News - Re/Insurance groups

AON's FY2014 revenues up 2% to USD 12 billion

AON Plc reported for the financial year 2014, total revenues of USD 12 billion, 2% more compared to the prior year. By divisions, Risk Solutions total revenue increased 1% to USD 7.8 billion and HR Solutions total revenue increased 5% to USD 4.3 billion.

WILLIS Group net income down 0.8% in 2014

The insurance and reinsurance broker WILLIS Group reported net income of USD 362 million for the twelve months ended December 31, 2014 compared with USD 365 million in 2013. At the same time, the value of commissions and fees increased to USD 3.77 billion compared to USD 3.63 billion in 2013.

PartnerRe's Q4 and full-year 2014 results reveal a solid year for the firm

PartnerRe Ltd. today reported net income of USD 262.7 million, or USD 5.26 per share for the fourth quarter of 2014. This includes net after-tax realized and unrealized gains on investments of USD 82.1 million, or USD 1.64 per share. Net income for the fourth quarter of 2013 was USD 257.6 million, or USD 4.76 per share, including net after-tax realized and unrealized gains on investments of USD 91.8 million, or USD 1.70 per share. The Company reported operating earnings of USD 218.3 million, or USD 4.37 per share, for the fourth quarter of 2014. This compares to operating earnings of USD 157.4 million, or USD 2.91 per share, for the fourth quarter of 2013.

Everest Re Group Reports Record Operating Earnings for 2014

Everest Re Group today reported fourth quarter 2014 net income available to common shareholders of USD 340.1 million, or USD 7.47 per diluted common share, compared to net income of USD 364.6 million, or USD 7.54 per diluted common share, for the fourth quarter of 2013. After-tax operating income1 available to common shareholders, excluding realized capital gains and losses, was USD 331.5 million, or USD 7.28 per diluted common share, for the fourth quarter of 2014, compared to USD 303.4 million, or USD 6.28 per diluted common share, for the same period in 2013


ACE Reports Fourth Quarter Operating of USD 827 million and Record Full-Year Earnings of USD 3.3 billion

ACE Limited today reported net income for the quarter ended December 31, 2014, of USD 1.66 per share, compared with USD 2.90 per share for the same quarter last year. Operating income was USD 2.47 per share, compared with USD 2.39 per share for the same quarter last year. Book value per share declined 0.4% from September 30, 2014, to USD 90.02, primarily due to unfavorable foreign currency movement. Excluding foreign currency movement, book value per share increased 1.6%.

VIG, 2014: GWP level preserved despite the strong adverse exchange rate effects

According to the preliminary results released today, Vienna Insurance Group (VIG), the leading insurance group in Austria and the CEE region, recorded direct unconsolidated premiums of around EUR 9.4 billion, thereby reaching the same level as the previous year in spite of negative exchange rate effects. Disregarding special currency effects, the organic growth of the Group was of 2.6%. The countries consolidated by the VIG in the "Remaining Markets" segment prove their great potential for the Group's overall business by recording a 10% growth in GWP. Following the 2014 results, VIG reached an about 20% market share in its core markets.

Bulgarian EIG reported a 1.65% decrease in GWP in 2014

Bulgarian-based EUROINS Insurance Group (EIG) reported gross written premiums of EUR 157.73 million during 2014, 1.65% less y-o-y, according to a press release published by the financial holding EUROHOLD. This rate was influenced by the negative dinamic reported by the Romanian subsidiary (the largest subsidiary of the group in terms of GWP), while EUROINS Bulgaria and EUROINS Macedonia reported positive rates.

CROATIA Osiguranje owners may acquire KD holdings in SAVA Re

Slovenian financial services group KD said last week that multiple buyers are interested in the purchase of its stake in local reinsurer's Sava Re capital. KD owns SAVA Re shares through its insurance subsidiary ADRIATIC Slovenica and mutual funds managed by KD Funds. However, no names were made public at this stage.

