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Insurance Newsletter, No. 240, February 27, 2014

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INTERVIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
ALLIANZ FY2013: 83 million clients worldwide and over EUR 10 billion operating profit with a stable outlook for 2014
by daniela.ghetu@mxp.ro, 2014-02-27
ALLIANZ Group's preliminary figures for 2013 show revenues of EUR 110.8 billion, 4.1 up y-o-y. Excluding foreign currency exchange and consolidation effects, revenue growth amounted to 4.7%. The total number of customers insured by ALLIANZ increased over the same period by five million to over 83 million. Operating profit reached EUR 10.1 billion, 7.8% up y-o-y. Net income attributable to shareholders increased by 14.6% in 2013 to EUR 6 billion.
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TURKEY FY2013: the Turkish Lira devaluation overshadows the double-digit market growth and raises concerns for the future
by daniela.ghetu@mxp.ro, 2014-02-27
The 20% devaluation of the Turkish Lira (TRY) against the European currency in the last 12 months has made the local insurance market's results for 2013 look completely different when denominated in TRY or EUR: from a 22% GWP growth rate calculated in local currency, to about a 2% decrease of the same indicator denominated in euro. Thus, the 2013 overall premium production amounted to TRY 24.23 billion (EUR 8.24 billion), with a quasi even dynamics on both the life and non-life segments.
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HUNGARY FY2013: a positive GWP evolution for the first time since 2008
by daniela.ghetu@mxp.ro, 2014-02-27
For the first time in the last five years, the Hungarian insurance market ended the year with a positive change in the GWP volume, regardless of the currency in which it was calculated. Thus, in 2013 GWP amounted to EUR 2.7 billion, 3.35% up y-o-y or HUF 801.2 billion (5.34% up y-o-y). Paid claims dropped by 3.3% (1.5% in local currency), to EUR 1.89 billion.
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AXA FY2013: Business growth in all segments and improved profitability
by daniela.ghetu@mxp.ro, 2014-02-27
The total revenues achieved by AXA in 2013 were up by 2%, driven by growth in all business lines, as the French Group's representatives recently stated. "The numbers are showing that the performance is a high quality one. The business is growing in all business segments, the margins have improved and this is leading to operational earnings going up by 18%. We have also progressed with the achievement of the key initiatives of Ambition AXA, our strategic plan." AXA's Chairman & CEO, Henri de Castries, commented on the 2013 results.
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CROATIA Osiguranje: A EUR 3.1 million loss due to a consistent fall in the real estate prices in Croatia
by daniela.ghetu@mxp.ro, vlad.boldijar@mxp.ro, 2014-02-27
CROATIA Osiguranje (CO) ended 2013 with a consolidated net loss of about EUR 3.1 million (HRK 24 million). "We had to finally make a consistent impairment of real estate properties' value, which significantly affected the profit of the company. In fact, CO's earnings from the core business would be far above the planned amount," explained Kresimir STARCEVIC, CEO of CROATIA Osiguranje. One should note that Croatia recorded a y-o-y 16.9% fall in real estate prices as measured by the House Price Index, in 3Q 2013, the biggest in EU, according to Eurostat data.
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ROMANIA: Political turmoil puts in the limelight the insurance markets' weak points
by daniela.ghetu@mxp.ro, 2014-02-27
The last months brought at the forefront of the Romanian financial markets a huge scandal involving allegations of fraud, corruption and unfair business practices: ASTRA Insurance, the market leader in terms of turnover, was placed under special administration, members of the CARPATICA Insurance Board are part of a case which involves bribery and trading influence, while some of the top representatives of the Financial Supervisory Authority (ASF) are also prosecuted by the National Direction for Anti-corruption (DNA) in a criminal investigation for abuse of office and fraudulent "protection" of CARPATICA's interests.
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ROMANIA: ASTRA Insurance under special surveillance and administration procedure
by daniela.ghetu@mxp.ro, 2014-02-18
The Romanian Financial Supervising Authority announced last week, in a press conference, its decision to launch the financial recovery procedure for ASTRA Insurance. The company will function under the special management regime. KPMG Advisory has been appointed special administrator, with a mandate to ensure the company's financial recovery.
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The GREEK market closed the year with a 9.4% decrease y-o-y
by vlad.boldijar@mxp.ro, 2014-02-27
