ANNUAL REPORT 2014 ONIX ASIGURARI S.A.
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1 ANNUAL REPORT 2014 ONIX ASIGURARI S.A. The annual report is prepared in accordance with the disposals of art. 20 paragraph 3 letter h) of Law 32/2000 on insurance undertakings and insurance supervision, including subsequent amendments and additions and with the application of the provisions of the Order of the Insurance Supervisory Commission /2006 on the minimum information subject to annual disclosure by insurance undertakings, information meant to allow free and unhindered access of the general public, policyholders and prospective policyholders to information concerning the work carried out by the insurer during the financial year. Company Name: ONIX ASIGURARI S.A. Legal form: joint stock company Registration number in the Insurers Register: RA - 31/April 10, 2003 Trade Register number: J40/7361/2012 Tax identification number: The registration number of the notification for personal data processing: Registered office: Bucharest, Promoroaca Street, no. 8-10, Wing B, 1st floor, District 1 Shareholding structure on December 31, 2014: 1. Egadi Company S.R.L. : % 2. Lentini Simone : % The share capital amounting to 126,500,000 lei is divided into 1,265,000 nominative shares with a nominal value of 100 lei/ share. Company management on December 31, 2014: The Board of Directors on December 31, 2014 was composed of the following persons: Delia Arsenie President; Costina Niculae Member; Florentina Stoian Member; Senior management on December 31, 2014: Delia Arsenie General Manager Adriana Cirstei Deputy General Manager Short report of the administrators on December 31, 2014 ONIX ASIGURARI S.A. (former OTP Garancia Asigurari S.A.), hereinafter referred to as "the Company" is established under Law no. 31/1990 on trading companies, including subsequent amendments and additions and is authorized to perform general insurance activities, according to the NACE code In 2014 the company s income was generated by general insurance business related to class B.15 Guarantee Insurance (Bonds exclusively), in Romania and other EU countries where it is authorized under the Free Circulation for Community Services throughout the European Community. Although part of the authorized countries, the company did not issue any new insurance contract in Italy during the specified year.
2 General information: In 2014 the company issued a number of 262 bond insurance policies, the written gross premiums value amounting to 25,712,519 lei and the gross premiums canceled value amounting to 409,652 lei. The company complied with all legal provisions regarding the categories allowed to cover technical reserves as well as all conditions and criteria for valuing assets. The main economic and financial indicators on December 31, 2014 (lei): Total revenue 31,944,275 Total expenses 16,820,728 Net profit or loss of the year 15,123,547 Total balance sheet assets 64,657,133 Gross allowances paid 115,829 Solvency indicators on December 31, 2014 (lei): Available solvency margin 39,001,418 Minimum solvency margin 6,592,444 Safety fund 16,322,180 Liquidity indicators on December 31, 2014: Total liquid assets (Lei) 55,907,566 Total liabilities (Lei) 1,863,134 Liquidity coefficient In 2014 the company had no inwards reinsurance agreements. The categories and classes of insurance which the company is authorized for: Onix Asigurari S.A. is authorized to practice general insurance related to the following classes: Class 1 - Accident and sickness insurance Class 3 - Land vehicles insurance (other than railway) Class 7 - Goods in transit insurance Class 8 - Insurance against fire and other natural calamities Class 9 - Insurance of goods Class 13 - General liability insurance Class 14 - Credit insurance Class 15 - Guarantee insurance Class 16 - Financial loss insurance Class 18 - Assistance for persons who get into difficulties while travelling, while away from home or while away from their permanent residence General information on the insurance products and deductions provided by tax legislation that applies to insurance contracts: Onix Asigurari S.A. exclusively subscribed in 2014 insurance policies of Class B. 15 "Guarantee insurance", providing the following insurance products: - Bid Bond, - Advance payment guarantee, - Good performance bond, - Maintenance Bond.
3 Insurance and/or reinsurance operations and provision of services in connection therewith carried out by persons who intermediate them are exempt from VAT. Network and distribution channels of insurance products: The insurance products of the company Onix Asigurari S.A. are distributed through insurance brokers with whom the company has signed intermediation contracts. Presentation of the assistance network and compensating representatives: The company carries out its activities at its registered office located in Bucharest, Promoroaca Street, 8-10, Wing B, 1 st floor, district 1. All requests for insurance or compensation are received and resolved at and within this location. Short form of external financial auditor s report: The financial statements for the financial year 2014 were audited by the auditing company Audit Consulting Legal International S.R.L. whose report is presented in facsimile.
