INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA

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1 INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA Third Quarter Report 2014

2 National Bank of Serbia Contents: 1. Insurance market Market participants... 4 Insurance companies... 4 Other market participants Insurance portfolio structure Balance sheet total and balance sheet structure... 6 Balance sheet total... 6 Structure of assets... 7 Structure of liabilities Performance indicators Solvency Quality of assets Coverage of technical reserves Liquidity Motor third party liability Conclusion

3 Insurance Sector in Serbia Third Quarter Report 2014 List of abbreviations mln bln Q3 million billion third quarter from 1 January to 30 September 3

4 National Bank of Serbia 1. Insurance market Market participants Insurance companies At end-q3 2014, the insurance market in Serbia comprised 27 insurance companies 2, one less relative to the same period last year. Twenty three companies engaged in insurance activities only and four were specialist reinsurance companies. Of companies engaged in insurance business, seven engaged in life insurance, ten in non-life insurance, and six companies in both life and non-life insurance. The breakdown by ownership shows that of 27 insurance companies, 21 were in majority foreign and six in majority domestic ownership. Structure of insurance companies by ownership, Q Balance sheet total of insurance companies by ownership, Q Others: Italy, France, Croatia, Netherland, USA, Ireland, Czech Repubilc, Russia 30% Serbia 22% Others: France, Croatia, USA, Ireland, Czech Rep, Spain, Russia 9% Netherland 20% Serbia 26% Spain 7% Slovenia 15% Austria 26% Italy 10% Slovenia 5% Austria 30% Since foreign-owned insurance companies arrived in the market (13 since 2005) and obtained greenfield licences, at end-q they continued to record a dominant share of 90.4% in life insurance premium, 64.6% in non-life insurance premium, 74.2% of total assets and 67.6% of total employment. Most foreign-owned companies came from: Austria, Slovenia and Spain, followed by companies from Italy, France, Croatia, the Netherlands, Ireland, the Czech Republic, Russian Federation and USA. 1 The Report is based on data that insurance companies are obliged to submit to the NBS. The regularity of the Report is not subject to NBS on-site supervision. When analysing the insurance market, it should be borne in mind that changes presented in the Report are observed relative to data of insurance companies which were licensed in Q In July 2014, the NBS delicensed one non-life insurance company. In September 2014, two insurance companies one non-life and one life-insurance company, obtained the NBS s consent for status change merger. 4

5 Insurance Sector in Serbia Third Quarter Report 2014 Other market participants In addition to insurance companies, the market comprised: 19 banks licenced for agency operations, 91 legal entities (insurance agency/brokerage and other insurancerelated services), 110 insurance agents (natural persons entrepreneurs), as well as 15,172 natural persons licensed to engage in insurance agency/brokerage Insurance portfolio structure Total premium generated from insurance business in Q came at RSD 51.4 bln (EUR 432 mln or USD 549 mln) 4, up 5.2% year-on-year. The share of non-life insurance in total premium was 79.1% and the share of life insurance 20.9%. The rise in the share of life insurance premium from 18.8% a year earlier resulted from a 16.9% increase in this type of insurance. 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 insurance premium structure in Q resembled that from the same quarter last year, with motor third party liability (MTPL) insurance accounting for the largest share of total premium (30.5%), followed by property insurance against fire and other hazards and other property insurance (24.0%), life insurance (20.9%) and full coverage motor vehicle insurance (9.0%). 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 5.9% in Q As at 12 November At the NBS middle exchange rate as at 30 September

