croatian insurance bureau Croatian Insurance Market

Transcription

1 croatian insurance bureau Croatian Insurance Market

2

3 croatian insurance bureau Croatian Insurance Market

4 publisher Croatian Insurance Bureau Hrvatski ured za osiguranje MartiÊeva Zagreb Croatia telephone facsimile huo@huo.hr for the publisher Hrvoje PaukoviÊ, Director prepared by Mihaela Premor AndrijaniÊ Tanja Stahuljak collaborators Snjeæana Bertoncelj Marijana HræiÊ Jakπa Kriπto Vladimir MiletiÊ Vanja Nadali Æeljko JukiÊ Zoran ZaninoviÊ translation Ljiljana Petrina Banov Tanja Stahuljak graphic design and layout Sensus Design Factory Zagreb circulation 200 Zagreb, November 2010 The information contained herein may be used in full or in part only with an appropriate indication of the source. general note: All conversions from the national currency HRK to EUR have been made at the official Midpoint Exchange Rate of the Croatian National Bank: 1 EUR = HRK The amount of Gross premium written in non-life insurance comprises the premium of co-insurance: in to a total of 799,927 in to a total of 812,182 4

5 croatian insurance bureau Croatian Insurance Market impressum 5

6 8 Basic and macroeconomic indicators Insurance market in the Republic of Croatia Dynamics of the insurance market in the period of 2003 Review of the insurance market in Non-Life insurance (Classes 1 18) Life insurance (Classes 19 25) 122 Insurance and Reinsurance Companies in 202 The Croatian Insurance Bureau in 6

7 croatian insurance bureau Croatian Insurance Market contents 7

8

9 Basic and Macroeconomic Indicators

10 Basic and Macroeconomic Indicators In the last few years the GDP growth rate in Croatia was higher than in the European Union; however, in and especially in the global crisis strongly affected the Croatian economy. The growth of the GDP in the period from 2001 to 2007 increased from 3.8% to 5.5%, and in it slowed down to 2.4%. In the GDP dropped by 5.8%, even more than in most EU member states. The GDP growth from 32.8 billion in 2004 to 47.4 billion in was followed by a drop to 45.4 billion. As a consequence the GDP per capita surged up from 7,380 in 2004 to 10,678 in, and fell to 10,232 in. Industrial production after a growth in of merely 1.6% severely dropped in by 9.3%. The number of tourist overnight stays fell by 1.4% and the number of tourist visits decreased by 2.9%. Because of recession the average annual inflation rate decreased from 6.1% in to 2.4%. The exchange rate of the Croatian kuna against the euro gradually grew till, while the average exchange rate in 2004 floated around 7.5 kuna per euro, in 2005 around 7.4 kuna per euro and in 2006 only 7.32 kuna, in 2007 it was 7.33 kuna and in merely 7.22 kuna per euro. In the kuna weakened slightly and the average exchange rate was 7.34 kuna. The exchange rate of the Croatian kuna against the US dollar is unstable mostly reflecting the fluctuation of the US dollar. During the year 1998 the exchange rate of the US dollar against the Croatian kuna was less than 6 kuna per dollar, mid-2000 it exceeded 9 kuna per dollar, and in the period between 2003 and 2005 it again approached 6 kuna per dollar. In 2006 the average exchange rate was 5.84 kuna per dollar, in kuna per dollar, by the end of 5.16 kuna per dollar and 5.28 kuna per dollar by the end of. In 2010 the exchange rate of the US dollar exceeded 6 kuna, after so many years. Total commodity exports in amounted to 16.1 billion and the total commodity imports in amounted to 17.9 billion, the decrease of total commodity imports was stronger than the decrease of total commodity exports. By the end of the deficit of the current balance of payments amounted to 2.4 billion against nearly 4.5 billion in. Despite this improvement of the balance of payments the foreign debt has been growing steadily. By the end of 2005 the foreign debt surpassed 25.5 billion, by the end of 2006 it was 29 billion, by the end of 2007 it was 32.9 billion, by the end of it was 39.1 billion and by the end of it was 43 billion. Such indebtedness represents a significant insecurity factor of Croatia s economic position. There has been a change in the so far strong tendency of growth of bank investments. Bank credits to the state, commercial companies and population in 2006 reached 24.7 billion showing an increase of 22.8%, in 2007 they reached 28.2 billion showing a growth of 14.5%, and in they reached 31.5 billion with a growth of 11.6%. The year recorded a decrease to 31.3 billion, by 07% with bank credits to commercial companies from 14 to 14.3 billion and a decrease of credits to population by 504 million, from 17.3 to 16.7 billion. The total deposits increased from 22.8 billion in 2006 to 27.9 billion in, the year recorded a minimal growth to 28.1 billion, while the foreign currency deposits increased by 4.4 billion and the kuna deposits decreased by 3.3 billion. Foreign liabilities representing the biggest source of debt accumulation for banks oscillated from 2006 to from 9.1 to 10.4 billion, while in they increased to 10.9 billion. Interest rates on deposits oscillated during the last five years, showing on the one hand a growth tendency through the past three years and on the other hand a severe decrease by the end of. The average interests on kuna deposits floated from 1.83% in 2004 to 2.92% in, then dropped to 2.22% in December ; on term kuna deposits interests rose to 5.65% in and dropped to 2.52% in, interests on short-term deposits dropped from 5.60% to 2.49% in, on long-term deposits from high 6.58% to merely 2.76 % in. Beside other factors these dynamics affect more and more the investment incomes of Croatian insurers. Interest rates on foreign exchange deposits showed a stable tendency of growth from 2.65% in 2004 to 3.97% in, which was stopped in and remained at 3.98%, while interest rates on long-term deposits fell from 5.51% in to 5.13% in. 10

