April 2026 Monthly Report
Overview of supervised entities’ activities in the financial services sector for April 2026
PENSION FUNDS
SECOND PILLAR PENSION FUNDS
At the end of April 2026, mandatory pension funds (MPFs) had 2,408,932 members, i.e., 1,332 (0.06%) members more than in the previous month. Category B funds had 74.04% of all MPF members, while category A and category C funds had 22.71% and 3.25% of all MPF members respectively. Out of 3,200 new members, 2,912 (91.0%) were automatically assigned by Regos. Termination of membership due to retirement or death was recorded with respect to 1,869 insured persons. Total net contributions paid to MPFs amounted to EUR 153.9m (0.6% of net assets at end-March). At the same time, total payments from all MPFs due to personal account closures reached EUR 29.7m (0.1% of net assets at end-March), rising by EUR 2.9m (10.68%) compared to the previous month.
At the end of April 2026, MPFs’ net assets amounted to EUR 27.7bn, rising by EUR 755.3m (2.8%) relative to the previous month. Nominal monthly Mirex returns reached 4.35% for category A[1], 2.52% for category B and 0.44% for category C. Annual Mirex returns reached 21.07% for category A, 11.12% for category B and 1.32% for category C, while annualised[2] returns since the beginning of MPFs’ operation reached 8.80% for Mirex A, 5.60% for Mirex B and 3.18% for Mirex C[3].
At the end of April, bond investments of MPFs totalled EUR 15.6bn (56.95% of total assets), making their share decrease by 1.4 p.p. on a monthly basis. The share of equity investments in MPFs’ assets increased by 0.8 p.p. on a monthly basis, amounting to 25.4% of MPFs’ assets (EUR 7.0bn) at the end of April. Investments in domestic shares accounted for 14.1%, while investments in foreign shares accounted for 11.3% of MPFs’ assets. Investments in investment funds amounted to EUR 3.2bn (11.5% of the assets), making the proportion of these investments in total assets increase by 0.4 p.p. relative to the previous month. Cash and deposits amounted to 4.4% of the assets, or EUR 1.25bn, increasing by 0.4 p.p. on a monthly basis.
THIRD PILLAR PENSION FUNDS
At the end of April 2026, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.50% on a monthly basis, while the number of members of 21 closed-ended voluntary pension funds (CVPFs) increased by 0.43%, making the number of members of these funds reach 454,988 and 51,802 respectively. Total monthly payments made to voluntary pension funds (VPFs) in April 2026 amounted to EUR 12.6m (0.8% of net assets at end-March), decreasing by 7.6% compared to the previous month. Total payments made from these funds reached EUR 5.9m, decreasing by 18.9% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 68.1%, payments made due to the change of fund reached 24.6%, while those made due to death accounted for 7.3% of total payments in April. As regards total payments made due to retirement, the amount of EUR 1.9m (49.0%) was paid through a pension company (fund), EUR 1.2m (30.0%) was paid in the form of lump-sum payments, while the amount of EUR 0.9m (22.0%) was transferred for payment to pension insurance companies.
In April 2026, VPFs’ net assets increased by EUR 49.4m (2.9% on a monthly basis) and stood at EUR 1.73bn. Monthly nominal returns of VPFs ranged from 0.3% to 5.0%, while returns on an annual basis ranged from 0.7% to 21.3%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 52.5% share in total net assets, followed by stocks with a 29.4% share and investment funds with a 9.6% share. The share of bonds in VPFs’ investments decreased on a monthly basis by 0.04 p.p., while the equity share and the share of investments in investment funds increased by 0.7 p.p. and 0.9 p.p. respectively.
PENSION INSURANCE COMPANIES (PICs)
At the end of the first quarter of 2026, there were two pension insurance companies operating on the market and covering 24,148 and 4,204 users in the area of mandatory and voluntary pension insurance respectively. The total assets of the PICs amounted to EUR 721.5m at the end of the first quarter of 2026, rising by EUR 153.1m, or 26.9%, compared to the same period last year. Total profit of the PICs amounted to EUR 0.1m at the end of the first quarter of 2026, declining by EUR 87 thousand, or 38.0%, compared to the same period last year.
INSURANCE COMPANIES
In April 2026, there were 14 insurance companies operating on the market. The total premium collected in the first four months of 2026 amounted to EUR 715.2m, i.e., 7.4% more than in the same period in 2025. EUR 111.1m (15.5%) of this amount related to life insurance premium (4.1% more than in the same period last year), while EUR 604.1m (84.5%) related to non-life insurance premium (8.1% more at an annual level). The structure of the non-life insurance premium collected is dominated by motor vehicle liability insurance (34.0%), followed by insurance of road vehicles (20.4%), health insurance (9.6%), and insurance against fire and natural disasters (9.5%). The amount of claims settled in the first four months of 2026 reached EUR 428.7m, increasing by 6.8% compared to same period in 2025. EUR 117.2m (27.3%) of this amount related to life insurance (4.4% less at an annual level), while EUR 311.5m (72.7%) related to non-life insurance (11.7% more compared to the same period in 2025). In the aggregate of claims settled in non-life insurance, the largest amounts related to motor vehicle liability insurance (40.2%), followed by insurance of road vehicles (21.3%), health insurance (11.5%), and insurance against fire and natural disasters (8.5%).