6 National Bank of Serbia Non-life insurance premium rose by 2.5% year-on-year. The premium of motor third party liability (MTPL) insurance and property insurance increased by 6.2% and 4.2% respectively, while full coverage motor vehicle insurance and accident insurance fell by 6.9% and 3.4% respectively. The share of voluntary health insurance premium showed a modest rise from 1.8% in Q to 2.0% in Q3 2014, up by 16.4% nominally. Two insurance companies covered two-thirds of the market. Insurance companies are classified into three groups according to their respective share in total premium. The first group comprises two companies accounting for over 15% of total premium, the second includes six 60% 40% 20% 0% Share in total premium by peer group, Q % 40.3% 12.2% first group - 2 companies second group - 6 companies third group - 15 companies companies accounting for under 15% and the third comprises 15 companies accounting for under 3% of total premium. Relative to the same period last year, two companies moved from the third into the second peer group, which is why the structure of peer groups changed. In Q3 2013, the first group consisting of two companies covered 48.5% of the market, the second group consisting of five companies covered 34.5%, and the third group consisting of 17 companies covered 17.0% of the market. The Herfindahl Hirschman index (HHI), calculated by summing up the squares of the respective market shares or, in this case, balance sheet totals of all insurance companies, points to moderate market concentration. The HHI in Q was 1, Balance sheet total and balance sheet structure Balance sheet total Balance sheet total of insurance companies increased to RSD bln at end-q (EUR 1,394 mln or USD 1,770 mln) 6, up by 12.1% year-on-year. 5 HHI up to 1,000 indicates that there is no market concentration; 1, indicates moderate concentration; above 1,800 indicates high concentration. 6 At the NBS middle exchange rate as at 30 September

7 Insurance Sector in Serbia Third Quarter Report 2014 Balance sheet total of insurance companies as at 30/09/2014 in RSD mln AS, 946 Generali Re, 3434 DDOR, Merkur, 1915 DDOR Re, 1247 Grawe, Dunav, MetLife, 387 Sogaz, 1220 Triglav, 4675 Uniqa nezivot, 6121 Axa nz, 1363 Axa z, 610 Basler z, 470 Dunav Re, 5205 Globos, 1004 Milenijum, 2489 Societe G, 638 Wiener Re, 6517 Basler n, 735 Generali, Uniqa život, 5450 AMS, 3183 Energoprojekt, 1018 Sava, 2732 Sava z, 473 Wiener, Structure of assets At end-q3 2014, fixed assets accounted for 60.0% of total assets of insurance companies (of which 47.4% pertained to long-term financial investments and 11.8% to property). Current assets made up 40.0% of total assets (of which 11.8% concerned short-term financial investments and 10.1% premium receivables). Comparison with late Q3 2013, when fixed assets made up 57.4% (of which 41.8% were long-term financial investments and 14.5% property) and current assets 42.6% (of which 16.8% were short-term financial investments and 9.7% premium receivables), indicates that the composition of assets changed somewhat. In late Q3 2014, long-term financial investments and receivables increased their share in assets, as a result of their nominal rise at 27.1% and 16.9% respectively. Property and short-term financial investments recorded both a decline in their share in assets and a nominal decline. Structure of assets as at 30/09/2013 Structure of assets as at 30/09/2014 Remaining 11.1% Cash 6.2% Short-term fin. invest. 16.8% Real estate 14.5% Receivables 9.7% Long-term fin. invest. 41.8% Cash 4.4% Remaining 14.5% Short-term fin. invest. 11.8% Receivables 10.1% Real estate 11.8% Long-term fin. invest. 47.4% 7

8 National Bank of Serbia Structure of liabilities At end-q3 2014, technical reserves accounted for 69.2% and capital and reserves for 20.6% of total liabilities. Capital declined by 0.2% year-on-year and came at RSD 34.4 bln. Technical reserves gained 17.9% to reach RSD bln. Mathematical reserves increased at a rate of 21.5% and accounted for the largest share of technical reserves. Mathematical reserves were followed by claims outstanding which were up by 25.0%. Structure of liabilities as at 30/09/2013 Structure of liabilities as at 30/09/2014 Remaining 11.4% Capital and reserves 23.0% Technical reserves 65.6% Mathematical reserve 29.3% Unearned premiums 16.8% Outstanding claims 17.2% Other technical reserves 2.2% Remaining 10.1% Capital and reserves 20.6% Technical reserves 69.2% Mathematical reserve 31.9% Unearned premiums 15.9% Outstanding claims 19.3% Other technical reserves 2.2% 2. Performance indicators 2.1. Solvency The solvency of an insurance company depends on the sufficiency of the liquid structure and the real ratio of its technical reserves to the volume of undertaken liabilities and sufficiency of its guarantee reserve to protect insured persons in the event of unforeseen losses, i.e. to act as a buffer for losses not covered by technical reserves. At end-q3 2014, the solvency margin came at RSD 16.9 bln and guarantee reserve at RSD 27.2 bln. The ratio of guarantee reserve to solvency margin stood at 160.8% for non-life insurance companies and 181.5% for life insurance companies. 8

