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Insurance corporations assets slightly down in Q3, BoG report says

Insurance corporations assets slightly down in Q3, BoG report says

Insurance corporations total assets stood at 17.042 billion euros in the third quarter of 2018, from 17.071 billion in the previous quarter, the Bank of Greece said on Friday.

The central bank, in a report, said that the overall deposits of insurance corporations decreased by 132 million euros, compared to the previous quarter, and stood at 1,162 million at the end of the third quarter of 2018. It should be noted that deposits with domestic credit institutions increased by 27 million, whereas deposits with foreign credit institutions decreased by 158 million euros. Deposits amounted to 6.8 pct of total assets in the third quarter of 2018 compared with 7.6 pct in the previous quarter.

Total holdings of debt securities increased to 10.198 billion euros in the third quarter of 2018 from 10.107 billion in the previous quarter. Debt securities amounted to 59.8 pct of total assets at end-June 2018 from 59.2 pct in the previous quarter. This development reflects the net purchases of mainly domestic debt securities.

Total holdings of investment fund shares increased to 2.878 billion euros from 2.850 billion in the previous quarter. Investment fund shares amounted to 16.9 pct of total assets at end-September 2018, compared with 16.7 pct at end-June 2018. The increase in the value of investment fund shares is mainly due to the net purchase of foreign fund shares (13 million euros).

Total holdings of shares and other equity excluding mutual funds shares decreased to 523 million euros compared with 537 million in the previous quarter. Equity amounted to 3.1 pct of total assets at end-September 2018, unchanged from the previous quarter. The decrease in the value of shares and other equity is mainly due to the decrease in market prices of domestic equities.

On the liabilities side, equity decreased by 79 million euros to 2.869 billion at end-September 2018. Total insurance technical reserves decreased by 8 million to 12.504 billion euros, mainly due to the decrease in non-life technical reserves by 37 million, while life technical reserves increased by 29 million. Life technical reserves (other than pension entitlements) amounted to 68.6 pct of total technical reserves from 68.3 pct in the previous quarter.

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