Press cuttings

2018 Insurtech Insights

Next Insurance reviewed publicly available financial data from SNL Financial for 6 companies: Berkshire Hathaway Direct Insurance Co. (BiBerk), Intrepid Insurance Co., TypTap Insurance Co., Lemonade Insurance Co., Root Insurance Co., and Metromile. The company evaluated the market trends and shared thoughts on insurtech, and the progress in the industry so far. - Read full story

Insurance Europe's latest statistics show that gross written premiums in Europe increased 4.7% year-on-year to EUR 1,213 billion in 2017, with the highest growth in the general liability and life business lines. Claims and benefits paid increased 8.8% to EUR 1,014 billion, equivalent to EUR 2.8 billion a day. With the total investment portfolio growing 1.2% to EUR 10,226 billion, the industry retained its position as Europe's largest institutional investor. - Read full story

SLOVENIA: Italian insurer Generali buys Adriatic Slovenica for EUR 245 m

Generali CEE, an affiliate of the world's third biggest insurer, Italy's Generali Group, signed a sales agreement to acquire Adriatic Slovenica from financial group KD Group for EUR 245m on Wednesday. The sale of Slovenia's third biggest insurer will expectedly be completed in the second half of the year.

KAZAKHSTAN: Eurasia insurance company covers Crimea bridge construction

Kazakhstan's Eurasia insurance company took part in reinsurance of construction and installation risks of the bridge construction project across the Kerch Strait with a share of responsibility of about 900 million rouble. On May 15, 2018, the Crimean Bridge was opened by the Russian President Vladimir Putin.

SLOVAKIA's parliament passes new insurance tax

The parliament has passed a bill on the introduction of a new 8% insurance tax in first reading. The new tax will be applied to all products of non-life insurance, with the exception of mandatory contractual insurance.

TURKEY: New quake maps will affect insurance tariffs

The Turkish Catastrophe Insurance Pool (TCIP) is updating earthquake maps, the outcome of which will affect compulsory earthquake insurance tariffs, says the organisation's president Mr Murat Kayaci.

LATVIA: Loss from mandatory insurance shrinks to EUR 120,000 in Q1

Latvian insurance companies' aggregate loss from mandatory motor third party liability (MTPL) insurance was EUR 120,000 in the first quarter of 2018, down from EUR 4.054 million in the same period last year, writes LETA, according to information released by the Motor Insurers' Bureau of Latvia (LTAB).

The leaders of the Lithuanian insurance market turned out

In the non-life insurance market of Lithuania, in the first quarter of this year, Lithuania's insurance belonged to the Polish PZU group, while at that time the Swedbank Life Insurance Branch was the leader in the life insurance market in Lithuania.

CROATIA: Insurance maintains growth

By the end of April, the total gross written premium of 21 insurance companies operating in Croatia was up by 9.3% y/y to HRK 3.6bn, according to the latest data provided by the Croatian Insurance Bureau (HUO).

CROATIAN insurers Jan-April premiums rise 9.27%

The gross written premiums of Croatian insurers totalled 3.65 billion kuna (494.4 million euro) in the first four months of 2018, up 9.27% on the year, official figures show.

AIG Reports First Quarter 2018 Results

American International Group, Inc. (NYSE:AIG) today reported net income of USD 938 million, or USD 1.01 per diluted share, for the first quarter of 2018, compared to net income of USD 1.2 billion, or USD 1.18 per diluted share, in the prior-year quarter. Adjusted after-tax income was USD 963 million, or USD 1.04 per diluted share, for the first quarter of 2018, compared to adjusted after-tax income of USD 1.4 billion, or USD 1.36 per diluted share, in the prior-year quarter.

UNIQA's operations in CEE post record-high growth in 2017

Austrian insurance group UNIQA said on Wednesday its operations on the markets of Central and Eastern Europe (CEE) recorded the highest annual growth rate last year since the company started operations on those markets.

Insurer Osiguruvanje Makedonija triples Q1 non-cons net profit

Insurer Osiguruvanje Makedonija, a subsidiary of the Vienna Insurance Group (VIG), said on Wednesday that its non-consolidated net profit rose to 32.6 million denars (530,600 euro) in the first quarter of the year from 11.2 million denars in the prior-year period.

Chinese groups renew interest in Greek insurance sale

Two Chinese groups have renewed their interest in buying a majority stake in National Insurance, Greece's largest insurer, after a EUR 718m sale agreed with Calamos-Exin, a US-Dutch partnership, collapsed last month. Fosun Investment and Gonbao Investment, the second- and third-ranked bidders, "have returned to the reopened sale process" said one source close to the situation.

KAZAKHSTAN: Kommesk-Omir says A.M. Best upgraded company's ratings, outlook Stable

A.M. Best international rating agency upgraded ratings of Insurance Company Kommesk-Omir -  Financial Strength Rating from C++ to B- and the Long-Term Issuer  Credit Rating from "b+" to "bb-". Outlook "Stable". According to ratings, Kommesk-Omir is one of top 5 insurance companies that  operate in general insurance field.

MOLDOVA's top banks, insurers up for sale

Major stakes in top two banks and three major insurers have been confiscated after illegal coordination by shareholders detected, but no buyers have come forward, leaving Moldova's financial sector in limbo.

Former vice-president of Russia's major insurance company arrested in Moscow

Sergei Khachaturov, the brother of former owner of Rosgosstrakh, Russia's major insurance company, Daniil Khachaturov and a former vice-president of the company, was arrested in Moscow for two months. According to the reports of RBC, he is a defendant in a case related to transactions of RGS Aktivy which had been carried by a previous owner of the company.

CHUBB: Net Premiums Written Up 5.9% in Q1

Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2018 of USD 1,082 million, or USD 2.30 per share, compared with USD 1,093 million, or USD 2.31 per share, for the same quarter last year. Core operating income was USD 1,097 million, or USD 2.34 per share, compared with USD 1,175 million, or USD 2.48 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 90.1%. Book value and tangible book value per share decreased 0.2% and 0.3%, respectively, from December 31, 2017 and now stand at USD 110.10 and USD 65.65, respectively. Book value and tangible book value per share growth was negatively impacted by realized and unrealized losses of USD 938 million, after-tax, in the company's investment portfolio, driven by rising interest rates. Foreign currency movement favorably impacted book value by USD 310 million after-tax and tangible book value by USD 136 million after-tax.

Uber Suspended in Greece by New Legislation

One more fight has been won by cab companies, this time in Greece, where a new piece of legislation that might push car-sharing service Uber out of existence in the country has been adopted.

AXA to transform its Swiss group life business, creating additional value for its customers and shareholders

AXA Switzerland ("AXA"), the largest insurer of SMEs in the Swiss market, announced today that it had entered into an agreement with its main occupational benefits foundations ("Foundations") to convert their business model from a full-value insurance (*) model to a semi-autonomous model, by the end of 2018 ("Model Transformation"). Beginning 2019, under the semi-autonomous model, death and disability provisions and administration services will continue to be covered by AXA, while the responsibility of asset allocation and investment returns to policyholders will be with the Foundations. AXA Group, as a globally renowned asset manager, will continue to offer investment management services to the Foundations.

Ethniki bid process re-opened after Exin falls short

Exin has lost exclusivity in the race to buy Greek state-owned insurer Ethniki and will now have to fight off competition from Chinese bidders including Fosun, The Insurance Insider understands.

Fairfield: We are still in the race for Ethniki

Exin is "close" to being in a position to make a fully financed bid for Greek state-owned insurer Ethniki and still has a superior value proposition to the Chinese bidders lining up to challenge it, the group's CEO Matt Fairfield has told The Insurance Insider.

SLOVENIA's Adriatic Slovenica teams up with local Iryo startup

Slovenia's insurer Adriatic Slovenica (AS), a subsidiary of financial services provider KD Group, said it has formed a strategic partnership with local healthcare blockchain startup Iryo with the main goal of offering patients better and safer access to their health records.

ALBANIAN economy grows 3.36 pct in Q4 2017

The Albanian economy grew by 3.36 percent in the fourth quarter of 2017 according to the figures from the Albanian National Institute of Statistics (INSTAT) released on Tuesday.

PZU insurer posts UAH 24 million profit in Ukraine

PZU Ukraine insurance company (Kyiv) in 2017 posted a net profit of UAH 24.701 million, which is 2.4 times less than in 2016, according to materials for the agenda of a general shareholders' meeting scheduled for April 26. Uncovered loss of the company for the year decreased by 14%, to UAH 215.220 million. Cash and cash equivalents increased by 3.8 times, to UAH 88.717 million.

Adriatic Slovenica with more premiums but less profit in 2017

The Adriatic Slovenica insurance group collected EUR 303.8m in insurance premiums last year, which is 1.7% more than in 2016, while damages payout was up by 2.9% to EUR 223.4m. The group ended 2017 with EUR 11.4m in net profit, down 4.2% year-on-year, according to audited results released on Wednesday.

HUNGARY: CIG Pannonia expands to Baltic states

Hungarian insurer CIG Pannonia is making inroads into markets in two of the Baltic states through its general insurance unit Elso Magyar Altalanos Biztosito (EMABIT), the company told national news agency MTI.

BULGARIAN insurers' assets grow by 10.3% in 2017

The assets managed by Bulgarian insurance companies increased to 7.30 billion levs ($4.6 bilion/3.7 billion euro) at the end of 2017, up 10.3% year-on-year, the country's central bank said on Monday.

SLOVENIA: Grawe's net profit up to EUR 1.6m in 2017

The Slovenian subsidiary of the Austrian insurance group Grawe collected EUR 42.6m in gross insurance premiums in 2017, up EUR 1m from 2016, while posting a net profit of EUR 1.6m, a rise of EUR 300,000, the company said after Monday's shareholder meeting, which discussed last year's business results.

Axa increases premium collection by 20% in ukraine in 2017

AXA Insurance in 2017 collected UAH 1.679 billion of insurance premiums, which is 20% more than a year earlier, while the company's net profit under international standards increased by 2.3 times, to UAH 57 million, according to a press release from the insurer.

TURKEY: Insurance body to resolve motor issues in holistic manner

The Insurance Association of Turkey (TSB) will take a holistic approach towards resolving problems faced in motor insurance, says the association's Secretary General Mehmet Akif Eroglu. Measures will be taken this year so that in 2019, a new page will turn over in the sector, he adds.

TURKEY: Takaful data disclosed separately for the first time

The Insurance Association of Turkey (TSB) has announced for the first time data related to takaful or participation insurance, showing that total contributions generated in the segment amounted to TRY109.47 million (US$28.8 million) for January 2018.

TURKEY: Vision 2023 projects hailed as boon to insurance sector

Turkey retains its attractiveness to foreign investors in the insurance sector because of energy, infrastructure and other new projects undertaken or planned in line with the government's 2023 Vision, says Mr Maximilian Stahl, CEO of Istanbul-based VHV Reassurance. The 2023 Vision seeks to establish Turkey as one of the world's top economies by 2023 which will be the centenary of the proclamation of the Republic of Turkey in 1923.

GREECE: NBG gives Exin until late March for Ethniki Insurance

The management of National Bank of Greece is considering waiting out the nine-month period of the provisional agreement with Exin Financial Services Holdings BV for the sale of Ethniki Insurance to see whether the deal falls through.

ARMENIA: Retail insurance market accelerated the upward trend for 2017 from 0.2% to 4.5%, while the corporate market slowed from 12.1% to 8.5%

The share of retail  insurance in the portfolios of premiums of Armenian insurers amounted  to 56.1% (19.6 billion AMD), corporate - 43.9% (15.3 billion) in  2017. At the same time, the capacity of the retail insurance market  accelerated the upward trend to 4.5% from 0.2% in 2016, and, at the  same time, corporate insurance growth slowed to 8.5% from 12.1% in  2016.  Before the introduction of OSAGO in Armenia, as well as  compulsory individual health insurance of state employees, the share  of corporate insurance significantly prevailed over retail.

GREECE: Acquisition of Ethniki Insurance poised to collapse

The acquisition of National Bank's insurance business by Calamos and Exin seems poised to collapse after Calamos Family Partners (CFP) announced that it had filed legal action against EXIN Financial Services Holdings, the Dutch holding company of the EXIN Group.

Allianz to acquire Janashakthi General Insurance Limited in Sri Lanka

Allianz, the global financial services leader, announced that it has entered into an agreement with Janashakthi Insurance PLC ("JINS") to acquire 100 percent of its subsidiary Janashakthi General Insurance Limited ("JGIL") for 16.4 billion Sri Lankan rupees (85.9 million euros).

Chubb Reports Fourth Quarter Net Income of USD 1,533 million

Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2017 of USD 1,533 million, or USD 3.27 per share, compared with net income of USD 1,610 million, or USD 3.41 per share, for the same quarter last year.

CZECH insurance claims and damages rise in 2017

Insurance claims in the Czech Republic climbed top around 284,000 in 2017, an increase of around 31 percent, on the previous year, the Czech Insurance Association has announced.

GREECE: Ethniki Insurance deal to be funded by giants?

Exin Financial Group has pledged that by end-January it will have submitted the details of the funding needed to acquire Ethniki Insurance. So far the group is said to have informed the monitoring authorities and National Bank of Greece that Pimco and Berkshire Hathaway will participate in the deal's financing.

