Bank of Greece

08/31/2020 | Press release | Distributed by Public on 08/31/2020 05:10

Statistics on Insurance Corporations: Q2 2020

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Statistics on Insurance Corporations: Q2 2020

31/08/2020 - Press Releases

Statistics on Insurance Corporations[1]- Q2 2020

In the second quarter of 2020, total assets of insurance corporations increased to €19,086 million from €18,419 million in the previous quarter.

In further detail, the overall deposits of insurance corporations increased by €188 million to €1,421 million at the end of the second quarter of 2020. Deposits with domestic credit institutions increased by €70 million, while deposits with foreign credit institutions increased by €119 million. Deposits accounted for 7.4% of total assets in the second quarter of 2020 compared with 6.7% in the previous quarter.

Total holdings of debt securities increased to €12,153 million in the second quarter of 2020 from €11,756 million in the previous quarter; their total increase is due both to the rise in the prices of debt securities and net purchases of foreign debt securities, which were partially counterbalanced by net sales of domestic debt securities. Debt securities' share in total assets came to 63.7% at end the end of the second quarter of 2020 from 63.8% in the previous quarter.

Total holdings of investment fund shares increased to €2,679 million from €2,573 million in the previous quarter. Their share in total assets remained unchanged at 14.0%. The increased value of the total holdings is due to higher prices of investment fund shares.

Total holdings of shares and other equity excluding mutual funds shares increased to €599 million in the second quarter of 2020 compared with €563 million in the previous quarter, while their respective share in total assets remained unchanged at 3.1%.

On the liabilities side, own funds increased by €238 million to €3,114 million at the end of the second quarter of 2020. Total insurance technical reserves increased by €461 million to €14,381 million, due to the increase in life technical reserves by €484 million. Νon-life insurance technical reserves decreased by €23 million to €3,066 million. Life technical reserves (other than pension entitlements) accounted for 72.1% of total technical reserves.

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

Q1 2020

Q2 2020

Assets

Deposits

1,233

1,421

Domestic

845

915

Foreign

387

506

Debt Securities

11,756

12,153

Domestic

5,258

5,095

Foreign

6,497

7,058

Investment Fund Shares

2,573

2,679

Domestic

779

834

Foreign

1,794

1,845

Shares and other equity excluding investment fund shares

563

599

Domestic

404

423

Foreign

159

176

Fixed assets (net of depreciation)

691

689

Financial Derivatives

3

5

Loans

164

164

Prepayments of insurance premiums

417

410

Other Assets

1,020

964

TotalAssets/ Liabilities

18,419

19,086

Liabilities

Own Funds

2,876

3,114

Insurance technical reserves

13,920

14,381

Life insurance technical reserves

10,831

11,315

of which Pension entitlements

950

950

Non-Life insurance technical reserves

3,089

3,066

Loans

134

131

Other liabilities

1,487

1,460

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

Investments

Q1 2020

Q2 2020

Debt Securities

116

123

Domestic

-116

-297

Foreign

232

420

Investment fund shares

-133

-34

Domestic

-40

5

Foreign

-93

-39

Shares and other equity excluding investment fund shares

-19

10

Domestic

-14

0

Foreign

-5

10

Chart 1

Chart 2

The complete data set of insurance corporations is published on the Bank of Greece website and can be accessed here.

Note: The next Press Release on 'Statistics on Insurance Corporations' for the third quarter of 2020 will be published on 1 December 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.