November 2025 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of November 2025, mandatory pension funds (MPFs) had 2,396,298 members, or 4,869 (0.20%) members more than in the previous month. Category B funds had 75.02% of all MPF members, while category A and category C funds had 21.52% and 3.46% of all MPF members respectively. Out of 7,107 new members, 6,576 (92.5%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 2,238 insured persons. Total net contributions paid to MPFs amounted to EUR 146.9m (0.6% of net assets at end-October). At the same time, total payments from all MPFs due to personal account closures reached EUR 50.1m (0.2% of net assets at end-October), falling by EUR 1.6m (3.2%) compared to the previous month.

At the end of November 2025, net assets of MPFs amounted to EUR 26.2bn, rising by EUR 149.0m (0.6%) relative to the previous month. Nominal monthly Mirex returns reached 0.17% for category A, 0.18% for category B and 0.13% for category C. Annual Mirex returns reached 15.20% for category A, 8.70% for category B and 2.51% for category C, while annualised^[1] returns since the beginning of MPFs’ operation reached 8.42% for Mirex A, 5.54% for Mirex B and 3.29% for Mirex C^[2]. At the end of November, bond investments of MPFs totalled EUR 14.9bn (56.8% of total assets), making their share increase by 0.32 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 24.4% of MPFs’ assets (EUR 6.4bn) at the end of November. Investments in domestic shares accounted for 14.0%, while investments in foreign shares accounted for 10.4% of MPFs’ assets. Investments in investment funds amounted to EUR 2.7bn (10.3% of the assets), making the proportion of these investments in total assets decrease by 0.1 p.p. relative to the previous month. Cash and deposits amounted to 6.6% of the assets, or EUR 1.7bn, increasing by 0.4 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of November 2025, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.5% on a monthly basis, as did the number of members of 21 closed-ended voluntary pension funds (CVPFs), making the number of members of these funds reach 439,866 and 50,660 respectively. Total monthly payments made to voluntary pension funds (VPFs) in November 2025 amounted to EUR 14.0m (0.9% of net assets at end-October), increasing by 16.3% compared to the previous month. Total payments made from these funds reached EUR 4.5m, decreasing by 21.8% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 68.3%, payments made due to the change of fund reached 25.8%, while those made due to death accounted for 5.9% of total payments. 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 0.5m was transferred for payment to pension insurance companies. In November, net assets of VPFs increased by EUR 11.3m (0.7% on a monthly basis) and stood at EUR 1.61bn. Monthly nominal returns of VPFs ranged from -0.7% to 0.5%, while returns on an annual basis ranged from 2.0% to 14.4%. 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 27.9% share and investment funds with a 9.4% share. The share of bonds in VPFs’ investments increased on a monthly basis by 0.4 p.p., the equity share rose by 0.03 p.p., while the share of investments in investment funds declined by 1.3 p.p.

INSURANCE COMPANIES

In November 2025, there were 14 insurance companies operating on the market. The total premium collected in the first 11 months of 2025 amounted to EUR 1.9bn, or 7.6% more than in the same period in 2024. EUR 293.2m (15.6%) of this amount related to life insurance premium (0.8% less than in the same period last year), while EUR 1.6bn (84.4%) related to non-life insurance premium (9.3% 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 (19.7%), insurance against fire and natural disasters (9.3%) and insurance against other damage to property (8.7%). The amount of claims settled in the first 11 months of 2025 reached EUR 1.1bn, decreasing by 4.1% compared to same period in 2024. EUR 324,4m (29.7%) of this amount related to life insurance (17.7% less at an annual level), while EUR 766.7m (70.3%) related to non-life insurance (3.1% 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 (40.3%), insurance of road vehicles (21.7%), health insurance (12.0%), and insurance against other damage to property (8.0%).

CAPITAL MARKET

In November 2025, the total turnover on the Zagreb Stock Exchange reached EUR 44.7m, decreasing by 39.9% on a monthly basis. Market capitalisation increased by 0.1% relative to the previous month and stood at EUR 56.7bn, of which stocks amounted to EUR 31.9bn, bonds to EUR 19.6bn, money market instruments to EUR 5.2bn and ETFs to EUR 124m. As regards sectoral stock indices, the largest monthly growth (5.6%) was recorded by CROBEXturist, while CROBEXtransport recorded the largest monthly decline (-7.9%). The main ZSE stock index CROBEX recorded a monthly increase of -0.5%, as did CROBEXtr. As regards bond indices, CROBIS recorded a slight monthly growth (of 0.02%), while CROBIStr grew by 0.2% on a monthly basis. KONČAR d.d. was once again the stock most traded in November, with its turnover amounting to EUR 5.4m (16.9% of the overall trade in stocks in November) and a 3.5% monthly price decrease.

INVESTMENT FUNDS

At the end of November 2025, there were 111 UCITS operating on the market. Their total net assets amounted to EUR 4.0bn, increasing by EUR 0.8m (0.02%) compared to the previous month. Total monthly net payments to UCITS in November were positive, amounting to EUR 60.0m. Positive net payments were recorded by money market funds (EUR 77.9m), equity funds (EUR 10.4m), bond funds (EUR 4.0m) and balanced funds (EUR 3.7m), while negative net payments were recorded by feeder funds (EUR -0.5m) and “other” funds (EUR -36.7m).

Money market funds’ net assets accounted for 35.2% of the total net assets of all UCITS at the end of November, bond funds made up 20.2%, funds categorised as “other” 16.1%, while equity and balanced funds accounted for 18.7% and 7.4% of the total UCITS’ net assets respectively. Positive asset-weighted monthly returns were recorded by equity funds (0.9%), balanced funds (0.4%), “other” funds (0.2%) and money market funds (0.1%), whereas negative asset-weighted monthly returns were recorded by bond funds (-0.1%) and feeder funds (-0.8%).

The assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 225.4m (a 0.2% monthly decrease), with the monthly return of the fund reaching -0.03%.

The full report is available at Statistics/Monthly reports.