In 2013, the Greek insurance market totaled EUR 3.84 billion, 9.4% less y-o-y, according to the figures presented by the Hellenic Association of Insurance Companies (HAIC). The life insurance segment decreased by 14.1% y-o-y to approximately EUR 1.64 billion, basically still being one of the most affected insurance business line by the global economic and Eurozone debt crises. For the future insurance analysts forecasted an increase for the life GWP, but this projection is subject to a gradual improvement in the economy.
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LITHUANIAN market totaled more than half a billion euro in 2013
by vlad.boldijar@mxp.ro, 2014-02-27
Lithuanian insurance market increased to EUR 563 million (LTL 1.95 billion) in 2013 from the previous year, as reported by the Bank of Lithuania. Non-life insurance accounted for 68% of all market, increasing by 8.7% to EUR 382 million (LTL 1.32 billion). The number of policyholders increased by 4% to around 5.25 million, due to the 4% increase in the non-life insurance segment to around 5.2 million.
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MOLDOVA, FY2013: The insurance market increased by 8.5%
by alina.ciobanu@mxp.ro, 2014-02-27
The Moldavian insurance market remained on a positive trend last year, with a GWP increase of 8.49% to MDL 1.18 billion (EUR 70.6 million), compared with MDL 1.09 billion (EUR 69.9 million) in 2012, according to the preliminary figures published by the National Commission for Financial Markets of the Republic of Moldova (NCFM).
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ESTONIA: Life and health insurance promotion through tax incentives needed for dealing with the raising occupational accident statistics
by daniela.ghetu@mxp.ro, 2014-02-27
In recent years the number of occupational accidents recorded by the Estonian Labor Inspectorate grew continuously, from about 3.000 in 2009 to approximately 4.000 in 2013. Only last year SEB Elu-ja pensionikindlustus registered 33 occupational accidents, paying its clients over 12.000 euro, the insurers' representatives told the Baltic Course. In this context, Estonian employees are severely under-insured for the risks arising from their occupational profile.
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SWISS Re celebrated its 150 anniversary with increasing profitability and record bonuses for shareholders
by daniela.ghetu@mxp.ro, 2014-02-27
SWISS Re announced the conclusion of the fiscal year 2013, the year that celebrated 150 years of its existence, with a net profit of USD 4.4 billion. This result was mainly driven by the high profitability achieved for the Property & Casualty (P&C) business lines. "We are very happy that we have achieved so much in financial terms in our anniversary year and, while we are well aware of the challenges ahead, we look forward to 2014 with confidence," stated the CEO of Swiss Re's Group, Michel M. LIES.
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AEGON's Q4 net profit dropped 60%
by vlad.boldijar@mxp.ro, 2014-02-27
The Dutch insurer AEGON reported a 60% y-o-y drop in its Q4 2013 net profit to EUR 174 million, from EUR 431 million in the same quarter of last year. "The net income decreased to EUR 174 million as higher losses from fair value items and other lower income more than offset higher underlying earnings and lower impairments," company officials stated.
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ZURICH FY2013 business operating profit up by 15%
by vlad.boldijar@mxp.ro, 2014-02-27
ZURICH Insurance Group reported a business operating profit of USD 4.7 billion (15% more y-o-y) and a net income attributable to shareholders of USD 4.0 billion (4% more y-o-y) for the year ending on December 31, 2013. "We delivered a solid operating profit in all core businesses, with good growth in the priority General Insurance and the Global Life markets, and FARMERS focusing on implementing its new consumer strategy, while at the same time delivering resilient margins," said Chief Executive Officer Martin SENN.
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RUSSIA: S&P affirmed TRANSNEFT's rating at BBB - after the company's acquisition by SOGAZ
by alina.ciobanu@mxp.ro, 2014-02-27
At the start of December 2013, Russian insurance group SOGAZ acquired 98.91% of the insurance company TRANSNEFT from Russian oil pipeline company OAO AK TRANSNEFT in a bid totaling RUB 9.40 billion (~EUR 209 million) . VNESHPROMBANK, SOGAZ's only competitor in the deal, offered RUB 8.5 billion, but this price for the stake equaled an annual premium of the insurer - RUB 8.34 billion.
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AZERBAIJAN: AtaSigorta to increase its capital by 32% in 1H2014
by alina.ciobanu@mxp.ro, 2014-02-27
The Azerbaijani insurance company AtaSigorta plans to increase its share capital by 31.6% to AZN 10 million (~ EUR 9.64 million), until the end of the first half of 2014, according to Museib ALIYEV, Chairman of the Board of the company. The current authorized capital is AZN 7.6 million.
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Credit Europe Asigurari
PRESS CUTTINGS
730.000 Uninsured Vehicles in GREECE

