living history Insurance and Financial Services

Transcription

1 8 living history GRAWE Osiguranje a.d.o. Group Report 2008 Insurance and Financial Services 1

2 Contents 180 years of GRAWE - a period marked by major growth and change Archduke Johann recognised that people must unite in order to be strong and founded Grazer Wechselseitige as a mutual insurance company. Archduke Johann s many years of preparation finally came to fruition on 14 July 1828, when his brother Emperor Franz I issued an imperial resolution, permitting the incorporation of the Austrian Institute for the Insurance of Damages or Losses caused by Fire in Styria, Carinthia and Carniola. This marked the beginning of a 180-year success story for Grazer Wechselseitige. After starting life as a domestic insurer covering only Austria, the company has transformed itself to become an international group active in Central and Eastern Europe. The intervening period of over 180 years witnessed historical events of major significance. Times of economic prosperity consistently helped the company to weather periods of crisis. In the 2008 annual report, key events in GRAWE s 180-year history were compared and contrasted with the most significant historical events of this period. Subjects such as Tradition and Modernity, Contemporary Trading, Living History, Prospects for the Future, Strength through Diversity, Security through Integrity, How Technology gives us an Edge, Symbolic Steps, Colourful Images and Europe in growth helped illustrate this multi-faceted journey through time from 1828 to GRAWE Group Statement by the Chairman of the Board 3 Group Structure 4 Group Profit and Loss Account 5 Group Balance Sheet 6 Capital Investments / Auditors Opinion 8 GRAWE Osiguranje a.d.o. Statement by the GRAWE Osiguranje a.d.o. Board 9 Profit and Loss Account 10 Premium Development / Auditors Opinion 11 The original concept of joint responsibility is now more topical than ever. With the personal commitment shown by GRAWE staff every day across 13 countries, we can work together to further reinforce customer satisfaction and successfully write corporate history. 2

3 Statement by the Chairman of the Board Members of the Board (from left to right) Dr. Siegfried Grigg Vice Chairman of the Board Dr. Othmar Ederer Chairman of the Board Dr. Günther Puchtler Member of the Board Dear Ladies and Gentlemen, 2008 was a year of change, challenges and endurance tests for the Austrian insurance industry. There was below-average growth of 2.5 % compared to the nominal GNP growth of 4.1%. In total, the Austrian insurance market generated a premium income of EUR billion. The last quarter, in which the financial market crisis was also clearly felt in Austria, was primarily responsible for this moderate growth. Payments rose by 7.7% compared to They amounted to EUR billion in 2008, of which approximately EUR 5.44 billion (+10.4 %) were paid out to life insurance customers. In 2008, the already high level of non-life insurance claims increased by 5.9 % to EUR 5.09 billion. Grazer Wechselseitige insurance can look back on an eventful and challenging At the start of the year the storms Paula and Emma had to be taken into account with a total of 18,700 claims being notified. But 2008 was characterised above all by turbulent financial markets, particularly in the last quarter. Grazer Wechselseitige Versicherung has a tradition going back 180 years and guarantees that all money entrusted to it by its customers is handled in a responsible and secure way. Due to our excellent equity capitalisation and reserves policy, we have been able to hold our ground during this turbulent period. Our economic and financial stability has also been confirmed in previous years with an A rating from Standard & Poor s. Furthermore, in the Recommender Awards 2008 staged by the Finanz-Marketing Verband Österreich, our company came out as winner in the category nationwide insurances with the rating: excellent customer focus. This shows us that our customer relationships are strong, people like to recommend us and our customers have faith in our products. This year, Grazer Wechselseitige Versicherung has implemented further strategic initiatives and continued to work on the development of business transactions. With its acquisition of a majority interest in the non-life insurance company ELSIG in Kosovo, the GRAWE Group entered a new up-and-coming market in October 2008 and thus covers all the former Yugoslav republics. By purchasing the insurance company INPRO and subsequently changing its name to GRAWE Ukraine Insurance Company, we have extended our product range in Ukraine and are now active in the Ukrainian non-life sector. The non-life insurance company CARAT acquired in summer 2007 was integrated into GRAWE Asigurare de viata, which had existed since 2004 and is now emerging as GRAWE Carat on the Moldavian market. In the banking sector, the Capital Bank has been incorporated into the Bank Burgenland. Grazer Wechselseitige Versicherung did not participate in the capitalisation increase of the Hypo Group Alpe Adria in December 2008 and now holds a stake of approximately 20 %. The implementation of new property projects in Croatia, Bosnia-Herzegovina, Romania, Bulgaria and Macedonia is proceeding according to plan and will offer further opportunities for expansion. On behalf of the Executive Board, I would like to express my sincere thanks to all staff who through their commitment, particularly during turbulent times, looked ahead with confidence and guaranteed success for our company. May I also express my thanks to our customers for their confidence in us. Particularly in difficult times, we aim to offer you stability and security as reliable partners providing the insurance that you need. Othmar Ederer 3

