EXPANSION GROWTH Annual Report 2017

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1 EXPANSION GROWTH Allianz Hungária Zrt. Annual Report

2 MAIN INDICATORS 2015 HUF millions 2015 EUR millions* Change % HUF millions EUR millions* Change % HUF millions EUR millions* Gross premium income Gross claims paid Gross investment income Registered capital Equity Retained profit for the year Net technical reserves Technical reserves following investments made for the benefit of life insurance policyholders technical reserves *The revaluation of the Hungarian currency figures was done according to the National Bank of Hungary official rate of exchange on 29 December, 30 December and 31 December Annual Report Allianz Hungária Zrt. 2

3 GREETINGS Dear Partners and Clients, The Hungarian economy continued its expansion in, showing a clearly positive effect on the functioning and further growth of the insurance sector. Annual Report Allianz Hungária Zrt. 3

4 As the leading insurer in the flourishing Hungarian insurance market, Allianz Hungária Zrt. closed another successful year in. Both our premium income and our operating profit exceeded previous plans, representing an outstanding achievement at the end of the year. As a result, our gross premiums, as recorded for, reached HUF billion, more than HUF 14 billion more than the amount of the previous year, while our profit on the usual business results grew from HUF 14.1 billion to HUF 19.7 billion. In, we achieved a steady growth in all insurance segments, with a notable increase in our retail motor insurance policies. Besides the motor insurance market picking up, this growth was also driven in non-life insurance by the good performance of industrial property and liability insurance and agricultural insurance, particularly subsidised crop insurance, as well as a booming home insurance market, and in life assurance by the continued expansion of corporate insurance and pension arrangements As a market-leading insurer, our aim is to be at the forefront of improvements implemented and applied to make our processes faster and simpler than ever before. We continued our comprehensive digitalization efforts initiated years ago. In recent years, there has been a significant increase in the number of clients who make use of online opportunities and prefer using digital channels. We introduced innovations, such as our claim assessment application, which enables clients to record and communicate the claims they have to our adjusters and we also launched a service that allows customers to arrange travel insurance products via the chat feature of the most popular social networking site. The success of our efforts is demonstrated by the fact that is the third year in a row in which we earned the title of Best Hungarian Insurance Company. This was also the 13th and 10th time, respectively, that we won the Superbrands and Business Superbrands awards. This makes Allianz the only Hungarian insurance company to have won these professional benchmarks every year since their existence. These awards prove that we are heading in the right direction with our initiatives and activities. Feedback in the form of recognition is particularly important to us as it is essential to integrate client needs into our operations along the lines of vital areas such as a client-oriented approach, the digital age and market opportunities. With a successful year behind us, we can only conclude that in 2018 we will continue to serve our clients in the same spirit as before and build further for the future. Dated at Budapest, in June 2018 With thanks and warm regards, PÉTER KISBENEDEK Chairman & CEO Annual Report Allianz Hungária Zrt. 4

5 SUPERVISORY BOARD PETROS PAPANIKOLAOU Chairman of the Supervisory Board ALEXANDER PROTSENKO Member of the Supervisory Board DR. SUSANNE IRENA DOBÓCZKY Member of the Supervisory Board ÁGNES IBOLYA EKLER Member of the Supervisory Board SZABOLCS MÉSZÁROS Member of the Supervisory Board BOARD OF DIRECTORS PÉTER KISBENEDEK Chairman of the Board of Management and CEO ZOLTÁN JÓZSEF PÁSTI Sales and Network ANDRÁS GERGELY KOZEK Investment and Product Portfolio Management ILDIKÓ LÁNG Finance ISTVÁN VÉGH IT, Operation and Claim Management Annual Report Allianz Hungária Zrt. 5

