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Insurance Newsletter, No. 264, March 5, 2015

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INTERVIEW - ON THE MOVE - TOP NEWS - PRESS CUTTINGS - STATISTICS

TOP NEWS
IIF2015: Paying fair compensations and preserving business profitability - an achievable goal for motor insurers
by daniela.ghetu@mxp.ro, 2015-03-05
Can motor insurers be profitable betting on the motor business? This is the question that the forthcoming edition of the "MOTOR INSURANCE - the road to profitability" conference will respond, benefitting from the expertise of an outstanding group of speakers. The 2015 edition's Keynote Speech will be given by Mariusz WICHTOWSKI, President, Council of Bureaux.
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LITHUANIA: COMPENSA Life showed steady growth in 2014
by vlad.boldijar@mxp.ro, 2015-02-25
The results of the Lithuanian Branch of the life insurance company COMPENSA Life Vienna Insurance Group SE have been steadily growing for three years consecutively. Compared to 2013, the total sum of underwritten life insurance and health insurance premiums increased by 35% and amounted to EUR 24 million (LTL 83 million).
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STATISTICS: LATVIAN market up 10% in 2014 due the double-digit growth-rate reported by the EU branches
by vlad.boldijar@mxp.ro, 2015-03-05
According to the figures published by the Financial and Capital Market Commission - FKTK, in 2014 the Latvian insurance sector totaled EUR 517.4 million, or 9.9% more y-o-y. During the reporting period, gross premiums written by local insurers went up by 6% to EUR 371 million (71.7% of total market), while the EU branches' business saw a double-digit growth rate (+21%) to EUR 146.3 million (28.3% of total GWP).
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TRIGLAV, FY2014: Preliminary figures show a 23% y-o-y increase in the Group's net profit, despite the unfavourable business conditions
by daniela.ghetu@mxp.ro, 2015-03-05
The TRIGLAV Group ended 2014 with a net profit of EUR 85.7 million or 23% more than in 2013 and as much as 31% above the budgeted level. Net profit of Zavarovalnica TRIGLAV as the parent company amounted to EUR 45.6 million, which represents a 6% decrease compared to the preceding year. Return on equity of the parent company and that of TRIGLAV Group in 2014 was 8.7% and 13.4% respectively.
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STATISTICS: GREECE, FY2014: Life insurance UL policies maintained the insurance market at the 2013 level
by vlad.boldijar@mxp.ro, 2015-03-05
In 2014, the Greek insurance market totaled EUR 3.8 billion, 0.6% less y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance GWP accounted for 51.8% of the total insurance premiums (EUR 1.97 billion, 9.6% less y-o-y), while the life insurance segment accounted for the remaining of the market (EUR 1.83 billion, or 11.4% more y-o-y).
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UKRAINE: Despite the crisis, GLOBUS VIG reported a 26% increase in GWP in 2014
by vlad.boldijar@mxp.ro, 2015-02-25
The Kiev-based insurer GLOBUS Vienna Insurance Group (VIG), reported for the financial year 2014, gross written premiums of UAH 120.7 million (about EUR 6.3 million), 26% more compared to FY2013. In the analyzed period, the Ukrainian insurer has concluded 317,000 insurance contracts, GLOBUS VIG said in a press release.
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UKRAINE: MTPL - a "time bomb"
by olesea.adonev@mxp.ro, 2015-03-05
The exclusion of 18 companies from the Motor (Transport) Insurance Bureau was the main event of the Ukrainian motor insurance market in 2014.
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STATISTICS: UZBEKISTAN, FY2014: The share of compulsory insurance in the total GWP increased by over 1 pp
by olesea.adonev@mxp.ro, 2015-03-05
The Uzbek insurance market ended 2014 with a total gross written premiums volume of UZS 439 billion, equivalent to EUR 146.98 million, up by 29.74% in national currency as compared with 2013, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan.
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STATISTICS: BELARUS, FY2014: Market up by 10.14% in local currency despite the challenging economic environment
by olesea.adonev@mxp.ro, 2015-03-05
In 2014 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of BYR 7.3 trillion, 10.14% more as compared with January-December 2013 (BYR 6.6 trillion).
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Credit Europe Asigurari
KAZAKHSTAN: "Insurance in Central Asia" International Conference's agenda confirmed! Book your place!
by olesea.adonev@mxp.ro, 2015-03-02
