By 9 January 2013
PRESS RELEASE STATISTICS ON EURO AREA INSURANCE CORPORATIONS AND PENSION FUNDS: THIRD QUARTER 2012In the third quarter of 2012, the total financial assets of euro area insurance corporations and pension funds increased to €7,500 billion, from €7,296 billion in the previous quarter. Over the same period, the insurance technical reserves, which are the main liabilities of insurance corporations and pension funds, increased to
€6,360 billion, from €6,320 billion, mainly due to positive transactions.
Selected balance sheet items of insurance corporations and pension funds(EUR billions; not seasonally adjusted; amounts outstanding at the end of the period; transactions during the period)
Amounts outstanding 2011 2012 Q4 Q1 Q2 Total financial assets 6,974 7,236 7,296 Insurance technical reserves2 6,133 6,247 6,320 net equity of households in life insurance 3,299 3,340 3,342 reserves net equity of households in pension fund reserves 2,006 2,061 2,131 prepayments of insurance premiums and reserves for outstanding claims 827 846 847 | Amounts outstanding Transactions1 |
Amounts outstanding 2011 2012 Q4 Q1 Q2 Total financial assets 6,974 7,236 7,296 Insurance technical reserves2 6,133 6,247 6,320 net equity of households in life insurance 3,299 3,340 3,342 reserves net equity of households in pension fund reserves 2,006 2,061 2,131 prepayments of insurance premiums and reserves for outstanding claims 827 846 847 | 2012 Q3 |
Amounts outstanding 2011 2012 Q4 Q1 Q2 Total financial assets 6,974 7,236 7,296 Insurance technical reserves2 6,133 6,247 6,320 net equity of households in life insurance 3,299 3,340 3,342 reserves net equity of households in pension fund reserves 2,006 2,061 2,131 prepayments of insurance premiums and reserves for outstanding claims 827 846 847 | 7,500 n.a. 6,360 31 3,395 22 2,121 11 844 -3 |
1 Transactions are available only for euro area insurance technical reserves. 2 Insurance technical reserves contain the provisions against policyholders or beneficiaries set aside by insurers and pension funds to meet future obligations. This item also includes prepayments of insurance premiums, which are related to non -life insurance and to reinsurance, and reserves for outstanding claims, which are the amounts expected to be paid out in settlement of claims, including disputed claims. |
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Regarding the breakdown of the assets of the aggregated balance sheet of euro area insurance corporations and pension funds, holdings of securities other than shares accounted for 40% of the sector's total financial assets at end-September 2012. The second largest category of holdings were investment fund shares, which contributed
23% to the total financial assets. Finally, shares and other equity accounted for 11% of the total financial assets.
Turning to transactions in the main breakdowns of the insurance technical reserves, the net equity of households in life insurance reserves increased by €22 billion in the third quarter of 2012. The net equity of households in pension fund reserves increased by
€11 billion in the same quarter, while prepayments of insurance premiums and reserves for outstanding claims decreased by €3 billion.
Regarding the contributions of the two sub-sectors, insurance corporations' total financial assets accounted for €5,896 billion in September 2012, representing 79% of the aggregated balance sheet of the insurance corporations and pension funds sector, while the pension funds´ total financial assets amounted to €1,604 billion.
Notes
Further predefined tables, statistical data and methodological notes, as well as the advance release calendar, are available on the ECB's website at http://www.ecb.europa.eu/stats/money/icpf/html/index.en.html.
European Central Bank
Directorate Communications / Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: + 49 69 1344 7404
Internet: http://www.ecb.europa.eu
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