Bank of Greece

06/02/2021 | Press release | Distributed by Public on 06/02/2021 04:14

Statistics on Insurance Corporations: Q1 2021

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Statistics on Insurance Corporations: Q1 2021

02/06/2021 - Press Releases

  • Total assets of insurance corporations increased by 0.8% to €20,131 million from €19,979 million in the previous quarter.
  • Total insurance technical reserves decreased by €123 million to €14,764 million from 14,887 in the previous quarter.

Total assets of insurance corporations stood at €20,131 million in the first quarter of 2021, compared with €19,979 million in the previous quarter.

In further detail, the overall deposits of insurance corporations increased by €123 million to €1,537 million at the end of the first quarter of 2021. Deposits with domestic credit institutions increased slightly by €3 million, while deposits with foreign credit institutions increased by €120 million. Deposits accounted for 7.6% of total assets in the first quarter of 2021 compared with 7.1% in the previous quarter.

Total holdings of debt securities decreased to €12,246 million in the first quarter of 2021 from €12,555 million in the previous quarter. This development is mainly due to valuation effects and net sales of foreign debt securities. Debt securities' share in total assets decreased to 60.8% at the end of the first quarter 2021, compared with 62.8% in the previous quarter.

Total holdings of investment fund shares increased to €3,469 million from €3,175 million in the previous quarter. Their share in total assets increased to 17.2% compared with 15.9% 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 €702 million in the first quarter of 2021 from €650 million in the previous quarter, due mainly to the increase in domestic stock prices. Their share in total assets stood at 3.5%, compared with 3.3% in the previous quarter.

On the liabilities side, own funds increased by €205 million to €3,585 million at the end of the first quarter of 2021. Total insurance technical reserves decreased by €123 million to €14,764 million, mainly due to the decrease in life technical reserves by €117 million. Νon-life insurance technical reserves decreased by €6 million to €3,044 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)

Q4 2020

Q1 2021

Assets

Deposits

1,414

1,537

Domestic

925

928

Foreign

489

609

Debt Securities

12,555

12,246

Domestic

5,252

5,156

Foreign

7,303

7,090

Investment Fund Shares

3,175

3,469

Domestic

980

1,037

Foreign

2,195

2,432

Equity

650

702

Domestic

472

508

Foreign

178

194

Fixed assets (net of depreciation)

694

693

Financial Derivatives

5

9

Loans

241

202

Prepayments of insurance premiums

408

418

Other Assets

837

855

TotalAssets/ Liabilities

19,979

20,131

Liabilities

Own Funds

3,380

3,585

Insurance technical reserves

14,887

14,764

Life insurance technical reserves

11,837

11,720

of which Pension entitlements

1,025

1,020

Non-Life insurance technical reserves

3,050

3,044

Loans

129

129

Other liabilities

1,580

1,654

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

Investments

Q4 2020

Q1 2021

Debt Securities

-24

-111

Domestic

283

-43

Foreign

-307

-68

Investment fund shares

169

207

Domestic

34

23

Foreign

135

184

Equity

6

17

Domestic

13

4

Foreign

-7

13

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 94/16.5.2016concerning 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 first quarter of 2021 will be published on 30 August 2021, according to the Advance release calendar, as published on the Bank of Greece website.