6 BALANCE SHEET AND PROFIT AND LOSS STATEMENT OF ALLIANZ HUNGÁRIA ZRT. Annual Report Allianz Hungária Zrt. 6

7 BALANCE SHEET AT 31 DECEMBER, * Assets HUF millions Life Insurance Non-life Insurance Non insurance business A Intangible assets B Investments (financial assets) (I-VI) C I. Land and buildings II. Investments in related companies III. Other investments IV. Deposit receivables from reinsurance business assumed V. Adjustments for investments VI. Valuation difference for investments Investments made for the benefit of life insurance policyholders who bear the investment risk D Receivables E Other assets F Prepaid expenses and accrued income assets (A+B+C+D+E+F) Equity and Liabilities HUF millions Life Insurance Non-life Insurance Non insurance business A Equity (I-VII) I. Registered capital II. Registered but unpaid capital (-) III. Capital reserve IV. Accumulated profit reserve (±) V. Non-distributable reserve VI. Valuation reserve VII. Retained profit (±) B Subordinated loan capital C Technical reserves D Technical reserves for investments executed for life insurance policyholders who carry the investment risk (unit-linked) E Provisions F Deposit receivables from reinsurance business ceded G Liabilities H Accrued expenses and deferred income equity and liabilities (A+B+C+D+E+F+G+H) *The summary includes the lines marked with letters in the Balance Sheet described in Annex 1 of the Government Decree 192/2000; in case of equity and investment positions, the summary represents the lines marked with Roman numerals in the Decree. Annual Report Allianz Hungária Zrt. 7

8 PROFIT AND LOSS STATEMENT FOR YEAR * HUF millions Life Insurance Non-life Insurance 01. Net earned premiums, without reinsurance Gross premiums Gross premiums ceded (-) Net change in reserves for unearned premiums (±) Allocated investment return to policyholders Technical income from investments Investment income allocated from life insurance (-) Non-realised income from investments Other technical income Claim expenses Claims paid and settlement costs Change in reserves for outstanding claims (±) Change in actuarial reserves (±) Change in other technical reserves (±) Net operating costs Acquisition costs Administrative expenses Commissions and profit sharings assumed from reinsurers (-) Investment expenses Non-realised losses from investments Other technical expenses A TECHNICAL RESULT ( ±08± ) 14. Net investment income Investment expenses I. Investment profit (+14-15) Other income Other expenses II. Result of other non-technical activities (+16-17) B Profit from ordinary activities (+A+I+II) Extraordinary income Extraordinary costs 0 0 III. Extraordinary result (+18-19) 0 0 C PRE-TAX PROFIT (+B+III) IV. Tax payable D PROFIT AFTER TAX (+C-IV) *The lines of the Income Statement correspond to the regulation of 192/2000. Government Decree with the difference that the life and non-life insurance segments are presented side by side. Annual Report Allianz Hungária Zrt. 8

9 BALANCE SHEET IN EUROS AT 31 DECEMBER, * Assets EUR thousands Life Insurance Non-life Insurance Non insurance business A Intangible assets B Investments (financial assets) (I-VI) C I. Land and buildings II. Investments in related companies III. Other investments IV. Deposit receivables from reinsurance business assumed V. Adjustments for investments VI. Valuation difference for investments Investments made for the benefit of life insurance policyholders who bear the investment risk D Receivables E Other assets F Prepaid expenses and accrued income assets (A+B+C+D+E+F) Equity and Liabilities EUR thousands Life Insurance Non-life Insurance Non insurance business A Equity (I-VII) I. Registered capital II. Registered but unpaid capital (-) III. Capital reserve IV. Accumulated profit reserve (±) V. Non-distributable reserve VI. Valuation reserve VII. Retained profit (±) B Subordinated loan capital C Technical reserves D Technical reserves for investments executed for life insurance policyholders who carry the investment risk (unit-linked) E Provisions F Deposit receivables from reinsurance business ceded G Liabilities H Accrued expenses and deferred income equity and liabilities (A+B+C+D+E+F+G+H) *The summary includes the lines marked with letters in the Balance Sheet described in Annex 1 of the Government Decree 192/2000; in case of equity and investment positions, the summary represents the lines marked with Roman numerals in the Decree. Annual Report Allianz Hungária Zrt. 9

