STATISTICS:

Press cuttings

BULGARIAN insurer Euroins doubles capital

Bulgarian insurance company Euroins said on Tuesday it has increased its capital to 32.5 million levs (16.6 million euro) from 16.5 million levs via a new share issue.

AZERBAIJANI insurance firm's license suspended

The license of Azerbaijan's Progress Insurance Agency CJSC has been suspended for one month, the Financial Market Supervisory Authority of Azerbaijan (FIMSA) said in a message Dec. 4.

LITHUANIA: Ergo pays 2.4 million euros for damages caused by swine fever

Insurance company Ergo has paid EUR 2.4 million to a farm in Lithuania to cover losses from putting down 24,000 pigs because of swine fever. This is the largest insurance claim paid by Ergo to cover losses in agriculture in Baltic States in the past couple of years, BNN was told by Ergo.

HUNGARY: CIG Pannonia premium revenues, profits up

Q1-Q3 revenues from premiums of Hungarian insurer CIG Pannonia  Group rose 41% year-on-year to HUF 18.6 billion, the company said in an unaudited, consolidated IFRS earnings report released early Tuesday, as reported by state news agency MTI.

KAZAKHSTAN: Fitch affirms Kazakh insurance company's rating

Fitch Ratings has affirmed Kazakhstan-based JSC Insurance Company AMANAT's Insurer Financial Strength (IFS) Rating at 'B' and National IFS Rating at 'BB+(kaz)' and removed them from Rating Watch Negative (RWN). The Outlooks are Stable.

RUSSIA's VTB Bank's CEO: "Very, Very Dangerous to Invest in Cryptocurrencies"

Several Russian analysts have made comments regarding bitcoin and cryptocurrencies in recent weeks. German Gref, the head of Sberbank, has stated that cryptocurrencies are becoming a part of daily life in Russia, whereas as the head of VTB International, Riccardo Orcel, has stated that Russian interest in bitcoin has been overblown by the media. In other news, Etoro analyst, Mikhail Maschenko, discussed the growing perception of bitcoin as a hedge against the traditional financial markets among professional investors.

ARMENIA: VTB Bank unveils new offer for preferred clients

VTB Bank (Armenia) unveiled today a new offer, called 'Privilege,' which it said was designed for its preferred customers. The new product is based on Visa Platinum premium cards, the bank's press service reported.

TURKEY: Motor accidents kill 21,000 in last 4 years

In the last four years, more than four million traffic accidents occurred in Turkey, killing 21,000 people and injuring more than 674,000, according to data from the Turkish General Directorate of Security.

ARMENIA: Compensation for OSAGO shows an impressive annual increase

The volume of accrued  insurance premiums for compulsory motor third party liability  insurance amounted to 13.9 billion AMD in the first 9 months of 2017,  an increase of 4.6% over the year, versus growth of 1.7% a year ago.  At the same time, the volume of insurance claims paid was 8.2 bln  AMD, with a sharp output of the annual dynamics from a 1.6% decline  to a 34.4% increase. This is evidenced by monthly reports published  by the Bureau of Motor Insurers of Armenia on OSAGO.

NN Group reports 3Q17 results

"We are pleased to report another strong set of results for NN Group for the third quarter of 2017. This is the second quarter in which the results of Delta Lloyd have been included in our company's overall performance, after the acquisition of the company in April this year. Apart from the Non-life business, all our businesses performed well. Japan Life and Insurance Europe in particular reported a healthy increase in earnings and continue to achieve strong growth in sales", said Lard Friese, CEO.

AIG Reports Third Quarter 2017 Results

American International Group, Inc. today reported a net loss of USD 1.7 billion, or USD 1.91 per share, for the third quarter of 2017, compared to net income of USD 462 million, or USD 0.42 per diluted share, in the prior-year quarter. After-tax operating loss was USD 1.1 billion, or USD 1.22 per share, for the third quarter of 2017, compared to after-tax operating income of USD 1.1 billion, or USD 1.01 per diluted share, in the prior-year quarter.

MetLife Announces Third Quarter 2017 Results

MetLife reported a third quarter 2017 net loss of USD 87 million, compared to net income of USD 571 million in the third quarter of 2016. On a per share basis, the net loss was USD 0.08, compared to net income of USD 0.51 in the prior-year period.

CZECH REPUBLIC: Windstorm claims three lives in Czech Republic

The powerful storm that hit Central Europe on Sunday claimed three lives in the Czech Republic as a man hit by a falling tree in Bela pod Bezdezem, central Bohemia, died of his injuries in the Liberec hospital, its spokesman Vaclav Ricar confirmed to CTK on Monday.

ROMANIAN Transilvania Broker raises RON 9.6 milion in IPO

Romanian insurer Transilvania Broker raised 9.6 million lei (USD 2.5 million/2.1 million euro) through an oversubscribed initial public offering (IPO) of a 25% stake and might start trading on the Bucharest Stock Exchange (BVB) at the beginning of November, the bourse said on Thursday.

RUSSIA: Euler Hermes-Cautious optimism forecast for Russian economy in 2018

Russian GDP is set to grow by 1.9%, the oil price will move to $56 per barrel, Russian exports are set to increase by $26bn, and both insolvencies and the negative impact of international sanctions on investment will decline in 2018 forecasts Euler Hermes, the world's leading trade credit insurer. With this background demand for trade credit insurance is set to grow.

RUSSIA's national reinsurer makes its mark in year one

The state-owned Russian National Reinsurance Company (RNRC) has shown more appetite for new business in its first year in business than expected, Nicola Rautmann, market executive Austria & Central and Eastern Europe (CEE) at Swiss Re, told Baden-Baden Today.

AZERBAIJAN's PASHA Bank talks expansion plans

Azerbaijan's PASHA Bank does not plan to open new branches abroad in the next three years, Taleh Kazimov, chairman of the bank's board, told reporters in Baku Oct. 17.

GREECE: Ethniki Insurance deal is proceeding

National Bank of Greece and the Exin Group proceeded on Thursday with work toward submitting to the Bank of Greece a draft set of documents for the acquisition of NBG subsidiary Ethniki Insurance by Exin Financial Services Holding, paving the way for the implementation of the deal signed in June.

BELARUS: Financial market activity depends on economic recovery

Financial market activity in Belarus depends on the pace of economic recovery. It is important that the National Bank and the government should be able to offer a competitive business environment for those markets. Today 75% of shares of Belarusian OAOs are owned by the state. The future of the financial market will depend how those shares get to that market and how they circulate there.

SLOVENIA: Zavarovalnica Triglav tops the list of 100 largest insurers in the region

Slovenian insurer Zavarovalnica Triglav tops the list of 100 largest insurers in the region comprising the former Yugoslav republics, Albania, Romania, Bulgaria and Moldavia, compiled by the Bulgarian business web portal SeeNews. The top five insurers on the list based on results from 2016 include another three Slovenian ones.

ARMENIA: In 2018 a mobile version of registration of insurance cases on the euro-protocolwill be introduced

In 2018, a mobile version of the registration of insurance cases for the Euro-protocol (according to the simplified scheme) will be introduced to maximize the convenience of drivers when registering accidents. Vahan Avetisyan, Executive Director of the Armenian Auto Insurers' Bureau, told ArmInfo correspondent that at present the application is at the stage of registration of the technical assignment.

KAZAKHSTAN: Draft law of RK on insurance matters presented in Government

Chairman of the National Bank of the Republic of Kazakhstan, Daniyar Akishev, presented the draft law "On amendments and additions to certain legislative acts of the Republic of Kazakhstan on insurance and insurance activities" in the Government of the Republic of Kazakhstan.

SLOVENIA: Adris launches dispute over Sava Re takeover rejection

Adris Grupa has launched an administrative dispute over the decision of the Slovenian insurance watchdog to deny the Croatian company regulatory clearance to increase its stake in Slovenian insurance group Sava Re to 33%, the news web portal Siol.net reported on Thursday.

SLOVENIA: SID Bank selling insurance arm

Slovenia's export and development bank has published an intention to sell its credit insurance company SID - Prva kreditna zavarovalnica, as part of the strategic focus on core business.

BULGARIAN insurers' assets grow 10.3% y/y in H1

The assets managed by Bulgarian insurance companies increased to 7.28 billion levs (3.7 billion euro) at the end of June, up 10.3% year-on-year, the country's central bank said on Monday.

UKRAINE: Insurance experience will increase 10 years

The bill on pension reform involves increasing the insurance period to 35 years for 10-year period. This was announced during the hour of questions to the government in the Verkhovna Rada, the Minister of social policy Andrei Reva.

AZERBAIJAN may introduce Europrotocol

The Bureau of Compulsory Insurance (ISB) of Azerbaijan has decided on the tasks for the near future with the aim of ensuring quality in the insurance market. Bureau's report on the results of activity in the first half of 2017 says that Azerbaijan does not have industry standards for determining the amount of damage in the sphere of civil liability insurance for motor vehicle owners.

AZERBAIJAN's Bureau of Compulsory Insurance may switch to self-regulatory mechanism

The Bureau of Compulsory Insurance (ISB) proposes the introduction of a new regulatory mechanism. As it was said in the bureau's report on the results of activity in the first half of the year, the coordinated activity of the actors operating in this sphere creates the conditions for reaching a new level of the quality of relations.

A.M. Best Revises Outlooks to Stable for INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ

A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ (SOGAZ) (Russia). SOGAZ is the ultimate operating parent of the SOGAZ group, which provides a range of insurance and non-insurance related services.

TURKEY: Average MTPL premium falls by 24% in wake of price cap

The average premium for mandatory third party liability motor insurance (MTPL) fell by 24% from TRY864 (US 252) in March to TRY660 in July, since the implementation of a premium ceiling on 12 April, notes Deputy Prime Minister in charge of the economy Mehmet Simsek.

Eurohold Bulgaria leads blue-chip gainers in Sofia, SOFIX up

Financial and insurance group Eurohold Bulgaria was the top blue-chip gainer on the floor of the stock exchange in Sofia on Tuesday, bourse data showed. Eurohold Bulgaria shares rose by 2.31% to 1.330 levs as 11,258 units changed hands.

KAZAKHSTAN: A.M. Best Assigns Credit Ratings to Nomad Life Insurance Company JSC

A.M. Best has assigned the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-" to Nomad Life Insurance Company JSC (Nomad Life) (Kazakhstan). The outlook assigned to these Credit Ratings (ratings) is stable. Nomad Life is a wholly owned subsidiary of Nomad Insurance Group Limited, a non-operating holding company also domiciled in Kazakhstan.

Eurohold Bulgaria shareholders to vote on cap hike, bond issue

Financial and insurance group Eurohold Bulgaria said on Monday it will seek the approval of its shareholders to increase its capital by 40.3 million levs (20.6 million euro) to 202 million levs and to issue a five-year 100 million euro bond.

NN Hellas and Piraeus Bank in Greece renew Bancassurance agreement

NN Hellas today announces that the Bancassurance agreement with Piraeus Bank, which was due to end on 31 December 2017, has been renewed for 10 years with a further 5 year extension possibility. Piraeus Bank, the leading bank in Greece, will continue to offer the Life and Health products of NN Hellas to its customers. ΝΝ Hellas is part of NN Group, an international insurance and asset management company.

POLAND's storms to cost insurers millions: report

Insurance companies in Poland may have to pay out a staggering PLN 400 million (EUR 93.5 million, USD 110 million) in compensation for damages caused by a series of severe storms that hit the country earlier this month, a newspaper has reported.

SERBIA: Axa Life and Axa non-life Insurance in Serbia absorbed by VIG

Serbia's AXA Non-Life Insurance (AXA Nezivotno Osiguranje) and AXA Life Insurance (AXA Zivotno Osiguranje) have officially been absorbed by Wiener Stadtische Osiguranje. This marks the completion of the acquisition of the two insurers by the Vienna Insurance Group (VIG) in July 2016.

KAZAKHSTAN: A.M. Best Downgrades Credit Ratings of JSC Salem Insurance Company

A.M. Best has downgraded the Financial Strength Rating to C (Weak) from C+ (Marginal) and the Long-Term Issuer Credit Rating to "ccc+" from "b-" of JSC Salem Insurance Company (Salem) (Kazakhstan). Concurrently, A.M. Best has placed these Credit Ratings (ratings) under review with negative implications.

NN Group reports 2Q17 results

"Today we are reporting our first fully consolidated set of quarterly results for NN Group and Delta Lloyd, and I am pleased with the strong overall performance of the combined group in the second quarter of 2017", said Lard Friese, CEO.

UNIQA: Insolvency of Veneto Banca triggers contractual guarantee and leads to a decline in net profit for the period in the "discontinued operations" of EUR 33.4 million

In December 2016 UNIQA Insurance Group AG (UNIQA) sold its Italian subsidiaries to the Italian mutual insurance company Società Reale Mutua di Assicurazioni. In the course of the transaction a contractual was issued, which guaranteed up to EUR 40 million for the sales cooperation with Veneto Banca, which is valid until 2019.

MetLife Announces Second Quarter 2017 Results

MetLife, Inc. (NYSE: MET) today announced the following results for the second quarter of 2017. On a GAAP basis, MetLife reported second quarter 2017 net income of USD 838 million, compared to net income of USD 64 million in the second quarter of 2016. On a per share basis, net income was USD 0.77, compared to net income of USD 0.06 in the prior-year period.

Aviva plc 2017 Interim Results Announcement

In the first half of 2017, Aviva has grown operating profit, maintained capital strength and delivered on its strategic agenda. Operating profit increased 11% to GBP1,465 million (HY16: GBP1,325 million), underlining the quality of our franchises and the benefits of our product and geographic diversity. Operating earnings per share (EPS) increased 15% to 25.8p (HY16: 22.4p).

AIG Reports Second Quarter 2017 Results

American International Group, Inc. today reported net income of USD 1.1 billion, or USD 1.19 per diluted share, for the second quarter 2017, compared to USD 1.9 billion, or USD 1.68 per diluted share, in the prior-year quarter, primarily reflecting net realized capital losses of USD 69 million compared to net realized capital gains of USD 1.0 billion a year ago.

Chubb Reports Second Quarter Net Income of USD 1,305 million

Chubb Limited today reported net income for the quarter ended June 30, 2017 of USD 1,305 million, or USD 2.77 per share, compared with USD 726 million, or USD 1.54 per share, for the same quarter last year. Operating income was USD 1,180 million, or USD 2.50 per share, compared with USD 1,058 million, or USD 2.25 per share, for the same quarter last year.

UKRAINE: LIOU: Nearly 30% of insurance market hit by cyber attack

Around 30% of the Ukrainian insurance market has suffered from a recent cyber attack, director of the information policy department of the League of Insurance Organizations of Ukraine (LIOU) Iryna Denysova said at the conference devoted to comprehensive solutions for automation of enterprises organized by the Banker international financial club on July 19.

BOSNIA's Sarajevo Osiguranje increases H1 net profit

The net profit of Bosnian insurer Sarajevo Osiguranje grew to 389,900 marka (199,400 euro) in the first half of 2017 from 50,300 marka a year earlier, the company said. Sarajevo Osiguranje's gross written premiums rose 0.3% to 29.8 million marka in January-June, while its operating costs dropped to 11.0 million marka from 11.4 million marka, the insurance company said in a filing with the Sarajevo Stock Exchange on Tuesday.

TURKEY Insurance Companies Plunge on Second Freak July Storm

The Borsa Istanbul Insurance Sector Index dropped as much as 2.5 percent on Friday after a brief but ferocious storm in Istanbul on Thursday showered the city with hail as large as golf balls, shattering windows, denting vehicles and damaging buildings.

BULGARIAN insurer Bulstrad's H1 non-cons net profit falls

Bulgarian insurance company Bulstrad, a unit of Vienna Insurance Group (VIG), said on Monday its non-consolidated net profit fell to 3.6 million levs (USD 2.2 million/1.8 million euro) in the first half of 2017 from 4 million levs in the like period of last year.

LATVIA: Tineo files a claim with the court as ERGO refuses to pay insurance indemnity in Latvia

The City of Riga Vidzeme District Court has accepted for review the claim filed by SIA Tineo for the award of insurance indemnity from "Ergo Insurance SE", amounting to 1.3 million euro. The company decided to file the claim to the court after the mentioned insurance company refused to fulfil its obligations and compensate the losses that occurred as a result of the tragic event in Riga in November 2013 caused by design and construction mistakes by the third parties, which lead to destruction of real estate property of Tineo.

ARMENIA: the capacity of the retail insurance market has improved the annual trend from negative 3.9% to positive 2.7%, while accelerating corporate growth from 7.3% to 8.5%

The share of retail insurance in the  portfolios of premiums of Armenian insurers for the first half of  2017 was 54.6% (9.3 billion drams), corporate - 45.4% (7.7 billion  drams). At the same time, the capacity of the retail insurance market  improved the annual trend from negative 3.9% to positive 2.7%, while  the growth rate of corporate insurance accelerated from 7.3% to 8.5%.

ARMENIAN insurance sector increases tax payments by 36.4% per annum in the first half-year

The insurance sector  of Armenia paid 1.5 billion drams in the first half of 2017,  exceeding the figure of the previous year by 36.4%. Of this amount,  1.4 billion drams fell on direct taxes (including income tax and  income tax), which is 40% higher than last year's figure. According  to the RA State Revenue Committee, in the list of 1000 largest  taxpayers of Armenia, according to the results of the first half of  2017, all 6 insurance companies operating on the market were  included.

TURKISH storm costs rise

Forecast insured losses from two recent storm outbreaks in Turkey could reach USD441mn, according Aon Benfield's latest Impact Forecasting weekly cat report.

CYPRUS: Insurance company refuses to help car knocked down by car in Cyprus

On the night of Sunday, 30 July, an 56-year-old tourist from Chelyabinsk Elena Lvovskaya was shot down near the Flamingo Beach Hotel in Larnaca. She was operated in the Central Hospital of Nicosia and will soon be withdrawn from the state of an artificial coma. Transportation of Elena to Russia will cost 50 thousand euros. The insurance company refuses to cover these costs. The culprit of the accident - 28-year-old Cypriot - was drunk at the time of the accident. She does not render any assistance to the victim.

POLAND: Orange raises price, cover of phone insurance

Orange Poland amended the conditions of the insurance service Orange Smart Care, which covers service costs for repair of a broken smartphone. Previously the limit for repair cost reimbursement was PLN 700 a year and the service cost PLN 7.98 a month. Now the operator increases the coverage to PLN 800 a year and the service will cost PLN 8.99 a month.

SLOVENIA: Insurer Sava with lower profit due to hail payouts

Insurer Zavarovalnica Sava generated almost EUR 27.9m in net profit last year, which is 16% less than in 2015. The company attributes the drop in profit to damages paid out over hail that hit the entire country last August, with north-eastern Slovenia, where the insurer is most present, being hit the hardest.

ROMANIA: Euroins buys Starcom bonds worth 700,000 euro

Bulgaria's Starcom Holding said on Thursday its subsidiary Euroins Romania has acquired a total of 1,423 Starcom bonds at a price of 1,000 levs (511,300 euro) each. Euroins Romania acquired three Starcom bonds on June 22 and a further 1,420 on June 27, Starcom Holding said in a bourse filing.

LITHUANIA: The direct investment flow continued to be positive in Q1 2017

The Bank of Lithuania and Statistics Lithuania publish the provisional data on direct investment for Q1 2017. Direct investment statistics was supplemented with the indicators of income from equity instruments (dividends), excluding reinvestment, and income from debt instruments (interest), calculated by applying the directional principle.

ALBANIA's GDP expands 3.94 percent in Q1 2017

Albania's gross domestic product expanded by 3.94 percent in the first quarter of 2017 over the same three-month period of 2016, helped especially by a strong construction sector, the Institute of Statistics said on Friday.

HUNGARY: Extraordinary announcement on the merger by acquisition of Pannonia Insurance Companies

CIG Pannonia Life Insurance Plc.  hereby notifies its shareholders and other capital market participants that the Company Registry Court of Budapest - Capital Regional Court registered the merger by acquisition of Pannonia Life Insurance cPlc. into the Company and the merger by acquisition of Pannonia General Insurance cPlc. into CIG Pannonia First Hungarian General Insurance Company Ltd.

BULGARIA's Life Insurance Institute gets nod to absorb Health Insurance Institute

The Bulgarian competition authority said on Tuesday it has granted approval to Sofia-based Life Insurance Institute to absorb local peer Health Insurance Institute. The merger does not represent concentration of business under Bulgarian law, as the two companies have the same owner, the Commission for Protection of Competition said in a statement.

ARMENIA: VTB Bank downs interest rates on car loans

VTB Bank (Armenia) has lowered interest rates on car loans, the press office of the bank reported on Monday. Now the bank clients will borrow the money necessary for buying cars at interest rates beginning from 14%. The bank also offers lending for already imported cars, which are brought to Armenia within 30 days before applying for car loans.

BULGARIA's Starcom Holding cuts stake in insurer Eurohold

Financial and insurance group Eurohold Bulgaria said on Tuesday its majority owner Starcom Holding has decreased its stake in the company to 52.36% from 57.36%. Starcom Holding sold a total of 7.95 million Eurohold Bulgaria shares at a price of 1.29 levs (USD0.75/0.66 euro) each on June 29, Eurohold said in a bourse filing.

RGA Re joins race to acquire Generali's Netherlands operations

Reinsurance Group of America (RGA Re) has reportedly joined the race to acquire the Netherlands operations of insurance giant Generali. Reinsurance Group of America logoAssicurazioni Generali, one of the largest insurance group's in the world, is actively trying to sell its Netherlands and Belgian operations, with RGA Re joining the race to acquire the Dutch operation, according to local press reports.

GREECE: INTERAMERICAN chooses SAS to expand personal data protection

In the insurance industry, trust is crucial to maintaining loyal customers. And with just under a year before the EU General Data Protection Regulation (GDPR) goes into effect, there is a spotlight on personal data and security. To help provide that customer data is securely managed, INTERAMERICAN, a leading insurance provider in Greece, has expanded its relationship with SAS.

CROATIA: Adris seeks clearance to increase stake in Sava Re

Adris Grupa, a Croatian financial group, has once again requested clearance to increase its stake in Slovenia's Sava Re beyond 33%, after the Agency for Insurance Supervision rejected its its first request in October 2016, Siol.net reported on Friday.

POLAND's Insurance Sector to Grow in 2017 But Profitability Under Pressure

Recently, two contradictory trends have been shaping the insurance market in Poland. The life insurance segment has remained in a downturn, as it continued to suffer from tighter regulatory environment in multiple areas, including: consumer protection, distribution, fiscal treatment etc. Moreover, an overall negative sentiment around insurance investment products and low interest rate environment have not helped new product sales. By contrast, the non-life segment has seen significant growth in new premium collection. This could be attributed mostly to surging car insurance premium, which has been an effect of both: increasing tariffs and a higher number of contracts.

