Statistics on Insurance Corporations: Q3 2020
01/12/2020 - Press Releases
Statistics on Insurance Corporations[1]: Q3 2020
In the third quarter of 2020, total assets of insurance corporations increased to €19,513 million from €19,085 million in the previous quarter.
In further detail, the overall deposits of insurance corporations decreased by €23 million to €1,399 million at the end of the third quarter of 2020. Deposits with domestic credit institutions decreased by €46 million, while deposits with foreign credit institutions increased by €23 million. Deposits accounted for 7.2% of total assets in the third quarter of 2020 compared with 7.5% in the previous quarter.
Total holdings of debt securities increased to €12,437 million in the third quarter of 2020 from €12,154 million in the previous quarter; their increase is due both to the rise in prices of debt securities and to net purchases of foreign debt securities, which were partially counterbalanced by net sales of domestic debt securities. Debt securities’ share in total assets stood at 63.7% at end the end of the third quarter, unchanged from the previous quarter.
Total holdings of investment fund shares increased to €2,872 million from €2,679 million in the previous quarter. Their share in total assets increased to 14.7% compared with 14.0% in the previous quarter. The increase in the value of these holdings is due to net purchases of mainly foreign but also domestic investment fund shares.
Total holdings of shares and other equity excluding mutual funds shares decreased to €595 million in the third quarter of 2020 from €599 million in the previous quarter, while their share in total assets stood at 3.0%.
On the liabilities side, own funds increased by €87 million to €3,201 million at the end of the third quarter of 2020. Total insurance technical reserves increased by €226 million to €14,607 million, mainly due to the increase in life technical reserves by €190 million. Νon-life insurance technical reserves increased by €36 million to €3,102 million. Life technical reserves (other than pension entitlements) accounted for 72.3% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
| Q2 2020 | Q3 2020 |
| Assets | | |
| Deposits | 1,422 | 1,399 |
| Domestic | 915 | 869 |
| Foreign | 507 | 530 |
| Debt Securities | 12,154 | 12,437 |
| Domestic | 5,095 | 4,899 |
| Foreign | 7,059 | 7,538 |
| Investment Fund Shares | 2,679 | 2,872 |
| Domestic | 834 | 885 |
| Foreign | 1,845 | 1,987 |
| Shares and other equity excluding investment fund shares | 599 | 595 |
| Domestic | 423 | 415 |
| Foreign | 176 | 180 |
| Fixed assets (net of depreciation) | 689 | 689 |
| Financial Derivatives | 5 | 10 |
| Loans | 163 | 164 |
| Prepayments of insurance premiums | 410 | 419 |
| Other Assets | 964 | 928 |
| Total Assets / Liabilities | 19,085 | 19,513 |
| Liabilities | | |
| Own Funds | 3,114 | 3,201 |
| Insurance technical reserves | 14,381 | 14,607 |
| Life insurance technical reserves | 11,315 | 11,505 |
| of which Pension entitlements | 950 | 950 |
| Non-Life insurance technical reserves | 3,066 | 3,102 |
| Loans | 132 | 132 |
| Other liabilities | 1,460 | 1,57 |
Table 2: Net flows[2] of investments of Insurance Corporations (EUR millions)
| Investments | Q2 2020 | Q3 2020 |
| Debt Securities | 99 | 196 |
| Domestic | -297 | -216 |
| Foreign | 396 | 412 |
| Investment fund shares | -35 | 163 |
| Domestic | 5 | 47 |
| Foreign | -40 | 116 |
| Shares and other equity excluding investment fund shares | 10 | 5 |
| Domestic | 0 | 0 |
| Foreign | 10 | 5 |
Chart 1
Chart 2
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.
Note: The next Press Release on “Statistics on Insurance Corporations” for the fourth quarter of 2020 will be published on 3 March 2021, 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.