POLAND: Grupa Europa launches mobile screen protection insurance

Insurer Grupa Europa, subsidiary of the global bancassurance giant Talanx International will sell mobile screen insurance policy in Poland, the company announced. The insurance will be offered through the company's app - Screenity, which could be added to existing banking apps or pre-installed on devices, the company said.

PCS to launch Global Terror loss aggregation & index in Q1 2018

Property Claim Services (PCS), a Verisk Analytics business, has announced plans to launch a new loss aggregation solution for terrorism risks in the opening months of 2018, its latest industry loss data solution for global specialty insurance and reinsurance lines.

Zurich to underwrite easyJet insurance

Swiss insurer Zurich Insurance has entered into a new agreement with UK airline easyJet to exclusively underwrite the airline's travel insurance offerings. Zurich will provide product and pricing for the insurance available through easyJet.

SLOVENIA: Insurer Adriatic seeking ways to address tough competition

Adriatic Slovenica, the third biggest insurance group in the country, has unveiled a new five-year strategy, which aims to address growing challenges on the market, including tougher competition because of a merger of two competitors. The January-September profit of the group, which is up for sale, dropped 17% from a year ago to EUR 6m.

KAZAKHSTAN: A.M. Best Affirms Credit Ratings of JSC IC Kazkommerts-Policy

A.M. Best has affirmed the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of "b+" of JSC IC Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable. Kazkommerts-Policy is a majority owned subsidiary of JSC Kazkommertsbank (Kazkommertsbank), which in turn is owned by JSC Halyk Bank (Halyk Bank), a leading retail bank in Kazakhstan.

Chubb Names Matt Booker Senior Vice President, Major Accounts Property

Chubb has named Matt Booker, Senior Vice President, Major Accounts Property in the United States.   In this capacity, he will have responsibility for underwriting, strategy, production, product development, management, and profit and loss (P&L) performance for Chubb's retail commercial large accounts property insurance business, which focuses on the risk transfer and fronting needs of domestic and multinational clients based in the United States.

AZERBAIJANI insurance firm's license suspended

The license of Azerbaijan's Progress Insurance Agency CJSC has been suspended for one month, the Financial Market Supervisory Authority of Azerbaijan (FIMSA) said in a message Dec. 4.

LITHUANIA: Ergo pays 2.4 million euros for damages caused by swine fever

Insurance company Ergo has paid EUR 2.4 million to a farm in Lithuania to cover losses from putting down 24,000 pigs because of swine fever. This is the largest insurance claim paid by Ergo to cover losses in agriculture in Baltic States in the past couple of years, BNN was told by Ergo.

HUNGARY: CIG Pannonia premium revenues, profits up

Q1-Q3 revenues from premiums of Hungarian insurer CIG Pannonia  Group rose 41% year-on-year to HUF 18.6 billion, the company said in an unaudited, consolidated IFRS earnings report released early Tuesday, as reported by state news agency MTI.

KAZAKHSTAN: Fitch affirms Kazakh insurance company's rating

Fitch Ratings has affirmed Kazakhstan-based JSC Insurance Company AMANAT's Insurer Financial Strength (IFS) Rating at 'B' and National IFS Rating at 'BB+(kaz)' and removed them from Rating Watch Negative (RWN). The Outlooks are Stable.

RUSSIA's VTB Bank's CEO: "Very, Very Dangerous to Invest in Cryptocurrencies"

Several Russian analysts have made comments regarding bitcoin and cryptocurrencies in recent weeks. German Gref, the head of Sberbank, has stated that cryptocurrencies are becoming a part of daily life in Russia, whereas as the head of VTB International, Riccardo Orcel, has stated that Russian interest in bitcoin has been overblown by the media. In other news, Etoro analyst, Mikhail Maschenko, discussed the growing perception of bitcoin as a hedge against the traditional financial markets among professional investors.

ARMENIA: VTB Bank unveils new offer for preferred clients

VTB Bank (Armenia) unveiled today a new offer, called 'Privilege,' which it said was designed for its preferred customers. The new product is based on Visa Platinum premium cards, the bank's press service reported.

TURKEY: Motor accidents kill 21,000 in last 4 years

In the last four years, more than four million traffic accidents occurred in Turkey, killing 21,000 people and injuring more than 674,000, according to data from the Turkish General Directorate of Security.

ARMENIA: Compensation for OSAGO shows an impressive annual increase

The volume of accrued  insurance premiums for compulsory motor third party liability  insurance amounted to 13.9 billion AMD in the first 9 months of 2017,  an increase of 4.6% over the year, versus growth of 1.7% a year ago.  At the same time, the volume of insurance claims paid was 8.2 bln  AMD, with a sharp output of the annual dynamics from a 1.6% decline  to a 34.4% increase. This is evidenced by monthly reports published  by the Bureau of Motor Insurers of Armenia on OSAGO.

NN Group reports 3Q17 results

"We are pleased to report another strong set of results for NN Group for the third quarter of 2017. This is the second quarter in which the results of Delta Lloyd have been included in our company's overall performance, after the acquisition of the company in April this year. Apart from the Non-life business, all our businesses performed well. Japan Life and Insurance Europe in particular reported a healthy increase in earnings and continue to achieve strong growth in sales", said Lard Friese, CEO.

AIG Reports Third Quarter 2017 Results

American International Group, Inc. today reported a net loss of USD 1.7 billion, or USD 1.91 per share, for the third quarter of 2017, compared to net income of USD 462 million, or USD 0.42 per diluted share, in the prior-year quarter. After-tax operating loss was USD 1.1 billion, or USD 1.22 per share, for the third quarter of 2017, compared to after-tax operating income of USD 1.1 billion, or USD 1.01 per diluted share, in the prior-year quarter.

MetLife Announces Third Quarter 2017 Results

MetLife reported a third quarter 2017 net loss of USD 87 million, compared to net income of USD 571 million in the third quarter of 2016. On a per share basis, the net loss was USD 0.08, compared to net income of USD 0.51 in the prior-year period.

CZECH REPUBLIC: Windstorm claims three lives in Czech Republic

The powerful storm that hit Central Europe on Sunday claimed three lives in the Czech Republic as a man hit by a falling tree in Bela pod Bezdezem, central Bohemia, died of his injuries in the Liberec hospital, its spokesman Vaclav Ricar confirmed to CTK on Monday.

ROMANIAN Transilvania Broker raises RON 9.6 milion in IPO

Romanian insurer Transilvania Broker raised 9.6 million lei (USD 2.5 million/2.1 million euro) through an oversubscribed initial public offering (IPO) of a 25% stake and might start trading on the Bucharest Stock Exchange (BVB) at the beginning of November, the bourse said on Thursday.

RUSSIA: Euler Hermes-Cautious optimism forecast for Russian economy in 2018

Russian GDP is set to grow by 1.9%, the oil price will move to $56 per barrel, Russian exports are set to increase by $26bn, and both insolvencies and the negative impact of international sanctions on investment will decline in 2018 forecasts Euler Hermes, the world's leading trade credit insurer. With this background demand for trade credit insurance is set to grow.

RUSSIA's national reinsurer makes its mark in year one

The state-owned Russian National Reinsurance Company (RNRC) has shown more appetite for new business in its first year in business than expected, Nicola Rautmann, market executive Austria & Central and Eastern Europe (CEE) at Swiss Re, told Baden-Baden Today.

AZERBAIJAN's PASHA Bank talks expansion plans

Azerbaijan's PASHA Bank does not plan to open new branches abroad in the next three years, Taleh Kazimov, chairman of the bank's board, told reporters in Baku Oct. 17.

GREECE: Ethniki Insurance deal is proceeding

National Bank of Greece and the Exin Group proceeded on Thursday with work toward submitting to the Bank of Greece a draft set of documents for the acquisition of NBG subsidiary Ethniki Insurance by Exin Financial Services Holding, paving the way for the implementation of the deal signed in June.

BELARUS: Financial market activity depends on economic recovery

Financial market activity in Belarus depends on the pace of economic recovery. It is important that the National Bank and the government should be able to offer a competitive business environment for those markets. Today 75% of shares of Belarusian OAOs are owned by the state. The future of the financial market will depend how those shares get to that market and how they circulate there.

SLOVENIA: Zavarovalnica Triglav tops the list of 100 largest insurers in the region

Slovenian insurer Zavarovalnica Triglav tops the list of 100 largest insurers in the region comprising the former Yugoslav republics, Albania, Romania, Bulgaria and Moldavia, compiled by the Bulgarian business web portal SeeNews. The top five insurers on the list based on results from 2016 include another three Slovenian ones.

ARMENIA: In 2018 a mobile version of registration of insurance cases on the euro-protocolwill be introduced

In 2018, a mobile version of the registration of insurance cases for the Euro-protocol (according to the simplified scheme) will be introduced to maximize the convenience of drivers when registering accidents. Vahan Avetisyan, Executive Director of the Armenian Auto Insurers' Bureau, told ArmInfo correspondent that at present the application is at the stage of registration of the technical assignment.

KAZAKHSTAN: Draft law of RK on insurance matters presented in Government

Chairman of the National Bank of the Republic of Kazakhstan, Daniyar Akishev, presented the draft law "On amendments and additions to certain legislative acts of the Republic of Kazakhstan on insurance and insurance activities" in the Government of the Republic of Kazakhstan.

SLOVENIA: Adris launches dispute over Sava Re takeover rejection

Adris Grupa has launched an administrative dispute over the decision of the Slovenian insurance watchdog to deny the Croatian company regulatory clearance to increase its stake in Slovenian insurance group Sava Re to 33%, the news web portal reported on Thursday.

SLOVENIA: SID Bank selling insurance arm

Slovenia's export and development bank has published an intention to sell its credit insurance company SID - Prva kreditna zavarovalnica, as part of the strategic focus on core business.

BULGARIAN insurers' assets grow 10.3% y/y in H1

The assets managed by Bulgarian insurance companies increased to 7.28 billion levs (3.7 billion euro) at the end of June, up 10.3% year-on-year, the country's central bank said on Monday.

UKRAINE: Insurance experience will increase 10 years

The bill on pension reform involves increasing the insurance period to 35 years for 10-year period. This was announced during the hour of questions to the government in the Verkhovna Rada, the Minister of social policy Andrei Reva.

AZERBAIJAN may introduce Europrotocol

The Bureau of Compulsory Insurance (ISB) of Azerbaijan has decided on the tasks for the near future with the aim of ensuring quality in the insurance market. Bureau's report on the results of activity in the first half of 2017 says that Azerbaijan does not have industry standards for determining the amount of damage in the sphere of civil liability insurance for motor vehicle owners.

AZERBAIJAN's Bureau of Compulsory Insurance may switch to self-regulatory mechanism

The Bureau of Compulsory Insurance (ISB) proposes the introduction of a new regulatory mechanism. As it was said in the bureau's report on the results of activity in the first half of the year, the coordinated activity of the actors operating in this sphere creates the conditions for reaching a new level of the quality of relations.

A.M. Best Revises Outlooks to Stable for INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ

A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ (SOGAZ) (Russia). SOGAZ is the ultimate operating parent of the SOGAZ group, which provides a range of insurance and non-insurance related services.

TURKEY: Average MTPL premium falls by 24% in wake of price cap

The average premium for mandatory third party liability motor insurance (MTPL) fell by 24% from TRY864 (US 252) in March to TRY660 in July, since the implementation of a premium ceiling on 12 April, notes Deputy Prime Minister in charge of the economy Mehmet Simsek.

Eurohold Bulgaria leads blue-chip gainers in Sofia, SOFIX up

Financial and insurance group Eurohold Bulgaria was the top blue-chip gainer on the floor of the stock exchange in Sofia on Tuesday, bourse data showed. Eurohold Bulgaria shares rose by 2.31% to 1.330 levs as 11,258 units changed hands.

KAZAKHSTAN: A.M. Best Assigns Credit Ratings to Nomad Life Insurance Company JSC

A.M. Best has assigned the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-" to Nomad Life Insurance Company JSC (Nomad Life) (Kazakhstan). The outlook assigned to these Credit Ratings (ratings) is stable. Nomad Life is a wholly owned subsidiary of Nomad Insurance Group Limited, a non-operating holding company also domiciled in Kazakhstan.

Eurohold Bulgaria shareholders to vote on cap hike, bond issue

Financial and insurance group Eurohold Bulgaria said on Monday it will seek the approval of its shareholders to increase its capital by 40.3 million levs (20.6 million euro) to 202 million levs and to issue a five-year 100 million euro bond.

NN Hellas and Piraeus Bank in Greece renew Bancassurance agreement

NN Hellas today announces that the Bancassurance agreement with Piraeus Bank, which was due to end on 31 December 2017, has been renewed for 10 years with a further 5 year extension possibility. Piraeus Bank, the leading bank in Greece, will continue to offer the Life and Health products of NN Hellas to its customers. ΝΝ Hellas is part of NN Group, an international insurance and asset management company.

POLAND's storms to cost insurers millions: report

Insurance companies in Poland may have to pay out a staggering PLN 400 million (EUR 93.5 million, USD 110 million) in compensation for damages caused by a series of severe storms that hit the country earlier this month, a newspaper has reported.

SERBIA: Axa Life and Axa non-life Insurance in Serbia absorbed by VIG

Serbia's AXA Non-Life Insurance (AXA Nezivotno Osiguranje) and AXA Life Insurance (AXA Zivotno Osiguranje) have officially been absorbed by Wiener Stadtische Osiguranje. This marks the completion of the acquisition of the two insurers by the Vienna Insurance Group (VIG) in July 2016.