KAZAKHSTAN's Halyk Bank to acquire 96.81% of ordinary shares in Kazkommertsbank

Kazakhstan's Halyk Bank on June 15 announced the signing of the sale and purchase agreements with Mr. Kenges Rakishev to acquire 86.09% of ordinary shares of JSC Kazkommertsbank for a consideration of 1 Kazakhstan tenge, and separately with JSC Sovereign Wealth Fund Samruk-Kazyna to acquire 10.72% of ordinary shares of Kazkommertsbank also for a consideration of 1 Kazakhstan tenge.

CROATIA's Adris to invest 4 bln kuna in its businesses by 2021

 Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Thursday it will invest an additional four billion kuna ($604.7 million/540.2 million kuna) in its businesses by 2021, two billion of which will be directed towards tourism.

SERBIA's Dunav Osiguranje premium income share falls slightly in Q1

Insurer Dunav Osiguranje saw its stake of total premium income in the Serbian insurance sector fall to 27.7% in the first quarter of 2017 from 28.3% in the like period of last year, but the company remained the leader in the sector, data by central bank NBS showed.

BULGARIAN insurers' assets grow 16% y/y in Q1

The assets managed by Bulgarian insurance companies increased to 7.26 billion levs ($4.15 bilion/3.7 billion euro) at the end of March, up 16% year-on-year, the country's central bank said on Friday.

GREECE: Calamos-Exin to land Ethniki Insurance

The Greek-American consortium Calamos-Exin Group has been selected as the preferred bidder for the sale of Ethniki Insurance, a National Bank of Greek subsidiary, in the context of the tender that according to sources is nearing its conclusion.

AZERBAIJAN: Bank VTB Azerbaijan to insure cash machines and cash in them

Bank VTB (Azerbaijan) has announced a tender procedure on the subject of insurance of cash machines and cash in them. The Bank's tender commission reports that bidders can familiarize themselves with the tender documentation at Bank's office (38, Khatayi Avenue; Mezenat Plaza, AZ 1008).

BULGARIA-based insurance company DZI opens its biggest claims centre

Bulgaria-based insurance company DZI, part of Belgium's KBC Group, said on Tuesday it has opened its biggest claims centre in the country. The company now operates two claims centres in the capital Sofia and a total of 86 in the country, DZI said in a statement.

TURKISH automotive sector's share in tax revenues recorded at 12.8 pct

Turkey's automotive sector, considered to be the country's economic locomotive, paid up more than TL 59 billion (USD 16.60 billion) in taxes last year. Finance Minister Naci Agbal pointed out these figures about the sector at the Authorized Automotive Dealers Association Congress last April. Calling the automotive sector an important source of income, Ağbal said, in 2016, they obtained TL 18.9 billion in excise duty, TL 10-15 billion in VAT, TL 10 billion in motor vehicle taxes, TL 10-15 billion in income tax, SGK and withholding.

NN Group reports 1Q17 results

"NN Group showed a strong performance in the first quarter of 2017, with all segments contributing to the increase in the Group's operating result compared with the first quarter of 2016. We continue to improve efficiency, with cost savings in the Netherlands bringing the expense base down further. And our balance sheet remains robust, with NN Group

Wilbur Ross backs American-Dutch bid for Ethniki Insurance

The US commerce secretary has backed a bid by an American-Dutch consortium to buy the insurance arm of Greece's National Bank, Ethniki Insurance, saying a deal could help US investment flows to the troubled Mediterranean country.

UKRAINIANS injured in road accident in Turkey taken to hospital

The Department of Consular Service of the Ministry of Foreign Affairs of Ukraine has confirmed that citizens of Ukraine suffered in a road accident in Turkey; they were sent to a hospital. "A road accident in Turkey. The injured Ukrainians were taken to the hospital. The embassy, an insurance company and a tour operator are providing assistance," the ministry said on Twitter. At the same time, the number of victims is not indicated.

KOSOVO: Insurance has increased by 6.1 percent

According to CBK's report, in 2016, the value of premiums written by insurance companies amounted to euro 83.5 million, which represents an annual increase of 4.4 percent.

KBC Group's Q1 after-tax profit in BULGARIA falls

Belgium's KBC Group said on Tuesday its after-tax profit from Bulgarian operations fell to 4 million euro (USD 4.4 million) in the first quarter, from 5 million euro in the like period of 2016.

BULGARIAN regulator suspends EIG's buyout bid for Euroins

Bulgaria's financial regulator said on Tuesday it temporarily banned the publishing of a buyout offer by Euroins Insurance Group (EIG) for the remaining 9.93% of the share capital of Sofia-based insurer Euroins it does not already own.

KAZAKHSTAN: Fitch Forecasts Kazakh Insurance Market Growth At Double-Digit Rates

Kazakh insurance market is forecast to grow at double-digit rates in 2017-2021, given the recovering Kazakh economy and the current low levels of insurance penetration, the International Rating Agency Fitch Ratings said in a new report called "Kazakh Insurance: Growth Potential but Challenging Operating Environment".

AZERBAIJAN: Parliament launches discussions on compulsory unemployment insurance

Milli Majlis [Parliament] of Azerbaijan has launched discussions on the draft law "On unemployment insurance."  Under the bill, which was considered at a meeting of the Parliamentary Committee on Labor and Social Policy on May 12, the main principles of unemployment insurance will be obligatoriness, legal equality of unemployment insurance subjects, differentiation of insurance payments depending on the length of insurance and duration of unemployment.

UKRAINE: The Ministry of foreign Affairs has provided clarification on the insurance of foreigners

The current legislation of Ukraine in the field of visa, there are no restrictions in the law of detention of foreigners and persons without citizenship of insurance contracts with Ukrainian and foreign insurers, this is stated in the answer the Ministry of foreign Affairs of Ukraine to the appeal of the League of insurance organizations of Ukraine on insurance of foreign citizens and persons without citizenship.

BOSNIA: Triglav INT's buyout bid for Bosnia's Triglav Osiguranje fails

The buyout bid launched by Slovenian holding company Triglav INT, a member of the country's biggest insurer Zavarovalnica Triglav, for the 12% stake it does not already own in Bosnian insurance company Triglav Osiguranje [SAJ:BHOSR] has failed, the latter said on Tuesday.

AZERBAIJAN: CIB: Compulsory insurance discounts lead to systemic problems

The Bureau reports that compulsory insurance contracts in the country are registered on the basis of insurance premiums, established by the Financial Market Supervision Authority on each of the types of compulsory insurance, and any deviation from these tariffs are inadmissible.

UKRAINE: Insurance companies are trying to lessen the cost of CASCO

To attract drivers and to increase the sale of policies of insurance, Ukrainian insurance companies began to invent new ways to reduce the cost of auto insurance. In particular, becoming more popular affiliate programs with car dealers and discounts for certain car, writes UBR.

KBC Group: Excellent first-quarter result of 630 million euros

Against the background of highly accommodating monetary policy, persistently low interest rates and further improving economic growth, particularly in Central Europe and Ireland, KBC turned in another strong performance with a net profit of 630 million euros, well up on the 392 million euros in the first quarter of 2016. It was down on the 685 million euros recorded in the fourth quarter of 2016, since it was distorted by the booking of upfront banking taxes in the first quarter. Our lending and deposit volumes as well as our assets under management continued to grow in the first quarter 2017. In addition to the fine business performance, costs remained under control, overall loan loss impairment charges were extremely low and our solvency position remained strong. For Ireland, our guidance for loan impairment is for a release of 120-160 million euros for full year 2017.

AXA announces its intention to IPO its US operations

The listing of the US operations would bring significant additional financial flexibility for AXA, benefiting from supportive macroeconomic conditions in the US, and create an option to further reduce AXA's exposure to financial risks while further strengthening its economic capital position.

BULGARIA:'s EIG expects steep rise in premium income in 2017

Bulgaria's Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria, said on Friday it expects its premium income to increase to 700 million levs (356.5 million euro) in 2017, from 527.7 million levs in 2016.

NN: Great enthusiasm for Junior Achievement activities in Greece, Bulgaria and Hungary

Part of NN Group's goal to be a positive force in the lives of our customers includes taking responsibility for the wellbeing of the wider society. We do this in part through NN Future Matters, NN Group's overarching Community Investment Programme. Future Matters aims to empower young people in the markets where we operate to support them in growing their economic opportunities.

Fitch upgrades Groupama's IFS to 'A-

Fitch Ratings has upgraded Groupama S.A.'s (Groupama) and its core subsidiaries' Insurer Financial Strength (IFS) ratings to 'A-' from 'BBB+'. Groupama's Inssuer Default Rating (IDR) has also been upgraded to 'BBB+' from 'BBB'. The Outlooks are Stable.

MetLife Announces First Quarter 2017 Results

On a GAAP basis, MetLife reported first quarter 2017 net income of USD 820 million, compared to net income of USD 2.2 billion in the first quarter of 2016. On a per share basis, net income was USD 0.75, compared to net income of USD 1.98 per share in the prior-year period.

AIG Reports First Quarter 2017 Results

American International Group, Inc.  today announced results for the quarter ended March 31, 2017. "Our first quarter results highlight the success of the actions we have taken to execute on our strategy, strengthen our balance sheet, and improve earnings quality," said Peter D. Hancock, AIG President and Chief Executive Officer. "Operating results across our core Commercial and Consumer businesses improved and we continued to return excess capital to shareholders. Since January 1, 2016, we have returned over $18 billion of capital towards our $25 billion target. We will continue to execute our strategy and further build on our position as a leading global insurance company."

CertAsig largest insurance policies for ROMANIAN companies at EUR 77.8 mln in Q1 2017

Insurance company CertAsig registered the top insurance policies in a civil liability for a Romanian utility aviation company, for a technical insurance of a logistics company from Romania and an insurance policy for a infrastructure construction company from Romania, all of them amounting to EUR 77.8 million in the first quarter of 2017.

KAZAKHSTAN: A.M. Best Affirms Credit Ratings of Halyk-Kazakhinstrakh

A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb" of Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan). The outlook of these Credit Ratings (ratings) remains negative. Kazakhinstrakh is a wholly owned subsidiary of JSC Halyk Bank (Halyk Bank), a leading retail bank in Kazakhstan.

UKRAINE: Stets announced the mandatory insurance for journalists

The Ministry of information policy (MIP) of Ukraine initiates to regulate the issue of compulsory insurance of journalists. This was on the occasion of world press freedom day was declared by the Minister of information policy Yuriy stets, reports the website of the Ministry.

KOSOVO insurers' net profit declines 15.4% y/y in Q1

Kosovo's insurance companies posted a combined net profit of 1.1 million euro ($1.2 million) in the first quarter of the year, compared to a net profit of 1.3 million euro in the like period of 2016, according to data from the country's central bank.

Chubb Reports First Quarter P&C Combined Ratio of 87.5%

Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2017 of USD 1,093 million, or USD 2.31 per share, compared with USD 439 million, or USD 0.97 per share, for the same quarter last year.  Operating income was USD 1,175 million, or USD 2.48 per share, compared with USD 1,019 million, or USD 2.26 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 87.5% for the quarter. Book value per share increased 1.7% and tangible book value per share increased 3.1% from December 31, 2016 and now stand at USD 105.35 and USD 62.52, respectively.

UKRAINE: Interpol publishes red notice for ex-heads of Oranta insurer

Interpol has published red notice for former head of the supervisory board of Oranta national joint-stock insurance company (Kyiv) Oleh Spilka and a member of the supervisory board Oleksandr Tyminsky under a request of Ukraine, Ilyashev & Partners law firm defending BTA Bank (Kazakhstan), the largest shareholder in the insurance company, has reported.

POLAND's PKN Q1 net profit seen jumping to USD 476 mln

Poland's biggest oil refiner, PKN Orlen, is expected to post a 466-percent jump in its first quarter net profit mainly thanks to insurance payment, fuel sales and oil prices, a Reuters poll showed on Friday. The state-controlled oil firm is seen posting a bottom line of 1.9 billion zlotys (USD 476.42 million) compared to 337 million zlotys profit a year earlier, based on a forecast from eight banks and brokerages.

LATVIA: Maxima store collapse in Latvia not covered under insurance policy

Maxima Latvija, a subsidiary of the retail group Maxima Grupe, and Tineo, the owner of the Riga shopping center that housed the collapsed Maxima store, are suing Ergo Insurance over its refusal to pay a claim worth 5.34 mln euros, but the insurer says that the event was not covered under the insurance policy.

BULGARIA's Euroins Insurance Group launches buyout bid for Euroins

Bulgaria's Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria, has launched a buyout bid for the remaining 9.93% of the capital of its Sofia-based subsidiary Euroins it does not already own, Euroins said on Thursday.

UKRAINE: Head of Central Bank resigns

The Governor of the National Bank of Ukraine, Valeria Gontareva, has announced her resignation, effective from 10th May, 2017, after nearly three years in the post. She made the announcement during a press conference.

RUSSIA: Over 25% customers buy smartphone insurance

Over 25 percent of customers buying smartphones or tablets in shops of mobile retail outlet Svyaznoy also purchase insurance for the devices, reports Tdaily.ru, citing a study from Svyaznoy. The increase in demand for insurance services was attributed to the higher prices for mobile devices.

BULGARIA's Sirma ICS launches digital insurance platform

Bulgarian software company Sirma ICS, part of Sirma Group Holding [BUL:SKK], said on Wednesday it has developed a digital insurance platform - ICS Online - which aims to connect end-customers to insurance brokers and insurance companies.

UKRAINE: Insurers of Ukraine in 2016 increased taxes 17%

The total amount of profit tax paid by insurance companies of Ukraine, according to preliminary data, in 2016 amounted to about 950 million UAH, which is 17%, or 140 million UAH more than in 2015, said the Agency "Interfax-Ukraine" member of the financial services Commission Alexander Zaletov.

HUNGARY: NN opens first innovation lab in the field of insurance

NN Group recently opened its first international innovation lab - Sparklab Hungary. Sparklab welcomes startups and freelancers in Hungary who aim to explore and expand ideas supporting the improvement of quality of life. It follows the example of several successful innovation labs in the Netherlands and will be NN's first international initiative. It is the first innovation lab in  Hungary in the field of insurance. Sparklab will use lean start-up techniques and support selected ideas with coaching, mentoring, location and other resources.

AZERBAIJAN: Compulsory car insurance reduced by 10.2%

Over Jan-Mar the Compulsory Insurers Bureau registered 215,572 electronic insurance agreements on mandatory insurance of motor vehicle owner's liability. The CIB reports that 29,808 motor vehicles of them are foreign transit vehicles.

ARMENIA: Compulsory Vehicle Insurance "direct payout"tool launched on April 1 2017

From April 2017 new conditions of CVI  insurance indemnifications are  enforced  in Armenia. As Vahan Avetisyan the director of  Armenian Motor Insurance Bureau has stated earlier, in 2016 all the necessary technical and procedural backgrounds were created so that from April 2017 CVI insurance certificates holders  could receive indemnifications from their insurance company.

UKRAINE: Insurers increases the insurance payments to the population on 17% in 2016

The total amount of insurance payments on claims by individuals, paid by the insurance companies of Ukraine in 2016, amounted, according to preliminary estimates, over UAH 4.5 bn, which is 17%, or UAH 600 million more than in 2015, said the Agency "Interfax-Ukraine" member of the national Commission, carrying out state regulation of market of financial services (Natskomfinuslug), Alexander Zaletov.

HUNGARY: Extraordinary announcement on the agreement between the subsidiary of CIG Pannonia Life Insurance and Aegon Hungary

CIG Pannonia Life Insurance notifies its Esteemed Shareholders and other capital market participants that the general meeting of Pannonia General Insurance decided to transfer the home insurance, condominium insurance and compulsory vehicle liability insurance portfolio to Aegon Hungary General Insurance with the effect from the date of the supervisory authorization.

SLOVAKIA: New levy to raise insurance premiums

Rates may rise only marginally for some types of insurance, but others could increase by 15 percent or more, experts say. As of the beginning of 2017, prices of some non-life insurance products, mainly vehicle and travel insurance, have started to increase in Slovakia. Insurance companies are responding in this way to a new 8-percent levy that the state now applies to every new premium.

UKRAINE: Insurers' bankruptcy procedure not settled in consumer rights protection area

The bankruptcy procedure for insurance companies is not settled from the point of view of the proper protection of consumer rights, Director of the law and analytical department of the League of Insurance Organizations of Ukraine (LIOU) Serhiy Tarasov said at the second Restructuring and Bankruptcy Forum organized by Yurydychna Praktyka (Law Practice) newspaper on March 29.

SLOVENIA: EBRD exits leading pension fund Prva Group

The European Bank for Reconstruction and Development (EBRD) said on Friday it exited its engagement in Slovenia's pension fund Prva Group, one of the leading asset management providers in central and eastern Europe.

CZECH insurance market in 2020: are you ready for the digital revolution?

Marking the first anniversary of Willis Towers Watson's Prague office, we are delighted to present our report into the prospects for the Czech insurance industry in the years to 2020. In this unique survey of 49 senior insurance executives from across the industry - insurers, reinsurers, intermediaries, academics and industry associations - we sought to identify the key trends, risks, opportunities and keys to success for insurance companies.

UKRAINE: Some 55% of assets of local insurers are low liquid

The preliminary results of the Ukrainian insurance market in 2016 show that 55% of assets of insurance companies worth over UAH 30 billion are low liquid or hard to sell and generate low income, a member of the national commission for financial service markets regulation Oleksandr Zaletov has told Interfax-Ukraine.

RUSSIAN insurers have called the most stolen cars

Cars brands Toyota, Hyundai, Kia and Mazda in 2016 were the most stolen cars in Russia; it is hard, but with a slightly lower frequency was Land Rover, Ford, BMW, Renault and the Russian Lada, according to a survey conducted by RIA Novosti among the leading Russian insurers.

POLAND's PZU says will stick to dividend policy

Poland's state insurance firm PZU said on Thursday it would stick to its core strategies and keep paying dividends, as it watched its share price fall sharply a day after it fired its chief executive.

POLISH insurer PZU fires CEO

Polish insurance company PZU said on Wednesday that its supervisory board had dismissed its chief executive, Michal Krupinski. The firm, eastern Europe's largest insurer, did not give any reason for Krupinski's departure.

TURKEY: GM of Groupama Insurance, is retiring from office

Having been assigned as the Assistant General Manager of Groupama in 2008 following the acquisition of Guven Insurance and reassigned as the General Manager of Groupama Insurance Inc. and Groupama Pension Inc., Ramazan Ulger will be retiring from office on April 30th, 2017 as a result of the mutual decision made with the Group Management. Recruitment process is continuing for the new General Manager and will be announced briefly.

LITHUANIA:Telia introduces travel insurance

Mobile operator Telia Lithuania has started offering a travel insurance service for customers taking trips to foreign countries. The offer was launched in cooperation with insurance company Compensa and insurance broker Edrauda.

BULGARIA: Almost 800,000 Euros allocated for agricultural insurance

In 2017, the budget allocated for the State Fund scheme for the co-financing of agricultural insurance premiums will amount to 1.5 million Lev (about 766,776 Euro), as decided in a meeting of the Governing Council of the State Fund "Agriculture" (SFA), reports Investor.bg.

BULGARIA insurers' assets grow by 8.2% in 2016

The assets managed by Bulgarian insurance companies reachеd 6.6 billion levs (3.37 billion euro) at the end of December, up by 8.2% year-on-year, the country's central bank said on Monday.

AZERBAIJAN: In 2016 banks ensured 73.2% of financial sector all assets

Domestic banks' assets occupied a dominant position in total assets of the financial sector of Azerbaijan for the past year. The government's report for 2016 says that the financial sector assets amounted to AZN 43 bn that is equal to 71.1% of the domestic gross product.

KOSOVO insurers' net loss triples in 2016

Kosovo's insurance companies posted a combined net loss of 23.9 million euro ($25.4 million), more than three times higher than their aggregate net loss of 7.7 million euro in 2015, data from the country's central bank shows.

LATVIA: Balta - insurance market grows more rapidly than the economy

"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.

UKRAINE: ALD Automotive moving corporate car leasing market towards outsourcing and modernity

"When I came to Ukraine almost two years ago, I found a very archaic situation in corporate car fleet management. Most of international companies operating in Ukraine were still buying cars directly and managing their own car fleets: as an evidence for that, we can look to the very tiny size of the car leasing market: only around 25000 vehicles, which also includes volumes from individuals and Ukrainian SMEs!", said Pierre-Vladimir Joliot, General Director, ALD Automotive.

ACHMEA: Exceptional items impact result, fundamentals improved

"Achmea closed 2016 with a net loss of €382 million, primarily as a result of extraordinary expenses. The result was influenced by events such as the severe hail storms in June last year, which caused in excess of €300 million damage and affected more than 30,000 of our customers. The use of the Health result to limit the increase in premiums also lowered the result. Looking to the future, we have raised the provisions for personal injury claims and have formed a restructuring provision in connection with further changes to our organisation. Finally, there has been an impairment of goodwill of our Turkish insurance operations. Although it is disappointing to end the year with a loss, over the next few years we expect to benefit from the improvements implemented in recent years", said Willem van Duin, Chairman of Achmea's Executive Board.

Aviva plc 2016 Preliminary Results Announcement

"Aviva's results are simple and clear cut: more operating profit, more capital, more cash, more dividend. And there is more to come. Aviva's financial position has been transformed and a distinctly stronger balance sheet and excess capital give Aviva more options. We are now actively planning a capital return to our shareholders and debt reduction in 2017 and will invest further to grow our businesses", said Mark Wilson, Group Chief Executive Officer.

BULGARIA: NN Pension Insurance awarded 'Most Significant Corporate Partner'

The first annual SOS Children's Villages Bulgaria awards ceremony took place on 26 January 2017. The organisation honoured its benefactors and partners, and thanked them for the collaboration and support they provided to at-risk children and those deprived of parental care. NN Pension Insurance Bulgaria received the prize for 'The Most Significant Corporate Partner'. Anastas Petrov, CEO of NN Pension Insurance Bulgaria, said NN supports a number of projects that support children and students in Bulgaria. 'Children are our future. We believe that supporting SOS Children's Villages and their cause is an investment in the development of a better and happier tomorrow for our country.'

ESTONIA allows self-driving cars on the roads

Estonia has allowed the testing of self-driving cars on the country's roads; however, an additional condition is that the vehicle must also have a driver who can take control if needed.

TURKEY: Zurich launches first retail cyber protection insurance product

In 2016 there were a number of huge leaks of personal data of Turkish citizens online. It's created a massive demand for products to insure individuals and businesses from losses caused by cyber crime. Yilmaz Yildiz, CEO of Zurich Turkey, outlines the first product they've brought to market to address this demand.

HUNGARY: New Regulation On Unit-Linked Life Insurance

Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator - calculated in line with the rules of Hungarian insurance regulations - showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017.

RUSSIA: On for two months increased the fees of insurance premiums to 692 billion rubles

Transfer of administration of insurance contributions to the Federal tax service has led to the increase in fees — an increase in revenues of the state budget funds for the first two months of 2017, up 2% compared to the same period last year, said the head of the FTS Mikhail Mishustin, speaking on Tuesday at the Board of tax service.

AZERBAIJAN sees rise in insurance assets

Azerbaijan's insurance assets recorded a significant growth in 2016. The total volume of the insurance sector assets in 2016 increased by 1.9 percent and made up 1.031 million manats as of January 1, 2017, according to the Cabinet of Ministers' report on activities for 2016, Day.Az reported.