10 PROFIT AND LOSS STATEMENT IN EUROS FOR YEAR * EUR thousands Life Insurance Non-life Insurance 01. Net earned premiums, without reinsurance Gross premiums Gross premiums ceded (-) Net change in reserves for unearned premiums (±) Allocated investment return to policyholders Technical income from investments Investment income allocated from life insurance (-) Non-realised income from investments Other technical income Claim expenses Claims paid and settlement costs Change in reserves for outstanding claims (±) Change in actuarial reserves (±) Change in other technical reserves (±) Net operating costs Acquisition costs Administrative expenses Commissions and profit sharings assumed from reinsurers (-) Investment expenses Non-realised losses from investments Other technical expenses A TECHNICAL RESULT ( ±08± ) 14. Net investment income Investment expenses I. Investment profit (+14-15) Other income Other expenses II. Result of other non-technical activities (+16-17) B Profit from ordinary activities (+A+I+II) Extraordinary income Extraordinary costs 0 0 III. Extraordinary result (+18-19) 0 0 C PRE-TAX PROFIT (+B+III) IV. Tax payable D PROFIT AFTER TAX (+C-IV) *The revaluation of the Hungarian currency figures was done according to the National Bank of Hungary official rate of exchange on 29 December and 30 December. Annual Report Allianz Hungária Zrt. 10

AUDITOR S REPORT KPMG Hungária Kft. Tel.: +36 (1) 887 71 00 Váci út 31. Fax: +36 (1) 887 71 01 H-1134 Budapest E-mail: info@kpmg.hu Hungary Internet: kpmg.

11 AUDITOR S REPORT KPMG Hungária Kft. Tel.: +36 (1) Váci út 31. Fax: +36 (1) H-1134 Budapest info@kpmg.hu Hungary Internet: kpmg.hu Independent Auditor's Report on the Summary Financial Statements To the shareholder of Allianz Hungária Zrt. Opinion The summary balance sheet as at 31 December and the summary income statement for the year then ended (hereinafter together referred to as the summary financial statements ) presented on pages 7-8 of the annual report of Allianz Hungária Zrt. (hereinafter referred to as the Company ) are derived from the audited annual financial statements of Allianz Hungária Zrt. (hereinafter referred to as the Company ) for the year ended 31 December. In our opinion, the attached summary balance sheet and summary income statement presented on pages 7-8 of the accompanying annual report of Allianz Hungária Zrt. are consistent, in all material respects, with the balance sheet and income statement included in the audited annual financial statements for the year ended 31 December of which they were derived, on the basis described on pages 7-8 of the annual report. Summary Financial Statements The summary financial statements do not contain all the disclosures required by the Act C of 2000 on Accounting in force in Hungary (hereinafter referred to as the Act on Accounting ). Reading the summary financial statements and the auditor s report thereon, therefore, is not a substitute for reading the audited annual financial statements and the auditor s report thereon. The summary financial statements and the audited annual financial statements do not reflect the effects of events that occurred subsequent to the date of our report on those annual financial statements. The Audited Annual Financial Statements and Our Report Thereon We expressed an unmodified audit opinion on the audited annual financial statements in our report dated 4 May Management's Responsibility for the Summary Financial Statements The management of Allianz Hungária Zrt. is responsible for the preparation of the summarised financial statements on the basis described on pages 7-8 of the annual report. Auditor's Responsibility Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited annual financial statements on the basis described on pages 7-8 of the annual report based on our procedures, which were conducted in accordance with Hungarian National Standard on Auditing 810, Engagements to Report on Summary Financial Statements. Budapest, 30 May 2018 KPMG Hungária Kft. Registration number: Leposa Csilla Leposa Csilla Partner, Professional Accountant Registration number: KPMG Hungária Kft., a Hungarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Company registration: Budapest, Fővárosi Törvényszék Cégbírósága, no: Annual Report Allianz Hungária Zrt. 11

12 Allianz Hungária Zrt. H-1087 Budapest Könyves Kálmán krt allianz.hu

Allianz Hungária Zrt. Annual Report 2010

Allianz Hungária Zrt. Annual Report 2010 2010 2 Main indicators Allianz Hungária Zrt. 2008 2008 Change 2009 2009 Change 2010 2010 HUF million EUR million % HUF million EUR million % HUF million EUR million