August 2025 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of August 2025, mandatory pension funds (MPFs) had 2,380,319 members, i.e., 711086 (0.47%) members more than in the previous month. Category B funds had 75.68% of all MPF members, while category A and category C funds had 20.68% and 3.64% of all MPF members respectively. Out of 12,275 new members, 12,028 (97.99%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 1,189 insured persons. Total net contributions paid to MPFs in August amounted to EUR 149.0m (0.6% of net assets at end-July). At the same time, total payments from all MPFs due to personal account closures reached EUR 31.6m (0.1% of net assets at end-July), decreasing by EUR 11.3m compared to the previous month. At the end of August 2025, MPFs’ net assets amounted to EUR 25.3bn, rising by EUR 167.9m (0.7%) relative to the previous month. Nominal monthly Mirex returns reached 0.35% for category A, 0.18% for category B and 0.11% for category C. Annual Mirex returns reached 15.25% for category A, 9.06% for category B and 3.15% for category C, while annualised^[1] returns since the beginning of MPFs’ operation reached 8.28% for Mirex A, 5.50% for Mirex B and 3.30% for Mirex C^[2]. At the end of August, MPFs’ bond investments totalled EUR 14.4bn (56.7% of total assets), making their share decrease by 0.21 p.p. on a monthly basis. The share of equity investments in MPFs’ assets decreased by 0.37 p.p. on a monthly level, amounting to 23.8% of MPFs’ assets (EUR 6.0bn) at the end of August. Investments in domestic shares accounted for 14.0%, while investments in foreign shares accounted for 9.8% of MPFs’ assets. Investments in investment funds amounted to EUR 2.5bn (10.0% of the assets), making the proportion of these investments in total assets increase by 0.1 p.p. relative to the previous month. Cash and deposits amounted to 6.8% of the assets, or EUR 1.73bn, increasing by 0.3 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of August 2025, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.3% on a monthly basis, while the number of members of 21 closed-ended voluntary pension funds (CVPFs) increased by 0.2%, making the number of members of these funds reach 432,986 and 50,335 respectively. Total monthly payments made to voluntary pension funds (VPFs) in August 2025 amounted to EUR 9.8m (0.6% of net assets at end-July), decreasing by 15.6% compared to the previous month. Total payments made from these funds reached EUR 3.9m in August, decreasing by 7.9% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 72.4%, payments made due to the change of fund reached 23.9%, while those made due to death accounted for 3.7% of total payments in August. As regards total payments made due to retirement, the amount of EUR 1.7m was paid through a pension company (fund), EUR 0.8m was paid in the form of lump-sum payments, while the amount of EUR 0.4m was transferred for payment to pension insurance companies. In August, net assets of VPFs increased by EUR 4.9m (0.3% on a monthly basis) and stood at EUR 1.56bn. Monthly nominal returns of VPFs ranged from -0.6% to 0.3%, while returns on an annual basis ranged from 2.4% to 13.7%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 53.0% share in total net assets, followed by stocks with a 27.4% share and investment funds with a 10.4% share.  Share of bonds in VPFs’ investments decreased on the monthly basis by 0.2 p.p., share of investments in investment funds decreased by 0.1 p.p., while equity share increased by 0.1 p.p.

INSURANCE COMPANIES

In August 2025, there were 14 insurance companies operating on the market. The total premium collected in the first eight months of 2025 amounted to EUR 1.4bn, i.e., 7.3% more that in the same period in 2024. EUR 219.1m (16.1%) of this amount related to life insurance premium (2.8% less than in the same period last year), while EUR 1.1bn (83.9%) related to non-life insurance premium (9.5% more at an annual level). The structure of the non-life insurance premium collected is dominated by motor vehicle liability insurance (35.5%), followed by insurance of road vehicles (19.6%), insurance against fire and natural disasters (9.4%) and health insurance (8.6%). The amount of claims settled in the first eight months of 2025 reached EUR 781.1m, decreasing by 6.6% compared to same period in 2024. EUR 241.2m (30.9%) of this amount related to life insurance (23.3% less at an annual level), while EUR 486.7m (69.1%) related to non-life insurance (3.4% more compared to the same period in 2024). In the total amount of claims settled in non-life insurance, the largest amounts related to motor vehicle liability insurance (41.1%), insurance of road vehicles (21.9%), health insurance (12.4%), and insurance against fire and natural disasters (8.3%).

CAPITAL MARKET

In August 2025, the total turnover on the Zagreb Stock Exchange reached EUR 55.7m, decreasing by 26.5% on a monthly basis. Market capitalisation decreased by 0.9% relative to the previous month and stood at EUR 55.9bn, of which stocks amounted to EUR 31.7bn, bonds to EUR 19.5bn, money market instruments to EUR 4.5bn and ETFs to 117m. As regards sectoral stock indices, the largest monthly growth (1.8%) was recorded by CROBEXturist, while CROBEXnutris recorded the largest monthly decline (-3.7%). The main ZSE stock index CROBEX and CROBEXtr also recorded a monthly decrease (of -1.4%). The main bond index CROBIS declined by -0.02%, while CROBIStr grew by 0.2%. KONČAR d.d. was once again the stock most traded in August, with its turnover amounting to EUR 12.0m (37.0% of the overall trade in stocks in August) and an 0.4% monthly price decrease. 

INVESTMENT FUNDS

At the end of August 2025, there were 117 UCITS operating on the market. Their total net assets amounted to EUR 3.9bn, increasing by EUR 68.5m (1.8%) compared to the previous month. Total monthly net payments to UCITS in August were positive, amounting to EUR 74.1m. Positive net payments were recorded by money market funds (EUR 35.4m), funds categorised as “other” (EUR 22.6m), equity funds (EUR 13.4m) and bond funds (EUR 2.9m), while negative net payments were recorded by feeder funds (EUR -49 thousand) and balanced funds (EUR -195 thousand). Money market funds’ net assets accounted for 33.0% of the total net assets of all UCITS at the end of August, bond funds made up 20.4%, funds categorised as “other” 19.4%, while equity and balanced funds accounted for 17.6% and 7.4% of the total UCITS’ net assets respectively. In August, positive asset-weighted average monthly returns were recorded by money market funds (0.1%), “other” funds (0.09%) and balanced funds (0.03%). Negative asset-weighted average monthly returns were recorded by bond funds (-0.01%), feeder funds (-0.1%) and equity funds (-0.3%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 219.8m (a monthly decrease of 2.3%), with the monthly return of the fund reaching -2.2%.

The full report is available at Statistics/Monthly reports.