May 2026 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of May 2026, mandatory pension funds (MPFs) had 2,409,973 members, i.e. 1,041 (0.04%) members more than in the previous month. Category B funds had 73.91% of all MPF members, while category A and category C funds had 22.90% and 3.19% of all MPF members respectively. Out of 3,776 new members, 3,528 (93.4%) were automatically assigned by Regos. Termination of membership due to retirement or death was recorded with respect to 2,737 insured persons. Total net contributions paid to MPFs amounted to EUR 150.4m (0.5% of net assets at end-April). At the same time, total payments from all MPFs due to personal account closures reached EUR 63.4m (0.2% of net assets at end-April, rising by EUR 33.6m compared to the previous month.

At the end of May 2026, MPFs’ net assets amounted to EUR 28.3bn, rising by EUR 573.2m (2.1%) relative to the previous month. Nominal monthly Mirex returns reached 2.94% for category A, 1.86% for category B and 0.32% for category C. Annual Mirex returns reached 20.92% for category A, 11.47% for category B and 1.49% for category C, while annualised[1] returns since the beginning of MPFs’ operation reached 9.00% for Mirex A, 5.66% for Mirex B and 3.19% for Mirex C[2].

At the end of May, bond investments of MPFs totalled EUR 15.7bn (55.47% of total assets), making their share decrease by 1.0 p.p. on a monthly basis. The share of equity investments in MPFs’ assets increased by 0.2 p.p. on a monthly basis, amounting to 25.6% of MPFs’ assets (EUR 7.2bn) at the end of May. Investments in domestic shares accounted for 14.3%, while investments in foreign shares accounted for 11.3% of MPFs’ assets. Investments in investment funds amounted to EUR 3.5bn (12.4% of the assets), making the proportion of these investments in total assets increase by 1.0 p.p. relative to the previous month. Cash and deposits amounted to 4.5% of the assets, or EUR 1.3bn, increasing by 0.2 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of May 2026, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.51% on a monthly basis, while the number of members of 21 closed-ended voluntary pension funds (CVPFs) increased by 0.09%, making the number of members of these funds reach 457,333 and 51,847 respectively. Total monthly payments made to voluntary pension funds (VPFs) in May 2026 amounted to EUR 12.0m (0.7% of net assets at end-April), decreasing by 4.6% compared to the previous month. Total payments made from these funds reached EUR 5.8m, decreasing by 1.8% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 66.1%, payments made due to the change of fund reached 28.2%, while those made due to death accounted for 5.7% of total payments in May. As regards total payments made due to retirement, the amount of EUR 1.9m (49.4%) was paid through a pension company (fund),

EUR 1.2m (30.0%) was paid in the form of lump-sum payments, while the amount of EUR 0.8m (20.6%) was transferred for payment to pension insurance companies. 

In May 2024, net assets of VPFs increased by EUR 37.3m (2.2% on a monthly basis) and stood at EUR 1.76bn. Monthly nominal returns of VPFs ranged from 0.3% to 3.2%, while returns on an annual basis ranged from 0.9% to 21.3%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 51.8% share in total net assets, followed by stocks with a 30.0% 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 increased by 0.6 p.p.

INSURANCE COMPANIES

In May 2026, there were 14 insurance companies operating on the market. The total premium collected in the first five months of 2026 amounted to EUR 900.8m, i.e. 6.7% more than in the same period in 2025. EUR 135.9m (15.1%) of this amount related to life insurance premium (2.0% more than in the same period last year), while EUR 764.9m (84.9%) related to non-life insurance premium (7.6% 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 (20.4%), health insurance (9.6%), and insurance against fire and natural disasters (9.2%). The amount of claims settled in the first five months of 2026 reached EUR 531.5m, decreasing by 5.3% compared to same period in 2025. EUR 143.2m (26.9%) of this amount related to life insurance (5.5% less at an annual level), while EUR 388.3m (73.1%) related to non-life insurance (9.8% 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 (40.2%), insurance of road vehicles (21.3%), health insurance (11.8%), and insurance against fire and natural disasters (8.4%).

CAPITAL MARKET

The total turnover on the Zagreb Stock Exchange reached EUR 95.1m in May 2026, increasing by 88.6% on a monthly level. Market capitalisation increased by 1.0% relative to the previous month and stood at EUR 58.5bn, of which stocks amounted to EUR 33.6bn, bonds to EUR 19.3bn, money market instruments to EUR 5.4bn and ETFs to EUR 167m. As regards sectoral stock indices, the largest monthly growth (9.3%) was recorded by CROBEXtransport, while CROBEXnutris recorded the largest monthly decline (-2.0%). The main ZSE stock index CROBEX recorded a monthly increase of 4.5%, as did CROBEXtr. As regards bond indices, CROBIS recorded a monthly decrease of 0.1%, while CROBIStr grew by 0.1% on a monthly basis. KONČAR d.d. was the stock most traded in May, with its turnover amounting to EUR 26.8m (46.0% of the overall trade in stocks in May) and a 15.7% monthly price increase. 

INVESTMENT FUNDS

At the end of May 2026, there were 100 UCITS operating on the market. Their total net assets amounted to EUR 4.3bn, increasing by EUR 57.2m (1.4%) compared to the previous month. Total monthly net payments to UCITS in May were positive, amounting to EUR 5.8m. Positive net payments were recorded by equity funds (EUR 47.5m), money market funds (EUR 13.9m), balanced funds (EUR 2.4m) and feeder funds (EUR 1.0m), while negative net payments were recorded by bond funds (EUR -10.0m) and “other” funds (EUR -48.8m).

Money market funds’ net assets accounted for 37.6% of the total net assets of all UCITS at the end of May, equity funds made up 24.5%, bond funds accounted for 19.5%, “other” funds for 12.7%, while balanced funds and feeder funds made up 3.6% and 2.1% of the total UCITS’ net assets respectively. In May, all categories of UCITS recorded positive asset-weighted average monthly returns, namely equity funds (3.3%), feeder funds (3.1%), balanced funds (2.0%), “other” funds (0.9%), bond funds (0.6%) and money market funds (0.1%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 226.8m (a 2.4% monthly increase), with the monthly return of the fund reaching 2.6%. 

The full report is available at Statistics/Monthly reports.