September 2025 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of September 2025, mandatory pension funds (MPFs) had 2,387,760 members, i.e. 7,441 (0.31%) members more than in the previous month. Category B funds had 75.39% of all MPF members, while category A and category C funds had 21.03% and 3.58% of all MPF members respectively. Out of 9,848 new members, 9,323 (94.67%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 2,407 insured persons. Total net contributions paid to MPFs in September amounted to EUR 154.8m (0.6% of net assets at end-August). At the same time, total payments from all MPFs due to personal account closures reached EUR 43.9m (0.2% of net assets at end-August, rising by EUR 12.4m compared to the previous month. At the end of September 2025, MPFs’ net assets amounted to EUR 25.8bn, rising by EUR 441.0m (0.7%) relative to the previous month. Nominal monthly Mirex returns reached 2.02% for category A, 1.41% for category B and 0.16% for category C. Annual Mirex returns reached 16.35% for category A, 9.94% for category B and 2.68% for category C, while annualised^[1] returns since the beginning of MPFs’ operation reached 8.41% for Mirex A, 5.54% for Mirex B and 3.29% for Mirex C^[2]. At the end of September, MPFs’ bond investments totalled EUR 14.5bn (56.1% of total assets), making their share decrease by 0.59 p.p. on a monthly basis. The share of equity investments in MPFs’ assets increased by 0.71 p.p. on a monthly basis, amounting to 24.5% of MPFs’ assets (EUR 6.3bn) at the end of September. Investments in domestic shares accounted for 14.2%, while investments in foreign shares accounted for 10.3% of MPFs’ assets. Investments in investment funds amounted to EUR 2.6bn (10.3% of the assets), making the proportion of these investments in total assets increase by 0.27 p.p. relative to the previous month. Cash and deposits amounted to 6.5% of the assets, or EUR 1.68bn, decreasing by 0.32 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of September 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 0.04%, making the number of members of these funds reach 435,130 and 50,356 respectively. Total monthly payments made to voluntary pension funds (VPFs) in September 2025 amounted to EUR 11.6m (0.8% of net assets at end-August), increasing by 19.3% compared to the previous month. Total payments made from these funds reached EUR 5.1m in September, increasing by 29.9% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 66.6%, payments made due to the change of fund reached 25.8%, while those made due to death accounted for 7.6% of total payments in September. 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, while the amount of EUR 0.7m was transferred for payment to pension insurance companies. In September, net assets of VPFs increased by EUR 22.9m (1.5% on a monthly basis) and stood at EUR 1.58bn. Monthly nominal returns of VPFs ranged from 0.03% to 0.4%, while returns on an annual basis ranged from 2.1% to 15.0%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 53.1% share in total net assets, followed by stocks with a 28.1% share and investment funds with a 10.7% share. The share of bonds in VPFs’ investments increased on a monthly basis by 0.1 p.p., the share of investments in investment funds grew by 0.3 p.p., while equity investment share rose by 0.7 p.p.

INSURANCE COMPANIES

In September 2025, there were 14 insurance companies operating on the market. The total premium collected in the first nine months of 2025 amounted to EUR 1.5bn, i.e. 8.1% more than in the same period in 2024. EUR 242.9m (15.8%) of this amount related to life insurance premium (1.9% less than in the same period last year), while EUR 1.3bn (84.2%) related to non-life insurance premium (10.2% more at an annual level). The structure of the non-life insurance premium collected is dominated by motor vehicle liability insurance (35.3%), followed by insurance of road vehicles (19.5%), insurance against fire and natural disasters (9.5%) and health insurance (8.7%). The amount of claims settled in the first nine months of 2025 reached EUR 882.9m, decreasing by 4.5% compared to same period in 2024. EUR 269.6m (30.5%) of this amount related to life insurance (20.2% less at an annual level), while EUR 613.3m (69.5%) related to non-life insurance (4.6% 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 (40.9%), insurance of road vehicles (21.8%), health insurance (12.1%), and insurance against fire and natural disasters (8.1%).

CAPITAL MARKET

The total turnover on the Zagreb Stock Exchange reached EUR 104.7m in September 2025, increasing by 88.2% on a monthly basis. Market capitalisation decreased by 1.4% relative to the previous month and stood at EUR 55.1bn, of which stocks amounted to EUR 32.1bn, bonds to EUR 19.6bn, money market instruments to EUR 3.3bn and ETFs to 120m. As regards sectoral stock indices, the largest monthly growth (14.3%) was recorded by CROBEXindustrija, while CROBEXtransport recorded the largest monthly decline (-5.1%). The main ZSE stock index CROBEX and CROBEXtr also recorded a monthly decrease (of 2.6%). The main bond index CROBIS rose by 0.1%, while CROBIStr grew by 0.3%. KONČAR d.d. was once again the stock most traded in September, with its turnover amounting to EUR 29.7m (42.5% of the overall trade in stocks in September) and a 13.6% monthly price increase. 

INVESTMENT FUNDS

At the end of September 2025, there were 117 UCITS operating on the market.Their total net assets amounted to EUR 3.93bn, increasing by EUR 77.3m (2.0%) compared to the previous month. Total monthly net payments to UCITS in September were positive, amounting to EUR 51.6m. Positive net payments were recorded by money market funds (EUR 29.4m), equity funds (EUR 18.6m), bond funds (EUR 4.4m) and balanced funds (EUR 980 thousand), while negative net payments were recorded by feeder funds (EUR -663 thousand) and funds categorised as “other” (EUR -1.0m). Money market funds’ net assets accounted for 33.2% of the total net assets of all UCITS at the end of September, bond funds made up 20.1%, funds categorised as “other” 19.0%, while equity and balanced funds accounted for 18.1% and 7.3% of the total UCITS’ net assets respectively. In September, all fund categories recorded positive asset-weighted average monthly returns, namely: equity funds (2.6%), feeder funds (1.2%), balanced funds (1.0%), “other” funds (0.3%), money market funds (0.1%) and bond funds (0.1%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 229.7m (a 4.5% monthly increase), with the monthly return of the fund reaching 4.7%.

The full report is available at Statistics/Monthly reports.