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NEWS |
VIG confirms outstanding 2019 results. Group Annual Report and Group SFCR report 2019 published
by Andrei Victor, 2020-05-04
Austrian VIENNA Insurance Group - VIG announced that the preliminary figures for 2019, which were released on 17 March 2020, have now been confirmed by the publication of the Group Annual Report. "Management is confident that the Group will weather the effects of the coronavirus crisis due to its solid capital base, the positive results recorded in previous years and the ongoing stringent implementation of the Agenda 2020 management programme".
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Aon, 1Q2020: Net income rose by 17% year-on-year
by press.release, 2020-05-04
Aon ended the first three months of 2020 with a net income of USD 772 million, 17% higher when compared to the first quarter or prior year. However, "the first quarter 2020 financial results are not necessarily indicative of results that may be expected for the full year or any future period, particularly in light of the continuing effect of the COVID-19 outbreak," the company explained.
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MMC, 1Q2020: Net income went up to USD 754 million
by press.release, 2020-05-04
Marsh & McLennan Companies (MMC) ended the first quarter of 2020 with a net income (attributable to the company) of USD 754 million, 5% more year-on-year. This results translates into USD 1.48 per diluted share (+6%) and USD 1.64 adjusted earnings per share (+8%).
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Munich Re, 1Q2020: COVID-19 losses slowed the profit growth
by press.release, 2020-05-07
During the first quarter of 2020, Munich Re generated a profit of EUR 221 million, 65% lower year-on-year, decrease mostly driven by the pandemic effects on the markets and world-wide businesses.
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ERGO, 1Q2020: GWP rose slightly to over EUR 5.0 billion
by press.release, 2020-05-07
For January - March 2020, ERGO posted a profit of EUR 72 million (1Q2019: 85) for Munich Re. ERGO's operating result amounted to EUR 99 million (1Q2019: 138m).
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Hannover Re, 1Q2020: Net income grew 2.5% exceeding EUR 300 million
by press.release, 2020-05-06
For the first quarter of 2020, Hannover Re posted a net income attributable to the group of EUR 301 million, 2.5% higher than the same period of prior year. According to the reinsurer, the key drivers were double-digit increases in earnings from life and health reinsurance as well as from the investment portfolio.
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PZU's Supervisory Board positively evaluated the Management Board's motion on the distribution of group's net profit for the year ended
by Andrei Victor, 2020-05-04
Polish insurer PZU informed the the Supervisory Board positively evaluated the group's Management Board's motion to PZU's Ordinary Shareholder Meeting on the distribution of PZU's net profit for the year ended 31 December 2019.
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ALLIANZ expects Q1 net income to fall by around 30% and withdraws the year-end profit target
by Andrei Victor, 2020-05-04
German insurance group ALLIANZ it has withdrawn its operating profit target for 2020 in light of uncertainty caused by the coronavirus pandemic, and said that it expects first-quarter net income to fall by around 30%.
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AXA, 1Q2020: Consolidated gross revenues reached EUR 31.7 billion
by press.release, 2020-05-06
For the first three months of 2020, AXA Group announced a 4% growth in revenues to EUR 31.7 billion. At group level, growth was seen in all business lines: Property & Casualty (+3%), Commercial lines (+5%), Health (+8%), Life & Savings (+4%), and Asset Management (+11%).
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Everest Re, 1Q2020: net income reached EUR 17 million
by press.release, 2020-05-07
For the first three months of 2020, Everest Re Group reported a net income of USD 16.6 million, much lower, but positive, compared to the net income of USD 354.6 million for the same period of 2019. After-tax operating income for the quarter was USD 164.4 million, compared to after-tax operating income of USD 282.4 million for the same period in 2019.
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Fairfax, 1Q2020: Underwriting profit increased 17% year-on-year
by press.release, 2020-05-04
At the end of the first quarter of 2020, Fairfax Financial Holdings announced a consolidated gross premiums written volume of USD 4,776 million, 1.0% more year-on-year. The net premiums written volume increased by 10.1% to USD 3,699.9 million.
