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Euro area insurance corporation and pension fund statistics

Euro area insurance corporation and pension fund (ICPF) statistics provide full balance sheet information not only for the ICPF sector as a whole, but also for its sub-sectors.

Background

These statistics show the assets and liabilities of ICPFs located in the euro area as presented in the ESA 95.

The reporting population comprises all ICPFs located in the euro area, including ICPFs which are foreign-owned subsidiaries1 or branches of foreign entities. Branches and subsidiaries abroad of domestically owned entities are not included.

Statistics on euro area ICPFs cover those EU Member States that had adopted the euro at the time to which the statistics relate. Data on outstanding amounts and transactions include Slovakia as of March 2009 and Estonia as of March 2011.

Statistics are made available around three months after the end of the reference period. The time series date back to the first quarter of 2008 for quarterly data and 2008 for annual data.

National aggregates for euro area countries are published by the ECB with an annual frequency.

Outstanding amounts, or stock data, refer to the value of assets and liabilities at the end of the reference period. Outstanding amounts are available for all series published.

Transactions, or flow data, refer to the net acquisition of a given type of asset, or the net incurrence of a given type of liability, during the reference period. Transaction data are available only for insurance technical reserves.

Changes in outstanding amounts from one period to another can be due to transactions, price revaluations, exchange rate changes (in the case of instruments denominated in currencies other than the euro) or statistical reclassifications.

Overview of relevant documents

Detailed description of ICPF statistics

1 Subsidiaries are separate, distinct legal entities. For this reason, they differ from branches, which are businesses fully integrated within the main company and are not legally or otherwise distinct from the parent company. Subsidiaries are usually limited liability companies, while branches do not have their own legal status.

Forthcoming statistics

An ECB Regulation on statistical reporting requirements for insurance corporations (ECB/2014/50) was adopted on 28 November 2014, the first information reported to national authorities under the Regulation being quarterly data for the first quarter of 2016 and annual data for 2016.

The harmonised data provided will enable the ECB and the euro area national central banks to compile a new set of statistics on euro area insurance corporations. The first release of the dataset is planned for January 2017.

In order to minimise the reporting burden on the insurance industry, the ECB Regulation allows the national central banks to derive the necessary statistical information, to the extent possible, from data reported for supervisory purposes under the EU’s Solvency II framework.

The supervisory reporting requirements are set out in Commission Implementing Regulation (EU) 2015/2450 of 2 December 2015.

While a large part of the information required under the ECB Regulation can be derived from the data provided for supervisory purposes, some additional information is still needed.

However, countries will have the option to implement, as a basis, a single reporting flow for statistical and supervisory data, using reporting templates prepared by the ECB in close cooperation with the European Insurance and Occupational Pensions Authority (EIOPA) that consolidate the statistical and supervisory data requirements.

These reporting templates are called “unofficial reporting templates including ECB add-ons” and highlight the information that needs to be provided for statistical purposes over and above the supervisory requirements (“ECB add-ons”). The templates consist of (i) those quantitative reporting templates contained in the Implementing Regulation for which there are ECB add-ons and (ii) newly introduced templates for statistical purposes. Other quantitative reporting templates from the Implementing Regulation which may also be used for the derivation of statistics under the ECB Regulation, but for which no changes are required, are, for reasons of simplicity, not included. Accompanying files contain instructions on reporting the ECB add-ons.

These unofficial reporting templates are purely for illustrative purposes and are not subject to mandatory reporting across all Member States of the EU. The templates are called “unofficial” to distinguish them from the reporting templates of the Implementing Regulation.

The ECB add-ons have also been integrated in the technical reporting framework set up by EIOPA, based on the Data Point Model (DPM; a structured representation of the data) and eXtensible Business Reporting Language (XBRL). See further information on the EIOPA website through the link below.

Euro area insurance corporations and pension funds balance sheets

National aggregated insurance corporations and pension funds balance sheets

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