4 Independent auditor s report on the summarized financial statements To the shareholders of the company ONIX Asigurări S.A.: 1. We have audited the accompanying summarized financial statements presented in the annual report of the company ONIX Asigurări S.A. ("the company") which includes the summarized balance sheet on December 31, 2014 and the summarized profit and loss account for the financial year ended the same date. 2. The accompanying summarized financial statements are extracts of the audited financial statements of the Company for the year ended December 31, We expressed an unqualified audit opinion on those financial statements in our report dated April 16, The summarized financial statements do not contain all disclosures required by the Order of the President of the Insurance Supervisory Commission ("CSA") 3.129/2005 including subsequent amendments and additions. Reading the summary financial statements, therefore, is not a substitute for reading the complete financial statements of the company. 4. The management of the company is responsible for drawing up these summarized financial statements in accordance with the requirements of the Order of the President of CSA / We are responsible for expressing an opinion on these summarized financial statements, based on our procedures, which were made according to the International Standard on Auditing (ISA 810) "Engagements to Report on condensed financial statements". 6. In our opinion, the summarized financial statements of the Company s complete financial statements for the year ended December 31, 2014 are consistent, in all material respects, with those financial statements and in accordance with the requirements of the Order of the President of CSA /2006. June 17, 2015 Cristian Gabriel Mihăilescu Member of the Chamber of Financial Auditors of Romania under no on behalf of Audit Consulting Legal International SRL Authorized by the Chamber of Financial Auditors of Romania under number 671/2006 Illegible signature Round stamp: The Chamber of Financial Auditors of Romania - Mihăilescu Cristian Gabriel - No Round stamp: Audit Consulting Legal International SRL Bucharest
5 SUMMARY FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014 ASSETS Intangible assets 296,765 Investments, out of which: 54,948,576 Tangible assets 42,842 Financial assets 54,905,734 Receivables 2,985,574 Accrued expenses 4,803,913 Other assets 1,622,305 TOTAL ASSETS 64,657,133 LIABILITIES Capital and Reserves out of which: Company capital 39,298, ,500,000 Technical reserves 23,290,773 Liabilities 2,020,781 Deferred income 47,395 TOTAL LIABILITIES 64,657,133 Technical account for general insurance - synthesis SYNTHESIS OF THE PROFIT AND LOSS ACCOUNT FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2014 Income from net reinsurance premiums 28,950,059 Other technical income, net of reinsurance 516,839 Claims incurred, net of reinsurance - 115,829 Loss reserve variation, net of reinsurance - 2,587,234 Net operating expenses - 15,195,744 Other technical expenses, net of reinsurance - 447,946 Variation in the equalization reserve - 302,205 Technical result of the general insurance (profit) 10,817,940 Non-technical account - synthesis The technical result of the general insurance (profit) 10,817,940 Investment income 2,425,028 Expenses for investments - 109,556 Other non-technical income 3,699,541 Other non-technical expenses - 1,709,406 Current result for financial year (profit) 15,123,547
6 Basis of preparation for the summarized financial statements These summarized financial statements, containing the summarized balance sheet on December 31, 2014 and the summarized profit and loss account for the financial year ended on the same date have been prepared by extracting, without modifications, the relevant information contained in the complete financial statements of Onix Asigurari S.A. which have been prepared in accordance with the Order of CSA no. 3129/2005 including subsequent amendments and additions and are available on the company website Investments In 2014 investments were made directly by the Company and investment policy was oriented towards investments in bank deposits with negotiated fixed yield and state certificates issued by the Romanian State, in order to cautiously cover the risks assumed and to ensure permanent solvency and liquidity of the company. Law applicable to the insurance contract: The law applicable to insurance contracts is Law no. 136/1995 on insurance and reinsurance in Romania, including subsequent amendments and additions, Law no. 32/2000 on insurance undertakings and insurance supervision, republished, including subsequent amendments and additions, the rules issued by CSA/ ASF for the application of these laws, as well as other incidental normative acts. Strategies and perspectives for the development of the company For 2015 we plan to diversify the portfolio of general insurance, products and customer services, to render efficient the costs and profitability of products, to expand the network of brokers, to develop activities in other EU member states according to the schedule and approved development strategy. We confirm our concern to remain competitive in terms of profit, the criteria of profitability and healthy management of the portfolio on prudential grounds, representing the main objectives of the company and its development strategy.
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