VIG confirms top results for 2021: increasing business volume and strong capitalization with a 250% solvency ratio

Insurance Newsletter No. 590, 14 April 2022

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP EVENTS

Five weeks to FIAR 2022. Register now for the first post-pandemic edition of the Forum!
by Daniela GHETU, 2022-04-14
Five weeks before its debut, the 23rd edition of FIAR - the International Insurance-Reinsurance Forum aligns an exceptional team of international speakers for the four highly informative conferences in its agenda. FIAR 2022 will take place in Bucharest, at the Sheraton Hotel, on 22-24 May, in a hybrid format.

TOP NEWS

VIG confirms top results for 2021: increasing business volume and strong capitalization with a 250% solvency ratio
by Daniela GHETU, 2022-04-14
Vienna Insurance Group (VIG) has published today its reports for the 2021 financial year, confirming the preliminary figures communicated on 8 March 2022: premium volume of EUR 11 billion (+5.5%), a profit before taxes of EUR 511 million (+47.8%) and a combined ratio of 94.2% (-0.8 percentage points).

Generali launches Art Insurance in Austria
by Andrei Victor, 2022-04-11
Italian insurer Generali announced the launch of tailor-made product solutions for private art collectors on Austrian insurance market. Generali representatives mentioned that "with the new offer "ARTE Generali Private Kunst", Generali Versicherung is expanding its modular product range".

VIG successfully invests half a billion euro in green and social projects
by Andrei Victor, 2022-04-11
Within the first year of the EUR 500 million Senior Sustainability Bond, being issued in March 2021, Austrian insurer Vienna Insurance Group (VIG) informed it was able to allocate 100% of the bond's net proceeds to green and social projects.

BULGARIA: Leading experts joined the discussion "Life Insurance - Protection and Investment", organized by ABZ and Bulgaria ON AIR on April 10
by Marina MAGNAVAL, 2022-04-12
Life insurance in Bulgaria is experiencing an impressive rise. The development and potential of life insurance, its benefits to consumers and mechanisms for managing the funds invested by clients were among the topics commented during the discussion "Life Insurance - Protection and Investment" organized by the Association of Bulgarian Insurers and Bulgaria ON AIR on April 10, 2022.

Eurohold seeks to acquire the remaining shares of the minority in CEZ Distribution and CEZ Electro
by Andrei Victor, 2022-04-11
Bulgarian holding Eurohold announced that its energy subholding - Eastern European Electric Company (EEEC) and majority shareholder in CEZ Distribution Bulgaria and CEZ Electro Bulgaria, has registered with the Financial Supervision Commission (FSC) tender offers for the purchase of the shares of the minority shareholders in both companies.

CROATIA: The insurance market in March maintained its upward trend
by Marina MAGNAVAL, 2022-04-12
According to the data of the Croatian Insurance Bureau for March 2022, insurance companies collected GWP in the amount of HRK 3.54 billion (~EUR 0.47 billion), which is an increase of 9.02% y-o-y.

LATVIA: LAA: Agroinsurance grew by 17% last year
by Marina MAGNAVAL, 2022-04-12
Farmers in Latvia are increasingly using insurance as a risk management tool, and in 2021 GWP in the segment reached EUR 19.4 million, which is 17% more y-o-y, according to the Latvian Insurers' Association (LAA). Last year, crop insurance reached EUR 11.6 million, livestock insurance - EUR 7.5 million, and insurers paid EUR 9.2 million to farmers.

Austria 2021: strong growth in the second year of the corona crisis
by Daniela GHETU, 2022-04-14
The Austrian insurance industry has recorded premium growth in the second year of the corona crisis, GWP reaching EUR 18.7 billion for more than 50 million contracts. Benefits to customers increased by 2.9% to EUR 16 billion.

Aon and BNY Mellon announce a multi-faceted strategic data and digital alliance
by Daniela GHETU, 2022-04-14
Aon plc and The Bank of New York Mellon Corporation today announced a multi-faceted data and digital collaboration that will leverage the capabilities of both organizations to create new solutions to address evolving client needs. They will focus on supporting the ESG needs of clients globally.

GEORGIA: only 17% of the population uses private health insurance
by Marina MAGNAVAL, 2022-04-11
Of the total GWP of Georgian insurance companies for 2021 in the amount of GEL 772.2 million (EUR 220 million), GEL 305.5 million came from healthcare, Business Georgia wrote.

KAZAKHSTAN: S&P: sovereign credit rating of the Republic of Kazakhstan remains at BBB-, outlook stable
by Marina MAGNAVAL, 2022-04-11
On April 1, 2022, S&P announced preservation of the sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz reports with reference to the National Bank of Kazakhstan.

