INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA

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1 INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA Report for First Quarter 2015

2 National Bank of Serbia Contents: 1. Insurance market Market participants... 4 Insurance undertakings... 4 Other market participants Insurance portfolio structure Balance sheet total and balance sheet structure... 7 Balance sheet total... 7 Structure of assets... 7 Structure of liabilities Performance indicators Solvency Quality of assets Coverage of technical Motor third party liability Conclusion

3 Insurance Sector in Serbia First Quarter Report 2015 List of abbreviations mln bln Q1 million billion first quarter (1 January 31 March) 3

4 National Bank of Serbia 1. Insurance market Market participants Insurance undertakings At end-q1 2015, the insurance market in Serbia comprised 25 2 insurance undertakings, down by three 3 in year-on-year terms. Twenty-one undertakings engaged in insurance activities only and four in reinsurance activities. Of the insurance undertakings, six were exclusive life insurers, nine exclusive non-life insurers, while six provided both life and non-life insurance. The breakdown by ownership shows that of the 25 insurance undertakings, 19 were in majority foreign and six in majority domestic ownership. Structure of insurance undertakings 1Q 2015 Balance sheet total of insurance undertakings 1Q 2015 Others: Italy,France,Cro atia,the Netherlands,US A,Ireland,Czech Rep,Russia 32% Serbia 24% Others: France,Croatia,USA, Ireland,CzechRep,S pain,russia 8% The Netherlands 20% Serbia 28% Spain 8% Slovenia 16% Austria 20% Italy 8% Slovenia 5% Austria 31% Source: National Bank of Serbia Since foreign-owned insurance undertakings arrived in the market and obtained greenfield licences, at end-q they continued to record a dominant share of 92.7% in life insurance premium, 62.1% in non-life insurance premium, 72.2% of total assets and 68.3% of total employment. The majority of foreign-owned insurance undertakings came from: Austria, Slovenia and Spain, followed by undertakings from Italy, France, Croatia, the Netherlands, Ireland, Czech Republic, Russia and the USA. 1 The Report is based on data that insurance undertakings are obliged to submit to the NBS. The accuracy of the data was not verified by NBS on-site supervisors. When analysing the insurance market, it should be borne in mind that changes presented in the Report are observed relative to the data of insurance undertakings that held an operating license in Q One life insurance undertaking was included, whose operating licence ceased to be valid in April 2015, following the approval of voluntary liquidation by the NBS. 3 In July 2014, the NBS delicensed one non-life insurance undertaking. In September 2014, two insurance undertakings one non-life and one life-insurance undertaking, obtained the NBS s consent for status change merger. 4

5 Insurance Sector in Serbia First Quarter Report 2015 Other market participants In addition to insurance undertakings, the market comprised 19 banks licensed for agency operations, 97 legal entities (insurance agency/brokerage and other insurancerelated services), 107 insurance agents (natural persons entrepreneurs), as well as 15,438 natural persons licensed to engage in insurance agency/brokerage Insurance portfolio structure Total premium generated from insurance business in Q came at RSD 20.0 bln (EUR 166 mln or USD 179 mln) 4 which is an increase of 27.2% on a year earlier. Total premium according to the types of insurance in Q and Q in % Q Q Property insurance Full coverage motor vehicle insurance Life insurance Motor vehicle liability Other non life insurance The share of non-life insurance in total premium was 78.4% and the share of life insurance premium 21.6%. The share of non-life insurance rose from 77.8% a year earlier due to a stronger growth in the premium of non-life insurance (28.1%) than that of life insurance (23.9%). Growth in non-life insurance premium in Q was driven by motor third party liability (MTPL) insurance premium and property insurance premium (by 45.8% and 27.0%, respectively), while full coverage motor vehicle insurance premium fell by 1.1%. The insurance premium structure by insurance type in Q resembled that from the same quarter last year, with MTPL insurance accounting for the largest share of total premium (30.3%), followed by property insurance against fire and other 4 At the NBS middle exchange rate as at 31 March

