June 2026 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of June 2026, mandatory pension funds (MPFs) had 2,413,050 members, i.e. 3,077 (0.13%) members more than in the previous month. Category B funds had 73.73% of all MPF members, while category A and category C funds had 23.16% and 3.11% of all MPF members respectively. Out of 6,029 new members, 5,800 (96.2%) were automatically allocated by REGOS. Termination of membership due to retirement or death was recorded with respect to 2,952 insured persons. Total net contributions paid to MPFs amounted to EUR 171.5m (0.6% of net assets at end-May). At the same time, total payments from all MPFs due to personal account closures reached EUR 80.4m (0.3% of net assets at end-May), rising by EUR 17.1m compared to the previous month.

At the end of June 2026, MPFs’ net assets amounted to EUR 28.7bn, rising by EUR 448.7m (1.6%) relative to the previous month. Nominal monthly Mirex returns reached 2.54% for category A, 1.36% for category B and 0.26% for category C; nominal year-to-date returns amounted to 12.60% for category A, 6.52% for category B and 0.85% for category C. Nominal annual Mirex returns reached 21.80% for category A, 11.94% for category B and 1.73% for category C, while annualised^[1] returns since the beginning of MPFs’ operation reached 9.16% for Mirex A, 5.70% for Mirex B and 3.19% for Mirex C^[2].

At the end of June, bond investments of MPFs totalled EUR 15.9bn (55.20% of total assets), making their share decrease by 0.3 p.p. monthly. The share of equity investments in MPFs’ assets increased by 0.5 p.p. on a monthly basis, amounting to 26.1% of MPFs’ assets (EUR 7.5bn) at the end of June. Investments in domestic shares accounted for 14.9%, while investments in foreign shares accounted for 11.2% of MPFs’ assets. Investments in investment funds amounted to EUR 3.6bn (12.4% 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 3.9% of the assets, or EUR 1.1bn, decreasing by 0.7 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of June 2026, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.55% on a monthly basis, while the number of members of 21 closed-ended voluntary pension funds (CVPFs) increased by 0.14%, making the number of members of these funds reach 459,871 and 51,919 respectively. Total monthly payments made to voluntary pension funds (VPFs) in June 2026 amounted to EUR 13.9m (0.8% of net assets at end-May), increasing by 15.1% compared to the previous month. Total payments made from these funds reached EUR 6.1m, increasing by 5.7% monthly. Total payments from VPFs made due to retirement and other reasons accounted for 64.9%, payments made due to the change of fund reached 28.3%, while those made due to death accounted for 6.8% of total payments in June. As regards total payments made due to retirement, the amount of EUR 1.9m (48.3%) was paid through a pension company (fund), EUR 1.1m (26.5%) was paid in the form of lump-sum payments, while the amount of EUR 1.0m (25.2%) was transferred for payment to pension insurance companies.

In June 2025, VPFs’ net assets increased by EUR 39.5m (2.2% monthly) and stood at EUR 1.8bn. Monthly nominal returns of VPFs ranged from 0.2% to 2.6%, year-to-date nominal returns from 0.44% to 13.27%, while returns on an annual basis ranged from 1.1% to 21.8%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 51.1% share in assets, followed by stocks with a 31.0% share and investment funds with a 10.2% share. The share of bonds in VPFs’ investments decreased on a monthly basis by 0.7 p.p., while the equity share and the share of investments in investment funds both increased by 1.0 p.p.

INSURANCE COMPANIES

In June 2026, there were 14 insurance companies operating on the market. The total premium collected in the first six months of 2026 amounted to EUR 1.1bn, i.e. 6.7% more that in the same period in 2025. EUR 177.0m (16.1%) of this amount related to life insurance premium (3.6% more than in the same period last year), while EUR 924.5m (83.9%) 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%), health insurance (9.4%), and insurance against fire and natural disasters (9.3%). The amount of claims settled in the first six months of 2026 reached EUR 636.8m, increasing by 7.2% compared to same period in 2025. EUR 173.2m (27.2%) of this amount related to life insurance (3.6% less at an annual level), while EUR 463.6m (72.8%) related to non-life insurance (11.9% 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 (40.9%), insurance of road vehicles (21.4%), health insurance (11.8%), and insurance against fire and natural disasters (8.0%).

CAPITAL MARKET

The total turnover on the Zagreb Stock Exchange reached EUR 95.3m in June 2026, increasing by 0.2% on a monthly basis. Market capitalisation increased by 0.2% relative to the previous month and stood at EUR 58.6bn, of which stocks amounted to EUR 35.5bn, bonds to EUR 19.2bn, money market instruments to EUR 3.7bn and ETFs to EUR 175m. As regards sectoral stock indices, the largest monthly growth (15.9%) was recorded by CROBEXkonstrukt, while CROBEXindustrija recorded the largest monthly decline (-0.5%). The main ZSE stock index CROBEX recorded a monthly increase of 6.0%, whereas CROBEXtr rose by 7.8% on a monthly basis. The main bond index CROBIS decreased by 0.2%, while CROBIStr fell by 0.02%. KONČAR d.d. was once again the stock most traded in June, with its turnover amounting to EUR 26.7m (38.2% of the overall trade in stocks in June) and a 7.5% monthly price increase.

INVESTMENT FUNDS

At the end of June 2026, there were 99 UCITS operating on the market. Their total net assets amounted to EUR 4.7bn, increasing by EUR 450.8m (10.6%) compared to the previous month. Total monthly net payments made to all UCITS in June were positive, amounting to EUR 399.8m. Positive net payments were recorded by funds categorised as “other” (EUR 320.8m), equity funds (EUR 52.2m), money market funds (EUR 34.2m), balanced funds (EUR 2.5m) and feeder funds (EUR 1.2m), while negative net payments were recorded by bond funds only (EUR -10.3m).

Money market funds’ net assets accounted for 34.8% of the total net assets of all UCITS at the end of June, equity funds made up 24.1 %, funds categorised as “other” accounted for 18.4%, bond funds for 17.5%, while balanced funds and feeder funds made up 3.3% and 2.0% of the total UCITS’ net assets respectively. In June, all categories of UCITS recorded positive asset-weighted average monthly returns, namely equity funds (3.5%), balanced funds (1.3%), feeder funds (0.5%), “other” funds (0.3%), bond funds (0.2%) and money market funds (0.1%). Positive semi-annual nominal asset-weighted returns were recorded by all categories of UCITS, namely equity funds (15.32%), balanced funds (5.81%), feeder funds (5.49%), “other” funds (1.60%), money market funds (0.75%) and bond funds (0.54%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 230.2m (a 1.5% monthly increase), with the monthly return of the fund reaching 1.7%.

The full report is available at Statistics/Monthly reports.