11 Interest rates on kuna loans not indexed to a foreign currency declined till 2005 i.e showing a growth again through the last three years. In 2004 they declined from 11.44% to 9.07% in 2006, a year later they rose to 9.32% and to 10.71% in, and in to 11.22%. Interest rates on kuna loans indexed to a foreign currency declined from 6.89% in 2004 to 6.18% in 2005; however, they rose to 7.73% in and to 8.28% in. In the years before the differences between interests on kuna loans and deposits diminished considerably. These differences were to 10 percentage points, and then decreased to approx. 5 to 6 percentage points showing growth again. Interest rates on short-term loans for private entities which exceeded 12% showed a significant difference in respect to interest rates for trade companies which are slightly higher than 9%. The number of employed people before the crisis grew from 1,421 million in 2005 to 1,468 million in 2006, to 1,485 million in 2007 and to 1,532 million in. In the year of crisis, the number of employed people decreased to 1,499 million. The number of unemployed people dropped from 309 thousand to 292 thousand in 2006, to 254 thousand in 2007 and to 240 thousand in, but rose to 291,545 by the end of, in other words the number of unemployed persons in 2006 was reached again; the figures for 2010 are not encouraging. The budget deficit of the consolidated central government in 2006 showed a decline of approx. 2.6% of the GDP, which was slightly less than the year before when it reached 3.5%, in 2007 a decline of 2% of the GDP and in of 1.8% of the GDP, while in it was considerate higher 4.3% of the GDP. By the end of the national debt totalled to 13.7 billion, or 29.3% of the GDP, and in 16 billion or 35.5% of the GDP. The year brought a slowdown in the insurance market growth because the premium income of 1.32 billion exceeded the 2007 premium by only 6.9% in the earlier years this increase was in two figures, and last year witnessed a premium drop. The gross premium decreased by 2.7% to 1.28 billion. The total assets of Croatian insurers in 2007 amounted to 3.1 billion and 3.5 billion in, and in it amounted to 3.8 billion which makes 5.7% of the financial sector (in 5.4% and in %). The mathematical provision for life insurance which represents the main long-term fund in the insurance industry amounted to 1.43 billion and compared to the 1.28 billion was by 12% higher than in. The Croatian insurance industry has so far been resistant to the crisis, however, the further decline of the real sector in 2010 does not open lots of prospects for the future. Through the past few years the financial sector in Croatia has been developing considerably faster than the real sector, and grew, though slower, through the years of crisis. In the growth nominally was 2.2% against 2.4% of the real growth of the GDP and in the financial sector increased by further 4.3% to billion. The bank assets were about 50.6 billion which together with the building societies assets which amount to 0.9 billion makes over 77% of the financial sector s assets, slightly less than the year before. The total assets of the mandatory pension funds amounted by the end of to 3.1 billion or 4.8% of the financial sector s assets and by the end of to 3.99 billion or 6% of these assets. By the end of the assets of the voluntary pension funds amounted to million, in to million. In the pension funds partly recovered from losses in. The assets of the open-end investment funds suffered the greatest stroke by the financial crisis, a decline from 3.95 billion in to 1.35 billion in or merely 2.1% of the financial sector s assets. In a slight growth of open-end investment assets to 1.6 billion was recorded or 2.5% assets of the financial sector. Beside open-end investment funds the closed-end investment funds deal with significant assets by nearly million and special investment funds by million at the end of. Large non-banking financial institutions are leasing companies of which assets stand at 4.7 billion or 7.1% of the financial sector. The growth of insurance industry assets and a slight decrease of premium in indicate a good resistance of Croatian insurers in the crisis. basic and macroeconomic indicators 11

12 Basic Indicators 1 1 Source: Croatian Chamber of Economy, Source: Croatian Chamber of Economy,

13 official name: Republika Hrvatska land area: 56,542 sq km territorial sea area: 31,067 sq km total area: 87,661 sq km population (2001): 4,437,460 (female %, male %) administrative division: 21 Counties (incl. the City of Zagreb) population, mid-year estimation, in 000 active population 4,442 4,439 4,442 4,440 4,436 4,436 4,435 1,722,313 1,719,509 1,729,312 1,759,492 1,749,437 1,768,336 1,768,928 Selected Macroeconomic Indicators GDP, current prices, HRK million GDP, per capita, HRK GDP, current prices, EUR million GDP per capita, EUR GDP, current prices, USD million GDP, per capita, USD GDP, real growth rate, % 227, , , , , , ,063 51,106 55,317 59,515 64,491 70,835 77,132 75,099 30,011 32,759 35,725 39,102 42,833 47,370 45,379 6,756 7,380 8,043 8,807 9,656 10,678 10,232 33,860 40,713 44,432 49,038 58,558 69,341 63,076 7,623 9,172 10,003 11,045 13,201 15,631 14, midpoint exchange rate HRK/EUR midpoint exchange rate HRK/USD consumer prices inflation, annual growth rate, % net earnings in HRK number of employed persons, annual average unemployment rate, % 3,940 4,173 4,376 4,603 4,841 5,178 5,311 1,392,510 1,409,634 1,420,574 1,467,876 1,516,909 1,531,624 1,498, basic indicators 13

14 Financial Situation in 3 Financial institutions in the Croatian financial market 32 commercial banks 2 savings banks Croatian Bank for Reconstruction and Development 5 housing savings banks 27 insurance companies 2 reinsurance companies 24 insurance intermediation companies more than 300 insurance representation companies and crafts 35 investment fund management companies (altogether 129 open-end investment funds, 8 closed-end investment funds, the Fund of Croatian War Veterans of Homeland War and their Family Members, and the Pension Fund) The Zagreb Stock Exchange, d.d. The Central Depositary and Clearing Company Inc. The Zagreb Money and Short-Term Securities Market, d.d. 22 investment companies (brokerage companies) and 21 banks licensed to transact securities business 4 mandatory pension fund management companies 4 voluntary pension fund management companies (6 open-end and 12 closed-end voluntary pension funds have been established) 1 pension insurance company 23 leasing companies The supervisory institutions in the financial sector Croatian National Bank Croatian Financial Services Supervisory Agency State Agency for Deposit Insurance and Bank Rehabilitation The Share of Financial Intermediaries in the Total Assets of Financial Intermediaries in 4 Financial Intermediary Assets in in mil. EUR % Commercial banks Leasing companies Insurance companies Mandatory pension funds Open-end investment funds Housing savings banks Closed-end investment funds Voluntary pension funds Savings banks TOTAL Source: Croatian Chamber of Economy, Source: Croatian National Bank, Croatian Financial Services Supervisory Agency 14 basic indicators