The IX International Conference "Insurance in Central Asia", a traditional event for the insurance and reinsurance leaders in Central Asia, CIS and CEE countries, will take place between the 14th and the 15th of April, 2015, in Hotel 'Holiday Inn', Almaty, Kazakhstan. The event is organized by InterConsult Info with the support of the Kazakhstan Association of Insurers. XPRIMM Publications support the event as Media Partner.
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EIG to acquire TALANX subsidiary companies in Bulgaria and Ukraine
by vlad.boldijar@mxp.ro, 2015-02-23
German insurer TALANX has sold its subsidiaries in Bulgaria and Ukraine to Sofia-based EUROINS Insurance Group (EIG) "at a price in the middle single-digit million euro range", as the German insurer noted in a press release. The deal is subject to customary regulatory approvals from both Bulgarian and German authorities and is expected to close in the second quarter of 2015.
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The share of non-residents in the total Russian insurance companies' authorized capital in 2014 decreased to 15.4%
by olesea.adonev@mxp.ro, 2015-02-26
The total capital owned by foreign investors and their subsidiaries in the authorized capital of Russian insurance companies as of January 1, 2015 amounted to RUB 33.9 billion, according to a press release published by the Bank of Russia.
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JLT Group posted higher profit and revenues in 2014
by vlad.boldijar@mxp.ro, 2015-03-05
The London-based global provider of insurance and reinsurance solutions JLT Group (Jardine Lloyd Thompson Group) posted revenues of GBP 1.1 billion for the full year 2014 (vs. GBP 974.6 million in 2013). At the same time, the profit before tax was GBP 183 million (vs. GBP 177.4 million a year before).
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In 2014, AXA's earnings crossed the EUR 5 billion mark for the first time
by vlad.boldijar@mxp.ro, 2015-02-25
Last year, the French insurance group AXA reported 3% y-o-y higher revenues, to EUR 92 billion, and IFRS underlying earnings of EUR 5.1 billion (up 8%) "driven by the growth on all business lines", the insurer said in a press release.
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GROUPAMA posted a EUR 257 million full-year profit and a strong improvement in operating income
by vlad.boldijar@mxp.ro, 2015-02-23
The French insurer GROUPAMA reported a net profit of EUR 257 million in 2014, or 26% less y-o-y, a solid solvency margin of 253%, up 53% compared with 2013 and an improvement of the combined ratio in non-life insurance to 99.0% (-1.8%). At the same time, GROUPAMA reported a strong improvement in operating income to EUR 129 million, compared with EUR 10 million a year earlier.
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ALLIANZ, FY 2014: 85 million customers chose the German group's products pushig up revenues to a historical peak
by daniela.ghetu@mxp.ro, 2015-03-05
The total number of customers insured by ALLIANZ increased in 2014 by 2 million, to 85 million. In revenues terms, last year brought to the German Group a 10.4% growth, to EUR 122.25 billion, reaching a historical peak. "Geopolitical tensions, continued market volatility and a further decline in interest rates in 2014 led to lower global economic growth than expected," said Michael DIEKMANN, CEO of ALLIANZ SE.
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SWISS Re: reorganization measures temporarily pushed down reinsurer's net income, to USD 3.5 billion
by daniela.ghetu@mxp.ro, 2015-03-05
Swiss Re delivered a full-year net income of USD 3.5 billion for 2014, driven by a strong underwriting performance and investment results. L&H Re reported a full-year net loss of USD 462 million, reflecting the impact from several previously announced management actions as well as the unwinding of an asset funding structure supporting a longevity transaction.
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How to reduce costs in claims management
by adina.tudor@mxp.ro, 2015-02-26
Dealing with claims is always about money. From the insured's point of view, there is a feeling of safety and comfort that someone will take care of all the bad situations that might happen in their lives; but there is also the insurer's point of view. Besides being concerned about the client's needs and satisfaction, claims handling includes a lot of thinking about processing costs such as surveys, medical reports, expenses of legal procedures, fraud and many others.
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The XI International Risk Management Conference
by olesea.adonev@mxp.ro, 2015-02-26
Almaty (Kazakhstan), in the heart of Eurasia, will host the XI International Risk Management Conference, organized by EURASIA Insurance and Reinsurance Company. Media XPRIMM supports this event as Media Partner.
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PRESS CUTTINGS
AEGON reports higher earnings and sales for Q4 2014

