Milliman Insurance in the CEE Region. Actuarial & Consulting Services in Central and Eastern Europe

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Milliman Insurance in the CEE Region. Actuarial & Consulting Services in Central and Eastern Europe"

Transcription

1 Actuarial & Consulting Services in Central and Eastern Europe

2 Actuarial and Consulting Services in Central and Eastern Europe The developing insurance markets in Central and Eastern Europe continue to attract interest from foreign insurers looking to exploit the growth opportunities that exist there. Opportunities The reasons for insurers to consider expansion in Central and Eastern Europe are likely to include: The significant growth potential reflected in the current low levels of insurance penetration and density compared with Western Europe The expected continued strong growth in life insurance, driven by rising disposable incomes Growth in non-life insurance lines other than motor third-party liability insurance where competition tends to be fiercest Further growth in private pensions as a result of pension reforms and demographic change The potential of emerging product areas, such as health insurance and life protection The development of alternative distribution channels to traditional tied-agent networks, such as bancassurance and direct sales Milliman s Experience Milliman s experienced actuarial and strategy consulting team has extensive experience in the life and non-life insurance markets in Central and Eastern Europe. We have supported clients in the region for a number of years; building on this success, we opened offices in Warsaw in 2005 and in Bucharest in Examples of projects we have worked on include: Merger and acquisition transactions involving life, non-life, pension fund, and bancassurance companies in Czech Republic, Hungary, Poland, Romania, Russia, Slovakia, Slovenia, and Ukraine Strategy and business planning for start-up life insurers and freedom of services (FoS) providers in Czech Republic, Poland, Romania, Slovakia, and Ukraine Product development and pricing support for life insurers and FoS providers in Czech Republic, Poland, Romania, Russia, Slovakia, and Ukraine Health insurance product development in Poland Actuarial reserve reviews for non-life insurers in Poland, Russia, and Slovenia Feasibility studies in various markets for life and non-life insurers considering entry on an establishment and cross-border basis Statutory reporting and appointed actuary work in Poland and Romania Distribution strategy and life sales force modeling in various markets Country Groupings Within the region, there is a wide diversity of market situations and prospects. Each country is different in terms of economic strength, population size, insurance market penetration, and potential. The most developed insurance markets tend to be those in Central Europe and the Baltic states. The life insurance markets in these countries started to grow strongly in the 1990s, thanks to the improving economic conditions and regulatory reforms, which were introduced in anticipation of EU membership, which was realised in More recently in 2007, Romania and Bulgaria also became EU member states, but the insurance markets in these and other southeastern European countries are at a much earlier stage of development compared to Central Europe. 2

3 Russia is by far the dominant country in the former Soviet Union in terms of economic strength and the size of its population. Similarly, the Russian insurance market is by far the largest in this group. However, particularly in life insurance, official statistics need to be treated with caution; until recently they included significant volumes of short-term tax optimisation business. Generally the insurance markets in the former Soviet Union are still at an embryonic stage of development, offering strong growth potential but probably subject to greater fluctuations in shortterm results. The life market in Ukraine, for example, has been particularly affected by the effects of the financial crisis. Chart 1: Life Insurance Markets in Central and Eastern Europe 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -100 Turkey Russia Hungary Slovakia Croatia Romania Poland Greece Czech Rep Life Premiums Per Capita (US$) Slovenia Cyprus EU Non-EU Source: Swiss Re Sigma Chart 2: Life and Non-Life Insurance Market Trends in Poland and Romania Premiums Per Capita (US$) Poland Non-Life Poland Life Romania Non-Life Romania Life Source: Swiss Re Sigma 3

4 Actuarial and Financial Reporting Services We have a wealth of experience, expertise, and resources to enable us to provide a high standard of actuarial services to insurance companies, pension funds, and regulatory bodies. Our services include: Financial Management and Reporting We are very active in the following areas: EEV/MCEV reporting; we support several major multinationals in various countries. We use our financial modelling system (MG-ALFA ), which is very well adapted for CEE markets. We also have experience working with third-party systems used by some clients. Asset-liability management (both deterministic and stochastic). Statutory reserving. Reserve variability analyses for non-life insurers. Our consultants advise on a wide variety of financial reporting issues, including GAAP, IFRS, and statutory. Milliman s support is delivered according to the particular needs of our clients, including undertaking financial reporting/management tasks, performing independent reviews, and providing expert resources. Appointed Actuary We can act as independent or appointed actuaries for companies wishing to outsource this function, taking on statutory reporting and valuation responsibilities and providing general actuarial support. Solvency II We are active in the following fields related to risk management and solvency: Solvency II Supporting companies in carrying out internal model and standard (e.g., QIS) calculations and assessing their strategic implications Gap analysis and implementation projects Pillar II (Governance) and Pillar III (Reporting) requirements Assisting with local solvency and risk management requirements (e.g., ICA in UK, ISVAP577 in Italy, and SST in Switzerland) Economic capital modelling Risk management, including financial risk management Reinsurance reviews Milliman is a leading player in the field of dynamic hedging for life insurers and is active in supporting many of the players hedging secondary guarantees on variable annuity products. Development of Internal Actuarial Functions We can help companies to establish internal actuarial functions, develop procedures and systems, and provide related training and development services for their staff. We can provide peer-review to enhance the quality of internal reporting. 4