15 76.88 % Commercial banks 6.83 % Leasing companies 2.44 % Open-end investment funds 5.86 % Insurance companies 5.94 % Mandatory pension funds 2.05 % Others 15

16

17 Insurance Market in the Republic of Croatia

18 For the first time, in the gross premium recorded negative growth rates. The gross premium in decreased by 2.8% against the premium and by the end of it amounted to 1.28 billion. This was the end of the constant positive growth rates over the past few years which between 2005 and 2007 were in two figures, and reached 6.9% in. In the non-life insurance premium written generated million a decrease of 3% compared to when it generated million. Life insurance premiums fell slightly in by 2.2% and generated in that year million. In the premium growth from million to million slowed down the growth rate of the previous years by merely 2.5% against 14.7% in The life insurance share in the gross premium dropped to 26.4% in (less than 26.5% in 2006 after it had reached 27.4% in 2007). Total claims paid amounting to million unfortunately did not decrease in like the insurance premium for which reason they were higher by 4.1% than in. table 01 Total Gross premiums written and claims paid (gross amounts) Dynamics of the insurance market in the period of 2003 Year Claims Gross paid premiums gross written amounts in EUR 000 Index in EUR 000 Index 826, , , , ,001, , ,114, , ,235, , ,319, , ,282, , The dynamics at the beginning of 2010 are not encouraging since in the first five months the gross premiums have still been dropping showing a fall by 2.1% compared to the same period in ; non-life insurance premiums fell by 2.4% and life insurance premiums fell to 0.9%. The slowdown of the economic growth, the collapse in financial markets, the rise in unemployment and the decrease of real income endanger the present growth pace of the insurance market. table 02 Non-Life Gross premiums written and claims paid (gross amounts) Year Claims Gross paid premiums gross written amounts in EUR 000 Index in EUR 000 Index 642, , , , , , , , , , , , , , table 03 Life Gross premiums written and claims paid (gross amounts) Year Claims Gross paid premiums gross written amounts in EUR 000 Index in EUR 000 Index 183, , , , , , , , , , , , , , dynamics of the insurance market in the period of 2003

19 Data for the period source Croatian Financial Services Supervisory Agency; Data for the period 2007 delivered by insurance companies through the web application HUO_Statistika Note: The amount of Gross premium written in non-life insurance comprises the premium of co-insurance: in to a total of 799,927; in to a total of 812, % % % % % % % % % % % graph 01 Share of non-life and life insurance in the GPW for the period % % % % Non-Life Life index graph 02 Premium growth index for the period 2003 Premium growth index Non-Life Growth index of GPW Premium growth index Life index graph 03 Growth index of claims paid for the period Growth index of claims paid Non-Life Growth index of total claims paid Growth index of claims paid Life 19

20 table 04 Share of gross premiums written in GDP in % Year Total Share Non-Life Share Lifw Share GPW in GDP GPW in GDP GPW in GDP in EUR 000 Index (%) in EUR 000 Index (%) in EUR 000 Index (%) 826, , , , , , ,001, , , ,114, , , ,235, , , ,319, , , ,282, , , table 05 Premium per capita for the period Year Life Premium Non-Life insurance Total income Non-Life premium Life premium GPW per capita GPW per capita GPW per capita in EUR 000 in EUR in EUR 000 in EUR in EUR 000 in EUR 826, , , , , , ,001, , , ,114, , , ,235, , , ,319, , , ,282, , , table 06 Premium per employee for the period 2003 (in EUR 000) Year Number of employees Total in insurance Premium GPW companies per employee in EUR 000 on 31st Dec. in EUR ,623 6, ,898 6, ,001,433 7, ,114,530 7, ,235,079 9, ,319,713 10, ,282,276 11, dynamics of the insurance market in the period of 2003

21 GPW Life GPW Non-Life Total GPW % graph 04 Premium share in GDP for the period 2003 (%) the premium income share in GDP in all periods of review indicates a gradual growth, except in when growth was recorded only with life insurance, while the nonlife premium share fell slightly and stagnated with gross premium written. The premium income share in GDP in lay by 2.83%; the life insurance share was 0.75%, non-life 2.08%. These shares are higher than those in the eastern neighbouring countries, on the other hand compared to the developed EU countries the Republic of Croatia is standing behind GPW Life per capita Based on a mid-year estimate of the population (Croatian Chamber of Commerce) 6 Data on employees in insurance companies have been gathered directly from insurance companies and do not include employees in reinsurance companies and the Croatian Nuclear Pool, and have as such been published in the booklets Insurance and Reinsurance Companies in the Republic of Croatia GPW Non-Life per capita Total GPW per capita EUR EUR 000 graph 05 Premium per capita for the period 2003 (in EUR) graph 06 Total GPW per employee for the period 2003 (in EUR 000) premium per capita grew constantly in the period of review till when it showed a decrease together with all other indicators. The gross premium per capita in amounted to 289, 213 in nonlife and only 76 in life. According to these indicators the Republic of Croatia is still far from an average of developed countries, which indicates the potential of further growth. premiums per employee grew in the period from 2003 to 2005; in 2006 they constantly dropped due to the rapid increase of employees at insurance companies more than 1,000 in 2006, more than 1,300 in 2007, in by 1,184 employees and in by 640 employees. This trend, partially caused by the regulations of the new Insurance Act regarding insurance intermediaries, can mean that the new sales channels, utilized more and more by Croatian insurers particularly bancassurance and web, may not necessarily result in a reduction of the number of employees in insurance. Beside the new insurance distribution channels the salary staff, i.e. the company s employed salesmen will retain their position especially for long-term personal insurance: health, accident and life insurance, which will progressively play a significant role in supplying Croatian third age citizens with assurance. Another question is, how will the increase of the number of employees affect the business costs which are relatively high with the Croatian insurance companies and do premium growth and drop follow the employment policy. 21

22 table 07 Claims paid, gross amounts (in EUR 000) Year Total Non-life Life Claims paid, Claims paid, Claims paid, gross gross gross amounts amounts amounts in EUR 000 Index in EUR 000 Index in EUR 000 Index 403, , , , , , , , , , , , , , , , , , , , , dynamics of the insurance market in the period of 2003

