Financial assets of insurance corporations - France 2020Q2
Mise en ligne le 9 Octobre 2020
Insurers' assets gain 83 billion in the 2nd quarter 2020, i.e. an increase of 3% over the quarter
At end-June 2020, insurers' financial investments amount to €2,672 billion, up €83 billion through positive valuation effects (+€74 billion) that significantly offset the decline in the first quarter (-€129 billion).
In terms of transaction flows, insurers record net investments of €9 billion. They are net buyers of short-term debt securities (+€11 billion) and, to a lesser extent, of non-money market funds (+€6 billion). On the other hand, they sell shares in money market funds (-€15 billion). Net investments in securities (+€7 billion) are relatively well distributed among financial institutions (+€5 billion), non-financial companies (+€4 billion) and general government (+€3 billion), but only in favour of non-resident issuers (+€8 billion).
In terms of transaction flows, insurers record net investments of €9 billion. They are net buyers of short-term debt securities (+€11 billion) and, to a lesser extent, of non-money market funds (+€6 billion). On the other hand, they sell shares in money market funds (-€15 billion). Net investments in securities (+€7 billion) are relatively well distributed among financial institutions (+€5 billion), non-financial companies (+€4 billion) and general government (+€3 billion), but only in favour of non-resident issuers (+€8 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.
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 - 1st quarter 2020![]()
(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 | 1.4 | 0.0 | 36 | -0.2 | 0.0 | 15 | 1.2 | 0.0 | 52 |
| Debt securities | |||||||||
| < ou= 1 year (original maturity) | 6.9 | 0.0 | 20 | 4.1 | 0.0 | 5 | 11.0 | 0.0 | 24 |
| > ou= 1 year (original maturity) | 5.5 | 29.9 | 1,474 | -0.3 | 2.3 | 112 | 5.2 | 32.2 | 1,586 |
| Loans | 1.9 | 0.0 | 48 | 0.1 | 0.0 | 9 | 2.0 | 0.0 | 57 |
| Equity | |||||||||
| Listed shares | -0.8 | 5.9 | 63 | -0.6 | 1.5 | 12 | -1.4 | 7.4 | 75 |
| Unlisted shares | 0.2 | -0.3 | 60 | 0.1 | 0.1 | 28 | 0.3 | -0.2 | 88 |
| Others shares | 0.4 | -0.5 | 24 | 0.3 | -0.1 | 25 | 0.7 | -0.6 | 49 |
| Investment | |||||||||
| Money market funds | -12.3 | -0.1 | 76 | -2.3 | 0.0 | 6 | -14.6 | -0.1 | 82 |
| Non money market funds | 6.2 | 34.4 | 613 | -0.3 | 1.4 | 38 | 5.9 | 35.8 | 651 |
| Financial derivatives | -1.1 | 7 | -0.2 | 0 | -1.3 | 7 | |||
| Total | 8.2 | 69.3 | 2,421 | 0.7 | 5.1 | 250 | 8.9 | 74.5 | 2,672 |
Breakdown of outstanding amounts of 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 14% and the remaining 13% is made up of mutual fund shares.
All instruments combined, 46% of the portfolio is invested in assets issued by residents, 41% in assets issued by non-residents and 13% in unallocated mutual fund shares.
Investments primarily finance the financial sector (34%, i.e. 16% for banks and other monetary financial institutions and 18% for financial corporations), general government (31%) and non-financial corporations (22%).
All instruments combined, 46% of the portfolio is invested in assets issued by residents, 41% in assets issued by non-residents and 13% in unallocated mutual fund shares.
Investments primarily finance the financial sector (34%, i.e. 16% for banks and other monetary financial institutions and 18% for financial corporations), general government (31%) and non-financial corporations (22%).
Breakdown of outstanding amounts of financial portfolio assets by geographical area![]()
Breakdown of outstanding amounts of financial portfolio assets by category of 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 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 increases by +6 basis points (8% to 14%) and the one of debt securities by +13 basis points (60% to 73%).
Date of next publication: 8th January 2021
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Mise à jour le 9 Octobre 2020