5 Consulting Services Milliman has extensive experience in the insurance markets in Central and Eastern Europe and can offer a wide range of strategic and actuarial consulting services. Strategic and Business Consulting To support the development and profitability of our clients, Milliman undertakes a wide range of strategic and business consulting assignments to bring insight to their planning and decisionmaking processes. Mergers & Acquisitions For some companies, mergers and acquisitions have been the preferred route to growth in Central and Eastern Europe as they seek to quickly gain access to new markets and new distribution channels. To aid clients in this complex area, we help them evaluate their own position and that of potential targets. This includes a strategic review of the client s existing position, assessing the market and identifying potential targets, advising on offer structure, performing actuarial due diligence, financial modelling of the target, and possible implications for pricing. Strategic Alliances In addition to mergers and acquisitions, Milliman helps its clients to evaluate potential strategic alliances and joint ventures. We aid our clients in developing long-term partnerships, entering new markets, and creating new distribution channels. Our clients are not just the manufacturers of financial products, but also the distributors. We help clients evaluate both the short- and long-term financial effects on their organisation. Feasibility Studies We assist you in assessing and identifying potential new markets, including the strategic entry options on a local establishment and/or cross-border basis, analysing the competitive and regulatory environment, and developing effective distribution and product development strategies. Start-up Operations We have extensive experience in supporting insurance companies in their formative stages, including business planning, project management, and operational support for greenfield and cross-border operations in a range of areas such as administration systems and processes, risk selection and claims procedures, product development, and distribution systems. Distribution Development We help clients to identify and maximize the potential of the available distribution channels. This has included advising on appropriate remuneration system design, key areas of sales force management (e.g., structure, recruitment, and training), and strategic and operational support for companies using bancassurance distribution. Product Development and Pricing We consider product development to be a core competency and can advise on all aspects, from product strategy and opportunity assessment (we have been involved in adapting innovative products for new markets on many occasions) to product design and pricing/profit testing, including stochastic pricing of guarantees and support on technical product literature, contractual documentation, and regulatory issues. We have been particularly active internationally in the variable annuity field, where we have been involved in the majority of launches to date and we are recognised as the leading consultant at a worldwide and European level. 5

6 Products and Tools Software solutions Milliman s leading software is used by top insurance firms around the globe. Designed for ease of use, our programs incorporate industry best practices as well as our ongoing research and hands-on experience in the field. As the industry shifts from formulaic calculations to principlesbased methods, Milliman software can ease you through this critical transition. Used alone or in combination, our systems help you build value in today s fast-changing environment. Life Insurance MG-ALFA Milliman s Asset Liability Financial Analysis system (MG-ALFA) is a dynamic financial modeling tool that dramatically speeds the process of pricing and projection for a wide range of financial products. This user-friendly, state-of-the-art Windows-based system puts Milliman s actuarial expertise to work for you. It already offers the nested stochastic capabilities needed to calculate and project principlesbased reserves and capital values, as required by current and pending regulations. MG-ALFA offers unsurpassed flexibility, audit tools to ensure accuracy, and a powerful calculations capability that will shorten project time. And it can be customized to meet your company s unique needs. Non-Life Insurance Reserving software Milliman reserving systems are powerful and flexible. They are easy to use and easy to integrate with other solutions. They will streamline your analysis process and help you understand the potential variability in your estimates. ReservePro A sophisticated, structured analysis process that s easy to use, ReservePro manages data and calculations and ensures consistency among multiple users. More than 200 standard exhibits are available for underwriting and reserve analysis. Reserve Variability Model Milliman s Reserve Variability Model allows you to move beyond deterministic point estimates. Our new modeling system gives you multiple stochastic models, the tools you need to identify which models best represent and fit your data, and the ability to credibility-weight full distributions of possible outcomes into your best estimate of the distribution. You get valuable information about your booked reserve levels, together with confidence intervals around your best estimate. Distribution information is available for each individual reserve segment and for consolidated totals factoring in the effects of correlation. 6

7 About Milliman Milliman is a leading international firm of consultants and actuaries, providing services to the life, health, general insurance, and employee benefits sectors. Founded in 1947 in the United States, the firm has 56 offices in principal cities worldwide. We have offices throughout Europe, including Amsterdam, Brussels, Bucharest, Dublin, Dusseldorf, London, Madrid, Milan, Munich, Paris, Warsaw, and Zurich. From these offices we service clients in almost all European countries, including markets in Central and Eastern Europe and the Commonwealth of Independent States region. We specialise in the insurance and pension sectors, providing actuarial and strategic support in a range of areas, including strategy and business planning, mergers and acquisitions, product and distribution development, and financial and risk management. For further information about our services in Central and Eastern Europe, go to cee.milliman.com. 7

8 bal Member Firms Milliman in Europe To find out more about how Milliman can help you in Central and Eastern Europe, please contact: Milliman maintains a strong and growing presence in Europe with 250 professional consultants serving clients from offices in Amsterdam, Brussels, Bucharest, Dublin, Dusseldorf, London, Madrid, Milan, Munich, Paris, Warsaw, and Zurich. Milliman Offices in Europe Grzegorz Darkiewicz Beata Gorgon Marcin Krzykowski Monika Lis Anna Mazerant Olexander Ofutin Al. Jerozolimskie 65/79 16th Floor Warsaw Poland tel fax Adrian Allott Diana Dodu Cosmin Gherghisan 6 Monetariei St, Bl. B, Entr. C, Ap. 12, Sector 1, Bucharest Romania tel fax cee.milliman.com Milliman Offices

Milliman Long-Term Care Services. Industry-Leading Actuarial Services for Long-Term Care Insurance Products

Milliman Long-Term Care Services. Industry-Leading Actuarial Services for Long-Term Care Insurance Products Industry-Leading Actuarial Services for Long-Term Care Insurance Products A Long-Term Commitment to Long-Term Care Whether you re entering the long-term care (LTC) insurance market for the first time or

More information

Milliman Life Insurance & Financial Services

Milliman Life Insurance & Financial Services About Milliman For more than 60 years, Milliman has pioneered business solutions and strategies worldwide. One of the world s largest independent actuarial and consulting firms, we are recognized leaders

More information

Office Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success.

