Euro-pensioenfondsen hebben 1,5 biljoen in kas | Insurance | Euro

3 July 2012

PRESS RELEASE
STATISTICS ON EURO AREA INSURANCE CORPORATIONS AND PENSION FUNDS: FIRST QUARTER 2012
In the first quarter of 2012, the total financial assets of euro area insurance corporations and pension funds increased to €7,222 billion, from €6,935 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 €6,267 billion, from €6,136 billion. This increase is due almost equally to positive transactions and valuation changes. 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 Q2 Total financial assets Insurance technical reserves2 net equity of households in life insurance reserves net equity of households in pension fund reserves prepayments of insurance premiums and reserves for outstanding claims
1 2

Amounts outstanding

Transactions1

Q3 6,951 6,113 3,289 1,995 829

Q4 6,935 6,136 3,295 2,017 824 7,222 6,267 3,341 2,078 848

2012 Q1 n.a. 71 18 29 24

6,955 5,975 3,303 1,841 830

Transactions are available only for euro area insurance technical reserves. 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.

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 39% of the sector’s total financial assets at end-March 2012. The second largest category

-2-

of holdings were investment fund shares, which contributed 24% 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 €18 billion in the first quarter of 2012. The net equity of households in pension fund reserves increased by €29 billion in the same quarter, while prepayments of insurance premiums and reserves for outstanding claims increased by €24 billion. Regarding the contributions of the two sub-sectors, insurance corporations’ total financial assets accounted for €5,675 billion in March 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 €1,547 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 Reproduction is permitted provided that the source is acknowledged.

Table 1:

Assets and liabilities of euro area insurance corporations and pension funds
(EUR billions; not seasonally adjusted; amounts outstanding at the end of the period
1)

) 2011 Q3 2011 Q4 2012 Q1

2011 Q2

Total financial assets Currency and deposits of which: Deposits with euro area MFIs of which: Deposits with non-euro area residents Loans To euro area residents MFIs General government Other financial intermediaries Insurance corporations and pension funds Non-financial corporations Households To non-euro area residents Securities other than shares Issued by euro area residents MFIs General government Other financial intermediaries Insurance corporations and pension funds Non-financial corporations Issued by non-euro area residents Shares and other equity Quoted shares of which: Issued by euro area MFIs Unquoted shares Investment fund shares/units of which: Issued by euro area residents Money market fund shares of which: Issued by euro area MFIs Prepayments of insurance premiums and reserves for outstanding claims 2) of which: Euro area residents Other accounts receivable/payable and financial derivatives Non-financial assets Total liabilities Loans Securities other than shares Shares and other equity Quoted shares Unquoted shares Insurance technical reserves Net equity of households in life insurance reserves Net equity of households in pension fund reserves Prepayments of insurance premiums and reserves for outstanding claims 3) Other accounts receivable/payable and financial derivatives Net worth 4)

6,955 777 736 39 463 436 6 138 34 94 43 120 27 2,713 2,285 627 1,269 214 16 159 428 844 374 29 470 1,597 1,493 77 64 265 233 218 148 6,915 271 43 451 120 331 5,975 3,303 1,841 830

6,951 793 753 38 459 434 7 139 30 93 43 122 26 2,742 2,309 635 1,265 231 18 161 432 791 322 22 469 1,549 1,446 85 74 265 232 267 148 7,028 279 42 405 97 308 6,113 3,289 1,995 829

6,935 787 747 38 467 436 7 137 33 94 43 122 31 2,683 2,260 615 1,189 274 20 161 424 797 332 21 465 1,586 1,478 87 76 260 228 268 150 7,044 274 42 405 97 309 6,136 3,295 2,017 824

7,222 797 755 40 468 436 7 139 28 94 46 122 32 2,812 2,357 648 1,232 279 21 177 455 819 347 22 473 1,701 1,589 88 81 266 232 271 151 7,220 283 45 439 111 328 6,267 3,341 2,078 848

175 188

189 70

187 40

187 153

1) Figures may not add up due to rounding. 2) Includes reinsurance. 3) Prepayments of insurance premiums are related to non-life insurance and to reinsurance. Reserves for outstanding claims are the amounts expected to be paid out in settlement of claims, including disputed claims. 4) The net worth is calculated as the difference between total assets (financial and non-financial) and liabilities, and may also reflect statistical discrepancies.

ECB Euro area insurance corporations and pension funds statistics July 2012

S 1

Table 2:

Assets and liabilities of euro area insurance corporations and euro area pension funds
(EUR billions; not seasonally adjusted; amounts outstanding at the end of the period
1)

)

Insurance corporations

Pension funds

2011 Q4 Total financial assets Currency and deposits Loans Securities other than shares Shares and other equity Investment fund shares/units Money market fund shares Prepayments of insurance premiums and reserves for outstanding claims Other accounts receivable/payable and financial derivatives Non-financial assets Total liabilities Loans Securities other than shares Shares and other equity Net equity of households in life insurance reserves Net equity of households in pension fund reserves Prepayments of insurance premiums and reserves for outstanding claims Other accounts receivable/payable and financial derivatives Net worth 1) For footnotes, see Table 1. 5,459 589 404 2,348 663 965 81 229 181 115 5,516 249 42 400 3,295 565 822 144 57

2012 Q1 5,675 597 408 2,460 675 1,036 82 234 182 116 5,640 253 45 432 3,341 575 846 147 151

2011 Q4 1,476 198 63 336 134 621 6 31 87 35 1,528 25 0 5 0 1,452 2 43 -17

2012 Q1 1,547 200 60 352 144 665 6 31 89 35 1,580 30 0 6 0 1,502 2 40 2

Chart 1: Net equity of households in life insurance reserves: breakdown by type of policy
(percentage of total; end-December 2011)

Chart 2: Net equity of households in pension fund reserves: breakdown by type of plan
(percentage of total; end-December 2011) 3.5% Hybrid schemes 15.0% Defined contribution schemes

17.7% Unit-linked

82.3% Non-unit-linked 81.5% Defined benefit schemes

S 2

ECB Euro area insurance corporations and pension funds statistics July 2012

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