CZECH REPUBLIC: Unipetrol gets another insurance compensation

Unipetrol received another insurance compensation at USD 40mln (CZK 1bn) related to FCC unit accident at Kralupy. It is the first compensation linked to Kralupy unit that increases total amount received to CZK 8.9bn (CZK 7.9bn received in 2016 linked to Litvinov unit). This increases chances for dividend announcement (setting up official dividend policy) around mid of March when Company plans to publish its new strategy.

TURKEY: Mehmet Simsek: 'We are working towards a new model for traffic insurance'

Vice President, Mehmet Simsek, was on the live broadcast of NTV. "Traffic insurance is an obligatory insurance type," said Mr. Simsek, having explained that they are working towards a new model for traffic insurance emphasizing the drawbacks of the current system. "The system is designed to compensate the damage one causes to the other. Therefore, the one needs to be insured is rather the driver, not the vehicle. Say, the vehicle is insured but it was trusted to an inexperienced driver. Such factors are leading to increased premium payments. I instructed the Treasury and they are working on it. There is a similar system in effect in the UK where the driver is insured. Such a system considers not only the risks the vehicle is exposed to but also the risks drivers are exposed to. With this system we believe the number of traffic accidents and damages will be reduced, which in return will lower the premiums," he added.

TURKEY: Transfer of Isık Insurance is approved

According to the announcement made by the Competition Authority on its official website, the transfer of the Isık Insurance Corp., once was controlled by the Asia Participation Bank Corp., to Turkish Agricultural Credit Cooperatives Central Association is approved.

TURKEY: Fire Hazard is Still the Biggest Threat: Investments are Turning to Dust

As a humane urge to secure one's future, individuals are encouraged to invest as much as their budgets allow. These investments are sometimes involving purchasing real estate or automobiles and other times starting one's own business. The research showed that real estate is still the number one choice of Turkish people as an investment. However, it is important to secure such an investment against the risks as it is the fruit of years of labor.

TURKEY: Fast fish will eat the slow fish in Insurance business

As a customer, what do you see when you look at the insurance business? Complex processes, hard to read and hard to understand policies, strict procedures... As a person working in this sector for 16 years, I must admit that this is the picture in my mind.

TURKEY: Generali: The Total Number of Fire Incidents in 2016 in Istanbul Adds up to 28,586

Not another day pass without the bad news of fire incidents. We are bound to read a number of big or small fire incidents. These fire hazards are causing significant losses both material and immaterial. The total number of fire incidents only in 2016 in Istanbul adds up to 28,586. According to the statistics of Istanbul Fire Department, among these incidents 5,910 were residential and 153 were manufacturing plants. Almost 40% of all the fire incidents in Istanbul last year were due to smoking. Electrical malfunction follows smoking with a whopping 21.5%. As one may see, it is possible to eliminate at least 40% of the fire hazards if we were to observe the non-smoking warnings in commercial and industrial facilities.

UKRAINE: Zurich leads USD 120 million civil war loss

Zurich is the lead insurer on a USD 120mn political risk claim caused by the conflict in Ukraine, The Insurance Insider understands. The insured is food conglomerate Cargill, one of the world's largest privately held corporations.

ARMENIA-based insurers earned AMD 4.058 billion in net profit in 2016

Armenia-based six insurance companies earned a total of 4.058 billion drams in net profit in 2016, up from 2.672.8 billion drams they had earned in 2015 (51.8% increase), according to ARKA news agency's bulletin "Insurance Companies of Armenia" for the fourth quarter of 2016. All six companies closed the past year with a profit, whereas in 2015 two companies reported losses.

TURKEY: MetLife Pension and Life Insurance, one of Turkey's successful pension and life insurance companies, announced their results for 2016...

Making a difference in the sector with its innovative approach, MetLife has announced its results for 2016. The company has increased its total premium production in life and personal accident insurances by 49% in one year adding up to TL477 million by the end of 2016 and listed among the first 3 companies in the market. MetLife preserved its leading position in personal accident field among all pension and life insurance companies with its market share of 36.6%. On the other hand, the company has grown in personal pension insurance at a higher rate when compared to the sector and reached at a cumulative fund value of more than TL1.18 billion.

TURKEY: Campaign by Generali Insurance brings a FIAT Egea to Mersin

Drawing attention with its projects building on the company's mentality of Easy Insurance, Generali Insurance announced the winner of its campaign which offered a FIAT Egea Hatchback to any vehicle owners who received a quote for either one of the traffic insurance or Casco products in a minute without any charges.

SLOVENIA's Generali Insurance Deploys Metastorm BPM Software

"Like many insurance companies, our customer facing processes are critical to our business," stated Sonja Leban Gogala, director of sales channel, Generali Insurance Slovenia. "By automating our core processes using Metastorm BPM, we will be able to quickly realise its value, especially in terms of overall competitiveness."

NN Group reports 4Q16 and 2016 results

"2016 was an eventful and important year for NN Group, a year in which we made considerable steps. We invested in accelerating change and innovating our customer experience, and worked on new and improved products and services", said Lard Friese, CEO.

AIG Reports Fourth Quarter 2016 Results

American International Group, Inc. today announced results for the quarter and fiscal year ended December 31, 2016. "We took decisive actions in 2016 to dramatically reduce uncertainty and deliver higher quality, more sustainable earnings in the future," said Peter D. Hancock, AIG President and Chief Executive Officer.

AZERBAIJAN: PASHA Insurance has moved their head office to a new location

PASHA Insurance company is ready to serve its customers in new location. PASHA Insurance announces that they have moved their head office to a new location - "Sahil Plaza" which is in 61, avenue M. Useynov, in front of Dalga Plaza. All of the departments and/or divisions (such as, board of directors, customer services, claims and legal services department) are located in head office.

POLAND: UNIQA - New insurance available with SkyCash application

UNIQA TPL insurance is available with SkyCash since December 2016. This is another product, after a tourist cover, developed with the application users in mind. What is more, payments can be spread over as many as 12 instalments. Customers paying their instalments on time can also take advantage of a special promotion.

HUNGARY: KBC books Q4 net income of EUR 23 mln

Belgium's KBC Group booked net income of EUR 23 million at its business in Hungary in the fourth quarter, down from EUR 42 mln in the same period a year earlier as income tax expenses jumped, state news agency MTI has reported, citing an earnings report released today.

UZBEKISTAN: Investments by insurance companies increase

The total volume of investments of Uzbek insurers amounted to 867.547 billion soums (1 USD =3294.74 soums on Feb. 8) in 2016, that is, by 19.3 percent more compared to 2015, the country's Finance Ministry told Trend Feb. 8.

KAZAKHSTAN: A.M. Best Revises Outlooks to Negative for Nomad Insurance Company JSC

A.M. Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-"for Nomad Insurance Company JSC (Nomad), the wholly owned subsidiary of Nomad Insurance Group Limited, a private non-operating company (both entities are domiciled in Kazakhstan).

KBC Group: Strong fourth-quarter result of EUR 685 m, leading to a full-year profit of EUR 2.4 bn

In an environment of persisting low interest rates, firm economic growth in Central Europe and Ireland, and more modest growth in Belgium, KBC turned in a strong performance by posting net profit of 685 million euros in the fourth quarter of 2016, compared with 629 million euros in the preceding quarter and an exceptional 862 million euros in the fourth quarter of 2015 (or 441 million euros excluding two major one-off items in that quarter).

METLIFE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2016 RESULTS

On a GAAP basis, MetLife reported a fourth quarter 2016 net loss of USD 2.1 billion, compared to net income of USD 785 million in the fourth quarter of 2015. On a per share basis, the net loss was USD 1.94, compared to net income of USD 0.70 per share in the prioryear period.

NN Group acquires 5.3% stake in Delta Lloyd

NN Group announces today that, NN Group acquired 24,618,525 Shares held by Talpa Beheer B.V. through a private transaction against a consideration of EUR 5.36 per Share, representing a total value of EUR 131,955,294. The consideration was paid from the cash capital available at the holding company.

Statement on the Death of John R. Cox, Founding Chairman of ACE Limited

The Chubb family is saddened by the passing of John R. Cox, the founding Chairman and first employee of ACE Limited, which was established in 1985 and last year acquired The Chubb Corporation, adopting its name.  Mr. Cox, a giant in the property and casualty insurance industry, was 84.

Chubb Reports Fourth Quarter Net Income Per Share of USD 3.41, up 63.9%, and Operating Income Per Share of USD 2.72, up 14.3%

Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2016 of USD 1,610 million, or USD 3.41 per share, compared with USD 683 million, or USD 2.08 per share, for the same quarter last year.  Operating income was USD 1,283 million, or USD 2.72 per share, compared with USD 780 million, or USD 2.38 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 87.8% for the quarter, or 87.6% on an "As If" basis.

MACEDONIANS Spent EUR 20 Million on Life Insurance Policies in 2016

Over EUR 20 million have been paid by citizens who bought life insurance policies in one of the four insurance companies which offer this type of insurance in Macedonia in 2016. Around 10,000 new clients insured their lives which is a 20% rise as compared with 2015.

The list of Armenia's 1000 largest corporate taxpayers in 2016 includes all six insurance companies, operating in the country, which paid about 2.09 billion drams in taxes, up from 1.77 billion drams they had paid in 2015, the State Revenue Committee said. Some 93% of that amount were direct taxes, the Committee said.

TURKEY: Vodafone offers insurance payments via m-wallet

Vodafone Turkey started offering an alternative to paying for work or home insurance premiums via its 'Cep cuzdan' mobile payment service. Anyone working with a mobile wallet can pay for his daily insurance premiums by text messaging a text corresponding to an insurance to a specific number and receive its insurance in less than 10 days. Vodafone enables the payment of insurance premiums through its e-payments system VPAS. The system enables the payment of an insurance premium of TRY 1.19 per day which is obligatory to pay for work accidents and damages to homes.

ARMENIA's median gross monthly salary in 2016 was AMD 187,850

The median gross monthly salary in Armenia in 2016 amounted to 187,850 drams ($391 or 26,127 Russian rubles), which was by 1.7% more than in 2015, according to the figures, released today by the National Statistical Service (NSS).

AZERBAIJAN: PASHA Insurance are moving its head office to a new location

PASHA Insurance announces that they are moving their head office to a new location - "Sahil Plaza" which is in M. Useynov, 61 address.(in front of Dalga Plaza) All of the departments and/or divisions (such as, board of directors, customer services, claims and legal services department) will be located in head office.

IFJ unveils new global insurance coverage for journalists

The International Federation of Journalists (IFJ) has collaborated with Insurance for Journalists to launch a scheme of flexible, low-cost protection plans for freelance reporters and media personnel who struggle to find insurance when reporting at home or abroad.


BULGARIA: KBC wins bidding for NBG subsidiary

KBC is set to make its first big acquisition in emerging Europe since the financial crisis after winning the bidding to buy Bulgaria's fourth-largest lender from National Bank of Greece (NBG). The Belgian group will pay EUR 610 million for United Bulgarian Bank (UBB) after beating off competition from Hungary's OTP Bank. The purchase price also includes NBG's Bulgarian leasing subsidiary, Interlease. The acquisition will propel KBC into the number three slot in the Bulgarian banking market, a position the group has targeted since acquiring small local lender CiBank in 2007.

POLISH motor insurers face pressure to automate and streamline operations

Motor insurance constitutes a major part of the property/casualty insurance sector in Poland. Its market share, according to the latest figures from industry association Polska Izba Ubezpieczen (PIU), is 49.9% of gross written premium. Add to that joint indemnities for compulsory motor third-party liability insurance (MTPL) and voluntary insurance policies such as accident and theft (casco), the figure rises to 68.8%.

ARMENIA: Fitch Affirms Armenia at 'B+'; Outlook Stable

Fitch Ratings has affirmed Armenia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+' with Stable Outlook. The issue ratings on Armenia's senior unsecured Long-Term Foreign Currency bonds have also been affirmed at 'B+'. The Country Ceiling has been affirmed at 'BB-' and the Short-Term Foreign Currency and Local Currency IDRs at 'B'.

RUSSIAN Central Bank revokes almost hundred licenses in 2016

In 2016, the Central Bank of Russia has revoked 97 licenses of banks, 17 licenses of non-state pension funds, 69 licenses of insurance companies and 32 license of management companies, the chief auditor of the Central Bank Valery Goregliad said at the Gaidar Forum.

GREEK turnaround adds sheen to NBG's insurance asset sale

An unexpected uptick in the outlook for the Greek economy should boost buyer demand for National Bank of Greece SA subsidiary Ethniki Hellenic General Insurance Co. SA, while the gradual removal of the social safety net should provide a stream of clients for its products over the longer term, analysts told S&P Global Market Intelligence.

SERBIAN Competition Commission closes the year boldly

On 25 December 2016, the Commission published a report on the Serbian insurance market, and announced its plan to draft an Insurance Block Exemption Regulation ("IBER"). Except where the specifics of the Serbian insurance market require otherwise, the regulation will be harmonized with the EU Block Exemption Regulation for the Insurance Sector.

CZECH REPUBLIC: New Obligations for Large Companies

In accordance with the EU directive 2014/95/EU, business corporations with more than 500 employees that qualify as large undertakings and public-interest entities as defined by the Czech act on accounting (these include, for instance, banks, insurance companies or large companies with securities admitted to trading on an-EU regulated market) are subject to so-called non-financial reporting starting January 1, 2017.

Baltic insurance market to continue consolidation trend in 2017

The year 2016 saw a strong consolidation trend in the insurance sector in the EMEA region and Latvia was no exception. Vienna Insurance Group AG acquired Baltikums and BTA Baltic Insurance Company in a deal which is said to have contributed to the stability and sustainability of the insurance industry in the country.

MACEDONIA: Insurance Market Grows by 4 Percent

The insurance market in Macedonia grew by about 4 percent in 2016, a rate that is lower than expected due to the tense political situation, the Macedonian Chamber of Commerce (SKM) informed on Monday. Klime Poposki, from the Insurance Supervision Agency said that there was a growth in accident insurance of 9.31 percent, while gross property insurance premiums dropped by 7.98 percent, while the number of contracts increased.

AZERBAIJAN: Licenses of 3 insurance companies revoked

Azerbaijan's Financial Market Supervisory Authority has revoked licenses of three insurance companies - the International Insurance Company, Azerqarant Insurance and Buta Insurance, the company said in a message Dec. 30.

SLOVAKIA: KBC interested in banking opportunities

Belgian banking and insurance group KBC is interested in looking for acquisition opportunities in Slovakia, in line with its plan to expand in its core markets in central Europe, KBC Group Chief Executive Johan Thijs said on Wednesday.

AZERBAIJAN: PASHA Bank to enter SME market

VTB Bank (Azerbaijan) expanded preferential ATMs network by signing partnership agreement with PASHA Bank. Now banks won't charge fees for cash withdrawals at their ATMs from clients of the partner banks.

SERBIA: NBS Signs MoU with Italian Insurance Supervisor

Appreciating the fact that Italy is one of the most significant home countries of investors in the Serbian insurance sector and aiming to further enhance insurance supervision in Serbia, the NBS signed a Memorandum of Understanding (MoU) with the Italian Insurance Supervisory Authority (IVASS). The document regulates joint actions and information sharing between the two supervisors, mainly in relation to members of Italian business groups 'Unipol' and 'Generali', i.e. two of the three largest insurers and two of the four reinsurers in Serbia.

GREECE: Exin acquires AIG operations

Matt Fairfield's (re)insurance start-up Exin Partners has struck a deal to buyout AIG's interest in AIG Greece in a deal worth upwards of EUR100mn ($104mn), The Insurance Insider can reveal.

AZERBAIJAN sets 5 goals to develop financial services by 2020

Azerbaijan has set five strategic objectives and 16 priorities for the development of financial services by 2020. The set objectives and priorities are reflected in the Strategic Road Map for Development of Financial Services in Azerbaijan, published Dec. 14.

Fairfax's Newline insurer to open German office

Newline Insurance Company Ltd., which is ultimately owned by Toronto-based Fairfax Financial Holdings Ltd., announced Tuesday it has received regulatory approval to open a new branch office in Cologne. Newline, which writes international casualty and cargo coverage, is part of Fairfax-owned Odyssey Re Holdings Corp., based in Stamford, Conn.

RUSSIA: Central Bank: 80% of complaints falls on the insurance companies

The Bank of Russia has published data on citizens' complaints on non-credit financial institutions in the third quarter of 2016. Most, ie 80%, accounted for the subjects of insurance business: it is insurance companies, mutual insurance companies, insurance brokers, insurance actuaries. The report is published on the website of the Bank of Russia.

GREECE: Bids for NBG's Ethniki Insurance set for Q1

National Bank of Greece aims to have the binding bids for the sale of its subsidiary Ethniki Insurance within the first quarter of 2017. According to the group's commitment in its restructuring plan, the sale must take place in the first half of next year, but bank sources say the process will begin in January.

AZERBAIJAN's ISB names new Trustees Council chairman

First deputy chairman of Management Board at AXA MBASK insurance company, Lana Gozalova has been elected as chairman of the Council of Trustees at Azerbaijan's Compulsory Insurance Bureau (ISB), said the ISB in a message Dec. 9.

SERBIA: Dunav Osiguranje's market share slightly declines in Q3

Serbia's central bank, NBS, said on Monday that state-owned Dunav Osiguranje [BEL:DNOS] remained the country's top insurer by premium income in the third quarter of 2016, although it saw its market share narrow by one percentage point year-on-year, to 26.6%.

Marsh & McLennan Agency Acquires Presidio Benefits Group

Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, today announced it has acquired Presidio Benefits Group, a San Francisco-based employee benefits consulting firm. Terms of the transaction were not disclosed.

Generali targets EUR180mn motor cover

Generali is seeking EUR180mn of cat bond cover for its motor third-party liability book through a Dublin-based special purpose vehicle called Horse Capital I DAC, sources told sister publication Trading Risk. ‎

KAZAKHSTAN: A.M. Best Assigns Credit Ratings to JSC IC Kazkommerts-Policy

A.M. Best has assigned a Financial Strength Rating of C++ (Marginal) and a Long-Term Issuer Credit Rating of "b+" to JSC IC Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan). The outlook assigned to these Credit Ratings (ratings) is stable. Kazkommerts-Policy is a majority-owned subsidiary of JSC Kazkommertsbank (Kazkommertsbank), the largest bank in Kazakhstan.

Significant damage not expected from Japanese earthquake

The major earthquake that struck off the coast of Japan in the early hours of this morning local time and the tsunami waves that followed, are not anticipated to have caused significant damage, according to risk modelling firm RMS.

ARMENIAN insurance companies report 63% surge in net profit

The net profit of six Armenia-based  insurance companies in the first 9 months of 2016 amounted to 3.895.5 billion drams,  up from 2.394.1 billion drams they had earned in the same period of 2015, an increase of 62.7%., according to ARKA news agency's  bulletin "Insurance Companies of Armenia" for the third quarter of 2016.

AIG Restructuring Continues with Japan Life Business Sale

Continuing its efforts to recalibrate its business to focus on core operations, American  International Group Inc. AIG has entered into a strategic agreement with FWD Group, the insurance arm of Pacific Century Group.

NN Group reports 3Q16 results

"'Despite the prevailing uncertain economic conditions, we continue to deliver on our targets to generate capital and improve earnings, while bringing our brand promise 'You matter' to life for our customers every day. We maintain a strong balance sheet, with a solvency ratio of 236%", said Lard Friese, CEO.

KBC Group: Strong third-quarter profit of 629 million euros

Against a background of persisting low interest rates, modest economic growth in Belgium and firmer growth in Central Europe and Ireland, KBC posted a strong net profit figure of 629 million euros in the third quarter of 2016, compared to the 721 million euros recorded in the preceding quarter (which had been boosted by a one-off positive impact of 84 million euros (after tax) resulting from the sale of Visa Europe shares) and the 600 million euros returned in the third quarter of 2015.

MOLDOVAN insurance companies fined by NCFM

Most of Moldovan insurance companies were fined by the National Commission of Financial Market (CNPF). The sanctions were imposed because they have not met the deadline for payment of compensation and preparing the minutes on prejudice.

Zurich insurance to Take USD 300 m Loss on Russian Unit Sale

Zurich coverage organization AG, the largest Swiss insurer, said the sale of its Russian retail unit will cause an anticipated loss of about USD 300 million. The insurer said it's miles promoting the enterprise to Moscow-based Olma group and intends to keep and build its Russian company enterprise, consistent with a declaration on its internet site these days.

MACEDONIA: Triglav unit 9-mo after-tax profit up on net premium income

Macedonian non-life insurer Triglav Osiguruvanje [MSEVROS], a unit of Slovenian insurance group Triglav, said its profit after-tax increased to 59.24 million denars (USD 1.07 million/962,300 euro) in the first nine months of the year from 40.56 million denars a year earlier mainly due to higher net premium income.

Willis Towers Watson Reports Third Quarter Earnings

Willis Towers Watson (NASDAQ:WLTW) (the "Company"), a leading global advisory, broking and solutions company, today announced financial results for the third quarter of 2016, which ended September 30, 2016. On January 4, 2016, the merger of Willis Group Holdings plc (Willis) and Towers Watson & Co. (Towers Watson) was completed. In this release, the Company has presented consolidated financial results for the quarter ended September 30, 2016 and certain pro forma results for the quarter ended September 30, 2015.

HUNGARY: AXA has completed the sale of its banking operations to OTP Bank plc

AXA announced today that it had completed the sale of its Hungarian banking operations to OTP bank plc. This transaction is the final step in the repositioning of AXA Bank Europe as a fully focused Belgian retail bank, serving almost one million clients and operating jointly with AXA Insurance in Belgium.

MetLife Announces Third Quarter 2016 Results

On a GAAP basis, MetLife reported third quarter 2016 net income of USD 571 million, down 52 percent from the third quarter of 2015. On a per share basis, net income was USD 0.51, also down 52 percent from the prior-year period.

AIG Reports Third Quarter 2016 Results

American International Group, Inc. (NYSE:AIG) today reported net income of USD 462 million, or USD 0.42 per diluted share, for the third quarter of 2016, compared to a net loss of USD 231 million, or USD 0.18 per diluted share, in the prior-year quarter.

Insurance manager wins tender to become LATVIA's tax chief

A high-level insurance manager has won a tender to become Latvia's State Revenue Service's director-general, State Chancellery Director Martins Krievins, who chaired the panel assessing the candidates, told reporters Tuesday.

AZERBAIJAN: Two insurers authorized for compulsory insurance

In Azerbaijan two more companies have received the right to render services on a range of mandatory types of insurance. Financial Markets Supervision Chamber reports that the decision was taken by the Chamber's Board of Directors on 26 October.

Ingosstrakh to pioneer Russia's online insurance market

Ingosstrakh Insurance Company, one of the largest Russian insurance companies, has reached a strategic milestone by spearheading the digital marketplace of insurance products in Russia. CEO Mikhail Volkov has announced that packaged insurance products, which so far have sold only in retail outlets, will now be available on Russia's biggest marketplace, Yandex.Market.