6 National Bank of Serbia hazards and other property insurance (25.1%), life insurance (21.6%) and full coverage motor vehicle insurance (7.2%). Accident insurance, including, inter alia, compulsory types of insurance such as passenger insurance in public transport and insurance of employees from injuries at work, professional and work-related illnesses, accounted for 5.6% in Q % Share in total premium by peer group, % The share of voluntary health insurance premium showed a mild decrease from 3.0% in Q to 2.9% in Q1 2015, despite a nominal growth by 25.2%, which is explained by the already mentioned high growth in MTPL insurance premium. Two insurance undertakings covered more than two-thirds of the market. 40% Insurance undertakings are classified into 33.0% three groups according to their respective 20% 14.9% share in total premium. The first group comprises two undertakings accounting for over 15% of total premium, the second 0% includes five undertakings accounting for under 15% and the third comprises 14 first group - 2 undertakings second group - 5 undertakings undertakings accounting for under 3% of total third group - 14 undertakings premium. Relative to the same period last year, one insurance undertaking moved from Source: NBS the first peer group to the second peer group, accounting for the change in the share of peer groups. In Q1 2014, the first group consisting of three undertakings covered 63.1% of the market, the second group consisting of four undertakings covered 20.9%, and the third group consisting of 17 undertakings covered 16.0% of the market. The Herfindahl Hirschman index, calculated by summing up the squares of the respective market shares or, in this case, balance sheet totals of all insurance undertakings, points to moderate market concentration. The HHI in Q was 1, HHI up to 1,000 indicates that there is no market concentration; 1,000-1,800 indicates moderate concentration; above 1,800 indicates high concentration. 6

7 Insurance Sector in Serbia First Quarter Report Balance sheet total and balance sheet structure Balance sheet total Balance sheet total of insurance undertakings increased at end-q to RSD bln (EUR 1,492 mln or USD 1,609 mln) 6, up by 19.3% year-on-year. AS, 949 Balance sheet total of insurance undertakings as at 31/03/2015 in RSD mln Axa non-life, 1749 Axa life, 605 DDOR, DDOR Re, 1158 Dunav, Dunav Re, 7331 Generali Re, 4176 Globos, 930 Merkur, 2151 Grawe, MetLife, 371 Milenijum, 3110 Sogaz, 1761 Societe G, 692 Triglav, 4799 Uniqa non-life, 7317 Wiener Re, 4504 AMS, 3403 Generali, Energoprojekt, 1081 Sava, 2864 Sava life, 475 Uniqa life, 6502 Wiener, Structure of assets At end-q1 2015, current assets accounted for 50.4% of total assets of insurance undertakings (of which 23.5% referred to financial investments and 8.2% to premium receivables). Fixed assets made up 49.6% of total assets (of which 37.9% referred to long-term financial investments and 10.6% to property). Comparison with Q1 2014, when fixed assets made up 59.4% (of which 44.4% were long-term financial investments and 14.0% property) and current assets 40.6% (of which 16.1% were short-term financial investments and 9.7% premium receivables), indicates that the composition of assets changed in favour of current assets. The highest share in assets as at 31 March 2015 is still held by long-term financial investments, while the strongest growth was recorded by financial assets within current assets (74.7%), relative to short-term financial investments a year earlier, which was primarily caused by the application of new accounting by-laws, which specified the new structure of financial investments. 6 At the NBS middle exchange rate as at 31 March

8 National Bank of Serbia Structure of assets as at 31/03/2014 Structure of assets as at 31/03/2015 Remaining 10.1% Cash 5.8% Short term fin. invest. 16.1% Receivables 9.7% Property 14.0% Long-term fin. invest. 44.4% Remaining 15.6% Property 10.6% Cash 4.2% Financial investments within current assets 23.5% Long-term fin. invest. 37.9% Receivables 8.2% Structure of liabilities At end-q1 2015, technical accounted for 70.6% and capital and for 19.6% of total liabilities. Capital fell by 1.1% y-o-y and came at RSD 35.1 bln. Technical gained 27.6% to reach RSD bln. Mathematical increased at a rate of 22.3% and accounted for the largest share of technical. Mathematical were followed by claims outstanding which were up by as much as 40.8%. Structure of liabilities as at 31/03/2014 Structure of liabilities as at 31/03/2015 Remaining 11.2% Capital and 23.4% Technical 65.3% Mathematical 31.8% Unearned premiums 15.5% Outstanding claims 15.7% Other technical 2.4% Remaining 9.9% Capital and 19.6% Technical 70,6% Mathematical 32.9% Unearned premiums 16.5% Outstanding claims 18.7% Other technical 2.5% 8