23 0 100, , , , , , ,000 EUR graph 07 Claims paid, gross amounts (in EUR 000) Total claims paid, gross amounts in EUR 000 Total claims paid Non-Life gross amounts in EUR 000 Total claims paid Life gross amounts in EUR 000 the dynamics of gross claims paid show in the earlier years except for 2006 a lower growth rate against the premium by one to two percentage points; however, in the claims growth rate was by 0.6 percentage points higher than the premium growth rate. In the growth rate was 4.1%, primarily conditioned by the high growth rate of claims paid in life insurance. In non-life insurance in the drop rate of claims paid was by 1.5 percentage point lower than the premium rate. In 2004 and 2005 the same ratio was posted lower by one or two percentage points, while in 2007 this rate was posted lower at nearly six percentage points. In 2006 the increase of claims paid was higher by 1.5 percentage points against the premium and in it was lower by 0.9 percentage points. Life insurance recorded a higher growth rate of claims paid than the premium growth rate throughout the years. This growth can be attributed to the expiry of the ten-year insurance that had been purchased after 1995, when the Croatian currency stabilized and the faster growth of life insurance premiums began. In the claims growth rate of claims paid was 36.4%, such a high rate results from the financial crisis influence. 23

24 table 08 Non-Life Claims incurred and earned premiums (in EUR 000) Year Earned Claims premiums, incurred, gross gross amounts amounts in EUR 000 Index in EUR 000 Index , , , , , , , , , , , , , , Earned premiums, gross amounts in EUR 000 Claims incurred, gross amounts in EUR 000 Ratio table 09 Life Claims incurred and earned premiums (in EUR 000) Year Earned Claims premiums, incurred, gross gross amounts amounts in EUR 000 Index in EUR 000 Index 9!0 183, , , , , , , , , , , , , , Earned premiums, gross amounts in EUR 000 Claims incurred, gross amounts in EUR 000 Ratio table 10 Insurance industry basics!1 Year Loss Expense Combined ratio ratio ratio (%) (%) (%) dynamics of the insurance market in the period of 2003

25 0 200, , , ,000 1,000,000 1,200,000 EUR graph 08 Non-Life for the period 2003 (in EUR 000) claims incurred in non-life insurance in recorded a drop of 6.7%, thus the ratio of claims incurred to earned premiums in continued its trend of decrease and stood at 58.29%. in life insurance the amounts for claims incurred posted a growth of 35.6% in which indicated the influence of the financial crisis on the changes in life insurance policies, which are not in favour of insurance companies in circumstances of a decreased premium income % Loss ratio, expense ratio and combined ratio provide a useful indicator of trends in the insurance company s underlying operations EUR 000 graph 09 Life insurance for the period 2003 (in EUR 000) loss ratio is considered the ratio of the sum of claims paid, adjustment in the claims provision and change of other technical provisions to earned premiums (multiplied with 100); in it stood at 69.8%. expense ratio is the ratio of the sum of operating expenses (acquisition costs and administrative expenses) and other technical charges to gross premiums written deducted for the premium share ceded to reinsurance (multiplied with 100); in it stood at 44.5%. The ordinary range of this indicator in insurance business is 20%-30% % combined ratio is the sum of the loss ratio and the expense ratio. It gives an indication of the results of an insurer s underwriting operations, does not, however, take into account the allocated investment return; in it stood at very high 114.3%. 7 Earned premiums, gross amounts were calculated by the formula: Gross premiums written + unearned premiums, gross amount on 1st Jan. - unearned premiums, gross amount on 31st Dec. 8 Total caims incurred in non-life insurance include claims paid and changes of claims provisions in gross amounts. 9 Earned premiums, gross amounts were calculated by the formula: Gross premiums written + unearned premiums, gross amount on 1st Jan. - unearned premiums, gross amount on 31st Dec.!0 Total caims incurred in life insurance include claims paid and changes of claims provisions in gross amounts.!1 Source: Croatian Financial Services Supervisory Agency 25

26 Review of the insurance market in Data for the period source Croatian Financial Services Supervisory Agency; Data for the period 2007 delivered by insurance companies through the web application HUO_Statistika Note: The amount of Gross premium written in non-life insurance comprises the premium of co-insurance: in to a total of 799,927; in to a total of 812, % Motor Vehicle Liability % All Life % Motor Vehicle Casco graph 10 Structure of gross premium in 8.22 % Other Damage to Property 6.22 % Fire and Natural Disasters 5.81 % Accident % Others 26 review of the insurance market in