4 GRAWE Group 1828 Austria 1991 Slovenia 1993 Croatia 1997 Hungary 1997 Belgrade 1998 Sarajevo 1998 Ukraine 2000 Bulgaria 2000 Romania 2001 Banja Luka 2004 Moldova 2004 Podgorica 2007 Skopje Company Profile The core competencies of GRAWE include the insurance business, financial services and real estate. 13 external insurance subsidiaries all over Central Europe underline GRAWE s international orientation. Its strong roots in the insurance market and an A-rating reflect its 181 yearlong history of success. Due to its customer-friendly service and individual consulting, and by providing tailor-made, demandoriented products, Grazer Wechselseitige AG nowadays stands for international quality combined with our domestic standards of security. 4

5 Group Profit and Loss Account For the Year ended December 31, 2008 (summary) Revenue Account Non-Life Business 2008 EUR 2007 TEUR 1. Earned premiums, net of reinsurance , Other technical income , Claims incurred, net of reinsurance , Change in other technical provisions , Expenses for premium refunds , Operating expenses a) Acquisition costs , b) Administrative expenses , c) Reinsurance commissions and profit sharing , Other technical charges , Change in the equalisation provision , Balance on the technical account , Investment income , Investment charges , Profit from ordinary activity , Revenue Account Life Business 1. Earned premiums, net of reinsurance , Other technical income , Claims incurred, net of reinsurance , Change in the provision for policy liabilities and in other technical provisions , Expenses for profit sharing , Operating expenses a) Acquisition costs , b) Administrative expenses , c) Reinsurance commissions and profit sharing , Other technical charges , Balance on the technical account , Investment income , Investment charges , Profit from ordinary activity , Non technical Account 1. Transfer from revenue accounts Profit from ordinary activity non-life business , Profit from ordinary activity life business , , Profit from ordinary activity credit institutions , , Income taxes , Profit for the year ,

6 Group Balance Sheet at December 31, 2008 (summary) ASSETS EUR TEUR Life and Non-life Business A. Intangible assets , B. Investments I. Land and buildings , II. Investments in affiliated companies and other shareholdings , III. Other financial investments , IV. Deposits with ceding companies , C. Investments for the benefit of life-assurance policyholders who bear the investment risk , D. Debtors , E. Accrued interest and rentals , F. Other assets I. Tangible assets (excluding land and buildings) and stocks , II. Cash at bank and in hand , III. Other , G. Prepayments and accrued income , H. Assets from credit institutions , , TRADITION AND MODERNITY Tradition and modernity, continuity and innovation - only few historical figures have succeeded in bringing these dimensions together harmoniously. European reorganisation and the break-up that Europe has been experiencing for some time also characterised the time of Archduke Johann, who founded GRAWE 180 years ago. He met the attendant challenges with innovative and creative ideas. Many benefits and achievements that are still valid models and motivating concepts are based on his visions. European reorganisation and the break-up that Europe has been experiencing for some time also characterised the time of Archduke Johann, the founder of GRAWE 180 years ago. He met the attendant challenges with innovative and creative ideas. Many benefits and achievements that are still valid models and motivating concepts are based on his visions. Picture of the Archduke Johann Statue, Graz, Main Square 6

