Rewarding risk: The Russian insurance market in 2013

Size: px
Start display at page:

Download "Rewarding risk: The Russian insurance market in 2013"

Transcription

1 Rewarding risk: The Russian insurance market in 2013 June 2013 kpmg.ru KPMG in Russia and the CIS

2 2 Rewarding risk Introduction Adrian Quinton Partner, CIS Head of Insurance and Actuarial Services The continued strong insurance premium growth in Russia appears lucrative compared with the global average. The insurance industry is forecast to grow to RUB930bn (ex OMI) in 2013 which reaffirms Russia s place among the world s leading insurance markets. Ensuing expansion of credit lending, albeit at a reduced pace than in 2012, is cited as the prime growth driver. Despite prevailing growth, pressure on profit margins remains stubbornly intact and companies have confirmed to be diversifying focus away from solely managing premium growth towards improving profitability through mostly monitoring expenses and quantifying risk. Insurers can no longer afford to be spread across the entire market and will increasingly operate in only the segments where they have a marked competitive advantage. Client centricity, service efficiency and continuous streamlining of the cost-base are emerging as the more prominent competitive differentiators in this regard. The Russian insurance market has experienced a number of significant regulatory changes in recent years, such an increase in statutory capital, mandatory transition to IFRS and introduction of new compulsory segments, while the formation of a single financial mega regulator is underway. Despite these developments, a majority of insurance executives highlight that insurance regulation in Russia is still a factor requiring further sustained attention, particularly in the area of supervision of intermediaries and financial reporting. Continued market growth coupled with the recent relaxation in the foreign capital quota presents a window of opportunity for entry of new foreign players. Though market participants believe that M&A activity in the Russian insurance sector will pick up over , against recent periods, the feeling is that transactions will predominantly be among the larger domestic players. We invite you to explore these keynotes in greater detail in our fourth annual survey of the insurance industry in Russia. We also take this opportunity to thank our colleagues who provided input and made this survey possible. Enjoy, Adrian Quinton Partner, CIS Head of Insurance and Actuarial Services

3 The Russian insurance market in Contents Executive summary 04 Stage of the insurance maturity cycle and key priorities 06 Top line growth 07 Bottom line management 13 Market regulation 17 M&A activity 18

4 4 Rewarding risk Executive summary KEY DEVELOPMENT PRIORITIES FOR INSURERS The Russian insurance industry remains attractive as the market is likely to remain in the growth and development phase for another 3 5 years. That said, insurers ought to keep a close eye on maintaining distinct competitive advantage through the following key elements becoming evident in our survey: Defining and targeting market segments and associated distribution channels where they have a distinct competitive advantage. Strengthening client centricity alongside improving service efficiency and quality. Optimising the cost base including enhancing risk management to enable a more tangible view on the size and nature of accepted risks. GROWTH PROSPECTS Our respondents predict that the combined insurance market will grow by 10 15% in 2013, propelling it to between RUB890bn RUB930bn, which is just short of the pivotal RUB1trn milestone. Economic growth which was headlined as the main growth factor in last year s survey was not marked as the prominent contributor to growth in 2013, which is perhaps linked to a dampened forecast on GDP growth for Russia. Insurers feel that overall market growth in 2013 will for the most part be supported by the continuing boom in retail credit lending (which is forecast to increase by *) and regulatory factors (such as the recently introduced mandatory insurance of Passenger Carrier s Liability). In 2013, Casco will be the dominant contributor to expansion of the non-life market. As in previous years, growth is primarily supported by the increase in consumer lending. Life insurance is the fastest growing segment today. Gross premiums grew by an impressive CAGR of 63% translating to a RUB23bn to RUB53bn leap in market size from 2010 to 2012, which has led to an improved share of life insurance in the total voluntary insurance market of 8% from 5%. It is expected that the double digit growth of 30- will prevail, fuelled by the increase in the volume of mortgage lending forecasted at 15- for 2013**. Banks continue to be the fastest growing insurance distribution channel in Market players participating in the Casco, Life and Accident lines will have the opportunity to boost premiums in these segments, albeit at the expense of reduced profit due to upscale commissions demanded by the banking groups. IMPROVING EFFICIENCY Corporate property insurance maintains its status as the industry s profit centre while other mass-market lines such as Casco, Osago and Voluntary Medical Insurance ( VMI ), will generate only marginal profits in view of intense competition in these segments. As in 2012, optimisaton of administration and acquisition expenditure remains an area of key importance for most insurers, though some of the focus has diversified towards reducing claims costs. The preferred methods of keeping the cost of claims under control in 2013 are fostering improved relationships with business partners (car dealerships, health care clinics, etc), enhancement of the process for monitoring and settlement of court-originated claims as well as improving the processing of subrogation claims. * Forecast of the Central Bank of Russia. ** Forecast of the household mortgage agency.

5 The Russian insurance market in MARKET REGULATION Senior executives maintain the view that the market is in need of progressive regulatory and legal reform. In their view, the areas that require the most intervention are regulation and supervision of financial reporting and enhanced monitoring of brokers and intermediaries. With reference to the latter, the specific items pointed out in our survey are oversight of commission levels, client-intermediary-provider linkages and broker licensing. In the near future, market participants foresee a decline in profitability of OSAGO due to the anticipated adverse impact of legislative reforms under discussion, such as the extension of the law on consumer protection and the uncertainty around lifting tariffs to compensate for the corresponding expected increase in OSAGO limits. M&A ACTIVITY Market participants believe that the Top 10 segment will improve its market share by more than 2% in It is expected that the speeding up of consolidation will be supported by a rise in M&A activity among large domestic players. The assessment of premium multiples, expressed as the ratio of the company s price to gross premium, has softened since 2012, which is suggestive of a more cautious outlook on future market growth and the economy in general.

