Press Releases

Statistics on Insurance Corporations: June 2019

02/09/2019 - Press Releases

: Statistics on Insurance Corporations[1] - June 2019

In the second quarter of 2019, total assets of insurance corporations increased to €18,401 million from €17,717 million in the previous quarter.

In further detail, the overall deposits of insurance corporations remained unchanged at €1,287 million in the second quarter of 2019. Deposits with domestic credit institutions decreased by €13 million, while deposits with foreign credit institutions increased by €13 million. Deposits accounted for 7.0% of total assets in the second quarter of 2019 compared with 7.3% in the previous quarter.

Total holdings of debt securities increased to €11,237 million in the second quarter of 2019 from €10,669 million in the previous quarter mainly due to the increase in the prices of Greek government and euro area bonds and  to the net purchases of Greek government bonds. Debt securities amounted to 61.1% of total assets at end-June 2019 from 60.2% in the previous quarter.

Total holdings of investment fund shares increased to €2,989 million from €2,890 million in the previous quarter. Investment fund shares accounted for 16.2% of total assets at end-June 2019 from 16.3% in the previous quarter. The increase in the value of the total holdings is mainly due to the increase in the prices of domestic investment fund shares.

Total holdings of shares and other equity excluding mutual funds shares increased to €599 million from €536 million in the previous quarter. Shares accounted for 3.3% of total assets at end-June 2019 from 3.0% of the previous quarter. The increase in the value of shares is due to the increase in the prices of shares listed in the Athens Stock Exchange and to net purchases of domestic shares.

On the liabilities side, own funds increased by €196 million to €3,028 million at end-June 2019. Total insurance technical reserves increased by €486 million to €13,614 million, due to the increase of life technical reserves. On the other hand, non-life insurance technical reserves decreased by €12 million from the previous quarter. Life technical reserves (other than pension entitlements) accounted for 71.4% of total technical reserves from 70.2% in the previous quarter.

 

 

Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)

 

	Q1 2019	Q2 2019
Assets
Deposits	1,287	1,287
Domestic	851	838
Rest of the world	436	449
Debt Securities	10,669	11,237
Domestic	4,444	4,848
Rest of the world	6,225	6,389
Investment Fund Shares	2,890	2,989
Domestic	904	955
Rest of the world	1,986	2,034
Shares and other equity excluding investment fund shares	536	599
Domestic	395	454
Rest of the world	141	146
Fixed assets (net of depreciation)	625	650
Financial Derivatives	10	12
Loans	176	173
Prepayments of insurance premiums	449	418
Other Assets	1,074	1,037
Total Assets / Liabilities	17,717	18,401
Liabilities
Own Funds	2,832	3,028
Insurance technical reserves	13,128	13,614
Life insurance technical reserves	10,059	10,557
of which Pension entitlements	841	842
Non-Life insurance technical reserves	3,069	3,057
Loans	98	113
Other liabilities	1,659	1,646

 

 

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

Investments	Q1 2019	Q2 2019
Debt Securities	92	170
Domestic	153	117
Rest of the world	-60	53
Investment fund shares	157	31
Domestic	-2	-2
Rest of the world	158	33
Shares and other equity excluding investment fund shares	-2	30
Domestic	-2	26
Rest of the world	1	4

 

 

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 third quarter of 2019 will be published on 2 December 2019.