July 2026 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of July 2026, mandatory pension funds (MPFs) had 2,418,271 members, i.e. 5,221 (0.22%) members more than in the previous month. Category B funds had 73.51% of all MPF members, while category A and category C funds had 23.45% and 3.04% of all MPF members respectively. Out of 7,583 new members, 7,196 (94.9%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 2,362 insured persons. Total net contributions paid to MPFs amounted to EUR 167.1m (0.6% of net assets at end-June). At the same time, total payments from all MPFs due to personal account closures reached EUR 59.3m (0.2% of net assets at end-June), decreasing by EUR 21.1m compared to the previous month.

At the end of July 2026, MPFs’ net assets amounted to EUR 28.8bn, rising by EUR 68.0m (0.2%) relative to the previous month. Monthly Mirex returns reached 0.09% for category A, -0.17% for category B and -0.23% for category C. Nominal annual Mirex returns reached 18.13% for category A, 9.64% for category B and 1.24% for category C, while annualised[1] returns since the beginning of MPFs’ operation reached 9.10% for Mirex A, 5.68% for Mirex B and 3.14% for Mirex C[2].

At the end of July, bond investments of MPFs totalled EUR 15.9bn (55.18% of total assets), making their share decrease slightly, by 0.02 p.p. on a monthly basis. The share of equity investments in MPFs’ assets increased by 0.1 p.p. on a monthly basis, amounting to 26.2% of MPFs’ assets (EUR 7.6bn) at the end of July. Investments in domestic shares accounted for 14.7%, while investments in foreign shares accounted for 11.5% of MPFs’ assets. Investments in investment funds amounted to EUR 3.6bn (12.3% of the assets), making the proportion of these investments in total assets decrease by 0.04 p.p. relative to the previous month. Cash and deposits amounted to 3.3% of the assets, or EUR 0.96bn, decreasing by 0.5 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of July 2026, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.44% on a monthly basis, while the number of members of 21 closed-ended voluntary pension funds (CVPFs) increased by 0.06%, making the number of members of these funds reach 461,932 and 51,950 respectively. Total monthly payments made to voluntary pension funds (VPFs) in July 2026 amounted to EUR 12.9m (0.7% of net assets at end-June), decreasing by 6.8% compared to the previous month. Total payments made from these funds reached EUR 6.2m, increasing by 0.9% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 59.5%, payments made due to the change of fund reached 33.3%, while those made due to death accounted for 7.2% of total payments in July. As regards total payments made due to retirement, the amount of EUR 1.9m (52.9%) was paid through a pension company (fund), EUR 1.2m (32.2%) was paid in the form of lump-sum payments, while the amount of EUR 0.5m (14.9%) was transferred for payment to pension insurance companies.

In July, VPFs’ net assets increased by EUR 4.3m (0.2% on a monthly basis) and stood at EUR 1.8bn. Monthly nominal returns of VPFs ranged from -0.8% to 0.3%, while returns on an annual basis ranged from 0.5% to 17.1%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 50.4% share in assets, followed by stocks with a 31.4% share and investment funds with a 10.4% share. The share of bonds in VPFs’ investments decreased on a monthly basis by 0.8 p.p., while the equity share and the share of investments in investment funds both increased by 0.4 p.p.

PENSION INSURANCE COMPANIES (PICs)

At the end of the second quarter of 2026, there were two pension insurance companies operating on the market and serving 25,047 and 4,243 users in the area of mandatory and voluntary pension insurance respectively. Total assets of the PICs amounted to EUR 794.5m, rising by EUR 174.1m or 28.1% compared to the same period of the previous year. Total profit (before tax) of the PICs amounted to EUR 0.8m at the end of the first half of 2026, increasing by EUR 9 thousand, or 1.1%, compared to the same period last year.

INSURANCE COMPANIES

In July 2026, there were 14 insurance companies operating on the market. The total premium collected in the first seven months of 2026 amounted to EUR 1.3bn, i.e. 6.9% more than in the same period in 2025. EUR 205.9m (15.8%) of this amount related to life insurance premium (4.9% more than in the same period last year), while EUR 1.1bn (84.2%) related to non-life insurance premium (7.3% more at an annual level). The structure of the non-life insurance premium collected is dominated by motor vehicle liability insurance (34.1%), followed by insurance of road vehicles (20.6%), insurance against fire and natural disasters (9.5%) and health insurance (9.1%). The amount of claims settled in the first seven months of 2026 reached EUR 762.1m, increasing by 9.0% compared to the same period in 2025. EUR 198.3m (26.0%) of this amount related to life insurance (3.7% less at an annual level), while EUR 563.8m (74.0%) related to non-life insurance (15.9% more compared to the same period in 2025). In the total amount of claims settled in non-life insurance, the largest amounts related to motor vehicle liability insurance (39.8%), insurance of road vehicles (21.1%), health insurance (11.5%), and insurance against fire and natural disasters (9.7%).

