October 2025 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of October 2025, mandatory pension funds (MPFs) had 2,391,429 members, i.e., 3,669 (0.15%) members more than in the previous month. Category B funds had 75.23% of all MPF members, while category A and category C funds had 21.25% and 3.52% of all MPF members respectively. Out of 5,905 new members, 5,227 (88.5%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 2,236 insured persons. Total net contributions paid to MPFs in October amounted to EUR 151.2m (0.6% of net assets at end-September). At the same time, total payments from all MPFs due to personal account closures reached EUR 51.7m (0.2% of net assets at end-September, rising by EUR 7.8m (17.7%) compared to the previous month.

At the end of October 2025, net assets of MPFs amounted to EUR 26.1bn, rising by EUR 307.8m (1.2%) relative to the previous month. Nominal monthly Mirex returns reached 1.23% for category A, 0.85% for category B and 0.33% for category C. Annual Mirex returns reached 16.75% for category A, 10.08% for category B and 2.81% for category C, while annualised^[1] returns since the beginning of MPFs’ operation reached 8.46% for Mirex A, 5.56% for Mirex B and 3.30% for Mirex C^[2]. At the end of October, bond investments of MPFs totalled EUR 14.7bn (56.5% of total assets), making their share increase by 0.37 p.p. on a monthly basis. The share of equity investments in MPFs’ assets decreased by 0.2 p.p. on a monthly level, amounting to 24.3% of MPFs’ assets (EUR 6.3bn) at the end of October. Investments in domestic shares accounted for 14.2%, while investments in foreign shares accounted for 10.1% of MPFs’ assets. Investments in investment funds amounted to EUR 2.7bn (10.4% of the assets), making the proportion of these investments in total assets increase by 0.2 p.p. relative to the previous month. Cash and deposits amounted to 6.2% of the assets, or EUR 1.6bn, decreasing by 0.3 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of October 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 437,491 and 50,419 respectively. Total monthly payments made to voluntary pension funds (VPFs) in October 2025 amounted to EUR 12.0m (0.8% of net assets at end-September), increasing by 3.4% compared to the previous month. Total payments made from these funds reached EUR 5.8m in October, increasing by 12.5% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 65.6%, payments made due to the change of fund reached 24.4%, while those made due to death accounted for 9.9% of total payments in October. As regards total payments made due to retirement, the amount of EUR 1.7m was paid through a pension company (fund), EUR 1.0m was paid in the form of lump-sum payments, and the same amount was transferred for payment to pension insurance companies. In October, net assets of VPFs increased by EUR 20.30m (1.3% on a monthly basis) and stood at EUR 1.6bn. Monthly nominal returns of VPFs ranged from 0.3% to 1.7%, while returns on an annual basis ranged from 2.5% to 16.2%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 53.2% share in total net assets, followed by stocks with a 27.8% share and investment funds with a 10.6% share. The share of bonds in VPFs’ investments increased on a monthly basis by 0.1 p.p., while the equity share decreased by 0.3 p.p., and the share of investments in investment funds decreased by 0.1 p.p.

PENSION INSURANCE COMPANIES (PICs)

At the end of the third quarter of 2025, there were two pension insurance companies operating on the market and covering 21,412 and 4,108 users in the area of mandatory and voluntary pension insurance respectively. The total assets of the PICs amounted to EUR 654.5m at the end of the third quarter of 2025, rising by EUR 142.9m (28.0%) compared to the same period last year. The total profit of the PICs in the first nine months of 2025 amounted to EUR 1.1m, decreasing by EUR 208 thousand (19.0%) compared to the same period last year.

INSURANCE COMPANIES

In October 2025, there were 14 insurance companies operating on the market. The total premium collected in the first ten months of 2025 amounted to EUR 1.7bn, i.e., 7.9% more than in the same period in 2024. EUR 268.0m (15.6%) of this amount related to life insurance premium (1.3% less than in the same period last year), while EUR 1.5bn (84.4%) related to non-life insurance premium (9.8% more at an annual level). The structure of the non-life insurance premium collected is dominated by motor vehicle liability insurance (35.4%), followed by insurance of road vehicles (19.6%), insurance against fire and natural disasters (9.4%) and health insurance (8.6%). The amount of claims settled in the first ten months of 2025 reached EUR 990.8m, decreasing by 4.8% compared to same period in 2024. EUR 297.6m (30.0%) of this amount related to life insurance (19.1% less at an annual level), while EUR 693.1m (70.0%) 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 (40.4%), insurance of road vehicles (21.8%), health insurance (12.1%), and insurance against fire and natural disasters (8.2%).

