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Insurance Newsletter, No. 204, August 16, 2012

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INTERVIEW - TOP NEWS - ON THE MOVE - PRESS CUTTINGS - POINT OF VIEW - EDITORIAL - EVENTS - STATISTICS

TOP NEWS
ISC: 2.7% increase for the Romanian insurance market in 1H2012
by andreea.ionete@mxp.ro, 2012-08-14
In the first half of 2012, the Romanian insurance market registered a total underwritings volume of over RON 4.1 billion, increasing by 2.7% compared to the same period last year, according to preliminary results published by the Romanian Insurance Supervisory Commission. Gross written premiums for non-life insurance totalized almost RON 3.3 billion, increasing by 3.54% compared to the same period last year. As far as life insurance is concerned, the gross written premiums volume decreased by 0.38%, totalizing RON 857.1 million as of 30th of June 2012.
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SLOVAK market ended 1Q2012 with a loss of 0.75% y-o-y
by vlad.boldijar@mxp.ro, 2012-08-16
Gross premiums written by the Slovak Insurance Association (SLASPO) insurers decreased by 0.75% on the year to EUR 581.72 million in the first quarter of 2012, recently figures published by SLASPO showed. During the analyzed period, 23 SLASPO members operated in the profile market.
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GENERALI: CEE operations had a significant contribution to the Group's good results in 1H2012
by daniela.ghetu@mxp.ro, 2012-08-13
The CEE subsidiaries of GENERALI registered in 1H2012 an aggregate dynamic outperforming the other areas of operation growth rates, both for life and non-life insurance, as the financial results recently published by the Italian Group show. GENERALI Group closed the first half with an improvement in net profit to EUR 842 million (+4.5%, EUR 806 million 1H2011), and strong progress in the second quarter (+44.5% from 2Q2011). The Group's strategic focus on the development of its proprietary networks and product innovation fuelled growth in total gross premiums to EUR 35,6 million (+2%), of which 73% came from outside Italy.
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MONTENEGRO: Intense battle among the top market ranking companies
by daniela.ghetu@mxp.ro, 2012-08-16
The Montenegrin insurance market ended the first half of 2012 with a 6.37% growth in terms of GWP, to EUR 34 million. With few exceptions, all insurance lines recorded a positive dynamic, in spite of a difficult economic environment which leaded to rising unemployment rate - up by 1.5pp as compared to July 2011, to 12.65% -, and decreasing average wage of the Montenegrin citizens.
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CROATIAN insurers' premium income falls 1% in 1H2012
by vlad.boldijar@mxp.ro, 2012-08-16
Croatia's 27 insurers posted combined gross written premiums of HRK 4.89 billion (EUR 652 million) in the first half of 2012, down 1.0% from a year earlier, showed the financial figures recently published by the Croatian Insurance Bureau.
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ALLIANZ: Strong overall business in 1H2012, but descending trend on the CEE markets
by daniela.ghetu@mxp.ro, 2012-08-13
Total revenues of ALLIANZ Group increased to EUR 55.2 billion in 1H2012 from EUR 54.5 billion in the first half of 2011, while the operating profit reached EUR 4.7 billion and the Net Income went up by 39%, to EUR 2.8 billion. Capital position remained strong and balance sheet strength further improved, leading to the management decision to maintain the operating profit target for 2012 to EUR 8.2 billion. "Our consistently good results show that we weather the difficult market conditions very well. Our operative business is stable and remains on course," said Michael Diekmann, CEO of Allianz SE.
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BiH: Property insurance loses ground, following the 17% drop in fire insurance GWP
by daniela.ghetu@mxp.ro, 2012-08-16
The Bosnian insurance market recorded an overall steady evolution in 1H2012, as compared to 1H2011. Yet, if the total GWP showed only a less than 1pp change, to EUR 127.27 million by the end of June 2012, from the EUR 126.11 million figure of 2011, a closer look reveals a different situation when considering the figures for each business line. Thus, while life insurance recorded a positive change of over 7%, on the non-life insurance lines the results were less encouraging.
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MUNICH Re reports 1H 2012 profit of EUR 1.6 billion
by vlad.boldijar@mxp.ro, 2012-08-13
In the second quarter of 2012, MUNICH Re achieved a consolidated profit of EUR 812 million, EUR 74 million more compared with the same period last year. "As in the first quarter of the year, underwriting business performed well and the investment result showed a marked improvement on the same period of the previous year", showed the press release.
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ROSGOSSTRAKH sold its share to Moldavian Insurer MOLDASIG
by olesea.adonev@mxp.ro, 2012-08-16
Russian insurance group ROSGOSSTRAKH left the insurance market of the Republic of Moldova by selling its majority share of 80% to local insurance company MOLDASIG. The deal was realized by selling the shares through stock exchange in five transactions to foreign interest companies. Total value was of MDL 194.73 million, an equivalent of EUR 12.8 million. Selling price of a single MOLDASIG share with a nominal value of MDL 100 was at MDL 410.92 according to information published by the stock exchange market of Moldova in 25th of July 2012.
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KBC Group posts 1H2012 net profit of EUR 827 million
by vlad.boldijar@mxp.ro, 2012-08-13