27 For the first time after many years successively, in the Croatian insurance market recorded a drop in insurance premium, which in the past years used to record growth rates in two figures. For some time now insurance companies underwriting operations show negative combined ratio (over 100%) which indicates that insurance companies without investment return make a negative technical result from insurance. The dynamics of the combined ratio is mostly stipulated by the growing and high expense ratio, while the loss ratio is satisfactory at a level of approx. 70%. In the structure of gross premium in the motor liability insurance share still stood at significant 31.05%, followed by life insurance at 26.44%, motor vehicle casco at 10.67%, other damage to property at 8.22%, fire and other perils insurance at 6.22%, accident insurance at 5.81%, while other insurance classes make 11.58%. Motor liability insurance premiums in remained the same as in, however, because of the decrease of the gross premium its share in the structure of gross premium increased to 31.05%. In the motor liability premium rose by 7.4% (in 2007 the improvement was 11%) the motor liability premium share increased from 30% in 2007 to 30.2%. The decline of the premium share of motor liability in the gross premium which had lasted for several years was stopped. In 2001 this share stood at 32.7% and in 1998 at 36.1%. This trend of decline of the premium share in motor liability over the past years was considered as an improvement in the premium structure in the Croatian insurance market, however, a faster growth of the motor liability premium against an average growth may indicate better technical and financial results in this insurance class. In the number of policies issued in motor liability insurance stood at 2,017 million compared to it decreased by 1.5%. By this, along with the almost same premium income in motor liability insurance in and the average premium per insurance policy increased by the same percentage. The liberalisation of the motor liability insurance market seems to have been postponed to more favourable times. By the end of there were around 749 thousand life insurance policies (in there were 746 thousand), generating million in premiums (in there were million), and 519 thousand supplementary life insurance (accident) policies (in there were 528 thousand) with 22.4 million (in there were 22.1 million) of premiums. Annuity insurance, which should supply third-age insureds with additional income, as pensioners can expect smaller pensions, was low. In there were only 3,468, which is less than in with 3,542 of these classes of insurance generating a premium of million ( million in ) while in 2005 there were 3,381 policies issued with a premium income of million. A growth has been recorded with life insurance linked with units of investment funds, from 49 thousand to 54 thousand policies issued and a premium income that dropped from 30.5 million in to 22.2 million in. In the accident insurance premium share in the structure of gross premium surged up to 5.81% though like the motor liability insurance premium it remained in the absolute amount at the almost same level and generated 74.5 million. The accident insurance share declined for several years till ; in it stood at 5.7%, in 2007 at 5.8%, in 2006 at 6.1%, in 2005 at 6.4%, in 2004 at 6.9% and in 2003 at 7.4%. Health insurance premiums have an outstanding trend of surging up in the past years, in at 11.3% (in 2007 at 13%) and their share came to 2.9% against 2.8% in 2007 (in 2006 it floated by 2.7%, in 2005 by 2.5%, in 2004 by 1.9%). However, in health insurance recorded a premium fall by 3.6% which generated 36.9 million. The motor casco premium share in was 10.67%, while in it stood at 11.91%. The motor casco premium recorded one of the highest drops in growth rates by 13%. In the last few years, before, the motor casco premium share was stable at nearly 12%, while ten years ago the share was considerably lower, around 8%. Fluctuations of premiums in property insurance continue. In 2007 the premium share in fire and other perils insurance rose from 5.7% to 5.9% (in 2005 it stood at 6.5%) and in it dropped again to 5.8%, while in it surged up again to 6.22%. The premiums in all other property insurance decreased by 1.2% and the shares rose to 8.2%, after a stagnation in 2007 when their share declined from 8.4% to 7.6%. In the gross premium in property insurance reached million against almost equal million in (in 2007 it generated million, in million, in million and in million). The number of policies issued in fire insurance in remained almost the same as in by thousand () and thousand (). In all other property insurance the number of policies issued decreased from thousand in to thousand in. The greatest growth of premium in was registered with insurance of railway locomotives and rolling stock by 91.1% with million which represents a weak share in the gross premium by merely 0.03%. Premiums of aircraft liability grew at a rate of 18.2%, with a share in gross premium to insignificant 0.21%. The last insurance class which recorded a two figures growth rate in was financial loss insurance which rose by 11.3% showing a modest share in gross premium by 0.73%. The premiums in ships (hull) insurance decreased by 2.2% in and generated 30 million, compared to when they grew by almost 20% in relation to The premium share in insurance of liability arising out of use of vessels stagnated for the last four years at 0.4%. Premiums in goods-in-transit insurance decreased by 25.5% in with a share in gross premium of 0.72% and a premium to an absolute amount of 9.3 million. Premium in other liability insurance were 36.7 million with a dropping rate of 3.1% and a share in gross premium by 2.86%. Credit and suretyship insurance premiums recorded a strongest fall by 35.6% and 40.9% in with an absolute amount of 11.1 million and 327 thousand, the share in gross premium being merely 0.86% and 0.03%. Legal protection premiums remained at the same level as in, to the amount of 586 thousand. Travel insurance after a growth by 10.4% in and after a surge up by 278% in 2007 continued its growth rate by 6.4%. 27

28 Gross Gross premiums premiums written Share written Share Index in EUR (%) in EUR (%) 09/08 74,600, ,534, ,314, ,946, ,212, ,814, , , ,290, ,708, ,650, ,963, ,451, ,274, ,985, ,741, ,734, ,408, ,215, ,205, , , ,232, ,564, ,868, ,690, ,212, ,082, , , ,453, ,411, , , ,845, ,154, ,706, ,997, ,153, ,077, ,047, ,347, ,414, ,386, ,534, ,266, ,855, ,199, ,856, ,077, ,319,712, ,282,276, table 11 Gross premiums written by groups of classes (in EUR) 28 review of the insurance market in

29 Group of Classes Operation Gross Pure Prevention expenses premiums premium share share written in EUR in EUR in EUR in EUR Accident Health Motor Vehicle Casco Railway Rolling Stock Casco Aircraft Hull Ships Hull Goods-in-Transit Fire and Natural Disasters Other Damage to Property Motor Vehicle Liability Aircraft Liability Marine Liability Other Liability Insurance Credit Suretyship Financial Loss Legal Protection Travel Insurance Life Annuity Insurance Supplemental Life Insurance Marriage and Birth Assurance Insurance linked with units of investment funds unit linked Tontine Insurance with paid-up sum assured 51,740, ,786 22,518,013 74,534,575 24,218,087 25,428 12,702,789 36,946, ,703, ,092 32,120, ,814, , , ,566 2,615, ,087 2,708,314 25,068,861 10,762 4,884,079 29,963,702 6,741,202 6,039 2,527,701 9,274,942 59,328, ,987 19,452,017 79,741,329 82,501, ,910 22,158, ,408, ,467,640 3,898,437 45,839, ,205, , , ,974 4,735,737 4, ,877 5,564,917 28,206,795 42,409 8,441,760 36,690,964 7,050, ,032,580 11,082, , , ,322 7,305,981 6,429 2,099,473 9,411, , , ,701 3,394,867 5,863 1,753,604 5,154, ,136, ,833, ,969, , ,663 1,077,710 16,023, ,269,557 22,293,248 1,121, ,331 1,386,981 18,259, ,511,461 21,771, Total (Non-Life, classes 01 18) Total (Life, classes 19 25) 756,306,302 6,973, ,919, ,199, ,411, ,087, ,498, TOTAL (classes 01 25) 1,025,717,692 6,973, ,006,538 1,281,697,675 table 12 Insurance premium structure in (in EUR) 29

