CIG PANNÓNIA FIRST HUNGARIAN GENERAL INSURANCE COMPANY LTD.
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1 CIG PANNÓNIA FIRST HUNGARIAN GENERAL INSURANCE COMPANY LTD. QUARTERLY INFORMATION Q February 2016
2 1. Summary CIG Pannónia First Hungarian General Insurance Company Ltd. (hereinafter: EMABIT, Company or Insurer) publishes this report, simultaneously with the Q4 report to the stock exchange of its parent company, CIG Pannónia Life Insurance Plc. with the data disclosed, on a voluntary basis, to the Association of Hungarian Insurance Companies (MABISZ). Data provided to MABISZ are included in Annex 1 to the present information. Main results and events 2015: Desciption (A) (B) Change (A)-(B) million HUF % (A/B) Gross written premium % Technical result (without operating costs) % Operating costs % Technical result n/a Retained profit/loss for the year n/a - The new strategy is successful was the first year, when the Company accomplished the new, accepted strategy, therefore the results show the efficiency of it. The new strategy means three major goals: profitable operation, resturcturing in sales and the determining presence in the niche markets. According to the published results it is declared: the change in strategy has fulfilled the expectations. - Breakeven of EMABIT. At the end of 2013, EMABIT started to modify it s business strategy and organisation. It redeemed those segments, which was unprofitable and focused on those niche martkets, where it can offer competitive products and oprerate profitable. As the result of the process above the technical result of the Insurer was HUF 500 million, which amounted to HUF 130 million reduced with the opreration cost. The retained profit is HUF 87 million in 2015, which is HUF 353 million higher than the retained loss of The shareholder s equity is HUF 1,473 million as at 31 December The solvency capital is amounted to HUF 1,371 million, which covers 120 percent of the minimum solvency capital requirement. - The technical result improved significanty. In 2015 EMABIT generated a gross written premium of HUF 3,661 million, the majority thereof relating to the casco and liability. The amount of new acquisitions was HUF 1,889 million in 2015, which came to a portfolio of HUF 2,777 million at end of the year. The improved quality of the insured portfolio resulted to increase the technical result (without operating costs) by 187% compared to the previous year. Meanwhile the increased efficiency of the operation led to a decrease in the operating costs (it fell with 10 percentage compared to 2014). - New inland products, expansion abroad. In accordance with the strategy, the Insurer launched new niche products in The Insurer increased significantly its activity in Italy, which has an impact on the new acquisition numbers. In Poland it also appeared on the land vehicles comprehensive coverage (casco) product market with a partnersip of a dominant partner in vehicle financing. With the collaboration with it s partner EMABIT started the vehichles GAP and extended warranty also in Poland. The Company appeared in the inland market with Agro equipment insurance, which is a new coverage product for machinery breakdown and extended warranty of agricultural machines. - EMABIT decieded to take over the land vehicles comprehensive coverage (casco), accident and sickness portfolio of Széchenyi István Kölcsönös Biztosító Egyesület (SZIBE). The take over was approved by the MNB on 1 October CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
3 - The chief actuary position is filled by Erika Kelemen with the approval of MNB as instead of Nobert Németh. Events after the balance sheet date: - The Hungarian National Bank (MNB) made a comprehensive examination between 27 April 2015 and 19 June The examination was closed with the resolution H-JÉ-II-B-1/2016, which fined the Insurer HUF 7 million supervisory fine and HUF 3 million consumer protection penalty. EMABIT started to perform the ordered measures and will accomplish them on time. Budapest, 23 February 2016 CIG Pannónia First Hungarian General Insurance Company Ltd. CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
4 2. Financial Statements Headlines in the Insurer s Income Statement million HUF Changes in profit/loss (A) (B) (A)-(B) % (A/B) Gross written premium % Change in the unearned premium reserve (gross) (-/+) % Gross earned premium % Reinsurance premiums (-) % Reinsurer s share in unearned premium reserve % Net earned premium % Gross claim settlement expenditure % Gross claims paid % Gross changes in claim reserve n/a Claim settlement costs % Reinsurer s share of claim settlement expenditure % Reinsurer s share of claim payments % Reinsurers' share of reserve changes n/a Net claim settlement expenditure % Other changes in reserves n/a Acquisition costs % Changes in deferred acquisition cost % Commissions and profit shares from reinsurers % Other technical result % Technical result (without operating costs) % Operating costs % Technical result n/a Investment result % Other result Profit/loss for the period before taxes n/a Tax liability n/a Retained profit/loss for the period n/a 84 60% CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
5 Headlines in the Insurer s Balance Sheet (A) (B) (A)-(B) million HUF % (A/B) Intangible assets % Investments % Receivables % Other assets % Prepaid expenses and accrued income % Total assets: % Shareholders' equity % Technical reserves % Unearned premium reserve % a) gross amount % b) reinsurers share of the reserve (-) % Outstanding claim reserves % a) gross amount % b) reinsurers share of the reserve (-) % Premium refund reserves % a) gross amount % Other reserves % a) gross amount % b) reinsurers share of the reserve (-) % Liabilities % Accrued expenses and deferred income % Total liabilities: % CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
6 3. Presentation of the Insurer s financial position the Insurer s nonaudited data for 2015Q4, according to the Hungarian Accounting Act In 2015 the Insurer realized a gross written premium of HUF 3,661 million, of which the amount of premiums transferred to the reinsurer was HUF 1,902 million, the change of the unearned premium reserve was HUF 532 million, and the reinsurer s share of the latter was HUF 215 million. The total amount of the net earned premiums was HUF 1,442 million. The total amount of the gross earned premium has increased by 35% (with HUF 815 million), while the total amount of the net earned premium decreased by 19% (with HUF 333 million) compared to This is due to a new structure of reinsurance in casco, other damage to property and general liability insurance products, which is more beneficial for EMABIT. Within the gross written premium the composition of the portfolio was similar to the previous year. In 2015 the land vehicles comprehensive coverage (casco) is the leading product (38%), while the general