KAZAKHSTAN: A.M. Best Downgrades Credit Ratings of JSC Salem Insurance Company

A.M. Best has downgraded the Financial Strength Rating to C (Weak) from C+ (Marginal) and the Long-Term Issuer Credit Rating to "ccc+" from "b-" of JSC Salem Insurance Company (Salem) (Kazakhstan). Concurrently, A.M. Best has placed these Credit Ratings (ratings) under review with negative implications.

NN Group reports 2Q17 results

"Today we are reporting our first fully consolidated set of quarterly results for NN Group and Delta Lloyd, and I am pleased with the strong overall performance of the combined group in the second quarter of 2017", said Lard Friese, CEO.

UNIQA: Insolvency of Veneto Banca triggers contractual guarantee and leads to a decline in net profit for the period in the "discontinued operations" of EUR 33.4 million

In December 2016 UNIQA Insurance Group AG (UNIQA) sold its Italian subsidiaries to the Italian mutual insurance company Società Reale Mutua di Assicurazioni. In the course of the transaction a contractual was issued, which guaranteed up to EUR 40 million for the sales cooperation with Veneto Banca, which is valid until 2019.

MetLife Announces Second Quarter 2017 Results

MetLife, Inc. (NYSE: MET) today announced the following results for the second quarter of 2017. On a GAAP basis, MetLife reported second quarter 2017 net income of USD 838 million, compared to net income of USD 64 million in the second quarter of 2016. On a per share basis, net income was USD 0.77, compared to net income of USD 0.06 in the prior-year period.

Aviva plc 2017 Interim Results Announcement

In the first half of 2017, Aviva has grown operating profit, maintained capital strength and delivered on its strategic agenda. Operating profit increased 11% to GBP1,465 million (HY16: GBP1,325 million), underlining the quality of our franchises and the benefits of our product and geographic diversity. Operating earnings per share (EPS) increased 15% to 25.8p (HY16: 22.4p).

AIG Reports Second Quarter 2017 Results

American International Group, Inc. today reported net income of USD 1.1 billion, or USD 1.19 per diluted share, for the second quarter 2017, compared to USD 1.9 billion, or USD 1.68 per diluted share, in the prior-year quarter, primarily reflecting net realized capital losses of USD 69 million compared to net realized capital gains of USD 1.0 billion a year ago.

Chubb Reports Second Quarter Net Income of USD 1,305 million

Chubb Limited today reported net income for the quarter ended June 30, 2017 of USD 1,305 million, or USD 2.77 per share, compared with USD 726 million, or USD 1.54 per share, for the same quarter last year. Operating income was USD 1,180 million, or USD 2.50 per share, compared with USD 1,058 million, or USD 2.25 per share, for the same quarter last year.

UKRAINE: LIOU: Nearly 30% of insurance market hit by cyber attack

Around 30% of the Ukrainian insurance market has suffered from a recent cyber attack, director of the information policy department of the League of Insurance Organizations of Ukraine (LIOU) Iryna Denysova said at the conference devoted to comprehensive solutions for automation of enterprises organized by the Banker international financial club on July 19.

BOSNIA's Sarajevo Osiguranje increases H1 net profit

The net profit of Bosnian insurer Sarajevo Osiguranje grew to 389,900 marka (199,400 euro) in the first half of 2017 from 50,300 marka a year earlier, the company said. Sarajevo Osiguranje's gross written premiums rose 0.3% to 29.8 million marka in January-June, while its operating costs dropped to 11.0 million marka from 11.4 million marka, the insurance company said in a filing with the Sarajevo Stock Exchange on Tuesday.

TURKEY Insurance Companies Plunge on Second Freak July Storm

The Borsa Istanbul Insurance Sector Index dropped as much as 2.5 percent on Friday after a brief but ferocious storm in Istanbul on Thursday showered the city with hail as large as golf balls, shattering windows, denting vehicles and damaging buildings.

BULGARIAN insurer Bulstrad's H1 non-cons net profit falls

Bulgarian insurance company Bulstrad, a unit of Vienna Insurance Group (VIG), said on Monday its non-consolidated net profit fell to 3.6 million levs (USD 2.2 million/1.8 million euro) in the first half of 2017 from 4 million levs in the like period of last year.

LATVIA: Tineo files a claim with the court as ERGO refuses to pay insurance indemnity in Latvia

The City of Riga Vidzeme District Court has accepted for review the claim filed by SIA Tineo for the award of insurance indemnity from "Ergo Insurance SE", amounting to 1.3 million euro. The company decided to file the claim to the court after the mentioned insurance company refused to fulfil its obligations and compensate the losses that occurred as a result of the tragic event in Riga in November 2013 caused by design and construction mistakes by the third parties, which lead to destruction of real estate property of Tineo.

ARMENIA: the capacity of the retail insurance market has improved the annual trend from negative 3.9% to positive 2.7%, while accelerating corporate growth from 7.3% to 8.5%

The share of retail insurance in the  portfolios of premiums of Armenian insurers for the first half of  2017 was 54.6% (9.3 billion drams), corporate - 45.4% (7.7 billion  drams). At the same time, the capacity of the retail insurance market  improved the annual trend from negative 3.9% to positive 2.7%, while  the growth rate of corporate insurance accelerated from 7.3% to 8.5%.

ARMENIAN insurance sector increases tax payments by 36.4% per annum in the first half-year

The insurance sector  of Armenia paid 1.5 billion drams in the first half of 2017,  exceeding the figure of the previous year by 36.4%. Of this amount,  1.4 billion drams fell on direct taxes (including income tax and  income tax), which is 40% higher than last year's figure. According  to the RA State Revenue Committee, in the list of 1000 largest  taxpayers of Armenia, according to the results of the first half of  2017, all 6 insurance companies operating on the market were  included.

TURKISH storm costs rise

Forecast insured losses from two recent storm outbreaks in Turkey could reach USD441mn, according Aon Benfield's latest Impact Forecasting weekly cat report.

CYPRUS: Insurance company refuses to help car knocked down by car in Cyprus

On the night of Sunday, 30 July, an 56-year-old tourist from Chelyabinsk Elena Lvovskaya was shot down near the Flamingo Beach Hotel in Larnaca. She was operated in the Central Hospital of Nicosia and will soon be withdrawn from the state of an artificial coma. Transportation of Elena to Russia will cost 50 thousand euros. The insurance company refuses to cover these costs. The culprit of the accident - 28-year-old Cypriot - was drunk at the time of the accident. She does not render any assistance to the victim.

POLAND: Orange raises price, cover of phone insurance

Orange Poland amended the conditions of the insurance service Orange Smart Care, which covers service costs for repair of a broken smartphone. Previously the limit for repair cost reimbursement was PLN 700 a year and the service cost PLN 7.98 a month. Now the operator increases the coverage to PLN 800 a year and the service will cost PLN 8.99 a month.

SLOVENIA: Insurer Sava with lower profit due to hail payouts

Insurer Zavarovalnica Sava generated almost EUR 27.9m in net profit last year, which is 16% less than in 2015. The company attributes the drop in profit to damages paid out over hail that hit the entire country last August, with north-eastern Slovenia, where the insurer is most present, being hit the hardest.

ROMANIA: Euroins buys Starcom bonds worth 700,000 euro

Bulgaria's Starcom Holding said on Thursday its subsidiary Euroins Romania has acquired a total of 1,423 Starcom bonds at a price of 1,000 levs (511,300 euro) each. Euroins Romania acquired three Starcom bonds on June 22 and a further 1,420 on June 27, Starcom Holding said in a bourse filing.

LITHUANIA: The direct investment flow continued to be positive in Q1 2017

The Bank of Lithuania and Statistics Lithuania publish the provisional data on direct investment for Q1 2017. Direct investment statistics was supplemented with the indicators of income from equity instruments (dividends), excluding reinvestment, and income from debt instruments (interest), calculated by applying the directional principle.

ALBANIA's GDP expands 3.94 percent in Q1 2017

Albania's gross domestic product expanded by 3.94 percent in the first quarter of 2017 over the same three-month period of 2016, helped especially by a strong construction sector, the Institute of Statistics said on Friday.

HUNGARY: Extraordinary announcement on the merger by acquisition of Pannonia Insurance Companies

CIG Pannonia Life Insurance Plc.  hereby notifies its shareholders and other capital market participants that the Company Registry Court of Budapest - Capital Regional Court registered the merger by acquisition of Pannonia Life Insurance cPlc. into the Company and the merger by acquisition of Pannonia General Insurance cPlc. into CIG Pannonia First Hungarian General Insurance Company Ltd.

BULGARIA's Life Insurance Institute gets nod to absorb Health Insurance Institute

The Bulgarian competition authority said on Tuesday it has granted approval to Sofia-based Life Insurance Institute to absorb local peer Health Insurance Institute. The merger does not represent concentration of business under Bulgarian law, as the two companies have the same owner, the Commission for Protection of Competition said in a statement.

ARMENIA: VTB Bank downs interest rates on car loans

VTB Bank (Armenia) has lowered interest rates on car loans, the press office of the bank reported on Monday. Now the bank clients will borrow the money necessary for buying cars at interest rates beginning from 14%. The bank also offers lending for already imported cars, which are brought to Armenia within 30 days before applying for car loans.

BULGARIA's Starcom Holding cuts stake in insurer Eurohold

Financial and insurance group Eurohold Bulgaria said on Tuesday its majority owner Starcom Holding has decreased its stake in the company to 52.36% from 57.36%. Starcom Holding sold a total of 7.95 million Eurohold Bulgaria shares at a price of 1.29 levs (USD0.75/0.66 euro) each on June 29, Eurohold said in a bourse filing.

RGA Re joins race to acquire Generali's Netherlands operations

Reinsurance Group of America (RGA Re) has reportedly joined the race to acquire the Netherlands operations of insurance giant Generali. Reinsurance Group of America logoAssicurazioni Generali, one of the largest insurance group's in the world, is actively trying to sell its Netherlands and Belgian operations, with RGA Re joining the race to acquire the Dutch operation, according to local press reports.

GREECE: INTERAMERICAN chooses SAS to expand personal data protection

In the insurance industry, trust is crucial to maintaining loyal customers. And with just under a year before the EU General Data Protection Regulation (GDPR) goes into effect, there is a spotlight on personal data and security. To help provide that customer data is securely managed, INTERAMERICAN, a leading insurance provider in Greece, has expanded its relationship with SAS.

CROATIA: Adris seeks clearance to increase stake in Sava Re

Adris Grupa, a Croatian financial group, has once again requested clearance to increase its stake in Slovenia's Sava Re beyond 33%, after the Agency for Insurance Supervision rejected its its first request in October 2016, reported on Friday.

POLAND's Insurance Sector to Grow in 2017 But Profitability Under Pressure

Recently, two contradictory trends have been shaping the insurance market in Poland. The life insurance segment has remained in a downturn, as it continued to suffer from tighter regulatory environment in multiple areas, including: consumer protection, distribution, fiscal treatment etc. Moreover, an overall negative sentiment around insurance investment products and low interest rate environment have not helped new product sales. By contrast, the non-life segment has seen significant growth in new premium collection. This could be attributed mostly to surging car insurance premium, which has been an effect of both: increasing tariffs and a higher number of contracts.

KAZAKHSTAN's Halyk Bank to acquire 96.81% of ordinary shares in Kazkommertsbank

Kazakhstan's Halyk Bank on June 15 announced the signing of the sale and purchase agreements with Mr. Kenges Rakishev to acquire 86.09% of ordinary shares of JSC Kazkommertsbank for a consideration of 1 Kazakhstan tenge, and separately with JSC Sovereign Wealth Fund Samruk-Kazyna to acquire 10.72% of ordinary shares of Kazkommertsbank also for a consideration of 1 Kazakhstan tenge.

CROATIA's Adris to invest 4 bln kuna in its businesses by 2021

 Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Thursday it will invest an additional four billion kuna ($604.7 million/540.2 million kuna) in its businesses by 2021, two billion of which will be directed towards tourism.

SERBIA's Dunav Osiguranje premium income share falls slightly in Q1

Insurer Dunav Osiguranje saw its stake of total premium income in the Serbian insurance sector fall to 27.7% in the first quarter of 2017 from 28.3% in the like period of last year, but the company remained the leader in the sector, data by central bank NBS showed.

BULGARIAN insurers' assets grow 16% y/y in Q1

The assets managed by Bulgarian insurance companies increased to 7.26 billion levs ($4.15 bilion/3.7 billion euro) at the end of March, up 16% year-on-year, the country's central bank said on Friday.

GREECE: Calamos-Exin to land Ethniki Insurance

The Greek-American consortium Calamos-Exin Group has been selected as the preferred bidder for the sale of Ethniki Insurance, a National Bank of Greek subsidiary, in the context of the tender that according to sources is nearing its conclusion.

AZERBAIJAN: Bank VTB Azerbaijan to insure cash machines and cash in them

Bank VTB (Azerbaijan) has announced a tender procedure on the subject of insurance of cash machines and cash in them. The Bank's tender commission reports that bidders can familiarize themselves with the tender documentation at Bank's office (38, Khatayi Avenue; Mezenat Plaza, AZ 1008).