6 6 Rewarding risk Stage of the insurance maturity cycle and key priorities The insurance sector remains fundamentally attractive in view that the growth and development phase will prevail for at least 3 years. of executives are of the view that the insurance industry as a whole is still in the growth and development phase of the market maturity cycle and that this would last for 3-5 years. Despite the relatively attractive prospects for growth in the medium term, insurers need to identify the segments that offer the greatest potential and focus on only those where the companies have a marked competitive advantage. 1. Position of insurance industry on the maturity cycle years INVESTMENT GROWTH MATURITY DECLINE 2. Priority development areas in % 72% 44% 44% Premium growth Customer service Improving profitability Lowering acquisition and administration costs Managing profitability Optimising distribution Optimising distribution Development of new products Growing retail lines 33% 33% Risk management* Growing corporate lines 28% M&A Strengthen the brand and reputation *including the actuarial and the underwriting functions Risk management Product innovation and development Premium growth Cost reduction Client retention HIGH PRIORITY MEDIUM PRIORITY LOW PRIORITY In 2013, insurers are diversifying attention away from portfolio growth towards improving profitability through customer service, optimising distribution and strengthening risk management.

7 The Russian insurance market in RUB bl 24% 14% +21% 664 RUB bl 25% 812 RUB bl 24% CAGR +18% +25% Top line 15% growth 13% +21% 3. Gross written premium dynamics per market segment 62% 62% 61% 558 RUB bl 24% 14% +21% 664 RUB bl 25% 13% 812 RUB bl 24% 15% CAGR +18% +25% +21% Contrary to previous expectations of increasing 2010 consolidation 2011 it is evident 2012 that the distribution of market Outside share Top 20 among Top 11 to the Top 20 main segments Top 10 of the industry (Top10, Top11-Top20, and Other) has remained relatively inert over the last three years, suggesting 140 that the positions of players beyond the Top 20 are 120 reasonably secure % 62% 61% RUB bl Year on year (2012 over 2011) change 9 in 10 gross written 0 premium per market segment Rosgosstrakh SOGAZ 2 Ingosstrakh 3 RESO-Garantia AlfaStrakhovanie VSK Soglasie Allianz VTB Strakhovanie Generali PPF RUB bl Outside Top 20 Top 11 to Top 20 Top 10 Top 10 insurers by gross written premium in Rosgosstrakh SOGAZ Ingosstrakh RESO-Garantia 4 AlfaStrakhovanie 5 VSK Soglasie Allianz VTB Strakhovanie Generali PPF 9 10 Players ranked outside the Top 20 Top 11 to Top 20 Top 10 > 15 to 5 to 15% 0 to 5% CAGR +6% +13% +13% Average +12% Source: Federal Service for Financial Markets. Players ranked outside the Top 20 Top 11 to Top 20 Top 10 CAGR +6% +13% +13% > 15 to 5 to 15% 0 to 5% Average +12%

8 8 Rewarding risk 5. Premium growth drivers in 2013 Volume of bank lending Regulation and legislation Economic growth Business partners Competition Intermediaries Improvement in the culture and awareness of insurance Compulsory classes of insurance Infrastructure growth and development HIGH PRIORITY MEDIUM PRIORITY LOW PRIORITY The growth of the insurance market will be primarily upheld by an increase in credit lending and legislative reform In 2013, the market expects a slowing in pace of growth of credit finance relative to 2012 figures. For example, the volume of loans to individuals is forecast to increase by * compared with in 2012 while the growth rate in corporate lending is expected to remain at the 2012 level of 15%. The deceleration of the pace of credit lending in the retail sector may slow growth in the auto, life and accident insurance segments. Despite this, credit finance is still marked as the primary growth driver in The slowdown in the Russian economy in 2013 (GDP is set to reach 2.4%**) has reduced the importance of GDP relative to last year when 78% of managers reported economic growth as the main driver of insurance market growth. * Forecast of the Central Bank of Russia. ** Forecast of the Ministry of Economic Development. Доля основных сегментов добровольного страхования по размеру страховой премии с 2010 по Premium share by key segment in Life insurance and accident insurance grew remarkably from 2010 to 2012 which caused this segment to significantly increase its share in the voluntary insurance market 5% 6% 8% 6% 5% 5% 8% 9% 12% 19% 18% 17% CAGR +3% 1% +4% 2% Life Liability Accident VMI 31% 31% 28% 3% Property 31% 31% 1% Casco

9 The Russian insurance market in Gross written premium growth dynamics per line +19% +13% RUBbl % % 75 +6% % CASCO Property VMI Casualty Liability Life Sources: RBC, Federal Service for Financial Markets, KPMG analysis. 8. Outlook of the pace of growth of non-life insurance in the near-term The dominant segments of non-life insurance will continue to prosper at double digit rates in 2013, though the pace of growth has slowed. As before, Casco and Property insurance will be the largest contributors to growth of the market 33% Growth will be slower than in recent years, but will remain attractive Continue to grow at a relatively high growth rate 67% 9. Expected premium growth in 2013 over 2012 per segment Casco Property VMI Accident Liability 5) Expected premium growth in 2013 over 2012 per segment 80% 90% CAGR % % +18% CAGR % +13% +13% +43% +6% > 15 to 5 to 15% 0 to 5%

10 10 Rewarding risk In the short term, the life market has a good chance to maintain the pace of growth achieved in (63% CAGR) 10. Outlook of the pace of growth of life insurance in the near-term 11. Life insurance growth drivers in the near term Moderate growth rates Growth will be slower than in recent years, but will remain attractive Continue to grow at a relatively high growth rate The volume of mortgage lending Improved tax benefits Improving opportunities in investment activity The pace of economic growth HIGH PRIORITY MEDIUM PRIORITY Entrance of major banking groups into the insurance sector (eg, Sberbank) Introduction of state guarantees on benefits LOW PRIORITY One half of respondents note that the pace of growth of the life insurance market may be supressed against the impressive growth levels experienced in but will remain at a generous range of to. The rise in mortgage lending by 15-* in 2013 will be the principal driver of growth in the life insurance market in As in 2012, the majority of executives () are certain that improvement in the tax regime may significantly expand life insurance particularly in the corporate segment. *Forecast of the household mortgage agency 12. Change in the level of market premium rates in ) Market premium rates in 2013 relative to 2012 relative to 2012 per segment Casco 12% 44% 12% 33% 12% 33% 56% Property VMI Accident Liability 33% 22% 12% <90% 95% 100% 105% >1 33% 44% 44% 22% 33% CAGR +1% 3% +1% 1% 4% In 2013 the level of market premium rates for the main classes of insurance will not change relative to the previous year The higher losses in Casco and VMI will deter further price dumping on the part of insurers. For this reason, most executives believe that insurance rates will remain either at the level of 2012 or increase only slighty. The comparatively attractive profitability of property insurance will not entice price cuts in If rates do decrease it would be by not more than 1-3% against the previous year.