Office Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success. Office Rents map EUROPE, MIDDLE EAST AND AFRICA Accelerating success. FINLAND EMEA Office Rents H2 212 NORWAY Oslo 38.3 5.4% 7.% 295, SWEDEN Stockholm 44.7 4.5% 3.% 5, Tallinn 13.4 44,2 21. 5.25% 1.% 12,

More information

ACTUALISE Search & Selection

ACTUALISE Search & Selection ACTUALISE Search & Selection Global Actuarial Recruitment Actualise Search & Selection is one of the world s leading actuarial recruitment firms and completely dedicated to Actuarial recruitment. The success

More information

Polish insurance market: growth and potential

Polish insurance market: growth and potential Polish insurance market: growth and potential Polish Insurance Association June 2012 Table of contents 1. Polish insurance market general information 2. Non life insurance in Poland 3. Life insurance in

More information

CEE Insurance Services

CEE Insurance Services CMS_LawTax_CMYK_28-100.eps CEE Insurance Services Supporting your business in Central and Eastern Europe 2010 Focus on the Insurance sector The insurance market across CEE is ever-evolving, which means

More information

Allianz - Acquisition of Yapi Kredi Sigorta

Allianz - Acquisition of Yapi Kredi Sigorta Allianz - Acquisition of Yapi Kredi Sigorta Dieter Wemmer, Chief Financial Officer Conference call March 27, 2013 Transaction overview Allianz and Yapi Kredi Bank enter into a long-term partnership: Allianz

More information

CEE bancassurance partnership

CEE bancassurance partnership CEE bancassurance partnership OTP Bank and Groupama to form Emerging Europe insurance partnership February 11, 2008 1 Dr Sándor Csányi Chairman and CEO OTP Bank Mr Jean Azéma CEO Groupama 2 OTP Bank and

More information

SOLVENCY II ARE YOU READY AND COMPLIANT?

SOLVENCY II ARE YOU READY AND COMPLIANT? SOLVENCY II ARE YOU READY AND COMPLIANT? With 1 January 2016 fast approaching, companies have only a relatively short period of time to get ready for full Solvency II implementation. In advance of this,

More information

EXECUTIVE SEARCH, INTERIM MANAGEMENT, NON-EXECUTIVE DIRECTORS & CONSULTING

EXECUTIVE SEARCH, INTERIM MANAGEMENT, NON-EXECUTIVE DIRECTORS & CONSULTING EXECUTIVE SEARCH, INTERIM MANAGEMENT, NON-EXECUTIVE DIRECTORS & CONSULTING division one FACTS & FIGURES With offices in Stuttgart, Munich and Dusseldorf along with our 43 ENEX partner offices all over

More information

VEGA Milliman STAR Solutions

VEGA Milliman STAR Solutions VEGA Milliman Solvency II Analysis and Reporting (STAR) Solutions Solvency II does not simply change how insurers technical provisions and capital requirements will be calculated. The extent and scope

More information

CEE Insurance the story of uneven recovery

CEE Insurance the story of uneven recovery CEE Insurance the story of uneven recovery May 2014 Andreea Moraru, Senior Banker, EBRD Table of content 1. EBRD Mission and Operations 2. Insurance and Financial Services at EBRD 3. Prospects and Challenges

More information

Central & Eastern Europe Executing our strategy

Central & Eastern Europe Executing our strategy Central & Eastern Europe Executing our strategy Analyst & Investor Conference, London June 19, 2013 Gábor Kepecs Management Board Member Chief Executive Officer CEE Michal Biedzki Chief Executive Officer

More information

Strategic Initiatives Retail Banking

Strategic Initiatives Retail Banking Strategic Initiatives Retail Banking Branch Sales Force Effectiveness Fund Management Market Growth Funds A Global Comparison Assets Under Management In bn Regional/Country Growth Rates 2004 2005 +6% AUM

More information

V.I.G. a model expansion. Adopting to a changing environment. Distribution is key in insurance. Exploiting potential going forward

V.I.G. a model expansion. Adopting to a changing environment. Distribution is key in insurance. Exploiting potential going forward V.I.G. Getting in shape for economic recovery in CEE RCB Institutional Investors Conference, Zürs -15 April 2010 Contents A 2 A B C D V.I.G. a model expansion Adopting to a changing environment Distribution

More information

Regulations in General Insurance. Solvency II

Regulations in General Insurance. Solvency II Regulations in General Insurance Solvency II Solvency II What is it? Solvency II is a new risk-based regulatory requirement for insurance, reinsurance and bancassurance (insurance) organisations that operate