BULGARIA-based insurance company DZI opens its biggest claims centre

Bulgaria-based insurance company DZI, part of Belgium's KBC Group, said on Tuesday it has opened its biggest claims centre in the country. The company now operates two claims centres in the capital Sofia and a total of 86 in the country, DZI said in a statement.

TURKISH automotive sector's share in tax revenues recorded at 12.8 pct

Turkey's automotive sector, considered to be the country's economic locomotive, paid up more than TL 59 billion (USD 16.60 billion) in taxes last year. Finance Minister Naci Agbal pointed out these figures about the sector at the Authorized Automotive Dealers Association Congress last April. Calling the automotive sector an important source of income, Ağbal said, in 2016, they obtained TL 18.9 billion in excise duty, TL 10-15 billion in VAT, TL 10 billion in motor vehicle taxes, TL 10-15 billion in income tax, SGK and withholding.

NN Group reports 1Q17 results

"NN Group showed a strong performance in the first quarter of 2017, with all segments contributing to the increase in the Group's operating result compared with the first quarter of 2016. We continue to improve efficiency, with cost savings in the Netherlands bringing the expense base down further. And our balance sheet remains robust, with NN Group

Wilbur Ross backs American-Dutch bid for Ethniki Insurance

The US commerce secretary has backed a bid by an American-Dutch consortium to buy the insurance arm of Greece's National Bank, Ethniki Insurance, saying a deal could help US investment flows to the troubled Mediterranean country.

UKRAINIANS injured in road accident in Turkey taken to hospital

The Department of Consular Service of the Ministry of Foreign Affairs of Ukraine has confirmed that citizens of Ukraine suffered in a road accident in Turkey; they were sent to a hospital. "A road accident in Turkey. The injured Ukrainians were taken to the hospital. The embassy, an insurance company and a tour operator are providing assistance," the ministry said on Twitter. At the same time, the number of victims is not indicated.

KOSOVO: Insurance has increased by 6.1 percent

According to CBK's report, in 2016, the value of premiums written by insurance companies amounted to euro 83.5 million, which represents an annual increase of 4.4 percent.

KBC Group's Q1 after-tax profit in BULGARIA falls

Belgium's KBC Group said on Tuesday its after-tax profit from Bulgarian operations fell to 4 million euro (USD 4.4 million) in the first quarter, from 5 million euro in the like period of 2016.

BULGARIAN regulator suspends EIG's buyout bid for Euroins

Bulgaria's financial regulator said on Tuesday it temporarily banned the publishing of a buyout offer by Euroins Insurance Group (EIG) for the remaining 9.93% of the share capital of Sofia-based insurer Euroins it does not already own.

KAZAKHSTAN: Fitch Forecasts Kazakh Insurance Market Growth At Double-Digit Rates

Kazakh insurance market is forecast to grow at double-digit rates in 2017-2021, given the recovering Kazakh economy and the current low levels of insurance penetration, the International Rating Agency Fitch Ratings said in a new report called "Kazakh Insurance: Growth Potential but Challenging Operating Environment".

AZERBAIJAN: Parliament launches discussions on compulsory unemployment insurance

Milli Majlis [Parliament] of Azerbaijan has launched discussions on the draft law "On unemployment insurance."  Under the bill, which was considered at a meeting of the Parliamentary Committee on Labor and Social Policy on May 12, the main principles of unemployment insurance will be obligatoriness, legal equality of unemployment insurance subjects, differentiation of insurance payments depending on the length of insurance and duration of unemployment.

UKRAINE: The Ministry of foreign Affairs has provided clarification on the insurance of foreigners

The current legislation of Ukraine in the field of visa, there are no restrictions in the law of detention of foreigners and persons without citizenship of insurance contracts with Ukrainian and foreign insurers, this is stated in the answer the Ministry of foreign Affairs of Ukraine to the appeal of the League of insurance organizations of Ukraine on insurance of foreign citizens and persons without citizenship.

BOSNIA: Triglav INT's buyout bid for Bosnia's Triglav Osiguranje fails

The buyout bid launched by Slovenian holding company Triglav INT, a member of the country's biggest insurer Zavarovalnica Triglav, for the 12% stake it does not already own in Bosnian insurance company Triglav Osiguranje [SAJ:BHOSR] has failed, the latter said on Tuesday.

AZERBAIJAN: CIB: Compulsory insurance discounts lead to systemic problems

The Bureau reports that compulsory insurance contracts in the country are registered on the basis of insurance premiums, established by the Financial Market Supervision Authority on each of the types of compulsory insurance, and any deviation from these tariffs are inadmissible.

UKRAINE: Insurance companies are trying to lessen the cost of CASCO

To attract drivers and to increase the sale of policies of insurance, Ukrainian insurance companies began to invent new ways to reduce the cost of auto insurance. In particular, becoming more popular affiliate programs with car dealers and discounts for certain car, writes UBR.

KBC Group: Excellent first-quarter result of 630 million euros

Against the background of highly accommodating monetary policy, persistently low interest rates and further improving economic growth, particularly in Central Europe and Ireland, KBC turned in another strong performance with a net profit of 630 million euros, well up on the 392 million euros in the first quarter of 2016. It was down on the 685 million euros recorded in the fourth quarter of 2016, since it was distorted by the booking of upfront banking taxes in the first quarter. Our lending and deposit volumes as well as our assets under management continued to grow in the first quarter 2017. In addition to the fine business performance, costs remained under control, overall loan loss impairment charges were extremely low and our solvency position remained strong. For Ireland, our guidance for loan impairment is for a release of 120-160 million euros for full year 2017.

AXA announces its intention to IPO its US operations

The listing of the US operations would bring significant additional financial flexibility for AXA, benefiting from supportive macroeconomic conditions in the US, and create an option to further reduce AXA's exposure to financial risks while further strengthening its economic capital position.

BULGARIA:'s EIG expects steep rise in premium income in 2017

Bulgaria's Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria, said on Friday it expects its premium income to increase to 700 million levs (356.5 million euro) in 2017, from 527.7 million levs in 2016.

NN: Great enthusiasm for Junior Achievement activities in Greece, Bulgaria and Hungary

Part of NN Group's goal to be a positive force in the lives of our customers includes taking responsibility for the wellbeing of the wider society. We do this in part through NN Future Matters, NN Group's overarching Community Investment Programme. Future Matters aims to empower young people in the markets where we operate to support them in growing their economic opportunities.

Fitch upgrades Groupama's IFS to 'A-

Fitch Ratings has upgraded Groupama S.A.'s (Groupama) and its core subsidiaries' Insurer Financial Strength (IFS) ratings to 'A-' from 'BBB+'. Groupama's Inssuer Default Rating (IDR) has also been upgraded to 'BBB+' from 'BBB'. The Outlooks are Stable.

MetLife Announces First Quarter 2017 Results

On a GAAP basis, MetLife reported first quarter 2017 net income of USD 820 million, compared to net income of USD 2.2 billion in the first quarter of 2016. On a per share basis, net income was USD 0.75, compared to net income of USD 1.98 per share in the prior-year period.

AIG Reports First Quarter 2017 Results

American International Group, Inc.  today announced results for the quarter ended March 31, 2017. "Our first quarter results highlight the success of the actions we have taken to execute on our strategy, strengthen our balance sheet, and improve earnings quality," said Peter D. Hancock, AIG President and Chief Executive Officer. "Operating results across our core Commercial and Consumer businesses improved and we continued to return excess capital to shareholders. Since January 1, 2016, we have returned over $18 billion of capital towards our $25 billion target. We will continue to execute our strategy and further build on our position as a leading global insurance company."

CertAsig largest insurance policies for ROMANIAN companies at EUR 77.8 mln in Q1 2017

Insurance company CertAsig registered the top insurance policies in a civil liability for a Romanian utility aviation company, for a technical insurance of a logistics company from Romania and an insurance policy for a infrastructure construction company from Romania, all of them amounting to EUR 77.8 million in the first quarter of 2017.

KAZAKHSTAN: A.M. Best Affirms Credit Ratings of Halyk-Kazakhinstrakh

A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb" of Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan). The outlook of these Credit Ratings (ratings) remains negative. Kazakhinstrakh is a wholly owned subsidiary of JSC Halyk Bank (Halyk Bank), a leading retail bank in Kazakhstan.

UKRAINE: Stets announced the mandatory insurance for journalists

The Ministry of information policy (MIP) of Ukraine initiates to regulate the issue of compulsory insurance of journalists. This was on the occasion of world press freedom day was declared by the Minister of information policy Yuriy stets, reports the website of the Ministry.

KOSOVO insurers' net profit declines 15.4% y/y in Q1

Kosovo's insurance companies posted a combined net profit of 1.1 million euro ($1.2 million) in the first quarter of the year, compared to a net profit of 1.3 million euro in the like period of 2016, according to data from the country's central bank.

Chubb Reports First Quarter P&C Combined Ratio of 87.5%

Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2017 of USD 1,093 million, or USD 2.31 per share, compared with USD 439 million, or USD 0.97 per share, for the same quarter last year.  Operating income was USD 1,175 million, or USD 2.48 per share, compared with USD 1,019 million, or USD 2.26 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 87.5% for the quarter. Book value per share increased 1.7% and tangible book value per share increased 3.1% from December 31, 2016 and now stand at USD 105.35 and USD 62.52, respectively.

UKRAINE: Interpol publishes red notice for ex-heads of Oranta insurer

Interpol has published red notice for former head of the supervisory board of Oranta national joint-stock insurance company (Kyiv) Oleh Spilka and a member of the supervisory board Oleksandr Tyminsky under a request of Ukraine, Ilyashev & Partners law firm defending BTA Bank (Kazakhstan), the largest shareholder in the insurance company, has reported.

POLAND's PKN Q1 net profit seen jumping to USD 476 mln

Poland's biggest oil refiner, PKN Orlen, is expected to post a 466-percent jump in its first quarter net profit mainly thanks to insurance payment, fuel sales and oil prices, a Reuters poll showed on Friday. The state-controlled oil firm is seen posting a bottom line of 1.9 billion zlotys (USD 476.42 million) compared to 337 million zlotys profit a year earlier, based on a forecast from eight banks and brokerages.

LATVIA: Maxima store collapse in Latvia not covered under insurance policy

Maxima Latvija, a subsidiary of the retail group Maxima Grupe, and Tineo, the owner of the Riga shopping center that housed the collapsed Maxima store, are suing Ergo Insurance over its refusal to pay a claim worth 5.34 mln euros, but the insurer says that the event was not covered under the insurance policy.

BULGARIA's Euroins Insurance Group launches buyout bid for Euroins

Bulgaria's Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria, has launched a buyout bid for the remaining 9.93% of the capital of its Sofia-based subsidiary Euroins it does not already own, Euroins said on Thursday.

UKRAINE: Head of Central Bank resigns

The Governor of the National Bank of Ukraine, Valeria Gontareva, has announced her resignation, effective from 10th May, 2017, after nearly three years in the post. She made the announcement during a press conference.

RUSSIA: Over 25% customers buy smartphone insurance

Over 25 percent of customers buying smartphones or tablets in shops of mobile retail outlet Svyaznoy also purchase insurance for the devices, reports, citing a study from Svyaznoy. The increase in demand for insurance services was attributed to the higher prices for mobile devices.

BULGARIA's Sirma ICS launches digital insurance platform

Bulgarian software company Sirma ICS, part of Sirma Group Holding [BUL:SKK], said on Wednesday it has developed a digital insurance platform - ICS Online - which aims to connect end-customers to insurance brokers and insurance companies.

UKRAINE: Insurers of Ukraine in 2016 increased taxes 17%

The total amount of profit tax paid by insurance companies of Ukraine, according to preliminary data, in 2016 amounted to about 950 million UAH, which is 17%, or 140 million UAH more than in 2015, said the Agency "Interfax-Ukraine" member of the financial services Commission Alexander Zaletov.

HUNGARY: NN opens first innovation lab in the field of insurance

NN Group recently opened its first international innovation lab - Sparklab Hungary. Sparklab welcomes startups and freelancers in Hungary who aim to explore and expand ideas supporting the improvement of quality of life. It follows the example of several successful innovation labs in the Netherlands and will be NN's first international initiative. It is the first innovation lab in  Hungary in the field of insurance. Sparklab will use lean start-up techniques and support selected ideas with coaching, mentoring, location and other resources.

AZERBAIJAN: Compulsory car insurance reduced by 10.2%

Over Jan-Mar the Compulsory Insurers Bureau registered 215,572 electronic insurance agreements on mandatory insurance of motor vehicle owner's liability. The CIB reports that 29,808 motor vehicles of them are foreign transit vehicles.

ARMENIA: Compulsory Vehicle Insurance "direct payout"tool launched on April 1 2017

From April 2017 new conditions of CVI  insurance indemnifications are  enforced  in Armenia. As Vahan Avetisyan the director of  Armenian Motor Insurance Bureau has stated earlier, in 2016 all the necessary technical and procedural backgrounds were created so that from April 2017 CVI insurance certificates holders  could receive indemnifications from their insurance company.

UKRAINE: Insurers increases the insurance payments to the population on 17% in 2016

The total amount of insurance payments on claims by individuals, paid by the insurance companies of Ukraine in 2016, amounted, according to preliminary estimates, over UAH 4.5 bn, which is 17%, or UAH 600 million more than in 2015, said the Agency "Interfax-Ukraine" member of the national Commission, carrying out state regulation of market of financial services (Natskomfinuslug), Alexander Zaletov.

