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Insurance Newsletter, No. 258, November 27, 2014

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
VIG 3Q2014: Strong improvement in profitability terms supported by the CEE results
by daniela.ghetu@mxp.ro, 2014-11-24
Vienna Insurance Group (VIG) reported for the first three quarters of 2014 GWP amounting EUR 7 billion, in line with the previous year's results, despite the significant negative exchange rate effects. When adjusted to these effects, premiums increased by 1.7 percent, states the Group's press release. Moreover, VIG recorded a 36.4% increase in the gross profit, to EUR 430.8 million.
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GENERALI: 2015 targets already achieved or close to completion
by daniela.ghetu@mxp.ro, 2014-11-24
"The GENERALI Group has successfully achieved most of the targets set for 2015 with outstanding goals within reach or nearing completion," the Group stated at its 2014 Investor Day held on November 19th. "Over the past two years Generali has relentlessly pursued a strategy to fundamentally transform its business without calling upon the help of shareholders. We have delivered on our promise and we have achieved a goal which many thought would not be possible," the GENERALI Group CEO, Mario Greco, said.
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SAVA Re, 3Q2014: 2014 targets already exceeded, both in premiums and profit
by daniela.ghetu@mxp.ro, 2014-11-24
Despite extraordinary events, the SAVA Re Group recorded in 3Q2014 a net profit of EUR 25 million, nearly 7% up y-o-y, and exceeding the full-year planned net profit by 4%. The February ice damage in Slovenia had an impact of EUR 6 million on net profit. GWP also increased at a high pace, of 27%, to EUR 371.2 million.
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UNIQA adjusted its profit target for 2015 to EUR 425-450 million
by vlad.boldijar@mxp.ro, 2014-11-27
UNIQA Group Austria reported a profit on ordinary activities (EBT) of EUR 275.2 million for the first nine months of the year, 3.3% more y-o-y. For 2014 the Austrian insurer maintained its outlook in EBT of about EUR 370 - 380 million, while for 2015 UNIQA adjusted its original target to EUR 425 - 450 million. "Although this is lower than our original target of 'up to EUR 550 million', it still represents a double-digit percentage increase as against 2014", said UNIQA CEO Andreas BRANDSTETTER.
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STATISTICS: BELARUS, 3Q2014: Discrepancies between growth of premiums and claims gradually reduced
by olesea.adonev@mxp.ro, 2014-11-25
In the first nine months of 2014, the total value of claims paid by the Belarusian insurance companies increased by 17.17% compared with 3Q2013, while premiums increased by only 11.87%. The level of insurance payments in the total amount of insurance premiums increased from 41.4% in the first nine months of 2013 to 43.3% in 3Q2014.
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STATISTICS: UZBEKISTAN: Market growth by 29.23% due to positive results on mandatory insurance
by olesea.adonev@mxp.ro, 2014-11-25
In the first nine months of 2014, the volume of gross written premiums collected by the Uzbek insurance companies totaled UZS 317 milliard or EUR 103.10 million, up by 29.23% in national currency compared with 3Q2013, according to market data provided by the Ministry of Finance of the Republic of Uzbekistan.
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STATISTICS: KAZAKH market decreased 6.4% y-o-y in 3Q2014 due the negative rates reported by life, accidents, financial losses and CARGO sub-segments
by vlad.boldijar@mxp.ro, 2014-11-19
The Kazakh insurance market closed the first nine months of 2014 with a 6.4% decrease in GWP to KZT 206.4 billion (EUR 895 million), according to the figures published by the National Bank of Kazakhstan. 87.5% of the total gross written premiums were related to direct insurance contracts, the remaining rest (12.5%) being accounted by accepted reinsurance contracts.
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STATISTICS: GEORGIA, 3Q2014: Still affected by negative rates in health insurance, the local market reported a 44% decrease in GWP
by vlad.boldijar@mxp.ro, 2014-11-26
In January-September 2014, the Georgian insurance market decreased by 44% y-o-y in local currency to GEL 225.95 million (EUR 101.6 million), according to data published by the Insurance Supervisory Office - ISO.
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Credit Europe Asigurari
ROSGOSSTRAKH leaves the Belarusian insurance market
by olesea.adonev@mxp.ro, 2014-11-21
Since October 7, 2014 the Ministry of Finance of Belarus revoked the license of ROSGOSSTRAKH for insurance activities on the local market, the company announced in a press release.
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Ratings of INGOSSTRAKH removed from CreditWatch list
by olesea.adonev@mxp.ro, 2014-11-21
STANDARD&POOR's removed the ratings of INGOSSTRAKH Insurance Company from the CreditWatch list ("ratings under revision"), where S&P had placed them with negative implications on May 12, 2014. The outlook is negative.
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Major groups interested in the insurance and pension units of TURKEY's state-owned HALKBANK
by vlad.boldijar@mxp.ro, 2014-11-19
European insurance groups such as AGEAS, AVIVA and ZURICH, Japan's MEIJI YASUDA, NIPPON Life and SOMPO JAPAN Insurance, Malaysia's KHAZANAH and U.S.-listed ACE Group are interested in the acquisitions of HALK Hayat Emeklilik and HALK Sigorta, the pension and insurance units of Turkish HALKBANK, according to REUTERS.
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HUNGARY: MTPL rates remain the lowest in Central and South-Eastern Europe
by daniela.ghetu@mxp.ro, 2014-11-27
In Hungary the annual MTPL rates remained practically unchanged during the first 3 quarters of 2014, the insurers' association MABISZ announced. Thus, the average annual premium for MTPL insurance policies was of HUF 20,094 (~EUR 65), among the lowest in Europe.
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TALANX reaffirmed its FY2014 target for net income to at least EUR 700 million
by vlad.boldijar@mxp.ro, 2014-11-19
The TALANX Group closed the first nine months of 2014 with an operating profit of EUR 1.44 billion, 4.9% more y-o-y. At the same time, the group's net income improved slightly to EUR 530 million, or EUR 2 million more y-o-y, while the value of GWP increased by 1.6%, to EUR 21.73 billion.
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UKRAINE: Tariffs for Green Card policies up by 19%
by olesea.adonev@mxp.ro, 2014-11-18
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) increased the tariffs on Green Card policies by 19%, Hence, new rates for this type of motor insurance will be available starting November 19, 2014, according to www.forinsurer.com.
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CertAsig reports a solid, more profitable book of business in Turkey
by mihai.cracea@mxp.ro, 2014-11-14
CertAsig's aim to develop a transport focused book on the Turkish insurance market is now a reality as 27% of the company's business now comes from Turkey. That is why, to celebrate the recent achievements, CertAsig hosted its 7th Annual Marine and Aviation cocktail party on the 14th of November, at the Four Seasons Hotel in Istanbul. The event was attended by almost 200 brokers and professionals from the Turkish insurance market.
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PRESS CUTTINGS
AEGON's Q3 2014 earnings impacted by assumption changes and model updates

