XPRIMM News No. 227, August 22, 2013

		Insurance Newsletter, No. 227, August 22, 2013 Click here to subscribe! Click here to unsubscribe!

TOP NEWS SERBIA, 1Q2013: Slowing down without leaving the positive territory by daniela.ghetu@mxp.ro, 2013-08-22 On the Serbian insurance market the first quarter of 2013 didn't bring significant changes, unless the somewhat slowed pace visible both on the life and non-life business side. Thus, the market indicators denominated in local currency show a 2.29% y-o-y overall growth rate in 1Q2012, as compared with the FY2012 growth rate of 7.24%. The same trend is noticeable for the y-o-y comparison, as in 1Q2012 the Serbian's insurance market growth rate stood at 3.9%. More Продолжение MONTENEGRO 1Q2013: Beginning of 2013 confirms the trends witnessed in 2012 by daniela.ghetu@mxp.ro, 2013-08-22 The 1Q2013 results of the Montenegrin insurance market confirmed the trends already visible by the end of 2012 - an obviously slowing growth trend on the non-life insurance segment together with a continuously improving dynamic on the life insurance lines. Thus, the overall GWP volume amounted to EUR 16.05 million, 2.8% up y-o-y, while GWP went up y-o-y by 10% for the life insurance segment and by only 1.7% for the non-life business lines. More Продолжение BiH, 1Q2013: RS based insurers pushed up the market figures by vlad.boldijar@mxp.ro, 2013-08-22 BiH's insurance market went up 3.6% to almost EUR 62 million in the first three months of 2013, primarily as a result of an increase of over 7% of insurance companies based in the Republic of Srpska (RS), the Insurance Agency of Republika Srpska (AZORS) informed. At the same time, the volume of GWP of FBiH insurers increased slightly by 2.4% y-o-y, the Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (NADOS) reported. In the structure of the total premium, the share of the 12 companies domiciled in FBiH amounted to 74.7% (EUR 46 million), while the 11 RS - based companies accounted for 25.3% (almost EUR 16 million). More Продолжение FYROM 1Q2013: Life insurance drives the market growth by daniela.ghetu@mxp.ro, 2013-08-22 Gross premium written by the Macedonian insurers in 1Q2013 amounted to MKD 1.76 billion (EUR 28.5 million), 3.1% up y-o-y, according to data published by the insurance supervising authority. Once again, in line with trend witnessed by the end of 2012, the life insurance segment was the growth driver as GWP for this line of business went up by 19%. Yet, life insurance continues to represent a still very small share of the market, of only 7.5%. More Продолжение ALLIANZ-TIRIAC announces stable revenues and increasing profit for the first half of the year by andreea.ionete@mxp.ro, 2013-08-22 The Romanian insurance company ALLIANZ-TIRIAC has increased its profitability during the first half of the year, while maintaining at a constant rate its revenues (EUR 104 mil.). The operational profit reached EUR 1.98 million, 22.5% more than in the first half of 2012, while net profit for the first six months climbed to EUR 1.62 million, from EUR 1.21 million in 1H2011. More Продолжение Flood claims shrinks MUNICH Re Q2 profit to EUR 529 million by vlad.boldijar@mxp.ro, 2013-08-22 MUNICH Re - the world's biggest reinsurer posted a 35% drop in second-quarter IFRS consolidated profit attributable to equity holders to EUR 529 million, from EUR 808 million in the same period last year: "Performance in primary insurance and reinsurance was good as a whole, although the second quarter was marked by claims burdens of EUR 230m from the floods in Germany and neighboring countries and by above-average major losses. In the first half-year, the group achieved a profit of EUR 1.5 billion", MUNICH Re officials said. More Продолжение SWISS Re net income up nine-fold in Q2 2013 by vlad.boldijar@mxp.ro, 2013-08-22 SWISS Re reported that its net income increased more than nine-fold for the second quarter of 2013 to USD 786 billion, despite what the report described as a "period that saw high levels of natural catastrophes." Net income in Q2 2012 was USD 83 million, impacted by a net loss of USD 916 million of the ADMIN Re business. Premiums earned and fee income increased by 11%, to USD 6.80 billion, while the Group's combined ratio was 100.1%, compared to 85.7% in Q2 2012. More Продолжение AON Q2 net income down 2% y-o-y by vlad.boldijar@mxp.ro, 2013-08-22 For the second quarter of 2013, risk and insurance brokerage service provider AON reported total revenues of USD 2.9 billion, 3% more y-o-y, while the operating income decreased 3% to USD 382 million as compared to USD 394 million for the same period in 2012. More Продолжение MARSH & McLENNAN Q2 net profit up 18% by vlad.boldijar@mxp.ro, 2013-08-22 MARSH & McLENNAN Companies (MMC) reported a USD 388 million net profit for Q2 2013, up 18% from the USD 329 million level the group reported a year earlier. For the six months ended June 30, 2012, the company posted a profit of USD 801 million, compared with USD 676 million in 1H2012. Consolidated revenue in the second quarter of 2013 totaled USD 3.1 billion 3% more y-o-y (respectively USD 6.2 billion in 1H2013), while the operating income increased 12% to USD 577 million vs. USD 518 million in Q2 2012. More Продолжение ACHMEA and EUROINS agree on transfer of INTERAMERICAN Bulgaria by oana.radu@mxp.ro, 2013-08-22 ACHMEA and EUROINS Insurance Group signed a transaction agreement concerning the transfer of ACHMEA's Bulgarian insurance companies INTERAMERICAN Non Life and INTERAMERICAN Life. Finalization of the transaction is subject to approval by the regulatory authorities and is expected to take place in the second half of 2013. More Non life underwriting result drives HANNOVER Re's 1H2013 net income up 0.6% by vlad.boldijar@mxp.ro, 2013-08-22 HANNOVER Re has reported net income of EUR 407.7 million for the first half of 2013, representing a slight increase of 0.6% y-o-y. "The modest rise in group's net income to EUR 408 million was driven mainly by an 85% increase in the underwriting profit for non-life reinsurance", Chief Executive Officer Ulrich WALLIN explained. "This more than made up for the reduced profitability in life and health reinsurance and somewhat lower investment income." More Продолжение AXA 1H2013 revenues up 4% y-o-y by vlad.boldijar@mxp.ro, 2013-08-22 The French insurer AXA reported total revenues of EUR 50 billion for the financial period January-June 2013, up 4% y-o-y, while the net income was stable at EUR 2.5 billion, decreasing by one percent. Adjusted earnings were up by 26% to EUR 3 billion, mainly driven by "higher underlying earnings and higher realized capital gains, including EUR 151 million from the sale of a 2.4% equity stake in BNP Paribas", according to the Activity Indicators published by the French group. More Продолжение PRESS CUTTINGS ACHMEA posts net profit of EUR 123 million AEGON grows earnings, sales and cash flows in Q2 2013 ARMENIA: Insurers posted AMD 552.8 milllion in net profit in 1H2013 AZERBAIJAN has chosen the Turkish model for the development of agricultural insurance AZERBAIJAN insurance market for 2013: exclusive rights fail CROATIA: CO raising stake in Slovenian insurance company ING 2Q profit dips on hedging. Operations improve KAZAKHSTAN to set up state company for insurance of building owners liability to home investors KBC Group: Strong first-half profit of EUR 1.04 billion LATVIA, PZU: 57% do not feel safe about their health LITHUANIA: Insurance payments from recent storms expected to top USD 578,000 MACEDONIA: QBE Makedonija changes name to Osiguruvanje Makedonija VIG RUSSIA: PUTIN insured for USD3 million against damage to third parties in Baku SERBIA: Societe Generale arm takes over portfolio of local KBC unit UKRAINIAN Agricultural Insurance Pool signs 527 agreements on forward contracts insurance for 6 months