HUNGARY: Extraordinary announcement on the agreement between the subsidiary of CIG Pannonia Life Insurance and Aegon Hungary

CIG Pannonia Life Insurance notifies its Esteemed Shareholders and other capital market participants that the general meeting of Pannonia General Insurance decided to transfer the home insurance, condominium insurance and compulsory vehicle liability insurance portfolio to Aegon Hungary General Insurance with the effect from the date of the supervisory authorization.

SLOVAKIA: New levy to raise insurance premiums

Rates may rise only marginally for some types of insurance, but others could increase by 15 percent or more, experts say. As of the beginning of 2017, prices of some non-life insurance products, mainly vehicle and travel insurance, have started to increase in Slovakia. Insurance companies are responding in this way to a new 8-percent levy that the state now applies to every new premium.

UKRAINE: Insurers' bankruptcy procedure not settled in consumer rights protection area

The bankruptcy procedure for insurance companies is not settled from the point of view of the proper protection of consumer rights, Director of the law and analytical department of the League of Insurance Organizations of Ukraine (LIOU) Serhiy Tarasov said at the second Restructuring and Bankruptcy Forum organized by Yurydychna Praktyka (Law Practice) newspaper on March 29.

SLOVENIA: EBRD exits leading pension fund Prva Group

The European Bank for Reconstruction and Development (EBRD) said on Friday it exited its engagement in Slovenia's pension fund Prva Group, one of the leading asset management providers in central and eastern Europe.

CZECH insurance market in 2020: are you ready for the digital revolution?

Marking the first anniversary of Willis Towers Watson's Prague office, we are delighted to present our report into the prospects for the Czech insurance industry in the years to 2020. In this unique survey of 49 senior insurance executives from across the industry - insurers, reinsurers, intermediaries, academics and industry associations - we sought to identify the key trends, risks, opportunities and keys to success for insurance companies.

UKRAINE: Some 55% of assets of local insurers are low liquid

The preliminary results of the Ukrainian insurance market in 2016 show that 55% of assets of insurance companies worth over UAH 30 billion are low liquid or hard to sell and generate low income, a member of the national commission for financial service markets regulation Oleksandr Zaletov has told Interfax-Ukraine.

RUSSIAN insurers have called the most stolen cars

Cars brands Toyota, Hyundai, Kia and Mazda in 2016 were the most stolen cars in Russia; it is hard, but with a slightly lower frequency was Land Rover, Ford, BMW, Renault and the Russian Lada, according to a survey conducted by RIA Novosti among the leading Russian insurers.

POLAND's PZU says will stick to dividend policy

Poland's state insurance firm PZU said on Thursday it would stick to its core strategies and keep paying dividends, as it watched its share price fall sharply a day after it fired its chief executive.

POLISH insurer PZU fires CEO

Polish insurance company PZU said on Wednesday that its supervisory board had dismissed its chief executive, Michal Krupinski. The firm, eastern Europe's largest insurer, did not give any reason for Krupinski's departure.

TURKEY: GM of Groupama Insurance, is retiring from office

Having been assigned as the Assistant General Manager of Groupama in 2008 following the acquisition of Guven Insurance and reassigned as the General Manager of Groupama Insurance Inc. and Groupama Pension Inc., Ramazan Ulger will be retiring from office on April 30th, 2017 as a result of the mutual decision made with the Group Management. Recruitment process is continuing for the new General Manager and will be announced briefly.

LITHUANIA:Telia introduces travel insurance

Mobile operator Telia Lithuania has started offering a travel insurance service for customers taking trips to foreign countries. The offer was launched in cooperation with insurance company Compensa and insurance broker Edrauda.

BULGARIA: Almost 800,000 Euros allocated for agricultural insurance

In 2017, the budget allocated for the State Fund scheme for the co-financing of agricultural insurance premiums will amount to 1.5 million Lev (about 766,776 Euro), as decided in a meeting of the Governing Council of the State Fund "Agriculture" (SFA), reports

BULGARIA insurers' assets grow by 8.2% in 2016

The assets managed by Bulgarian insurance companies reachеd 6.6 billion levs (3.37 billion euro) at the end of December, up by 8.2% year-on-year, the country's central bank said on Monday.

AZERBAIJAN: In 2016 banks ensured 73.2% of financial sector all assets

Domestic banks' assets occupied a dominant position in total assets of the financial sector of Azerbaijan for the past year. The government's report for 2016 says that the financial sector assets amounted to AZN 43 bn that is equal to 71.1% of the domestic gross product.

KOSOVO insurers' net loss triples in 2016

Kosovo's insurance companies posted a combined net loss of 23.9 million euro ($25.4 million), more than three times higher than their aggregate net loss of 7.7 million euro in 2015, data from the country's central bank shows.

LATVIA: Balta - insurance market grows more rapidly than the economy

"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.

UKRAINE: ALD Automotive moving corporate car leasing market towards outsourcing and modernity

"When I came to Ukraine almost two years ago, I found a very archaic situation in corporate car fleet management. Most of international companies operating in Ukraine were still buying cars directly and managing their own car fleets: as an evidence for that, we can look to the very tiny size of the car leasing market: only around 25000 vehicles, which also includes volumes from individuals and Ukrainian SMEs!", said Pierre-Vladimir Joliot, General Director, ALD Automotive.

ACHMEA: Exceptional items impact result, fundamentals improved

"Achmea closed 2016 with a net loss of €382 million, primarily as a result of extraordinary expenses. The result was influenced by events such as the severe hail storms in June last year, which caused in excess of €300 million damage and affected more than 30,000 of our customers. The use of the Health result to limit the increase in premiums also lowered the result. Looking to the future, we have raised the provisions for personal injury claims and have formed a restructuring provision in connection with further changes to our organisation. Finally, there has been an impairment of goodwill of our Turkish insurance operations. Although it is disappointing to end the year with a loss, over the next few years we expect to benefit from the improvements implemented in recent years", said Willem van Duin, Chairman of Achmea's Executive Board.

Aviva plc 2016 Preliminary Results Announcement

"Aviva's results are simple and clear cut: more operating profit, more capital, more cash, more dividend. And there is more to come. Aviva's financial position has been transformed and a distinctly stronger balance sheet and excess capital give Aviva more options. We are now actively planning a capital return to our shareholders and debt reduction in 2017 and will invest further to grow our businesses", said Mark Wilson, Group Chief Executive Officer.

BULGARIA: NN Pension Insurance awarded 'Most Significant Corporate Partner'

The first annual SOS Children's Villages Bulgaria awards ceremony took place on 26 January 2017. The organisation honoured its benefactors and partners, and thanked them for the collaboration and support they provided to at-risk children and those deprived of parental care. NN Pension Insurance Bulgaria received the prize for 'The Most Significant Corporate Partner'. Anastas Petrov, CEO of NN Pension Insurance Bulgaria, said NN supports a number of projects that support children and students in Bulgaria. 'Children are our future. We believe that supporting SOS Children's Villages and their cause is an investment in the development of a better and happier tomorrow for our country.'

ESTONIA allows self-driving cars on the roads

Estonia has allowed the testing of self-driving cars on the country's roads; however, an additional condition is that the vehicle must also have a driver who can take control if needed.

TURKEY: Zurich launches first retail cyber protection insurance product

In 2016 there were a number of huge leaks of personal data of Turkish citizens online. It's created a massive demand for products to insure individuals and businesses from losses caused by cyber crime. Yilmaz Yildiz, CEO of Zurich Turkey, outlines the first product they've brought to market to address this demand.

HUNGARY: New Regulation On Unit-Linked Life Insurance

Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator - calculated in line with the rules of Hungarian insurance regulations - showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017.

RUSSIA: On for two months increased the fees of insurance premiums to 692 billion rubles

Transfer of administration of insurance contributions to the Federal tax service has led to the increase in fees — an increase in revenues of the state budget funds for the first two months of 2017, up 2% compared to the same period last year, said the head of the FTS Mikhail Mishustin, speaking on Tuesday at the Board of tax service.

AZERBAIJAN sees rise in insurance assets

Azerbaijan's insurance assets recorded a significant growth in 2016. The total volume of the insurance sector assets in 2016 increased by 1.9 percent and made up 1.031 million manats as of January 1, 2017, according to the Cabinet of Ministers' report on activities for 2016, Day.Az reported.

CZECH REPUBLIC: Unipetrol gets another insurance compensation

Unipetrol received another insurance compensation at USD 40mln (CZK 1bn) related to FCC unit accident at Kralupy. It is the first compensation linked to Kralupy unit that increases total amount received to CZK 8.9bn (CZK 7.9bn received in 2016 linked to Litvinov unit). This increases chances for dividend announcement (setting up official dividend policy) around mid of March when Company plans to publish its new strategy.

TURKEY: Mehmet Simsek: 'We are working towards a new model for traffic insurance'

Vice President, Mehmet Simsek, was on the live broadcast of NTV. "Traffic insurance is an obligatory insurance type," said Mr. Simsek, having explained that they are working towards a new model for traffic insurance emphasizing the drawbacks of the current system. "The system is designed to compensate the damage one causes to the other. Therefore, the one needs to be insured is rather the driver, not the vehicle. Say, the vehicle is insured but it was trusted to an inexperienced driver. Such factors are leading to increased premium payments. I instructed the Treasury and they are working on it. There is a similar system in effect in the UK where the driver is insured. Such a system considers not only the risks the vehicle is exposed to but also the risks drivers are exposed to. With this system we believe the number of traffic accidents and damages will be reduced, which in return will lower the premiums," he added.

TURKEY: Transfer of Isık Insurance is approved

According to the announcement made by the Competition Authority on its official website, the transfer of the Isık Insurance Corp., once was controlled by the Asia Participation Bank Corp., to Turkish Agricultural Credit Cooperatives Central Association is approved.

TURKEY: Fire Hazard is Still the Biggest Threat: Investments are Turning to Dust

As a humane urge to secure one's future, individuals are encouraged to invest as much as their budgets allow. These investments are sometimes involving purchasing real estate or automobiles and other times starting one's own business. The research showed that real estate is still the number one choice of Turkish people as an investment. However, it is important to secure such an investment against the risks as it is the fruit of years of labor.

TURKEY: Fast fish will eat the slow fish in Insurance business

As a customer, what do you see when you look at the insurance business? Complex processes, hard to read and hard to understand policies, strict procedures... As a person working in this sector for 16 years, I must admit that this is the picture in my mind.

TURKEY: Generali: The Total Number of Fire Incidents in 2016 in Istanbul Adds up to 28,586

Not another day pass without the bad news of fire incidents. We are bound to read a number of big or small fire incidents. These fire hazards are causing significant losses both material and immaterial. The total number of fire incidents only in 2016 in Istanbul adds up to 28,586. According to the statistics of Istanbul Fire Department, among these incidents 5,910 were residential and 153 were manufacturing plants. Almost 40% of all the fire incidents in Istanbul last year were due to smoking. Electrical malfunction follows smoking with a whopping 21.5%. As one may see, it is possible to eliminate at least 40% of the fire hazards if we were to observe the non-smoking warnings in commercial and industrial facilities.

UKRAINE: Zurich leads USD 120 million civil war loss

Zurich is the lead insurer on a USD 120mn political risk claim caused by the conflict in Ukraine, The Insurance Insider understands. The insured is food conglomerate Cargill, one of the world's largest privately held corporations.

ARMENIA-based insurers earned AMD 4.058 billion in net profit in 2016

Armenia-based six insurance companies earned a total of 4.058 billion drams in net profit in 2016, up from 2.672.8 billion drams they had earned in 2015 (51.8% increase), according to ARKA news agency's bulletin "Insurance Companies of Armenia" for the fourth quarter of 2016. All six companies closed the past year with a profit, whereas in 2015 two companies reported losses.

TURKEY: MetLife Pension and Life Insurance, one of Turkey's successful pension and life insurance companies, announced their results for 2016...

Making a difference in the sector with its innovative approach, MetLife has announced its results for 2016. The company has increased its total premium production in life and personal accident insurances by 49% in one year adding up to TL477 million by the end of 2016 and listed among the first 3 companies in the market. MetLife preserved its leading position in personal accident field among all pension and life insurance companies with its market share of 36.6%. On the other hand, the company has grown in personal pension insurance at a higher rate when compared to the sector and reached at a cumulative fund value of more than TL1.18 billion.

TURKEY: Campaign by Generali Insurance brings a FIAT Egea to Mersin

Drawing attention with its projects building on the company's mentality of Easy Insurance, Generali Insurance announced the winner of its campaign which offered a FIAT Egea Hatchback to any vehicle owners who received a quote for either one of the traffic insurance or Casco products in a minute without any charges.

SLOVENIA's Generali Insurance Deploys Metastorm BPM Software

"Like many insurance companies, our customer facing processes are critical to our business," stated Sonja Leban Gogala, director of sales channel, Generali Insurance Slovenia. "By automating our core processes using Metastorm BPM, we will be able to quickly realise its value, especially in terms of overall competitiveness."

NN Group reports 4Q16 and 2016 results

"2016 was an eventful and important year for NN Group, a year in which we made considerable steps. We invested in accelerating change and innovating our customer experience, and worked on new and improved products and services", said Lard Friese, CEO.