Chubb Reports Strong Third Quarter Net Income Per Share and Record Operating Income Per Share

Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2016 of USD 1,360 million, or USD 2.88 per share, compared with USD 528 million, or USD 1.62 per share, for the same quarter last year. Operating income was USD 1,356 million, or USD 2.88 per share, compared with USD 897 million, or USD 2.74 per share, for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 86.0%.  Book value and tangible book value per share increased 2.4% and 5.5%, respectively, from June 30, 2016 and now stand at USD 103.96 and USD 60.26, respectively.

SLOVENIA bans Adris to boost stake in reinsurer

Slovenia's Insurance Supervision Agency has rejected an application of the Croatian tourism and insurance group Adris to boost its stake in reinsurer Pozavarovalnica Sava, BBJ - Regional Today reported on Monday citing local media reports.

TURKEY: Aktif Bank starts to operate in Islamic Leasing

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), Aktif Yatirim Bankasi A.S. (Aktif Bank), the largest privately-owned Investment Bank in Turkey and Ijara Management Company (IMC), a specialized company offering comprehensive solutions for new and existing Islamic leasing (Ijara) companies; signed a Shareholders Agreement on 1 September 2016 to collaborate as the new shareholders of Halic Finansal Kiralama A.S. (Halic Leasing), a financial leasing company that was established since 2004.

BELARUS: The Banking Sector Moving Towards Modernisation Despite Some Challenges

There are 26 banks, including 21 with foreign capital, operating in Belarus and five foreign institutions have their representative offices in the country, according to the country's National Bank. In January 2016, the banks' aggregate registered authorised capital amounted to 4.5 billion (or €2.2 billion), having increased by 33.4 per cent  compared to 2015.

Macedonia and Croatia to Sign Agreement on Drivers Insurance

The National Insurance Bureau of the Republic of Macedonia and Croatian Insurance Bureau will sign Friday agreement on protection of visitors. The agreement will allow drivers from both countries to get information and effective compensation for any damage done in case of an accident.

AZERBAIJAN: PASA Hayat payments for one year grew 3.4-fold

Azerbaijani insurer PASHA Hayat Life has summed up preliminary results of operations for Jan-Sept of the year. Company's strategic director Israil Garayev has stated that for the past 9 months PASHA Hayat's premiums reached AZN 61.8 million that is by 45.3% more against the 2016 same term.

POLAND: Financial Sector Reforms are Crucial for Sustained, Inclusive Growth

Financial sector development must go beyond improving access to bank credit. Financial systems should develop in a balanced way through both bank and nonbank subsectors, including capital markets, the insurance sector, and other nonbank financial institutions to properly support inclusive growth in Europe and Central Asia, says a new World Bank report.

Fresh challenges for reinsurance markets in RUSSIA

International reinsurance markets providing coverage in the Russian Federation already faced challenges brought about by the latest sanctions regime but now the creation of a national reinsurance company (NRC) in Russia promises to cut a sizeable chunk away from an already dwindling pot of business.

CZECH insurance companies increasingly focusing on property

Insurance companies are increasingly investing on the Czech real estate market. Ceska pojistovna purchased Hotel Prague Inn at Mustek in Prague 1 through its fund, bringing the total value of its property portfolio to CZK 8 bn.

LITHUANIA's H1 direct investments to Estonia fall 59%

Lithuania's foreign direct investments in Estonia shrank by 58.8% y-o-y to 89.4 mln euros in the first half of 2016, while investments in Cyprus soared by 43% to 277.6 mln euros, the Verslo Zinios business daily said on Friday, writes LETA/BNS. According to the report, Lithuania's corporate investment grew in vocational, research and technical operations in Cyprus, mainly business headquarters, while investments in Estonia declined in financial and insurance operations.

RUSSIA, Fitch: Motor Liability Insurance Premium Growth to Slow

Recent premium growth in Russian compulsory motor third-party liability (MTPL) insurance was exhausted by mid-2016, Fitch Ratings says in a report published today. Meanwhile, MTPL loss trends will continue to deteriorate. Fitch believes that reserving adequacy remains a key risk for the shrinking number of underwriters in the segment as regulation remains tight for premiums and claims, and the regulator is increasingly clamping down on insurers seeking to avoid exposure to regions with the highest loss ratios.

BULGARIA: Euroins will expand further in SEE

Bulgaria-based Euroins Insurance Group (EIG), which also operates in Romania, Macedonia and Ukraine, expects sustainable growth in the company's premium income in the coming years, its CEO said.

Marsh & McLennan Agency Acquires Vero Insurance

McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, today announced that it has acquired Vero Insurance, Inc., a Vero Beach, Florida-based independent agency specializing in private client insurance services. Terms of the transaction were not disclosed.

NN Group to transfer its Irish reinsurance portfolio to Canada Life

NN Group announces today that its wholly-owned reinsurance entity in Ireland, NN Re (Ireland) Ltd., has signed a portfolio transfer agreement with Canada Life International Re Limited. The agreement is a result of the continuous strategic assessment of NN Group's portfolio. As a result of this portfolio transfer, NN Re (Ireland) Ltd. is expected to hand back its reinsurance license and repatriate capital for an amount of approximately EUR 65 million to NN Group in the fourth quarter of 2016.

BULGARIA: Belgium's KBC eyes United Bulgarian Bank

Belgian lender KBC has expressed interest in acquiring Bulgaria's fourth-largest bank by assets, United Bulgarian Bank (UBB), Belgian media reported on Thursday. KBC has contracted international financial company JP Morgan to help it with the procedure, according to the online edition of newspaper L'Echo.

AZERBAIJAN: Standard Insurance not to be closed

Revocation of Bank Standard's license doesn't envisage closing the Standard Insurance, Rufat Aslanli, chairman of Azerbaijan's Financial Market Supervisory Body Board of Directors, said.

Kosovo - Serbia reach reciprocal "sticker agreement" for car plates

An agreement signed on September 14 will eliminate the need for drivers of Kosovo-registered cars to purchase temporary "proba" plates when traveling in Serbia. "After three years of the proba plates, I told our international partners, 'It's time for reciprocity'," Edita Tahiri, Kosovo Minister for Dialogue, said for PI.

TURKEY: Moody's downgrade Allianz Sigorta's IFSR by one notch to Baa2, stable outlook

Moody's Investors Service has today downgraded the insurance financial strength rating (IFSR) to Baa2 from Baa1 of Allianz Sigorta AS ("Allianz Turkey"), the main Turkish subsidiary of Allianz SE (Aa3 IFSR, stable). The outlook on Allianz Turkey is stable in line with the outlook on the Turkish sovereign. This concludes the review for downgrade initiated on 19 July 2016. Moody's has also affirmed the Aaa.tr National Scale insurance financial strength rating (NSR) on Allianz Turkey.

ARMENIAN insurers pay AMD 4.8 bn in 8-month car insurance compensation claims

Six Armenia-based insurance companies paid a total of 4.8 billion drams in 25,332 car insurance compensation claims in the first eight months of 2016, a decrease of 5.8% when compared to the same time span of 2015, a statement posted on the official website of Armenia's Car Insurers' Bureau says.

BULGARIA: 1.28 million Euro to help fund agricultural insurances

Bulgarian agricultural producers may submit their insurance policies to the regional directorates of the SFA. A total of 442 applications totalling 2,097,892 Lev (about 1.07 million Euro) have already been filed for the State aid scheme for the co-funding of insurance premiums to insure agricultural productions. For now, 399 contracts worth 1,394,630 lev (about 712,776 Euro) have been signed.

ALBANIAN insurers' Jan-Aug GWP rise 4.6% y/y

Albanian insurers' gross written premiums rose 4.6% on the year, reaching 9.4 billion leks (68.4 milion euro) for the first eight months of 2016, the country's financial supervisory authority AMF said on Friday.

AZERBAIJAN: Licenses of 88 insurance intermediaries revoked

Azerbaijan's Financial Market Supervisory Body has revoked licenses of 88 insurance intermediaries (two legal entities, 86 individuals), reads a message of the Supervisory Body. In addition, licenses of 78 insurance agents have been suspended for three months because they didn't provide quarterly reports to the Financial Market Supervisory Body.

KAZAKHSTAN: The volume of insurance premiums in the segment increased by 43.6%

In January-July, premiums of insurance companies on compulsory insurance of civil liability of owners of vehicles totaled 29.2 billion tenge - by 26.2% more than in the same period of 2015. The growth of insurance payments for the same period amounted to 33.9%, their volume reached 13.2 billion tenge, which makes 45.4% of total premiums, against 42.8% a year earlier, according to Ranking.kz.

UKRAINE: more expensive "Green card"

The new prices will come into force from September 12. The cost of insurance "Green card" will rise on average by 4.7%, UNIAN reports.

SERBIA's GDP growth slows to 2% y/y in Q2

Serbia's real GDP growth slowed to an annual 2.0% in the second quarter of 2016, from 3.8% in the previous quarter, the country's statistic office said on Wednesday.

ROMANIA: Grawe enters the auto insurance market starting September

Grawe Romania Insurance enters the auto insurance market starting September, after it was authorized by the Financial Supervision Authority (ASF) to expand its activity on two insurance classes: 3 (transports means insurance other than train- CASCO) and 10 (Insurance for vehicles civil liability-RCA).

KOSOVO's insurers 7-mo net loss more than quadruples

Kosovo's insurance companies posted a combined net loss of 11.5 million euro for the first seven months of the year, compared to a net loss of 2.5 million euro in the same period last year, data from the country's central bank indicated.

AXA plans to cut 650 jobs

Major insurer AXA has revealed its plan to slash 650 jobs in Belgium over the next two years as the industry giant continues to scale back its operations in Europe.

SLOVENIA: Sava Re shareholders to receive higher dividends this year

Shareholders of reinsurer Sava Re have endorsed the management's proposal for a dividend payout of 80 cents per share, which is 25 cents more than last year. The shareholders also granted discharge of liability to the management of Zvonko Ivanusic despite his recent dismissal.

BULGARIA: Eurohold swings into profit in H1

Financial and insurance group Eurohold Bulgaria [BUL:4EH] posted a consolidated net profit of 17.9 million levs (9.16 million euro) for the first half, reversing a loss of 2.7 million levs for the same period last year.

ALBANIAN insurers' GWP rise 3% y/y in Jan-July

Albanian insurers' gross written premiums rose 3% on the year to 7.96 billion leks (64.9 million euro) in the first seven months of 2016, the country's financial supervisory authority said.

AZERBAIJAN: Another company may insure cars abroad

Azerbaijani Gunay Insurance company has been included in the register of insurers that can operate within the Green Card system, the Compulsory Insurance Bureau of Azerbaijan said. Green Card system was launched in Azerbaijan in 2016. Some 14 insurance companies have the joined the system in the country.

AZERBAIJAN: License of Alfa Insurance revoked

Azerbaijan's Financial Market Supervisory Body (FMSB) has revoked the license of Alfa Insurance company, the authority reported. The license was abolished by the relevant decision of FMSB's board of directors.

ARMENIA: Mergers and portfolio handovers expected in 2016-2018

The number of insurance companies in Armenia is expected to reduce over a period between 2016 and 2018 because of mergers or portfolio handovers, the Central Bank of Armenia says in its report 'Possible Developments of Armenia's Banking Sector in 2016-02018' based on programs of prospective development of Armenian insurance companies.

ARMENIAN insurance companies' profits expected to double in 2016-2018

Armenia's insurance companies expect that their profits will be growing throughout three years and will double by late 2018, the Central Bank of Armenia says in its report 'Possible Developments of Armenia's Banking Sector in 2016-02018' based on programs of prospective development of Armenian banks.

Call for faster development of insurance market in Belarus

The Belarusian market of insurance services should grow faster. Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich made the statement during the expanded participation session of the Presidium of the Council of the Republic of the National Assembly on 24 August, BelTA has learned. The session participants discussed the role and tasks of the upper chamber of the Belarusian parliament in implementing the priorities outlined by the main provisions of the 2016-2020 national social and economic development program.

SLOVENIA: Zavarovalnica Triglav develops free mobile application Triglav Weather

Following the hailstorms that ravaged north-eastern Slovenia at the beginning of last week, Zavarovalnica Triglav has set up a mobile appraisal unit in Maribor. It is designed to inspect and appraise the value of car damage in the event of massive loss events. To arrange a visit with the mobile unit call the free on-duty number 080 555 555 or 080 2864.

POLISH regulator seeks capital buffer for Commerzbank unit

Poland's financial regulator KNF has asked the country's macroeconomic stability body KSF to give an opinion on whether to recognise Polish mBank as a "systemically important institution" and require it hold a capital buffer equal to 0.5 percent of its risk exposure, the bank said late on Wednesday.

RUSSIA: A.M. Best Affirms Ratings of Insurance Company of Gaz Industry SOGAZ

A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ (SOGAZ) (Russia). The outlook for each rating remains negative. SOGAZ is the ultimate operating parent of the SOGAZ Group, which provides a range of insurance and non-insurance related services.

NN Group reports 2Q16 results

"With a Solvency II ratio of 252% and a cash capital position of EUR 2.3 billion, NN Group's capital position remained strong and resilient during the second quarter of 2016, allowing us to weather severe market volatility and pay an interim dividend in line with our dividend policy", said Lard Friese, CEO, NN Group.

BITE LITHUANIA offers insurance for handset screens

Mobile operator Bite Lithuania has introduced insurance for mobile handset screens. According to a poll carried out by the operator, customers usually don't use handset screen repair services due to the high price. The operator offers the insurance to all customers buying handsets in its shops. The service is free during the first month and then costs EUR 1.99 per month. Subscribers choosing some new tariffs from the operator are offered the insurance free for three to 12 months.

ARMENIAN insurers increased their net profit by 74% y-o-y in 1H

In Jan-June 2016, the net profit of Armenian insurance companies amounted to 2.6 bln AMD or USD 5.5 mln, with a 74% growth versus Jan-June 2015. In Q2 alone, the net profit of insurance companies totaled 1.3 bln AMD, or USD 2.8 mln, with a 0.5% growth versus Q1 due to 42-58% increase in three companies amid 4-53% decrease in the remaining three companies.

A.M. Best Affirms Ratings of Polish Re

A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Polskie Towarzystwo Reasekuracji S.A. (Polish Re) (Poland). The outlook for each rating is stable.

CROATIA's Olderst Insurance Company Enters Slovenian Market

Adris Group and Croatia osiguranje, the insurance company owned by Adris, have received permission from the Slovenian Agency for Supervision of Insurers (AZN) for a direct access to the Slovenian market, reports Poslovni.hr on August 13, 2016.

KOSOVO insurers total net loss deepens sharply in H1

Kosovo's insurance companies posted a combined net loss of 11 million euro for the first half of the year, as compared to a net loss 2.5 million euro net loss a year ago, data from the country's central bank indicated.

RZB Sold 17.6 Percent Stake of Uniqa

Raiffeisen Zentralbank (RZB) is selling a larger part of its stake in insurance company Uniqa. The bank will part with 17.64 percent of the insurer's shares, thus reducing its stake to 8.64 percent.

KBC Group: Strong first half profit of 1.1 billion euros

Against a background of persisting low interest rates, modest economic growth in Belgium and firmer growth in Central Europe, KBC posted a strong net profit figure  of 721 million euros in the second quarter of 2016, up on the 392 million euros recorded in the preceding quarter and above the 666 million euros returned in the second quarter of 2015.

Aegon maintains solid capital ratio despite volatile markets in Q2 2016

"While I am pleased with the development of our capital position, our second quarter results did not meet our expectations. Earnings were affected by exceptionally low interest rates, adverse claims experience in our life and health businesses in the US, and the book loss from the divestment of our UK annuity portfolio. We are implementing further measures to improve earnings going forward - including accelerating our ambitious expense savings program currently under way across our company", said Alex Wynaendts Aegon CEO.

Achmea Interim Results 2016

"Around 30,000 of our customers were affected by severe weather conditions (including storms, hail and flooding) in June of this year, with many suffering both material damage and considerable mental distress. Our employees and partners have done everything - and continue to do everything - within their powers to help our policyholders get back on track. As an insurer founded as a cooperative organisation, we believe it is important to be there for our customers when they need us - that is why our organisation was established in the first place", said Willem van Duin, Achmea CEO and Executive Board Chairman.

Osiguruvanje Makedonija's net profit shrinks 6.8% y/y in H1

Macedonian non-life insurer Osiguruvanje Makedonija [MSE:KJUBI], a subsidiary of Vienna Insurance Group (VIG), said on Thursday its first-half net profit declined 6.8% on the year to 74.4 million denars (1.2 million euro) on the back of increased costs.

MACEDONIA's Triglav H1 net profit more than triples y/y

Macedonian non-life insurer Triglav Osiguruvanje [MSE:VROS] said on Friday its first-half net profit more than tripled to 58.7 million denars (952,740 euro) from 18.5 million denars a year ago mainly due to higher net premium income.

Fitch Affirms Belarus at 'B-'; Outlook Stable

Fitch Ratings has affirmed Belarus's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook. The Short-Term Foreign-Currency and Local-Currency IDRs are affirmed at 'B' and the Country Ceiling at 'B-'.

Aviva plc 2016 Interim Results Announcement

"Operating profits are up 13% and the dividend is up 10%. We are delivering consistent, stable and predictable growth despite challenging market conditions", said Mark Wilson, Group Chief Executive Officer.

AIG Reports Second Quarter 2016 Results

American International Group, Inc. (NYSE:AIG) today reported net income of USD 1.9 billion, or USD 1.68 per diluted share, for the second quarter of 2016, compared to USD 1.8 billion, or USD 1.32 per diluted share, in the prior-year quarter.

AZERBAIJAN begins compensating within Green Card system

Azerbaijan's accession to international system Green Card starts increasing the loss ratio of compulsory motor insurance in the country. The Compulsory Insurers Bureau informs that in July Azerbaijan paid compensations for 6,323 manat on two insurance cases occurred in Turkey within the Green Card system.

Vienna Insurance Group receives TUV quality management award

VIG's International Processes and Methods Department has secured quality management certification in accordance with the EN ISO 9001:2015 standard from TUV Austria. The department is headed by Christian Walter, and VIG is now the only insurance company in Austria to have received this quality seal for a department of this kind.

Chubb Names Michael Kessler Chief Reinsurance Officer

Chubb Limited (NYSE: CB) today announced that Michael Kessler has been appointed Vice President, Chubb Group and Chief Reinsurance Officer.  Currently, Mr. Kessler is Chief Actuary of Chubb Overseas General, the company's international general insurance business.  Mr. Kessler succeeds William O'Farrell, who has served as the company's Chief Reinsurance Officer since 2005 and is leaving Chubb to pursue other business opportunities.

Standard & Poor's revised rating of Achmea insurance entities to 'A'

Following our trading update of July 11-th, 2016 Standard & Poor's has announced that it revised the financial strength rating of the Achmea insurance entities from A+ / negative outlook to A / stable outlook. Achmea took notice of the rating action and respects the independent opinion of the rating agency.

Turkey in a state of emergency: the political outlook

The after-effects of the failed coup will add further uncertainties to Turkey's already fragile political environment, which has been steadily deteriorating in recent years. Michael Heise, Allianz chief economist, shares his opinion.

AXA, Alibaba and Ant Financial Services announce global strategic partnership

AXA, Alibaba and Ant Financial Services have agreed to engage in a global strategic partnership to jointly explore opportunities to distribute AXA's insurance products and services through Alibaba's global ecommerce ecosystem, benefitting the businesses and consumers that transact via Alibaba's marketplaces. The companies will seek to work together to co-innovate and to develop value-added products and services to customers around the world as well as to mutually support each other in developing and exploring new markets and segments.

SERBIAN insurers post 16.6% growth in premium income in 2015

The combined total premium income of Serbian insurance companies rose 16.6% last year to of 80.9 billion dinars ($720 million/656 million euro), central bank data showed. Non-life insurance made up 76.1% of the total premium income, down from 76.9% in 2014, while life insurance accounted for 23.9%, up from 23.1% in 2014, the data, published by the National Bank of Serbia (NBS) last week, indicated. The premium income of the non-life insurance segment rose 15.3% last year, while that of the life insurance segment climbed 21%.

CROATIA: Adris Group nets HRK 151m in profits

In the first half of 2016, the Adris tourism and insurance group netted HRK 151 million in profits which, despite the sale of its tobacco business, is the same as at the same time in 2015, when net profits were HRK 150 million, the group said on Friday.

AZERBAIJANI insurers still wait launch of automatic fining

The insurance sector of Azerbaijan still hopes for external forces to avoid its failure in the field of compulsory liability insurance of motor vehicle owners. Market source say that the unprofitability of this type of insurance goes through the roof.

UKRAINE: INGO sees 17% rise in premiums in H1 2016

INGO Ukraine insurance company (Kyiv) saw a 16.9% rise in collection of insurance premiums, to UAH 424.2 million, the insurer has said in a press release. The company said that the share of voluntary car insurance (KASKO) was 31.9% of the total insurance portfolio (UAH 135.5 million), household insurance - 22.8% (UAH 97.1 million), voluntary medical insurance - 14.7% (UAH 62.6 million) and Green Card - 13.9% (UAH 59.4 million).

AZERBAIJAN: New appointments at Pasha Life insurance company

Lala Jafarova and Rustam Mammadov have become members of the Management Board at Azerbaijani insurance company Pasha Life. The company's Management Board, which is headed by Mursal Rustamov, also includes First Deputy Chairman Niyaz Ismayilov and Deputy Chairman Dilara Babayeva, according to the message posted on Pasha Life's website.

Eurohold turns to cons net profit in Q1

Financial and insurance group Eurohold Bulgaria [BUL:4EH] said it turned to a consolidated net profit of 21,000 levs ($11,900/ 10,700 euro) in the first three months of the year, from a consolidated net loss of 5.5 million levs in the same period last year.

RUSSIA: It will be possible to enter Azerbaijan from 1 August by "Green Card"

On August 1, 2016 Russian car owners will be able to enter the territory of Azerbaijan with the Russian insurance certificate "Green Card". The relevant agreement within the international motor third party liability insurance "Green Card" was signed by the Russian Union of Insurers and the Bureau of compulsory insurance of the Republic of Azerbaijan, informs banki.ru.

MOLDOVA: Insurance company ASITO closes down!

Shareholders of ASITO insurance company have decided to close the company. The director of ASITO, Andrei Lupyri, has written a request to the Financial Market National Committee, with the request to take away the license.

AZERBAIJAN: 827 contracts signed on Green Card system in June

The Compulsory Insurance Bureau informs that 783 international insurance contracts were concluded for motor vehicles travelling to Iran and Turkey, 7 contracts for vehicles traveling to Moldova and Ukraine and the rest 37 ones for all the other Green Card participating countries. "Premiums totaled AZN 63,676 within Green Card international system, signed in June," the CIB said.