11 The Russian insurance market in The banking channel remains the fastestgrowing insurance sales channel in Year on year change (2013 over 2012) in gross written premium by distribution channel Year on year change (2013 over 2012) in gross written premium by distribution channel Banks Car dealers and other business partners Direct Brokers Own points of sale (offices and branches) Tied agents Independent agents The rising influence of the banking channel will spur increases in commission. The level of commissions will generally remain at last year s level among other key channels 14. Year on year change (2013 over 2012) in commission rates by distribution channels Increase Stay the same Decrease Increase Stay the same Decrease Banks Broker Tied agents Car dealers and other business partners Independent agents 90% 100% 80% *Expert RA The expansion of the banking channel will drive sales of life and accident insurance where the dominant share of premium income in these segments ( *) is collected through banks. The share of motor insurance sales will continue to increase at the already familiar dealership channel while a growing portion of sales is derived via the the online channel, which is still in its early stages of development.

12 12 Rewarding risk Changes in the relative importance of purchasing criteria differ between the retail and the corporate segment: with reference to the former, price and speed of claims settlement have become more important in 2013 whereas service quality and financial stability are now preferred more in respect of corporate insurance 15. Change in the relative importance of the purchasing criteria in 2013 (from 2012) from the perspective of retail clients mportance of the purchasing criteria in 2013 (from 2012) from the perspective of retail clients Price Financial stability Speed of claims settlement Quality of client service (excluding speed of claims settlement) Brand Positive prior experience with the Company Increase Stay the same Decrease 16. Change in the relative importance of the purchasing criteria in 2013 (from 2012) from the perspective of corporate clients Price Financial stability Speed of claims settlement 80% Quality of client service (excluding speed of claims settlement) Brand Positive prior experience with the Company Increase Stay the same Decrease

13 The Russian insurance market in Bottom line management Casco, OSAGO and VMI continue to be the least profitable lines 10) Ranges of estimates of the IFRS loss ratio per segment in Ranges of estimates of the IFRS loss ratio per segment in Casco Property Osago 6% VMI Accident Liability 25% 69% 6% 75% 19% 6% 44% 37% 63% 82% 18% 88% 12% 29% 14% 29% 14% 43% 43% 100% 71% 43% 57% 86% 57% Casco Property Osago VMI 14% Accident Liability >90% [; 90%] [; ] < This year the respondents expectations on the loss ratio for Casco are more concentrated than in 2012 as 100% of participants predict the loss ratio will be in the interval [-90%], whereas in 2012 a quarter of respondents predicted a more favourable range [-]. More than half of executives anticipate that the loss ratio for OSAGO will be above in 2013 though it is difficult to predict the ultimate result with reasonable certainty in view of the ensuing industry debate on lifting of OSAGO limits and tariffs. Based on responses, our colleagues anticipate that the underwriting performance of VMI will improve in 2013 over Despite this, VMI remains the least profitable segment and almost a third of respondents cite that the loss ratio will be above 90% this year.

14 14 Rewarding risk 18. Ranges of estimates of the IFRS combined loss ratio per segment in Casco Property Osago VMI 6% 12% Accident Liability 19% 100% 56% 82% 100% 38% 25% 44% 18% 43% 29% 57% 14% 43% 100% 57% 29% 100% 86% Casco 14% Property Osago 14% VMI 14% Accident Liability >100% [90%; 100%] < 90% The overall market perception is a trend to declining profitability in Casco with 43% of the respondents expecting a combined ratio of over 100% in Despite the low profitability, Casco generates cash, facilitates cross-sales and supports the brand which suggests that only a few players would actually withdraw from this line altogether. Property insurance is set to remain the most attractive segment in terms of own profit margin and contribution to overall profit. Developing the asset management function is not a priority for insurers as immediate opportunities for improving investment income are not obvious 19. Companies' views on improvement of the asset management function in the near term ( ) Yes, we see a good opportunity in this No, we do not see the rationale for this Yes, we have plans for this, but the scope for improving investment returns is not clear

15 The Russian insurance market in ) Ranges of estimates of the IFRS loss ratio per segment in 2013 Optimisation of administration and acquisition expenses will remain a priority for insurance companies in 2013, though the importance of these areas has decreased due to a shift of attention towards reducing claims costs. In particular, insurers are planning to pay increased attention to subrogation and court-originated claims 20. Components of the bottom line to be optimised in Administration costs Acquisition costs 33% Claims management costs 72% 89% 67% % Administration costs Acquisition costs Claims management costs Greater degree Lesser degree Insurance companies intend to limit administration costs through reducing staff costs, improving organisational design and advancing operating models 21. Methods aimed at reducing administration costs ( ) Reduce employee costs without outsourcing Improve organisational design Reduction of rental costs Improve operational models, including IT Implement shared services HIGH PRIORITY Not planning to significantly change the management of the above costs MEDIUM PRIORITY LOW PRIORITY Compared with 2012, the number of companies who do not plan to curtail administrative costs increased from to. This serves to underline that companies intend to diversify focus away from administration expenditure towards monitoring claims costs.