More information

Fourth study of the Solvency II standard approach

Fourth study of the Solvency II standard approach Solvency Consulting Knowledge Series Your contacts Kathleen Ehrlich Tel.: +49 (89) 38 91-27 77 E-mail: kehrlich@munichre.com Dr. Rolf Stölting Tel.: +49 (89) 38 91-52 28 E-mail: rstoelting@munichre.com

More information

Wiener Städtische Versicherung AG Vienna Insurance Group (Vienna Insurance Group) IFRS Figures for 2006 * :

Wiener Städtische Versicherung AG Vienna Insurance Group (Vienna Insurance Group) IFRS Figures for 2006 * : 29 March 2007 Please note: this is a translation; only the German version of this release is legally binding. Wiener Städtische Versicherung AG Vienna Insurance Group (Vienna Insurance Group) IFRS Figures

More information

Investors Day 2007 Achievements and new targets

Investors Day 2007 Achievements and new targets Investors Day 2007 Achievements and new targets Rolf Dörig, Group CEO Zurich, 4 December 2007 Investors Day 2007: Highlights Recently announced achievements 4 September Confirmed 1 bn net profit in 2007

More information

Richard Harvey Group Chief Executive Aviva plc

Richard Harvey Group Chief Executive Aviva plc Richard Harvey Group Chief Executive Aviva plc Capturing value in a challenging environment UBS Warburg Conference New York 29 April 2003 Disclaimer 2 This presentation may contain certain forward-looking

More information

EAA Seminar CERA, Module: Risk Management Tools and Techniques 10 12 September 2015 Cologne, Germany

EAA Seminar CERA, Module: Risk Management Tools and Techniques 10 12 September 2015 Cologne, Germany EAA Seminar CERA, Module: Risk Management Tools and Techniques 10 12 September 2015 Cologne, Germany Organised by the EAA - European Actuarial Academy GmbH 1. Introduction CERA Education. Over the last

More information

TOYOTA I_SITE More than fleet management

TOYOTA I_SITE More than fleet management EMPOWERING YOUR BUSINESS TOYOTA I_SITE More than fleet management www.toyota-forklifts.eu TOYOTA I_SITE More than fleet management Toyota I_Site is a unique combination of technology, information, expertise

More information

Commercial Non-Life Insurance Brokers in Northern and Central Europe

Commercial Non-Life Insurance Brokers in Northern and Central Europe Brochure More information from http://www.researchandmarkets.com/reports/1194948/ Commercial Non-Life Insurance Brokers in Northern and Central Europe Description: Finaccord s report titled Commercial

More information

How international expansion is a driver of performance for insurers in uncertain times

How international expansion is a driver of performance for insurers in uncertain times How international expansion is a driver of performance for insurers in uncertain times Accenture Global Multi-Country Operating Model Survey May 2009 Copyright 2009 Accenture. All rights reserved. Accenture,

More information

Actuarial services that enhance performance. Insurance PRECISE. PROVEN. PERFORMANCE.

Actuarial services that enhance performance. Insurance PRECISE. PROVEN. PERFORMANCE. Actuarial services that enhance performance Insurance PRECISE. PROVEN. PERFORMANCE. Today s challenges, tomorrow s opportunities In today s ever changing insurance market, companies face more stringent

More information

Goldman Sachs European Financials Conference Improving growth and profitability in life insurance. Bruno Pfister, Group CEO Berlin, 11 June 2008

Goldman Sachs European Financials Conference Improving growth and profitability in life insurance. Bruno Pfister, Group CEO Berlin, 11 June 2008 Goldman Sachs European Financials Conference Improving growth and profitability in life insurance Bruno Pfister, Group CEO Berlin, 11 June 2008 Agenda 1. Profitable growth: strong delivery since 2003 2.

More information

LANDWELL. Solicitors. Life Sciences Unit

LANDWELL. Solicitors. Life Sciences Unit LANDWELL Solicitors Life Sciences Unit LANDWELL Solicitors Life Sciences Unit Our Practice Landwell Solicitors is a leading firm of business lawyers providing legal solutions to businesses in the Life

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

To be a global leader in helping customers secure their financial futures

To be a global leader in helping customers secure their financial futures Fulfilling our ambition Alex Wynaendts CEO Analyst and Investor Day, New York City, December 2, 2009 AEGON s ambition To be a global leader in helping customers secure their financial futures o Rebalance

More information

Private healthcare market in Central Europe 2015. Development forecasts for 2015-2020

Private healthcare market in Central Europe 2015. Development forecasts for 2015-2020 Private healthcare market in Central Europe 2015 2 Language: English Date of publication: Delivery: pdf Price from: 2500 August 2015 Find out What are the largest barriers to private healthcare investment

More information

The ROLE of the ACTUARY in the LIFE, PENSION and SOCIAL SECURITY SECTORS

The ROLE of the ACTUARY in the LIFE, PENSION and SOCIAL SECURITY SECTORS The ROLE of the ACTUARY in the LIFE, PENSION and SOCIAL SECURITY SECTORS First CIS Actuaries Conference Fifth RAMI International Conference Moscow, 27-28 November 2008 Chris Daykin Chief Executive, IAA

More information

The European Organisation For Insolvency Professionals

The European Organisation For Insolvency Professionals The European Organisation For Insolvency Professionals Visit our website at www.insol-europe.org Insolvency Advice, Valuations and Auctions since 1930 Headoffice: Overschiestraat 59, 1062 XD Amsterdam,