AZERBAIJAN: Compulsory property insurance reduced by 14%

The Compulsory Insurance Bureau informs that 11,639 contracts for compulsory insurance of real estate were signed in June. "Mandatory insurance premiums totaled AZN 4.2 million by 1 July 2016," the CIB reported. The Bureau points out that the number of policies on compulsory insurance of real estate lowered by 14% for the year, and net premiums by 17%.

BULGARIAN insurer Euroins eyes acquisitions in Poland, Czechia

Bulgaria-based Euroins Insurance Group (EIG), a subsidiary of Eurohold Bulgaria [BUL:4EH], is looking for acquisitions in key central European markets, like the Czech Republic and Poland, as part of its strategy to become a leading insurer in eastern Europe, Asen Christov, Eurohold Bulgaria's chairman said on Monday.

SLOVENIA: All insurers solvent under new EU rules

All Slovenian insurers are solvent according to the rules of the EU directive Solvency II that became effective in Slovenia in January, the Insurance Supervision Agency said on Monday.

14 claimants for insurance license appear in AZERBAIJAN

The Financial Markets Supervision Chamber of Azerbaijan is considering insurance license applications. The Chamber informs that eight applications for insurance license and six permissions for certain types of insurance services are under consideration.

GREECE residents to see flood insurance policy savings

The state of New York has 1,500 communities that participate in the National Flood Insurance Program, but only 32 currently participate in the Community Rating System and none rank better than Class 7. Supervisor Bill Reilich says the Town of Greece is the only local municipality in Monroe County that participates in the National Flood Insurance Community Rating System Program, and has received a reduction in its Class rating from 8 to 7 providing additional savings for taxpayers.

AZERBAIJAN: 733 contracts for almost AZN 87,080 signed on Green Card system in May

733 contracts on the Green Card system were signed in Azerbaijan for the past month. The Compulsory Insurance Bureau informs that 680 international insurance contracts were concluded for motor vehicles travelling to Iran and Turkey, 51 ones for all the countries of the Green Card, and 2 contracts for vehicles traveling to Moldova and Ukraine.

TURKEY: Anadolu Signs a Multi-Million Dollar Agreement with Sapiens

Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, announced today that Anadolu Insurance Company (Anadolu), a private insurer operating in Turkey, has expanded its strategic relationship with Sapiens.

AZERBAIJAN: Insurance asset of Turkish holding may be liquidated

The issue of liquidation of Buta Insurance OJSC, an asset of Turkey's NAB Holding, will be considered at the general meeting of the insurance company's shareholders, said the company's message published May 12 in Azerbaijani official media outlets.

AZERBAIJAN to introduce compulsory medical insurance

Azerbaijan is currently drafting a pilot project on the implementation of compulsory health insurance. The final decision on the introduction of compulsory medical insurance will be made after the examining of its positive and negative aspects.

SLOVENIA: Pension insurer's profit down

Modra zavarovalnica, Slovenia's largest provider of supplementary pension insurance, posted a net profit of EUR 4.7m for 2015, down from EUR 17.4m in the year before. Assets under management rose to EUR 1.3bn from EUR 1.2bn, the company said on Friday.

ARMENIAN insurance companies double net profit in quarter one

Six Armenia-based insurance companies earned more than 1.3 billion drams in net profit in the first quarter of 2016, up from  631.6 million drams they had earned in the same time span of 2015, according to ARKA news agency's  bulletin "Insurance Companies of Armenia" for the fourth quarter of 2015.

MOLDOVA: "Bomb" under the insurance system Green Card

On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street.

KAZAKHSTAN: S&PGR Revises Eurasia Insurance Outlook To Stable

S&P Global Ratings today revised its outlook on Kazakhstan-based Eurasia Insurance Co. to stable from positive. At the same time, we affirmed the 'BB+' long-term counterparty credit and financial strength ratings on the insurer, as well as the 'kzAA-' Kazakhstan national scale rating.

RUSSIA: VTB Group announces IFRS results for 1Q 2016

VTB Bank ('VTB' or 'the Bank'), the parent company of VTB Group ('the Group'), today publishes its Interim Condensed Consolidated Financial Statements for the three months ended 31 March 2016, with the Independent Auditor's Report on Review of these Statements.

AEGON reports lower quarterly profit

Volatile financial markets had a negative affect on first-quarter net income for AEGON, Netherlands-based corporate parent of Transamerica in Cedar Rapids.

ARMENIA: In Q1 2016, cargo transportation grew by 62.9%

In Q1 2016 versus Q1 2015, cargo transportation in Armenia grew by 62.9% to 3 164.9 thsd tons, from which 2091.5 thsd tons (66.1% from the total volume) was transportation by road, the National Statistical Service of Armenia reports.

AZERBAIJAN: One step away from mandatory health insurance

Experts often stress the importance of mandatory health insurance when talking about the solutions to main complaints people make about healthcare. Even though applying this system in our country has been debated for years, we still don"t have mandatory health insurance.

RUSSIA: Major insurance companies have reduced prices for hull

Experts of the insurance group "URALSIB" has analyzed how different rates of hull on popular domestic and foreign brand cars for drivers in three groups: a 20-year-old drivers with no experience, 35 years with experience of 15 years, 55-year-old with driving experience 30 years. Experts examined the data of the eight largest in terms of fees, hull insurance companies in 12 cities of Russia. The study shows data on the reduction of the insurance rate in more than a year (from January 2015 to March 2016).

RUSSIA: Four insurance companies remained without the licenses

The Bank of Russia has revoked the licences of the four crystals of the insurance company. Among them is one of the oldest Russian insurers "Gefest". The company has not eliminated within the prescribed period the violations of insurance legislation.

RSA Insurance may beat 2016 analyst profit forecasts

RSA Insurance Group P.L.C. is on course to meet or beat analysts' forecasts for profits this year, the firm's chief executive said on Thursday, showing its resilience after an abandoned takeover bid for the company in 2015.

Willis Towers Watson Reports First Quarter Earnings

Willis Towers Watson, a leading global advisory, broking and solutions company, today announced financial results for the first quarter of 2016, which ended March 31, 2016. On January 4, 2016, the merger of Willis Group Holdings (Willis) and Towers Watson & Co. (Towers Watson) was completed. In this release, the Company has presented consolidated financial results and legacy segment results for the quarter ended March 31, 2016 for Willis and Towers Watson.

MetLife Announces First Quarter 2016 Results

MetLife reported operating earnings of USD 1.3 billion, down 19 percent from the first quarter of 2015, and 17 percent on a constant currency basis. On a per share basis, operating earnings were USD 1.20, down 17 percent from the prior year quarter. Operating earnings in the Americas decreased 18 percent, and 16 percent on a constant currency basis. Operating earnings in Asia decreased 7 percent, and 5 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 10 percent, and 3 percent on a constant currency basis.

GREECE's Piraeus Bank to sell part of European Reliance stake to EBRD

Greece's Piraeus Bank will sell part of its 28 percent stake in insurer European Reliance to the European Bank for Reconstruction and Development, a Piraeus official said on Wednesday. Piraeus, Greece's largest lender by assets, plans to divest the entire stake as part of a restructuring plan which entails the disposal of non-core assets.

MetLife Announces First Quarter 2016 Results

MetLife reported operating earnings of USD 1.3 billion, down 19 percent from the first quarter of 2015, and 17 percent on a constant currency basis*. On a per share basis, operating earnings were USD 1.20, down 17 percent from the prior year quarter. Operating earnings in the Americas decreased 18 percent, and 16 percent on a constant currency basis. Operating earnings in Asia decreased 7 percent, and 5 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 10 percent, and 3 percent on a constant currency basis.

AIG reports Q1 net income of USD 773 million

American International Group, Inc. (NYSE: AIG) today reported after-tax operating income of USD 773 million, or USD 0.65 per diluted share, for the first quarter of 2016, compared to USD 1.7 billion, or USD 1.22 per diluted share, in the prior-year quarter, reflecting the negative impact of market volatility on investments that totaled USD 0.48 per diluted share.

TURKEY moves to reduce motor vehicle insurer losses

As part of the government's agenda to make financial institutions more profitable, on April 26, 2016, amendments to the Highway Traffic Law were enacted to help reduce insurer losses from motor vehicle third-party insurance ("MTPL Insurance") products through standardized compensation calculations, permitting insurer costs to be more accurately projected.

RUSSIA: Moody's continues its review for downgrade of AHML Insurance

Moody's Investors Service ("Moody's") announced that it is continuing its review for downgrade of AHML Insurance's ("AHMLI") Ba2 insurance financial strength rating. AHMLI is a subsidiary of the Agency for Housing Mortgage Lending JSC ("AHML JSC", Ba1 negative) which in turn is wholly owned by the Russian Federal Government.

ARMENIAN insurance companies pay about 500 million drams in taxes for quarter one

The list of the 1000 largest Armenian corporate taxpayers in the first quarter of 2016 includes all six insurance companies operating in the country which paid a total of 499 million drams in various taxes, up from 457.4 million drams they had paid for the first quarter of 2015, the State Revenue Committee said.

POLISH second-pillar pension funds post negative returns

Poland's second-pillar pension funds (OFEs) generated poor results over the last year, with all the 12 funds recording negative returns. According to the Polish Financial Supervision Authority (KNF), the weighted average 12-month return, as of the end of March 2016, fell from 2.52% in 2015 to minus 6.63%, while the three-year return plunged from 25.13% to 6.34%.

Generali: New Life Insurance Product on SERBIAN market

Generali Osiguranje Serbia has developed an innovative and unique product for our market which combines the classic life insurance policy with an investment in investment funds; the so-called unit-linked product.

AZERBAIJAN's insurance companies can undertake risk reinsurance for Iranian companies

Azerbaijan's insurance companies can take upon the reinsurance of risks of Iranian insurance companies, expert in the field of insurance Khayal Mammadkhanli believes. The President of Training and Consulting Center Consultant toldВ TrendВ that Azerbaijan's insurance companies are not so big to take a rightful place in the Iranian market and to collect a large portfolio in a short time.

KAZAKHSTAN: A.M. Best Affirms Ratings of Halyk-Life

A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of Halyk-Life, Life Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan). The outlook for each rating remains negative. Halyk-Life is a wholly owned subsidiary of JSC Halyk Bank (Halyk Bank), a leading retail bank also domiciled in Kazakhstan.

UKRAINIAN insurers are switching to direct settlement of losses

Ukraine Starting with the II quarter of 2016 begins to introduce new model of insurance "avtograzhdanki" - Direct claims settlement. This means that in case of an accident for damages do not need to go to the insurance company the originator of incident, and in the company in which the injured party has acquired policy. "This is an innovation that has already been tried in Europe, progressively. To date, I do not know the direct alternative, which would improve the quality of customer service ", - says CEO MTIBU Vladimir Shevchenko.

RUSSIA: CB closed "Soviet" insurance company

The Bank of Russia withdrew the license for implementation of insurance of the insurance company "Soviet". The company has not eliminated in time violations of legislation on the basis of which on 16 March, the site license was suspended. "Soviet" did not comply with the requirements of financial stability and solvency. The organization needs to meet its obligations to the insured entities.

Aegon Life Ukraine's Financial Results in 2015

In 2015, Aegon Life Ukraine continued to implement its strategy to increase sales and market share in the retail life insurance segment. Despite the unfavorable political and economic conditions, both our retail channels - Brokerage and Agency network - signed insurance premiums amounting to more than UAH 133 million. Number of insured persons in this segment increased to 44 204 (which is 8% more than in 2014). Overall, last year our company signed insurance premiums in the amount of USD 143.1 million, and the size of the customer portfolio reached 65 596 persons.

Insurance company «BROKBUSINESS» paid indemnification amounted UAH 1 235 000 due to the Motor vehicle policy (CASCO) on the theft risk. The insured event happened in Kiev on 14th of January 2016. The insured Lexus was parked near one of the city supermarkets at night. While the owner was going shopping the vehicle was stolen.

KAZAKHSTAN: Moody's downgrades KazExportGarant's financial strength rating to Baa3 with a negative outlook

Moody's Investors Service has today downgraded the insurance financial strength rating (IFSR) of KazExportGarant JSC (KazExportGarant) by one notch to Baa3 from Baa2. This rating action follows the one notch downgrade of the government of Kazakhstan to Baa3, on 22 April 2016. The outlook on KazExportGarant is negative, which is in line with the negative outlook on the sovereign. This rating action closes the review initiated on 10 March 2016 when Moody's placed KazExportGarant's rating on review for downgrade.

RUSSIA, CB: About 100 insurers lost their assets

The Russian Central Bank estimates that about 100 Russian insurance companies are currently in the high-risk category, Deputy Director of the Central Bank Nikolay Pecheliev said on Wednesday.

Uniqa Raised Embedded Value in 2015 by Over 13%

Listed insurer Uniqa raised its embedded value by 13.2 percent in 2015, to EUR 4.725 billion. The sum includes the value of insurance contracts and future earnings. The stock value of the life and health insurance division increased 17.3 percent to EUR 1.847 billion, Uniqa stressed in a release.

Insurance pool in fact created in AZERBAIJAN

The insurance market of Azerbaijan has responded to the challenges and requirements of industrial development policy. An insurance pool, the first in the history of the country, has appeared.

Good signs for you to invest in the LATVIAN insurance business

At the end of September 2015, a huge amount was totaled by the Latvian insurance market: 396 million of euros. It means that, in comparison with the same period in 2014, this business has grown 4,6 percent. The Financial and Capital Market Commission (FKTK) stated that, in claims, the Latvian insurance companies paid more than 225 million euros and, in statistics, it is equivalent to affirm that such increase represents 9.5 percent more year over year. But that's not all. The local insurers have written, of the total gross premiums, more than 72 percent. In euros, it corresponds to 287 million; and, by the way, 5.8 percent more year over year.

TURKEY to Mitigate Insurer Losses from Mandatory Motor Vehicle Insurance

In an effort to reform the unprofitable mandatory motor vehicle third-party insurance (MTPL Insurance) sector, Turkish policymakers are expected to adopt measures, such as standardized compensation calculation methods and authorization of the Treasury to set the rules for compensation payable under MTPL insurance claims. MTPL Insurance generates significant losses for non life insurers operating in Turkey, amounting to TRY 2.3 billion (~USD 0.8 billion) as of year-end 2015 and a total of TRY 7 billion (~USD 2.4 billion) in the last decade.

HUNGARY: New information surface on the sale of MKB

Hungarian weekly Figyelo has published so far unknown details about the sale of MKB Bank, which show that two New York-based private equity firms, J.C. Flowers & Co. and Ripplewood Holdings were beaten in the bidding. The paper said they offered less for MKB. It is also new information that the German owner will soon sell the two MKB insurers.

LITHUANIA: Gjensidige to merge its Baltic companies

Gjensidige non-life insurer is merging its companies in the Baltic States and plans to finish the process by this fall, informs LETA. After the merger is completed, Gjensidige Group in the Baltics will be operating as Gjensidige insurance company with branches in Latvia and Estonia.

UNIQA Supports Serbian Olympians

UNIQA has signed a contract with the Olympic Committee of Serbia and became the official insurance of our Olympic team.

22,034 cars insured in AZERBAIJAN for March

109,842 motor vehicle owners were drawn to compulsory insurance of vehicle owner's civil liability in March 2016. The Compulsory Insurers Bureau informs that of them, 11,004 insured vehicles were foreign transit cars.

A.M. Best Revises Outlook to Negative for Kazakhinstrakh

A.M. Best has revised the outlook to negative from stable and affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan). Kazakhinstrakh is the wholly owned subsidiary of JSC Halyk Bank (Halyk Bank), a leading retail bank also domiciled in Kazakhstan.

GREEK insurance market is taking a dive

The situation in the industry in Greece looks as though the trend is to continue slipping. Last year, the insurance market in Greece took a significant hit as the number of people in the country who cashed in savings based policies broke all previous records of that nature.
That trend revealed a solid decline of the state of the insurance industry within the country.

RUSSIAN companies don't want to insure the Kerch bridge

The Kerch bridge construction is not insured. Similar projects are always insured; however, Russian insurance companies don't assume such risks this time. "Such projects - I mean large-scale and unique investment ones - don't remain within national markets all over the world. They are reinsured (abroad - ed.)," explained the first chairman deputy of the administration of the SOGAZ insurance company Nikolai Galushin.

ALBANIA sells insurer Insig to local peer Eurosig

Albania's government said it chose local non-life insurance company Eurosig as the buyer of 100% of life and non-life insurer Insig for 2.2 billion leks (15.9 million euro). The buyer should transfer the agreed price within 30 days of the decision's publication in the Official Gazette, the government said in a notice published on its website on Wednesday.

Insurance market wanes in GREECE

The number of people who cashed in savings-based insurance policies early reached a record high in 2015, owing to the drop in disposable incomes that led to many being able to keep up with the payments, according to data seen by Kathimerini.

Total assets of ARMENIA's pension funds stand now at 35.5 billion drams

The total assets of Armenia's pension funds managed by two companies stand  now at 35.5 billion drams, and the annual yield is 7%, Karen Hakobyan, the head of securities regulation division of the Central Bank's financial system regulation department , said today at a discussion devoted to the funded pension system.

KAZAKHSTAN: A.M. Best Revises Issuer Credit Rating Outlook to Negative for Eurasia Insurance

A.M. Best has revised the issuer credit rating (ICR) outlook to negative from stable and affirmed the financial strength rating (FSR) of B++ (Good) and the ICR of "bbb+" of Eurasia Insurance Company JSC (Eurasia) (Kazakhstan). The outlook on the FSR remains stable. Eurasia is the majority-owned subsidiary of Eurasian Financial Company JSC (Eurasian Financial), a financial services group also based in Kazakhstan.

ARMENIAN regulator sets system of differentiated obligatory insurance payments

The Central Bank of Armenia has set up a system of differentiated obligatory insurance payments which Armenia's banks transfer to the deposit guarantee fund. According to the press office of the central bank, an appropriate law has been amended to allow the regulator to set higher obligatory payments for banks, depending on degrees of their exposure to risk.

CROATIA: Allianz Zagreb gross profit rises to 125.6 mln kuna in 2015

Croatian insurer Allianz Zagreb said on Friday its gross profit amounted to 125.6 million kuna (16.7 million euro) last year, an increase of 11.9 million kuna compared to 2014. Gross premiums edged down 2.2% to 1.19 billion kuna in 2015, while the solvency margin stood at 254.3%, up 5.2% on the year, Allianz Zagreb said in a statement.

MACEDONIA's Euroins Osiguruvanje premium income up 6.9% y/y in Jan-Feb

The premium income of Macedonian insurer Euroins Osiguruvanje rose 6.9% on the year to 1.3 million euro in the January-February period, its parent company Eurohold Bulgaria said. Skopje-based Euroins Osiguruvanje's premium income from third-party liability insurance increased by an annual 3.4% to 749,000 euro in the two-month period, financial and insurance group Eurohold Bulgaria said in a notice filed with the Sofia bourse.

UKRAINIAN drivers have become much less to insure their cars

Ukrainian drivers are much less steel to insure their cars: the number of sold policies Casco declined by more than 2 times. According Natsfinuslug if Ukrainian company realized 540.2 thousand in 2013. of car insurance, then in 2015 - already only 254 thousand. pcs.

BULGARIAN life insurance unit of Generali sells portfolio to local co Saglasie

Bulgarian Generali Life Insurance, a unit of global insurer Generali, transferred all of its portfolio to local life insurance firm Saglasie, parent company Generali Bulgaria Holding said. The transaction did not include combined health insurance contracts with risk coverage and savings clauses, Generali Bulgaria Holding said in a press release.

ALBANIA gets four bids for insurer INSIG privatisation

Albanian finance ministry said it has received four offers in a tender for the privatisation of 100% of the country's former insurance monopoly INSIG, with the highest bid standing at 2.2 billion Albanian leks (16 million euro).

Gen Re to close six offices in restructuring

Berkshire Hathaway Inc.'s General Reinsurance Corp. unit will close six of its smaller offices as part of a reorganization of its direct global property/casualty operations, Stamford, Connecticut-based Gen Re announced Friday.

CROATIAN conglomerate increases stake in Sava Re

A Croatian conglomerate which controls Croatia's biggest insurer has reportedly increased its stake in Slovenian insurance and reinsurance group Sava Re. Business daily Finance writes that nearly EUR 10m in trade with Sava Re shares on Friday involved block deals with which Adris grupa bought 4.4% of Sava Re.

AZERBAIJAN: Fitch Revises AzInsurance's Outlook to Negative; Affirms IFS 'B+'

Fitch Ratings has revised AzInsurance OJSC's (AzInsurance) Outlook to Negative from Stable while affirming its Insurer Financial Strength (IFS) rating at 'B+'. KEY RATING DRIVERS The revision of the Outlook follows the downgrade of Azerbaijan on 26 February 2016 to Long-term foreign and local currency Issuer Default Ratings (IDR) 'BB+' from 'BBB-'. The Outlooks are Negative.

Aviva plc 2015 Preliminary Results Announcement

"2015 was about stability and growth at Aviva, against a background of market volatility and uncertainty. Aviva is now a stronger and more focused business. We have completed the fix phase of our transformation",said Mark Wilson, Group Chief Executive Officer.

SEB: 70% ESTONIANS don't believe in sustainability of pensions

Even though residents of Estonia are better prepared for retirement than people in Latvia and Lithuania, more than 70% of Estonians don't believe that the present pension system is sustainable, it appears from the Baltic Retirement Readiness Index Survey based on a poll taken by TNS, cites LETA.

AZERBAIJAN: VTB begins selling boxed insurance products

OJSC Bank VTB (Azerbaijan) offers for its customers a new fee product - boxed insurance products. According to the Bank, box insurance product is an insurance program with a predetermined set of conditions, risks and insurance amounts.

POLAND's Alior keen to buy Bank BPH from GE (sources)

Poland's mid-tier lender Alior Bank ALRR.WA, owned by state-run insurer PZU, is in talks to buy its rival Bank BPH BPHP.WA from General Electric (GE.N) and hopes to complete a deal around mid-2016, three banking sources told Reuters.

Annual Aon map shows global reduction in political risk

More countries saw reductions in political risk than increases for 2016, according to Aon P.L.C.'s Political Risk Map 2016. The map, which was released Tuesday, analyzes 168 emerging markets and shows that, despite increases in economic risks prompted by low commodity prices, political and economic reforms in many emerging economies have helped to reduce political risks, said Karl Hennessy, president of Aon Broking and CEO of Aon's Global Broking Centre in London, in a statement.

HUNGARY: KOBE can sell third party liability contracts again

From 4th March on KOBE Central European Mutual Insurance Association can again sell MTPL contracts, as the Magyar Nemzeti Bank has lifted its restriction on sales by the company, after the insurer submitted a financial plan to abolish the previous reserve deficit.

BOSNIA:Nearly million registered vehicles in Bosnia and Herzegovina's roads

Total number of road motor vehicles registered in Bosnia and Herzegovina last year amounts to 952.590. Of the total number of registered vehicles in 2015, 87 percent are passenger vehicles, eight percent are freight vehicles, three percent are trailers, while the remaining two percent are other categories of vehicles.

ERGO's insurance operations in Baltics grow 14% in 2015

The total value of insurance contracts of ERGO in the Baltic countries in 2015 was 186 million euros, almost 14% more than in 2014; the insurer's net income for the period totaled 4.3 million euros, informs LETA/BNS.