CAPITAL MARKET

In July 2026, the total turnover on the Zagreb Stock Exchange reached EUR 90.7m, decreasing by 4.8% on a monthly basis. Market capitalisation increased by 3.5% relative to the previous month and stood at EUR 60.6bn, of which stocks amounted to EUR 34.9bn, bonds to EUR 20.0bn, money market instruments to EUR 5.6bn and ETFs to EUR 177m. As regards sectoral stock indices, the largest monthly growth (1.1%) was recorded by CROBEXkonstrukt, while CROBEXindustrija recorded the largest monthly decline (-2.8%). The main ZSE stock index CROBEX recorded a 1.2% monthly decline, whereas CROBEXtr recorded a slightly smaller monthly decline of 0.7%. The main bond index CROBIS decreased by 0.1%, while CROBIStr rose by 0.2%. KONČAR d.d. was once again the most traded stock in July, with its turnover amounting to EUR 30.7m (44.0% of the overall trade in stocks in July) and a 2.1% monthly price decrease.

INVESTMENT FIRMS

At the end of the second 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 17.8% on a quarterly basis, the value of assets managed by credit institutions increased by 5.2%, while the value of assets managed by investment fund management companies rose by 3.0%. At the end of the second quarter of 2026, total assets under custody of investment firms stood at EUR 2.1bn, an 8.5% increase on a quarterly basis, while the assets under custody of credit institutions increased by 9.6%, reaching EUR 32.7bn.

INVESTMENT FUNDS

At the end of July 2026, there were 100 UCITS operating on the market. Their total net assets amounted to EUR 4.8bn, increasing by EUR 133.0m (2.8%) compared to the previous month. Total monthly net payments to UCITS in July were positive, amounting to EUR 107.5m. Positive net payments were recorded by money market funds (EUR 75.5m), equity funds (EUR 40.4m), balanced funds (EUR 2.0m) and feeder funds (EUR 1.0m), while negative net payments were recorded by funds categorised as “other” (EUR -2.5m) and bond funds (EUR -8.9m).

Money market funds’ net assets accounted for 35.5% of the total net assets of all UCITS at the end of July, equity funds made up 25.0 %, funds categorised as “other” accounted for 17.7%, bond funds for 16.7%, while balanced funds and feeder funds made up 3.2% and 1.9% of the total UCITS’ net assets respectively. Positive asset-weighted monthly returns were recorded by equity funds (3.3%) and money market funds (0.2%), whereas negative asset-weighted monthly returns were recorded by feeder funds (-1.9%), “other” funds (-0.7%), balanced funds (-0.5%) and bond funds (-0.5%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 216.3m (a 6.0% monthly decrease), with the monthly return of the fund reaching -5.9%.

LEASING COMPANIES

At the end of the second quarter of 2026, there were 15 leasing companies operating on the market. Their total assets stood at EUR 5.0bn, an 8.1% increase compared to the same period in the previous year. At the same time, the total profit recorded by leasing companies decreased by 0.7% on an annual basis, reaching EUR 35.2m. The outstanding contract value of active contracts in the operating lease segment rose by 5.0% at an annual level, while in the finance lease segment it increased by 9.9%. The value of newly concluded contracts in the first half of 2026 decreased by 21.3% at an annual level in the operating lease segment, while the annual growth in the finance lease segment reached 3.8%.

FACTORING COMPANIES

At the end of the second quarter of 2026, there were three factoring companies operating on the market. Their total assets stood at EUR 24.0m, while their profit reached EUR 0.3m. In the first half of 2026, their transaction volume was dominated by classic factoring totalling EUR 43.0m (72.9% of all the transactions), as were receivables, with classic factoring amounting to EUR 11.9m (68.5% of all the receivables).

The full report is available at Statistics/Monthly reports.