In the fourth quarter of 2012, the total financial assets of euro area insurance corporations and pension funds increased to €7,623bn, from €7,523bn 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 €6,461bn, from €6,388bn, mainly due to positive transactions.
Selected balance sheet items of insurance corporations and pension funds (EURbns; not seasonally adjusted; amounts outstanding at the end of the period; transactions during the period)
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-December 2012. The second largest category 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 €16bn in the fourth quarter of 2012.
The net equity of households in pension fund reserves increased by €31bn in the same quarter, while prepayments of insurance premiums and reserves for outstanding claims increased by €6bn.
Regarding the contributions of the two sub-sectors, insurance corporations’ total financial assets accounted for €5,928bn in December 2012, representing 78% of the aggregated balance sheet of the insurance corporations and pension funds sector, while the pension funds´ total financial assets amounted to €1,695bn.
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