Statistics on the Financial & Insurance Activities sector (NACE K) are presented in this chapter. The statistics were not collected via the Structural Business Surveys mentioned throughout this publication but were collected and analysed by the CSO's Balance of Payments Division who engage directly with the Financial & Insurance Activities sector and its regulators on the provision of these statistics.
The Financial & Insurance Activities sector has traditionally used different terms to describe variables like production value, gross value added, and operating surplus. As part of a broad legislative proposal, agreed EU definitions for the Financial & Insurance Activities sector are currently being developed and should be in use in the coming years. The objective behind producing these statistics is to complete the coverage of the Business Economy in Ireland and to allow meaningful comparisons with other business sectors such as Industry and Services.
The Financial & Insurance Activities sector is described by NACE Section K. It includes:
K64 - Financial Services Activities, except Insurance and Pension Funding is dominated by credit institutions which in Ireland are banks and credit unions. However, it also includes activities of holding companies, obtaining and redistributing funds other than for the purpose of insurance, pension funding, or compulsory social security among other financial services activities.
K65 - Insurance, Reinsurance and Pension Funding includes life insurance companies, non-life insurance companies, and reinsurance companies, as well as pension funds. This group includes underwriting annuities, insurance policies, and investing premiums to increase the portfolio of financial assets.
K66 - Activities Auxiliary to Financial Services and Insurance Activities is the most diverse category and includes all financial auxiliaries including brokerage firms, insurance agents, and fund management activities. These services are closely related to financial service activities but are not themselves providing financial services.
The business operations data presented for the Financial & Insurance Activities sector in this report covers banks, life insurance, non-life insurance, and reinsurance. The detailed calculations of the main indicators for these enterprises are presented here. The calculations are based on the accounting framework where the income and expenses for the reference year 2020 are analysed in detail. See Tables 8.1 and 8.2.
linked to securities
linked to loans and deposits
from loans and deposits
|Profit linked to loans and deposits
|Profit linked to securities
|Value of production
|Gross premiums earned
|Gross claims incurred