16 16 Rewarding risk Optimisation of contractual relationships with intermediaries is a lower priority in 2013, though it remains an important avenue for managing acquisition costs 22. Preferred methods of containing acquisition costs in 2013 Improving relationships with business partners (car dealers, clinics, etc) and enhancing the process for settling courtoriginated claims are the preferred methods aimed at reducing the cost of claims in Preferred methods for reduction of claims costs in 2013 Optimisation of contractual relationships with intermediaries and business partners (e.g. banks, car dealers) Development of internet sales Improvement of direct channels Growth of the tied agent network HIGH PRIORITY MEDIUM PRIORITY Improving relationships with business partners Enhancing litigation processes 67% 67% Increasing application of deductibles and co-payments Tougher anti-fraud management 33% 56% Segmentation of pricing using additional risk factors 33% HIGH PRIORITY MEDIUM PRIORITY 15) Preferred methods of containing acquisition costs in 2013 Exchange of claims data with other insurers LOW PRIORITY Continued strengthening of the influence of banks and car dealers* in the market compels insurers to search for alternative methods of containing acquisition costs such as pursuing ways to improve direct distribution. The relative appeal of digitally-supported distribution via internet and telephone among companies has grown: in 2013 of executives replied that they intend to develop digitial sales further compared to only 44% in ) Preferred methods for reduction of claims costs in 2013 Insurers intend to increase expenditure on internet marketing in 2013 to accommodate a growing online audience *Expert RA 24. Changes in marketing costs in 2013 relative to ) Changes in marketing costs in 2013 relative to 2012 Internet Telephone calls 22% Street advertising TV/Radio advertising 78% 78% 89% 78% increase stay the same decrease 22%

17 The Russian insurance market in Market regulation 25. Areas of regulation and legislation that require progressive improvement in Financial reporting Supervision of brokers/intermediaries Capital Adequacy and Risk Based Capital Risk Management and Governance Independent actuarial review Pricing policy Investment policy Tax benefits (centered on Life and VMI) Internet/telephone policy issuance Competitive activity Fraud/Anti-money laundering HIGH PRIORITY MEDIUM PRIORITY Claims reporting/assessment LOW PRIORITY Insurers maintain the view that the majority of areas of insurance regulation and legislation require comprehensive reform At the end of 2012, the activities for the creation of a single financial mega regulator in Russia were set in motion when the government agreed to integrate the Federal Financial Markets Service ( FFMS ) with the Central Bank. It is expected that this measure will help improve transparency and effectivess of regulatory oversight of the entire financial services market, which will have a positive effect on the insurance industry. The majority of surveyed executives () believe that in the first instance the new regulator ought to focus on improving the process for submission and review of financial statements of insurers. Agents and intermediaries remain the lifeblood of insurance distribution in Russia yet regulation and supervision of intermediaries remains relatively low key. Because of this, almost two-thirds of respondents () would like to see improvements in regulation and legislation in this area, and, in particular, in the areas of oversight of commission levels, client-intermediary-insurer linkages and broker licensing. 17) Areas of regulation Source: and KPMG legislation analysis. that require progressive improvement in

18 18 Rewarding risk M&A activity Executives feel that the market share of the Top 10 segment will increase in Increase in market share of the Top 10 in 2013 Under the assumption that the ongoing consolidation of the market will be primarily driven by M&A in 2013: 80% of executives expect that deals will largely be between leading Russian players >5% 27. Likely M&A activity in ) M&A activity in % to 2% 2% to 5% Mergers and acquisitions among major Russian players 80% Suspension or withdrawal of the insurance license of one or more leading players Sale of one or more leading Russian insurers Expansion of major Russian players in neighbouring markets (eg CIS,CEE,Asia) Exit of foreign players Entry of new foreign players rease in market share of the Top 10 in 2013 The attractiveness of the Russian insurance sector in view of its high growth potential coupled with the recent relaxation of foreign capital quota (from 25% to ) presents a solid ground for the entry of new foreign players. Despite this only of survey respondents feel that new foreign players will enter in , which is partly explained by the fact that many global insurers are still preoccupied with maintaining performance in their core markets.

19 The Russian insurance market in In 2013, pricing multiples expressed as company market price/gross written premium have declined in comparison with 2012 for all of the leading 30 players 28. Assessment of multiples per market segment in Top 10 17% 44% 33% Top 11 to Top 30 Top 31 to Top 50 44% 89% % 6% > >2 Top 10 Top 11 to Top 30 Top 31 to Top 50 80% The decline in multiples is the prime reason for the wait-and-see attitude among market players. Sellers are not keen to give up their prize assets at relatively reduced prices and prefer to wait over the period of subdued economic conditions while the buyers are not willing to offer a premium over the local market price and over European multiples and are playing a wait and see game. Ultimately the market offers a golden chalice of sub 100% loss ratios and double digit growth coupled with a favourable economic climate supported by the government which suggests that deals will be done.

20 Contacts Adrian Quinton Head of Insurance and Actuarial services Partner T: +7 (495) E: Alexey Nazarov Management Consulting Director T: +7 (495) E: Julia Temkina Transactions and Restructuring Director T: +7 (495) E: Mikhail Klementiev Tax and Legal Partner T: +7 (495) E: Philip Sementsov Actuarial Services Senior Manager T: +7 (495) E: kpmg.ru The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation ZAO KPMG, a company incorporated under the Laws of the Russian Federation, a part of the KPMG Europe LLP group, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Printed in Russia. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. KPMG Thought Leadership app

New reality: the Russian insurance market

New reality: the Russian insurance market KPMG IN RUSSIA AND THE CIS New reality: the Russian insurance market July 2014 kpmg.ru 2 / New reality: the Russian insurance market 2014 ZAO KPMG. All rights reserved. Introduction KPMG presents the fifth

More information

Ongoing change: the Russian insurance market survey

Ongoing change: the Russian insurance market survey KPMG IN RUSSIA AND THE CIS Ongoing change: the Russian insurance market survey June 2015 kpmg.ru Introduction 2 Ongoing change: the Russian insurance market survey KPMG is proud to present this sixth annual

More information

Bancassurance in Russia: Life, Non-Life and Creditor Insurance

Bancassurance in Russia: Life, Non-Life and Creditor Insurance Brochure More information from http://www.researchandmarkets.com/reports/1999304/ Bancassurance in Russia: Life, Non-Life and Creditor Insurance Description: Bancassurance in Russia: Life, Non-Life and