ARMENIA to implement its first breeder's insurance pilot project soon

ARMENIAN insurance companies collect around 14-15 billion drams annually in mandatory car insurance premiums

AZERBAIJAN: "PASHA Hayat" insurance celebrates 4th year of its establishment

AZERBAIJANI insurers couldn't reach agreement on full motor vehicle insurance premiums

AZERBAIJANI insurers to determine depreciation coefficient of cars

BULGARIA: Insurance companies keep nearly BGN 340 mln in 22 banks

Differentiated franchise on compulsory insurance of real estate introduced in AZERBAIJAN

Insurers Steering Clear of Risky RUSSIA

Introduction of compulsory insurance of agricultural risks in ARMENIA economically unreasonable

KBC reported strong results and completion of divestment programme

Polish Business Awards handed out in LITHUANIA

RUSSIAN firms face huge insurance costs as foreign providers flee

TURKEY: Local broker approved to operate in Lloyd's market

UKRAINE: LIOU presents alternative approach to health insurance development in Kyiv

UNIQA expanding industrial business in CEE

Vienna Insurance sees Romania, Italy businesses on the mend

VIENNA Life offers free insurance in HUNGARY

VIG 9-mo pre-tax profit in CROATIA rises 2.0%

VIG 9-mo pre-tax profit in SERBIA drops 55%
CURRENT REPORTS
XPRIMM INSURANCE REPORT 1H2014
RUSSIA 1H 2014
TURKEY FY 2013 and 1H2014
AZERBAIJAN 1H 2014
KAZAKHSTAN FY 2013 and 1H2014

JLT
GRECO

BELARUS Re

INTERVIEW
Branko VUJOVIC
President of the Council
Insurance Supervision Agency of Montenegro

Under conditions of limited economic growth, lower volume of investments and reduced liquidity in the real sector in Montenegro, the insurance sector is faced with limited financial potential of the economy and reducing the purchasing power of the population. However, despite this, the Montenegrin insurance companies have achieved growth in assets in relation to the end of 2013, and a positive financial result. Also, in the investment policy of the Montenegrin insurance companies a dominant share has investment in traditionally low-risk securities with fixed income - government bonds and bank deposits, which helps to maintain domestic financial stability.
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METROPOLITAN LIFE

STATISTIC UPDATES
3Q2014 Belarus
3Q2014 Uzbekistan
3Q2014 Kazakhstan
3Q2014 Georgia

EVENTS
The 13th edition of November Business Meetings of Reinsurers was held in Moscow
by olesea.adonev@mxp.ro, 2014-11-27
"Despite the difficult times, there are still lots of opportunities for the domestic insurance market. Therefore, I am confident that the local market will further see a durable development", stated Igor ALEKSEEV, President of the November Business Meetings of Reinsurers Organizing Committee in the event's opening in Moscow.
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5th Annual Middle East & Africa Insurance Summit
January 19-20, 2015
Dubai, United Arab Emirates
Organizer: FLEMING Gulf
Media Partner: XPRIMM Publications
For details: finance.fleminggulf.com
African Insurance Forum 2015
February 23-24, 2015
Johannesburg, South Africa
Organizer: FEXTONS
Media Partner: XPRIMM Publications
For details: ins.fextons.com
European Conference on Consumer Protection in Financial Services
March 12th 2015
Palace of the Parliament, Romania
Organizers: APPA-The Romanian Association of Insurance Promotion & UNSAR- The National Association of Insurance and Reinsurance Companies in Romania
International Insurance Forum 2015
April 19-20, 2015
Istanbul, Turkey
Pera Palace Hotel
Organizers: Media XPRIMM and Istanbul Underwriting Center
Media coverage: XPRIMM Publications
FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details: www.fiar.ro
7th International Insurance Conference
May 27, 2015
Luxembourg Congres Conference Centre
Organizer: Insurance Europe



ON THE MOVE
Dieter WEMMER is the new EcoFin Committee chairman
by daniela.ghetu@mxp.ro, 2014-11-21
Dr. Dieter WEMMER (57), CFO of ALLIANZ Group, has been elected chairman of the Economic & Finance (EcoFin) Committee of Insurance Europe.Dr. Dieter WEMMER started his career in 1986 as a Pricing Actuary for ZURICH Re, later on holding various management positions within ZURICH Financial Services. Since 2012 he is Member of the Board of Management of ALLIANZ SE. Starting January 2013 WEMMER became Member of the Board of Management of ALLIANZ SE, Controlling, Reporting, Risk (CFO).
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Editors: Oana RADU, Adina TUDOR
Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

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