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Statistics on Insurance Corporations: March 2019

03/06/2019 - Press Releases

Statistics on Insurance Corporations (1): March 2019

In the first quarter of 2019, total assets of insurance corporations increased to €17,717 million from €17,042 million in the previous quarter.

In further detail, the overall deposits of insurance corporations decreased by €18 million from the previous quarter to €1,287 million in the first quarter of 2019. Deposits with domestic credit institutions decreased by €66 million, while deposits with foreign credit institutions increased by €48 million. Deposits accounted for 7.3% of total assets in the first quarter of 2019 compared with 7.7% in the previous quarter.

Total holdings of debt securities increased to €10,669 million in the first quarter of 2019 from €10,318 million in the previous quarter because of net purchases of domestic debt securities. Debt securities amounted to 60.2% of total assets at end-March 2019 from 60.5% in the previous quarter.

Total holdings of investment fund shares increased to €2,890 million from €2,668 million in the previous quarter. Investment fund shares accounted for 16.3% of total assets at end-March 2019, compared with 15.7% in the previous quarter. The increase in the value of the total holdings is due to the net purchases of foreign investment fund shares.

Total holdings of shares and other equity excluding mutual funds shares increased to €536 million from €510 million in the previous quarter. Equity accounted for 3.0% of total assets at end-March 2019, unchanged from the previous quarter. The increase in the value of shares is due to the increase in the prices of shares listed in the Athens Stock Exchange.

On the liabilities side, own funds increased by €60 million to €2,832 million at end-March 2019. Total insurance technical reserves increased by €535 million to €13,128 million, due to the increase of €494 million in life technical reserves. On the other hand, non-life insurance technical reserves increased by €41 million from the previous quarter. Life technical reserves (other than pension entitlements) accounted for 70.2% of total technical reserves from 69.3% in the previous quarter.

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

Q4 20183

Q1 2019

Assets

 

 

Deposits

1,305

1,287

Domestic

917

851

Rest of the world

388

436

Debt Securities

10,318

10,669

Domestic

4,134

4,444

Rest of the world

6,184

6,225

Investment Fund Shares

2,668

2,890

Domestic

858

904

Rest of the world

1,810

1,986

Shares and other equity excluding investment fund shares

510

536

Domestic

371

395

Rest of the world

139

141

Fixed assets (net of depreciation)

616

625

Financial Derivatives

5

10

Loans

178

176

Prepayments of insurance premiums

454

449

Other Assets

988

1,074

Total Assets / Liabilities

17,042

17,717

Liabilities

 

 

Own Funds

2,772

2,832

Insurance technical reserves

12,593

13,128

Life insurance technical reserves

9,565

10,059

of which Pension entitlements

840

841

Non-Life insurance technical reserves

3,028

3,069

Loans

96

97

Other liabilities

1,581

1,659

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

Investments

Q4 20183

Q1 2019

Debt Securities

185

97

Domestic

15

153

Rest of the world

170

-56

Investment fund shares

-106

155

Domestic

-5

-3

Rest of the world

-101

158

Shares and other equity excluding investment fund shares

-8

-2

Domestic

-17

-2

Rest of the world

9

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

Note: The next Press Release on “Statistics on Insurance Corporations” for the second quarter of 2019 will be published on 2 September 2019.

(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.

(3)Data are revised

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