Statistics on Insurance Corporations: June 2018
10/09/2018 - Press Releases
Statistics on Insurance Corporations (1): June 2018
In the second quarter of 2018, total assets of insurance corporations increased to €17,071 million from €16,953 million in the previous quarter.
In further detail, the overall deposits of insurance corporations increased by €56 million, compared to the previous quarter, and stood at €1,294 million at the end of the second quarter of 2018. It should be noted that deposits with domestic credit institutions increased by €15 million, whereas deposits with foreign credit institutions increased by €41 million. Deposits amounted to 7.6% of total assets in the second quarter of 2018 compared with 7.3% in the previous quarter.
Total holdings of debt securities decreased to €10,107 million in the second quarter of 2018 from €10,142 million in the previous quarter. Debt securities amounted to 59.2% of total assets at end-June 2018 from 59.8% in the previous quarter. This development reflects the net sales of foreign debt securities, which were partly counterbalanced by net purchases of domestic securities.
Total holdings of investment fund shares increased to €2,850 million from €2,789 million in the previous quarter. Investment fund shares amounted to 16.7% of total assets at end-June 2018, compared with 16.5% at end-March 2018. The increase in the value of investment fund shares is mainly due to the net purchase of foreign fund shares (€65 million).
Total holdings of shares and other equity excluding mutual funds shares increased to €537 million compared with €522 million in the previous quarter. Equity amounted to 3.1% of total assets at end-June 2018, unchanged from the previous quarter. The increase in the value of shares and other equity is mainly due to the net purchase of domestic equities (€9 million).
On the liabilities’ side, equity increased by €42 million to €2,948 million at end-June 2018. Total insurance technical reserves increased by €158 million to €12,512 million, due to the increase both in life technical reserves (other than pension entitlements) by €96 million and in non-life technical reserves by €62 million. Life technical reserves (other than pension entitlements) amounted to 68.3% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
|
Q1 2018
|
Q2 2018
|
|
Deposits
|
1,238
|
1,294
|
|
Domestic
|
798
|
813
|
|
Rest of the world
|
440
|
481
|
|
Debt Securities
|
10,142
|
10,107
|
|
Domestic
|
3,974
|
4,022
|
|
Rest of the world
|
6,168
|
6,084
|
|
Investment fund shares
|
2,789
|
2,850
|
|
Domestic
|
903
|
894
|
|
Rest of the world
|
1,886
|
1,956
|
|
Shares and other equity excluding investment fund shares
|
522
|
537
|
|
Domestic
|
405
|
420
|
|
Rest of the world
|
117
|
117
|
|
Fixed assets (net of depreciation)
|
617
|
608
|
|
Financial Derivatives
|
6
|
3
|
|
Loans
|
133
|
131
|
|
Prepayments of insurance premiums
|
427
|
487
|
|
Other assets
|
1,078
|
1,054
|
|
Total Assets / Liabilities
|
16,953
|
17,071
|
|
|
Q1 2018
|
Q2 2018
|
|
LIABILITIES
|
|
|
|
Equity
|
2,906
|
2,948
|
|
Insurance technical reserves
|
12,354
|
12,512
|
|
Life insurance technical reserves
|
9,251
|
9,347
|
|
of which Pension entitlements
|
805
|
805
|
|
Non-life insurance technical reserves
|
3,103
|
3,165
|
|
Loans
|
92
|
97
|
|
Other liabilities
|
1,600
|
1,512
|
Table 2: Net flows (2) of investments of Insurance Corporations (EUR millions)
|
Investments
|
Q1 2018
|
Q2 2018
|
|
Debt Securities
|
70
|
-16
|
|
Domestic
|
137
|
14
|
|
Rest of the world
|
-67
|
-29
|
|
Investment fund shares
|
-46
|
49
|
|
Domestic
|
15
|
-16
|
|
Rest of the world
|
-61
|
65
|
|
Shares and other equity excluding investment fund shares
|
4
|
11
|
|
Domestic
|
1
|
9
|
|
Rest of the world
|
3
|
2
|
The complete data set of insurance corporations is published on the Bank of Greece website and can be accessed here.
Note: The next Press Release on “Statistics on Insurance Corporations” for the third quarter of 2018 will be published on 7 December 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 and reclassification adjustments.