More information

The insurance market in Russia

The insurance market in Russia The insurance market in Russia Vladimir Kalinin MAPFRE RE s Commercial Adviser for Russia and the countries of the CIS Moscow Russia 16 / 61 / 2012 Among the markets of the emerging countries, the Russian

More information

Sberbank Group s IFRS Results for 6 Months 2013. August 2013

Sberbank Group s IFRS Results for 6 Months 2013. August 2013 Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB

More information

Higher FDI in Indian Insurance sector a buzz for the industry

Higher FDI in Indian Insurance sector a buzz for the industry Higher FDI in Indian Insurance sector a buzz for the industry The view from Transactions and Restructuring By Sam Evans, Global Insurance Transactions and Restructuring Lead, KPMG in Switzerland, Shashwat

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

Deregulation and Liberalization in Japanese General Insurance Market

Deregulation and Liberalization in Japanese General Insurance Market Deregulation and Liberalization in Japanese General Insurance Market 29 th October 2004 Takeshi Oiwa SOMPO JAPAN INSURANCE INC. INDEX 1. Features of Japanese General Insurance Market. P.1-4 2. Development

More information

Frequently Asked Questions Q3 2006

Frequently Asked Questions Q3 2006 Frequently Asked Questions Q3 2006 1. Were there any unusual or one-time items in your Q3 results? CIBC s reported diluted earnings per share (EPS) for the third quarter were $1.86. Our EPS was increased

More information

Understanding Financial Consolidation

Understanding Financial Consolidation Keynote Address Roger W. Ferguson, Jr. Understanding Financial Consolidation I t is my pleasure to speak with you today, and I thank Bill McDonough and the Federal Reserve Bank of New York for inviting

More information

Canadian Insurance Industry Risks & Opportunities

Canadian Insurance Industry Risks & Opportunities Canadian Insurance Industry Risks & Opportunities Survey May 2014 kpmg.ca 2 Canadian Insurance Industry Risks & Opportunities Survey May 2014 We are pleased to release the results of our first annual Canadian

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

Life & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference

Life & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference Life & Protection Scott Ham CEO John Hunter COO Analyst & Investor Conference New York City, December 2010 Key messages Grow profitable new sales Leverage expertise to increase recruiting and expand existing

More information

CONCOLIDATED FINANCIAL STATEMENTS BRIEF ANALYSIS OF INSURANCE COMPANIES ACCORDING TO IFRS

CONCOLIDATED FINANCIAL STATEMENTS BRIEF ANALYSIS OF INSURANCE COMPANIES ACCORDING TO IFRS CONCOLIDATED FINANCIAL STATEMENTS BRIEF ANALYSIS OF INSURANCE COMPANIES ACCORDING TO IFRS Performance of insurance companies (according to IFRS) The term within which the Russian insurance companies had

More information

Insurance Briefing September 2013

Insurance Briefing September 2013 Briefing September 2013 Consider Latin America markets as a growth engine Opportunities and risks abound in a complex environment One look at the data and demographics and it is no wonder the idea of competing

More information

Leadership in life insurance. October 2013

Leadership in life insurance. October 2013 Leadership in life insurance October 2013 Agenda Industry overview and outlook Performance update Our strategy 2 Agenda Industry overview and outlook Performance update Our strategy 3 India life insurance

More information

Year Ended December 31, 2011

Year Ended December 31, 2011 Cigna Reports Full Results Projects Strong Business Growth for 2012 BLOOMFIELD, Conn., February 02, 2012 - Cigna Corporation (NYSE: CI) today reported fourth quarter and full year results that included

More information

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder,

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder, 2014 Investment Shareholders Update Dear Shareholder, As we look back on the first half of 2014, I m happy to report that Meridian s continued focus on serving and meeting the needs of our Members while

More information

Retail Industry Outlook Survey:

Retail Industry Outlook Survey: Retail Industry Outlook Survey: Modest Gains Keep Cautious Optimism in Style kpmg.com KPMG s Industry Outlook Survey KPMG LLP, the audit, tax and advisory firm, surveyed C-suite and other top-level executives

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

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

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

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,

More information

2.1. Number of Insurance Companies in Portugal, 2001-2009 2.2. Headcount in Portugal Insurance Sector, 2001-2009

2.1. Number of Insurance Companies in Portugal, 2001-2009 2.2. Headcount in Portugal Insurance Sector, 2001-2009 TABLE OF CONTENTS 1. Portugal Insurance Market Introduction 2. Portugal Insurance Market Structure 2.1. Number of Insurance Companies in Portugal, 2001-2009 2.2. Headcount in Portugal Insurance Sector,

More information

Quarterly Credit Conditions Survey Report

Quarterly Credit Conditions Survey Report Quarterly Credit Conditions Survey Report Contents List of Charts 2 List of Tables 3 Background 4 Overview 5 Credit Market Conditions 8 Personal Lending 10 Micro Business Lending 13 Small Business Lending

More information

New Monetary Policy Challenges

New Monetary Policy Challenges New Monetary Policy Challenges 63 Journal of Central Banking Theory and Practice, 2013, 1, pp. 63-67 Received: 5 December 2012; accepted: 4 January 2013 UDC: 336.74 Alexey V. Ulyukaev * New Monetary Policy

More information

METRO GROUP increases sales 2012 in a challenging consumer environment

METRO GROUP increases sales 2012 in a challenging consumer environment METRO GROUP increases sales in a challenging consumer environment Sales rose by 1.2% to 66.7 billion (adjusted for portfolio measures: +2.3%); EBIT before special items reached around 2.0 billion Operating

More information

Global Lending & Leasing Survey. Back to a new normal? A survey carried out by Linedata - 2014 Edition

Global Lending & Leasing Survey. Back to a new normal? A survey carried out by Linedata - 2014 Edition Global Lending & Leasing Survey Back to a new normal? A survey carried out by Linedata - 2014 Edition Executive Summary Economic figures and analyst surveys show that growth is back in the lending & leasing

More information

> Erste Bank Croatia Building a retail bank with 15% market share and a meaningful contributor to group profits

> Erste Bank Croatia Building a retail bank with 15% market share and a meaningful contributor to group profits > Erste Bank Croatia Building a retail bank with 15% market share and a meaningful contributor to group profits > 2 nd Capital Markets Day > Budapest > Sava Dalbokov, Member of the EBCR Managing Board

More information

Operative Account 2011. Collective life insurance.

