Statistics on Insurance Corporations – September 2019
In the third quarter of 2019, total assets of insurance corporations increased to €18,952 million from €18,401 million in the previous quarter.
In further detail, the overall deposits of insurance corporations increased by €66 million to €1,353 million in the third quarter of 2019. Deposits with domestic credit institutions increased by €107 million, while deposits with foreign credit institutions decreased by €41 million. Deposits accounted for 7.1% of total assets in the third quarter of 2019 compared with 7.0% in the previous quarter.
Total holdings of debt securities increased to €11,820 million in the third quarter of 2019 from €11,237 million in the previous quarter, mainly due to the increase in the prices as well as to the net purchases of Greek government bonds. Debt securities amounted to 62.4% of total assets at end-September 2019 from 61.1% in the previous quarter.
Total holdings of investment fund shares decreased to €2,959 million from €2,991 million in the previous quarter. Investment fund shares accounted for 15.6% of total assets at the end of the third quarter of 2019 from 16.3% in the previous quarter. The decrease in the value of the total holdings is mainly due to the net sales of domestic and foreign investment fund shares.
Total holdings of shares and other equity, excluding mutual funds shares, remained unchanged at €597 million compared with the previous quarter and accounted for 3.1% of total assets from 3,2% in the previous quarter.
On the liabilities side, own funds increased by €105 million to €3,133 million at end-September 2019. Total insurance technical reserves increased by €514 million to €14,128 million, mainly due to the increase of life technical reserves by €462 million. Νon-life insurance technical reserves increased by €52 million from the previous quarter to €3,109 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)
Q2 2019
Q3 2019
Assets
Deposits
1,287
1,353
Domestic
840
947
Rest of the world
447
406
Debt Securities
11,237
11,820
Domestic
4,848
5,362
Rest of the world
6,389
6,458
Investment Fund Shares
2,991
2,959
Domestic
955
936
Rest of the world
2,036
2,024
Shares and other equity excluding investment fund shares
597
597
Domestic
454
437
Rest of the world
144
159
Fixed assets (net of depreciation)
650
646
Financial Derivatives
12
3
Loans
173
176
Prepayments of insurance premiums
418
434
Other Assets
1,037
965
Total Assets / Liabilities
18,401
18,952
Liabilities
Own Funds
3,028
3,133
Insurance technical reserves
13,614
14,128
Life insurance technical reserves
10,557
11,019
of which Pension entitlements
842
845
Non-Life insurance technical reserves
3,057
3,109
Loans
113
142
Other liabilities
1,646
1,550
Table 2: Net flows(2) of investments of Insurance Corporations (EUR millions)
Investments
Q2 2019
Q3 2019
Debt Securities
168
174
Domestic
117
220
Rest of the world
51
-46
Investment fund shares
31
-88
Domestic
-2
-46
Rest of the world
33
-42
Shares and other equity excluding investment fund shares
30
9
Domestic
26
-6
Rest of the world
4
15
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