Statistics on Insurance Corporations: Q2 2021
30/08/2021 - Press Releases
- Total assets of insurance corporations increased by 1.17% to €20,366 million from €20.131 million in the previous quarter.
- Total insurance technical reserves increased by €123 million to €14,887 million from €14,764 million in the previous quarter.
Total assets of insurance corporations increased by €235 million compared with the previous quarter and stood at €20,366 million in the second quarter of 2021.
In further detail, the overall deposits of insurance corporations increased by €63 million to €1,600 million at the end of the second quarter of 2021. Deposits with domestic credit institutions increased by €8 million to €936 million, while deposits with foreign credit institutions increased by €55 million and stood at €664 million. Deposits accounted for 7.9% of total assets in the second quarter of 2021 compared with 7.6% in the previous quarter.
Total holdings of debt securities decreased to €12,150 million in the second quarter of 2021 from €12,246 million in the previous quarter. This development is mainly due to net sales of domestic debt securities. Debt securities’ share in total assets decreased to 59.7% at the end of the second quarter 2021, compared with 60.8% in the previous quarter.
Total holdings of investment fund shares increased to €3,739 million from €3,469 million in the previous quarter. Their share in total assets increased to 18.2% compared with 17.2% 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 €726 million in the second quarter of 2021 from €702 million in the previous quarter, mainly due to price increases in domestic equities. Their share in total assets stood at 3.6%, compared with 3.5% in the previous quarter.
On the liabilities side, own funds increased by €100 million to €3,685 million at the end of the second quarter of 2021. Total insurance technical reserves increased by €123 million to €14,887 million, mainly due to the increase in life technical reserves by €130 million. Νon-life insurance technical reserves decreased by €7 million to €3,037 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)
| Q1 2021 | Q2 2021 |
| ASSETS | | |
| Deposits | 1,537 | 1,600 |
| Domestic | 928 | 936 |
| Foreign | 609 | 664 |
| Debt Securities | 12,246 | 12,150 |
| Domestic | 5,156 | 5,106 |
| Foreign | 7,090 | 7,044 |
| Investment Fund Shares | 3,469 | 3,739 |
| Domestic | 1,037 | 1,093 |
| Foreign | 2,432 | 2,646 |
| Equity | 702 | 726 |
| Domestic | 508 | 525 |
| Foreign | 194 | 201 |
| Fixed assets (net of depreciation) | 693 | 693 |
| Financial Derivatives | 9 | 4 |
| Loans | 202 | 204 |
| Prepayments of insurance premiums | 418 | 411 |
| Other Assets | 855 | 839 |
| Total Assets / Liabilities | 20,131 | 20,366 |
| LIABILITIES | | |
| Own Funds | 3,585 | 3,685 |
| Insurance technical reserves | 14,764 | 14,887 |
| Life insurance technical reserves | 11,720 | 11,850 |
| of which Pension entitlements | 1,020 | 1,020 |
| Non-Life insurance technical reserves | 3,044 | 3,037 |
| Loans | 129 | 127 |
| Other liabilities | 1,654 | 1,667 |
Table 2: Net flows of investments of Insurance Corporations (EUR millions)
| Investments | Q1 2021 | Q2 2021 |
| Debt Securities | -111 | -86 |
| Domestic | -43 | -87 |
| Foreign | -68 | 1 |
| Investment fund shares | 207 | 193 |
| Domestic | 23 | 30 |
| Foreign | 184 | 163 |
| Equity | 17 | -6 |
| Domestic | 4 | -10 |
| Foreign | 13 | 4 |
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 third quarter of 2021 will be published on 30 November 2021, according to the Advance release calendar, as published on the Bank of Greece website.