STATISTICS

STATISTICS: Slovakia, FY2021 updated data: the insurance market contracted to EUR 1.8 bn, while insurers' profits decreased to EUR 133 m
by Andrei Victor, 2022-04-13
At the end of the year 2021, the Slovak insurance market totaled EUR 1.84 billion, 16.9% less y-o-y, according to the Q4 2022 Analytical Data of the Financial Sector published by the National Bank of Slovakia (NBS). As compared with previous YE2021 published statistics (GWP worth EUR 2.15 billion), the updated data are EUR 301.5 million less.

STATISTICS: Romania FY2021: 22% GWP increase, but worsening claims ratios for the motor insurance lines
by Daniela GHETU, 2022-04-14
In 2021, Romanian insurers underwrote gross premiums amounting to over EUR 2.87 billion, increasing by about 21.9% y-o-y. Calculated in national currency the rate was higher, of 24%, given the about 2% depreciation of the Romanian currency against Euro. Following the bankruptcy of CITY Insurance, EUROINS Romania became the market leader.

STATISTICS: Russia, FY2021: life insurance segment continued to grow, its share in the market portfolio reached 29%
by Marina MAGNAVAL, 2022-04-12
The Russian insurance market grew by 17.52% in 2021 supported by recovery in economic activity after 2020. GWP increased in all major segments, and more than a third of the growth came from insurance related to lending to individuals, about a third - from investment and accumulative life insurance, according to a review of key performance indicators of insurers published by the Central Bank.

MARKET&TRENDS

Inflation - the number 1 global enemy
by Daniela GHETU, 2022-04-14
While the war in Ukraine will have minor direct consequences on the insurance industry, the indirect consequences, such as the capital markets volatility or the poorer growth prospects, will weigh more heavily, chief economists of Swiss Re, Munich RE and Allianz said in a discussion hosted by GDV.

ON THE MOVE

Zbigniew JAKUBOWSKI appointed president of the Management Board of Generali Investments TFI
by Andrei Victor, 2022-04-11
The Supervisory Board of Generali Investments TFI SA appointed Zbigniew JAKUBOWSKI as the President of the Management Board of Generali Investments TFI SA.

LIES confirmed as Chairman of Zurich, while all other Board members standing for re-election confirmed
by Andrei Victor, 2022-04-11
The shareholders of Zurich Insurance Group confirmed Michel M. LIES as Chairman of the Board of Directors at Annual General Meeting (AGM). They also elected all the other current Board members who stood for re-election, and elected Peter MAURER as a new member of the Board as of October 1, 2022.

Marsh appoints Craig SCHIOPPO Global Head of Transactional Risk
by Andrei Victor, 2022-04-11
Global insurance broker Marsh announced that Craig SCHIOPPO, Transactional Risk Practice Leader, US and Canada has, in addition, been appointed Global Head of Transactional Risk, Marsh Specialty, effective immediately.

AIG announced leadership changes
by Andrei Victor, 2022-04-13
American International Group (AIG) announced that Tom BOLT, has been named Executive Vice President and Chief Risk Officer, AIG, effective immediately. He replaces Sabra PURTILL, who was recently named Executive Vice President and Chief Investment Officer for AIG's Life & Retirement business.

EVENTS

DIA - Next Level Insurance Innovation in the Age of Data
Location: Online
Starting date: 26 April 2022
Organizers: DIA & the University of St.Gallen's Institute of Insurance Economics
Media Partner: XPRIMM Publications
For details: digitalinsuranceagenda.com

Croatian Insurance Days
Opatija, Croatia
4-6 May, 2022
Organizer: Croatian Insurance Bureau
Media Partner: XPRIMM Publications
For details: dani-osiguranja.huo.hr

9th AIDA Europe Conference
Zurich, Switzerland
18-20 May 2022
Organizer: AIDA Europe
Media Partner: XPRIMM Publications
For details: aidainsurance.org

FIAR - THE INTERNATIONAL INSURANCE-REINSURANCE FORUM
23rd Edition
22 - 24 May 2022
Sheraton Hotel
Bucharest, Romania

MAA Webinars: Estimating claim liabilities in the North Macedonian market Organizers:
Macedonian Actuarial Association
Association Actuaires du Monde
Sessions:
21 April 2022, 14:00 CET until 17:30 CET
11 May 2022, 14:00 CET until 17:30 CET
2 June 2022, 14:00 CET until 17:30 CET
22 June 2022, 14:00 CET until 17:30 CET
More details here

DIA Amsterdam 2022
Taets Art & Event Park.
29-30 June, 2022
Organizers: Reggy de Feniks and Roger Peverelli
Media Partner: XPRIMM Publications
For details: digitalinsuranceagenda.com

WorldPensionSummit 2022
Location: Louwman Museum, The Hague, The Netherlands & Virtual
2-4 November 2022
Media Partner: XPRIMM Publications
For details: www.pionline.com/wps2022

CURRENT XPRIMM REPORTS

XPRIMM News No. 590, 14 April 2022

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