Press Releases

  • Share:

Statistics on Insurance Corporations: December 2019

03/03/2020 - Press Releases

Statistics on Insurance Corporations [1] - December 2019  

In the fourth quarter of 2019, total assets of insurance corporations decreased to €18,882 million from €18,952 million in the previous quarter.

In further detail, the overall deposits of insurance corporations decreased by €130 million to €1,223 million in the fourth quarter of 2019. Deposits with domestic credit institutions decreased by €59 million, while deposits with foreign credit institutions decreased by €71 million. Deposits accounted for 6.5% of total assets in the fourth quarter of 2019 compared with 7.1% in the previous quarter.

Total holdings of debt securities amounted to €11,822 million in the fourth quarter of 2019 from €11,820 million in the previous quarter, as the net purchases of securities were offset by a reduction in their prices. Debt securities amounted to 62.6% of total assets at end-December 2019 from 62.4% in the previous quarter.

Total holdings of investment fund shares increased to €2,977 million from €2,959 million in the previous quarter. Investment fund shares accounted for 15.8% of total assets at the end of the fourth quarter of 2019 from 15.6% in the previous quarter. The increase in the value of the total holdings is due to the increase in the prices of foreign investment fund shares.

Total holdings of shares and other equity, excluding mutual funds shares, increased to €639 million in the fourth quarter of 2019 compared with €597 million in the previous quarter and accounted for 3.4% of total assets from 3.2% in the previous quarter.

On the liabilities side, own funds increased by €47 million to €3,180 million at end-December 2019. Total insurance technical reserves decreased by €107 million to €14,021 million, mainly due to the decrease of life technical reserves by €88 million. Νon-life insurance technical reserves decreased by €19 million from the previous quarter to €3,090 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)

Q3 2019

Q4 2019

Assets

 

 

Deposits

1,353

1,223

Domestic

947

888

Foreign

406

335

Debt Securities

11,820

11,822

Domestic

5,362

5,396

Foreign

6,458

6,426

Investment Fund Shares

2,959

2,977

Domestic

936

928

Foreign

2,024

2,049

Shares and other equity excluding investment fund shares

597

639

Domestic

437

458

Foreign

159

181

Fixed assets (net of depreciation)

646

671

Financial Derivatives

3

3

Loans

176

166

Prepayments of insurance premiums

434

435

Other Assets

965

947

Total Assets / Liabilities

18,952

18,882

Liabilities

 

 

Own Funds

3,133

3,180

Insurance technical reserves

14,128

14,021

Life insurance technical reserves

11,019

10,931

of which Pension entitlements

845

842

Non-Life insurance technical reserves

3,109

3,090

Loans

142

138

Other liabilities

1,550

1,542


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

Investments

Q3 2019

Q4 2019

Debt Securities

169

191

Domestic

220

73

Foreign

-52

119

Investment fund shares

-88

-17

Domestic

-46

-16

Foreign

-42

0

Shares and other equity excluding investment fund shares

9

12

Domestic

-6

0

Foreign

15

12


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 first quarter of 2020 will be published on 5 June 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.

 

This website uses cookies for the optimization of you user experience. Learn More
I Accept