June 2025 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of June 2025, mandatory pension funds (MPFs) had 2,361,395 members, i.e. 4,045 (0.17%) members more than in the previous month. Category B funds had 76.4% of all MPF members, while category A and category C funds had 19.9% and 3.8% of all MPF members respectively. Out of 6,394 new members, 6,198 (96.9%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 2,349 insured persons. Total net contributions paid to MPFs in June amounted to EUR 148.1m (0.6% of net assets at end-May). At the same time, total payments from all MPFs due to personal account closures reached EUR 61.2m (0.3% of net assets at end-May), rising by EUR 8.4m compared to the previous month.

At the end of June, MPFs’ net assets amounted to EUR 24.6bn, EUR 315.6m or 1.3% more than in the preceding month, and EUR 1.4bn or 6.1% more than at the beginning of the year. Nominal monthly Mirex returns reached 1.80% for category A, 0.94% for category B and 0.03% for category C; year-to-date returns amounted to 7.2% for category A, 3.6% for category B and 1.2% for category C. Annual Mirex returns reached 14.00% for category A, 8.68% for category B and 3.75% for category C, while annualised^[1] returns since the beginning of MPFs’ operation reached 8.07% for Mirex A, 5.44% for Mirex B and 3.32% for Mirex C^[2].

At the end of June, bond investments of MPFs totalled EUR 14.0bn (57.0% of total assets), making their share decrease by 0.6 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 23.5% of MPFs’ assets (EUR 5.8bn) at the end of June. Investments in domestic shares accounted for 13.9%, while investments in foreign shares accounted for 9.6% of MPFs’ assets. Investments in investment funds amounted to EUR 2.4bn (9.6% of the assets), making the proportion of these investments in total assets decrease by 0.3 p.p. relative to the preceding month. Cash and deposits amounted to 6.7% of the assets, or EUR 1.7bn, increasing by 0.2 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of June 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 0.1%, making the number of members of these funds reach 429,534 and 50,245 respectively. Total payments made to voluntary pension funds (VPFs) in June 2025 amounted to EUR 10.1m (0.7% of net assets at end-May), increasing by 5.7% compared to the preceding month. Total payments made from these funds reached EUR 4.4m, decreasing by 0.01% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 72.7%, payments made due to the change of fund reached 20.1%, while those made due to death accounted for 7.2% of total payments in June. As regards total payments made due to retirement, the amount of EUR 1.7m was paid through a pension company (fund), the amount of EUR 0.9m was paid in the form of lump-sum payments, while the amount of EUR 0.7m was transferred for payment to pension insurance companies.

In June 2025, VPFs’ net assets increased by EUR 21.7m (1.5% on a monthly basis) and stood at EUR 1.52bn. Since the beginning of the year, they rose by EUR 70.2m or 4.9%. Monthly nominal returns of VPFs ranged from 0.01% to 2.1%, year-to-date returns from 1.0% to 7.9%, while returns on an annual basis ranged from 2.6% to 12.8%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 53.5% share in total net assets, followed by stocks with a 26.6% share and investment funds with a 10.2% share. The share of bonds in VPFs’ investments increased on a monthly basis by 0.6 p.p., the equity share rose by 0.5 p.p., while the share of investments in investment funds decreased by 0.2 p.p.

INSURANCE COMPANIES

In June 2025, there were 14 insurance companies operating on the market. The total premium collected in the first six months of 2025 amounted to EUR 1.0bn, i.e. 8.3% more that in the same period in 2024. EUR 170.9m (16.55%) of this amount related to life insurance premium (3.2% less than in the same period last year), while EUR 861.3m (83.45%) related to non-life insurance premium (10.9% 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 (9.1%) and health insurance (8.8%). The amount of claims settled in the first six months of 2025 reached EUR 594.1m, decreasing by 9.3% compared to same period in 2024. EUR 179.7m (30.25%) of this amount related to life insurance (30.6% less at an annual level), while EUR 414.4m (69.75%) related to non-life insurance (4.8% 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 (41.0%), insurance of road vehicles (21.6%), health insurance (12.5%), and insurance against fire and natural disasters (8.8%).

CAPITAL MARKET

The total turnover on the Zagreb Stock Exchange reached EUR 70.2m in June 2025, increasing by 4.4% on a monthly basis. The year-to-date total turnover reached EUR 389.0m, a EUR 184.7m or 90.5% rise compared with the same period last year. Market capitalisation increased by 3.7% relative to the previous month and stood at EUR 54.5bn, of which stocks amounted to EUR 30.6bn, bonds to EUR 19.3bn, money market instruments to EUR 4.5bn and ETFs to 139m. As regards sectoral stock indices, all of which were positive in June, the largest monthly growth (6.6%) was recorded by CROBEXnutris, while CROBEXtransport recorded the smallest monthly rise (1.2%). The main ZSE stock index CROBEX recorded a monthly increase of 4.2%, while CROBEXtr rose by 5.5%. A slight monthly decline was recorded by the bond index CROBIS (-0.06%), while CROBISt rose by 0.14% at a monthly level. KONČAR d.d. was once again the stock most traded in June, with its turnover amounting to EUR 8.4m (22.7% of the overall trade in stocks in June) and a 0.8% monthly price increase.

INVESTMENT FUNDS

At the end of June 2025, there were 116 UCITS operating on the market. Their total net assets amounted to EUR 3.7bn, increasing by EUR 111.3m or 3.1% compared to the previous month. Since the beginning of the year, they rose by EUR 481.4m or 14.9%. Total monthly net payments made to all UCITS in June were positive, amounting to EUR 131.3m. Positive net payments were recorded by money market funds (EUR 110.2m), “other” funds (EUR 15.4m), equity funds (EUR 7.7m), bond funds (EUR 2.1m) and feeder funds (EUR 0.1m), while negative net payments were recorded by balanced funds only (EUR -4.2m). Money market funds’ net assets accounted for 32.8% of the total net assets of all UCITS at the end of June, bond funds made up 21.3%, funds categorised as “other” 19.5%, while equity and balanced funds accounted for 16.4% and 7.6% of the total UCITS’ net assets respectively. In June, all fund categories recorded positive asset-weighted monthly returns, namely equity funds (3.71%), balanced funds (0.27%), “other” funds (0.24%), bond funds (0.14%), money market funds (0.13%) and feeder funds (0.03%). Positive semi-annual asset-weighted returns were recorded by equity funds (12.7%), “other” funds (1.4%), bond funds (1.2%), balanced funds (1.1%) and money market funds (1.0%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 234.3m (a 4.0% monthly increase), with the monthly return of the fund reaching 4.1%.

The full report is available at Statistics/Monthly reports.