More information

Operational Companies VAT Indirect Taxes. Why Luxembourg: VAT advantages for commercial companies*

Operational Companies VAT Indirect Taxes. Why Luxembourg: VAT advantages for commercial companies* Operational Companies VAT Indirect Taxes Why : VAT advantages for commercial companies* Why : VAT advantages for commercial companies as an international decision-making, financing or distribution hub:

More information

Asset-Liability Management

Asset-Liability Management Asset-Liability Management in today s insurance world Presentation to the Turkish Actuarial Society Jeremy Kent FIA Dominic Clark FIA Thanos Moulovasilis FIA 27 November 2013 Agenda ALM some definitions

More information

Allianz - Acquisition of Yapi Kredi Sigorta. March 27, 2013

Allianz - Acquisition of Yapi Kredi Sigorta. March 27, 2013 Allianz - Acquisition of Yapi Kredi Sigorta March 27, 2013 Transaction overview Allianz and Yapi Kredi Bank enter into a long-term partnership: Allianz acquires Non-Life and Life & Pensions businesses

More information

Vienna Insurance Group - Extending the CEE insurance play. Merrill Lynch Banking & Insurance CEO Conference - London, 2 October 2007

Vienna Insurance Group - Extending the CEE insurance play. Merrill Lynch Banking & Insurance CEO Conference - London, 2 October 2007 Vienna Insurance Group - Extending the CEE insurance play Merrill Lynch Banking & Insurance CEO Conference - London, 2 October 2007 VIG Capturing CEE Insurance The cornerstones of the VIG business model

More information

Introduction to Grant Thornton s General Insurance Actuarial Services

Introduction to Grant Thornton s General Insurance Actuarial Services Introduction to Grant Thornton s General Insurance Actuarial Services Contents What our clients say about us 2 Our key principles 4 How we can help 5 Reserving 7 Solvency II 8 Independent expertise 10

More information

PMR. IT outsourcing in Central and Eastern Europe FREE ARTICLE. www.ictrussia.com

PMR. IT outsourcing in Central and Eastern Europe FREE ARTICLE. www.ictrussia.com FREE ARTICLE www.ictrussia.com IT outsourcing in Central and Eastern Europe Source: IT outsourcing in Central and Eastern Europe 2009 Countries attractiveness and development forecasts January 2009 PMR

More information

Towards a Cloud Computing Strategy for Europe Digital Assembly, June 17, Brussels. www.eurocloud.org

Towards a Cloud Computing Strategy for Europe Digital Assembly, June 17, Brussels. www.eurocloud.org Towards a Cloud Computing Strategy for Europe Digital Assembly, June 17, Brussels Pierre-José Billotte, Chairman www.eurocloud.org June 2011 EuroCloud www.eurocloud.org 1 My personal Belief Cloud Computing

More information

INVITATION EXCLUSIVE INTRODUCTION

INVITATION EXCLUSIVE INTRODUCTION INVITATION EXCLUSIVE INTRODUCTION eurobrandforum 21 January 2014, Bucharest Austrian Embassy Romania Commercial Section Speaker KommR DI Dr. Gerhard Hrebicek, MBA President European Brand Institute Mag.

More information

Z E N T I VA AT G L A N C E. We a i m t o b e y o u r va l u e d ge n e r i c s partner

Z E N T I VA AT G L A N C E. We a i m t o b e y o u r va l u e d ge n e r i c s partner Z E N T I VA AT G L A N C E We a i m t o b e y o u r va l u e d ge n e r i c s partner Poland Czech Republic Germany United Kingdom France Portugal Switzerland Italy Slovenia Estonia Latvia Lithuania Slovakia

More information

European Insurance Market: Opportunities and challenges

European Insurance Market: Opportunities and challenges European Insurance Market: Opportunities and challenges Violeta Ciurel, Ph.D, LLIF General Manager European and International Affairs ING Group - Amsterdam November, 12, 2007 New York Global Financial

More information

Solutions and contact guide

Solutions and contact guide Financial Services Actuarial and Risk Services Solutions and contact guide pwc Introduction We help clients by developing a better understanding of the intersection of risk, reward, control and growth

More information

BEST PRACTICES/ TRENDS/ TO-DOS

BEST PRACTICES/ TRENDS/ TO-DOS Online Insurance Europe: S/ TRENDS/ TO-DOS New success guidelines WHAT TO DO N D E EW IO IT N Your Benefits EUROPE S S/ TRENDS/ TO-DOS: The new and only study about the best online insurance solutions

More information

Temporary and Permanent Solutions for Corporate Clients.

Temporary and Permanent Solutions for Corporate Clients. Temporary and Permanent Solutions for Corporate Clients. www.gigroup.com About Gi Gi Group Gi Group is one of the world s leading companies providing services for development of the labour market. The

More information

ERGO Austria International Group Profile

ERGO Austria International Group Profile Photo: Anna Blau ERGO Austria International Group Profile Effective July 2016 Headquarter ERGO Center, Businesspark Marximum, Vienna ERGO Austria Pressegespräch International ERGO Group Center Profile

More information

Presentation

Presentation Presentation 2012 www.gigroup.com About Gi Group Gi Group is one of the world s leading companies providing services for the development of the labour market, operating in the fields of temporary and permanent

More information

The Community Innovation Survey 2010 (CIS 2010)

