations (1) - March 2018

In the first quarter of 2018, total assets of insurance corporations increased to €16,953 million, from €16,894 million in the previous quarter.

In further detail, the overall deposits of insurance corporations increased by €77 million, compared to the previous quarter, and stood at €1,238 million at the end of the first quarter of 2018. It should be noted that deposits with domestic credit institutions decreased by €6 million, whereas deposits with foreign credit institutions increased by €83 million. Deposits amounted to 7.3% of total assets in the first quarter of 2018 compared with 6.9% in the previous quarter.

Total holdings of debt securities marginally decreased to €10,142 million in the first quarter of 2018 from €10,145 million in the previous quarter. Debt securities amounted to 59.8% of total assets at end-March 2018 from 60.1% in the previous quarter. This development reflects on the one hand the decrease in the prices of Greek government bonds and on the other the net sales of foreign debt securities, which were counterbalanced by net purchases of domestic government securities.

Total holdings of investment fund shares decreased to €2,790 million compared with €2,851 million in the previous quarter. Investment fund shares amounted to 16.5% of total assets at end-March 2018, compared with 16.9% at end-December 2017. The decrease in the value of investment fund shares is due on the one hand to the reduction in their prices and on the other to the net sales of foreign fund shares (€37 million).

Total holdings of shares and other equity excluding mutual funds stood at €522 million, almost unchanged from the previous quarter. Equity amounted to 3.1% of total assets at end-March 2018, unchanged from the previous quarter.

The prepayments of insurance premiums increased to €427 million from €408 million in the previous quarter. The amount of loans decreased by €5 million to €133 million, while other assets increased by €42 million to €1,078 million.

On the liabilities’ side, equity decreased by €39 million to 2,906 million at end-March 2018. Total insurance technical reserves increased by €138 million to €12,354 million, mainly due to the increase in life technical reserves (other than pension entitlements) which account for 68.4% of total technical reserves.

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

Q4 2017

Q1 2018

Deposits

1.161

1.238

Domestic

804

798

Rest of the world

357

440

Securities other than shares and derivatives

10.145

10.142

Domestic

3.855

3.974

Rest of the world

6.290

6.168

Investment funds shares/units

2.851

2.790

Domestic

900

903

Rest of the world

1.951

1.887

Shares and other equity excluding mutual funds units

521

522

Domestic

406

405

Rest of the world

115

116

Fixed assets (net of depreciation)

631

617

Financial Derivatives

3

6

Loans

138

133

Prepayments of insurance premiums

408

427

Other assets

1.036

1.078

Total Assets / Liabilities

16.894

16.953


LIABILITIES

 

 

Equity

2.945

2.906

Insurance technical reserves

12.216

12.354

Life insurance technical reserves

9.126

9.251

of which Pension entitlements

805

805

Non-life insurance technical reserves

3.090

3.103

Loans

91

92

Other liabilities

1.640

1.600

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

Investments

Q4 2017

Q1 2018

Securities other than shares and derivatives

209

69

Domestic

-14

189

Rest of the world

223

-119

Investment funds shares/units

56

-24

Domestic

35

13

Rest of the world

21

-37

Shares and other equity excluding mutual funds units

5

4

Domestic

6

1

Rest of the world

-1

3

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 second quarter of 2018 will be published on 10 September 2018.


(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.

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