30 Changes of Changes unearned of gross premium Gross Outward unearned provisions, premiums reinsurance premium reinsurance Earned written premium provisions share premiums in EUR in EUR (+ or -) in EUR (+ or -) in EUR in EUR 74,534,575 5,584,248 2,195, ,198 67,169,830 36,946, ,028-1,313,844-24,340 37,991, ,814,035 3,852,094-9,780,426-1,390, ,351, , , ,246 2,708,314 2,453,029-42, ,487-8,039 29,963,702 17,621,274-1,692,375-1,142,615 12,892,187 9,274,942 1,751, ,441-20,867 7,618,964 79,741,329 29,560,923 1,470,203 1,379,307 50,089, ,408,393 24,878, , ,562 81,267, ,205,148 10,095,139 2,656, , ,391, , ,969-62,143 16, ,360 5,564,917 2,807,364 40, ,306 2,428,470 36,690,964 12,212, , ,957 25,495,260 11,082,738 1,849,082-4,586,480-1,598,785 12,221, ,322 40, , ,472 9,411,883 4,247, , ,866 5,180, , ,374-22,995-12, ,390 5,154,335 1,153, , ,459, ,997,900 11,726,793-14, ,285,288 1,077, ,077,710 22,347,824 1,836,258-77,949 75,755 20,665,271 1,386,981 36, ,350,956 22,266,676 6, ,260, ,199, ,894,163-11,675,683-1,192, ,788, ,077,091 13,605,636-92,130 75, ,639,340 1,282,276, ,499,800-11,767,812-1,116,765 1,160,427,482 table 13 Premiums earned in (in EUR) 30 review of the insurance market in

31 Group of Classes Number Number of insurance Share of insurance Share Index policies (%) policies (%) 09/ Accident Health Motor Vehicle Casco Railway Rolling Stock Casco Aircraft Hull Ships Hull Goods-in-Transit Fire and Natural Disasters Other Damage to Property Motor Vehicle Liability Aircraft Liability Marine Liability Other Liability Insurance Credit Suretyship Financial Loss Legal Protection Travel Insurance Life Annuity Insurance Supplemental Life Insurance Marriage and Birth Assurance Insurance linked with units of investment funds unit linked Tontine Insurance with paid-up sum assured 2,595, ,517, , , , , , , , , , , , , ,047, ,016, , , , , , , , , , , , , , , , , , , , , , , Total (Non-Life, classes 01 18) Total (Life, classes 19 25) 6,649, ,465, ,331, ,331, TOTAL (classes 01 25) 7,980, ,797, table 14 Number of insurance policies issued by groups of classes 31

32 Number Number Number of settled Number of reserved of claims claims of unsettled claims on reported claims on 1st Jan. in a year Claims paid Claims declined 31st Dec. 9,995 27,184 18,488 9,080 9,611 18, , ,934 14,578 14,754 27, , ,083 9,579 28, ,932 1, ,894 8, ,208 27,037 22,718 3,928 4,599 10, ,532 89,854 12,093 10,692 46, , ,646 13,604 47, ,619 15,662 11,806 3,681 5, ,549 4, ,223 2, ,038 2, ,774 40,224 39, , ,461 6,579 4,615 2,463 4, ,135 2, , , ,517 68, ,443 7,300 49,421 46,642 3,192 6, , , ,159 71, ,330 table 15 Loss experience in by groups of classes 32 review of the insurance market in

33 Group of Classes Number Number of claims Share of claims Share Index paid (%) paid (%) 09/ Accident Health Motor Vehicle Casco Railway Rolling Stock Casco Aircraft Hull Ships Hull Goods-in-Transit Fire and Natural Disasters Other Damage to Property Motor Vehicle Liability Aircraft Liability Marine Liability Other Liability Insurance Credit Suretyship Financial Loss Legal Protection Travel Insurance Life Annuity Insurance Supplemental Life Insurance Marriage and Birth Assurance Insurance linked with units of investment funds unit linked Tontine Insurance with paid-up sum assured 19, , , , , , , , , , , , , , , , , , , , , , , , , , , , , Total (Non-Life, classes 01 18) Total (Life, classes 19 25) 570, , , , TOTAL (classes 01 25) 606, , table 16 Number of claims paid by groups of classes 33

34 Claims Claims paid, paid, gross gross amounts Share amounts Share Index in EUR (%) in EUR (%) 09/08 23,007, ,511, ,719, ,199, ,732, ,527, , , , , ,728, ,650, ,912, ,157, ,548, ,338, ,730, ,076, ,748, ,854, , , ,689, , ,281, ,454, ,238, ,768, , , ,137, ,512, , , ,100, ,520, ,428, ,711, , ,183, ,481, ,866, , , ,232, ,879, ,630, ,499, ,002, ,881, ,632, ,381, table 17 Claims paid, gross amounts by groups of classes (in EUR) 34 review of the insurance market in

35 Group of Classes Number Number of reserved of reserved claims on Share claims on Share Index 31st Dec. (%) 31st Dec. (%) 09/ Accident Health Motor Vehicle Casco Railway Rolling Stock Casco Aircraft Hull Ships Hull Goods-in-Transit Fire and Natural Disasters Other Damage to Property Motor Vehicle Liability Aircraft Liability Marine Liability Other Liability Insurance Credit Suretyship Financial Loss Legal Protection Travel Insurance Life Annuity Insurance Supplemental Life Insurance Marriage and Birth Assurance Insurance linked with units of investment funds unit linked Tontine Insurance with paid-up sum assured 9, , , , , , , , , , , , , , , , , , Total (Non-Life, classes 01 18) Total (Life, classes 19 25) 125, , , , TOTAL (classes 01 25) 133, , table 18 Number of reserved claims by groups of classes 35

36 Outstanding Outstanding claims claims provision, provision, gross gross amounts Share amounts Share Index in EUR (%) in EUR (%) 09/08 42,236, ,671, ,561, ,200, ,980, ,297, , , ,160, , ,910, ,607, ,111, ,739, ,631, ,218, ,736, ,488, ,226, ,736, , , ,295, ,965, ,692, ,418, ,726, ,068, ,430, ,471, ,360, ,189, , , , , ,285, ,494, , , , ,940, ,012, , , , , ,257, ,368, ,411, ,832, ,668, ,201, table 19 Outstanding claims provision, gross amounts by groups of classes (in EUR) 36 review of the insurance market in