AIG Reports Fourth Quarter 2016 Results

American International Group, Inc. today announced results for the quarter and fiscal year ended December 31, 2016. "We took decisive actions in 2016 to dramatically reduce uncertainty and deliver higher quality, more sustainable earnings in the future," said Peter D. Hancock, AIG President and Chief Executive Officer.

AZERBAIJAN: PASHA Insurance has moved their head office to a new location

PASHA Insurance company is ready to serve its customers in new location. PASHA Insurance announces that they have moved their head office to a new location - "Sahil Plaza" which is in 61, avenue M. Useynov, in front of Dalga Plaza. All of the departments and/or divisions (such as, board of directors, customer services, claims and legal services department) are located in head office.

POLAND: UNIQA - New insurance available with SkyCash application

UNIQA TPL insurance is available with SkyCash since December 2016. This is another product, after a tourist cover, developed with the application users in mind. What is more, payments can be spread over as many as 12 instalments. Customers paying their instalments on time can also take advantage of a special promotion.

HUNGARY: KBC books Q4 net income of EUR 23 mln

Belgium's KBC Group booked net income of EUR 23 million at its business in Hungary in the fourth quarter, down from EUR 42 mln in the same period a year earlier as income tax expenses jumped, state news agency MTI has reported, citing an earnings report released today.

UZBEKISTAN: Investments by insurance companies increase

The total volume of investments of Uzbek insurers amounted to 867.547 billion soums (1 USD =3294.74 soums on Feb. 8) in 2016, that is, by 19.3 percent more compared to 2015, the country's Finance Ministry told Trend Feb. 8.

KAZAKHSTAN: A.M. Best Revises Outlooks to Negative for Nomad Insurance Company JSC

A.M. Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-"for Nomad Insurance Company JSC (Nomad), the wholly owned subsidiary of Nomad Insurance Group Limited, a private non-operating company (both entities are domiciled in Kazakhstan).

KBC Group: Strong fourth-quarter result of EUR 685 m, leading to a full-year profit of EUR 2.4 bn

In an environment of persisting low interest rates, firm economic growth in Central Europe and Ireland, and more modest growth in Belgium, KBC turned in a strong performance by posting net profit of 685 million euros in the fourth quarter of 2016, compared with 629 million euros in the preceding quarter and an exceptional 862 million euros in the fourth quarter of 2015 (or 441 million euros excluding two major one-off items in that quarter).


On a GAAP basis, MetLife reported a fourth quarter 2016 net loss of USD 2.1 billion, compared to net income of USD 785 million in the fourth quarter of 2015. On a per share basis, the net loss was USD 1.94, compared to net income of USD 0.70 per share in the prioryear period.

NN Group acquires 5.3% stake in Delta Lloyd

NN Group announces today that, NN Group acquired 24,618,525 Shares held by Talpa Beheer B.V. through a private transaction against a consideration of EUR 5.36 per Share, representing a total value of EUR 131,955,294. The consideration was paid from the cash capital available at the holding company.

Statement on the Death of John R. Cox, Founding Chairman of ACE Limited

The Chubb family is saddened by the passing of John R. Cox, the founding Chairman and first employee of ACE Limited, which was established in 1985 and last year acquired The Chubb Corporation, adopting its name.  Mr. Cox, a giant in the property and casualty insurance industry, was 84.

Chubb Reports Fourth Quarter Net Income Per Share of USD 3.41, up 63.9%, and Operating Income Per Share of USD 2.72, up 14.3%

Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2016 of USD 1,610 million, or USD 3.41 per share, compared with USD 683 million, or USD 2.08 per share, for the same quarter last year.  Operating income was USD 1,283 million, or USD 2.72 per share, compared with USD 780 million, or USD 2.38 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 87.8% for the quarter, or 87.6% on an "As If" basis.

MACEDONIANS Spent EUR 20 Million on Life Insurance Policies in 2016

Over EUR 20 million have been paid by citizens who bought life insurance policies in one of the four insurance companies which offer this type of insurance in Macedonia in 2016. Around 10,000 new clients insured their lives which is a 20% rise as compared with 2015.

The list of Armenia's 1000 largest corporate taxpayers in 2016 includes all six insurance companies, operating in the country, which paid about 2.09 billion drams in taxes, up from 1.77 billion drams they had paid in 2015, the State Revenue Committee said. Some 93% of that amount were direct taxes, the Committee said.

TURKEY: Vodafone offers insurance payments via m-wallet

Vodafone Turkey started offering an alternative to paying for work or home insurance premiums via its 'Cep cuzdan' mobile payment service. Anyone working with a mobile wallet can pay for his daily insurance premiums by text messaging a text corresponding to an insurance to a specific number and receive its insurance in less than 10 days. Vodafone enables the payment of insurance premiums through its e-payments system VPAS. The system enables the payment of an insurance premium of TRY 1.19 per day which is obligatory to pay for work accidents and damages to homes.

ARMENIA's median gross monthly salary in 2016 was AMD 187,850

The median gross monthly salary in Armenia in 2016 amounted to 187,850 drams ($391 or 26,127 Russian rubles), which was by 1.7% more than in 2015, according to the figures, released today by the National Statistical Service (NSS).

AZERBAIJAN: PASHA Insurance are moving its head office to a new location

PASHA Insurance announces that they are moving their head office to a new location - "Sahil Plaza" which is in M. Useynov, 61 address.(in front of Dalga Plaza) All of the departments and/or divisions (such as, board of directors, customer services, claims and legal services department) will be located in head office.

IFJ unveils new global insurance coverage for journalists

The International Federation of Journalists (IFJ) has collaborated with Insurance for Journalists to launch a scheme of flexible, low-cost protection plans for freelance reporters and media personnel who struggle to find insurance when reporting at home or abroad.

BULGARIA: KBC wins bidding for NBG subsidiary

KBC is set to make its first big acquisition in emerging Europe since the financial crisis after winning the bidding to buy Bulgaria's fourth-largest lender from National Bank of Greece (NBG). The Belgian group will pay EUR 610 million for United Bulgarian Bank (UBB) after beating off competition from Hungary's OTP Bank. The purchase price also includes NBG's Bulgarian leasing subsidiary, Interlease. The acquisition will propel KBC into the number three slot in the Bulgarian banking market, a position the group has targeted since acquiring small local lender CiBank in 2007.

POLISH motor insurers face pressure to automate and streamline operations

Motor insurance constitutes a major part of the property/casualty insurance sector in Poland. Its market share, according to the latest figures from industry association Polska Izba Ubezpieczen (PIU), is 49.9% of gross written premium. Add to that joint indemnities for compulsory motor third-party liability insurance (MTPL) and voluntary insurance policies such as accident and theft (casco), the figure rises to 68.8%.

ARMENIA: Fitch Affirms Armenia at 'B+'; Outlook Stable

Fitch Ratings has affirmed Armenia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+' with Stable Outlook. The issue ratings on Armenia's senior unsecured Long-Term Foreign Currency bonds have also been affirmed at 'B+'. The Country Ceiling has been affirmed at 'BB-' and the Short-Term Foreign Currency and Local Currency IDRs at 'B'.

RUSSIAN Central Bank revokes almost hundred licenses in 2016

In 2016, the Central Bank of Russia has revoked 97 licenses of banks, 17 licenses of non-state pension funds, 69 licenses of insurance companies and 32 license of management companies, the chief auditor of the Central Bank Valery Goregliad said at the Gaidar Forum.

GREEK turnaround adds sheen to NBG's insurance asset sale

An unexpected uptick in the outlook for the Greek economy should boost buyer demand for National Bank of Greece SA subsidiary Ethniki Hellenic General Insurance Co. SA, while the gradual removal of the social safety net should provide a stream of clients for its products over the longer term, analysts told S&P Global Market Intelligence.

SERBIAN Competition Commission closes the year boldly

On 25 December 2016, the Commission published a report on the Serbian insurance market, and announced its plan to draft an Insurance Block Exemption Regulation ("IBER"). Except where the specifics of the Serbian insurance market require otherwise, the regulation will be harmonized with the EU Block Exemption Regulation for the Insurance Sector.

CZECH REPUBLIC: New Obligations for Large Companies

In accordance with the EU directive 2014/95/EU, business corporations with more than 500 employees that qualify as large undertakings and public-interest entities as defined by the Czech act on accounting (these include, for instance, banks, insurance companies or large companies with securities admitted to trading on an-EU regulated market) are subject to so-called non-financial reporting starting January 1, 2017.

Baltic insurance market to continue consolidation trend in 2017

The year 2016 saw a strong consolidation trend in the insurance sector in the EMEA region and Latvia was no exception. Vienna Insurance Group AG acquired Baltikums and BTA Baltic Insurance Company in a deal which is said to have contributed to the stability and sustainability of the insurance industry in the country.

MACEDONIA: Insurance Market Grows by 4 Percent

The insurance market in Macedonia grew by about 4 percent in 2016, a rate that is lower than expected due to the tense political situation, the Macedonian Chamber of Commerce (SKM) informed on Monday. Klime Poposki, from the Insurance Supervision Agency said that there was a growth in accident insurance of 9.31 percent, while gross property insurance premiums dropped by 7.98 percent, while the number of contracts increased.

AZERBAIJAN: Licenses of 3 insurance companies revoked

Azerbaijan's Financial Market Supervisory Authority has revoked licenses of three insurance companies - the International Insurance Company, Azerqarant Insurance and Buta Insurance, the company said in a message Dec. 30.

SLOVAKIA: KBC interested in banking opportunities

Belgian banking and insurance group KBC is interested in looking for acquisition opportunities in Slovakia, in line with its plan to expand in its core markets in central Europe, KBC Group Chief Executive Johan Thijs said on Wednesday.

AZERBAIJAN: PASHA Bank to enter SME market

VTB Bank (Azerbaijan) expanded preferential ATMs network by signing partnership agreement with PASHA Bank. Now banks won't charge fees for cash withdrawals at their ATMs from clients of the partner banks.

SERBIA: NBS Signs MoU with Italian Insurance Supervisor

Appreciating the fact that Italy is one of the most significant home countries of investors in the Serbian insurance sector and aiming to further enhance insurance supervision in Serbia, the NBS signed a Memorandum of Understanding (MoU) with the Italian Insurance Supervisory Authority (IVASS). The document regulates joint actions and information sharing between the two supervisors, mainly in relation to members of Italian business groups 'Unipol' and 'Generali', i.e. two of the three largest insurers and two of the four reinsurers in Serbia.

GREECE: Exin acquires AIG operations

Matt Fairfield's (re)insurance start-up Exin Partners has struck a deal to buyout AIG's interest in AIG Greece in a deal worth upwards of EUR100mn ($104mn), The Insurance Insider can reveal.

AZERBAIJAN sets 5 goals to develop financial services by 2020

Azerbaijan has set five strategic objectives and 16 priorities for the development of financial services by 2020. The set objectives and priorities are reflected in the Strategic Road Map for Development of Financial Services in Azerbaijan, published Dec. 14.

Fairfax's Newline insurer to open German office

Newline Insurance Company Ltd., which is ultimately owned by Toronto-based Fairfax Financial Holdings Ltd., announced Tuesday it has received regulatory approval to open a new branch office in Cologne. Newline, which writes international casualty and cargo coverage, is part of Fairfax-owned Odyssey Re Holdings Corp., based in Stamford, Conn.

RUSSIA: Central Bank: 80% of complaints falls on the insurance companies

The Bank of Russia has published data on citizens' complaints on non-credit financial institutions in the third quarter of 2016. Most, ie 80%, accounted for the subjects of insurance business: it is insurance companies, mutual insurance companies, insurance brokers, insurance actuaries. The report is published on the website of the Bank of Russia.

GREECE: Bids for NBG's Ethniki Insurance set for Q1

National Bank of Greece aims to have the binding bids for the sale of its subsidiary Ethniki Insurance within the first quarter of 2017. According to the group's commitment in its restructuring plan, the sale must take place in the first half of next year, but bank sources say the process will begin in January.

AZERBAIJAN's ISB names new Trustees Council chairman

First deputy chairman of Management Board at AXA MBASK insurance company, Lana Gozalova has been elected as chairman of the Council of Trustees at Azerbaijan's Compulsory Insurance Bureau (ISB), said the ISB in a message Dec. 9.

SERBIA: Dunav Osiguranje's market share slightly declines in Q3

Serbia's central bank, NBS, said on Monday that state-owned Dunav Osiguranje [BEL:DNOS] remained the country's top insurer by premium income in the third quarter of 2016, although it saw its market share narrow by one percentage point year-on-year, to 26.6%.

Marsh & McLennan Agency Acquires Presidio Benefits Group

Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, today announced it has acquired Presidio Benefits Group, a San Francisco-based employee benefits consulting firm. Terms of the transaction were not disclosed.

Generali targets EUR180mn motor cover

Generali is seeking EUR180mn of cat bond cover for its motor third-party liability book through a Dublin-based special purpose vehicle called Horse Capital I DAC, sources told sister publication Trading Risk. ‎

KAZAKHSTAN: A.M. Best Assigns Credit Ratings to JSC IC Kazkommerts-Policy

A.M. Best has assigned a Financial Strength Rating of C++ (Marginal) and a Long-Term Issuer Credit Rating of "b+" to JSC IC Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan). The outlook assigned to these Credit Ratings (ratings) is stable. Kazkommerts-Policy is a majority-owned subsidiary of JSC Kazkommertsbank (Kazkommertsbank), the largest bank in Kazakhstan.

