At the present time in Belarus there has been a convergence of the national public accounting concepts and International Financial Reporting Standards (IFRS). The transition of Belarus business entities to IFRS should be completed by 2017.

TRANSSIBERIAN Re reported reinsurance premiums of RUB 368.4 million in 1H2013, up 18.5% over the same period of last year, out of which 38% came from foreign partners, according to the report of the Russian reinsurance company.

The first half of 2013 ended for the Italian group GENERALI with "the best half-year result for the last five years", according to Mario GRECO, GENERALI Group CEO. Net profit over passed the EUR 1 billion threshold (+28.4% to EUR 1,081 million, as compared to EUR 842 million in 1H2012), while the operating result stood at EUR 2,378 million (+5.3%) sustained by the excellent premium income in Life and P&C and higher business margins.

"We can look back on a very successful first half year overall," said Michael DIEKMANN, CEO of Allianz SE on the occasion of the half year results presentation. "Although we faced record floods in Central Europe, persistent low interest rates and erratic capital markets, our business continued to grow profitably." Quarterly revenues of EUR 26.8 billion were 6.3% above the EUR 25.2 billion achieved in the second quarter of 2012, while operating profit rose by 5.2% y-o-y, to EUR 2.4 billion.

ACE Limited today reported net income for the quarter ended June 30, 2013, of USD 2.59 per share, compared with USD 0.96 per share for the same quarter last year. Operating income was USD 2.29 per share, compared with USD 2.17 per share for the same quarter last year. Book value per share declined 2.3% from March 31, 2013, to USD 80.26 due to rising interest rates. Tangible book value per share decreased 4.9% to USD 64.40, primarily due to rising interest rates and the impact of goodwill and intangibles relating to acquisitions closed during the quarter. Operating return on equity for the quarter was 12.3%. The property and casualty (P&C) combined ratio for the quarter was 87.9%.

American International Group, Inc. today reported net income attributable to AIG of USD 2.7 billion for the quarter ended June 30, 2013, compared to USD 2.3 billion for the second quarter of 2012. After-tax operating income attributable to AIG was USD 1.7 billion for the second quarters of both 2013 and 2012.

MetLife reported operating earnings of USD 1.6 billion, or USD 1.44 per share, up 11% over the second quarter of 2012. Operating earnings in the Americas grew 18% and Asia increased 18% (27% on a constant currency basis). Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 13% on both a reported and constant currency basis. Adjusted for one-time items in both periods, EMEA operating earnings grew 9% on both a reported and constant currency basis.

On July 1st, Matej RUNJAK was appointed Chairman of the Supervisory Board of Zavarovalnica TRIGLAV. The Vice-Chairman position belongs to Gregor KASTELIC.

SWISS Re reported a net income of USD 1.4 billion for the first quarter of 2013, 21% higher than the USD 1.1 billion net income reported in the prior year period. At the same time, the premium and fee income increased by 9% to USD 6.8 billion, while the Group's combined ratio was 72.4% compared with 84.9% in 1Q2012.

The gross premiums written by the Austrian insurance group UNIQA increased by 9.8% to EUR 1.66 billion in 1Q2013, while the combined ratio after reinsurance improved to 98.3% (99.4% in 1Q2012). At the same time, the profit on ordinary activities increased by 97% to EUR 116.8 million, but excluding a gain of EUR 49.1 million from selling hotel assets, the profit rose by 14.2% to EUR 67.7 million, according to the 1Q2013 Report, recently published by the insurance group.

Germany-based reinsurer MUNICH Re reported a consolidated result of EUR 972 million in 1Q2013, compared with last year's EUR 782 million, while the value of GWP increased by 0.5% y-o-y to EUR 13.3 billion, from the prior year's EUR 13.2 billion.

Allianz SE said Friday it expects to take a net hit of around 350 million euros from the damage caused by the recent flooding across Germany, Austria, the Czech Republic and Slovakia.

Vienna Insurance Group estimated on Tuesday it faced a hit of EUR 40 million to EUR 45 million after reinsurance from damage caused by widespread flooding in central Europe, twice the EUR 20 million that 2002 floods caused.

In the first quarter of 2013, SAVA Re Group generated a net profit of EUR 7.8 million, which is the double of the amount reported for 1Q2012 (EUR 3.7 million). At the same time, the value of GWP suffered a decline of 7% y-o-y to EUR 85.8 million. According to the Group's Quarterly Report, the decline in gross written premiums "is partly a result of a planned lowering in reinsurance premiums from domestic and international markets as in the 2013 renewals of some unprofitable reinsurance contracts were cancelled, and partly due to the changed credit rating."

The gross premiums written by the Germany's insurer TALANX increased by 11% in 1Q2013 compared with the previous year, up to EUR 8.5 billion, while net premiums earned increased by 15% y-o-y to EUR 5.7 billion. At the same time, the net investment income totaled EUR 875 million (9% less y-o-y), the net income decreased by 1% to EUR 203 million, while the net profit was EUR 341 million, representing a decrease of 3% compared with January-March 2012.

In the first quarter of 2013, the estimated profit before tax for the TRIGLAV Group amounted to EUR 28.5 million, while its net profit equaled EUR 22.9 million or 30% more than in the previous year. In the case of Zavarovalnica TRIGLAV - the Group's main company, the profit before tax is estimated to total EUR 24.8 million, while the net profit increased by 46% to EUR 20.0 million.

The French insurance group AXA reported for January-March 2013, 4% y-o-y higher revenues, to EUR 28.9 billion, from EUR 28.1 billion in 1Q2012, driven by the growth in all business lines.

The GENERALI group closed the first quarter registering a good premium income and strong business margins, which lifted its total operating result to EUR 1,328 million (+8% y-o-y) and net profit to EUR 603 million (+6.3% y-o-y). Total GWP amounted to EUR 19.14 billion (-2.6% y-o-y). The CEE markets contributed to this amount with EUR 916 million, representing a 4.8% share of the total GWP volume. "In this quarter we have recorded our best operating result of the last four years," stated Mario GRECO, CEO GENERALI Group.

The PZU group ended the first quarter of 2013 with GWP of PLN 4.425 billion (~EUR 1.06 billion), 2.4% up y-o-y, of which PLN 2.4 billion for non-life insurance (-4.6% y-o-y) and the remaining PLN 2.025 billion for life insurance (+12% y-o-y). The operating profit in Q1 2013 was PLN 1.06 billion (EUR 253.7 million), up by 3.1% y-o-y, while the net profit amounted to PLN 837.26 million (EUR 200.5 million), 1.8% up y-o-y.

ZURICH Insurance Group reported for 1Q2013 a business operating profit (BOP) of USD 1.4 billion - unchanged compared with the prior year, a net income attributable to shareholders of USD 1.1 billion - down by 7% compared with the prior year, and a combined ratio of 94.9%, compared with 94.6% in 1Q2012.