Operative Account 2011. Collective life insurance. Operative Account 2011. Collective life insurance. 2 011 So simple. Just ask us. T 058 280 1000 (24 h), www.helvetia.ch 2011: A year marked by consolidation, expansion and innovation. for other reasons.

More information

Credit Sentiment Survey

Credit Sentiment Survey Credit Sentiment Survey Survey Results 2015 Q4 The Credit Sentiment Survey ( The Survey ) is a quarterly publication which collects information from Senior Credit Officers from all banks and financial

More information

Economic Turbulence Brings New Clients to Microlenders, but Growth Slowdown persists

Economic Turbulence Brings New Clients to Microlenders, but Growth Slowdown persists FINANCIAL INSTITUTIONS MICROFINANCE MARKET FORECAST March 28, 2016 Market trend: onward and upward. 3 Market structure: a promising set..4 Growth factors: a triple impact..5 Credit quality: constrained

More information

State of the Industry

State of the Industry Attorney Advertising Prior results do not guarantee a similar outcome Models used are not clients but may be representative of clients 321 N. Clark Street, Suite 28, Chicago, IL 6654 312.832.45 State of

More information

Thailand Insurance Sector

Thailand Insurance Sector Brochure More information from http://www.researchandmarkets.com/reports/606283/ Thailand Insurance Sector Description: Thailand is the 2nd largest economy in Southeast Asia, after Indonesia. It ranks

More information

2. The European insurance sector

2. The European insurance sector 2. The European insurance sector Insurance companies are still exposed to the low interest rate environment. Long-term interest rates are especially of importance to life insurers, since these institutions

More information

Five Best Practice Strategies for Maintaining Excellence in Workers Compensation Self-Insured Groups

Five Best Practice Strategies for Maintaining Excellence in Workers Compensation Self-Insured Groups Five Best Practice Strategies for Maintaining Excellence in Workers Compensation Self-Insured Groups Safety National is the market leader for providing excess workers compensation coverage for self-insured

More information

2. China Life and Non-Life Insurance Market Size by Value, 2008-2015

2. China Life and Non-Life Insurance Market Size by Value, 2008-2015 TABLE OF CONTENTS 1. China Insurance Market Introduction 2. China Life and Non-Life Insurance Market Size by Value, 2008-2015 3. China Life and Non-Life Insurance Density, Premium per Capita, USD, 2001-2015

More information

Rating Methodology by Sector. Non-life Insurance

Rating Methodology by Sector. Non-life Insurance Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made

More information

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015

More information

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Slide: Name Slide Thanks very much, it s a great pleasure to be here today and I d like to thank our hosts Deutsche Bank

More information

Colleen Johnston Group Head Finance & CFO TD Bank Financial Group. Citi Financial Services Conference

Colleen Johnston Group Head Finance & CFO TD Bank Financial Group. Citi Financial Services Conference Colleen Johnston Group Head Finance & CFO TD Bank Financial Group Citi Financial Services Conference January 28, 2009 Caution regarding forward-looking statements From time to time, the Bank makes written

More information

CNP Assurances signs a longterm strategic partnership in insurance in Europe with Banco Santander. 10 th July 2014

CNP Assurances signs a longterm strategic partnership in insurance in Europe with Banco Santander. 10 th July 2014 CNP Assurances signs a longterm strategic partnership in insurance in Europe with Banco Santander 0 th July 04 Disclaimer «Some of the statements contained in this document may be forward-looking statements

More information

GLOBAL WEALTH & INSURANCE. September 25, 2013

GLOBAL WEALTH & INSURANCE. September 25, 2013 GLOBAL WEALTH & INSURANCE September 25, 2013 Global Wealth & Insurance Investor Day September 2013 Global Insurance Chris Hodgson Group Head Global Wealth & Insurance Agenda The business today Our positioning

More information

Focus on China Market and Pursue Sustainable Value Growth

Focus on China Market and Pursue Sustainable Value Growth Focus on China Market and Pursue Sustainable Value Growth (Beginning) Distinguished guests, ladies and gentlemen: Good morning. I 'm Wu Zongmin, from China Pacific Property Insurance Company Limited (CPIC

More information

LOGO BUSINESS SOLUTIONS

LOGO BUSINESS SOLUTIONS LOGO BUSINESS SOLUTIONS Analyst Presentation for FY 2014 Gülnur Anlaş Chief Financial Officer February 16, 2015 12 1 Disclaimer This presentation contains information and analysis on financial statements

More information

BANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4)

BANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4) BANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4) Abstract: The credit conditions survey captures past, present and prospective perceptions or developments in the Ugandan

More information

Sustained leadership in life insurance. September 2011

Sustained leadership in life insurance. September 2011 Sustained leadership in life insurance September 2011 Agenda Industry overview and outlook Recent market developments ICICI Prudential: Strategic elements Performance snapshot 2 Agenda Industry overview

More information

Creating Value in Russia

Creating Value in Russia Creating Value in Russia Mikhail Slobodin Group Executive Vice President and Head of Russia London, January 28-29, 2014 Strong free cash flow generation Good quality mobile network Strong mobile data revenue

More information

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009 Bank of America Merrill Lynch Banking and Insurance CEO Conference London, 29 September 2009 Good morning. I d like to thank Bank of America Merrill Lynch for letting us speak this morning. Before I talk

More information

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW

More information

THAILAND INSURANCE IN 2013

THAILAND INSURANCE IN 2013 THAILAND INSURANCE IN 2013 July 2014 thaire.co.th Thailand Economic Prospects Despite a contraction of 0.6% in the first quarter of 2014, the pace of growth is expected to gradually pick up in the second

More information

2014 Statutory Combined Annual Statement Schedule P Disclosure

2014 Statutory Combined Annual Statement Schedule P Disclosure 2014 Statutory Combined Annual Statement Schedule P Disclosure This disclosure provides supplemental facts and methodologies intended to enhance understanding of Schedule P reserve data. It provides additional