Significant damage not expected from Japanese earthquake

The major earthquake that struck off the coast of Japan in the early hours of this morning local time and the tsunami waves that followed, are not anticipated to have caused significant damage, according to risk modelling firm RMS.

ARMENIAN insurance companies report 63% surge in net profit

The net profit of six Armenia-based  insurance companies in the first 9 months of 2016 amounted to 3.895.5 billion drams,  up from 2.394.1 billion drams they had earned in the same period of 2015, an increase of 62.7%., according to ARKA news agency's  bulletin "Insurance Companies of Armenia" for the third quarter of 2016.

AIG Restructuring Continues with Japan Life Business Sale

Continuing its efforts to recalibrate its business to focus on core operations, American  International Group Inc. AIG has entered into a strategic agreement with FWD Group, the insurance arm of Pacific Century Group.

NN Group reports 3Q16 results

"'Despite the prevailing uncertain economic conditions, we continue to deliver on our targets to generate capital and improve earnings, while bringing our brand promise 'You matter' to life for our customers every day. We maintain a strong balance sheet, with a solvency ratio of 236%", said Lard Friese, CEO.

KBC Group: Strong third-quarter profit of 629 million euros

Against a background of persisting low interest rates, modest economic growth in Belgium and firmer growth in Central Europe and Ireland, KBC posted a strong net profit figure of 629 million euros in the third quarter of 2016, compared to the 721 million euros recorded in the preceding quarter (which had been boosted by a one-off positive impact of 84 million euros (after tax) resulting from the sale of Visa Europe shares) and the 600 million euros returned in the third quarter of 2015.

MOLDOVAN insurance companies fined by NCFM

Most of Moldovan insurance companies were fined by the National Commission of Financial Market (CNPF). The sanctions were imposed because they have not met the deadline for payment of compensation and preparing the minutes on prejudice.

Zurich insurance to Take USD 300 m Loss on Russian Unit Sale

Zurich coverage organization AG, the largest Swiss insurer, said the sale of its Russian retail unit will cause an anticipated loss of about USD 300 million. The insurer said it's miles promoting the enterprise to Moscow-based Olma group and intends to keep and build its Russian company enterprise, consistent with a declaration on its internet site these days.

MACEDONIA: Triglav unit 9-mo after-tax profit up on net premium income

Macedonian non-life insurer Triglav Osiguruvanje [MSEVROS], a unit of Slovenian insurance group Triglav, said its profit after-tax increased to 59.24 million denars (USD 1.07 million/962,300 euro) in the first nine months of the year from 40.56 million denars a year earlier mainly due to higher net premium income.

Willis Towers Watson Reports Third Quarter Earnings

Willis Towers Watson (NASDAQ:WLTW) (the "Company"), a leading global advisory, broking and solutions company, today announced financial results for the third quarter of 2016, which ended September 30, 2016. On January 4, 2016, the merger of Willis Group Holdings plc (Willis) and Towers Watson & Co. (Towers Watson) was completed. In this release, the Company has presented consolidated financial results for the quarter ended September 30, 2016 and certain pro forma results for the quarter ended September 30, 2015.

HUNGARY: AXA has completed the sale of its banking operations to OTP Bank plc

AXA announced today that it had completed the sale of its Hungarian banking operations to OTP bank plc. This transaction is the final step in the repositioning of AXA Bank Europe as a fully focused Belgian retail bank, serving almost one million clients and operating jointly with AXA Insurance in Belgium.

MetLife Announces Third Quarter 2016 Results

On a GAAP basis, MetLife reported third quarter 2016 net income of USD 571 million, down 52 percent from the third quarter of 2015. On a per share basis, net income was USD 0.51, also down 52 percent from the prior-year period.

AIG Reports Third Quarter 2016 Results

American International Group, Inc. (NYSE:AIG) today reported net income of USD 462 million, or USD 0.42 per diluted share, for the third quarter of 2016, compared to a net loss of USD 231 million, or USD 0.18 per diluted share, in the prior-year quarter.

Insurance manager wins tender to become LATVIA's tax chief

A high-level insurance manager has won a tender to become Latvia's State Revenue Service's director-general, State Chancellery Director Martins Krievins, who chaired the panel assessing the candidates, told reporters Tuesday.

AZERBAIJAN: Two insurers authorized for compulsory insurance

In Azerbaijan two more companies have received the right to render services on a range of mandatory types of insurance. Financial Markets Supervision Chamber reports that the decision was taken by the Chamber's Board of Directors on 26 October.

Ingosstrakh to pioneer Russia's online insurance market

Ingosstrakh Insurance Company, one of the largest Russian insurance companies, has reached a strategic milestone by spearheading the digital marketplace of insurance products in Russia. CEO Mikhail Volkov has announced that packaged insurance products, which so far have sold only in retail outlets, will now be available on Russia's biggest marketplace, Yandex.Market.

Chubb Reports Strong Third Quarter Net Income Per Share and Record Operating Income Per Share

Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2016 of USD 1,360 million, or USD 2.88 per share, compared with USD 528 million, or USD 1.62 per share, for the same quarter last year. Operating income was USD 1,356 million, or USD 2.88 per share, compared with USD 897 million, or USD 2.74 per share, for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 86.0%.  Book value and tangible book value per share increased 2.4% and 5.5%, respectively, from June 30, 2016 and now stand at USD 103.96 and USD 60.26, respectively.

SLOVENIA bans Adris to boost stake in reinsurer

Slovenia's Insurance Supervision Agency has rejected an application of the Croatian tourism and insurance group Adris to boost its stake in reinsurer Pozavarovalnica Sava, BBJ - Regional Today reported on Monday citing local media reports.

TURKEY: Aktif Bank starts to operate in Islamic Leasing

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), Aktif Yatirim Bankasi A.S. (Aktif Bank), the largest privately-owned Investment Bank in Turkey and Ijara Management Company (IMC), a specialized company offering comprehensive solutions for new and existing Islamic leasing (Ijara) companies; signed a Shareholders Agreement on 1 September 2016 to collaborate as the new shareholders of Halic Finansal Kiralama A.S. (Halic Leasing), a financial leasing company that was established since 2004.

BELARUS: The Banking Sector Moving Towards Modernisation Despite Some Challenges

There are 26 banks, including 21 with foreign capital, operating in Belarus and five foreign institutions have their representative offices in the country, according to the country's National Bank. In January 2016, the banks' aggregate registered authorised capital amounted to 4.5 billion (or €2.2 billion), having increased by 33.4 per cent  compared to 2015.

Macedonia and Croatia to Sign Agreement on Drivers Insurance

The National Insurance Bureau of the Republic of Macedonia and Croatian Insurance Bureau will sign Friday agreement on protection of visitors. The agreement will allow drivers from both countries to get information and effective compensation for any damage done in case of an accident.

AZERBAIJAN: PASA Hayat payments for one year grew 3.4-fold

Azerbaijani insurer PASHA Hayat Life has summed up preliminary results of operations for Jan-Sept of the year. Company's strategic director Israil Garayev has stated that for the past 9 months PASHA Hayat's premiums reached AZN 61.8 million that is by 45.3% more against the 2016 same term.

POLAND: Financial Sector Reforms are Crucial for Sustained, Inclusive Growth

Financial sector development must go beyond improving access to bank credit. Financial systems should develop in a balanced way through both bank and nonbank subsectors, including capital markets, the insurance sector, and other nonbank financial institutions to properly support inclusive growth in Europe and Central Asia, says a new World Bank report.

Fresh challenges for reinsurance markets in RUSSIA

International reinsurance markets providing coverage in the Russian Federation already faced challenges brought about by the latest sanctions regime but now the creation of a national reinsurance company (NRC) in Russia promises to cut a sizeable chunk away from an already dwindling pot of business.

CZECH insurance companies increasingly focusing on property

Insurance companies are increasingly investing on the Czech real estate market. Ceska pojistovna purchased Hotel Prague Inn at Mustek in Prague 1 through its fund, bringing the total value of its property portfolio to CZK 8 bn.

LITHUANIA's H1 direct investments to Estonia fall 59%

Lithuania's foreign direct investments in Estonia shrank by 58.8% y-o-y to 89.4 mln euros in the first half of 2016, while investments in Cyprus soared by 43% to 277.6 mln euros, the Verslo Zinios business daily said on Friday, writes LETA/BNS. According to the report, Lithuania's corporate investment grew in vocational, research and technical operations in Cyprus, mainly business headquarters, while investments in Estonia declined in financial and insurance operations.

RUSSIA, Fitch: Motor Liability Insurance Premium Growth to Slow

Recent premium growth in Russian compulsory motor third-party liability (MTPL) insurance was exhausted by mid-2016, Fitch Ratings says in a report published today. Meanwhile, MTPL loss trends will continue to deteriorate. Fitch believes that reserving adequacy remains a key risk for the shrinking number of underwriters in the segment as regulation remains tight for premiums and claims, and the regulator is increasingly clamping down on insurers seeking to avoid exposure to regions with the highest loss ratios.

BULGARIA: Euroins will expand further in SEE

Bulgaria-based Euroins Insurance Group (EIG), which also operates in Romania, Macedonia and Ukraine, expects sustainable growth in the company's premium income in the coming years, its CEO said.

Marsh & McLennan Agency Acquires Vero Insurance

McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, today announced that it has acquired Vero Insurance, Inc., a Vero Beach, Florida-based independent agency specializing in private client insurance services. Terms of the transaction were not disclosed.

NN Group to transfer its Irish reinsurance portfolio to Canada Life

NN Group announces today that its wholly-owned reinsurance entity in Ireland, NN Re (Ireland) Ltd., has signed a portfolio transfer agreement with Canada Life International Re Limited. The agreement is a result of the continuous strategic assessment of NN Group's portfolio. As a result of this portfolio transfer, NN Re (Ireland) Ltd. is expected to hand back its reinsurance license and repatriate capital for an amount of approximately EUR 65 million to NN Group in the fourth quarter of 2016.

BULGARIA: Belgium's KBC eyes United Bulgarian Bank

Belgian lender KBC has expressed interest in acquiring Bulgaria's fourth-largest bank by assets, United Bulgarian Bank (UBB), Belgian media reported on Thursday. KBC has contracted international financial company JP Morgan to help it with the procedure, according to the online edition of newspaper L'Echo.

AZERBAIJAN: Standard Insurance not to be closed

Revocation of Bank Standard's license doesn't envisage closing the Standard Insurance, Rufat Aslanli, chairman of Azerbaijan's Financial Market Supervisory Body Board of Directors, said.

Kosovo - Serbia reach reciprocal "sticker agreement" for car plates

An agreement signed on September 14 will eliminate the need for drivers of Kosovo-registered cars to purchase temporary "proba" plates when traveling in Serbia. "After three years of the proba plates, I told our international partners, 'It's time for reciprocity'," Edita Tahiri, Kosovo Minister for Dialogue, said for PI.

TURKEY: Moody's downgrade Allianz Sigorta's IFSR by one notch to Baa2, stable outlook

Moody's Investors Service has today downgraded the insurance financial strength rating (IFSR) to Baa2 from Baa1 of Allianz Sigorta AS ("Allianz Turkey"), the main Turkish subsidiary of Allianz SE (Aa3 IFSR, stable). The outlook on Allianz Turkey is stable in line with the outlook on the Turkish sovereign. This concludes the review for downgrade initiated on 19 July 2016. Moody's has also affirmed the National Scale insurance financial strength rating (NSR) on Allianz Turkey.

ARMENIAN insurers pay AMD 4.8 bn in 8-month car insurance compensation claims

Six Armenia-based insurance companies paid a total of 4.8 billion drams in 25,332 car insurance compensation claims in the first eight months of 2016, a decrease of 5.8% when compared to the same time span of 2015, a statement posted on the official website of Armenia's Car Insurers' Bureau says.

BULGARIA: 1.28 million Euro to help fund agricultural insurances

Bulgarian agricultural producers may submit their insurance policies to the regional directorates of the SFA. A total of 442 applications totalling 2,097,892 Lev (about 1.07 million Euro) have already been filed for the State aid scheme for the co-funding of insurance premiums to insure agricultural productions. For now, 399 contracts worth 1,394,630 lev (about 712,776 Euro) have been signed.

ALBANIAN insurers' Jan-Aug GWP rise 4.6% y/y

Albanian insurers' gross written premiums rose 4.6% on the year, reaching 9.4 billion leks (68.4 milion euro) for the first eight months of 2016, the country's financial supervisory authority AMF said on Friday.

AZERBAIJAN: Licenses of 88 insurance intermediaries revoked

Azerbaijan's Financial Market Supervisory Body has revoked licenses of 88 insurance intermediaries (two legal entities, 86 individuals), reads a message of the Supervisory Body. In addition, licenses of 78 insurance agents have been suspended for three months because they didn't provide quarterly reports to the Financial Market Supervisory Body.

KAZAKHSTAN: The volume of insurance premiums in the segment increased by 43.6%

In January-July, premiums of insurance companies on compulsory insurance of civil liability of owners of vehicles totaled 29.2 billion tenge - by 26.2% more than in the same period of 2015. The growth of insurance payments for the same period amounted to 33.9%, their volume reached 13.2 billion tenge, which makes 45.4% of total premiums, against 42.8% a year earlier, according to

UKRAINE: more expensive "Green card"

The new prices will come into force from September 12. The cost of insurance "Green card" will rise on average by 4.7%, UNIAN reports.