7 LIABILITIES EUR TEUR Life and Non-life Business A. Shareholders equity , B. Untaxed reserves , C. Technical provisions, net of reinsurance I. Provisions for unearned premiums , II. Provisions for policy liabilities Life , III. Provisions for claims outstanding , IV. Provision for premium refunds , V. Provision for profit sharing , VI. Equalisation provision , VII. Other technical provisions , D. Provision for policies where the investment risk is borne by the policyholder , E. Provisions for liabilities and charges , F. Deposits withheld from reinsurers , G. Creditors , H. Accruals and deferred income , I. Liabilities from credit institutions , , OUTLOOKS TAKE CENTRE STAGE 1894/95 The Schlossberg forms the heart of historic Graz. It rises 123 metres above the city centre and offers the best view of the city and its surroundings. When the Schlossbergbahn (funicular to the clock tower) was opened in 1894 the vision began to unfold as people travelled upwards. In 1895, the Wechselseitige Brandschaden-Versicherungs-Anstalt in Graz also showed a sense of vision by opening, in the presence of Emperor Franz Josef I, a new head office in the Herrengasse in the centre of Graz. The future development of the company was then planned and achieved in the new head office building in the heart of the city. Graz, Schlossberg 7

8 The Group s Investments - a Reliable Basis For the Year ended December 31, 2008 (summary) At 31 December 2008 the Group s total investments amounted to EUR million (2007: EUR million), corresponding to a 9,85 % rise with respect to the previous year. 5,7 % 4,5 % 6,4 % Land and buildings Shareholdings Equities Fixed-income securities Cash at bank Loans and other financial investments Assets from financial institutions 58,7 % 1,9 % 1,8 % 20,8 % Auditor s Opinion We have audited the enclosed consolidated financial statement, including the underlying accounting records of GRAWE Vermögensverwaltung, Graz for the financial year from 1 January to 31 December The preparation and content of these financial statements, including the group management report in accordance with the Austrian Commercial Code, are the responsibility of the Company s legal representative. Our responsibility is to express an opinion on these financial statements based on our audit and to state whether the management report corresponds with the financial statements. We have conducted our audit in accordance with legal regulations applicable in Austria and the principles of good practice for the auditing of financial statements. These standards require that the audit is planned and conducted in such a way as to obtain reasonable assurance regarding whether the financial statements are free from material misstatements and whether it can be stated that the management report complies with the financial statements. In determining the audit procedures, knowledge of the business, the economic and legal environment of the Company as well as the expected occurrence of errors has been taken into consideration. An audit involves procedures to obtain evidence of amounts and other disclosures in the financial statements and underlying accounting records on a sample basis. Furthermore, an audit includes the assessment of the accounting principles applied and significant estimates made by the legal representatives as well as evaluating the overall financial statement presentation. We believe that our audit provides a sufficiently secure basis for our opinion. Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the financial statements comply with legal requirements and present fairly, in all material respects the financial position and results of its operations as of 31 December 2008, together with the profit situation and cash flows of the Group for the financial year from 1 January to 31 December 2008 in accordance with Generally Accepted Accounting Principles in Austria. The Management Report complies with the financial statements. Vienna, 3 April 2009 KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft Mag. Michael Schlenk CPA and Tax advisors (Austrian Chartered Accountants) Mag. Thomas Smrekar 8

