July 2025 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of July 2025, mandatory pension funds (MPFs) had 2,369,233 members, or 7,838 (0.33%) members more than in the previous month. Category B funds had 76.06% of all MPF members, while category A and category C funds had 20.25% and 3.69% of all MPF members respectively. Out of 9,771 new members, 9,403 (96.2%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 1,934 insured persons. Total net contributions paid to MPFs in July amounted to EUR 148.3m (0.6% of net assets at end-June). At the same time, total payments from all MPFs due to personal account closures reached EUR 42.9m (0.2% of net assets at end-June), decreasing by EUR 18.4m compared to the previous month.

At the end of July 2025, MPFs’ net assets amounted to EUR 25.2bn, rising by EUR 538.8m (2.2%) relative to the previous month. Monthly Mirex returns reached 3.20% for category A, 1.92% for category B and 0.26% for category C. Annual Mirex returns reached 14.64% for category A, 8.72% for category B and 3.48% for category C, while annualised^[1] returns since the beginning of MPFs’ operation reached 8.31% for Mirex A, 5.51% for Mirex B and 3.32% for Mirex C^[2]. At the end of July, MPFs’ bond investments totalled EUR 14.3bn (56.9% of total assets), making their share decrease by 0.04 p.p. on a monthly basis. The share of equity investments in MPFs’ assets increased by 0.7 p.p. on a monthly basis, amounting to 24.2% of MPFs’ assets (EUR 6.1bn) at the end of July. Investments in domestic shares accounted for 14.4%, 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 0.3 p.p. relative to the previous month. Cash and deposits amounted to 6.6% of the assets, or EUR 1.7bn, decreasing by 0.2 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of July 2025, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.5% on a monthly basis, while the number of members of 21 closed-ended voluntary pension funds (CVPFs) increased by 0.02%, making the number of members of these funds reach 431,619 and 50,255 respectively. Total monthly payments made to voluntary pension funds (VPFs) in July 2025 amounted to EUR 11.6m (0.8% of net assets at end-June), increasing by 12.4% compared to the previous month. Total payments made from these funds reached EUR 4.3m in July, decreasing by 3.7% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 68.9%, payments made due to the change of fund reached 25.0%, while those made due to death accounted for 6.2% of total payments in July. As regards total payments made due to retirement, the amount of EUR 1.7m was paid through a pension company (fund), EUR 0.9m 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 July, net assets of VPFs increased by EUR 35.3m (2.3% on a monthly basis) and stood at EUR 1.55bn. Monthly nominal returns of VPFs ranged from 0.2% to 3.6%, while returns on an annual basis ranged from 2.4% to 13.1%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 53.1% share in total net assets, followed by stocks with a 27.3% share and investment funds with a 10.4% share. The share of bonds in VPFs’ investments decreased on a monthly basis by 0.4 p.p., while the equity share rose by 0.8 p.p., and the share of investments in investment funds increased by 0.3 p.p.

PENSION INSURANCE COMPANIES (PICs)

At the end of the second quarter of 2025, there were two pension insurance companies operating on the market and covering 19,734 and 4,112 users in the area of mandatory and voluntary pension insurance respectively. The total assets of the PICs amounted to EUR 620.4m at the end of the second quarter of 2025, rising by EUR 154.7m or 33.2% compared to the same period last year. Total profit of the PICs amounted to EUR 783 thousand at the end of the first half of 2025, rising by EUR 494 thousand or 170.6% compared to the same period last year.

INSURANCE COMPANIES

In July 2025, there were 14 insurance companies operating on the market. The total premium collected in the first seven months of 2025 amounted to EUR 1.2bn, i.e. 8.2% more that in the same period in 2024. EUR 196.2m (16.1%) of this amount related to life insurance premium (3.4% less than in the same period last year), while EUR 1.0bn (83.9%) related to non-life insurance premium (10.8% 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 (9.3%) and health insurance (8.6%). The amount of claims settled in the first seven months of 2025 reached EUR 699.2m, decreasing by 7.9% compared to same period in 2024. EUR 212.5m (30.4%) of this amount related to life insurance (27.0% less at an annual level), while EUR 486.7m (69.6%) related to non-life insurance (4.0% 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 (41.3%), insurance of road vehicles (21.7%), health insurance (12.4%), and insurance against fire and natural disasters (8.6%).