37 Group of Classes Accident Health Motor Vehicle Casco Railway Rolling Stock Casco Aircraft Hull Ships Hull Goods-in-Transit Fire and Natural Disasters Other Damage to Property Motor Vehicle Liability Aircraft Liability Marine Liability Other Liability Insurance Credit Suretyship Financial Loss Legal Protection Travel Insurance Life Annuity Insurance Supplemental Life Insurance Marriage and Birth Assurance Insurance linked with units of investment funds unit linked Tontine Insurance with paid-up sum assured Total (Non-Life, classes 01 18) Total (Life, classes 19 25) 28 TOTAL (classes 01 25) 37

38

39 Non-Life Insurance (1 18) Data for the period source Croatian Financial Services Supervisory Agency; Data for the period 2007 delivered by insurance companies through the web application HUO_Statistika Note: The amount of Gross premium written in non-life insurance comprises the premium of co-insurance which totals: in to a total of 799,927; in to a total of 812,182

40 The accident insurance premium interrupted its long lasting growth tendency and the earned premium was by 65,967 lower. Generally this class of insurance is below the average in growth with a drop of the non-life portfolio share. Accident Insurance (01) The structure of accident insurance has not changed significantly, the largest share still falls to personal accident insurance in case of accidents at or outside regular work (47.89%) and motor vehicle passenger insurance and accident insurance against consequential loss (39.04%) as supplementary insurance to compulsory Motor TPL insurance, while the lowest share falls to compulsory accident insurance for passengers in public transport (0.88%). table 20 Accident Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 61, , , , , , , table 21 Accident Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 21, , , , , , , non-life insurance

41 ,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 EUR ,079 21,129 62,443 22,096 64,029 graph 11 Accident Gross premiums written and claims paid 21, ,167 21, ,563 21,387 74,601 23,007 74,535 21,511 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 12 Accident Premium share % Share in Total GPW Share in Non-Life GPW % graph 13 Accident Shares of gross claims paid % Share in Total claims paid Share in Non-Life claims paid accident insurance 41

42 Code Group of classes/risks Personal accident insurance in the case of accidents at or outside regular work Motor vehicle passenger insurance and accident insurance against consequential loss at special occupations Accident insurance for children and pupils against consequential loss and special accident insurance for teenagers Accident insurance of guests, performance and show visitors, excursionists and tourists Accident insurance of consumers, subscribers, beneficiaries of other public services Other accident insurance against consequential loss Compulsory accident insurance for passengers in public transport Other accident insurance against consequential loss 01 Accident insurance Code Group of classes/risks Personal accident insurance in the case of accidents at or outside regular work Motor vehicle passenger insurance and accident insurance against consequential loss at special occupations Accident insurance for children and pupils against consequential loss and special accident insurance for teenagers Accident insurance of guests, performance and show visitors, excursionists and tourists Accident insurance of consumers, subscribers, beneficiaries of other public services Other accident insurance against consequential loss Compulsory accident insurance for passengers in public transport Other accident insurance against consequential loss 01 Accident insurance 42 non-life insurance

43 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 35, , , ,155, , , , , , , , , , table 22 Accident Gross premiums written and number of policies issued in 01 74, ,517, Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) 9, , , , , , table 23 Accident Number and amounts of claims paid in 01 18, , accident insurance 43

44 Compared to the health insurance premium dropped in by 3.6%. Since the gross premium share of health insurance is considerably small, by the fall of gross premium written the decrease of the share was insignificant and stood at 2.88% in. Health Insurance (02) The negative growth trend in the past four years, which in this year has been marked by the decrease of the share in gross premium written proved that in the premium growth in this insurance class compared to other classes was slower. Claims paid unlike premiums written compared to indicate a growth by 14% which shows an active relationship of insureds towards health insurance. In the gross premium written claims paid are shared out by 76% (compared to 64% in ). Generally the health insurance market in recorded a premium fall and an increase of the share of claims in gross premium which because of the economic crisis and the abolishment of tax reliefs to health insurance might continue in table 24 Health Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 14, , , , , , , table 25 Health Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 13, , , , , , , non-life insurance

45 ,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 EUR ,249 13,704 17,355 13,270 25,512 graph 14 Health Gross premiums written and claims paid 15, ,174 17, ,315 21,981 38,314 24,719 36,946 28,200 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 15 Health Premium share % Share in Total GPW Share in Non-Life GPW % graph 16 Health Shares of gross claims paid % Share in Total claims paid Share in Non-Life claims paid health insurance 45

46 Code Group of classes/risks Compulsory insurance against costs incurred in case of industrial injury and occupational disease Complementary health insurance against the difference above the coverage provided by compulsory health insurance Supplementary health insurance for higher standards of health services than those stipulated by compulsory health insurance Private health insurance Other voluntary health insurance 02 Health insurance Code Group of classes/risks Compulsory insurance against costs incurred in case of industrial injury and occupational disease Complementary health insurance against the difference above the coverage provided by compulsory health insurance Supplementary health insurance for higher standards of health services than those stipulated by compulsory health insurance Private health insurance Other voluntary health insurance 02 Health insurance Code Risk classes within health insurance Compulsory insurance against costs incurred in case of industrial injury and occupational disease Complementary health insurance against the difference above the coverage provided by compulsory health insurance Supplementary health insurance for higher standards of health services than those stipulated by compulsory health insurance Private health insurance Other voluntary health insurance 02 Health insurance 46 non-life insurance

47 Code Code Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) , , , , , , , , Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) , , , , , , , Number Number of insureds of insureds (active policies) through a year on 31th Dec ,756 87, ,178 92, ,667 40, , ,887 table 26 Health Gross premiums written and number of policies issued in table 27 Health Number and amounts of claims paid in table 28 Health Number of insureds in Like in the year before most of gross premium written (even 80.26%) in health insurance falls into supplementary health insurance ( 29.7 million) which stands to reason since supplementary health insurance is the most developed form of health insurance. Except for the drop of premium the supplementary health insurance market did not indicate any greater changes in relation to the year before. Greater changes can be expected in the forthcoming years when the Amendments to the Supplementary Health Insurance Act shall come in force. The gross premium written for complementary health insurance (02.02) shows only premiums written by member companies of the Croatian Insurance Bureau (not referring to the premium of the Croatian Health Insurance Institute), and an interesting point is that in this class of insurance claims are twice bigger than premiums written. Compared to, the average premium for complementary health insurance increased by approx. 40% and amounts to 27.1 (which is still insufficient in relation to the amount of claims paid). The reason for such a low premium is the need for adjustment to the insurance market since the premiums of the Croatian Health Insurance Institute are low and depend on the property qualification with lack of risk assessment. The highest amounts of claims paid fall into supplementary health insurance with a share of 82% in gross claims paid (compared to 69% in ). Taking into consideration the significant growth of supplementary health insurance claims in and with the announced changes (legislation) it is difficult to foresee the future dynamics of the market. health insurance 47

