Press Releases

Statistics on Insurance Corporations - September 2019

02/12/2019 - Press Releases

In the third quarter of 2019, total assets of insurance corporations increased to €18,952 million from €18,401 million in the previous quarter.

In further detail, the overall deposits of insurance corporations increased by €66 million to €1,353 million in the third quarter of 2019. Deposits with domestic credit institutions increased by €107 million, while deposits with foreign credit institutions decreased by €41 million. Deposits accounted for 7.1% of total assets in the third quarter of 2019 compared with 7.0% in the previous quarter.

Total holdings of debt securities increased to €11,820 million in the third quarter of 2019 from €11,237 million in the previous quarter, mainly due to the increase in the prices as well as to the net purchases of Greek government bonds. Debt securities amounted to 62.4% of total assets at end-September 2019 from 61.1% in the previous quarter.

Total holdings of investment fund shares decreased to €2,959 million from €2,991 million in the previous quarter. Investment fund shares accounted for 15.6% of total assets at the end of the third quarter of 2019 from 16.3% in the previous quarter. The decrease in the value of the total holdings is mainly due to the net sales of domestic and foreign investment fund shares.

Total holdings of shares and other equity, excluding mutual funds shares, remained unchanged at €597 million compared with the previous quarter and accounted for 3.1% of total assets from 3,2% in the previous quarter.

On the liabilities side, own funds increased by €105 million to €3,133 million at end-September 2019. Total insurance technical reserves increased by €514 million to €14,128 million, mainly due to the increase of life technical reserves by €462 million. Νon-life insurance technical reserves increased by €52 million from the previous quarter to €3,109 million. Life technical reserves (other than pension entitlements) accounted for 72% of total technical reserves.

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

Q2 2019

Q3 2019

Assets

 

 

Deposits

1,287

1,353

Domestic

840

947

Rest of the world

447

406

Debt Securities

11,237

11,820

Domestic

4,848

5,362

Rest of the world

6,389

6,458

Investment Fund Shares

2,991

2,959

Domestic

955

936

Rest of the world

2,036

2,024

Shares and other equity excluding investment fund shares

597

597

Domestic

454

437

Rest of the world

144

159

Fixed assets (net of depreciation)

650

646

Financial Derivatives

12

3

Loans

173

176

Prepayments of insurance premiums

418

434

Other Assets

1,037

965

Total Assets / Liabilities

18,401

18,952

Liabilities

 

 

Own Funds

3,028

3,133

Insurance technical reserves

13,614

14,128

Life insurance technical reserves

10,557

11,019

of which Pension entitlements

842

845

Non-Life insurance technical reserves

3,057

3,109

Loans

113

142

Other liabilities

1,646

1,550


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

Investments

Q2 2019

Q3 2019

Debt Securities

168

174

Domestic

117

220

Rest of the world

51

-46

Investment fund shares

31

-88

Domestic

-2

-46

Rest of the world

33

-42

Shares and other equity excluding investment fund shares

30

9

Domestic

26

-6

Rest of the world

4

15


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:

http://www.bankofgreece.gr/Pages/en/Statistics/nomonetary/default.aspx

Note: The next Press Release on “Statistics on Insurance Corporations” for the fourth quarter of 2019 will be published on 3 March 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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