9 GRAWE Osiguranje a.d.o. Report 2008 GRAWE osiguranje a.d.o. kao prvo društvo sa inostranim kapitalom u Srbiji osnovano godine, danas se nalazi među liderima na tržištu Republike Srbije u oblasti osiguranja života. Vlasnik 99,49% akcija je Grazer Wechselseitige Versicherung AG, austrijsko osiguravajuće društvo sa tradicijom dužom od 180 godina i velikim iskustvom u poslovanju na tržištima jugoistočne Evrope. Pored glavnog osnivača većinskog vlasnika je i IIntersecuritas - Betriebs - Service GmbH iz Graca, sa procentom učešća u kapitalu od 0,51%. Bilansna suma u godini iznosi 57,6 miliona evra ( dinara) i uvećana je za 17,5% u odnosu na godinu. Pokazatelj stabilnosti i sigurnosti Društva su tehničke rezerve od 43,5 miliona evra i one su uvećane za 29,11%. Dobitak za godinu kao pokazatelj kvaliteta poslovanja iznosi 1,3 miliona evra i uvećan je za 54,7% u odnosu na prošlu godinu. Broj ugovora takođe je porastao pa ukupan broj ugovora sada iznosi Osnovni kapital je ostao nepromenjen i iznosi RSD. Produktivnost merena fakturisanom premijom po zaposlenom je uvećana za 30% u odnosu na prethodni period, ekonomičnost poslovanja poboljšana je za 5% i ostvarena je odlična rentabilnost merena profitnom stopom koja iznosi 19,72% godinu GRAWE je započelo sa 158, završilo sa 317 zaposlenih, a zapošljavanje novih kadrova se nastavlja. Ukupna ulaganja na dan godine iznose RSD i raspoređena su na sledeći način: Depoziti 11,5 % Ostalo 0,6 % Nekretnine 0,4 % Akcije 0,7 % Gotovina 1,9 % Obveznice 84,9 % Pokazatelji poslovanja govore da smo radili na efikasnosti, a njihov pozitivan trend svedoči o snažnom timu koji postavlja i dostiže postavljene ciljeve. Na osnovu bilansne sume i iznosa tehničkih rezervi vidi se stabilnost i sigurnost GRAWE osiguranja, dok celokupan rast u brojkama dokazuje poboljšanje kvaliteta usluga i načina rada. Godišnji bilans je najbolji pokazatelj zadovoljstva klijenata proizvodima i uslugama GRAWE osiguranja. Istovremeno, to je i pokazatelj profesionalizma i predusetljivosti naše prodajne mreže. Naše najveće prednosti su međunarodni kvalitet proizvoda i sigurna politika ulaganja. Zasnivajući naš rad i organizaciju na pozitivnim iskustvima stečenim na tržištima drugih država u kojima GRAWE posluje, postali smo prepoznatljivi i uspešni kao Društvo koje nudi kvalitetne usluge osiguranja života na perspektivnom tržištu Srbije. Uprkos specifičnim uslovima poslovanja, GRAWE osiguranje a.d.o. će nastaviti rad ne samo na poboljšanju kvaliteta usluga, stalnom rastu i razvoju Društva, već i na profesionalizmu zastupnika u osiguranju i negovanju poverenja koje nam ukazuju kijenti. Naša osiguravajuća kuća je stabilan oslonac budućnosti naših klijenata. Tako je i poslovanje zasnovano na najvećim vrednostima društva: poverenju i stabilnosti. Sigurni i stabilni nastavljamo sa strategijom dugoročnog ostajanja na tržištu, širimo ponudu proizvoda i nastavljamo da zapošljavamo nove kadrove svesni odgovornosti koju nosimo za zajednicu i pojedinca. Dobro postavljena organizacija, kvalitetni razvojni planovi, dobre strategije poslovanja i stručni kadar u koji stalno ulažemo garantuju da ćemo biti sve bolji i efikasniji! Predsednik Upravnog odbora gospodin mr Christoph Czettl Član Upravnog odbora gospodin dr Gernot Reiter Član Upravnog odbora gospodin mr Georg Schneider Predsednik Upravnog odbora gospodin mr Christoph Czettl Član Upravnog odbora gospodin mr Georg Schneider Član Upravnog odbora gospodin dr Gernot Reiter 9

