Statistics on Insurance Corporations - March 2018
12/06/2018 - Press Releases
Statistics on Insurance Corporations (1) - March 2018
In the first quarter of 2018, total assets of insurance corporations increased to €16,953 million, from €16,894 million in the previous quarter.
In further detail, the overall deposits of insurance corporations increased by €77 million, compared to the previous quarter, and stood at €1,238 million at the end of the first quarter of 2018. It should be noted that deposits with domestic credit institutions decreased by €6 million, whereas deposits with foreign credit institutions increased by €83 million. Deposits amounted to 7.3% of total assets in the first quarter of 2018 compared with 6.9% in the previous quarter.
Total holdings of debt securities marginally decreased to €10,142 million in the first quarter of 2018 from €10,145 million in the previous quarter. Debt securities amounted to 59.8% of total assets at end-March 2018 from 60.1% in the previous quarter. This development reflects on the one hand the decrease in the prices of Greek government bonds and on the other the net sales of foreign debt securities, which were counterbalanced by net purchases of domestic government securities.
Total holdings of investment fund shares decreased to €2,790 million compared with €2,851 million in the previous quarter. Investment fund shares amounted to 16.5% of total assets at end-March 2018, compared with 16.9% at end-December 2017. The decrease in the value of investment fund shares is due on the one hand to the reduction in their prices and on the other to the net sales of foreign fund shares (€37 million).
Total holdings of shares and other equity excluding mutual funds stood at €522 million, almost unchanged from the previous quarter. Equity amounted to 3.1% of total assets at end-March 2018, unchanged from the previous quarter.
The prepayments of insurance premiums increased to €427 million from €408 million in the previous quarter. The amount of loans decreased by €5 million to €133 million, while other assets increased by €42 million to €1,078 million.
On the liabilities’ side, equity decreased by €39 million to 2,906 million at end-March 2018. Total insurance technical reserves increased by €138 million to €12,354 million, mainly due to the increase in life technical reserves (other than pension entitlements) which account for 68.4% of total technical reserves.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
|
Q4 2017
|
Q1 2018
|
|
Deposits
|
1.161
|
1.238
|
|
Domestic
|
804
|
798
|
|
Rest of the world
|
357
|
440
|
|
Securities other than shares and derivatives
|
10.145
|
10.142
|
|
Domestic
|
3.855
|
3.974
|
|
Rest of the world
|
6.290
|
6.168
|
|
Investment funds shares/units
|
2.851
|
2.790
|
|
Domestic
|
900
|
903
|
|
Rest of the world
|
1.951
|
1.887
|
|
Shares and other equity excluding mutual funds units
|
521
|
522
|
|
Domestic
|
406
|
405
|
|
Rest of the world
|
115
|
116
|
|
Fixed assets (net of depreciation)
|
631
|
617
|
|
Financial Derivatives
|
3
|
6
|
|
Loans
|
138
|
133
|
|
Prepayments of insurance premiums
|
408
|
427
|
|
Other assets
|
1.036
|
1.078
|
|
Total Assets / Liabilities
|
16.894
|
16.953
|
LIABILITIES
|
|
|
|
Equity
|
2.945
|
2.906
|
|
Insurance technical reserves
|
12.216
|
12.354
|
|
Life insurance technical reserves
|
9.126
|
9.251
|
|
of which Pension entitlements
|
805
|
805
|
|
Non-life insurance technical reserves
|
3.090
|
3.103
|
|
Loans
|
91
|
92
|
|
Other liabilities
|
1.640
|
1.600
|
Table 2: Net flows (2) of investments of Insurance Corporations (EUR millions)
|
Investments
|
Q4 2017
|
Q1 2018
|
|
Securities other than shares and derivatives
|
209
|
69
|
|
Domestic
|
-14
|
189
|
|
Rest of the world
|
223
|
-119
|
|
Investment funds shares/units
|
56
|
-24
|
|
Domestic
|
35
|
13
|
|
Rest of the world
|
21
|
-37
|
|
Shares and other equity excluding mutual funds units
|
5
|
4
|
|
Domestic
|
6
|
1
|
|
Rest of the world
|
-1
|
3
|
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 second quarter of 2018 will be published on 10 September 2018.
(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 adjustments.