More information

The Allstate Corporation

The Allstate Corporation The Allstate Corporation Bank of America Merrill Lynch 2015 Insurance Conference Thomas J. Wilson: Chairman and Chief Executive Officer February 12, 2015 Forward-Looking Statements and Non-GAAP Financial

More information

Merrion Irish Stock Market Conference. 6 th June 2007

Merrion Irish Stock Market Conference. 6 th June 2007 Merrion Irish Stock Market Conference 6 th June 2007 Forward-looking statement This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange

More information

COMPETITION IN THE AUSTRALIAN PRIVATE HEALTH INSURANCE MARKET

COMPETITION IN THE AUSTRALIAN PRIVATE HEALTH INSURANCE MARKET COMPETITION IN THE AUSTRALIAN PRIVATE HEALTH INSURANCE MARKET Page 1 of 11 1. To what extent has the development of different markets in the various states had an impact on competition? The development

More information

Custody. Custody. Custody

Custody. Custody. Custody Custody Custody Custody During 2003, Raiffeisenbank s Custody department continued to position itself as one of the leading providers of custody services on the domestic market. The Bank s credentials

More information

3. Turkey Life and Non-Life Insurance Market Size by Value, 2001-2015

3. Turkey Life and Non-Life Insurance Market Size by Value, 2001-2015 TABLE OF CONTENTS 1. Turkey Insurance Market Introduction 2. Turkey Insurance Market Structure 2.1. Number of Insurance Companies in Turkey, 2001-2009 2.2. Headcount in Turkey Insurance Sector, 2001-2009

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

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

Russia. Elena Shmatova. Executive Vice President and Head of the Russia Business Unit. VimpelCom Ltd 2011

Russia. Elena Shmatova. Executive Vice President and Head of the Russia Business Unit. VimpelCom Ltd 2011 Russia Elena Shmatova Executive Vice President and Head of the Russia Business Unit 1 Market Industry Trends for Russia Total Russian telecom market dynamics* (Revenues in RUR billion) CAGR, % 2011-2014

More information

THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 2014

THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 2014 THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 214 OCTOBER 214 European Central Bank, 214 Address Kaiserstrasse 29, 6311 Frankfurt am Main, Germany Postal address Postfach 16 3 19, 666 Frankfurt am Main,

More information

Insurance Accounting AUDIT COMMITTEE NEWS. Financial Reporting. Edition 43 / Q4 2013

Insurance Accounting AUDIT COMMITTEE NEWS. Financial Reporting. Edition 43 / Q4 2013 AUDIT COMMITTEE NEWS Edition 43 / Q4 2013 Insurance Accounting Financial Reporting In June 2013 the IASB issued a revised exposure draft (ED) of its proposal for a financial reporting standard on Insurance

More information

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

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

More information

Financial Overview INCOME STATEMENT ANALYSIS

Financial Overview INCOME STATEMENT ANALYSIS In the first half of 2006, China s economy experienced steady and swift growth as evidenced by a 10.9% surge in GDP. In order to prevent the economy from getting overheated and to curb excess credit extension,

More information

2.1. Number of Insurance Companies in Poland, 2001-2009 2.2. Headcount in Poland Insurance Sector, 2001-2009

2.1. Number of Insurance Companies in Poland, 2001-2009 2.2. Headcount in Poland Insurance Sector, 2001-2009 TABLE OF CONTENTS 1. Poland Insurance Market Introduction 2. Poland Insurance Market Structure 2.1. Number of Insurance Companies in Poland, 2001-2.2. Headcount in Poland Insurance Sector, 2001-3. Poland

More information

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed U.S. Life Insurance Group, StanCorp Financial Group, Inc. ~ July 24, 2015 Meiji Yasuda Life Insurance Company

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE CITIGROUP REPORTS FIRST QUARTER CORE INCOME OF $3.66 BILLION ($0.71 PER SHARE, DILUTED) VS. $3.94 BILLION ($0.76 PER SHARE, DILUTED) IN THE FIRST QUARTER OF 2000 INCOME FROM INVESTMENT

More information

The Canada Life Assurance Company ANNUAL REPORT

The Canada Life Assurance Company ANNUAL REPORT The Canada Life Assurance Company 2007 ANNUAL REPORT CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This report contains some forward-looking statements about the Company, including its business

More information

Financial Outlook* Michael Bell Executive Vice President and Chief Financial Officer CIGNA Corporation

Financial Outlook* Michael Bell Executive Vice President and Chief Financial Officer CIGNA Corporation Financial Outlook* Michael Bell Executive Vice President and Chief Financial Officer CIGNA Corporation *Information presented as of November 21, 2008 Agenda 2008 & 2009 Financial Outlook Critical Success

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.

More information

Housing finance in Italy

Housing finance in Italy Housing finance in Italy Defining characteristics One of the salient features of the Italian housing market is the high rate of ownership. According to data from the 2001 census, 71% of Italian households

More information

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6 South African Reserve Bank Press Statement Embargo on Delivery 28 January 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the

More information

Second Generation of Reform in Indian Insurance Industry: Prospects and Challenges

Second Generation of Reform in Indian Insurance Industry: Prospects and Challenges Second Generation of Reform in Indian Insurance Industry: Prospects and Challenges By Dr. R. Kannan Member (Actuary) Insurance Regulatory and Development Authority, India June 24, ICRIER, India 1 Historical

More information

PRESS RELEASE 9M results Ageas UK, 6 November 2013

PRESS RELEASE 9M results Ageas UK, 6 November 2013 PRESS RELEASE 9M results Ageas UK, 6 November 2013 Ageas UK delivers good result in tough conditions Executive Summary Continued growth in net profit Net profit up 5.6% to GBP 73.7 million (9M 2012: GBP

More information

Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference

Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference Willis Group Holdings February 2014 I Bank of America Merrill Lynch Insurance Conference Disclaimer Important disclosures regarding forward-looking statements These presentations contain certain forward-looking

More information

Bank of America Merrill Lynch 2013 Banking & Financial Services Conference. Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas

Bank of America Merrill Lynch 2013 Banking & Financial Services Conference. Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas Bank of America Merrill Lynch 2013 Banking & Financial Services Conference Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas November 13, 2013 Cautionary statement regarding forward-looking

More information

INDUSTRY OVERVIEW SOURCE OF INFORMATION. Report prepared by Euromonitor

INDUSTRY OVERVIEW SOURCE OF INFORMATION. Report prepared by Euromonitor The information that appears in this Industry Overview has been prepared by Euromonitor International Limited and reflects estimates of market conditions based on publicly available sources and trade opinion

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

Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers

Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers 2014 Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers 1 Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers Contents Introduction... 3 Definitions...

