Statistics on Insurance Corporations: Q1 2021
02/06/2021 - Press Releases
- Total assets of insurance corporations increased by 0.8% to €20,131 million from €19,979 million in the previous quarter.
- Total insurance technical reserves decreased by €123 million to €14,764 million from 14,887 in the previous quarter.
Total assets of insurance corporations stood at €20,131 million in the first quarter of 2021, compared with €19,979 million in the previous quarter.
In further detail, the overall deposits of insurance corporations increased by €123 million to €1,537 million at the end of the first quarter of 2021. Deposits with domestic credit institutions increased slightly by €3 million, while deposits with foreign credit institutions increased by €120 million. Deposits accounted for 7.6% of total assets in the first quarter of 2021 compared with 7.1% in the previous quarter.
Total holdings of debt securities decreased to €12,246 million in the first quarter of 2021 from €12,555 million in the previous quarter. This development is mainly due to valuation effects and net sales of foreign debt securities. Debt securities’ share in total assets decreased to 60.8% at the end of the first quarter 2021, compared with 62.8% in the previous quarter.
Total holdings of investment fund shares increased to €3,469 million from €3,175 million in the previous quarter. Their share in total assets increased to 17.2% compared with 15.9% in the previous quarter. The increase in the value of these holdings is mainly due to net purchases of foreign investment fund shares.
Equity holdings increased to €702 million in the first quarter of 2021 from €650 million in the previous quarter, due mainly to the increase in domestic stock prices. Their share in total assets stood at 3.5%, compared with 3.3% in the previous quarter.
On the liabilities side, own funds increased by €205 million to €3,585 million at the end of the first quarter of 2021. Total insurance technical reserves decreased by €123 million to €14,764 million, mainly due to the decrease in life technical reserves by €117 million. Νon-life insurance technical reserves decreased by €6 million to €3,044 million. Life technical reserves (other than pension entitlements) accounted for 72.5% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
| Q4 2020 | Q1 2021 |
| Assets |
|
|
| Deposits | 1,414 | 1,537 |
| Domestic | 925 | 928 |
| Foreign | 489 | 609 |
| Debt Securities | 12,555 | 12,246 |
| Domestic | 5,252 | 5,156 |
| Foreign | 7,303 | 7,090 |
| Investment Fund Shares | 3,175 | 3,469 |
| Domestic | 980 | 1,037 |
| Foreign | 2,195 | 2,432 |
| Equity | 650 | 702 |
| Domestic | 472 | 508 |
| Foreign | 178 | 194 |
| Fixed assets (net of depreciation) | 694 | 693 |
| Financial Derivatives | 5 | 9 |
| Loans | 241 | 202 |
| Prepayments of insurance premiums | 408 | 418 |
| Other Assets | 837 | 855 |
| Total Assets / Liabilities | 19,979 | 20,131 |
| Liabilities |
|
|
| Own Funds | 3,380 | 3,585 |
| Insurance technical reserves | 14,887 | 14,764 |
| Life insurance technical reserves | 11,837 | 11,720 |
| of which Pension entitlements | 1,025 | 1,020 |
| Non-Life insurance technical reserves | 3,050 | 3,044 |
| Loans | 129 | 129 |
| Other liabilities | 1,580 | 1,654 |
Table 2: Net flows of investments of Insurance Corporations (EUR millions)
| Investments | Q4 2020 | Q1 2021 |
| Debt Securities | -24 | -111 |
| Domestic | 283 | -43 |
| Foreign | -307 | -68 |
| Investment fund shares | 169 | 207 |
| Domestic | 34 | 23 |
| Foreign | 135 | 184 |
| Equity | 6 | 17 |
| Domestic | 13 | 4 |
| Foreign | -7 | 13 |
Chart 1
Chart 2
Notes:
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.
Further Information:
The complete data set of insurance corporations is published in the sub-section Aggregated balance sheet of insurance corporations on the Bank of Greece website.
The next Press Release on “Statistics on Insurance Corporations” for the first quarter of 2021 will be published on 30 August 2021, according to the Advance release calendar, as published on the Bank of Greece website.