AEGON ROMANIA registered last year over 50% increase in GWP

ALBANIA insurers' premium income rises 18.8% in Jan

ALLIANZ HUNGARY picks Ingenico Mobile Solutions' mPOS

ARMENIAN insurers pay AMD 504.4 million in 2,537 car compensations in January

AXA to acquire 7% of Africa Re, the leading reinsurer in Africa

AZERBAIJAN increases maximum limit of interest rates on insured deposits to 12% from 9%

AZERBAIJAN: Compulsory medical insurance to be regulated by CIB

BTA in LATVIA racks up EUR 178.5 milion in gross premiums in 2014

Certification of insurance actuaries underway first time in AZERBAIJAN

Devaluation of manat to destroy insurance market of AZERBAIJAN

DOGA to launch TURKEY's first Islamic insurance product

German insurance company to enter POLAND

GUY CARPENTER: Global insured catastrophe losses lowest for five years

HUNGARY: 273,000 drivers switch mandatory vehicle insurance providers

HUNGARY: ING separates banking, insurance businesses

On average AZN 1.136 of compensation payments accounts for each insured car in AZERBAIJAN

ROMANIA: ALLIANZ 2014 operating profit from insurance activities up to EUR 15 million

RSA Group back to profits in 2014

SLOVENIA's KD Group signs EUR 67 million syndicated loan deal

UKRAINE increased by another 9% the cost of the "Green card" policy for trips to Moldova and other countries

INTERVIEW
Veronica MALCOCI
General Director
GRAWE Carat Insurance Company
Moldova

At the moment, the insurance industry in Moldova is underdeveloped because it is closely related to the economic, political and social situation in the country. The compulsory insurance is currently the most developed line. Moreover, over the past three years, the non-life insurance segment remained on a positive trend.
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VIG
JLT

CURRENT REPORTS
XPRIMM INSURANCE REPORT 1H2014
RUSSIA 1H 2014
TURKEY FY 2013 and 1H2014
AZERBAIJAN 1H 2014
KAZAKHSTAN FY 2013 and 1H2014

BELARUS Re
GRECO

EUROINS

STATISTIC UPDATES
Latvia FY2014
Greece FY2014
Belarus FY2014
Uzbekistan FY2014

METROPOLITAN LIFE


EVENTS
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
For details: www.consumerprotection.ro
3rd Annual Claims Forum
March 11-13, 2015
Munich, Germany
Organizer: FLEMING Europe
Media partner: XPRIMM Publications
For details: finance.flemingeurope.com
IX International Conference "Insurance in Central Asia"
April 14-15, 2015
Almaty, Kazakhstan
Organizer: InterConsult Info
With the support of the Kazakhstan Association of Insurers
Media Partner: XPRIMM Publications
For details: www.allinsurance.kz

Russian Reinsurance Conference
XIX Edition
April 16-17, 2015
Moscow, Russia
Organizers: All-Russia Insurance Association & DELEVOY Format Group
Media coverage: XPRIMM Publications
For details: ins-df.com/reconference
XI - Annual International Risk Management Conference
April 16-17, 2015
Almaty, Kazakhstan
Organizer: JSC Eurasia Insurance Company
Media Partner: XPRIMM Publications
For details: www.theeurasia.kz
IIF 2015 - Motor Insurance - The Road towards profitability
April 19-20, 2015
Istanbul, Turkey
Organizers: Media XPRIMM and Istanbul Underwriting Center
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com
The Future of General Insurance in Africa
April 23-24, 2015
Organizer: Landsberg Communications International - LCI
Media Partner: XPRIMM Publications
For details: www.lcisa.com
Global Forum on Cyber Security for Financial Sector
May 11-12, 2015
Frankfurt, Germany
Organizer: PROSPERO Events
Media Partner: XPRIMM Publications
For details: www.prosperoevents.com
FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
For details: www.fiar.ro
7th International Insurance Conference
May 27, 2015
Luxembourg Congres Conference Centre
Organizer: Insurance Europe
SORS Conference
June 10th-12nd, 2015
Sarajevo, Bosnia and Herzegovina
Organizer: Re/Insurance Association of Bosnia and Herzegovina, TECTUS and SVIJET Osiguranja
Media Partner: XPRIMM Publications
For details: www.sors.ba
IIF 2015 - Property Insurance in a Stormy Era
June 22-23, 2015
Munich, Germany
Organizers: Media XPRIMM and NTT Data
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com

AIIF - 2015 Azerbaijan International Insurance Forum
AIIF - 2015 Азербайджанский Международный Страховой Форум
July 2nd-3rd, 2015
Fairmont Hotel, Baku, Republic of Azerbaijan
Organizers: Azerbaijan Insurers Association and Media XPRIMM
For details: www.xprimm.com


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, Andreea RADU
Editors: Oana RADU, Adina TUDOR
Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

e-mail: media@xprimm.com
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