Total assets of insurance corporations in Greece increased to 17.717 billion euros in the first quarter of 2019, from 17.042 billion in the previous quarter, the Bank of Greece said in a report released on Monday.
In further detail, the central bank said that the overall deposits of insurance corporations decreased by 18 million from the previous quarter to 1.287 billion euros in the first quarter of 2019. Deposits with domestic credit institutions decreased by 66 million, while deposits with foreign credit institutions increased by 48 million. Deposits accounted for 7.3 pct of total assets in the first quarter of 2019 compared with 7.7 pct in the previous quarter.
Total holdings of debt securities increased to 10.669 billion euros in the first quarter of 2019 from 10.318 billion in the previous quarter because of net purchases of domestic debt securities. Debt securities amounted to 60.2 pct of total assets at end-March 2019 from 60.5 pct in the previous quarter.
Total holdings of investment fund shares increased to 2.890 billion euros from 2.668 billion in the previous quarter. Investment fund shares accounted for 16.3 pct of total assets at end-March 2019, compared with 15.7 pct in the previous quarter. The increase in the value of the total holdings is due to the net purchases of foreign investment fund shares.
Total holdings of shares and other equity excluding mutual funds shares increased to 536 million euros from 510 million in the previous quarter. Equity accounted for 3.0 pct of total assets at end-March 2019, unchanged from the previous quarter. The increase in the value of shares is due to the increase in the prices of shares listed in the Athens Stock Exchange.
On the liabilities side, own funds increased by 60 million to 2.832 billion euros at end-March 2019. Total insurance technical reserves increased by 535 million to 13.128 billion euros, due to the increase of 494 million in life technical reserves. On the other hand, non-life insurance technical reserves increased by 41 million from the previous quarter. Life technical reserves (other than pension entitlements) accounted for 70.2 pct of total technical reserves from 69.3 pct in the previous quarter.