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Financial assets of insurance corporations – France 2017Q4

Published on 04/12/2018
In 2017, insurers mostly invested in mutual funds
At the end of December 2017, financial assets of French insurance corporations reached €2,503 billion, almost unchanged from the previous quarter (€2,502 billion), due to positive valuation effects (+ €6,6 billion) largely offset by net sales of assets (- €5,6 billion).

Over one year, insurers purchases amounted to €36 billion, and were mainly targeted towards non-MMF investment fund shares (+ €37 billion) and MMF investment fund shares (+ €15 billion). At the same time, they sold debt securities (- €16 billion) and listed shares (- €4 billion). Non-MMF investment fund shares which were bought were mainly invested in real estate funds (+ €11 billion), mixed funds (+ €10 billion) and bond funds (+ €9 billion).

Financial portfolio assets by type of assets
After the implementation of a look-through approach (1), debt securities accounted for 73% of insurer's portfolio. Equities represented 15% of the portfolio. The 12% residual amount invested in non-resident investments funds shares could not be allocated.

47% of the portfolio was invested in assets issued by residents and 41% in assets issued by non-residents.

General governments were the main issuers (28%), followed by NFCs (24%), MFIs (20%) and financial corporations (16%).
Financial portfolio assets by geographical area
Financial portfolio assets by issuers
(1) The look-through approach consists in replacing the resident mutual funds shares in the insurance portfolios by the final investments of mutual funds. 12% of these mutual funds shares (mainly non-resident) cannot be allocated with this approach. After a look through approach, the share of equities increased by +7 points (8% to 15%) and the share of debt securities by +10 points (63% to 73%).

NB: The data contained in Webstat have been revised compared with the previous quarter. Notably, reinsurance corporations have been excluded from the look-through approach for making consistent the companies' coverage before and after the look-through approach.
Financial assets of insurance corporations - 4th quarter 2017
(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 -2.2 0.0 27 -3.8 0.0 10 -6.0 0.0 37
Debt securities
< ou= 1 year (original maturity) -2.0 0.0 19 -0.1 0.0 0 -2.1 0.0 20
> ou= 1 year (original maturity) 0.1 1.7 1,390 2.0 0.0 109 2.1 1.8 1,500
Loans -1.9 0.0 37 0.3 0.0 9 -1.6 0.0 46
Equity
Listed shares -1.3 0.5 72 0.0 -0.2 16 -1.3 0.3 88
Unlisted shares -1.3 0.5 43 -0.6 -0.1 25 -2.0 0.4 68
Others shares 2.1 0.0 17 0.0 0.1 21 2.1 0.1 38
Investment
Money market funds -5.4 -0.1 84 -1.5 0.0 6 -6.9 -0.1 90
Non money market funds 9.5 3.6 578 0.7 0.3 36 10.3 3.8 614
Financial derivatives -0.3 0.0 4 0.1 0.0 0 -0.2 0.0 4
Total -2.9 6.2 2,271 -2.7 0.1 232 -5.6 6.3 2,503
Date of next publication : 12 July 2018
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STAT INFO - 4rd quarter 2017
Financial assets of insurance corporations

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Financial assets of insurance corporations - France
  • Published on 04/12/2018
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Published on Thursday, April 12, 2018