HUNGARY: MNB could introduce cost limits on unit-linked life insurance products

The National Bank of Hungary (MNB) is considering imposing strict limits on the fees of non-pension-based unit-linked insurance products insurers can charge customers by introducing total cost indicator limits, Kornel Kisgergely, the central bank's managing director responsible for the supervision of financial institutions, said yesterday, according to Hungarian news agency MTI.

LATVIA: Balta insurer closes 2015 with profit of EUR 1.19 mln

Latvian insurance company Balta closed 2015 was a profit of EUR 1.19 million, informs LETA, according to the company's annual statements. After posting loss for several successive years, Balta succeed to break into the black in 2015. For example, previously it showed a loss of more than EUR 1 million in 2014, and a loss of EUR 2.2 million in 2013.

AZERBAIJAN's system Green Card valid in all eurozone countries from April

The Compulsory Insurers' Bureau of Azerbaijan has received a letter from the International Association of National Automobile Insurance Bureaus (Green Card). According to the Bureau, the letter says that the mutual recognition of documents between Green Card and Switzerland and countries belonging to the European Economic Area comes into force from 1 April 2016.

MOLDOVA: Green Paper system is available for yet three months

Council of Bureaux (CoB), the European institution based in Brussels, manager of the international insurance system "Green Card", has decided to postpone the decision suspending the National Bureau of Motor Insurers of Moldova (NBMI) of the "Green Card" until the General meeting of its members, scheduled to take place in early June, reads a press release issued by the NBMI.

ROMANIA's Allianz-Tiriac gross written premiums rise 7.2% in 2015

Romanian insurer Allianz-Tiriac Asigurari said on Wednesday its gross written premiums rose 7.2% to 1.06 billion lei (238.1 million euro) in 2015.  The increase came from general insurance operating revenues, which rose by 7.5% to 952 million lei in 2015, Allianz-Tiriac Asigurari said in a statement.

ROMANIA: Life insurer NN Asigurari ups gross written premiums by 2.4%

Life insurer NN Asigurari wrote gross premiums of EUR 141 million last year, up by 2.4% compared to 2014. The turnover grew as policyholders bought more expensive policies. Customers paid an average premium of EUR 390 last year, up by 2.4% over 2014, for an average insured amount of EUR 12,600, 13% higher.

Achmea net profit increases to EUR 386 million

"Achmea achieved a net profit of EUR 386 million in 2015. The result improved by lower expenses across the full breath of the company. Postive developments at our Pension and Life, Banking and International activities and higher investment results contributed to a higher result. Our result was strongly influenced by the EUR 481 million allocation of our result to mitigate the premium increase of our health insurance policies for our customers. Major storms caused a great deal of damage to our customers. Compensation for storm damage has reduced our result by more than EUR 120 million. Premiums remain stable around EUR 20 billion. We used our market leadership in non-life and health insurance to make the best possible products for our customers", said Willem van Duin, Chairman of the Executive Board.

NN Group reports 4Q15 and 2015 results

'We are pleased with the strong set of results for the fourth quarter and full-year 2015, as this demonstrates our steady progress in achieving our objectives to improve earnings and generate capital', said Lard Friese, CEO.

NN Group nominates Supervisory Board members for reappointment

The Supervisory Board of NN Group N.V. has decided to nominate Jan Holsboer and Yvonne van Rooij for reappointment as members of the Supervisory Board for a maximum term of four years. The proposal for reappointment will be submitted for adoption at the Annual General Meeting (AGM) on 2 June 2016.

RUSSIA: Central Bank revoked the licenses of three insurance companies

RIA Novosti reports that the regulator website reported that the Bank of Russia revoked the license for insurance activity for companies "Agros", "Garant-Invest" and the capital of insurance and reinsurance center. Clarifies that licenses were revoked due not resolved within a reasonable time violations of the insurance legislation. The Company did not comply with the order and conditions of the investment of their funds, and funds of insurance reserves.

KAZAKHSTAN: Fitch Upgrades AMANAT Insurance's National IFS to 'BB+(kaz)'; Affirms IFS at 'B'

Fitch Ratings has upgraded Kazakhstan-based AMANAT Insurance's (AMANAT) National Insurer Financial Strength (IFS) rating to 'BB+(kaz)' from 'BB(kaz)' and affirmed its IFS at 'B'. The Outlooks are Stable. KEY RATING DRIVERS The upgrade of the National IFS reflects AMANAT's improved regulatory capital position after a capital injection and substantial strengthening of the net profit in 2015. AMANAT's shareholder injected KZT560m into the company in 2015 to support the regulatory solvency margin.

Interlife CEO: GREEK insurance market lost 1.85 bln euros in 2010-2015

The Greek insurance market has lost around 1.85 billion euros during the crisis, according to Ioannis Votsaridis, chief executive of Interlife. "The market is falling since 2008. Total loss is very big. The car insurance sector has lost 48 pct in the 2010-2015 period, the life insurance sector around 24 pct and the damage sector around 39 pct...I believe that the sector will find it very difficult to regain its losses as intense competition drives insurance rates lower," he said.

AZERBAIJAN population's cash income per capita grew by 10.8% yoy

In January 2016 the average monthly cash income per capita of Azerbaijan's population made up 88% of average income for 2015 (AZN 365). The State Statistics Committee (SSC) reports that for January 2016 nominal income per capita totaled AZN 321.2 that exceeded the January 2015 index by 10.8%.

QBE announces 2015 results

"I am pleased to report we have executed on the targets we set at the beginning of 2015, delivering an underwriting result at the better end and an insurance profit margin towards the middle of our target ranges. The success of our portfolio remediation activities of the last three years is evidenced by each of our businesses now producing an underwriting profit and, particularly, by the continuing improvement in the performance of our North American Operations",said John Neal, QBE Group Chief Executive Officer.

Nationale-Nederlanden Spain named top employer 2016

Recently Nationale-Nederlanden Spain was awarded the Top Employers Spain 2016 certification. A comprehensive independent research revealed that Nationale-Nederlanden Spain provides exceptional employee conditions, nurtures and develops talent throughout all levels of the organisation and has demonstrated its leadership status in the HR environment, always striving to optimise its employment practices and to develop its employees.

BOSNIA: Sarajevo osiguranje to be sold?

The privatization plan of FBiH in this year includes the following economy societies: Energopetrol JSC Sarajevo, Energoinvest JSC Sarajevo, Aluminij JSC Mostar, Tobacco Factory Sarajevo JSC Sarajevo, and the Sarajevo osiguranje JSC Sarajevo, it was stated from the Cabinet of the Prime Minister of FBiH Fadil Novalic.

KBC 4Q2015: Returns profit of 2.6 billion euros for the full year, driven by strong business fundamentals and boosted by non-recurring items in the fourth quarter

Our client-centric business model continued to thrive. We have lent more to clients and they have taken up more insurance products in almost all the countries we operate in. Clients entrusted more assets to us, leading to higher sales of investment products. The low cost of credit also underpinned the net result. Against a background of low interest rates, modest economic growth in Belgium and stronger growth in Central Europe, KBC ended the last quarter of 2015 with an exceptional net profit of 862 million euros, compared to 600 million euros in the preceding quarter and 473 million euros in the last quarter of 2014. Profit was boosted by the liquidation of KBC Financial Holding Inc., but tempered by impairment on goodwill. Excluding these two items, the net result amounted to 441 million euros in the fourth quarter. The result for full year 2015 came to 2 639 million euros (2 218 million euros excluding these two items), with all countries generating a profit.

AZERBAIJAN's insurance sector forecast to grow further

The young and still developing insurance market of Azerbaijan has finalized 2015 with about 5-15 percent monthly growth. The last year was remembered with a number of events, results of which will be visible this year.

AZERBAIJANI PASHA Life Co. increases authorized capital by almost 6 times

The Azerbaijani PASHA Life Insurance Company, over the past five years of activity, has increased its authorized capital by 5.75 times, said the company Feb. 15. The company's authorized capital reached 40.25 million Azerbaijani manats and assets - 150 million manats, according to the company.

Travel insurance costs to increase in Cyprus, Malta, Spain

If you're going to Spain, Malta or Cyprus you'll now pay more for your travel insurance. This is because the cost of medical treatment in some of these sunny holiday hotspots is rocketing. That's because they are starting to rely more on private healthcare for tourists to help to ease the strain on public resources.

TURKEY increases protection of insurance agents at the expense of insurers

The Undersecretariat of the Treasury has strengthened the protections of insurance agents in Turkey by increasing the authority of the Insurance Agents Executive Committee ("IAEC"), expanding the mandatory terms of agency agreements, and introducing significant changes to personnel affairs, governance and branch operations.

AZERBAIJAN: Financial market supervisory body to be self-financing

The newly-established public legal entity - the financial market supervisory body - will operate based on the principle of self-financing. This was stated by Shahin Aliyev, the Head of Department of Legislation and Legal Expertise of the Azerbaijani President's Administration, on February 9.

Talanx finances PPP project in Ireland

With its financing of the Irish public-private partnership (PPP) project "Courts Bundle PPP", Talanx has made a further external funding investment in the area of infrastructure. The insurance group is participating as a co-investor with a volume of around EUR 73 million in the construction, refurbishment and maintenance of seven court buildings in Ireland along with MUFG who also contributed an investment in the amount of some EUR 73 million as well as short-term facilities. 

The Assicurazioni Generali BoD has approved the mutually agreed termination of all existing relations between Mario Greco and the Company

The Assicurazioni Generali Board of Directors, chaired by Gabriele Galateri di Genola, has approved the mutually agreed termination of all existing relations between Mr.Greco and the Company, with immediate effect and in line with the Group's remuneration policies. This follows the announcement by Mr. Greco on the 26th January 2016, that he would not be available to serve a further mandate as Group Chief Executive Officer.

Aviva appoints Claudia Arney as an Independent Non-Executive Director

Aviva plc has appointed Claudia Arney as an independent non-executive director of the Company with effect from 8 February 2016. She will also join the Nomination Committee. Claudia has a wide range of experience as both an executive and non-executive director across financial services, digital and government and brings a wealth of expertise transforming and expanding businesses online and building digital capabilities. She is currently a non-executive director of Derwent London plc, Halfords Group plc and the Premier League. She is also a member of the Advisory Board of the Shareholder Executive.

AIG Reports Fourth Quarter 2015 After-Tax Operating Loss of USD 1.3 Billion or USD 1.10 Per Diluted Share

American International Group, Inc. today reported an after-tax operating loss of USD 1.3 billion, or USD 1.10 per diluted share, for the fourth quarter of 2015, compared to after-tax operating income of USD 1.4 billion, or USD 0.97 per diluted share, in the prior-year quarter. Full year 2015 after-tax operating income was USD 2.9 billion, or USD 2.19 per diluted share, compared to USD 6.6 billion, or USD 4.58 per diluted share, for full year 2014. The fourth quarter operating loss was primarily due to adverse prior year loss reserve development, and lower returns on alternative investments.

Service initiatives pay-off for Aegon Hungary

Aegon Hungary recently took home the 2015 Client-Friendly Insurer of the Year Award, based on feedback from more than 52,000 clients. A significant achievement in a country with a total population of just 10 million. The campaign was run by NETRISK.hu, an online insurance broker. Not only did clients rank insurance companies on a general level, but they were asked to assess companies based on their administration, client information, client retention, and claims handling capabilities.

PartnerRe Ltd. Reports Fourth Quarter and Full Year 2015 Results

PartnerRe Ltd. today reported net income of USD 162.3 million, or USD 3.30 per share for the fourth quarter of 2015. This includes net after-tax realized and unrealized losses on investments of USD 22.8 million, or USD 0.46 per share. Net income for the fourth quarter of 2014 was USD 262.7 million, or USD 5.26 per share, including net after-tax realized and unrealized gains on investments of USD 82.1 million, or USD 1.64 per share. The Company reported operating earnings of USD 183.9 million, or USD 3.74 per share, for the fourth quarter of 2015. This compares to operating earnings of USD 218.3 million, or USD 4.37 per share, for the fourth quarter of 2014.

Willis Towers Watson Reports Quarterly and Full-Year Results

Willis Towers Watson plc, a leading global advisory, broking and solutions company, today reported individual fourth quarter and fiscal second quarter results for Willis Group Holdings plc ("Willis Group") and Towers Watson & Co., respectively, for the period ended December 31, 2015. On January 4, 2016 Willis Group Holdings plc merged with Towers Watson & Co. Financial results will be consolidated for the period ending March 31, 2016, but will use legacy reporting at a segment level until Willis Towers Watson reports second quarter results for the period ending June 30, 2016.

SLOVENIAN insurers could see lower capital ratios under Solvency II

Capital ratios for Slovenian insurance companies could be lower under Solvency II than they were under the Solvency I regime, according to Fitch Ratings. The ratings agency said the sector reported strong aggregated coverage under the old regime, at 273% at the end of 2014, but a high proportion of non-investment grade and unrated instruments would lead to lower capital ratios under Solvency II.

HUNGARY: VIG premiums revenue reaches HUF 63-65 bln

Austriaʼs Vienna Insurance Group (VIG) had annual revenue of HUF 63-65 bln from premiums in Hungary, the management of the groupʼs local businesses told journalists on Friday, but the management did not disclose other figures for last year, according to reports.

SLOVENIAN insurer Triglav completes sale of Avrigo unit to Adventura Prevozi

Slovenian insurer Zavarovalnica Triglav said on Friday it has completed the sale of its 97.31% stake in bus transport unit Avrigo to Adventura Prevozi.  Following the fulfilment of regulative and other conditions arising from the agreement on the sale of a 97.31% stake in Avrigo to Adventure Prevozi, Zavarovalnica Triglav has completed the transaction, the insurer said in a filling with the Ljubljana bourse.

MetLife Announces Fourth Quarter and Full Year 2015 Results

MetLife reported operating earnings of USD1.4 billion, down 13 percent from the fourth quarter of 2014, and 10 percent on a constant currency basis. On a per share basis, operating earnings were USD1.23, down 11 percent from the prior year quarter. Operating earnings in the Americas decreased 16 percent, and 14 percent on a constant currency basis. Operating earnings in Asia decreased 15 percent, and 9 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 16 percent, and 2 percent on a constant currency basis.

ARMENIA: Number of insured cars has grown from 390,457 in 2011 to 457,878 in 2015

The number of insured cars has grown from 390,457 in 2011, when mandatory car insurance was introduced in Armenia, to 457,878 in 2015, Vahan Avetisyan, executive director of the Car Insurers Bureau, said Tuesday at a news conference summarizing the results of the first five years of obligatory car insurance in the country.

BULGARIA: Eurohold turns to non-cons after-tax loss in 2015

Financial and insurance group Eurohold Bulgaria turned to a non-cons after-tax loss of 4.03 million levs (2.06 million euro) in 2015, from an after-tax profit of 1.6 million levs in 2014. In 2015 non-consolidated operating revenue decreased to 2.7 million levs from 7.8 million levs a year earlier, Eurohold Bulgaria said in a bourse filing on Tuesday.

HUNGARY's Magyar Posta reports record for 2015

The stock of savings reached a record at Magyar Posta (Hungarian Post) in 2015, the company announced on Monday. By the end of last year, the number of Posta Bank Accounts exceeded 50,000.

CHUBB reports operating income of USD 780 million for Q4 and USD 3.2 Billion for the Year

Chubb Limited today reported net income for the quarter ended December 31, 2015, of USD 2.08 per share, compared with USD 1.66 per share for the same quarter last year. For the year ended December 31, 2015, net income was USD 8.62 per share, compared with USD 8.42 per share for 2014. Operating income was USD 9.76 per share, compared with USD 9.79 per share for 2014.

Deputy chairman may take over LATVIA's finance watchdog

The Bank of Latvia President Ilmars Rimsevics and Finance Minister Janis Reirs (Unity) have nominated the Financial and Capital Market Commission's (FKTK) deputy chairman Peters Putnins as the commission's head, reported LETA Monday.

TURKEY: Total insurance premiums forecast to rise by 10% this year

The total insurance premiums of the Turkish insurance industry will grow to TRY34.1 billion this year, up by 10% from last year. This forecast was made by Deputy Prime Minister Mehmet Simsek who spoke before a parliamentary budget commission last Thursday, reported Reuters.

AZERBAIJAN carries out restructuring of banking sector

The Central Bank of Azerbaijan (CBA) has begun a restructuring of the banking sector and implementation of measures to strengthen its financial stability and risk management, CBA Chairman Elman Rustamov stated today during an expanded board meeting dedicated to the results of 2015.

TURKEY: Insurers concerned about rising mandatory TP auto loss

The insurance industry in Turkey reported a loss of TRY1.7 billion in the compulsory motor insurance business for the first nine months of last year, according to the Insurance Association of Turkey (TSB) in a statement. The figure is three times the losses of TRY566.7 million reported for this class of business for the first three quarters of 2014 and almost double the losses of TRY884.8 million suffered for the whole of 2014.

LATVIAN financial watchdog chairman quits

Kristaps Zakulis, the chairman of the Latvian financial regulator the Financial and Capital Market Commission (FKTK), has tendered his resignation, BNS was told at the FKTK. FKTK spokeswoman Elina Avotina said that Zakulis' decision has been well-considered.

Allianz Austria: Positive Outcome of Sustainable Investments

The Austrian arm of insurance group Allianz notices a positive outcome of the gradual shift from capital deposits (worth EUR 7 billion), to sustainable investments. The share of sustainable investments was raised from 18 to 21.5 percent in 2015, CEO Wolfram Littich told the press. He added that the level of sustainability of capital investments rose 1.54 percent.

AZERBAIJAN: Insurance companies seek to cut costs of health insurance

Insurance companies seek to get concessions from private clinics to provide services for health insurance, said Orkhan Bayramov, Chairman of the Azerbaijani Insurers Association on January 25. He said the issue was discussed at a meeting with leaders of insurance companies, held with the participation of Namig Khalilov, the head of the State Insurance Supervision Service.

HUNGARIANS tend to buy travel insurance at last minute

On average Hungarians spent HUF 540 forints a day on travel insurance last year when traveling out of country, on par with data available for 2014, online daily napi.hu reported today according to data compiled by online brokerage firm Netrisk.hu.

In 2015, drivers in Armenia paid a total of 17.660 billion AMD (USD 36.360 million) to insure their vehicles. Rosgosstrakh-Armenia, the company enjoying the largest share of the market received 5.761 million AMD in insurance payments last year; followed by Inco (3.914 million), Nairi (2.873m), Sil (2.037m), Reso (1.892m) and Armenia Insurance (1.182m).

KYRGYZSTAN: Basic CMTPL insurance premium totally unfounded

Basis Compulsory Motor Third Party Liability (CMTPL) insurance premium is totally unfounded. A lawyer Iskender Elakunov said today at a round table discussion "Auto insurance: project with egregious blunders, aimed at protection of narrow group of interests."

HUNGARY's OTP in talks to buy AXA Bank's local mortgages

Central Europe's largest independent lender, Hungary's OTP Bank, is in talks to acquire the local retail mortgage portfolio of AXA Bank Europe SA, which has posted steep losses, financial sector sources told Reuters.

KYRGYZSTAN: Insurance companies can insure all car owners in a short time

Insurance companies will be able to insure all car owners in a short time. Deputy Director General of ATM Polis Ernis Abdykeev told today at a press conference in Kabar Agency. According to him, at the moment insurance companies are working hard so that in a short time to give everyone insurance policy. "We think that we can promptly issue insurance policies to our drivers," said Abdykeev.

SERBIA: NLB Banka wants to develop pension insurance market

NLB Banka is interested in developing the pension insurance market in Serbia, but conditions for that have not been created here yet, said Branko Greganovic, the chairman of the Executive Board of NLB Banka, who also added that the investment in that segment of life insurance depended on institutional conditions.

UniCredit to sell UKRAINE unit to ABH Holdings

UniCredit, Italy's largest bank by assets, has announced a binding agreement to take new shares worth 9.9 per cent in ABH Holdings, part of Russian billionaire Mikhail Fridman's Alfa-Bank, as part of a deal to dispose of its unprofitable Ukrainian banking business Ukrsotsbank.

ARMENIA: Median gross wage in Nov. 2015 amounted to 181,982 drams

The median gross wage in Armenia in November 2015 stood at 181,982 drams (USD 379 or 24,659 Russian rubles), a 0.3% rise from October, according to the National Statistical Service (NSS). NSS said in 2015 October the median gross wage was 181,391 drams,  about 0.9% less than in September 2015 and 3.9% more than in October 2014.

AZERBAIJAN: Another insurance company joins CIB

Qala Insurance company (former Chartis Azerbaijan) has become a member of the Compulsory Insurance Bureau of Azerbaijan, said the message of the bureau published Dec.14 on its website.

Bloomberg predicts 2.5% economic growth in ARMENIA

Bloomberg predicts 2.5% economic growth in Armenia in 2016. This is according to the rating of 93 countries with the worst economic indicators published by the agency. It's worth mentioning for comparison that the World bank predicted 2.7% economic growth for Armenia, the International Monetary Fund- 2.2%, the European Bank for Reconstruction and Development- up to 2% , while the Asian Development Bank predicted an increase of 2%.

SERBIA's AIK banka enters ownership of Gorenjska banka

Gorenjska banka, a small private bank, has been recapitalised with EUR 13m, most of which has been provided by Serbian AIK banka, which has acquired a 13.9% stake to become the second-biggest owner of the Kranj-based bank.

KYRGYZSTAN: CMTPLI tariffs still not approved

Compulsory motor third party liability insurance tariffs are still not approved in Kyrgyzstan. Senior inspector of administrative practices of the Road Patrol Service under the Ministry of Internal Affairs Nur Satybaldyev told 24.kg news agency.

ROMANIA's Carpatica Asig daily gross written premiums up 43% in 2015

Romanian general insurer Carpatica Asig, which is undergoing a financial recovery procedure, said on Monday its daily gross written premiums rose 43% to 2.9 million lei in 2015. Claims paid by the insurer totalled 382 million lei in 2015, Carpatica Asig said in a press release.

TURKEY: Minimum wage hike to place TL 2.5 billion burden on insurance sector

A recent minimum wage increase is expected to drastically increase auto insurance payout rates for accidents involving injury or death, resulting in a TL 2.5 billion annual burden on the insurance sector, Insurance Association of Turkey (TSB) President Ramazan Ulger told the Hurriyet daily on Wednesday.

ROMANIAN insurer Carpatica Asig raises capital

Romanian general insurer Carpatica Asig, which is undergoing a financial recovery procedure, said on Wednesday it raised its share capital by 10 million lei to 34.3 million lei. The capital increase was carried out via a cash injection, the insurer said in a statement. In September the company raised its share capital by 2.5 million lei.

AZERBAIJAN's insurance sector forecast to grow further

The young and still developing insurance market of Azerbaijan has finalized 2015 with about 5-15 percent monthly growth. The last year was remembered with a number of events, results of which will be visible this year.