The Community Innovation Survey 2010 (CIS 2010) The Community Innovation Survey 2010 (CIS 2010) THE HARMONISED SURVEY QUESTIONNAIRE The Community Innovation Survey 2010 FINAL VERSION July 9, 2010 This survey collects information on your enterprise s

More information

www.pwc.com/hu Power issues A PwC üdvözli PwC s services Győrt for the energy sector PwC welcomes Győr

www.pwc.com/hu Power issues A PwC üdvözli PwC s services Győrt for the energy sector PwC welcomes Győr www.pwc.com/hu Power issues A PwC üdvözli PwC s services Győrt for the energy sector PwC welcomes Győr PwC has a strong presence in the field of energy consulting both in Hungary and in the region. Using

More information

SUPPLY, DEMAND, ENERGY AND LOCATION: THE FOUR PILLARS TO SUCCESS

SUPPLY, DEMAND, ENERGY AND LOCATION: THE FOUR PILLARS TO SUCCESS SUPPLY, DEMAND, ENERGY AND LOCATION: THE FOUR PILLARS TO SUCCESS DC RADAR The second edition of the Arcadis European Data Centre Radar, produced in conjunction with ixconsulting, is based upon extensive

More information

Health Care Market - 8% Of GDP Out Of Pocket Spending - 72% Of Total Health Care Expenditure

Health Care Market - 8% Of GDP Out Of Pocket Spending - 72% Of Total Health Care Expenditure GEORGIAN HEALTH CARE & INSURANCE MARKET INSURANCE COMPANY ALDAGI BCI Presenter: Nikoloz Gamkrelidze, ALDAGI BCI, CEO FEB 2011 Health Care Market - 8% Of GDP Out Of Pocket Spending - 72% Of Total Health

More information

NN Group Insurance International

NN Group Insurance International NN Group Insurance International Robin Spencer, CEO International Insurance Capital Markets Day 19 November 2015 Portfolio of mature and developing international markets Top 3 positions in CEE 1 life insurance

More information

Insurance market outlook

Insurance market outlook Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts

More information

UBS Global Financials Conference

UBS Global Financials Conference UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance

More information

FTI Consulting insurance services

FTI Consulting insurance services INSURANCE SERVICES FTI Consulting insurance services The insurance industry is operating in a complex and dynamic global environment. Low interest rates, the demand on capital and ever-changing regulation

More information

Assicurazioni Generali Group. Sal Oppenheim 2006 3 rd European Financials Conference

Assicurazioni Generali Group. Sal Oppenheim 2006 3 rd European Financials Conference Assicurazioni Generali Group Sal Oppenheim 2006 3 rd European Financials Conference Mel Carvill - Deputy General Manager, Head of Enterprise Risk Management, Strategic Planning and Corporate Finance March

More information

CompuGroup Medical AG Synchronizing Healthcare

CompuGroup Medical AG Synchronizing Healthcare CompuGroup Medical AG Synchronizing Healthcare Vision Frank Gotthardt Founder and CEO CompuGroup Medical AG We enable the best healthcare. Through available, structured medical data. Through optimizing

More information

Fleet Logistics partners with AlertDriving to offer online driver training and risk assessment

Fleet Logistics partners with AlertDriving to offer online driver training and risk assessment Fleet Logistics partners with AlertDriving to offer online driver training and risk assessment Europe s largest independent fleet management provider, Fleet Logistics, has entered into a strategic partnership

More information

VOLUNTARY HEALTH INSURANCE AS A METHOD OF HEALTH CARE FINANCING IN EUROPEAN COUNTRIES

VOLUNTARY HEALTH INSURANCE AS A METHOD OF HEALTH CARE FINANCING IN EUROPEAN COUNTRIES VOLUNTARY HEALTH INSURANCE AS A METHOD OF HEALTH CARE FINANCING IN EUROPEAN COUNTRIES Marta Borda Department of Insurance, Wroclaw University of Economics Komandorska St. No. 118/120, 53-345 Wroclaw, Poland

More information

Helping you meet your global objectives. Helping you grow PRECISE. PROVEN. PERFORMANCE.

Helping you meet your global objectives. Helping you grow PRECISE. PROVEN. PERFORMANCE. Helping you meet your global objectives Helping you grow PRECISE. PROVEN. PERFORMANCE. Moore Stephens member firms across the globe share common values: integrity, personal service, quality, knowledge

More information

Key performance indicators

Key performance indicators The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs

More information

MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE

MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE 2013 MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE Our profile We, Societe Generale Equipment Finance, are part of the French banking group Societe Generale and are a leading

More information

UK PRODUCTIVITY GROWTH THREATENED BY PROJECTED IT NETWORKING SKILLS SHORTAGE

UK PRODUCTIVITY GROWTH THREATENED BY PROJECTED IT NETWORKING SKILLS SHORTAGE UK Press contacts: Sam Burrough Tony Smith / Toby Walsh Cisco Systems Brands2Life +44 (0)20 8824 1000 +44 20 7592 1200 sburroug@cisco.com cisco@brands2life.com UK PRODUCTIVITY GROWTH THREATENED BY PROJECTED

More information

Angelica Mirza, Partner

Angelica Mirza, Partner Energy Sector: Executive Search Angelica Mirza, Partner Energy Sector www.amrophever.com The ASA Amrop Hever Group in Italy Since 1974 ASA (evolution of TASA International) is the largest independent and

More information

Currency Risk Devaluation of local currencies and impact on leasing in the CEE Region

