Financial assets of insurance corporations – France 2019Q3

Published on 01/13/2020
Insurers' financial investments pass the €2,700 billion mark

At the end of September 2019, the outstanding amount of French insurance companies' financial investments reaches a new high of €2,718 billion. The increase of €66 billion is evenly distributed between rise in assets prices (+ €35 billion) and net purchases (+ €31 billion).

The valuation of long-term debt securities rises particularly (+ €23 billion) due to a further easing of long-term interest rates (decrease by 27 basis points in the 10-year OAT in the third quarter). The valuations of non-money market funds (+ €10.1 billion) and listed shares (+ €3.1 billion) also increase with the rise in equity markets.

Net purchases of long-term debt securities strengthen (+ €20.5 billion, after + €5.9 billion), as do net sales of short-term debt securities (- €4.1 billion, after - €1.4 billion). Insurers are still net purchasers of investment fund shares (+ €9.4 billion, after + €8.2 billion). Net purchases of financial investments in securities issued by residents rebound this quarter (+ €11.9 billion) after a lackluster 2nd quarter (+ €2.4 billion), while net purchases of securities issued by general government return to positive territory (+ €6.3 billion, after - €5.9 billion).

Transactions of financial portfolio assets1 of insurance corporations (in billions of euros)
By category of issuers (2)
By geographical area
1. Debt securities, equities and investment fund shares
2. The unallocated of the graph by category of issuers corresponds to bonds and equities issued outside the euro area.
Financial assets of insurance corporations - 2nd 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 1.5 0.0 34 1.3 0.0 16 2.8 0.0 50
Debt securities
< ou= 1 year (original maturity) -4.1 0.0 19 0.0 0.0 1 -4.1 0.0 20
> ou= 1 year (original maturity) 22.2 22.2 1,491 -1.7 1.0 118 20.5 23.2 1,609
Loans 1.1 0.0 44 0.1 0.0 10 1.3 0.0 54
Equity
Listed shares -0.3 2.9 76 -0.2 0.2 14 -0.5 3.1 90
Unlisted shares 0.7 0.4 57 -0.1 -1.2 25 0.6 -0.8 82
Others shares 0.2 0.0 22 0.0 -0.1 23 0.2 -0.1 45
Investment
Money market funds 0.5 -0.2 98 2.4 0.0 10 2.9 -0.2 108
Non money market funds 6.2 9.7 618 0.2 0.4 37 6.5 10.1 654
Financial derivatives 0.8 6 0.0 0 0.8 6
Total 28.8 35.1 2,465 2.1 0.3 252 30.9 35.3 2,718

Financial portfolio assets by type of assets
After the implementation of a look-through approach3, debt securities account for 73% of insurers' portfolio, equities represent 15% and the remaining 12% is made up of mutual fund shares.

47% of the portfolio is invested in assets issued by residents, 41% in assets issued by non-residents and 12% in unallocated mutual fund shares.

Investments finance mainly general government (30%), non-financial corporations (23%), banks and other monetary financial institutions MFIs (17%), and financial corporations (18%).

Financial portfolio assets by geographical area
Financial portfolio assets by issuers
3. 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 12% 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 +13 basis points (60% to 73%).
Date of next publication: 14 April 2020
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STAT INFO - 3th quarter 2019
Financial assets of insurance corporations

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Financial assets of insurance corporations - France
  • Published on 01/13/2020
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Published on Monday, January 13, 2020