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Insurance Newsletter, No. 190, November 24, 2011

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INTERVIEW - TOP NEWS - FINANCIAL NEWS - PRESS CUTTINGS - POINT OF VIEW - EDITORIAL - EVENTS - STATISTICS

TOP NEWS
UNIQA: "Greek write-down" and the inner restructuring process cut down EUR 181 million from the 3Q profit
by vlad.boldijar@mxp.ro, 2011-11-24
The UNIQA Group's profit on ordinary fell to EUR -181 million at the end of September due to significant one-off effects of write-downs of Greek government bonds and investments in the restructuring of the group. "As announced, these one-off effects will also negatively influence the annual result for 2011, which will be between EUR -250 million and EUR -300 million", announced today the Austrian insurance group.
More Продолжение

VIG reports 4% increase in gross written premiums
by vlad.boldijar@mxp.ro, 2011-11-15
In the first three quarters of the current year, VIENNA INSURANCE Group increased its premiums written by 4.0% to a total of EUR 6.8 billion, compared to the same period of the previous year. The Group gross profit went up by 9.6% to a total of EUR 414.1 million. The combined ratio of the Group amounted to 97.2%, after 98.2% in the respective period of the previous year.
More Продолжение

Q3 2011: Despite the crisis ALLIANZ maintained revenues at a high level
by vlad.boldijar@mxp.ro, mihai.cracea@mxp.ro, 2011-11-16
In the third quarter of 2011, ALLIANZ Group recorded total revenues of EUR 24.1 billion, coming just 1.8% below the level from the third quarter of last year. "Operating profit of EUR 1.91 billion was off by 7.3% compared to the year before but remains on target. The decline in the result was largely due to lower investment results in Life and Health insurance compared to 2010. In Property and Casualty insurance operating profit remained stable, while Asset Management continued its successful path and again increased its operating profit", according to the group.
More

GENERALI: 3Q 2011 premiums are down 4.6%
by vlad.boldijar@mxp.ro, 2011-11-14
In the first nine months of 2011, GENERALI Group registered gross written premiums of EUR 51.33 billion, -4.6% compared to January-September 2010. The non-life business contributed to this result with premiums totaling EUR 16.94 billion (+2.3%). In the life segment, the Group continued to guide production towards products with larger margins and a higher return on invested capital. Premiums amounted to EUR 34.39 billion (-7.7%) with growth in annual premiums (+5%).
More Продолжение

PZU: 5.8% higher premium volume and steady profitability in 3Q2011
by daniela.ghetu@mxp.ro, 2011-11-15
Gross written premium of PZU Group's in 3Q2011 amounted PLN 11.42 billion (aprox. EUR 2.59 billion), 5.8% up as compared to 3Q2010. The main sources of growth were the property insurance segment of the Mass Client division and the life insurance segment, mainly in group insurance and to a lesser extent in individual insurance. In terms of profitability, PZU Group's net financial result for 3Q2011 was of PLN 1.86 billion (about EUR 422 million), 0.9% lower than in the same period of the previous year. 98% of the Groups' GWP comes from the Polish insurance subsidiaries.
More Продолжение

ING Insurance Group (3Q 2011): Operating results in increase
by vlad.boldijar@mxp.ro, 2011-11-11
In January-September 2011, the total underlying income from the insurance operations increased to EUR 30.25 billion from EUR 28.90 billion in the same period of 2010. At the same time, the gross premium income of ING Insurance decreased by EUR 764 million to EUR 20.74 billion in the first nine months of 2011, from EUR 21.50 billion in the same period last year, announced the company. There were decreases of gross premium income in Benelux (EUR 250 million) and US (EUR 622 million), and increases in Asia (EUR 281 million) and Central & Rest of Europe (EUR 87 million).
More Продолжение

Radu MUSTATEA steps down as head of ASTRA Asigurari from January 1, 2012. The leadership will be taken over by Alexander ADAMESCU
by alex.tanase@mxp.ro, 2011-11-24
Radu MUSTATEA, President of ASTRA Asigurari, the leading insurer on the Romanian market, is stepping down, the company said on Monday in a press release. The management of the company will be taken over by Alexander ADAMESCU, currently Vice President of the Supervisory Board of ASTRA. Radu MUSTATEA decided not to renew his term mandate of five years ending at the beginning of 2012, in order to pursue some personal projects.
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MACEDONIA: membership in EUROPA Re subjected to the Parliament approval
by daniela.ghetu@mxp.ro, 2011-11-16
The Government of the Republic of Macedonia will lend USD 5 million from the World Bank in order to acquire a 19.89 % stake in EUROPA Re, a catastrophe risk reinsurance company in the process of formation owned by countries of Southeast Europe and Caucasus.
More Продолжение

