Total assets of euro area insurance corporations amounted to €7,984 billion in the third quarter of 2018, €16 billion higher than in second quarter of 2018. Total insurance technical reserves of euro area insurance corporations amounted to €6,034 billion in third quarter, down €17 billion from second quarter
Debt securities accounted for 41.3% of the sector's total assets in the third quarter. The second largest category of holdings was investment fund shares (26.5%), followed by equity (10.6%) and loans (7.1%).
Holdings of debt securities decreased to €3,296 at the end of the third quarter from €3,300 billion at the end of the previous quarter. Net purchases of debt securities amounted to €23 billion in the third quarter; price and other changes amounted to -€28 billion. The year-on-year growth rate of debt securities held was 1.2%.
Looking at holdings by issuing sector, the annual growth rate of debt securities issued by euro area general government was 1.2% in the third quarter of 2018, with net purchases in the quarter amounting to €5 billion. As regards debt securities issued by the private sector, the annual growth rate was 0.3%, and quarterly net purchases amounted to €14 billion. For debt securities issued by non-euro area residents, the annual growth rate was 3.0%, with quarterly net purchases of €4 billion.
Turning to insurance corporations' holdings of investment fund shares, these increased to €2,119 billion in the third quarter of 2018, from €2,100 billion in the previous quarter, with net purchases of €11 billion and price and other changes of €8 billion. The year-on-year growth rate in the third quarter was 5.1%.
The annual growth rate of euro area money market fund shares held by insurance corporations was 0.9% in the third quarter of 2018, with net sales in the quarter amounting to €10 billion. As regards holdings of euro area non-money market fund shares, the annual growth rate was 5.3%, with quarterly net purchases amounting to €20 billion. For investment fund shares issued by non-euro area residents, the annual growth rate was 6.1%, with quarterly net purchases of €2 billion.
In terms of main liabilities, total insurance technical reserves of insurance corporations amounted to €6,034 billion in the third quarter of 2018, down from €6,050 billion in the second quarter. Life insurance technical reserves accounted for 90.9% of total insurance technical reserves in the third quarter. Unit-linked products amounted to €1,195 billion, accounting for 21.8% of total life insurance technical reserves.
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