Financial assets of insurance corporations - France 2019Q1

Financial Assets of Insurance Corporations - France - 1st quarter 2019

At the end of March 2019, French insurance companies' assets reach €2,591 billion, increasing by €93 billion as a result of positive valuations (+ €64 billion) which largely offset the decline in value of the portfolios recorded in 2018 (- €75 billion). This level of valuation is linked to the rebound in equity markets (CAC 40: + 13% in Q1) and the easing of long-term interest rates (10-year OAT: -26 basis points in Q1). In addition, net transactions amount to €28 billion.

Insurers focus their investments on money market funds (+ €16.5 billion) and long-term debt securities (+ €10.6 billion) while they disinvest from non-money market funds (- €2.6 billion) and listed shares (- €1.1 billion). More precisely, insurers sell equity funds (- €2.2 billion) and mixed funds (- €1.7 billion) but continue to buy shares in real estate funds (+ €1.5 billion).


Financial portfolio assets by type of assets
After the implementation of a look-through approach1, debt securities, i.e. mainly bonds, account for 73% of insurers' portfolio, equities 14%, the remaining 13% being invested in mutual fund shares.

48% of the portfolio is invested in assets issued by residents, 39% in assets issued by non-residents and 13% in unallocated mutual fund shares.

Financial holdings finance mainly general government (30%), NFCs (23%), banks and other monetary financial institutions_MFIs (18%), and financial corporations (16%).


Financial portfolio assets by geographical area
Financial portfolio assets by issuers
(1) The look-through approach consists, when the information is available, in replacing the resident mutual funds shares in the insurance portfolios by the final investments of mutual funds. The 13% residual amount correspond to these mutual funds shares (mainly non-resident) which cannot be allocated with this approach. After a look-through approach, the share of equities increased by +7 basis points (8% to 15%) and the one of debt securities by +10 basis points (63% to 73%).
Financial assets of insurance corporations - 1st quarter 2019
(EUR billion, outstanding amounts at market prices at end of period, variations, transactions, valuation effects during period)
Life and composite IC Non-Life IC Total IC
Flows Valuation effect Stocks Net flows Valuation effect Stocks Net flows Valuation effect Stocks
Currency and depositis 0.4 0.0 29 2.2 0.0 13 2.5 0.0 43
Debt securities
< ou= 1 year (original maturity) -0.2 0.0 24 0.1 0.0 0 0.0 0.0 25
> ou= 1 year (original maturity) 9.0 26.8 1,419 1.6 1.8 113 10.6 28.6 1,532
Loans 0.8 0.0 43 0.2 0.0 9 1.0 0.0 52
Equity
Listed shares -1.1 6.5 72 0.1 1.7 14 -1.1 8.2 86
Unlisted shares 1.2 0.2 53 -0.3 -0.6 27 0.9 -0.4 80
Others shares 0.2 0.6 20 0.1 -0.6 23 0.3 0.0 43
Investment
Money market funds 14.8 0.0 91 1.7 0.0 8 16.5 0.0 99
Non money market funds -2.4 28.1 590 -0.2 1.1 35 -2.6 29.1 626
Financial derivatives -0.2 5 0.0 0 -0.2 5
Total 22.5 62.1 2,347 5.4 3.3 243 27.9 65.4 2,591

Date of next publication : 11 October 2019
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STAT INFO - 1st quarter 2019
Financial assets of insurance corporations

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Financial assets of insurance corporations - France
  • Published on 07/11/2019
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Published on Thursday, July 11, 2019