KBC Group: Greece has impacted the 3Q results
by vlad.boldijar@mxp.ro, 2011-11-11
KBC Group ended the third quarter of 2011 with an underlying net result of EUR -248 million but excluding one-off items induced by the prevailing and exceptional market circumstances, the net result would have amounted to EUR 222 million. This compares with EUR 528 million in 2Q 2011 and EUR 445 million in 3Q2010. "The underlying result for the first nine months of 2011 amounted to EUR 937 million, compared to EUR 1,542 million for the corresponding period in 2010", according to the earnings statement published by the company.
More Продолжение

Czech Republic and Romania joined the Protocol on insurance fraud prevention
by daniela.ghetu@mxp.ro, 2011-11-24
Insurer Associations of Czech Republic and Romania joined the interstate Protocol on insurance fraud prevention, a HUO press release announced on November 20th.
More Продолжение

OTHER NEWS
STANDARD & POOR's reconfirmed "A" rating of the TRIGLAV Group
More Продолжение
SWISS Re: The net income has doubled in the third quarter 2011
More
FITCH affirms SOGAZ'S IFS at 'BB+'; outlook stable
More
RUSSIA: Amicable report claims procedure may be admitted up to a higher threshold
More Продолжение
XPRIMM Group launch INSURANCE Profile - Republic of Moldova 1H 2011
More Продолжение
CROATIA: VIG is investing EUR 15 million into KVARNER
More
ROMANIA: UNSAR members' underwritings 5% down in 3Q2011, to RON 4.9 billion
More
LATVIA: Freedom Monument insured for LVL1 million
More
KAZAKHSTAN: GENERALI Life has a new leader
More Продолжение
KOSOVO: SIGAL UNIQA obtains license to operate a life insurance company
More

Credit Europe Asigurari
FINANCIAL NEWS
RZB: 80% of CEE banking assets in six high growth markets
by daniela.ghetu@mxp.ro, 2011-11-21
The medium-to longer-term outlook for banking sector growth remains very favourable in at least six CEE markets, a group that includes some of the region's largest economies: Russia, Poland, the Czech Republic, Romania, Slovakia and Albania are likely to remain high growth markets in which nominal loan and asset growth is likely to clearly outpace nominal GDP growth going forward.

Polish authorities taken by surprise by the Moody's outlook downgrade for Poland's banking system
by daniela.ghetu@mxp.ro, 2011-11-21
The outlook on Poland's banking system has been changed to negative from stable, reflecting the expectation that the banks' operating environment will deteriorate, said Moody's Investors Service in a Banking System Outlook published on November 15th.

POLAND announces tough reforms, but rating agencies are not yet convinced
by daniela.ghetu@mxp.ro, 2011-11-21
After Polish Prime Minister Donald TUSK set out a program of tough reforms, in his Friday policy speech, the coalition of his centre-right Civic Platform and the agrarian Polish People's Party won a vote of confidence from Parliament's lower chamber on Sunday, November 20th. According TUSK, Poland will focus pending policy initiatives on tax policy, fiscal policy and pension reform as it focuses its efforts on areas it believes can insulate Poland from the global financial crisis to build Poland's position in Europe.

OECD: Reform urgently needed to ensure long-term growth in Czech Republic
by daniela.ghetu@mxp.ro, 2011-11-21
With the Czech economy's export-driven recovery slowing, swift implementation of new reforms is needed to ensure sustainable, inclusive long-term growth and better resilience to external shocks, according to the OECD's latest Economic Survey of the Czech Republic.

PRESS CUTTINGS
ARMENIA: Head of association: Cost of mandatory car insurance policies believed to be raised

ARMENIA: NAIRI Insurance launches an individual medical insurance programme

AZERBAIJAN: All compulsory motor insurance policies issued in Azerbaijan after 18 October are illegal

AZERBAIJAN: Insurers Association of Azerbaijan to present new Charter this December

AZERBAIJAN: January-October: Insurance premiums already exceed last year's results by 15%

CROATIA: GRAWE has the best service, ALLIANZ offers best additional products

CROATIA: Total insurance premium charged HRK 7.64bn

CZECH REPUBLIC: Czech insurer VZP audit of IZIP shows millions 'vanished'

KAZAKHSTAN: BTA Bank subsidiary increases insurance premiums by 58% in 10 months

KYRGYZSTAN: INGOSSTRAKH Insurance Сompany: 15 years in the Kyrgyzs Insurance Market

LATVIA: Insurance companies lost more than LVL 1 mln in 9 months due to compulsory motor insurance

MACEDONIA: VIG's Macedonian Unit Posts Flat Pre-tax Profit in Jan-Sept

POLAND: Drivers rarely change insurers

POLAND: ERGO HESTIA examines car thefts

POLAND: PZU supports victims of tram crash

POLAND: VIG to file for KBC's Warta this year

RUSSIA: Court delays insurance company's bankruptcy case until January 20
EDITORIAL

Looking for a new horizon?