10 Bilans uspeha A u RSD 2008 u 000 RSD 2007 POSLOVNI PRIHODI I RASHODI 01. Poslovni prihodi , , Prihodi od premija osiguranja , , Prihodi od premija reosiguranja 1.3. Povećanje prenosnih premija osiguranja za neistekle rizike 1.4. Prihodi od poslova neposredno povezanih sa poslovima osiguranja 1.5. Prihodi od deponovanja i ulaganja sredstava tehničkih rezervi osiguranja , , Ostali poslovni prihodi , , Poslovni rashodi , , Rashodi za dugoročna rezervisanja i funkcionalne doprinose , , Rashodi naknada šteta i ugovorenih iznosa , , Rezervisane štete - promene , , Regres - prihodi po osnovu regresa 1.5. Povećanje ostalih tehničkih rezervi , , Smanjenje ostalih tehničkih rezervi 11, Rashodi za bonuse i popuste , Rashodi od deponovanja i ulaganja sredstava tehničkih rezervi osiguranja , Ostali poslovni rashodi BRUTO POSLOVNI REZULTAT , ,65 B 03. Troškovi sprovođenja osiguranja , , Troškovi pribave , , Troškovi uprave , , Ostali troškovi sprovođenja osiguranja 1.4. Provizije od reosiguranja , ,59 NETO POSLOVNI REZULTAT , ,85 C FINANSIJSKI PRIHODI I RASHODI 01. Finansijski prihodi , , Finansijski rashodi , , Prihodi od usklađivanja vrednosti imovine i ostali prihodi , , Rashodi po osnovu obezvređenja imovine i ostali rashodi , ,23 REZULTAT IZ REDOVNOG POSLOVANJA , ,62 Neto dobitak poslovanja koje se obustavlja Neto gubitak poslovanja koje se obustavlja REZULTAT PRE OPOREZIVANJA , ,62 POREZ , ,26 NETO REZULTAT , ,36 10

11 Razvoj premija osiguranja Uprkos specifičnim uslovima razvoja tržišta, iznos premije od početka poslovanja GRAWE osiguranja a.d.o. pa sve do danas ima tendenciju kontinuiranog rasta. To je posledica poboljšanja kvaliteta naših usluga, savesnosti, odgovornosti i profesionalizma zaposlenih u internim službama i prodajnoj mreži, kao i poverenja koje klijenti poklanjaju našoj kući, u smislu sigurnosti uloženih sredstava. Pozitivan trend razvoja premija osiguranja karakterističan za prethodne godine očekujemo i u budućnosti godina je jedna od najuspešnijih poslovnih godina tokom dvanaestogodišnjeg poslovanja u Srbiji. Razvoj premija osiguranja EUR 18, , ,000 12, ,000 8,000 6, , , Razvoj premija osiguranja Računovodstveni izveštaji po godišnjem računu za godinu istinito i objektivno prikazuju stanje imovine, kapitala, obaveza i potraživanja, kao i rezultate poslovanja GRAWE, Beograd. Na osnovu ispitivanja podataka knjigovodstvene i druge dokumentacije u toku obavljanja revizije računovodstvenih izveštaja sa stanjem na dan godine, ovlašćeni revizor izražava pozitivno mišljenje. DIREKTOR PREDUZEĆA ZA REVIZIJU mr Svetozar Vinčić, dipl. oec. 11

12 Insurance and Financial Services GRAWE Osiguranje a.d.o. Group Report Austria 02 Slovenia 03 Croatia 04 Hungary 05 Serbia 06 BiH/Sarajevo 07 Ukraine 08 Bulgaria 09 Romania 10 BiH/Banja Luka 11 Moldova 12 Montenegro 13 Macedonia