February 2026 Monthly Report
Overview of supervised entities’ activities in the financial services sector for February 2026
PENSION FUNDS
SECOND PILLAR PENSION FUNDS
At the end of February 2026, mandatory pension funds (MPFs) had 2,405,734 members, or 2,300 (0.10%) members more than in the previous month. Category B funds had 74.31% of all MPF members, while category A and category C funds had 22.36% and 3.33% of all MPF members respectively. Out of 3,574 new members, 3,248 (90.9%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 1,274 insured persons. Total net contributions paid to MPFs amounted to EUR 151.0m (0.6% of net assets at end-January). At the same time, total payments from all MPFs due to personal account closures reached EUR 29.6m (0.1% of net assets at end-January, rising by EUR 0.9m (3.16%) compared to the previous month.
At the end of February 2026, MPFs’ net assets amounted to EUR 27.6bn, rising by EUR 549.5m (2.0%) relative to the previous month. Nominal monthly Mirex returns reached 2.75% for category A[1], 1.69% for category B and 0.48% for category C. Annual Mirex returns reached 18.38% for category A, 9.94% for category B and 2.23% for category C, while annualised[2] returns since the beginning of MPFs’ operation reached 8.88% for Mirex A, 5.66% for Mirex B and 3.26% for Mirex C[3].
At the end of February, bond investments of MPFs totalled EUR 15.5bn (56.4% of total assets), making their share increase by 1.0 p.p. on a monthly basis. The share of equity investments in MPFs’ assets increased by 0.3 p.p. on a monthly basis, amounting to 25.3% of MPFs’ assets (EUR 7.0bn) at the end of February. Investments in domestic shares accounted for 13.9%, while investments in foreign shares accounted for 11.4% of MPFs’ assets. Investments in investment funds amounted to EUR 3.1bn (11.3% of the assets), making the proportion of these investments in total assets increase by 0.4 p.p. relative to the previous month. Cash and deposits amounted to 4.6% of the assets, or EUR 1.3bn, decreasing by 1.6 p.p. on a monthly basis.
THIRD PILLAR PENSION FUNDS
At the end of February 2026, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.67% on a monthly basis, while the number of members of 21 closed-ended voluntary pension funds (CVPFs) increased by 0.36%, making the number of members of these funds reach 449,707 and 51,263 respectively. Total monthly payments made to voluntary pension funds (VPFs) in February 2026 amounted to EUR 14.1m (0.8% of net assets at end-January), decreasing by 6.9% compared to the previous month. Total payments made from these funds reached EUR 8.1m, increasing by 3.5% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 62.7%, payments made due to the change of fund reached 34.2%, while those made due to death accounted for 3.1% of total payments in February. As regards total payments made due to retirement, the amount of EUR 2.0m was paid through a pension company (fund), EUR 1.8m was paid in the form of lump-sum payments, while the amount of EUR 1.3m was transferred for payment to pension insurance companies.
In February 2026, VPFs’ net assets increased by EUR 30.0m (1.8% on a monthly basis) and stood at EUR 1.72bn. Monthly nominal returns of VPFs ranged from 0.5% to 3.1%, while returns on an annual basis ranged from 1.9% to 17.5%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 52.0% share in assets, followed by stocks with a 29.2% share and investment funds with a 9.1% share. The share of bonds in VPFs’ investments increased on a monthly basis by 0.8 p.p., the equity share rose by 0.2 p.p., while the share of investments in investment funds declined by 0.1 p.p.