During the last weeks, almost all major re/insurance groups published their 3Q results. Of course, we are mostly interested in how the CEE and CIS countries have contributed to these results, considering names as ALLIANZ, GENERALI, ING, KBC, PZU, VIG, UNIQA are usually placed in top positions of the regional charts. Read more

daniela.ghetu@mxp.ro




BCR Asigurari de Viata
ALICO

INTERVIEW

Matjaz RAKOVEC
President of the Management Board
Zavarovalnica TRIGLAV

TRIGLAV was able to turn losses into profits by making the insurance core business its top priority, in combination with a strict risk management policy, appropriate risk assumption levels and effective reinsurance policy. Operating costs have been cut and the reductions will continue. Going forward, TRIGLAV wishes to provide value for money for its clients and, as a result, we are constantly developing new products and services. With our new corporate slogan "EVERYTHING WILL BE ALL RIGHT" we are assuming great responsibility, fully prepared to match these words with deeds. Read more

ASTRA ASIGURARI

LAST STATISTIC UPDATES
HUNGARY: insurance market down by 2% in 3Q2011
BiH: Positive dynamics in 3Q 2011
CROATIA: Timid signs of the GWP falling trend slowdown
KAZAKHSTAN: A season for upgrades
Note: click on the flag to access directly the country statistics page

EVENTS
November Business Meetings of Reinsurers

The event offers the unique opportunity to strengthen and develop the business relations with partners from Russia, CIS and other foreign countries.
Basically, NBM crowns the departing year, summarizing up its results and laying down a foundation for success in the year to come.
The last (2010) year November Business Meetings brought together 440 participants and guests representing 139 companies from 23 countries: Armenia, Azerbaijan, Bahrain, Belarus, Great Britain, Germany, Jordan, India, Kazakhstan, Cyprus, Latvia, Malaysia, Moldova, Norway, Poland, Russia, Slovenia, USA, Ukraine, Uzbekistan, France, Czech Republic, Switzerland. Read more


November Business Meetings of Reinsurers
November 29th-30th, 2011
Business Center Amber Plaza, Moscow
Organizers: All-Russian Insurance Association (ARIA) and DELOVOY Format Group
Media Partner: PRIMM Insurance & Pensions Magazine
For details: www.nbm-moscow.ru
5th Annual Bancassurance Forum
February 15-16, 2012
Barcelona, Spain
Organizer: Fleming Europe
Media Partner: PRIMM Insurance & Pensions Magazine
15% discount for PRIMM Readers
For details: www.finance.flemingeurope.com
International Insurance Forum 2012
March 5th-6th, 2012
Istanbul, Turkey
Organizer: Media XPRIMM and Istanbul Underwriting Center

POINT OF VIEW
Alberto CORINTI
Director
PROMONTORY Financial Group

Alberto CORINTI, Director at PROMONTORY Financial Group, formerly of the CEA and the Committee of European Insurance and Occupational Pension Supervisors spoke to Insurance Insight's Francesca NYMAN, giving a regulator's perspective on the biggest challenges facing the European Insurance industry at the moment. Read more
Andranik OHANJANYAN
Director
Insurance Market Association of Armenia

A recent survey shows that about 95% of people affected by car accidents the are satisfied with the mandatory MTPL insurance system. I believe this is the most valuable assessment of our activities. We'll continue our efforts to improve the system and show high growth rates. Read more
JLT


Kunden Broker
OXYGEN Insurance

STATISTICS
Albania
Armenia
Bosnia Azerbaijan
Bulgaria Belarus
Croatia Georgia
Czech Rep. Kazakhstan
Estonia Kyrgyzstan
Hungary Moldova
Kosovo Russia
Latvia Turkmenistan
Lithuania Tajikistan
Macedonia Ukraine
Montenegro Uzbekistan
Poland  
Romania  
Serbia  
Slovakia  
Slovenia  
Turkey  


THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN
New Media Director: Mihaela CIRCU

Project Manager XPRIMM.COM: Daniela GHETU
Coordinating Editor: Andreea IONETE
International Column Coordinator: Vlad BOLDIJAR
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Oana RADU, Mihai CRACEA
Junior Editor: Olesea SERGHIESCU

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

e-mail: media@xprimm.com
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