Monthly Bulletin July 2009 - Banque de France

3.5 Insurance corporations and pension funds
(EUR billions; four-quarter cumulated flows; outstanding amounts at end-of-period)
Financial account, financial transactions
2007 Q1- 2007 Q2- 2007 Q3- 2007 Q4- 2008 Q1-
2004 2005 2006 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4
Main items of financial investment (+)
Short-term assets 39.5 25.5 64.4 87.4 109.1 102.5 88.6 106.9
Currency and deposits 13.2 7.2 11.0 6.4 32.7 35.8 32.1 59.1
Money market fund shares 2.7 -0.5 3.5 3.1 15.8 14.2 20.9 22.2
Debt securities 1) 23.5 18.9 49.8 77.8 60.6 52.6 35.7 25.5
Long-term assets 223.7 295.0 313.8 215.9 217.6 178.7 169.3 161.3
Deposits 36.9 17.2 76.7 51.6 27.9 16.0 0.9 -1.7
Debt securities 133.1 132.8 125.2 89.9 83.6 75.2 95.4 88.6
Loans 7.4 -4.1 2.6 -13.6 20.6 17.0 20.8 30.8
Quoted shares 12.7 30.7 -1.5 -4.8 -2.3 -1.1 -8.8 -5.1
Unquoted shares and other equity 2.6 31.1 27.0 27.2 45.2 41.2 45.7 41.1
Mutual fund shares 30.9 87.2 83.9 65.6 42.7 30.4 15.4 7.4
Remaining net assets (+) 11.8 11.4 4.3 -26.1 -23.7 -19.3 -9.6 22.9
Main items of financing (-)
Debt securities -1.7 -0.4 5.2 3.2 4.4 5.2 5.4 9.3
Loans 4.3 17.3 35.9 21.7 43.9 18.0 4.1 21.8
Shares and other equity 12.2 13.6 11.4 2.7 4.4 6.9 5.1 18.7
Insurance technical reserves 262.6 334.3 322.0 292.0 273.3 255.8 240.4 197.3
Net equity of households in life insurance and pension fund reserves 231.0 292.1 308.2 282.0 262.4 239.6 219.6 178.0
Prepayments of insurance premiums and reserves for
outstanding claims 31.7 42.2 13.9 10.0 10.9 16.1 20.8 19.2
= Changes in net financial worth due to transactions -2.5 -32.8 7.9 -42.5 -23.0 -23.8 -6.6 44.0
Other changes account
Other changes in financial assets (+)
Shares and other equity 110.7 190.7 181.2 -15.4 -226.4 -334.6 -401.6 -536.7
Other net assets 142.3 75.5 -34.4 -45.0 14.1 -3.5 -13.1 40.3
Other changes in liabilities (-)
Shares and other equity 21.3 118.3 34.5 -32.7 -91.8 -143.2 -137.8 -174.2
Insurance technical reserves 83.8 137.8 52.9 -3.3 -79.6 -128.3 -179.6 -245.5
Net equity of households in life insurance and pension fund reserves 63.9 146.9 56.2 -2.8 -77.8 -125.4 -174.5 -239.6
Prepayments of insurance premiums and reserves for
outstanding claims 19.8 -9.1 -3.3 -0.4 -1.8 -2.9 -5.1 -5.8
= Other changes in net financial worth 148.0 10.1 59.4 -24.4 -40.9 -66.6 -97.3 -76.7
Financial balance sheet
Financial assets (+)
Short-term assets 403.1 437.2 509.0 603.3 661.2 670.7 675.5 713.1
Currency and deposits 133.6 146.6 157.1 164.6 192.5 182.6 189.5 226.6
Money market fund shares 74.4 75.6 81.5 82.4 95.4 94.8 98.3 102.2
Debt securities 1) 195.1 215.0 270.3 356.2 373.3 393.3 387.6 384.3
Long-term assets 4,089.5 4,615.9 5,050.6 5,197.8 5,106.1 5,044.2 4,988.2 4,843.1
Deposits 500.4 524.7 602.1 650.5 649.2 653.5 648.7 648.5
Debt securities 1,615.0 1,774.2 1,845.5 1,888.9 1,942.4 1,921.4 1,969.9 1,992.7
Loans 348.5 353.4 351.2 331.8 359.5 355.6 357.7 366.1
Quoted shares 587.2 653.3 724.5 708.1 613.2 594.1 535.4 426.6
Unquoted shares and other equity 349.2 403.1 480.8 511.1 488.7 473.4 465.6 449.1
Mutual fund shares 689.2 907.3 1,046.5 1,107.3 1,053.0 1,046.2 1,010.8 960.1
Remaining net assets (+) 139.4 176.8 204.5 173.8 191.6 177.5 176.2 215.7
Liabilities (-)
Debt securities 22.3 21.3 35.9 35.2 35.8 36.6 36.7 43.2
Loans 118.5 136.2 167.6 187.1 221.4 211.2 206.6 212.8
Shares and other equity 497.7 629.6 675.5 645.5 595.3 564.2 550.2 490.0
Insurance technical reserves 4,083.5 4,555.6 4,930.5 5,219.3 5,214.5 5,242.5 5,231.6 5,171.1
Net equity of households in life insurance and pension fund reserves 3,451.0 3,890.0 4,254.4 4,533.5 4,520.5 4,543.0 4,529.1 4,471.9
Prepayments of insurance premiums and reserves
for outstanding claims 632.5 665.6 676.2 685.8 694.0 699.4 702.5 699.2
= Net financial wealth -90.0 -112.8 -45.5 -112.3 -108.2 -162.0 -185.1 -145.1
Source: ECB.
1) Securities issued by MFIs with a maturity of less than two years and by other sectors with a maturity of less than one year.
S 34 ECB
Monthly Bulletin
July 2009