AIG Reports Fourth Quarter 2013 Net Income Attributable to AIG of USD 2.0 Billion

ARMENIA: Loss ratio of seven insurance companies from mandatory insurance of vehicles in 2013 rose to 77%

AVIVA Asia appoints Ken Rappold as regional CFO

AZERBAIJAN: Second life insurance company joins CIB

AZERBAIJANI insurers provide services to the customers through ASAN centers

CZECH REPUBLIC: Insurers uncover frauds for CZK 1bn in 2013, up 2% yr/yr

Farmers in TURKEY pressure for drought insurances

HUNGARIAN banking sector returns to profit after two years

KAZAKHSTAN's EURASIA Insurance suspends new risk covers in Venezuela, Ukraine

KBC Group: 2013: 1 billion euros profit. 2014: beyond restructuring at KBC

Petrol prices increase 20% in UZBEKISTAN

Polish insurer PZU closes offices in UKRAINE

SCOR Global P&C delivers strong January renewals with 5% premium growth and stable expected net technical profitability

TURKEY: Official highlights importance of agriculture insurance covering weather risks

TURKISH marine insurers adapt to new conditions

UKRAINE: A.M. Best Downgrades Ratings of Lemma Insurance Company

VIG expands market leadership in SLOVAKIA
EDITORIAL
News to come

What do Istanbul, the huge metropolis on the shores of the Bosphorus, and Brasov, the charming city in the heart of the Carpathian Mountains have in common? Probably nothing, as some would say. Still, from an insurance professional's perspective, there is more than meets the eye, as they are both hosts to some must-attend spring events for the insurance industry and they provide the launching stage for the latest studies regarding the CEE and CIS markets.
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JLT
BELARUS Re

INTERVIEW
Tobias SCHNEIDER
Consultant
FINACCORD

FINACCORD does not see any structural differences in bancassurance per se between Western and Eastern insurance markets in Europe. In fact, in a number of Eastern countries such as Poland and Turkey, bancassurance has been one of the main success stories in recent years. Moreover, in countries where foreign banking groups have a large share of the market (e.g. in the Czech Republic), bancassurance markets look quite similar to Western countries.
More

STATISTIC UPDATES
Greece FY2013
Hungary FY2013
Lithuania FY2013
Turkey FY2013

GRECO




EVENTS
Risk Management - From theory to practice
March 12, 2014
Palace of the Parliament, Human Rights Hall
Bucharest, Romania
Organizer: Media XPRIMM
For more details: www.xprimm.ro
European Conference on Consumer Protection in Financial Services
March 13, 2014
Palace of the Parliament, Romania
Keynote Speakers: Mr. Gabriel BERNARDINO, Chairman, EIOPA and Peter BRAUMULLER, Chair,
IAIS Executive Committee
Organizers: UNSAR and APPA
For more details: www.xprimm.com
International Conference on Agricultural Insurance, Reinsurance and Brokerage for CIS, Europe & Asia
March 24-26, 2014
Kyiv, Ukraine
InterContinental Hotel
Organizer: Agroinsurance International
Media Partner: XPRIMM Publications
For details: www.agroinsconf.com

2nd Annual Claims Forum
March 27-28, 2014
Prague, Czech Republic
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: finance.flemingeurope.com
IIF 2014 - International Insurance Forum
April 6-7, 2014
Istanbul, Turkey
Pera Palace Hotel
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com
XVIII All-Russian Reinsurance Conference - "National peculiarities of Russian reinsurance"
April 8-9, 2014
Russia, Moscow
President-Hotel
Organizer: All-Russian Insurance Association (ARIA), Reinsurers' Committee
Media Partner: XPRIMM Publications
For details: www.en.re-conference.ru
2nd Annual Life Insurance Forum
April 9 - 10, 2014
Amsterdam, Netherlands
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: finance.flemingeurope.com
X - Annual International Risk Management Conference
April 10-11, 2014
Almaty, Kazakhstan
Organizer: JSC Eurasia Insurance Company
Media Partner: XPRIMM Publications
For details: www.theeurasia.kz
VIII International Conference "Insurance in Central Asia"
April 15-16, 2014
Holiday Inn Hotel
Almaty, Kazakhstan
Organised with the support of the Kazakhstan Association of Insurers
Media Partner: XPRIMM Publications
For details: www.allinsurance.kz
7th Tashkent International Conference on Insurance and Reinsurance
May 19th-23rd, 2014
Taskent, Uzbekistan
Organizer: SAIPRO
Media Partner: XPRIMM Publications
For details: www.saipro.uz
FIAR 2014 - The International Insurance - Reinsurance Forum
May 25-29, 2014
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For more details: www.fiar.ro
4th Annual Africa Insurance & Reinsurance Conference - AIRC 2014
June 10-11, 2014
Nairobi, Kenya
Media Partner: XPRIMM Publications
For details: aidembs.com
AIIF - 2014 Azerbaijan International Insurance Forum
June 19-20, 2014
Baku, Republic of Azerbaijan



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

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: Mihai CRACEA
International Column Coordinator: Vlad BOLDIJAR
CIS Research Consultant: Olesea ADONEV
Senior Editor: Oleg DORONCEANU
Editors: Oana RADU, Adina TUDOR, Alina CIOBANU

Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

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

Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

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