INSURANCE COMPANIES
In February 2026, there were 14 insurance companies operating on the market. The total premium collected in the first two months of 2026 amounted to EUR 327.6m, i.e. 4.9% more that in the same period in 2025. EUR 49.7m (15.2%) of this amount related to life insurance premium (3.1% more than in the same period last year), while EUR 277.9m (84.8%) related to non-life insurance premium (5.3% more at an annual level). The structure of the non-life insurance premium collected is dominated by motor vehicle liability insurance (34.4%), followed by insurance of road vehicles (20.4%), insurance against fire and natural disasters (9.6%) and health insurance (9.5%). The amount of claims settled in the first two months of 2026 reached EUR 188.8m, decreasing by 1.5% compared to the first two months of 2025. EUR 52.5m (27.8%) of this amount related to life insurance (2.1% less at an annual level), while EUR 136.3m (72.2%) related to non-life insurance (1.3% less compared to the same period in 2025). In the total amount of claims settled in non-life insurance, the largest amounts related to motor vehicle liability insurance (41.9%), insurance of road vehicles (21.8%), health insurance (12.1%), and insurance against fire and natural disasters (7.4%).
CAPITAL MARKET
The total turnover on the Zagreb Stock Exchange reached EUR 101.7m in February 2026, increasing by 53.7% on a monthly basis. Market capitalisation decreased by 1.7% relative to the previous month and stood at EUR 56.8bn, of which stocks amounted to EUR 32.8bn, bonds to EUR 19.4bn, money market instruments to EUR 4.5bn and ETFs to EUR 152m. As regards sectoral stock indices, the largest monthly growth (7.3%) was recorded by CROBEXindustrija, while CROBEXkonstrukt recorded the largest monthly decline (-2.6%). The main ZSE stock index CROBEX recorded a monthly increase of 0.86%, whereas CROBEXtr rose by 0.85% on a monthly basis. As regards bond indices, CROBIS recorded a monthly decrease of -0.2%, while CROBIStr remained the same as in the previous month. KONČAR d.d. was once again the stock most traded in February, with its turnover amounting to EUR 18.8m (33.7% of the overall trade in stocks in February) and a 2.3% monthly price increase.
INVESTMENT FUNDS
At the end of February 2026, there were 108 UCITS operating on the market. Their total net assets amounted to EUR 4.2bn, increasing by EUR 101.7m (2.5%) compared to the previous month. Total monthly net payments to UCITS in February were positive, amounting to EUR 69.3m. Positive net payments were recorded by equity funds (EUR 34.1m), “other” funds (EUR 13.6m), bond funds (EUR 12.0m), money market funds (EUR 10.0m) and balanced funds (EUR 0.2m), while negative net payments were recorded by feeder funds only (EUR -0.6m).
Money market funds’ net assets accounted for 34.3% of the total net assets of all UCITS at the end of February, equity funds made up 23.1%, bond funds accounted for 21.7%, other funds for 15.2%, while balanced funds and feeder funds made up 3.5% and 2.2% of the total UCITS’ net assets respectively. All categories of UCITS recorded positive asset-weighted average monthly returns, namely equity funds (2.1%), balanced funds (0.9%), bond funds (0.5%), “other” funds (0.4%), feeder funds (0.2%) and money market funds (0.1%).
Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 224.8m (a 2.7% monthly increase), with the monthly return of the fund reaching 1.97%.
The full report is available at Statistics/Monthly reports.
[1] In February 2026, the monthly change and year-to-date change recorded by the Mirex index for category A was higher than the highest return among the category A funds in the period observed. This is a consequence of the methodological approach to constructing the Mirex index, which represents the average value of the accounting unit of all mandatory pension funds in the same category (A, B or C), with the units of each fund in the total net assets of the funds in that category used as weights in the calculation. Therefore, the Mirex index return represents the change in two weighted averages of unit prices at different points in time, rather than a weighted average of the individual fund returns. It is therefore possible for the Mirex index return over a given period to be higher than the return of any individual fund; such a situation may occur when in the observed period, one of the funds, due to its significantly larger assets and unit price compared to the other funds, also records a relatively faster growth in its assets and unit price, thus exerting the strongest impact on the movement of the Mirex A index value, as well as on the magnitude of the change in the index.
[2] The annualised return is the geometric average of annual returns realised in the period observed.
[3] Beginning of operation: MPF category B: 30/4/2002; MPFs category A and C: 21/8/2014