EDITORIAL Nature rules, insurers pay Heavy rains have washed the territory of Central and Eastern Europe this summer causing massive floods that resulted in what Swiss Re called "the second most expensive freshwater flood event on record". In short, economic losses of almost USD 18 billion added-on to the pain caused by the 22 lives claimed by the waters. Read More daniela.ghetu@mxp.ro INTERVIEW Dragan MARKOVIC General Manager TRIGLAV Insurance Belgrade Clients can not be "taken"; in fact, they are the ones who choose. We believe that the decisions that they make increasingly consider the quality of TRIGLAV Insurance, primarily a high level of confidence that is reflected in the rating of the entire Group, but also a high level of adaptability to the needs of each insured in Serbia. More STATISTIC UPDATES Serbia 1Q2013 Macedonia 1Q2013 Montenegro 1Q2013 Bosnia-Herzegovina 1Q2013 EVENTS Les Rendez-Vous de Septembre September 7th-13th, 2013 Monte Carlo, Monaco Organizer: RVS For details: www.rvs-monte-carlo.com SWISS Re Reception - Medical Malpractice Insurance September 19th, 2013 SOLE Restaurant - Bucharest, Romania Organizer: SWISS Re 13th International Yalta Finance Forum September 17th-21st, 2013 Yalta, Ukraine Yalta Intourist Hotel Organizer: Perspektiva Business Strategy Centre with support of League of Ukrainian Insurance Companies Media Partner: XPRIMM Publications For details: www.cbs.org.ua International Istanbul Insurance Conference October 3rd-4th, 2013 Istanbul Organizer: Istanbul Underwriting Center 10th ICAR - International CAtastrophic Risks Forum October 15th, 2013 Parliament Palace - Bucharest, Romania Organizer: Media XPRIMM Media Partner: PRIMM Magazine - Insurance & Pensions For details: www.icarforum.ro 5th Annual Insurance Distribution Strategies Forum October 17th-18th, 2013 Vienna, Austria Organizer: Fleming Europe Media Partner: XPRIMM Publications For details: www.flemingeurope.com Baden - Baden XPRIMM Reception 5th Edition October 20th, 2013 Kurhaus Casino, Runder Saal Baden-Baden, Germany Organizer: XPRIMM Publications AZERI Evening October 20th, 2013, 20:30 - 22:30 Casino Restaurant Sommergarten Baden-Baden, Germany Organizer: Azerbaijan Insurers Association & Media XPRIMM For registration: www.xprimm.com TURKISH Evening October 22nd, 2013, 20:00 - 22:00 Kurhaus Casino, Runder Saal Baden-Baden, Germany Organizer: Istanbul Underwriting Center & Media XPRIMM For registration: www.xprimm.com WorldPensionSummit 2013 November 13-14, 2013 Amsterdam, Netherlands Media Partner: XPRIMM Publications For details: www.worldpensionsummit.com EIOPA Conference November 20th, 2013 Frankfurt am Main, Germania Organizer: EIOPA STATISTICS Albania Armenia Bosnia Azerbaijan Bulgaria Belarus Croatia Georgia Czech Rep. Kazakhstan Estonia Kyrgyzstan Hungary Moldova Kosovo Russia Latvia Turkmenistan Lithuania Tajikistan Macedonia Ukraine Montenegro Uzbekistan Poland   Romania   Serbia Cyprus Slovakia Greece Slovenia Turkey