KYRGYZSTAN plans to create state reinsurance company

The Ministry of Economy proposes to create State Reinsurance Company JSC.  A draft resolution was posted on the website of the government for public discussion. The State Property Management Fund was instructed to act as JSC founder by forming its charter capital in the amount of 200 million soms.

Eurohold Bulgaria to issue 100 mln euro bond

The shareholders of Eurohold Bulgaria approved a proposal to issue up to 100 million euro ($106.2 million) in bonds to finance the operations of its insurance subholding company Euroins Insurance Group, including the acquisition of Greek life insurance company Credit Agricole Life, Eurohold Bulgaria said on Monday.

ROMANIA's Euroins hikes capital by 80 mln lei (17.6 mln euro)

Romanian non-life insurer Euroins said on Wednesday it has received an 80 million lei capital injection from its Bulgaria-based parent, Euroins Insurance Group. Euroins Romania will receive another 120 million lei capital injection in the first quarter of 2016, the company said in a press release.

AZERBAIJAN: Another insurance company joins Green Card system

Azerbaijani Standard Insurance company has been included in the register of the Green Card system, the Compulsory Insurance Bureau of Azerbaijan (ISB) said. Thus, the insurance company will be able to render compulsory insurance services of civil liability of vehicle owners (CTP) within the framework of the Green Card system.

ARMENIA: VTB Bank and Rosgosstrakh are most popular financial institutions

The public opinion poll conducted by Gallup International Association in Armenia has demonstrated that VTB Bank (Armenia) is the most popular among the financial-credit organizations of Armenia, Aram Navasardyan, Founder and Director at MPG LLC - Exclusive Representative of Gallup International Association in Armenia, told reporters on December 18. 

Insurance market of KAZAKHSTAN slows down each year

With the motorization growth in of the population, the dynamics of compulsory insurance premiums on of civil liability of vehicle owners slows down each year. According to statistics, the growth of premiums in this segment amounted to 10% in 2012-2013, in 2013-2014 it showed a decline of 2.3%. Experts say that the decreasing tendency in collection of insurance premiums on compulsory insurance of civil liability of vehicle owners continues. At the same time, the costs of insurance companies for payments are growing. Over the past three years, this figure has increased by 24%. According to experts, these changes are already making adjustments to the development of the market.

AZERBAIJANI insurance company renews license

Azerbaijani PASHA Life insurance company has received a perpetual license for insurance activity, said the message of the company. This is due to the expiration of the previous license issued to the insurance company in 2011.

The structure of the insurance market in UKRAINE has changed

Gross premiums received by insurers from policyholders and reinsurers for the first 9 months of 2015 amounted to 21 718.7 million USD, of which 7 269 200 000 UAH (33.5%) - from individuals; 14 449 500 000 UAH (66.5%) - from legal entities.

HUNGARY's HUF 17 bn loss on MKB "national economic interest", CEO says

When asked what the point of the government losing HUF 17 bn on buying into MKB Bank, the CEO of the bank cited interests of the national economy. The bank cut its operating costs heavily in 2015, and got to show what it was like when a state-owned bank extended loans. In recent days, MKB got rid of its non-performing project loan portfolio and was transferred to the Hungarian Consolidation Asset Manager Zrt, where it will remain until a buyer is found by the middle of next year. Portfolio interviewed CEO Adam Balog.

POLAND says insurers' treasury bonds to not be exempt from asset tax

Polish government bonds owned by insurance companies will not be exempt from the bank tax, unlike the ones owned by banks, deputy Finance Minister Konrad Raczkowski said on Tuesday. Earlier on Tuesday a member of the ruling Law and Justice (PiS) party said that it planned to amend the bank tax bill to exempt government bonds from the levy.

POLAND: New government pushes through financial levy

Poland's new conservative-dominated parliament yesterday pushed through a controversial levy on the finance sector to help fund pre-election promises on welfare. The measure, due to take effect from February 1, will see a 0.44-per cent annual tax on the assets of banks and insurance companies.

MetLife Inc Won Best Life Insurance Company in TURKEY' Award

MetLife Inc has won the prestigious "2015 Best Life Insurance Company in Turkey" award organized by Global Banking and Finance Review, demonstrating its commitment to excellence in products and services, financial soundness, market knowledge and understanding, risk management, effective customer servicing tools and market share.

SLOVENIA's NKBM sells 45% stake in pension co to Sava Re

Slovenian reinsurer Sava Re said on Thursday it has acquired from lender Nova Kreditna Banka Maribor (NKBM) a 45% stake in pension company Moja Nalozba Pokojninska Druzba. The deal is conditional on getting relevant approvals from the Insurance Supervision Agency and the Competition Protection Agency, Sava Re said in a filing to the Ljubljana bourse.

BOSNIA's Standard Group backs off from Bobar Osiguranje takeover

Bosnia's Standard Group has decided not to go through with the acquisition of a majority interest in local insurer Bobar Osiguranje, local media reported on Thursday. Standard Group has abandoned earlier plans to recapitalise Bobar Osiguranje with 3.8 million marka (1.9 million euro), news portal Capital.ba reported.

AZERBAIJAN: Five insurance companies join Green Card system

Four insurance companies of Azerbaijan have been included in the registry of Green Card system, the Compulsory Insurance Bureau of Azerbaijan (ISB) said. Xalq Insurance, AzSigorta, Meqa Insurance and AtaSigorta have received the right to render compulsory insurance services of civil liability of vehicle owners (CTP) within the framework of Green Card system.

BULGARIA: Realized sales in November 2015 by the companies in the group of Eurohold

The insurance holding EUROINS INSURANCE GROUP registered a 43% growth of premiums (GWP) for November amounted to EUR 18.1 mm compared to EUR 12.6 mm for the same month of 2014. For the first eleven months of 2015 the GWP of EUROINS INSURANCE GROUP registered 47.7% growth amounted to EUR 206.6 mm compared to EUR 139.8 mm for the same period in 2014, according to preliminary data. The growth in the MTPL Lob of Euroins Romania is largely due to the significant price increases, following also the general market trends. Along with this, any increase in the number of policies sold is supported by detailed segmentation aiming at maximum risk reduction. 

ROMANIA: KPMG to draft liquidation strategy for insurer Astra

Consulting firm KPMG Restructuring said on Wednesday it has started drafting a liquidation strategy for Romanian insurer Astra Asigurari, after earlier this month a Bucharest court approved a request for its bankruptcy submitted by the country's financial regulator.

KAZAKHSTAN to launch insurance system for agricultural sector

In order to improve the investment attractiveness of the industry, "KazAgro" holding is working on the development of insurance in the agricultural sector, chairman of the Board of "National Holding "KazAgro" JSC Nurlybek Malelov said at a press conference.

KAZAKHSTAN: Insurance market will start working within the new legal framework

In 2016, the insurance market of Kazakhstan will start working within the new legal framework. In particular, starting from 2016 legislative amendments will come into force establishing a single procedure for assessing damages in an accident. The insurer will be obliged to independently assess the damage of the vehicles without independent appraisers, in accordance with the legal act of the National Bank of Kazakhstan. According to the market participants, this new rule will significantly reduce the percentage of fraudulent schemes during the calculation of property damage assessment.

Uniqa Insurance Strives to Deliver in Life Segment

Listed insurance group Uniqa needs to tweak many cogs in order to meet the pledges made to life customers, as far as the right allocation is concerned, but also the interest level pledged, despite the low-rate environment, CFO/CRO Kurt Svoboda said.

VIG's Stadler to Present Strategy by End-January

Listed insurance group VIG will present a new strategy for the group by the end of January, the daily WirtschaftsBlatt writes, citing the group's prospective CEO Elisabeth Stadler. The new strategy is to contain no significant changes, but will provide a range of new priorities. The focus on CEE is to be stepped up.

International agencies assign credit rating to KYRGYZSTAN for the first time

The international agencies have assigned a credit rating to Kyrgyzstan for the first time. The Ministry of Economy of the Kyrgyz Republic reported. According to him, the country has received sovereign B2/ Stable and B credit ratings from Moody's Investors Service and Standard & Poor's. Note, that large international investors, before coming to the country, study its economic situation exactly according to the ratings. Assigning of credit ratings to the country has impact on the commercial banks and enterprises. Based on it, the banks and other financial intermediaries make decisions on lending, transactions in the money market, insurance, leasing and other situations that require assessment of the solvency of a business partner.

BULGARIA: Euohold increased the capital of Eurolease Group

As the sole shareholder of EUROLEASE GROUP EAD,  the Management Board of Eurohold BULGARIA AD at its meeting held on 9th of December 2015, voted for capital increase of the leasing group from BGN 26,741,488 (twenty-six million seven hundred forty one thousand four hundred eighty-eight) to BGN 27,241,488 (twenty seven million two hundred forty one thousand four hundred eighty-eight) through the issuance of 500,000 (five hundred thousand) new shares, registered, underprivileged shares with voting rights with a nominal value of 1 (one) lev each one.

KBC repays all outstanding debt to government 5 years ahead of schedule

KBC will pay back to the Flemish Regional Government the full outstanding tranche of 2 billion euros of state aid, and will pay a penalty of 50%, before the end of this year.  In so doing, the group will meet all the remaining financial obligations imposed on it during and after the recent financial crisis and can now close that chapter completely.

TAJIKISTAN earthquake rocks Central Asia

An earthquake measuring 7.2 magnitude struck in Tajikistan, shaking buildings as far away as the Indian capital of New Delhi and in Pakistan, the US Geological Survey and witnesses said.

HUNGARY: CIG Pannonia books HUF 197 mln after-tax profi

Hungarian life insurance company CIG Pannonia booked an after-tax profit of HUF 197 million in the third quarter of this year, improving from a HUF 256 mln loss in the base period, an earnings report published today reveals, according to Hungarian news agency MTI.

SERBIA's Banca Intesa buys Delta Holding HQ building

Serbia's Banca Intesa Beograd said on Friday it has signed a deal to take over the headquarters building of local diversified conglomerate Delta Holding. Banca Intesa said in a statement that the move will help it to bring under one roof all business functions and create optimal working conditions for its employees.

UZBEKISTAN to sell state shares in major insurance companies to foreign investors

The State Committee for Privatization, Demonopolization and Development of Competition of Uzbekistan has put up the packages of state-owned shares of the two largest insurance companies of the country - Uzagrosugurta JSC and Kafolat Insurance Company JSC with total starting price of USD 10.67 million for sale to foreign investors.

ARMENIA: Net income of insurers in 3Q2015 grew to AMD 2.394.1 billion

Net income of  Armenia-based six insurance companies in the first 9 months of 2015 grew to 2.394.1 billion drams from 2.056.3 billion drams in the same time span of 2014, according to ARKA news agency's latest bulletin "Insurance Companies of Armenia" for the third quarter of 2015.

RUSSIA: Central Bank withdraws licences from four banks

Russia's central bank said on Tuesday it had withdrawn the licences from four banks for violating banking regulations, part of a long-running campaign to clean up the country's financial sector. The four were Moscow-based Baltica Bank, Svyaznoy Bank and Nota-Bank, and Samara-based Ipozembank.

SLOVENIA's KD Group 9-mo net profit plummets

Slovenian financial services provider KD Group said on Wednesday its net profit dropped to 231,000 euro in the first nine months of 2015 from 7.8 million euro a year earlier.

RUSSIA's Sogaz Insurance seeks China licence

Sogaz Insurance Group, one of the largest federal insurers in Russia, has applied for a licence to operate a representative office in Beijing, the company said in a statement.

VIG took part in international conference "Export-import relations Ukraine-EU 2016: preparedness of government and business"

Vienna Insurance Group represented by the Chairman of the Board of Insurance Company Globus Mr.Volodymyr Hanchak took part in international forum "Export-import relations Ukraine-EU 2016: readiness of government and business". The Forum was organized by Ukrainian Chamber of Commerce and Industry supported by EU government authorities, Cabinet of Ministers of Ukraine, governmental authorities, public and business organizations, as well as the biggest foreign investors to Ukrainian economy.

ROMANIA's Allianz-Tiriac 9-mo operating profit jumps 54%

Romanian insurer Allianz-Tiriac Asigurari said on Tuesday its operating profit rose by 53.7% on the year to 54.4 million lei (12.2 million euro) in the first nine months of 2015. Total revenue from general and life insurance operations rose by 6.4% to 776 million lei in the nine months through September, Allianz-Tiriac Asigurari said in a statement.

BULGARIAN insurer Euroins Jan-Oct premium income up 51.6%

The premium income of Bulgarian insurer Euroins rose by 51.6% to 48.9 million euro in the first ten months of 2015, its parent company, Eurohold Bulgaria, said on Tuesday. In October alone, Euroins's total premium income rose by an annual 122.7% to 5.1 million euro, Eurohold Bulgaria said in a bourse filing.

UZBEK Finance Ministry abolishes license of Silk Road Insurance

Ministry of Finance of Uzbekistan abolished a license of joint stock insurance company Silk Road Insurance. The press service of the Ministry of Finance said that the license for insurance activities SF No. 00195 from 25 July 2014, issued to Silk Road Insurance, was abolished from 3 November 2015. Silk Road Insurance requested the Ministry to abolish the license.

BOSNIA's Bobar Osiguranje to borrow 2.6 mln euro from local bank

Bosnian insurance company Bobar Osiguranje said on Monday it will borrow 5 million marka (2.6 million euro) from the local Bor Banka. The company's shareholders approved the loan on November 9, the insurer said in a filing with the Banja Luka Stock Exchange.

HUNGARY: MNB suspends KOBE mandatory car insurance sales

The National Bank of Hungary (MNB) on Friday said it had suspended the sale of mandatory car insurance policies by KOBE and placed restrictions on management of the insurerʼs assets. The MNB also instructed the insurer to prepare a financial plan, correcting deficiencies. The MNB said KOBEʼs insufficiently sound fee policy, risks related to its investment activities and the insurerʼs unfavorable reserves position justified the measure. The sales suspension does not apply to KOBEʼs other insurance contracts, the market watchdog said.

Mutko told about a solid insurance policy in case of transfer of the 2018 world Cup from RUSSIA

The FIFA world Cup 2018 under any circumstances will be held in Russia, in the case of his transfer significant insurance. This was stated by the Minister of sports of Russia, head of the organizing Committee "Russia-2018" Vitaly Mutko in interview TASS, posted on Monday, November 16. "Provided solid insurance premium. But no Russia did not take away. This will not happen under any circumstances. The Executive Committee in Zurich has long adopted the necessary decisions on the 2018 world Cup, confirmed to them repeatedly," said Mutko.

PZU Deploys Guidewire Solution for Rating, Underwriting, Policy Administration, Billing, Reinsurance and Client Data Management

Insurance Group SA (PZU), Poland's largest insurer, and Guidewire Software , Inc. a provider of software products to general insurers, today announced that PZU has successfully implemented Guidewire PolicyCenter and Guidewire BillingCenter as its next generation platform for non-life sales, underwriting, policy administration and billing operations. Additionally PZU has incorporated Guidewire Rating Management, Guidewire Reinsurance Management, and Guidewire Client Data Management into this transformation effort.

PZU-UKRAINE plans to boost charter capital by 80.74%

Shareholders in PZU Ukraine insurance company (Kyiv) at a general meeting on November 11, 2015 decided to increase the company's charter capital by 80.74% via an additional issue of 1.45 million shares worth UAH 14.496 million. The company said that the face value of each share is UAH 10.

KBC 3Q2015: Strong quarterly profit of 600 million euros

During the  summer  months,  our  clients  continued  to  put  their  trust  in  us:  lending  and  deposit volumes  went  up  in  virtually  all  of  the  countries  where  we  operate.  A  low  cost  of  credit  also ensured that profit thrived. In a backdrop of economic recovery, but also of low interest rates and volatile  financial  markets,  KBC  ended  the  third  quarter  of  2015  with  a  strong    net  profit  of  600 million euros, somewhat below the 666 million euros recorded in the previous quarter and the 608 million euros recorded in the year-earlier quarter. The total result for the first nine months of 2015 stands at 1 776 million euros. The business model performed very well, as illustrated by  the fact that all countries were profitable in the third quarter.

Aegon reports third quarter 2015 results

"During the third quarter of the year, Aegon's earnings were impacted by assumption changes, our ongoing model refinement program, and the anticipated book loss on the sale of our low-return business in Canada", said Alex Wynaendt, CEO.

Fund invests EUR 4 mln in ROMANIAN insurance broker

Romanian insurance broker Otto Broker de Asigurare, founded by local investor Victor Sraer, will get a EUR 4 million investment from investment fund The Foundations 1.0 SEE (TF1). The insurance broker needs to get the financial market regulator ASF's approval for the transaction. This is the first deal of this kind on Romania's insurance brokerage market, according to the company.

HUNGARIAN Post Life Insurance caters to neglected customers

The life insurance market in Hungary has been uncertain since the economic crisis left many to struggle financially, but the Hungarian Post Life Insurance Company is setting its sights on attracting previously neglected customers

BOSNIAN insurer Bobar Osiguranje cuts capital by 6.1 mln euro

Bosnian insurance company Bobar Osiguranje said its shareholders have approved cutting its capital by 11.95 million marka (6.1 million euro) to 1.3 million marka through the cancellation of shares while also backing the issue of new shares with the aim to cover losses and for legal reserve purposes.

ING's ROMANIAN life insurer unit 9-mo gross premiums up 2.5%

Romanian life insurer NN Asigurari de Viata, formerly ING Asigurari de Viata, said its gross written premiums amounted to nearly 461 million lei (103.6 million euro) in the first nine months of 2015, up 2.5% from the same period last year.

MetLife Announces Third Quarter 2015 Results

MetLife reported operating earnings of USD 705 million, down 61 percent from the third quarter of 2014, and 59 percent on a constant currency basis. On a per share basis, operating earnings were USD 0.62, down 61 percent over the prior year quarter. Operating earnings in the Americas decreased 18 percent, and 16 percent on a constant currency basis. Operating earnings in Asia increased 9 percent, and 26 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 15 percent, but were up 14 percent on a constant currency basis.

NN Group delivers continued solid performance in 3Q15

"Overall, our business continued to show a solid performance in the third quarter of 2015 despite volatile financial markets. The strong increase in the Group's operating result compared with the third quarter of 2014 was mainly driven by Netherlands Life, supported by a large private equity dividend. Insurance Europe also contributed to the increased result and continues to make progress in shifting its product mix towards protection products. In Japan, our focus on the SME segment is bearing fruit, as COLI protection sales are showing double-digit growth. Overall sales for the Group were down, as we focus on profitable growth in the low interest rate environment. We recognise that there is more work to do to increase the net inflows of our asset management business and to improve the combined ratio of the Dutch Non-life company", said Lard Friese, CEO.

HUNGARY, ALLIANZ: insurers must innovate to compete

With a nearly 21-percent share of Hungary's non-life insurance market, Allianz Hungary has an important role to play in a country that has hit the headlines recently because of its geographic position as a frontier for waves of migrants seeking a better life in the EU. Hit hard by the financial crisis but improving, Hungary was recently characterised by the IMF as 'growing at a strong pace, helped by accommodative policies and improved market sentiment'.

BOSNIAN insurer ASA Osiguranje 9-mo net profit rises

The net profit of Bosnian insurer ASA Osiguranje surged to 131,000 marka (67,100 euro) in the first nine months of 2015 from 11,400 marka a year earlier, the company said on Monday in a bourse filing.

CROATIA's Adris Grupa plans listing abroad in 2018

Croatian diversified conglomerate Adris Grupa said on Friday it plans to list abroad in 2018. "Our goal, with the help of leading global consultants, is to prepare the company for listing on one of the world bourses in 2018," Adris Grupa said in a filing to the Zagreb bourse.

AIG Reports Third Quarter 2015 Results

American International Group, Inc. today reported after-tax operating income of USD 691 million, or USD 0.52 per diluted share, for the third quarter of 2015, compared to USD 1.7 billion, or USD 1.19 per diluted share, in the prior-year quarter. Compared to the prior-year quarter, third quarter operating results decreased due to lower income on hedge fund investments, lower income on assets marked to fair value through earnings, including part of AIG's holdings in People's Insurance Company (Group) of China Limited (PICC Group) and PICC Property & Casualty Company Limited (PICC P&C) shares and assets in Corporate and Other. Lower GOE partially offset these decreases resulting from expense management actions surrounding a freeze of U.S. retirement plans.

BOSNIA: Foreign investors eye stake in Krajina Osiguranje

The Insurance Agency of Bosnia's Serb Republic said on Thursday that Naveen Aggarwal, the director of the Belgrade-based S&A Capital Investments, and another Indian national have submitted a request to acquire a stake in currently majority state-owned insurer Krajina Osiguranje.

AVIVA plc Third Quarter 2015

"We are maintaining the momentum of AVIVA's transformation with a further quarter of improved performance. In life insurance, value of new business was up 25%, the eleventh consecutive quarter of growth. The general insurance combined ratio of 94.0% is a more than adequate result. This level of consistency is important as we transform and grow AVIVA", said Mark WILSON, Group Chief Executive Officer.

Willis Group Reports Third Quarter 2015 Results

Willis Group Holdings plc, the global risk advisory, re/insurance broking, and human capital and benefits firm, today reported results for the three and nine months ended September 30, 2015.

NBS and Insurance Supervision Agency of Macedonia Sign a Cooperation Agreement

During the official ceremony held in the NBS on 26 October, NBS Governor Jorgovanka Tabakovic and the president of the Council of experts of the Insurance Supervision Agency, Klime Poposki, signed a cooperation agreement between these two institutions. The agreement regulates cooperation and exchange of information between insurance supervisors of the two countries.

Regulator confirms BOSNIA's Standard Group eyeing Bobar Osiguranje

The Insurance Agency of Bosnia's Serb Republic confirmed on Monday that Bijeljina-based company Standard Group is seeking a nod to become a majority shareholder in local insurer Bobar Osiguranje. A spokesperson for the Agency told SeeNews in an email that the request submitted by Standard Group is currently being processed.

HUNGARY, MNB: Insurers must validate contracts with former Astra policy holders

Insurers must recognize the mandatory vehicle liability insurance contracts as valid from October 1 for former policy holders of Romanian insurer Astra who terminated their contract by mutual agreement from September 30 even if Astra has not yet reported the termination of the contract in the Centralized Claim History Registration System (KKNYR), the National Bank of Hungary (MNB) said yesterday.

A.M. Best Affirms Ratings of Munich Reinsurance Company and Its Subsidiaries

A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit ratings of "aa-" of Munich Reinsurance Company (Munich Re) (Germany) and its subsidiaries. Concurrently, A.M. Best has affirmed the issue ratings of Munich Re. Additionally, A.M. Best has affirmed the ICR of "a-" and the issue rating of Munich Re America Corporation (Princeton, NJ). The outlook for all ratings is stable.

ACE Reports Record Operating Income per Share of USD 2.74 for Third Quarter

ACE Limited today reported net income for the quarter ended September 30, 2015, of USD1.62 per share, compared with USD2.32 per share for the same quarter last year. Operating income was USD2.74 per share, compared with USD2.64 per share for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 85.9%. Book value and tangible book value per share declined 1.5% and 0.8%, respectively, from June 30, 2015, reflecting unfavorable foreign currency movement of USD548 million, after-tax, and realized and unrealized losses in the company's investment and variable annuity reinsurance portfolios of USD622 million, after-tax, as a result of global equity and interest rate movements. Book value and tangible book value per share now stand at USD89.88 and USD72.25, respectively.