CAPITAL MARKET
In April 2026, the total turnover on the Zagreb Stock Exchange reached EUR 50.4m, decreasing by 51.2% on a monthly basis. Market capitalisation increased by 5.1% relative to the previous month and stood at EUR 57.9bn, of which stocks amounted to EUR 33.0bn, bonds to EUR 19.3bn, money market instruments to EUR 5.4bn and ETFs to EUR 159m. As regards sectoral stock indices, the largest monthly growth (25.8%) was recorded by CROBEXtransport, while CROBEXnutris recorded the smallest monthly increase (4.6%). The main ZSE stock index CROBEX recorded a monthly increase of 4.7%, whereas CROBEXtr rose by 5.9% on a monthly basis. As regards bond indices, CROBIS recorded a monthly decrease of 0.4%, while CROBIStr grew by 0.4% on a monthly basis. KONČAR d.d. was the stock most traded in April, with its turnover amounting to EUR 12.4m (29.5% of the overall trade in stocks in April) and a 13.1% monthly price increase.
INVESTMENT FIRMS
At the end of the first quarter of 2026, there were 21 legal entities authorised to provide investment services, i.e., 7 investment firms, 11 credit institutions and 3 investment fund management companies. The value of assets managed by investment firms rose by 16.7% on a quarterly basis, the value of assets managed by credit institutions increased by 21.4%, while the value of assets managed by investment fund management companies rose by 0.3%. At the end of the first quarter of 2026, total assets under custody of investment firms stood at EUR 1.9bn, a 12.1% increase on a quarterly basis, while the assets under custody of credit institutions decreased by 1.7%, reaching EUR 29.8bn.
INVESTMENT FUNDS
At the end of April 2026, there were 105 UCITS operating on the market. Their total net assets amounted to EUR 4.2bn, increasing by EUR 92.3m (2.2%) compared to the previous month. Total monthly net payments to UCITS in April were positive, amounting to EUR 18.1m. Positive net payments were recorded by money market funds (EUR 61.6m), equity funds (EUR 30.7m) and balanced funds (EUR 0.4m), while negative net payments were recorded by feeder funds (EUR -1.8m), funds categorised as “other” (EUR -24.5m) and bond funds (EUR -48.2m).
Money market funds’ net assets accounted for 37.7% of the total net assets of all UCITS at the end of April, equity funds made up 23.0%, bond funds accounted for 19.8%, other funds for 13.9%, while balanced funds and feeder funds made up 3.5% and 2.1% of the total UCITS’ net assets respectively. In April, all categories of UCITS recorded positive asset-weighted average monthly returns, namely equity funds (6.3%), feeder funds (1.6%), balanced funds (1.6%), “other” funds (1.0%), bond funds (0.5%) and money market funds (0.1%). Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 221.6m (an 11.3% monthly increase), with the monthly return of the fund reaching 11.6%.
LEASING COMPANIES
At the end of the first quarter of 2026, there were 15 leasing companies operating on the market. Their total assets stood at EUR 4.7bn, a 9.3% increase compared to the same period in the previous year. At the same time, the total profit recorded by leasing companies decreased by 10.7% on an annual basis, reaching EUR 17.3m. The outstanding contract value of active contracts in the operating lease segment rose by 1.4% at an annual level, while in the finance lease segment it increased by 10.8%. The value of newly concluded contracts in the first quarter of 2026 decreased by 20.7% at an annual level in the operating lease segment, while the annual growth in the finance lease segment reached 3.5%.
FACTORING COMPANIES
At the end of the first quarter of 2026, there were three factoring companies operating on the market. Their total assets stood at EUR 22.2m, while their profit reached EUR 0.1m. In the first quarter of 2026, their transaction volume was dominated by classic factoring totalling EUR 19.3m (70.4% of all the transactions), as were receivables, with classic factoring amounting to EUR 11.5m (68.1% of all the receivables) at the end of the first quarter.
The full report is available at Statistics/Monthly reports.
[1] In April 2026, the monthly change and year-to-date change recorded by the Mirex index for category A was higher than the highest return among the category A funds in the period observed. This is a consequence of the methodological approach to constructing the Mirex index, which represents the average value of the accounting unit of all mandatory pension funds in the same category (A, B or C), with the units of each fund in the total net assets of the funds in that category used as weights in the calculation. Therefore, the Mirex index return represents the change in two weighted averages of unit prices at different points in time, rather than a weighted average of the individual fund returns. It is therefore possible for the Mirex index return over a given period to be higher than the return of any individual fund; such a situation may occur when in the observed period, one of the funds, due to its significantly larger assets and unit price compared to the other funds, also records a relatively faster growth in its assets and unit price, thus exerting the strongest impact on the movement of the Mirex A index value, as well as on the magnitude of the change in the index.
[2] The annualised return is the geometric average of annual returns realised in the period observed.
[3] Beginning of operation: MPF category B: 30/4/2002; MPFs category A and C: 21/8/2014
