During May 2020, S&P Global Ratings affirmed the ratings of multiple (re/)insurance groups and companies, including Munich Re, Fairfax and NN.
PZU Group ended the first quarter of 2020 with a consolidated net result of PLN 116 million, 84.5% lower year-on-year. The net profit registered by the group excluding Alior Bank and Pekao reached PLN 577 million (-13.3%).
The Board of Directors of the French group SCOR has announced on May 25 that it will propose to the Shareholders' Meeting of June 16, that no dividend be distributed for the 2019 fiscal year and that the entire income for that year be allocated to distributable earnings.
Zurich Insurance Group (Zurich) announced an increase of USD 200 million to the USD 200 million 2.3% senior unsecured notes due 2030, issued on February 25, 2020 by Zurich Holding Company of America, Inc., bringing the total issue size to USD 400 million.
Carlos GONZALEZ-PERANDONES, currently Chief Sales Officer (CSO) of Nationale-Nederlanden Spain, has been appointed Chief Executive Officer of Nationale-Nederlanden Spain, effective 1 June: "This follows Cornelia COMAN's decision to leave NN Group to pursue opportunities outside our company".
Johann STROBL, CEO of RAIFFEISEN Bank International AG (RBI), was elected to the Supervisory Board of UNIQA Insurance Group AG by the Annual General Meeting. He was proposed to replace Erwin HAMESEDER, who left UNIQA's Supervisory Board at the end of the Annual General Meeting on 25 May 2020. Click here
to read more.
Slovene re/insurane groups TRIGLAV and SAVA informed the public of the Insurance Supervision Agency's new call upon the insurance companies to suspend the payout of dividends from accumulated profit and not to undertake any irrevocable commitment to pay out dividends by 1 October 2020.
The coronavirus pandemic is leaving deep scars on the global economy. According to the credit insurer EULER HERMES, this will likely to lead to a deep recession in world trade and the global economy - and consequently to a wave of insolvencies worldwide.
AVIVA plc announced the appointment of George CULMER as Non-Executive Chairman with effect from the 27th May 2020, following the AVIVA AGM.
Global re/insurance broker Aon announced it has promoted Steve PETREVSKI as Senior Vice President and General Manager of Data & Analytic Services to drive its growth strategy through new capabilities that leverage emerging technologies for digital businesses and accelerate foundational Data and Analytic Services capabilities. PETREVSKI will report to John Bruno, CEO of Data & Analytic Services and COO of Aon.
UNIQA Group ended the first three months of 2020 with a consolidated net result of EUR -13.2 million, COVID-19-related market effects forcing UNIQA to report a negative quarterly result for the first time since 2011 euro crisis. The result compares to an EUR 32.2 million net profit in the first quarter of 2019.
TUW PZUW, the mutual insurer established by the PZU Group in 2016, ended 2019 with written premiums worth PLN 690 million while doubling its net profit and technical result as compared with 2018 and reaching a 31% market share on the mutual insurance market in Poland.
For the first three months of 2020, Generali Group recorded a net profit of EUR 113 million, 84.8% lower year-on-year. The group's operating result reached EUR 1,448 million, up 7.6%, driven by P&C and Asset Management growths.
For the first quarter of 2020, Vienna Insurance Group (VIG) recorded a net profit (after non-controlling interests) of EUR 85.8 million, 2.8% higher y-o-y.
VIG Re, part of the Austrian Vienna Insurance Group, ended the first three months of 2020 with a net profit of EUR 2.4 million, -42.5% lower y-o-y, impacted, as most reinsurers, by the effects of COVID-19 crisis on the financial markets and a higher volume of claims.
For the first quarter of 2020, Sava Insurance Group generated operating revenues in amount of EUR 149.0 million (+16.2% year-on-year) and a net profit of EUR 10.3 million (-5.6% y-o-y).
Between January - March 2020, Triglav Group registered a net profit of EUR 22.4 million, 12% lower year-on-year due to major CAT events and a sharp decline on the international financial markets caused by COVID-19 pandemic.
Italian insurer GENERALI announced that all its subsidiaries in ACEER Region (Austria, CEE & Russia Region) tooked part in different initiatives to help the clients and communities overcome the coronavirus crisis. Thus, GENERALI pubished an overview of actions being taken by its subsidiaries in the Austria, CEE & Russia Region. "It covers different initiatives which have been developed to assist our clients and communities".
Following the death of Stefan LIPPE - AXA Director since 2012 and former Chief Executive Officer of the Swiss Re Group, Director of the Company and Chairman of the Audit Committee, AXA's Board of Directors, upon recommendation of its Compensation & Governance Committee, decided to designate Irene DORNER, director of the Company and member of the Audit Committee since April 2016, as Chairwoman of the Audit Committee. Irene DORNER should remain Chairwoman for approximately a year.
Johann STROBL, currently CEO of Raiffeisen Bank International AG (RBI), will be proposed to the UNIQA Insurance Group AG (UNIQA) Annual General Meeting on May 25, 2020 for election to the Supervisory Board.