Currency Risk Devaluation of local currencies and impact on leasing in the CEE Region Currency Risk Devaluation of local currencies and impact on leasing in the CEE Region Leaseurope s 2009 Seminar for Lessors in Central, Eastern and South-Eastern Europe, Istanbul 2-3 April 2009 I. Overview

More information

Central and Eastern Europe Statistics 2012

Central and Eastern Europe Statistics 2012 Central and Eastern Europe Statistics An EVCA Special Paper Edited by the EVCA Central and Eastern Europe Task Force July EVCA CENTRAL AND EASTERN EUROPE STATISTICS I Contents. Introduction Page. Executive

More information

EAA Course. Enterprise Risk Management (ERM) Part III: Risk Mitigation and Risk Optimization June 14 th to 16 th, 2010 Frankfurt/Main / Germany

EAA Course. Enterprise Risk Management (ERM) Part III: Risk Mitigation and Risk Optimization June 14 th to 16 th, 2010 Frankfurt/Main / Germany EAA Course Enterprise Risk Management (ERM) Part III: Risk Mitigation and Risk Optimization June 14 th to 16 th, 2010 Frankfurt/Main / Germany Part IV: Risk Management Concept & Tools June 17 th to 19

More information

SUPPLY, DEMAND, ENERGY AND LOCATION: THE FOUR PILLARS TO SUCCESS

SUPPLY, DEMAND, ENERGY AND LOCATION: THE FOUR PILLARS TO SUCCESS SUPPLY, DEMAND, ENERGY AND LOCATION: THE FOUR PILLARS TO SUCCESS DC RADAR The second edition of the Arcadis European Data Centre Radar, produced in conjunction with ixconsulting, is based upon extensive

More information

Life Insurance Risk Management Essentials

Life Insurance Risk Management Essentials Michael Koller Life Insurance Risk Management Essentials 4y Springer 1 What is Risk Management 1 1.1 Introduction 1 1.1.1 Raison D'etre of Risk Management 1 1.1.2 The Role of Risk Management 3 1.1.3 Three

More information

Allianz Roadshow USA November 2000

Allianz Roadshow USA November 2000 Investor Relations Allianz Roadshow USA November 2000 AV Medienzentrale 10.00 I. Introduction Who are we? Henning Schulte-Noelle Chairman and CEO Paul Achleitner Finance Joachim Faber Asset Management

More information

Greece Country Profile

Greece Country Profile Greece Country Profile EU Tax Centre March 2013 Key factors for efficient cross-border tax planning involving Greece EU Member State Double Tax Treaties With: Albania Estonia Lithuania Serbia Armenia Finland

More information

AMADEUS: Analyse MAjor Databases from EUropean Sources - A financial database of 4 million European companies, including Eastern Europe MODULE.

AMADEUS: Analyse MAjor Databases from EUropean Sources - A financial database of 4 million European companies, including Eastern Europe MODULE. AMADEUS http://amadeus.bvdep.com/ip AMADEUS: Analyse MAjor Databases from EUropean Sources - A financial database of 4 million European companies, including Eastern Europe MODULE. General AMADEUS contains

More information

Briefing note. Survey of environmental liability insurance developments

Briefing note. Survey of environmental liability insurance developments Briefing note Survey of environmental liability insurance developments June 2014 Introduction This paper responds to the consideration by the European Commission (EC) of a possible EU-wide compulsory insurance

More information

STATISTICS BRIEF LOCAL PUBLIC TRANSPORT IN THE EUROPEAN UNION

STATISTICS BRIEF LOCAL PUBLIC TRANSPORT IN THE EUROPEAN UNION STATISTICS BRIEF LOCAL PUBLIC TRANSPORT IN THE EUROPEAN UNION INTRODUCTION The year 2014 saw the highest number of local public transport journeys in the 28 EU Member States since the turn of the millennium.

More information

CEI Special Fund for Climate and Environment Protection

CEI Special Fund for Climate and Environment Protection CEI Special Fund for Climate and Environment Protection The CEI development assistance instrument dedicated to climate and environment in South-Eastern and Eastern Europe Belarus Poland Czech Republic

More information

Acquisition of 50% and management control of the bancassurance subsidiaries of the Espírito Santo Group in Portugal.

Acquisition of 50% and management control of the bancassurance subsidiaries of the Espírito Santo Group in Portugal. Acquisition of 50% and management control of the bancassurance subsidiaries of the Espírito Santo Group in Portugal 20 February 2006 Contents Overview and rationale of the transaction Overview of Tranquilidade

More information

CEE Insurance Banana Skins 2015

CEE Insurance Banana Skins 2015 www.pwc.com/bananaskins CEE Insurance Banana Skins 2015 A survey of the top risks in the insurance sector in Central and Eastern Europe In co-operation with Insurance Banana Skins 2015 Key risks to the

More information

Our people make the difference

Our people make the difference Transcom WorldWide S.A. Our people make the difference Investor Presentation Q1 2006 1 Company Overview Transcom is Europe s largest CRM operator by geographic footprint Fast growing Customer Relationship

More information

Electricity, Gas and Water: The European Market Report 2014

Electricity, Gas and Water: The European Market Report 2014 Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,

More information

Actuarial Risk Management

Actuarial Risk Management ARA syllabus Actuarial Risk Management Aim: To provide the technical skills to apply the principles and methodologies studied under actuarial technical subjects for the identification, quantification and

