Last week, at the first virtual Annual General Meeting in the history of MUNICH Re, Annual General Meeting approves dividend proposal of EUR 9.80 per share, while Carsten SPOHR was elected to the Supervisory Board of the reinsurer.
NN Group announced an update of the composition of the Management Board (MB) as of 1 June. Bernhard KAUFMANN will join the MB as Chief Risk Officer (CRO) of NN Group. "Furthermore, given the growth of activities following recent acquisitions in the Netherlands, our Dutch businesses will be divided into two portfolios with separate responsibilities", as NN announced in a statement.
Dutch insurer ACMEA announced about a week ago that during the Annual General Meeting, the shareholders approved the appointment of Miriam van Dongen as a member of ACHMEA's Supervisory Board for a period of four years. The nomination has been approved by the Nederlandsche Bank. Additionally, the AGM has reappointed Wim de Weijer to the Supervisory Board for a period of four years.
German insurance group ALLIANZ it has withdrawn its operating profit target for 2020 in light of uncertainty caused by the coronavirus pandemic, and said that it expects first-quarter net income to fall by around 30%.
Austrian VIENNA Insurance Group - VIG announced that the preliminary figures for 2019, which were released on 17 March 2020, have now been confirmed by the publication of the Group Annual Report. "Management is confident that the Group will weather the effects of the coronavirus crisis due to its solid capital base, the positive results recorded in previous years and the ongoing stringent implementation of the Agenda 2020 management programme".
At the end of the first quarter of 2020, Fairfax Financial Holdings announced a consolidated gross premiums written volume of USD 4,776 million, 1.0% more year-on-year. The net premiums written volume increased by 10.1% to USD 3,699.9 million.
Marsh & McLennan Companies (MMC) ended the first quarter of 2020 with a net income (attributable to the company) of USD 754 million, 5% more year-on-year. This results translates into USD 1.48 per diluted share (+6%) and USD 1.64 adjusted earnings per share (+8%).
Aon ended the first three months of 2020 with a net income of USD 772 million, 17% higher when compared to the first quarter or prior year. However, "the first quarter 2020 financial results are not necessarily indicative of results that may be expected for the full year or any future period, particularly in light of the continuing effect of the COVID-19 outbreak," the company explained.
For the first quarter of 2020, Swiss Re Group reported consolidated net premiums earned of USD 9,586 million, 7.3% more year-on-year. At the same time, the group registered a net loss of USD 225 million, reflecting the impact of the COVID-19 crisis on the underwriting and mark-to-market unfavourable valuation of Phoenix Group Holdings plc shares.
TURKER Re announced the appointment of Daniel STANKO as Regional Director for its European operations.
For the first quarter of 2020, SCOR, one of the largest global reinsurers, reported a consolidated net income of EUR 162 million, 23.7% higher that the same period of prior year.
Swiss Re and AXA have announced that Stefan LIPPE, Swiss Re's Group CEO from 2009 to 2012 and AXA'S Director and head of the Audit Committee after that, passed away earlier this week, at 65, of complications from Covid-19.
UK-based financial group AVIVA informed its Italian subsidiary - AVIVA Italy supports the Mutual Aid Fund, founded by Giuseppe SALA, Mayor of Milan. The aim of the fund is to help those who are facing the hardest difficulties caused by the economic and health emergency relating to Covid-19.
CROATIA osiguranje (CO), one of the largest insurer in the Adriatic region, annonced that based on currently available information, it cannot reliably estimate the amount of potential losses that would result from the direct impact of COVID-19.
TRIGLAV Group informed in a statement its expectations regarding the impact of the pandemic on Group's performance in 2020. Thus, compared to the published business plan for 2020 in December 2019 - profit before tax of EUR 95 million - EUR 105 million and GWP of around EUR 1.2 billion, the most recent scenario published by the company as a result of Coronavirus pandemic indicates a decline in Group FY2020 profit of 10%-25%, while in case of GWP the forecast indicate a decrease of 3-5%.
Polish insurance group PZU (Powszechny Zaklad Ubezpieczen), one of the largest CEE insurer informed its Management Board decided to submit a motion to PZU's Ordinary Shareholder Meeting on the distribution of FY2019 PZU's net profit.
Austrian VIG Group announced that due to the ongoing Covid-19 crisis it expects FY2020 burdened results. "Against the backdrop of the ongoing Covid-19 crisis and the associated increased insecurities on capital markets and on the operative business development, VIG Group expects dampening effects on its full year results 2020".
Reinsurer VIG Re, part of Austrian insurance group VIG reported FY2019 total premium volume of EUR 527 million, up by 15.4% y-o-y - exceeding for the first time the EUR 500 million benchmark. At the same time, the company FY2019 profit before tax increased by 0.3% y-o-y to EUR 22.6 million while the reported combined ratio of 96% is 3.5 percentage points above 2018 level.
SCOR has been informed of Fitch's decision to affirm the Group's Financial Strength Rating of 'AA-' (Very Strong) and Long-Term Issuer Default Rating (IDR) at 'A+'. Fitch has also affirmed the ratings of SCOR's core operating subsidiaries. The Outlooks are Stable.
Vancho BALEN and Luka BABIC are the two new members appointed in the Management Board of Croatia Osiguranje on 19 April, effective immediately. Their mandates will last until 2022 end-year.