9 Insurance Sector in Serbia First Quarter Report Performance indicators 2.1. Solvency The solvency of an insurance undertaking depends on the size and composition of its liquidity, ratio of its technical to the volume of undertaken liabilities and sufficiency of its guarantee reserve to protect policyholders in the event of unforeseen losses, i.e. to act as a buffer for losses not covered by technical. At end-q1 2015, the solvency margin came at RSD 17.1 bln and guarantee reserve at RSD 29.5 bln. The ratio of guarantee reserve to solvency margin stood at 173.8% for non-life insurance undertakings and 206.0% for life insurance undertakings. Ratio of guarantee reserve to solvency margin 200% 150% 100% Q % 0% Undertakings engaged primarily in non-life insurance Undertakings engaged primarily in life insurance 2.2. Quality of assets The share of intangible investments, property, investment in non-tradable securities and receivables (as types of assets difficult to collect) in total assets of undertakings engaged primarily in non-life insurance stood at a satisfactory 23.5% at end-q1 2015, relative to 24.0% at end The moderate improvement in this ratio was due to somewhat faster growth in total assets than in the above types of assets. The above share for undertakings engaged primarily in life insurance recorded a decline from 3.1% in late 2014 to 2.8% in late Q The change in the value of this indicator was prompted by a decline in the above types of assets. 9

10 National Bank of Serbia 2.3. Coverage of technical In order to protect the interests of the insured and third damaged parties and to ensure the timely payment of damage claims, insurance undertakings need not only allocate adequate technical, but also invest their assets, depending on the type of insurance they provide, taking due account of the maturity of obligations and investment profitability and dispersion. In undertakings engaged primarily in non-life insurance, the coverage of technical by prescribed types of assets stood at 101.5% in Q1 2015, compared to 101.4% in late In undertakings engaged primarily in life insurance, the coverage of technical by prescribed types of assets stood at 100.4% at end-q1 2015, compared to 100.3% at end Structure of coverage of technical non-life insurance life insurance 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% T % Q other premium receivables real estate bank deposits and cash government securities Overall, Source: in Q1 National 2015 bank technical of Serbia of non-life insurance undertakings were for the most part covered by government securities (49.4%), deposits with banks and cash holdings (23.3%), investment real estate (8.4%), and insurance premium receivables (6.4%). The structure of life insurance technical coverage was dominated by investment in government securities (91.7%), followed by deposits with banks and cash holdings (5.9%). 3. Motor third party liability In Q1 2015, 11 insurance undertakings engaged in compulsory MTPL insurance down by two from the same period last year. 10

11 Insurance Sector in Serbia First Quarter Report 2015 MTPL premium rose by 45.8% in Q y-o-y. Portfolio concentration in this segment increased mildly, as three insurance undertakings with the largest share in MTPL premium accounted for 66.8% of the market in Q1 2015, as opposed to 60.0% in the same period last year. 4. Conclusion The comparison of indicators between Q and the same quarter in 2014 points to the following changes in the period observed: - A total of 25 insurance undertakings operated in Serbia down by three y-o-y. Insurance sector employment fell by 2.5% to 11, Insurance sector balance sheet total rose by 19.3% to RSD bln; - Capital decreased by 1.1% to RSD 35.1 bln; - Technical gained 27.6% and were fully covered both in life and nonlife insurance; - Total premium gained 27.2% and came at RSD 20.0 bln; - The share of non-life insurance was dominant in total premium, equalling 78.4%. Non-life insurance premium rose by 28.1%, with full coverage motor vehicle insurance going down by 1.1%; - Due to strong growth in MTPL premium, the share of life insurance in total premium fell from 22.2% to 21.6%. - The Herfindahl Hirschman index points to moderate market concentration. For the time being, insurance undertakings should focus on the following key areas: corporate governance which, among other things, implies an adequate system of internal controls, improvement of risk management and investment valuation techniques, promoting transparency, good business practices and fair client relations, the timely payment of damages, and efforts to educate potential clients. All this will reinforce client confidence and help develop this segment of the financial system. Also important are education and preparations for putting in place the new methodological framework for risk management, Solvency II. Adequate risk management is vital for the success of insurance business. This has been placed at the core of the Solvency II Directive which requires insurers to identify and quantify all types of risks they are exposed to in their operations and to manage them more effectively. It introduces more sophisticated solvency requirements in order to ensure that insurance undertakings have sufficient capital to offset the risks to which they are exposed. 11

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