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MAPFRE, 1Q2020: Financial flexibility and high liquidity levels have become a hallmark of resilience
by press.release, 2020-05-05
For the first quarter of 2020, MAPFRE's net earnings were EUR 127 million, 32% lower than in the same period of the previous year. The result was dragged down by the earthquake suffered by Puerto Rico at the beginning of the fiscal year (EUR 54 million), and the effects of Storm Gloria in Spain (EUR 14 million). Emerging-country currencies have also had a negative impact, cutting more than EUR 6 million from the net result.
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Sampo, 1Q2020: Profit of the period reached EUR 139 million
by press.release, 2020-05-06
Sampo Group ended January - March 2020 period with a profit before taxes of EUR 162 million, 66% lower than the same period of previous year, visibly affected by the effects of the ongoing global pandemic. The profit for the period decreased by 65% year-on-year to EUR 139 million.
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GREECE: No casualties reported after the major Crete earthquake
by Andrei Victor, 2020-05-06
A 6.0 magnitude quake struck off on Saturday May 2nd, the Greek island of Crete - which is a popular holiday destination - but there were no reports of casualties or damage. "It was not immediately known the level of damage or injuries on the island, which is one of Grece's biggest, but experts believe it is minimal", wrote reuters.
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ARMENIA: MTPL loss ratio decreased 10% y-o-y amid growing number of insured vehicles
by Marina MAGNAVAL, 2020-05-07
In 1Q2020 the number of e-MTPL policies in Armenia increased 3.2 times y-o-y, and their share in total number of MTPL contracts jumped from 3% to 11%, ArmInfo reports with reference to the data of the Armenian Bureau of motor insurers.
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BELARUS: EXIMGARANT affirmed at IFS 'B', outlook stable
by Marina MAGNAVAL, 2020-05-07
Fitch Ratings affirmed insurer financial strength rating of the Belarussian insurance company - EXIMGARANT at 'B' with stable outlook, according to the agency's report, published on May 05.
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BELARUS: BELGOSSTRAKH affirmed at IFS 'B', outlook stable
by Marina MAGNAVAL, 2020-05-05
Fitch Ratings affirmed insurer financial strength rating of the leading Belarussian insurance company - BELGOSSTRAKH at 'B' with stable outlook, according to the agency's report, published on April 30.
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EIG entered Belarus upon completion of the acquisition of a unit of Germany's ERGO
by Andrei Victor, 2020-05-06
Bulgaria-based EUROINS Insurance Group (EIG) announced it completed the acquisition of RGO Belarus - a non-life subsidiary of Germany-based ERGO, part of MUNICH Re, after obtaining regulatory approvals from Ministry of Antimonopoly Regulation and Trade (MART) and Ministry of Finance.
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GEORGIA: Among other industries, insurance sector faced a decrease in March
by Marina MAGNAVAL, 2020-05-07
The economy of Georgia in March decreased by 2.7%, based on preliminary estimates y-o-y, according to Gogita TODRADZE, Executive Director of the National Statistics Office, Georgia Today reports.
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KAZAKHSTAN: Standard Life affirmed at 'B', outlook stable
by Marina MAGNAVAL, 2020-05-05
Fitch Ratings affirmed financial strength rating of the Kazakh insurer Standard Life at 'B' and the national rating at 'BBB-(kaz)' with stable outlook, according to the agency's report, published on April 30.
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RUSSIA: GWP of ROSGOSSTRAKH in 1Q2020 increased by more than 27% y-o-y
by Marina MAGNAVAL, 2020-05-07
In 1Q2020, GWP of ROSGOSSTRAKH increased by 27.6% y-o-y and exceeded RUB 22.3 billion (~EUR 0.26 billion), ASN reports.