CAPITAL MARKET

The total turnover on the Zagreb Stock Exchange reached EUR 75.7m in July 2025, increasing by 8.0% at a monthly level. Market capitalisation increased by 3.5% relative to the previous month and stood at EUR 56.4bn, of which stocks amounted to EUR 32.3bn, bonds to EUR 19.5bn, money market instruments to EUR 4.5bn and ETFs to 122m. As regards sectoral stock indices, the largest monthly growth (7.8%) was recorded by CROBEXindustrija, while CROBEXnutris recorded the smallest monthly rise (0.1%). The main ZSE stock index CROBEX recorded a monthly increase of 4.2%, while CROBEXtr rose by 5.4%. Both bond indices, CROBIS and CROBIStr, grew on a monthly basis: by 0.1% and 0.3% respectively. KONČAR d.d. was once again the stock most traded in July, with its turnover amounting to EUR 19.7m (30.2% of the overall trade in stocks in July) and an 8.7% monthly price increase. 

INVESTMENT FIRMS

At the end of the second quarter of 2025, there were 22 legal entities authorised to provide investment services, namely 7 investment firms, 11 credit institutions and 4 investment fund management companies. On a quarterly basis, the transfer of a portfolio of an investment fund management company to a newly established investment firm drastically increased the value of assets managed by investment firms, by almost 14 times, the assets managed by credit institutions decreased by 2.7% compared to the previous quarter, while the value of assets managed by investment fund management companies declined by 45.7%. At the end of the second quarter of 2025, total assets under custody of investment firms stood at EUR 1.4bn, a 9.8% increase on a quarterly basis, while the assets under custody of credit institutions increased by 15.8%, reaching EUR 28.4bn.

INVESTMENT FUNDS

At the end of July 2025, there were 116 UCITS operating on the market. Their total net assets amounted to EUR 3.8bn, increasing by EUR 78.7m or 2.1% compared to the previous month. Total monthly net payments to UCITS in July were positive, amounting to EUR 28.6m. Positive net payments were recorded by equity funds (EUR 23.3m), money market funds (EUR 19.6m), and feeder funds (EUR 0.1m), while negative net payments were recorded by  balanced funds (EUR -1.2m),funds categorised as “other” (EUR -2.3m)  and bond funds (-10.9m).

Money market funds’ net assets accounted for 32.6% of the total net assets of all UCITS at the end of July, bond funds made up 20.7%, funds categorised as “other” 19.2%, while equity and balanced funds accounted for 17.6% and 7.5% of the total UCITS’ net assets respectively. In July, all fund categories recorded positive asset-weighted average monthly returns, namely equity funds (4.9%), feeder funds (1.6%), balanced funds (1.6%), “other” funds (0.6%), bond funds (0.3%) and money market funds (0.2%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 225.0m (a 4.0% monthly decrease), with the monthly return of the fund reaching -3.8%.

LEASING COMPANIES

At the end of the second quarter of 2025, there were 15 leasing companies operating on the market. Their total assets stood at EUR 4.6bn, a 12.7% increase compared to the same period in the previous year. At the same time, the total profit recorded by leasing companies (before profit tax) rose by 0.3% on an annual basis, reaching EUR 35.5m. The outstanding contract value of active contracts in the operating lease segment rose by 9.0% at an annual level, while in the finance lease segment it increased by 15.2%. The value of newly concluded contracts in operating and finance lease increased by 3.7% and 5.3% respectively at an annual level. 

FACTORING COMPANIES

At the end of the second quarter of 2025, there were three factoring companies operating on the market. Their total assets stood at EUR 19.1m at the end of the second quarter, while their total profit reached EUR 0.4m (before profit tax). In the first half of 2025, the transaction volume was dominated by classic factoring totalling EUR 49.2m (85.1% of all transactions), as were receivables, with classic factoring amounting to EUR 11.7m (81.7% of the receivables) at the end of the second quarter of 2025.

The full report is available at Statistics/Monthly reports.