More information

THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES

THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES Annals of the University of Petroşani, Economics, 11(3), 2011, 15-22 15 THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES CĂTĂLIN NICOLAE BULGĂREA * ABSTRACT:

More information

TRADING STATEMENT FINANCIAL YEAR 2014/15

TRADING STATEMENT FINANCIAL YEAR 2014/15 METRO GROUP TRADING STATEMENT FINANCIAL YEAR 2014/15 P. 1 TRADING STATEMENT FINANCIAL YEAR 2014/15 METRO GROUP achieves sales target and confirms EBIT guidance Like-for-like sales growth of 1.5% in financial

More information

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *)

More information

Bank Austria IR Release

Bank Austria IR Release Bank Austria IR Release Günther Stromenger +43 (0) 50505 57232 Vienna, 12 February 2015 Preliminary results 1 for the 2014 financial year: Bank Austria posts net profit of about EUR 1.4 billion Sound operating

More information

Global Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12

Global Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12 Industry Surveys Global Insurance www.reportsure.com March 2006 Report Synopsis In 2004 insurance premiums accounted for nearly 8% of global GDP, with a value of USD 3,244 billion. The industry grew by

More information

21st Century Hungary as Regional Financial Centre

21st Century Hungary as Regional Financial Centre 21st Century Hungary as Regional Financial Centre Focus The new Hungarian government is firmly determined to make Hungary the 21st century financial services centre of Central Europe by the recently released,

More information

European Commission releases final report on business insurance sector inquiry

European Commission releases final report on business insurance sector inquiry Insurance Update. European Commission releases final report on business insurance sector inquiry The Commission has published the final report of its competition inquiry into the business insurance sector.

More information

The Hungarian Insurance Market in an International Comparison

The Hungarian Insurance Market in an International Comparison Authors: Molnár Tamás, Rácz István, Regős Gábor Editor: Banyár József The Hungarian Insurance Market in an International Comparison Executive Summary The following analysis attempts to review the domestic

More information

KBC s entry into Russia. KBC acquires majority stake in Absolut Bank

KBC s entry into Russia. KBC acquires majority stake in Absolut Bank KBC s entry into Russia KBC acquires majority stake in Absolut Bank 18 April 2007 Table of contents 1. The Transaction 2. The Russian banking environment 3. Absolut bank profile and strategy 2 Majority

More information

Allianz Group Interim Report First Quarter of 2014

Allianz Group Interim Report First Quarter of 2014 1Q Interim Report First Quarter of 2014 Allianz at a glance Quarterly results three months ended 31 March 2014 2013 Change from previous year More details on page Income statement Total revenues1 33,964

More information

2. The UK Life and Non-Life Insurance Market Size by Value, 2001-2015

2. The UK Life and Non-Life Insurance Market Size by Value, 2001-2015 TABLE OF CONTENTS 1. The UK Insurance Market Introduction 2. The UK Life and Non-Life Insurance Market Size by Value, 2001-3. The UK Life and Non-Life Insurance Density, Premium Per Capita, USD, 2001-4.

More information

Road deaths in capital cities per 100,000 resident capitals' population / Year. Capital city. Embargoed until Wed. 8 October, 00.

Road deaths in capital cities per 100,000 resident capitals' population / Year. Capital city. Embargoed until Wed. 8 October, 00. Embargoed until Wed. 8 October, 00.01am Table 1. Road deaths in capital cities per 100,000 resident capitals' population and their average yearly percentage change over the period 1997-2007 (PIN Flash

More information

Life Insurance Regulations Everything you need to know*

Life Insurance Regulations Everything you need to know* Life Insurance Regulations Everything you need to know* 13.02.2013 *not really, but hopefully a good start! Agenda Life insurance Life reinsurance PRSAs Other 2 February 13, 2013 Regulations Acts Primary

More information

Amsterdam.

Amsterdam. Amsterdam 2 Allen & Overy Amsterdam Companies today have to be able to respond to global trends while still building on strong, local foundations. As a truly global firm, with strong attachment to our

More information

ORDER EXECUTION POLICY

ORDER EXECUTION POLICY ORDER EXECUTION POLICY Introduction Under the EU Markets in Financial Instruments Directive (MiFID) and the rules of our regulator, the Financial Conduct Authority (FCA), Louis Capital Markets UK, LLP

More information

Fleet Logistics and TÜV SÜD in strategic partnership

Fleet Logistics and TÜV SÜD in strategic partnership Press release Fleet Logistics and TÜV SÜD in strategic partnership to create major international fleet business Leading pan European fleet management specialist, Fleet Logistics, has announced a strategic

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN OCTOBER 2016

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN OCTOBER 2016 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN OCTOBER 2016 In October 2016, the number of the trips of Bulgarian residents abroad was 404.0 thousand (Annex, Table

More information

Seamless Corporate & Trust Services in China

Seamless Corporate & Trust Services in China Seamless Corporate & Trust in China About Vistra Group Ranked among the top four corporate service providers globally, Vistra Group is a versatile group of professionals, providing a uniquely broad range

More information

Speaker s curriculum vitae

Speaker s curriculum vitae Speaker s curriculum vitae Education : Commercial engineer - ULB / Solvay Business School (Belgium) Previous positions : 1987 Puilaetco, Luxembourg (formerly DL Associates) - General Manager, then Executive

More information