The investment funds of the insurance companies enjoyed marginal profits in 2010 despite the unfavourable climate in the CSE and the ASE as well as in the state bonds markets.

According to latest figures of the Insurance Companies’ Association, the assets of the ten biggest insurance funds in December 2010 stood at €979.6 million from €975.6 million in December 2009, recording an increase of 0.4% or €4.1 million.

The total value of the 53 insurance funds stood at €1,224.2 million from €1,208.4 million, surging 1.3% or €15.8 million.

The annual increase in the funds’ assets compares favourably with the corresponding yield of the CSE general index, in which a big part of the funds’ assets is invested. The CSE general index recorded annual losses of 33.9% in December.

Of the ten largest funds, only those which are of high risk saw the value of their assets dropping.

Cyprialife, the second biggest, saw its value decreasing 7.7% to €120.2 million from €130.3 million.

Cyprialife Dynamic, which is of high risk, fell 6.1% to €49.7 million from €52.9 million.

The value of Mega (Cyprialife) also declined 8.6%.

Growth of Universal Life, which is of high risk and the third biggest in the country, was affected negatively and the value of its assets fell 5.5% to €115.6 million from €122.3 million.

On the other hand, the Gross of Eurolife, which is of middle risk, had its value increased by 4.6% to €397.8 million from €380.3 million last year.

Secure of Cyprialife, of low risk, soared 15.7% to €49.5 million from €42.8 million, since part of the investments of those who are insured with Cyprialife in other funds seems to have been placed to Secure.

Alico Dynamic of American Life is the only high risk fund to have recorded an increase of 1.2%.

It is worth noting that Allianz Hellas – introduced in December 2010 – had assets of €38.1 million and this is not included in the figures.