News - Re/Insurance groups
Increased ransomware attacks and global threats tempering executive confidence in cyber preparedness
The toll of almost three years of unrelenting workplace disruption, digital transformation and ransomware attacks means most leaders are no more confident in their ability to manage cyber risk than they were two years ago, according to a new report published by insurance broker Marsh and Microsoft Corp.
Aegon Q1 net result increases by 7% to EUR 412 million
Dutch insurer Aegon announced its Q1 2022 net result increases by 7% compared with the first quarter of 2021 to EUR 412 million, reflecting a EUR 372 million book gain from the sale of Aegon's businesses in Hungary and a non-economic loss on interest rate hedges.
UNIQA Q1 2022 net profit expanded to EUR 106.4 m
Austrian UNIQA Insurance Group reported Q1 2022 premium growth of 4.3%, a consolidated net profit of EUR 106.4 million and investment income of EUR 169.6 million.
Generali GWP increased by 6.1% in Q1 2022
Italian insurer Generali announced Q1 2022 excellent profitability with growth in premiums and operating result.
Generali, Moody's upgrades the IFS rating to A3 from BAA1
Moody's announced that it has upgraded Generali's Insurer Financial Strength (IFS) rating to A3 from Baa1.
Triglav Group Q1 gross profit expanded by 20% to EUR 38.1 m
Slovenian insurance group Triglav reported Q 2022 aggregate revenue worth EUR 442.9 million, up by 12% y-o-y, while the volume of gross written premium increased by 10% to EUR 407.1 million year-on-year. At the same time, consolidated profit before tax totaled EUR 38.1 million, 20% more than in the same period last year.
Sava posted Q1 net profit worth EUR 16.8 m, 27.9% of 2022 annual target
Slovene re/insurance group Sava reported Q1 2022 operating revenue worth EUR 177.8 million (vs. EUR 177.8 million) and a net profit of EUR 16.8 million vs. EUR 23.5 million in Q1 2021.
MMC re-elects BoD during 2022 stockholders' meeting
Global re/insurance broker Marsh McLennan (MMC) announced that during its annual meeting, stockholders elected the entire slate of 2022 director nominees for a one-year term expiring at next year's annual meeting.
Zurich starts 2022 with strong business growth
Zurich Insurance Group reported strong Q1 2022 business growth in both business lines. Thus, Property & Casualty (P&C) gross written premiums was up by 8% y-o-y to USD 11.93 billion, Life annual premium increased by 14% y-o-y to USD 996 million, while Farmers GWP expanded by 29% y-o-y to USD 6.88 billion.
AGCS posted Q1 2022 increasing business and operating profit
Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz Group reported Q1 2022 gross premium written worth EUR 3.025 billion, an increase of EUR 87 million vs. Q1 2021 (EUR 2.938 billion).
Allianz confirmed FY2022 operating profit target of EUR 13.4bn, plus or minus EUR 1 bn
German insurance group Allianz informed that Q1 2022 total revenues rose by 6.2 % to EUR 44.0 billion (vs. EUR 41.4 billion), while the operating profit decreased by 2.9% to EUR 3.2 billion.
Munich Re Q1 2022 profit improved to EUR 608 million
Global reinsurer Munich Re reported Q1 2022 profit of EUR 608 million (vs. EUR 589 million in Q1 2021), while gross premiums written increased substantially by 15.7% year on year to EUR 16.83 billion (EUR 14.55 billion), "supported by strong organic growth across all segments, especially in property-casualty reinsurance".
VIG reports strong business growth in Q1 2022
Austrian insurer Vienna Insurance Group posted Q1 2022 premium volume worth EUR 3.45 billion, up by 11.2% y-o-y or by EUR 348 million in absolute values. The insurer mentioned there has been premium growth across all business lines and segments, the largest increases being reported in MTPL (+18.8%), other property and casualty insurance (+15.2%) and health insurance (+11.6%).
Green light for AXA S.A. as Group' s internal reinsurer
French insurance Group AXA announced that AXA S.A., the holding company of AXA Group, has obtained its reinsurance license from the Autorite de Controle Prudentiel et de Resolution (ACPR - the French Prudential Supervision and Resolution Authority), according to the previously announced transformation of AXA SA into AXA Group' s internal reinsurer
Beazley and Chubb are the global market leaders as premiums in cyber insurance
Beazley, Chubb, Munich Re, Fairfax Financial Holdings and AXA - were in 2021 according to Insuramore - the top 5 largest worldwide insurer groups' as GDPW (gross direct premiums written) from cyber insurance, and accounted together for more than 60% of global cyber insurance market estimated at USD 8.61 billion.
Achmea takes over the pension company of ABN AMRO
Achmea and ABN AMRO have reached agreement on Achmea's takeover of ABN AMRO Pensioeninstelling NV.
Blanca BERRUGUETE joined AGCS as new Global Industry Solution Director for Construction
Since May 1 2022, Blanca BERRUGUETE took over the role Global Industry Solution Director for Construction at Allianz Global Corporate & Specialty (AGCS). She joins AGCS from Zurich Insurance, and will be based in Madrid, reporting to Global Head of Distribution Jeremy SHARPE.
Fabio CLEVA appointed Head of Investor and Rating Agency Relations
Italian group Generali announces the appointment of Fabio CLEVA as Head of Investor and Rating Agency Relations, directly reporting to the Group CFO, Cristiano BOREAN.
Generali becomes the majority shareholder in its Indian non-life joint venture
Italian insurer Generali informed it completed the acquisition from Future Enterprises Limited of 25% of the shares of Future Generali India Insurance (FGII) and will now hold a stake of around 74% in FGII.
Karin BOS to be the new chair of Achmea's Non-life division
Achmea has appointed Karin BOS as chair of the Non-life division from 9 May 2022. She has been Director P&C Insurance Retail in the division since 2016. Karin BOS succeeds Michiel DELFOS, who recently joined Achmea's Executive Board.
30 May 2022