liability insurance is the second (24%) and the suretyship, guarantee is the third largest branch (12%). The fire and natural forces, other damage to property, goods in transit, self-propelled motor vehicles and accident shares are about 4-7% each. The rest is divided among compulsory motor third party and other smaller products. The most important item among expenses is the amount of claim settlement expenditure (HUF 191 million), which is made up of claim payments (HUF 273 million), the change of the outstanding claim reserve (HUF -167 million) and the costs of claim settlement (HUF 85 million). The net claim settlement expenditure in the last quarter was better than the average. In total, the trend of the net claim settlement expenditure is favourable in 2015 (HUF 544 million less than the previous year). It is caused by the change of the reinsurenace structure and the positive run off results of the compulstory motor third party and land vehicles comprehensive coverage (casco). The net claim expenditure decreased by 74%, while the net earned premium decreased by 19% compared to the previous year. This led the gross claim ratio decrease from 42% to 39% and the net claim ratio fall from 41% to 13% as compared to the previous year. The Other Reserves changed by HUF -3 million. The Insurer maintains relationships with several reinsurance partners. The Insurer covers its risks by reinsurance in the field of property and technical insurance, liability insurance, carrier and transporter liability insurance, suretyship-related insurance and motor insurance. In connection with this, HUF 537 million were recognized as reinsurers commissions and profit shares. The gross operating costs of the Insurer amount to HUF 1,599 million, of which HUF 370 million are administration cost, HUF 1,143 million are earned acquisition cost, HUF 1 million is investment cost and HUF 85 million are claim settlement cost. Level of acquisition costs (including deferred acquisition costs) increased by HUF 277 million (with 26%) despite the fact that gross earned premium increased by HUF 815 million (with 35%), since products operating with lower acquisition cost ratio (casco) predominate instead of the formerly dominating products with higher acquisition cost ratio (transportation, property, liability). The claim settlement costs decreased significantly by 27% compared to 2014, while the administration costs decreased by 10% compared to The Other technical expenses line includes the insurance tax, the supervisory fee, MABISZ indemnification account, indemnification fund and the profit sharing. The investment result is a profit of HUF 88 million, consist of mostly interests. The other result line shows the local tax expenses and the innovation contributions. This line also contains the extraordinary depreciation of the systems not in use, impairment for claims against Széchenyi Bank and the MNB charged penalty (HUF 10 million). As a result of the written above, the retained profit is HUF 87 million, which is HUF 353 million better as the retained profit of the previous year. The Insurer s balance sheet total was HUF 3,820 million at the end of December 2015; the Company has met its liabilities in full. On 31 December 2015, the shareholders equity was HUF 1,473 million, the solvency capital of the Insurer available on the balance sheet date was HUF 1,371 million, which covers 120% of the minimum solvency capital requirement. CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
7 Annex 1 Presentation of the portfolio of the non-life business line of the Insurer at the end of the period (number) Opening stock on New business Closing stock on Accident Illness Casco Freight Damage through fire or disaster Other damage to assets Total motor vehicle liability Of this: compulsory third party motor insurance General liability Suretyship-related insurance Total regular-premium policies Accident Illness Casco Freight Other damage to assets Suretyship-related insurance Total single premium policies Total CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
8 Presentation of the stock of the non-life business line of the Insurer at the end of the period thousand HUF Opening stock on New business Closing stock on Accident Illness Casco Freight Damage through fire or disaster Other damage to assets Total motor vehicle liability Of this: compulsory third party motor insurance General liability Suretyship-realated Funeral insurance Total non-life business line: The Insurer s gross written premium at the end of the period, broken down by insurance sectors Total gross written premium Gross written premium from single premium products thousand HUF Premiums earned Accident Illness Casco Freight Damage through fire or disaster Other damage to assets Total motor vehicle liability Of this: compulsory third party motor insurance General liability Suretyship-realated Assistance Funeral insurance Total non-life business line: CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
9 The Insurer s costs at the end of the period Acquisition costs Administration costs Claim settlement costs Investment costs thousand HUF Total non-life business line Of this: compulsory third party motor insurance Total The Insurer s claims paid and services at the end of the period in question, broken down by insurance sectors thousand HUF Claims paid in current period Expected amount of claims to be paid after the relevant period Opening total Closing total at the end of the current quarter Change Accident Illness Total Casco Land vehicle Casco Freight Damage through fire or disaster Other damage to property Total automobile liability Self-propelled land vehicle related liability Of this compulsory motor third party liability insurance General liability Guarantee Assistance Funeral insurance Total non-life business line: CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
10 Expected amount of claims to be paid after the current period for events that have already occurred but have not yet been reported thousand HUF Claims in current year Opening total Closing total at the end of the current quarter Change Payments Claim reserve IBNR Accident Illness Total Casco Land vehicle Casco Freight Damage through fire or disaster Other damage to property Total automobile liability Self-propelled land vehicle related liability Of this compulsory motor third party liability insurance General liability Guarantee Assistance Funeral insurance Total non-life business line: The Insurer s average number of employees at the end of the period Centre (no. of staff) Network (no. of staff) Senior management 2,2 - Administrators 20,9 - Risk assessors, damage experts and loss administrators 2,3 - Business staff 2,8 - Tied insurance agent - 384,0 Total non-life business line 28,2 384,0 CIG Pannónia First Hungarian General Insurance Company Ltd., information on Q
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