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Statistics on Insurance Corporations: Q3 2020

12/01/2020 | 06:23am
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Statistics on Insurance Corporations: Q3 2020 01/12/2020 - Press Releases

Statistics on Insurance Corporations[1]: Q3 2020

In the third quarter of 2020, total assets of insurance corporations increased to €19,513 million from €19,085 million in the previous quarter.

In further detail, the overall deposits of insurance corporations decreased by €23 million to €1,399 million at the end of the third quarter of 2020. Deposits with domestic credit institutions decreased by €46 million, while deposits with foreign credit institutions increased by €23 million. Deposits accounted for 7.2% of total assets in the third quarter of 2020 compared with 7.5% in the previous quarter.

Total holdings of debt securities increased to €12,437 million in the third quarter of 2020 from €12,154 million in the previous quarter; their increase is due both to the rise in prices of debt securities and to net purchases of foreign debt securities, which were partially counterbalanced by net sales of domestic debt securities. Debt securities' share in total assets stood at 63.7% at end the end of the third quarter, unchanged from the previous quarter.

Total holdings of investment fund shares increased to €2,872 million from €2,679 million in the previous quarter. Their share in total assets increased to 14.7% compared with 14.0% in the previous quarter. The increase in the value of these holdings is due to net purchases of mainly foreign but also domestic investment fund shares.

Total holdings of shares and other equity excluding mutual funds shares decreased to €595 million in the third quarter of 2020 from €599 million in the previous quarter, while their share in total assets stood at 3.0%.

On the liabilities side, own funds increased by €87 million to €3,201 million at the end of the third quarter of 2020. Total insurance technical reserves increased by €226 million to €14,607 million, mainly due to the increase in life technical reserves by €190 million. Νon-life insurance technical reserves increased by €36 million to €3,102 million. Life technical reserves (other than pension entitlements) accounted for 72.3% of total technical reserves.

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

Q2 2020

Q3 2020

Assets

Deposits

1,422

1,399

Domestic

915

869

Foreign

507

530

Debt Securities

12,154

12,437

Domestic

5,095

4,899

Foreign

7,059

7,538

Investment Fund Shares

2,679

2,872

Domestic

834

885

Foreign

1,845

1,987

Shares and other equity excluding investment fund shares

599

595

Domestic

423

415

Foreign

176

180

Fixed assets (net of depreciation)

689

689

Financial Derivatives

5

10

Loans

163

164

Prepayments of insurance premiums

410

419

Other Assets

964

928

TotalAssets/ Liabilities

19,085

19,513

Liabilities

Own Funds

3,114

3,201

Insurance technical reserves

14,381

14,607

Life insurance technical reserves

11,315

11,505

of which Pension entitlements

950

950

Non-Life insurance technical reserves

3,066

3,102

Loans

132

132

Other liabilities

1,460

1,57

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

Investments

Q2 2020

Q3 2020

Debt Securities

99

196

Domestic

-297

-216

Foreign

396

412

Investment fund shares

-35

163

Domestic

5

47

Foreign

-40

116

Shares and other equity excluding investment fund shares

10

5

Domestic

0

0

Foreign

10

5

Chart 1

Chart 2

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.

Note: The next Press Release on 'Statistics on Insurance Corporations' for the fourth quarter of 2020 will be published on 3 March 2021, 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.

Disclaimer

Bank of Greece published this content on 01 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2020 11:22:02 UTC

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