Press Releases

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.

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