KBC Group ended 1H2012 with an underlying result of to EUR 827 million, compared to EUR 1,186 million for the corresponding period in 2011. Excluding all exceptional and non-operating items, KBC ended the second quarter of 2012 with an underlying net profit of EUR 372 million, compared with EUR 455 million in the previous quarter and EUR 528 million in the corresponding quarter of 2011.
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MARSH & MCLENNAN posts USD 3 billion 2Q2012 revenue
by vlad.boldijar@mxp.ro, 2012-08-13
MARSH & MCLENNAN Companies reported USD 329 million net profit for 2Q2012, a 17% increase from USD 282 million reported a year earlier. For the six months ended June 30, 2012, income from continuing operations was USD 693 million, compared with USD 605 million in 2011.
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ING Group posts 1H2012 underlying net profit of EUR 1.6 billion
by vlad.boldijar@mxp.ro, 2012-08-13
ING Group announced an underlying net profit for the second quarter of 2012 of EUR 1.04 billion, 17.8% less compared to the same quarter in 2011. For the first half of 2012, underlying net profit was down 36.4% to EUR 1.59 billion compared to 2011.
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AXA: We look to the future with confidence, despite the still turbulent financial environment
by daniela.ghetu@mxp.ro, 2012-08-13
Commenting the 1H2012 results, Henri de CASTRIES, Chairman and CEO of AXA, said: "AXA posted a solid set of earnings, illustrating the resilience of our underlying fundamentals in a challenging environment. We benefited from our significant exposure to Property & Casualty and Protection & Health, businesses which are less sensitive to financial markets".
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AVIVA completes sale of Czech Republic, Hungary and Romania Life businesses
by vlad.boldijar@mxp.ro, 2012-08-08
AVIVA has completed the sale of its Czech, Hungarian and Romanian life businesses to MetLife Inc's local operating subsidiaries in those countries, as AVIVA announced in a press release in early August.
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MOLDOVA: 7.3% growth for the first half of 2012
by vlad.boldijar@mxp.ro, 2012-08-08
The insurance market of the Republic of Moldova accounted for the first six months of 2012 to a total of MDL 500.4 million in underwritings, 7.3% more than the same period of 2011, as the figures recently published by the National Commission of Financial Markets (NCFM) show. In European currency, the business volume of the Moldavian insurers reached EUR 32.5 million, an increase by EUR 4.4 million compared to 1H2011. Also, paid claims by insurance companies totalized MDL 186.9 million (EUR 12.1 million), 8.1% more than the year before.
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GENERALI PPF Holding buys the Polish insurance company PROAMA
by vlad.boldijar@mxp.ro, 2012-08-08
At the end of July, GENERALI PPF Holding and GROUPAMA signed an agreement for GENERALI PPF Holding to acquire GROUPAMA's Polish insurance branch, PROAMA into its structures. The transaction will enable GENERALI PPF Holding to expand its activities on the Polish market, because, after completion of the transaction, GENERALI PPF Holding will operate the 2 companies separately under the 2 brands - GENERALI and PROAMA.
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SLOVENIA: SAVA Re and TRIGLAV companies downgraded one notch by S&P's, following the recent Slovenia's long-term rating lowering
by daniela.ghetu@mxp.ro, 2012-08-08
According to the recent S&P's press releases, Slovenia-based insurers Triglav Insurance and Triglav Reinsurance long-term ratings were lowered from 'A' to 'A-', while Sava Re's long-term rating declined to 'BBB+' from 'A-'.
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POLAND, VIG: Merger of InterRisk and PZM completed
by vlad.boldijar@mxp.ro, 2012-08-08
The VIENNA Insurance Group (VIG) has concentrated its resources in the Polish non-life insurance market by merging the companies InterRisk and PZM. As announced the Group, the merger is completed, following that "in the future the two non-life insurers will occur under the brand InterRisk and distribute their products nationwide. The distribution power of the two companies will be combined and amplified by the presence of the common brand across the country".
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EUROINS, 1H2012: GWP rises 52.5% Y/Y
by vlad.boldijar@mxp.ro, 2012-08-08
For the first six months of the current year, the GWP of EUROINS Insurance Group registered a 52.5% growth amounted to EUR 74.81 million compared to EUR 49.1 million for January-June 2011, according to preliminary data recently published by the Group.
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RUSSIA: 34% growth in premiums for SOGAZ Group
by olesea.adonev@mxp.ro, 2012-08-16
Gross premiums written (excluding mandatory health insurance) by the Russian insurance companies members of the SOGAZ Group in the first six months of 2012 totaled RUB 48.18 billion (EUR 1.16 billion), an increase by 34% compared with the same period in 2011. Total claims paid increased by 24% and reached RUB 16.38 billion (EUR 396 million), states a press release published by SOGAZ Group.
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ON THE MOVE
Remi VRIGNAUD steps in ALLIANZ-TIRIAC Asigurari, Romania
by oana.radu@mxp.ro, 2012-08-16
Starting August 1st, Remi VRIGNAUD took over the General Manager position at ALLIANZ-TIRIAC Asigurari, the Romanian subsidiary of ALLIANZ SE. "I come with enthusiasm and confidence in Romania, a market which has huge potential and will further develop despite the difficult economic environment", stated VRIGNAUD.
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GENERALI appoints Mario GRECO as new CEO
by vlad.boldijar@mxp.ro, 2012-08-08
On August 1, the Board of Directors of Assicurazioni GENERALI coopted Mario GRECO, and appointed him to the posts of Group CEO and General Manager of the company.
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Credit Europe Asigurari
EDITORIAL