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RUSSIA: total number of insured livestock more than doubled in 1Q2020 y-o-y
by Marina MAGNAVAL, 2020-05-07
In 1Q2020, GWP under agricultural insurance contracts with state support reached RUB 425 million (~ EUR 5 million). Almost 67% of premiums were collected under livestock insurance and the rest under crop insurance, ASN reports citing the press-service of the National Association of Agriculture Insurers (NAAI).
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UKRAINE: Insurers' total operating expenses amounted to 50% GWP at the end of 2019
by Marina MAGNAVAL, 2020-05-07
In 2019, Ukrainian insurers costs for conclusion and prolongation of insurance contracts increased by 54%, the expenses for agent remuneration growing by 72%, Forinsurer reports based on the data of the National Financial Services Commission.
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First online conference of the insurance market in Romania
by Daniela GHETU, 2020-05-07
In the context created by the COVID-19 outbreak, XPRIMM organized
today the first online conference of the insurance market in Romania,
under the titles "INSURANCE,
PANDEMIC, ECONOMY - Intelligent Solutions Born of the Crisis", putting under review the solutions found by companies to cope with the social
distancing measures, as well as of the impact on the insurance
industry's business results.
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Ex CEO of Deutsche Lufthansa elected to the MUNICH Re Supervisory Board at the first virtual AGM in history
by Andrei Victor, 2020-05-04
Last week, at the first virtual Annual General Meeting in the history of MUNICH Re, Annual General Meeting approves dividend proposal of EUR 9.80 per share, while Carsten SPOHR was elected to the Supervisory Board of the reinsurer.
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Miriam van Dongen appointed as new member of ACHMEA's Supervisory Board
by Andrei Victor, 2020-05-04
Dutch insurer ACMEA announced about a week ago that during the Annual General Meeting, the shareholders approved the appointment of Miriam van Dongen as a member of ACHMEA's Supervisory Board for a period of four years. The nomination has been approved by the Nederlandsche Bank. Additionally, the AGM has reappointed Wim de Weijer to the Supervisory Board for a period of four years.
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Appointments to NN Group's Management Board
by Andrei Victor, 2020-05-04
NN Group announced an update of the composition of the Management Board (MB) as of 1 June. Bernhard KAUFMANN will join the MB as Chief Risk Officer (CRO) of NN Group. "Furthermore, given the growth of activities following recent acquisitions in the Netherlands, our Dutch businesses will be divided into two portfolios with separate responsibilities", as NN announced in a statement.
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| INSURERS
ON THE COVID-19 FRONT |
GENERALI
confirmed the 2021 Strategy despite COVID-19 crisis
by Andrei Victor, 2020-05-06
Italian insurance group GENERALI confirmed the solid capital positiion
and the targets for 2021, despite the effects of the Covid-19 pandemic,
which are still uncertain at the moment.
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ADRIS
Grupa: It would be justified to refrain from paying out dividend
by Andrei Victor, 2020-05-04
CROATIA's osiguranje shareholder - the Rovinj based consortium
ADRIS Grupa - with businesses in tourism, real estate, tobacco
and food industry announced that due the severity of economic circumstances
in Croatia and the world, caused by the coronavirus epidemic, the
company will focus on maintaining liquidity and cutting costs.
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AVIVA
France prepared support measures to help health professionals and
SME clients
by Andrei Victor, 2020-05-04
AVIVA France has pledged a package of specific support measures
to help customers and communities through the Covid-19 crisis and
lockdown period. These range from premium and rent deferrals, to
the creation of a solidarity fund for people who can't.
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| STATISTIC
UPDATES |
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STATISTICS: SERBIA, FY2019: Local insurers reported positive y-o-y GWP changes
by Andrei Victor, 2020-05-07
The Serbian insurance market reported a 7.5% y-o-y increase in
FY2019 GWP to RSD 107.5 billion (EUR 914 million), according to
the NBS's (National Bank of Serbia) year-end figures. Non-life
insurance made up 76.7% of total GWP (RSD 82.4 billion, up by 8.2%
y-o-y), while the share of life insurance premiums was 23.3.% (RSD
25.1 billion, up by 5.4% y-o-y).
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