9 Insurance Sector in Serbia Third Quarter Report 2014 Ratio of guarantee reserve to solvency margin 200% 150% 100% 50% 0% Companies engaged primarily in non-life insurance Companies engaged primarily in life insurance 2013 Q 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 companies engaged primarily in non-life insurance was satisfactory at 28.7% at end- Q3 2014, an increase from 30.0% at end The moderate change in this ratio was due to somewhat faster growth in total assets than in the above types of assets. The above share for companies engaged primarily in life insurance recorded a decline from 3.8% in late 2013 to 3.1% in late Q The change was caused by a rise in total assets Coverage of technical reserves In order to protect the interests of insured persons and third damaged parties and to ensure the timely payment of damage claims, insurance companies need not only allocate adequate technical reserves, 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 companies engaged primarily in non-life insurance, the coverage of technical reserves by prescribed types of assets stood at 94.1% in late Q3 2014, compared to 100.6% at end

10 National Bank of Serbia In companies engaged primarily in life insurance, the coverage of technical reserves by prescribed types of assets stood at 100.4% at end-q3 2014, compared to 100.3% at end Overall, in Q technical reserves of non-life insurance companies were for the most part covered by government securities (42.8%), deposits with banks and cash holdings (21.0%), investment property (9.4%), and insurance premium receivables (7.1%). The structure of life insurance technical reserves coverage was dominated by investment in government securities (90.6%), followed by deposits with banks and cash holdings (5.9%). 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% non-life insurance 2013 Q Structure of coverage of technical reserves 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% life insurance 2013 Q other premium receivables real estate bank deposits and cash government securities Source: National bank of Serbia 10

11 Insurance Sector in Serbia Third Quarter Report Liquidity To be able to settle its obligations, an insurance company must ensure an assetliability maturity match and make sure its assets are marketable and of adequate quality. As the size and timing of individual damage claims cannot be predicted, an insurance company must carefully plan the composition of its assets so as to be able to meet, first, its obligations under damage claims, and then, all other obligations. The ratio of short-term assets (current assets less inventories) to short-term liabilities for companies engaged primarily in non-life insurance was 83.9% at end-q3 2014, while at end-2013 it stood at 91.8%. The indicator shows that short-term liabilities rose faster than current assets less inventories. The ratio of short-term assets (current assets less inventories) to short-term liabilities for companies engaged primarily in life insurance was 216.7% at end-q3 2014, vs % at end The indicator shows that current assets less inventories declined faster than short-term liabilities. 3. Motor third party liability In Q3 2014, total 11 insurance companies engaged in compulsory motor third party liability (MTPL) insurance 7, two less from the same period last year. The MTPL premium rose by 6.2% in Q year-on-year. Portfolio concentration increased somewhat in this segment, as in Q three insurance companies with the largest share in the MTPL premium accounted for 64.9% of the market, as opposed to 59.3% in the same period last year. 7 One insurance company was delicensed and one company decided to stop production in the period observed. 11

12 National Bank of Serbia 4. Conclusion The comparison of indicators between Q and the same quarter in 2013 points to the following changes in the period observed: - Total 27 insurance market operated in Serbia, one less from the same period last year. Insurance sector employment fell by 2.9% to 11,151; - Insurance sector balance sheet total rose by 12.1% to RSD bln; - Capital increased by 0.2% to RSD 34.4 bln; - Technical reserves gained 17.9% and were fully covered in life insurance and incompletely covered in non-life insurance; - Total premium gained 5.2% and came at RSD 51.4 bln; - The share of non-life insurance was dominant in total premium, equalling 79.1%. Non-life insurance premium rose by 2.5%, with full coverage motor vehicle insurance declining by 6.9%; - The share of life insurance in total premium increased from 18.8% to 20.9%; - The Herfindahl Hirschman index points to moderate market concentration. Insurance companies 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 companies have sufficient capital to offset the risks they are exposed to. 12

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