SERBIA's GDP growth slows to 2% y/y in Q2

Serbia's real GDP growth slowed to an annual 2.0% in the second quarter of 2016, from 3.8% in the previous quarter, the country's statistic office said on Wednesday.

ROMANIA: Grawe enters the auto insurance market starting September

Grawe Romania Insurance enters the auto insurance market starting September, after it was authorized by the Financial Supervision Authority (ASF) to expand its activity on two insurance classes: 3 (transports means insurance other than train- CASCO) and 10 (Insurance for vehicles civil liability-RCA).

KOSOVO's insurers 7-mo net loss more than quadruples

Kosovo's insurance companies posted a combined net loss of 11.5 million euro for the first seven months of the year, compared to a net loss of 2.5 million euro in the same period last year, data from the country's central bank indicated.

AXA plans to cut 650 jobs

Major insurer AXA has revealed its plan to slash 650 jobs in Belgium over the next two years as the industry giant continues to scale back its operations in Europe.

SLOVENIA: Sava Re shareholders to receive higher dividends this year

Shareholders of reinsurer Sava Re have endorsed the management's proposal for a dividend payout of 80 cents per share, which is 25 cents more than last year. The shareholders also granted discharge of liability to the management of Zvonko Ivanusic despite his recent dismissal.

BULGARIA: Eurohold swings into profit in H1

Financial and insurance group Eurohold Bulgaria [BUL:4EH] posted a consolidated net profit of 17.9 million levs (9.16 million euro) for the first half, reversing a loss of 2.7 million levs for the same period last year.

ALBANIAN insurers' GWP rise 3% y/y in Jan-July

Albanian insurers' gross written premiums rose 3% on the year to 7.96 billion leks (64.9 million euro) in the first seven months of 2016, the country's financial supervisory authority said.

AZERBAIJAN: Another company may insure cars abroad

Azerbaijani Gunay Insurance company has been included in the register of insurers that can operate within the Green Card system, the Compulsory Insurance Bureau of Azerbaijan said. Green Card system was launched in Azerbaijan in 2016. Some 14 insurance companies have the joined the system in the country.

AZERBAIJAN: License of Alfa Insurance revoked

Azerbaijan's Financial Market Supervisory Body (FMSB) has revoked the license of Alfa Insurance company, the authority reported. The license was abolished by the relevant decision of FMSB's board of directors.

ARMENIA: Mergers and portfolio handovers expected in 2016-2018

The number of insurance companies in Armenia is expected to reduce over a period between 2016 and 2018 because of mergers or portfolio handovers, the Central Bank of Armenia says in its report 'Possible Developments of Armenia's Banking Sector in 2016-02018' based on programs of prospective development of Armenian insurance companies.

ARMENIAN insurance companies' profits expected to double in 2016-2018

Armenia's insurance companies expect that their profits will be growing throughout three years and will double by late 2018, the Central Bank of Armenia says in its report 'Possible Developments of Armenia's Banking Sector in 2016-02018' based on programs of prospective development of Armenian banks.

Call for faster development of insurance market in Belarus

The Belarusian market of insurance services should grow faster. Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich made the statement during the expanded participation session of the Presidium of the Council of the Republic of the National Assembly on 24 August, BelTA has learned. The session participants discussed the role and tasks of the upper chamber of the Belarusian parliament in implementing the priorities outlined by the main provisions of the 2016-2020 national social and economic development program.

SLOVENIA: Zavarovalnica Triglav develops free mobile application Triglav Weather

Following the hailstorms that ravaged north-eastern Slovenia at the beginning of last week, Zavarovalnica Triglav has set up a mobile appraisal unit in Maribor. It is designed to inspect and appraise the value of car damage in the event of massive loss events. To arrange a visit with the mobile unit call the free on-duty number 080 555 555 or 080 2864.

POLISH regulator seeks capital buffer for Commerzbank unit

Poland's financial regulator KNF has asked the country's macroeconomic stability body KSF to give an opinion on whether to recognise Polish mBank as a "systemically important institution" and require it hold a capital buffer equal to 0.5 percent of its risk exposure, the bank said late on Wednesday.

RUSSIA: A.M. Best Affirms Ratings of Insurance Company of Gaz Industry SOGAZ

A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ (SOGAZ) (Russia). The outlook for each rating remains negative. SOGAZ is the ultimate operating parent of the SOGAZ Group, which provides a range of insurance and non-insurance related services.

NN Group reports 2Q16 results

"With a Solvency II ratio of 252% and a cash capital position of EUR 2.3 billion, NN Group's capital position remained strong and resilient during the second quarter of 2016, allowing us to weather severe market volatility and pay an interim dividend in line with our dividend policy", said Lard Friese, CEO, NN Group.

BITE LITHUANIA offers insurance for handset screens

Mobile operator Bite Lithuania has introduced insurance for mobile handset screens. According to a poll carried out by the operator, customers usually don't use handset screen repair services due to the high price. The operator offers the insurance to all customers buying handsets in its shops. The service is free during the first month and then costs EUR 1.99 per month. Subscribers choosing some new tariffs from the operator are offered the insurance free for three to 12 months.

ARMENIAN insurers increased their net profit by 74% y-o-y in 1H

In Jan-June 2016, the net profit of Armenian insurance companies amounted to 2.6 bln AMD or USD 5.5 mln, with a 74% growth versus Jan-June 2015. In Q2 alone, the net profit of insurance companies totaled 1.3 bln AMD, or USD 2.8 mln, with a 0.5% growth versus Q1 due to 42-58% increase in three companies amid 4-53% decrease in the remaining three companies.

A.M. Best Affirms Ratings of Polish Re

A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Polskie Towarzystwo Reasekuracji S.A. (Polish Re) (Poland). The outlook for each rating is stable.

CROATIA's Olderst Insurance Company Enters Slovenian Market

Adris Group and Croatia osiguranje, the insurance company owned by Adris, have received permission from the Slovenian Agency for Supervision of Insurers (AZN) for a direct access to the Slovenian market, reports on August 13, 2016.

KOSOVO insurers total net loss deepens sharply in H1

Kosovo's insurance companies posted a combined net loss of 11 million euro for the first half of the year, as compared to a net loss 2.5 million euro net loss a year ago, data from the country's central bank indicated.

RZB Sold 17.6 Percent Stake of Uniqa

Raiffeisen Zentralbank (RZB) is selling a larger part of its stake in insurance company Uniqa. The bank will part with 17.64 percent of the insurer's shares, thus reducing its stake to 8.64 percent.

KBC Group: Strong first half profit of 1.1 billion euros

Against a background of persisting low interest rates, modest economic growth in Belgium and firmer growth in Central Europe, KBC posted a strong net profit figure  of 721 million euros in the second quarter of 2016, up on the 392 million euros recorded in the preceding quarter and above the 666 million euros returned in the second quarter of 2015.

Aegon maintains solid capital ratio despite volatile markets in Q2 2016

"While I am pleased with the development of our capital position, our second quarter results did not meet our expectations. Earnings were affected by exceptionally low interest rates, adverse claims experience in our life and health businesses in the US, and the book loss from the divestment of our UK annuity portfolio. We are implementing further measures to improve earnings going forward - including accelerating our ambitious expense savings program currently under way across our company", said Alex Wynaendts Aegon CEO.

Achmea Interim Results 2016

"Around 30,000 of our customers were affected by severe weather conditions (including storms, hail and flooding) in June of this year, with many suffering both material damage and considerable mental distress. Our employees and partners have done everything - and continue to do everything - within their powers to help our policyholders get back on track. As an insurer founded as a cooperative organisation, we believe it is important to be there for our customers when they need us - that is why our organisation was established in the first place", said Willem van Duin, Achmea CEO and Executive Board Chairman.

Osiguruvanje Makedonija's net profit shrinks 6.8% y/y in H1

Macedonian non-life insurer Osiguruvanje Makedonija [MSE:KJUBI], a subsidiary of Vienna Insurance Group (VIG), said on Thursday its first-half net profit declined 6.8% on the year to 74.4 million denars (1.2 million euro) on the back of increased costs.

MACEDONIA's Triglav H1 net profit more than triples y/y

Macedonian non-life insurer Triglav Osiguruvanje [MSE:VROS] said on Friday its first-half net profit more than tripled to 58.7 million denars (952,740 euro) from 18.5 million denars a year ago mainly due to higher net premium income.

Fitch Affirms Belarus at 'B-'; Outlook Stable

Fitch Ratings has affirmed Belarus's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook. The Short-Term Foreign-Currency and Local-Currency IDRs are affirmed at 'B' and the Country Ceiling at 'B-'.

Aviva plc 2016 Interim Results Announcement

"Operating profits are up 13% and the dividend is up 10%. We are delivering consistent, stable and predictable growth despite challenging market conditions", said Mark Wilson, Group Chief Executive Officer.

AIG Reports Second Quarter 2016 Results

American International Group, Inc. (NYSE:AIG) today reported net income of USD 1.9 billion, or USD 1.68 per diluted share, for the second quarter of 2016, compared to USD 1.8 billion, or USD 1.32 per diluted share, in the prior-year quarter.

AZERBAIJAN begins compensating within Green Card system

Azerbaijan's accession to international system Green Card starts increasing the loss ratio of compulsory motor insurance in the country. The Compulsory Insurers Bureau informs that in July Azerbaijan paid compensations for 6,323 manat on two insurance cases occurred in Turkey within the Green Card system.

Vienna Insurance Group receives TUV quality management award

VIG's International Processes and Methods Department has secured quality management certification in accordance with the EN ISO 9001:2015 standard from TUV Austria. The department is headed by Christian Walter, and VIG is now the only insurance company in Austria to have received this quality seal for a department of this kind.

Chubb Names Michael Kessler Chief Reinsurance Officer

Chubb Limited (NYSE: CB) today announced that Michael Kessler has been appointed Vice President, Chubb Group and Chief Reinsurance Officer.  Currently, Mr. Kessler is Chief Actuary of Chubb Overseas General, the company's international general insurance business.  Mr. Kessler succeeds William O'Farrell, who has served as the company's Chief Reinsurance Officer since 2005 and is leaving Chubb to pursue other business opportunities.

Standard & Poor's revised rating of Achmea insurance entities to 'A'

Following our trading update of July 11-th, 2016 Standard & Poor's has announced that it revised the financial strength rating of the Achmea insurance entities from A+ / negative outlook to A / stable outlook. Achmea took notice of the rating action and respects the independent opinion of the rating agency.

Turkey in a state of emergency: the political outlook

The after-effects of the failed coup will add further uncertainties to Turkey's already fragile political environment, which has been steadily deteriorating in recent years. Michael Heise, Allianz chief economist, shares his opinion.

AXA, Alibaba and Ant Financial Services announce global strategic partnership

AXA, Alibaba and Ant Financial Services have agreed to engage in a global strategic partnership to jointly explore opportunities to distribute AXA's insurance products and services through Alibaba's global ecommerce ecosystem, benefitting the businesses and consumers that transact via Alibaba's marketplaces. The companies will seek to work together to co-innovate and to develop value-added products and services to customers around the world as well as to mutually support each other in developing and exploring new markets and segments.

SERBIAN insurers post 16.6% growth in premium income in 2015

The combined total premium income of Serbian insurance companies rose 16.6% last year to of 80.9 billion dinars ($720 million/656 million euro), central bank data showed. Non-life insurance made up 76.1% of the total premium income, down from 76.9% in 2014, while life insurance accounted for 23.9%, up from 23.1% in 2014, the data, published by the National Bank of Serbia (NBS) last week, indicated. The premium income of the non-life insurance segment rose 15.3% last year, while that of the life insurance segment climbed 21%.

CROATIA: Adris Group nets HRK 151m in profits

In the first half of 2016, the Adris tourism and insurance group netted HRK 151 million in profits which, despite the sale of its tobacco business, is the same as at the same time in 2015, when net profits were HRK 150 million, the group said on Friday.

AZERBAIJANI insurers still wait launch of automatic fining

The insurance sector of Azerbaijan still hopes for external forces to avoid its failure in the field of compulsory liability insurance of motor vehicle owners. Market source say that the unprofitability of this type of insurance goes through the roof.

UKRAINE: INGO sees 17% rise in premiums in H1 2016

INGO Ukraine insurance company (Kyiv) saw a 16.9% rise in collection of insurance premiums, to UAH 424.2 million, the insurer has said in a press release. The company said that the share of voluntary car insurance (KASKO) was 31.9% of the total insurance portfolio (UAH 135.5 million), household insurance - 22.8% (UAH 97.1 million), voluntary medical insurance - 14.7% (UAH 62.6 million) and Green Card - 13.9% (UAH 59.4 million).

AZERBAIJAN: New appointments at Pasha Life insurance company

Lala Jafarova and Rustam Mammadov have become members of the Management Board at Azerbaijani insurance company Pasha Life. The company's Management Board, which is headed by Mursal Rustamov, also includes First Deputy Chairman Niyaz Ismayilov and Deputy Chairman Dilara Babayeva, according to the message posted on Pasha Life's website.

Eurohold turns to cons net profit in Q1

Financial and insurance group Eurohold Bulgaria [BUL:4EH] said it turned to a consolidated net profit of 21,000 levs ($11,900/ 10,700 euro) in the first three months of the year, from a consolidated net loss of 5.5 million levs in the same period last year.