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.