More information

Talanx generates solid growth in 2014

Talanx generates solid growth in 2014 Talanx generates solid growth in 2014 Gross written premiums up 3.0 percent at EUR 29.0 billion EBIT rises to EUR 1.9 billion (+7.1 percent) Group net income improves by 5.0 percent to EUR 769 million

More information

Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry

Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Improving Industry Health to Bolster Global Merger Activity in 2014 NC3B-F1 January 2013 Contents Section Slide Number

More information

GTECH Acquisition of IGT

GTECH Acquisition of IGT GTECH Acquisition of IGT Creating the World s Leading End-to-End Gaming Company July 16, 2014 Forward-looking Statements This presentation contains forward-looking statements (including within the meaning

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

Message from José Antonio Álvarez

Message from José Antonio Álvarez Message from José Antonio Álvarez 2014 was a year when the global economic situation improved, particularly in the developed economies, the hardest hit by the financial crisis. The financial situation

More information

Asian Non Life Markets - Challenges and opportunities

Asian Non Life Markets - Challenges and opportunities Investor Day 2012 Asian Non Life Markets - Challenges and opportunities Gary Crist CEO Ageas Asia INVESTOR DAY 2012 Asian Non-Life Markets Challenges and Opportunities Conclusions China South Korea Taiwan

More information

This is a licensed product of Ken Research and should not be copied

This is a licensed product of Ken Research and should not be copied 1 TABLE OF CONTENTS 1. Asia-Pacific Insurance Industry 1.1. Industry Introduction 1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P 1.3. Asia-Pacific Insurance Market Segmentation

More information

Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents

Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents May 17, 2012 Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed Primary Credit Analyst: Arturo Sanchez, Mexico City (52) 55-5081-4468;arturo_sanchez@standardandpoors.com

More information

SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT

SUB: STANDARD CHARTERED PLC (THE COMPANY) STOCK EXCHANGE ANNOUNCEMENT April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE

More information

Morgan Stanley Reports Third Quarter 2015:

Morgan Stanley Reports Third Quarter 2015: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Third Quarter 2015: Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.48

More information

REINSURANCE ISSUES FOR SUPERVISORS. by Richard Smith Chief Manager General Insurance Australian Prudential Regulation Authority

REINSURANCE ISSUES FOR SUPERVISORS. by Richard Smith Chief Manager General Insurance Australian Prudential Regulation Authority REINSURANCE ISSUES FOR SUPERVISORS by Richard Smith Chief Manager General Insurance Australian Prudential Regulation Authority Background My comments are made in the context of general (non-life) insurance

More information

Brookfield financial Review q2 2010

Brookfield financial Review q2 2010 Brookfield financial Review q2 2010 Overview Operating cash flow and gains totalled $327 million in the second quarter or $0.53 per share compared to $294 million in the prior year. This brings operating

More information

RIA Novosti Press Meeting. Economic Outlook and Policy Challenges for Russia in 2012. Odd Per Brekk Senior Resident Representative.

RIA Novosti Press Meeting. Economic Outlook and Policy Challenges for Russia in 2012. Odd Per Brekk Senior Resident Representative. RIA Novosti Press Meeting Economic Outlook and Policy Challenges for Russia in 2012 Odd Per Brekk Senior Resident Representative January 26, 2012 This morning I will start with introductory remarks on

More information

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations General Management s Discussion and Analysis of Financial Condition and

More information

ALM. BRAND A/S Results for H1 2011

ALM. BRAND A/S Results for H1 2011 ALM. BRAND A/S Results for H1 2011 Conference call 25 August 2011 1 G R O U P The Alm. Brand Group Nonlife insurance Banking Life insurance Denmark's 4th largest nonlife insurer Market share of some 10%

More information

Rating Methodology for Domestic Life Insurance Companies

Rating Methodology for Domestic Life Insurance Companies Rating Methodology for Domestic Life Insurance Companies Introduction ICRA Lanka s Claim Paying Ability Ratings (CPRs) are opinions on the ability of life insurance companies to pay claims and policyholder

More information

Global Trends in Life Insurance: Claims

Global Trends in Life Insurance: Claims What you need to know LIFE INSURANCE Global Trends in Life Insurance: Claims Key claims trends and their implications for the life insurance industry Contents 1 Highlights 3 2 Introduction 4 3 Emerging

More information

MBA Forecast Commentary Joel Kan, jkan@mba.org

MBA Forecast Commentary Joel Kan, jkan@mba.org MBA Forecast Commentary Joel Kan, jkan@mba.org Weak First Quarter, But Growth Expected to Recover MBA Economic and Mortgage Finance Commentary: May 2015 Broad economic growth in the US got off to a slow

More information

2 nd Quarter, 2012 Results ANALYST MEETING, 27 JULY, 2012

2 nd Quarter, 2012 Results ANALYST MEETING, 27 JULY, 2012 2 nd Quarter, 2012 Results ANALYST MEETING, 27 JULY, 2012 Agenda Page 1. Review of Result 2Q12 3-19 2. Future Positioning 21-25 3. 2012 Targets 27 IMPORTANT DISCLAIMER: Information contained in this document

More information

2015 M&A Outlook Survey Report

2015 M&A Outlook Survey Report 2015 M&A Outlook Survey Report The Boom is Back: M&A Reemerges as Leading Growth Strategy kpmg.com Foreword M&A in the U.S. has finally reached prerecession levels. Deal value in the first three quarters

More information