GENERALI CEE - the new identity of GPH after the 100% aqusition by GENERALI Group

GENERALI reached 100% ownership of GENERALI PPF Holding (GPH) by acquiring the remaining 24% minority shareholding held by PPF Group for a final price of EUR 1.25 billion. This transaction was in line with the agreements signed on January 8, 2013, the Trieste-based insurer announced in a press release. "With the acquisition of the full ownership of GPH, the holding company operating in Central-Eastern Europe changes its name into GENERALI CEE Holding".

FAIRFAX to buy Czech, Hungarian and Slovakian QBE's insurance operations

Canadian financial services holding FAIRFAX announced that it has entered into an agreement with QBE Insurance (Europe) Limited to acquire QBE's insurance operations in the Czech Republic, Hungary and Slovakia. According to the Toronto-based holding's press release, the existing businesses and renewal rights of QBE's operations in the three CEE countries are expected to be transferred to FAIRFAX by the third quarter of 2015, being subjected to customary closing conditions, including various regulatory approvals.

SOLERA expands its presence in the CZECH Republic and SLOVAKIA

SOLERA Holdings, a leading provider of risk and asset management software and services for the automotive and property marketplace, including the global P&C insurance industry, announced that it has acquired 100% of the equity interests of IBS Automotive, a leading provider of vehicle valuation data in the Czech Republic and Slovakia. 

Preliminary sigma estimates: Global disaster events cost insurers USD 34 billion in 2014

According to preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters were USD 113 billion in 2014, down from USD 135 billion in 2013. Out of the total economic losses, insurers covered USD 34 billion in 2014, 24% less compared with USD 45 billion in 2013. This year's disaster events have claimed around 11,000 lives.


UNIQA adjusted its profit target for 2015 to EUR 425-450 million

UNIQA Group Austria reported a profit on ordinary activities (EBT) of EUR 275.2 million for the first nine months of the year, 3.3% more y-o-y. For 2014 the Austrian insurer maintained its outlook in EBT of about EUR 370 - 380 million, while for 2015 UNIQA adjusted its original target to EUR 425 - 450 million. "Although this is lower than our original target of 'up to EUR 550 million', it still represents a double-digit percentage increase as against 2014", said UNIQA CEO Andreas BRANDSTETTER.

SAVA Re, 3Q2014: 2014 targets already exceeded, both in premiums and profit

Despite extraordinary loss events, the SAVA Re Group recorded in 3Q2014 a net profit of EUR 25.0 million, nearly 7% up y-o-y, and exceeding the full-year planned net profit by 4%. The February ice damage in Slovenia had an impact of EUR 6 million on net profit. GWP also increased at a high pace, of 27%, to EUR 371.2 million.

GENERALI: 2015 targets already achieved or close to completion

"The GENERALI Group has successfully achieved most of the targets set for 2015 with outstanding goals within reach or nearing completion," the Group stated at its 2014 Investor Day held on November 19th. "Over the past two years Generali has relentlessly pursued a strategy to fundamentally transform its business without calling upon the help of shareholders. We have delivered on our promise and we have achieved a goal which many thought would not be possible," the GENERALI Group CEO, Mario Greco, said.

VIG 3Q2014: Strong improvement in profitability terms supported by the CEE results

Vienna Insurance Group (VIG) reported for the first three quarters of 2014 GWP amounting EUR 7 billion, in line with the previous year's results, despite the significant negative exchange rate effects. When adjusted for these effects, premiums increased by 1.7 percent, states the Group's press release. Moreover, VIG recorded a 36.4% increase in the gross profit, to EUR 430.8 million.

Ratings of INGOSSTRAKH removed from CreditWatch list

STANDARD&POOR's removed the ratings of INGOSSTRAKH Insurance Company from the CreditWatch list ("ratings under revision"), where S&P had placed them with negative implications on May 12, 2014. The outlook is negative.

KBC reported strong results and completion of divestment programme

KBC ended the third quarter of 2014 with a net profit of 591 million euros, compared with 317 million euros in the previous quarter and 272 million euros in the third quarter of 2013. After excluding the impact of the legacy business (CDOs, divestments) and the valuation of own creditrisk, adjusted net profit came to 477 million euros for the third quarter of 2014, compared with 287 million euros in the second quarter of 2014 and 457 million euros in the third quarter of 2013.