CAPITAL MARKET

In October 2025, the total turnover on the Zagreb Stock Exchange reached EUR 74.3m, decreasing by 29.0% on a monthly basis. Market capitalisation increased by 2.9% relative to the previous month and stood at EUR 56.7bn, of which stocks amounted to EUR 32.1bn, bonds to EUR 19.6bn, money market instruments to EUR 4.9bn and ETFs to EUR 128m. As regards sectoral stock indices, the largest monthly growth (4.4%) was recorded by CROBEXkonstrukt, while CROBEXturist recorded the smallest monthly rise (0.7%). The main ZSE stock index CROBEX recorded a monthly increase of 0.4%, 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 once again the stock most traded in October, with its turnover amounting to EUR 24.7m (44.3% of the overall trade in stocks in October) and a 4.0% monthly price increase.

INVESTMENT FIRMS

At the end of the third quarter of 2025, there were 22 legal entities authorised to provide investment services, namely 7 investment firms, 11 credit institutions and 4 investment fund management companies. On a quarterly basis, the value of assets managed by investment firms increased by 17.2%, the value of assets managed by credit institutions increased by 3.1%, while the value of assets managed by investment fund management companies rose by 0.2%. At the end of the third quarter of 2025, total assets under custody of investment firms stood at EUR 1.6bn, a 15.2% increase on a quarterly basis, while the assets under custody of credit institutions increased by 3.3%, reaching EUR 29.3bn.

INVESTMENT FUNDS

At the end of October 2025, there were 116 UCITS operating on the market. Their total net assets amounted to EUR 4.0bn, increasing by EUR 80.4m (2.0%) compared to the previous month. Total monthly net payments to UCITS in October were positive, amounting to EUR 50.6m. Positive net payments were recorded by money market funds (EUR 28.5m), equity funds (EUR 16.8m), bond funds (EUR 13.0m), balanced funds (EUR 1.9m) and funds categorised as “other” (EUR 1.6m), while negative net payments were recorded by feeder funds only (EUR -2.2m).

Money market funds’ net assets accounted for 33.3% of the total net assets of all UCITS at the end of October, bond funds made up 20.1%, funds categorised as “other” 18.5%, while equity and balanced funds accounted for 18.4% and 7.3% of the total UCITS’ net assets respectively. In October, all fund categories recorded positive asset-weighted monthly returns, namely equity funds (3.5%), feeder funds (2.5%), balanced funds (1.6%), bond funds (0.5%), “other” funds (0.4%) and money market funds (0.2%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 225.9m (a 1.6% monthly decrease), with the monthly return of the fund reaching -1.5%.

LEASING COMPANIES

At the end of the third quarter of 2025, there were 15 leasing companies operating on the market. Their total assets stood at EUR 4.6bn, an 11.1% increase compared to the same period in the previous year. At the same time, the total profit recorded by leasing companies (before profit tax) rose by 1.0% on an annual basis, reaching EUR 54.7m. The outstanding contract value of active contracts in the operating lease segment rose by 0.6% at an annual level, while in the finance lease segment it increased by 13.4%. The value of newly concluded contracts in the first nine months of 2025 decreased by 11.6% at an annual level in operating lease, while in the finance lease the annual growth reached 3.8%.

FACTORING COMPANIES

At the end of the third quarter of 2025, there were three factoring companies operating on the market. Their total assets stood at EUR 21.2m at the end of the third quarter, while their total profit reached EUR 0.6m (before profit tax). In the first nine months of 2025, the transaction volume was dominated by classic factoring totalling EUR 75.2m (84.7% of all transactions), as were receivables, with classic factoring amounting to EUR 12.1m (79.0% of the receivables) at the end of the second quarter of 2025.

The full report is available at Statistics/Monthly reports.