News - Re/Insurance groups
SWISS Re celebrated its 150 anniversary with increasing profitability and record bonuses for shareholders
SWISS Re announced the conclusion of the fiscal year 2013, the year that celebrated 150 years of its existence, with a net profit of USD 4.4 billion. This result was mainly driven by the high profitability achieved for the Property & Casualty (P&C) business lines. "We are very happy that we have achieved so much in financial terms in our anniversary year and, while we are well aware of the challenges ahead, we look forward to 2014 with confidence," stated the CEO of Swiss Re's Group, Michel M. LIES.
ALLIANZ FY2013: 83 million clients worldwide and over EUR 10 billion operating profit with a stable outlook for 2014
ALLIANZ Group's preliminary figures for 2013 show revenues of EUR 110.8 billion, 4.1 up y-o-y. Excluding foreign currency exchange and consolidation effects, revenue growth amounted to 4.7%. The total number of customers insured by ALLIANZ increased over the same period by five million to over 83 million. Operating profit reached EUR 10.1 billion, 7.8% up y-o-y. Net income attributable to shareholders increased by 14.6% in 2013 to EUR 6 billion.
SCOR Global P&C delivers strong January renewals with 5% premium growth and stable expected net technical profitability
Having booked 8% gross written premium growth (at constant exchange
rates) for the full year 2013, to EUR 4.85bn, SCOR Global P&C
manages to grow gross premiums by 5% during the January 2014 renewals,
to EUR 3.4 billion.
KBC Group: 2013: 1 billion euros profit. 2014: beyond restructuring at KBC
KBC ended 2013 with a net profit of 1 015 million euros, compared with
612 million euros in 2012. In the fourth quarter of 2013, KBC incurred a
net loss of 294 million euros, as opposed to a net profit of 272
million euros in the third quarter and 240 million euros a year earlier.
AVIVA Asia appoints Ken Rappold as regional CFO
Aviva Asia announces the appointment of Ken Rappold as regional Chief
Financial Officer. Ken will join Aviva in April 2014, based in the
Company's regional office in Singapore and report to the Aviva Asia CEO,
Khor Hock Seng. He will focus on providing strategic support to Aviva's
important growth markets in Greater China and South East Asia, in line
with Aviva's "cash flow plus growth" strategy as well as developing
Aviva's finance function in Asia.
ACHEMEA appoints Henk Timmer as CRO on Executive Board
Achmea has appointed Henk Timmer (53) as Chief Risk Officer (CRO) on the
Executive Board. He is currently Internal Audit Director at Achmea. His
appointment follows the separation of the CFO and CRO functions on the
Executive Board. Astrid Langeveld (43) succeeds Henk Timmer as Internal
Audit Director.
AIG Reports Fourth Quarter 2013 Net Income Attributable to AIG of USD 2.0 Billion
American International Group, Inc. (NYSE: AIG) today reported net income
attributable to AIG of USD 2.0 billion or USD 1.34 per diluted share
for the quarter ended December 31, 2013, compared to a net loss of USD
4.0 billion or USD 2.68 per diluted share for the fourth quarter of
2012. The year ago quarter included a USD 4.4 billion net loss
associated with the sale of ILFC and pre-tax catastrophe losses of USD
2.0 billion from Storm Sandy (USD 1.3 billion after tax). Full year 2013
net income attributable to AIG was USD 9.1 billion or USD 6.13 per
diluted share, compared with USD 3.4 billion, or USD 2.04 per diluted
share, for the full year of 2012.
MUNICH Re posts profit of EUR 3.3 billion for 2013
MUNICH Re, the world's leading reinsurer, reported that it beat its own full-year forecasts and booked net profit of EUR 3.3 billion in 2013. "According to provisional calculations, MUNICH Re improved its consolidated result in 2013 to EUR 3.3 billion from EUR 3.2 billion the previous year," companies' officials said in a statement.
MMC: Double-Digit increase in adjusted operating income for Q4 and FY 2013
MARSH & MCLENNAN Companies reported for the fourth quarter 2013 a net income of USD 303 million, compares with USD 259 million in the prior year, while the consolidated revenue was USD 3.1 billion, representing an increase of 4% y-o-y. For the full year 2013, the net income increased to USD 1.36 billion, while the consolidated revenue was USD 12.3 billion, or 3% more y-o-y. At the same time, adjusted operating income, rose 13% in the fourth quarter to USD 509 million, while for 2013, the same indicator increased 14% to USD 2.1 billion.
MetLife announces fourth quarter & Full Year 2013 results
MetLife reported operating earnings of USD 1.6 billion, up 14 percent
over the fourth quarter of 2012. On a per share basis, operating
earnings were USD 1.37, up 10 percent over the prior year quarter.