A busy fall

The holidays season is almost over. After visiting amazing places or just lying on the sunny beaches for some days, it is the right time to see what the fall is bringing on the business ground. For insurers and reinsurers, this autumn has a generous offering. Lots of professional events to visit, much information to get, many professional peers to get acquainted with.
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daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW

Devi KHECHINASHVILI
Chairman of the Board
Georgian Insurance Association

The future will show that when Georgia becomes more attractive to investors, institutional investors will be pouring money into the insurance field. If it were not for the war, the companies would probably already be owned by international giant conglomerates. The entrance of international companies in Georgia will lead to more competition and higher quality.
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STATISTIC UPDATES
Bosnia 1H2012
Croatia 1H2012
Moldova 1H2012
Montenegro 1H2012
Slovakia 1Q2012


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EVENTS

International Yalta Finance Forum at its 12th Edition

The 12th International Yalta Finance Forum, which has become a tradition for leaders in insurance and reinsurance in Central and Eastern Europe, will be held on September 17-21 in Yalta, Ukraine. PRIMM Insurance & Pensions Magazine supports the event as Media Partner.
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DOWNLOAD




Les Rendez-Vous de Septembre
September 7th-13th, 2012
Monte Carlo, Monaco
Organizer: RVS
For details: www.rvs-monte-carlo.com
International Istanbul Insurance Conference
October 4th-5th, 2012
Istanbul
Organizer: Istanbul Underwriting Center
General Insurance Forum
October 9th-10th, 2012
Rome, Italy
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
10% discount for XPRIMM Readers
For details: finance.flemingeurope.com
4th Annual Distribution Strategies
October 11th-12th, 2012
Rome, Italy
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
10% discount for XPRIMM Readers
For details: finance.flemingeurope.com
Baden - Baden XPRIMM Reception
4th Edition

October 21st, 2012
Kurhaus Casino, Runder Saal
Baden-Baden, Germany
33rd Baden-Baden Meeting 2012
October 21st-25th, 2012
Baden-Baden, Germany
WorldPensionSummit 2012
November 14th-16th, 2012
Amsterdam, Netherlands
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com
EIOPA Conference
November 21st, 2012
Frankfurt
Organizer: EIOPA

POINT OF VIEW
AXA's Chairman & CEO Henri de Castries comments on 2012 half year earnings

"A solid set of earnings despite a difficult environment. We are progressing well on our three priorities: selectivity, efficiency, acceleration."
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JLT

Kunden Broker

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 Cyprus
Slovakia Greece
Slovenia Turkey


PRESS CUTTINGS
ARMENIA: Armenian insurance companies pay 1.1 billion drams in taxes for first half

ARMENIA: Nairi Insurance to insure "entire city"

AZERBAIJAN: Azerbaijan Deposit Insurance Fund to pay 17.3 million manat to RoyalBank depositors

AZERBAIJAN: Azerbaijani insurer to provide insurance products for private business

AZERBAIJAN: International Insurance Company applied for compulsory insurance permission in Azerbaijan

BOSNIA: Jahorina Osiguranje to hike capital

BOSNIA: Neskovic Osiguranje raises share capital by 16.7%

CROATIA: Croatia Osiguranje H1 cons net profit rises 36%, premiums fall

CROATIA: Gov't to privatize biggest public insurance co.

CYPRUS: Less motor vehicles registered in first half of 2012

LITHUANIA: Lithuanian insurance market still shrinking, but number of contracts increased in H1

MACEDONIA: Euroins Osiguruvanje H1 premium income up 5.18% y/y

POLAND: A.M. Best Affirms Ratings of POLISH Re

POLAND: Prudential to re-enter Poland

RUSSIA: Fitch affirms VTB Insurance at 'BBB-'

SERBIA: Sava Zivotno Osiguranje hikes capital

SERBIA: Serbian government reserves RSD 500m in case of Dunav Osiguranje

SLOVAKIA: Slovakia wants to nationalise private health insurers

SLOVENIA: Triglav gets 4.0 mln euro in storm-related damages claims

THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Managing Partner: Alexandru D. CIUNCAN
Development Director: Mihaela CIRCU

Project Manager XPRIMM.COM: Daniela GHETU
Coordinating Editor: Andreea IONETE
International Column Coordinator: Vlad BOLDIJAR
CIS Research Consultant: Olesea ADONEV
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Oana RADU, Mihai CRACEA
Junior Editors: Adina TUDOR, Dimitris TSOULIAS, Mihai APOSTOL

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

e-mail: media@xprimm.com
PUBLISHED BY: Media XPRIMM

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