AZERBAIJAN: A.M. Best Affirms Ratings of AzRe Reinsurance

A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of AzRe Reinsurance, OJSC (AzRe) (Azerbaijan). The outlook for both ratings remains stable. The ratings of AzRe reflect its strong consolidated risk-adjusted capitalisation and operating performance, as well as its solid business profile as the sole reinsurer in Azerbaijan's domestic market. Partly offsetting these factors are the high concentration risk inherent within the group's underwriting and investment portfolios, its volatile technical results and the increased financial system risk resulting from the challenging economic conditions arising in Azerbaijan.

AZERBAIJAN: Green Card insurance system to be available in 2016

At a time when no one is insured from undesirable incidents, one seeks insurance as a remedy from post-accident depression. Azerbaijani citizens will be able to get relief from the stressful expenses related to vehicles, different types of property, life and health, as some insurance services will now also be available in a few foreign countries.

AZERBAIJAN: Measures for insurance company managers strengthened

Managers of insurance companies in Azerbaijan will have to pass specialized qualification exams to attain certification. Namig Khalilov, the head of the State Insurance Supervision Service under the Azerbaijani Finance Ministry, believes that the certification should be applied not only with regard to insurance agents but also other spheres of activity in the country and become a requirement to fill the vacancy.

BULGARIA's Alfa Finance Holding sells majority stake in insurer BrokerIns

Bulgarian industrial and financial group Alfa Finance Holding said it sold a majority stake in local insurance broker BrokerIns. The deal complies with the holding company's strategy for the acquisition, development and sale of high-potential companies in prospective business spheres, Alfa Finance Holding said in a bourse filing.

AzRe acquired 100% shares of Chartis Azerbaijan

In September 30, 2015 "AzRe Reinsurance" OJSC acquired 100% shares of "Chartis Azerbaijan Insurance Company" OJSC. "Chartis Azerbaijan" OJSC was established in January 15, 1999 and was the daughter of the leading international insurance organization American International Group Inc. (AIG).

BOSNIA's Dunav Osiguranje plans capital hike of 1.7 mln euro

Bosnian insurance company Dunav Osiguranje said on Monday it plans to hike capital by 3.3 million marka (1.7 million euro) through a new share issue in a placement to a qualified investor. Dunav Osiguranje plans to issue 33,149 ordinary shares with a par value of 100 marka each, the company said in a filing with the Banja Luka Stock Exchange.

AZERBAIJAN to accede to South Eastern Group of insurance system Green Card

The Compulsory Insurers Bureau of Azerbaijan will enter into the South Eastern Group of insurance system Green Card from 1 January 2016. According to the Bureau, currently among the Group's members are 12 countries: Albania, Bosnia and Herzegovina, Bulgaria, Cyprus, Macedonia, Greece, Iran, Israel, Moldova, Romania, Serbia and Turkey.

LITHUANIA, 2014: The gross value added per person employed amounted to EUR 24 975

Statistics Lithuania informs that, after the revision of gross value added and employment indicators, labour productivity estimates were recalculated. In 2014, the value added per hour actually worked in the whole economy amounted to, on average, EUR 13.62 at current prices, which is by EUR 0.31 more than in 2013. The gross value added per person employed amounted to EUR 24 975.

AZERBAIJAN's financial sector facing new challenges

The financial sector should play a more active role in Azerbaijan's economic development, Rashad Orujov, executive director of the Central Bank of Azerbaijan said Oct.9. He made the remarks during the 4th Investors' Fair "On the Pathway to Responsible Microfinance" being held in Baku.

BULGARIA: Finance, insurance group Eurohold to pay dividend for 2014

Finance and insurance group Eurohold Bulgaria decided to distribute a total of 582,714 levs (298,000 euro) in dividend for 2014, it said. The group's shareholders approved a proposal to pay a net dividend of 0.0044 levs per share, Eurohold Bulgaria said in a bourse filing on Tuesday.

AZERBAIJAN makes amendment to Law on Insolvency and Bankruptcy

Today, a draft law on amendments to the law on "Insolvency and Bankruptcy" has been discussed at the plenary meeting of Azerbaijani Parliament.  APA-Economics reports that Ziyad Samadzade, chairman of Economic Policy Committee of the Azerbaijani Parliament, said it's offered to annex a new article to this Law.

AZERBAIJAN plans to introduce compulsory medical insurance

Azerbaijani officials have called for introducing compulsory health insurance to all employees entering the workforce as part of the draft concept of socio-economic development for 2016 and the subsequent three years. According to the draft, compulsory health insurance remains a priority for Azerbaijan's insurance policy. The budget package for 2016 is currently under review by the Azerbaijani Parliament.

Warren Buffett cuts Munich Re stake to below 10 pct

Warren Buffett has cut his stake in German reinsurer Munich Re after warning earlier this year that prospects for the reinsurance industry had turned gloomier. Buffett's companies Berkshire Hathaway Inc. and National Indemnity Company cut their combined holding to 9.7 percent from around 12 percent previously, Munich Re said in a statement on Tuesday.

BOSNIA's Bobar Osiguranje, eyed by Maltese co, extends share sale offer

Bosnian insurer Bobar Osiguranje said on Tuesday it has extended until October 29 the validity of a public offer for the sale of 70,000 new ordinary shares via the Banja Luka Stock Exchange. Bobar Osiguranje said in a bourse filing that Maltese company Argentarius ETI Management LTD has expressed interest in purchasing over 50% of company's capital and added that it has decided to extend the deadline for the share issue by a period of 30 days so that the foreign investor can meet the relevant legal and company procedures for the acquisition.

SLOVENIA's KD Kapital signs deal to sell 50.04% of Zicnice Vogel

Slovenian financial services group KD said on Tuesday its unit KD Kapital has signed a deal for the sale of 50.04% of ski slope operator Zicnice Vogel. The move is part of a strategy for the divestiture of non-strategic investments, a KD spokesperson said in an emailed response to a SeeNews inquiry.

POLAND: A quarter million cars uninsured

As many as 250,000 Polish drivers have not insured their cars, which is a legal requirement in the country. Just last year, more than 6,000 accidents were caused by uninsured drivers or those who fled the scene.

SLOVENIA: Sava Re announced the acquisition of 10% of local pension company

On 22 September 2015, Sava Reinsurance Company, as the purchaser, and Merkur zavarovalnica d.d. Ljubljana, as the seller, signed a purchase contract for 1,510 shares of the pension company Moja nalozba pokojninska druzba d.d., which represents 10 percent of the pension company's issued shares.

BULGARIA's ESO opens 15.3 mln euro insurance services tender - TED

Bulgaria's state-owned Electricity System Operator (ESO) opened a 30 million lev tender for insurance services, a notice in the EU's procurement journal indicated on Tuesday. The value of the contract does not include value added tax, the notice published in the Tenders Electronic Daily (TED) showed.

BOSNIA: Sarajevo Osiguranje H1 net profit drops 32%

The net profit of Bosnian insurer Sarajevo Osiguranje dropped 32.2% to 105,000 marka in the first half of 2015, the company said on Wednesday. Sarajevo Osiguranje's gross written premiums fell 11.8% to 31.8 million marka through June, while its net operating costs decreased to 9.5 million marka from 11.4 million marka, the insurance company said in a filing with the Sarajevo Stock Exchange.

UKRAINE: LIOU, German Embassy publish revised list of insurers for tourism in EU/Schengen zone

The League of Insurance Organizations of Ukraine (LIOU), jointly with the German Embassy to Ukraine which is the coordinator of relations between consulates and visa centers of the EU/Schengen zone states and representatives of the insurance market pursuant to Article 48 of the EU Visa Code, has published a list of Ukrainian insurance companies that can insure tourists travelling to the EU/Schengen zone.

VIG's Stake in Casinos Austria Sold to Czech Firm, Pending Regulatory Nod

The Austrian antitrust authority BWB has been notified about the sale of a stake in Casinos Austria, owned by Vienna Insurance Group (VIG), to Czech billionaires Karel Komarek and Jiri Smejc, on Friday. Austrian Gaming Holding a.s. (AGH) wants to acquire 100 percent of the shares of CAME Holding GmbH, the notification indicates.

RUSSIA's EXIAR to open office in Minsk

The Export Insurance Agency of Russia (EXIAR) will open an office in Minsk on 25 September, BelTA learned at Bank BelVEB that the corresponding information was made available for mass media. Russia's Bank for Development and Foreign Economic Affairs (Vnesheconombank) is the main shareholder of Bank BelVEB. The latter is, in turn, the sole shareholder of EXIAR.

Uniqa Insurance to Continue Expansion in CEE

Uniqa insurance will continue its expansion course in terms of its presence on the CEE markets and enjoys nearly fully consistent profitability in the region, even considering the current times of political difficulty in Ukraine and Russia, CEO Andreas Brandstetter and Uniqa International CEO Wolfgang Kindl told journalists in Kiev.

BULGARIAN insurer Euroins Jan-Aug premium income up 47.7%

The premium income of Bulgarian insurer Euroins rose by 47.7% to 40.1 million euro in the first eight months of 2015, its parent company, Eurohold Bulgaria, said. Euroins's premium income from property insurance rose by 6.9% to 3.4 million euro in the January-August period, Eurohold Bulgaria said on Wednesday in a bourse filing.

ROMANIA: Euroins Jan-Aug premium income rises 54.3%

The premium income of Euroins Romania rose 54.3% over the year to 102.9 million euro in the first eight months of 2015, the insurer's Bulgaria-based parent, Eurohold, said. Euroins Romania's premium income from third-party liability insurance for motor vehicles increased 59.3% year-on-year to 97.9 million euro in the January-August period, Eurohold Bulgaria said on Wednesday in a notice filed with the Sofia stock exchange.

AZERBAIJAN postpones plans on compulsory medical insurance

Azerbaijan refused from plans on introduction of compulsory health insurance (CHI) against the background of global economic processes. Parliamentary Social Policy Committee's deputy chair Musa Guliyev has stated that CHI is the best option of financing for the health care, but there are some difficulties in the introduction of the system.

TURKEY: Escalating violence hits insurance sector

Insurance experts have complained about their inability to visit Turkey's eastern region for damage assessment amid escalating violence. Sector representatives said they are concerned for their safety and ask for help from security forces to do their jobs in the region.

BOSNIA's ASA Osiguranje H1 written premiums rise 34%

The gross written premiums of Bosnian insurer ASA Osiguranje surged 34% to 8.5 million marka in the first six months of 2015, the insurer said on Monday. In the first half of the year, ASA Osiguranje saw a 31% increase in written premiums from mandatory insurance and a 40% growth in premiums from voluntary insurance products, the company said in a press release made available to SeeNews.

BOSNIA's Wiener Osiguranje cuts capital by 2.2 mln euro

Bosnia's Wiener Osiguranje, part of the Vienna Insurance Group, said on Wednesday it is cutting its capital by 4.3 million marka to 11.2 million marka to partially cover accumulated losses and to establish legal reserves. 

KOSOVO Insurance Bureau official "freezes wrong agreement"

Speaking on Wednesday, the Kosovo minister in charge of the Belgrade-Pristina dialogue explained that this agreement, reached on June 23, "has nothing to do with those on temporary license plates and freedom of movement."

POLAND eyes sending stakes in PGNiG gas, PZU insurance and PGE power to Silesia fund

Poland will seek to hand shares in gas firm PGNiG, insurer PZU and power utility PGE over to the Silesia investment fund, according to a motion from the Treasury Ministry to the Monday cabinet sitting. In the deal, Poland will take a new stake in the Silesia Financial Agency fund, first called to being to help Poland restructure its milling industry.

KOSOVO decides to freeze the agreement on insurance policies with Serbia

The head of the technical delegation on issues concerning border insurance, Rrahim Pacolli, has decided to freeze as of this midnight the agreement for the mutual recognition of border insurance policies between Kosovo and Serbia. Pacolli took this decision based on article 9 of the statute of the Kosovo Insurance Bureau, stressing that the agreement reached on June 23 in Brussels is not being implemented in a mutual way by the Serb side.

AZERBAIJAN: 680,000 cars undergone compulsory insurance

Over Jan-Aug of the year 679,556 motor vehicle owners were drawn to compulsory insurance of civil liability. The Compulsory Insurers Bureau reports that 120,821 of the vehicles are foreign transit vehicles.

AZERBAIJAN withdraws licenses of three more insurance agents

Finance Minister Samir Sharifov of Azerbaijan has signed an order on the elimination of licenses issued to insurance agents. The State Insurance Supervision Service under the Ministry of Finance of Azerbaijan reports that in accordance with the order the previously-issued perpetual licenses were liquidated since 21 August 2015.

ARMENIA: VTB bank unveils new insurance products

VTB Bank (Armenia) has unveiled today new four types of insurance products, which it said were designed to make the everyday life of its clients more comfortable, saying some of them are 'unique' in the Armenian market.

AZERBAIJAN: Provincial Salyan beats second and third large-size cities on insurance field

In August 2015 provincial Salyan has beaten the second and the third city of Azerbaijan on the insurance field - in the sphere of compulsory insurance of immovable property. The Compulsory Insurers Bureau reports that in August, the country concluded 5,907 contracts (-37.4% by July) on such insurance in the amount of AZN 1.6 million (+9.6%).

Former Zurich head Riddell appointed non-exec at Pool Re

Geoffrey Riddell, the former Zurich Global Corporate head, has been appointed as a non-executive director at Pool Re, the company recently announced. Riddell has held several executive reinsurance positions and brings a wealth of industry knowledge to his new role.

SLOVENIA: Insurance Market Supervisor Argues New Rules Making Insurers Even Safer

Head of the Insurance Supervision Agency Sergej Simoniti has told the STA that the EU's Solvency II directive will make Slovenian insurers even safer, since it introduces higher risk management standards. Simoniti, who does not expect any insurance companies to need extra capital, highlighted good oversight as a key reason for this.

ROMANIA: Aegon registered a 46 percent increase in traditional life insurance

Aegon Romania registered a 46 percent increase in traditional life insurance during the first half of 2015 (RON 24.48 million, about EUR 5.5 million, against RON 16.74 million in H1 2014), according to company financial data. In the first half of 2015 the company reached RON 30.78 million (EUR 6.95 million) in gross written premiums, a 36.5 percent increase as compared to last year's H1 of RON 22.54 million.

Future quake could cause USD 120 bn damage in TURKEY

A major earthquake that is likely to strike Istanbul within the next several decades is expected to cause USD 120 billion in damage, said insurance company Aksigorta's General Manager Ugur Gulen, speaking to the Hurriyet daily on Monday.

AZERBAIJAN prepares for compulsory health insurance

Azerbaijan will enforce the use of mandatory health insurance in the near future, said Hadi Rajabli, chairman of the Committee on Social Policy of the Parliament. Rajabli said Azerbaijan is carrying out systematic work in preparation for expected application of compulsory medical insurance.

Achmea doubles operational result to EUR 285 million

"Over the first six months of this year Achmea posted a net profit of EUR 272 million. Net profit improved as a result of lower operational expenses, higher investment results and an incidental positive result in the health insurance segment.The operational result has doubled from EUR 142 to EUR 285 million, which demonstrates that we are on the right track in terms of the underlying business. All our insurance activities contributed to the improved result. Our international business also achieved better results. Storms in the first half of this year caused considerable damages to our customers' property and impacted our result by EUR 25 million. Our financial position remains as robust as ever and our customers can count on us continuing to be a reliable financial partner in the future. Our solvency ratio for insurance entities has increased by 10 percentage points to 225% since the end of last year", said Willem van Duin, Chairman of the Executive Board.

Willis Group Reports Second Quarter 2015 Results

Willis Group Holdings plc, the global risk advisory,  re/insurance broking, and human capital and benefits firm, today reported results for the three and six months ended June 30, 2015. Dominic Casserley, Willis Group Chief Executive Officer, commented, "We are pleased with our underlying performance with underlying net income up 21% compared to last year. We are also pleased with our organic performance, having achieved 200 basis points of positive spread. We have achieved this despite the well anticipated headwinds we faced in this quarter from timing issues and uneven market conditions."

Zurich reports business operating profit of USD 2.2 billion for the first half of 2015

Zurich Insurance Group (Zurich) today reported a business operating profit (BOP) of USD 2.2 billion and net income attributable to shareholders of 2.1 billion for the half-year ended June 30, 2015. "While the positive trend in Global Life and Farmers has continued, with these businesses delivering good results, the profitability of our General Insurance business was adversely affected by large losses, particularly within Global Corporate and the UK, and a higher expense ratio. In consequence, our business operating profit return on equity for the first half of 2015 was 11.6%", said Chief Executive Officer Martin Senn.

MetLife Announces Second Quarter 2015 Results

MetLife, Inc. MET, -0.47% today reported the following results for the second quarter of 2015: MetLife reported operating earnings of USD 1.8 billion, up 11 percent from the second quarter of 2014, and up 16 percent on a constant currency basis. On a per share basis, operating earnings were USD 1.56, up 12 percent over the prior year quarter. Operating earnings in the Americas grew 4 percent on a reported basis and 6 percent on a constant currency basis. Operating earnings in Asia increased 31 percent on a reported basis and were up 45 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 31 percent on a reported basis and were down 7 percent on a constant currency basis.

NN Group posts strong 2Q15 results

"Our second-quarter results were very strong and contributed to a good first half of the year. Overall operating result from the ongoing business was 90% higher, supported by several favourable items in the Netherlands, including a large private equity dividend. Even excluding these items, we saw healthy operating performance in all of our businesses, especially in Netherlands Life and Insurance Europe. With cumulative expense savings of EUR 198 million, we have essentially achieved our overall cost savings target of EUR 200 million in the Netherlands ahead of schedule. While we are pleased with another quarter of strong results, there is room for further improvement. We will continue to focus on efficiency, improving the combined ratio of our Non-life business, strengthening the capabilities of our asset manager and increasing the profitability of our international insurance businesses", said Lard Friese, CEO.

Hannover Re increases Group net income by around 20 percent

The first half of 2015 closed on a very pleasing note for Hannover Re. The company had generated significantly more than half of its full-year profit target after the first six months. In view of this performance, the expectation for the full 2015 financial year has been raised from the original level of EUR 875 million to a figure in the order of EUR 950 million. "Both business groups - namely Property & Casualty and Life & Health reinsurance - and also the investment portfolio played a successful part in this positive result", Chief Executive Officer Ulrich Wallin stated. "The sustained strong profitability of property and casualty reinsurance shows that with our systematically pursued policy of selective underwriting we are well placed to tackle the conditions associated with challenging market phases."

Aviva plc 2015 Interim Results Announcement

Mark Wilson, Group Chief Executive Officer, said: "After three years of turnaround we are now moving to a different phase of delivery. We have improved the balance sheet, simplified the Group and we are now transforming our business. The progress is evident in these results".

AIG Reports Second Quarter 2015 Net Income of USD 1.8 Billion

American International Group, Inc. today reported net income attributable to AIG of USD 1.8 billion, or USD 1.32 per diluted share, for the quarter ended June 30, 2015, compared to USD 3.1 billion, or USD 2.10 per diluted share, for the second quarter of 2014. Compared to the prior-year quarter, second quarter 2015 net income attributable to AIG declined primarily due to higher loss on extinguishment of debt from ongoing liability management activities, lower capital gains from sales of investments, and a net gain on the sale of divested businesses related to the sale of International Lease Finance Corporation in the second quarter of 2014.

ACE Reports Second Quarter Operating Income of USD 788 Million

ACE Limited today reported net income for the quarter ended June 30, 2015, of USD 2.86 per share, compared with USD 2.28 per share for the same quarter last year. Operating income was USD 2.40 per share, compared with USD 2.42 per share for the same quarter last year. Operating return on equity for the quarter was 11.4%. The property and casualty (P&C) combined ratio for the quarter was 87.7%. Book value per share increased 0.5% from March 31, 2015, to USD 91.27.

Iranian banks, insurance companies to fully resume work AZERBAIJAN

Iranian banks and insurance companies will fully resume their activity in Azerbaijan in the near future, Iran's Minister of Economy and Finance Ali Tayebnia said at a meeting with Azerbaijani Minister of Economy and Industry Shahin Mustafayev in Tehran, Trend's special correspondent said.

HUNGARY's MNB fines Uniqa Insurance HUF76m for violations

The National Bank of Hungary (MNB) fined insurance company Uniqa Biztosito HUF 76 million on a number of violations related to shortfalls in its registration, auditing and contract management systems, the central bank said today in a press release.

RUSSIA: A.M. Best Affirms Ratings of SOGAZ

A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of OJSC INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ (SOGAZ) (Russia). The outlook for both ratings remains negative. SOGAZ is the ultimate operating parent of the SOGAZ Group, which provides a range of insurance and non-insurance related services.

MOLDOVA: In the first half of 2015, the volume of premiums of the "Green card" insurance has decreased by 6.4%

According to preliminary data of the National Commission for financial market, in January-June 2015 the largest volume of premiums accounted for the company Moldasig - 26,04 million lei, Donaris Grup - 24,62 million lei, Asito - 17,85 million lei, Klassika Asigurari - 17,64 million lei, Victoria Asigurari - 15,52 million lei. The share of these companies accounted for over 80% of the collected premiums on the "Green card" insurance.

If half-year profit in Baltics reduced by 13% in H1

The insurance company If P&C Insurance AS in Estonia and its subsidiaries in Latvia and Lithuania earned EUR 9.3 million in the first half of the year 2015, which is 13% less than in the respective period last year, when the company's profit reached EUR 10.7 million, as the company informed LETA.

ARMENIAN Insurers Increasing Net Worth by 4.5% yoy with a 1.2% Quarter Decrease

As of Jul 1, 2015 the net worth of the 6 operating insurance companies in Armenia totaled 14.9 bln AMD with a 4.5% yoy growth. In Q2 the indicator decreased by 1.2%. By the Ranking of the Armenian insurance companies, prepared by ArmInfo News Agency, 87,6% or 13.1 bln AMD accounted for the registered capital in the net worth structure.

ARMENIAN Insurers Assets down by 5.1% yoy and by 2.8% in Q2

By Jul 1, 2015 insurance companies' assets totaled 39 bln AMD with 5.1% yoy fall. In Q2 the decrease indicator totaled 2.8%. By the Ranking of insurance companies of Armenia, prepared by ArmInfo News Agency, four of the six operating companies registered a fall with RESO taking the first place - 25% (amid 6.9% quarter decrease).  Ingo Armenia's assets decreased by 9.6% (amid 4.5% quarter fall).  Nairi Insurance was registered to have 2.6% fall (amid 8.9% quarter growth), while Rosgosstrakh Armenia reduced its assets by 2% (amid 5.1% quarter decrease). Sil Insurance has shown 20.3% yoy growth (amid 4.6% quarter growth) and Armenia Insurance - 2.5% growth (amid 6.2% quarter fall).