September 2026 Monthly Report

PENSION FUNDS

SECOND PILLAR PENSION FUNDS

At the end of September 2026, mandatory pension funds (MPFs) had 2,429,496 members, i.e. 5,883 (0.24%) members more than in the previous month. Category B funds had 72.98% of all MPF members, while category A and category C funds had 24.10% and 2.92% of all MPF members respectively. Out of 8,444 new members, 7,846 (92.9%) were automatically allocated by Regos. Termination of membership due to retirement or death was recorded with respect to 2,561 insured persons. Total contributions paid to MPFs amounted to EUR 164.8m (0.6% of net assets at end-August). At the same time, total payments from all MPFs due to personal account closures reached EUR 52.4m (0.2% of net assets at end-August), declining by EUR 14.6m (21.7%) compared to the previous month.

At the end of September 2026, MPFs’ net assets amounted to EUR 29.0bn, down by EUR 157.5m (0.5%) relative to the previous month. Nominal monthly Mirex returns reached -1.30% for category A, -0.80% for category B and -0.72% for category C. Nominal annual Mirex returns reached 15.23% for category A, 8.00% for category B and 0.32% for category C, while annualised^[1] returns since the beginning of MPFs’ operation reached 8.96% for Mirex A, 5.64% for Mirex B and 3.04% for Mirex C^[2].

At the end of September, bond investments of MPFs totalled EUR 16.0bn (55.06% of total assets), making their share increase by 0.3 p.p. on a monthly basis. The share of equity investments in MPFs’ assets increased by 0.01 p.p. on a monthly basis, amounting to 26.1% of MPFs’ assets (EUR 7.6bn) at the end of September. Investments in domestic shares accounted for 14.77%, while investments in foreign shares accounted for 11.37% of MPFs’ assets. Investments in investment funds amounted to EUR 3.5bn (12.1% of the assets), making the proportion of these investments in total assets decrease by 0.3 p.p. relative to the previous month. Cash and deposits amounted to 4.1% of the assets, or EUR 1.2bn, increasing by 0.5 p.p. on a monthly basis.

THIRD PILLAR PENSION FUNDS

At the end of September 2026, the number of members of 8 open-ended voluntary pension funds (OVPFs) rose by 0.47% on a monthly basis, while the number of members of 21 closed-ended voluntary pension funds (CVPFs) decreased by 0.01%, making the number of members of these funds reach 465,630 and 51,931 respectively. Total monthly payments made to voluntary pension funds (VPFs) in September 2026 amounted to EUR 13.5m (0.7% of net assets at end-August), increasing by 11.2% compared to the previous month. Total payments made from these funds reached EUR 5.7m, increasing by 7.9% on a monthly basis. Total payments from VPFs made due to retirement and other reasons accounted for 60.8%, payments made due to the change of fund reached 32.8%, while those made due to death accounted for 6.4% of total payments in September. As regards total payments made due to retirement, the amount of EUR 1.9m (55.2%) was paid through a pension company (fund), EUR 1.1m (30.6%) was paid in the form of lump-sum payments, while the amount of EUR 0.5m (14.1%) was transferred for payment to pension insurance companies.

In September 2026, VPFs’ net assets decreased by EUR 9.4m (0.5% on a monthly basis) and stood at EUR 1.8bn. Monthly nominal returns of VPFs ranged from -1.2% to -0.2%, while returns on an annual basis ranged from -0.7% to 16.1%. As regards the investment structure of VPFs, the largest part of the portfolio was made up of bonds and amounted to a 50.0% share in total net assets, followed by stocks with a 31.7% share and investment funds with a 9.4% share. The share of bonds and investment funds in VPFs’ investments decreased on a monthly basis by 0.1 p.p. and 0.8 p.p. respectively, while the share of stocks rose by 0.1 p.p.

INSURANCE COMPANIES

In September 2026, there were 14 insurance companies operating on the market. The total premium collected in the first nine months of 2026 amounted to EUR 1.6bn, i.e. 6.1% more than in the same period in 2025. EUR 251.5m (15.4%) of this amount related to life insurance premium (3.5% more than in the same period last year), while EUR 1.4bn (84.6%) related to non-life insurance premium (6.6% more at an annual level). The structure of the non-life insurance premium collected is dominated by motor vehicle liability insurance (34.0%), followed by insurance of road vehicles (20.7%), insurance against fire and natural disasters (9.7%) and health insurance (9.1%). The amount of claims settled in the first nine months of 2026 reached EUR 947.1m, increasing by 7.3% compared to the same period in 2025. EUR 242.2m (25.6%) of this amount related to life insurance (10.2% less at an annual level), while EUR 704.9m (74.4%) related to non-life insurance (15.0% more 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 (39.3%), insurance of road vehicles (21.4%), health insurance (11.5%), and insurance against fire and natural disasters (10.0%).

CAPITAL MARKET

The total turnover on the Zagreb Stock Exchange reached EUR 55.7m in September 2026, increasing by 14.9% on a monthly basis. Market capitalisation increased by 1.1% relative to the previous month and stood at EUR 61.4bn, of which stocks amounted to EUR 35.4bn, bonds to EUR 20.0bn, money market instruments to EUR 5.9bn and ETFs to EUR 174m. As regards sectoral stock indices, the largest monthly growth (1.1%) was recorded by CROBEXindustrija, while CROBEXtransport recorded the largest monthly decline (-8.0%). The main ZSE stock index CROBEX recorded a monthly increase of 0.6%, as did CROBEXtr. As regards bond indices, CROBIS recorded a monthly decrease of 0.3%, while CROBIStr declined by 0.1% on a monthly basis. KONČAR d.d. was once again the stock most traded in September, with its turnover amounting to EUR 8.9m (25.1% of the overall trade in stocks in September) and a 4.9% monthly price increase.

INVESTMENT FUNDS

At the end of September 2026, there were 101 UCITS operating on the market. Their total net assets amounted to EUR 5.3bn, increasing by EUR 356.0m (7.2%) compared to the previous month. Total monthly net payments to UCITS in September were positive, amounting to EUR 380.6m. Positive net payments were recorded by other funds (EUR 448.4m), equity funds (EUR 12.0m), balanced funds (EUR 2.5m) and feeder funds (EUR 0.2m), while negative net payments were recorded by bond funds (EUR -24.0m) and money market funds (EUR -58.5m).

Money market funds’ net assets accounted for 32.6% of the total net assets of all UCITS at the end of September, other funds made up 24.6%, equity funds accounted for 23.4%, bond funds for 14.6%, while balanced funds and feeder funds made up 3.1% and 1.8% of the total UCITS’ net assets respectively. Positive asset-weighted monthly returns were recorded by money market funds only (0.1%), whereas negative asset-weighted monthly returns were recorded by balanced funds (-0.1%), bond funds (-1.1%), equity funds (-1.1%) and other funds (-1.2%).

Net assets of the Fund for Croatian Homeland War Veterans and Members of their Families amounted to EUR 212.2m (a 2.0% monthly decrease), with the monthly return of the fund reaching -1.8%.

The full report is available at Statistics/Monthly reports.