Operating earnings in the Americas grew 13 percent. Operating earnings
in Asia increased 64 percent on a reported basis and 74 percent on a
constant currency basis. Operating earnings in Europe, the Middle East
and Africa (EMEA) increased 51 percent on a reported basis and 48
percent on a constant currency basis. Partially offsetting these gains
were larger losses in Corporate & Other.
ALLIANZ acquires a 8.33% share of FC Bayern
ALLIANZ announced is extending its partnership with FC Bayern Munich, and as part of a capital increase, ALLIANZ SE is acquiring a share of 8.33% of the football club for EUR 110 million, the Munich-based insurer said in a statement.
If P&C Insurance looks at EUR 13.2 mln in consolidated profit in Baltics in 2013
Insurance company If P&C Insurance branches in Estonia, Latvia and
Lithuania achieved EUR 13.2 million in consolidated profit in 2013, the
company said in an announcement to the media today, cites
LETA/Nozare.lv.
ING posts 2013 underlying net profit of EUR 3,255 million
ING Group full-year 2013 underlying net profit of EUR 3,255 million, up
22.2% from full-year 2012. Bank 4Q13 underlying result before tax of EUR
904 million, more than triple that of 4Q12 but down 18.0%
sequentially.ING Insurance 4Q13 operating result ongoing business of EUR
215 million, up 13.2% vs. 4Q12 but down 6.9% vs. 3Q13.
TRIGLAV, 2014: The Group targets a EUR 65.6 million net profit and over EUR 900 million in GWP
Despite the harsh economic conditions, still present in the markets where it is active, the TRIGLAV Group plans to book EUR 902.1 million in consolidated gross written premiums in 2014, as the Group's business plan for the current year shows. The net profit for 2014 is planned at EUR 65.6 million, while its profit before tax is set at EUR 75.9 million. According to the plan, the combined ratio of the Group will reach 96.3% in 2014. In 2014, the Group will be focusing on the core insurance business and achieving profitability and safety of operations.
AON ended 2013 with a 15% increase in cash flow and a 3% growth in the total revenue
AON's total revenue for 2013 increased by 3% to USD 11.8 billion, due to a 3% organic growth in commissions and fees and a 1% increase in commissions and fees resulting from acquisitions, the net of divestitures, partially offset by a 1% unfavorable impact of foreign currency translation, as the company reported recently. RISK SOLUTIONS' total revenue increased by 2% to USD 7.8 billion and HR Solutions' total revenue increased by 3%, to USD 4.1 billion.
HANNOVER Re expects a net income of EUR 850 million for 2014
HANNOVER Re anticipates for 2014 a good financial year in non-life reinsurance. The company sees growth potential in the Asian-Pacific markets, Latin America, the countries of Central and Eastern Europe and in marine business and expects for the current year a premium volume at least equal to that of 2013.
The Romanian MTPL segment pushed up the EIG's business volume by 6%
In 2013, the value of gross written premiums of the Bulgarian insurance group EUROINS (member of EUROHOLD) - recorded a 5.8% growth, reaching EUR 160 million, due to the double digit increase reported by the Romanian subsidiary, according to preliminary data published by the group.
VIG 2013: positive balance significantly affected by the market results in Italy, Poland and Romania
According to the preliminary results published by the Austrian group Vienna Insurance Group (VIG), it ended 2013 with a 4.9% decrease in gross written premiums, to EUR 9.4 billion. In profitability terms, VIG's balance shows a positive result, the profit before tax amounting to EUR 350 million, less than the 2012 result (EUR 587 million). The Italian and Romanian motor insurance markets, as well as the Polish life insurance business, are the main causes for both the GWP decline and the profit decrease.
ACE record FY2013 operating income of USD 3.2 billion, up 23% y-o-y
ACE Limited today reported net income for the quarter ended December 31,
2013, of USD 2.90 per share, compared with USD 2.22 per share for the
same quarter last year. Operating income was USD 2.39 per share,
compared with USD 1.43 per share for the same quarter last year. Book
value and tangible book value per share increased 2.2% and 3.0%,
respectively, from September 30, 2013. Book value and tangible book
value per share now stand at USD 84.83 and USD 68.93, respectively.
Operating return on equity for the quarter was 12.1%. The property and
casualty (P&C) combined ratio for the quarter was 89.3%.
SWEDBANK operated with profits in Baltics in 2013
Swedbank Latvia, including the bank's insurance business, earned a profit of EUR 102 million in 2013, which is about as much as in 2012 when the bank's profit totaled EUR 103 million. The Estonian unit of Swedbank earned last year 176 million euros of net profit and Lithuanian - LTL 392 million (EUR 113 million), informs LETA.
27 February 2014