The total assets of insurance corporations increased to 18.952 billion euros in the third quarter of 2019, from 18.401 billion in the previous quarter, the Bank of Greece said on Monday.
The central bank, in a report, said that the overall deposits of insurance corporations increased by 66 million to 1.353 billion euros 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 pct of total assets in the third quarter of 2019 compared with 7.0 pct in the previous quarter.
Total holdings of debt securities increased to 11.820 billion in the third quarter of 2019 from 11.237 billion 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 pct of total assets at end-September 2019 from 61.1 pct in the previous quarter. Total holdings of investment fund shares decreased to 2.959 billion from 2.991 billion in the previous quarter. Investment fund shares accounted for 15.6 pct of total assets at the end of the third quarter of 2019 from 16.3 pct 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 pct of total assets from 3.2 pct in the previous quarter.
On the liabilities side, own funds increased by 105 million to 3.133 billion euros at end-September 2019. Total insurance technical reserves increased by 514 million to 14.128 billion, 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 billion. Life technical reserves (other than pension entitlements) accounted for 72 pct of total technical reserves.