48 The gross premium written in motor vehicle casco insurance (MC) amounted to million, which compared to last year indicates a drop by 13%. The premium share in gross premiums stood at 10.67% (in 2007 at 11.86%, in at 11.91%), while its share in the non-life portfolio stands at 14.51% (in 2007 at 16.33%; in at 16.16%). Motor Casco Insurance (03) For the first time after a period of stable growth (2003 ) in the gross premium written in motor vehicle casco insurance recorded a significant fall. In this market segment especially the part referring to insurance for self-propelled vehicles with a 96.21% share in this insurance class (03) was besieged by an intense competition in the market, particularly in relation to vehicle acquired by leasing. Despite the decrease of the gross premium written in, the amounts for claims paid rose by 2.6% (in 2007 they stood at 6.9%; in at 12.8%). table 29 Motor (Casco) Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 97, , , , , , , table 30 Motor (Casco) Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 67, , , , , , , non-life insurance

49 ,000 40,000 60,000 80, , , , ,000 EUR ,807 67, ,267 78, ,247 graph 17 Motor (Casco) Gross premiums written and claims paid 82, ,675 89, ,434 95, , , , ,527 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 18 Motor (Casco) Premium share % Share in Total GPW Share in Non-Life GPW % graph 19 Motor (Casco) Shares of gross claims paid % Share in Total claims paid Share in Non-Life claims paid motor casco insurance 49

50 Code Group of classes/risks Motor hull insurance for self-propelled vehicles Motor hull insurance for non-self-propelled vehicles Other motor hull insurance 03 Motor (hull) insurance Code Group of classes/risks Motor hull insurance for self-propelled vehicles Motor hull insurance for non-self-propelled vehicles Other motor hull insurance 03 Motor (hull) insurance 50 non-life insurance

51 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 131, , , , , , , , table 31 Motor (Casco) Gross premiums written and number of policies issued in Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) 97, , , , , , table 32 Motor (Casco) Number and amounts of claims paid in motor casco insurance 51

52 Railway rolling stock insurance provides coverage for loss caused by damaging or destroying railroads. The gross premium written in Railway rolling stock casco insurance rose by 91.1% against last year, and the number of policies issued dropped by 12.07%. Railway Rolling Stock Casco Insurance (04) The amounts of claims paid in the period are very unequal, and in they dropped by 54.7% compared to last year. table 33 Railway rolling stock Casco Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW table 34 Railway rolling stock Casco Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 14 1, non-life insurance

53 EUR graph 20 Railway rolling stock Casco Gross premiums written and claims paid Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR railway rolling stock casco insurance 53

54 Code Group of classes/risks Railway rolling stock casco insurance 04 Railway rolling stock insurance casco Code Group of classes/risks Railway rolling stock casco insurance 04 Railway rolling stock insurance casco 54 non-life insurance

55 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) table 35 Railway rolling stock Casco Gross premiums written and number of policies issued in Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) table 36 Railway rolling stock Casco Number and amounts of claims paid in railway rolling stock casco insurance 55

56 During the number of insured aircrafts has not changed significally, the number of policies issued in standing at 115 came to 107 in, but due to the fleet policies meaning that one policy comprises more aircrafts of the same policyholder. Aircraft Hull Insurance (05) Number of aircraft insurance policies issued during the period of review was: The premium increase by 18.8% against is the result of the fleet renewal (higher values of new aircraft) with Croatia Airlines and the rise of premium rates which arise from the situation on the international aircraft insurance market. During claims decreased and stood at 64.2% in relation to claims in. This insurance class continues its trend of achieving very good results in the ratio of claims paid and gross premium written in the period which stood at 12.36%. Year Number of aircraft insurance policies table 37 Aircraft Hull Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 3, , , , , , , table 38 Aircraft Hull Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims non-life insurance

57 ,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 EUR 000 3, , ,880 graph 21 Aircraft Hull Gross premiums written and claims paid , , , , % Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR Ratio % graph 22 Aircraft Hull Premium share % Share in Total GPW Share in Non-Life GPW aircraft hull insurance 57

58 Code Group of classes/risks Aircraft hull insurance Hull insurance of other air transport crafts 05 Aircraft hull Code Group of classes/risks Aircraft hull insurance Hull insurance of other air transport crafts 05 Aircraft hull 58 non-life insurance

59 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 2, , table 39 Aircraft Hull Gross premiums written and number of policies issued in Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) table 40 Aircraft Hull Number and amounts of claims paid in aircraft hull insurance 59

60 This class of insurance includes different kinds of insurance of various sea, lake and river vessels, ships in construction, insurance of platforms for undersea exploration and insurance of gas platforms. The gross premium written in ships hull insurance generated 29,963,674 which is by 2.25% less than in. Number of policies issued stood at 14,140 which is by 2.60% more than in. The decrease in premium and increase in number of policies issued is the consequence of a decline of the insured values of ships which resulted from a smaller demand for cargo space and fall of value of ships in construction. Ships (sea, lake and river vessels) Hull Insurance (06) The biggest share of premium by 71.22% derives from insurance of ships, boats and yachts in sea transport almost the same as in (71.86%). The gross premium written in generated 21,339,171 which is by 3.12% lower compared to although the number of policies issued rose by 3.20%. During 11 vessels to a gross tonnage of 153,104 and dead weight tonnage of 245,882 left the fleet, while 11 vessels to a gross tonnage of 164,484 and dead weight tonnage of 278,094 entered the fleet thus on the Croatian overseas fleet had 171 vessels with a total of GT 1,893,386 and DWT 3,434,122. Year Number of insured vessels 6,698 7,647 8,606 10,611 11,146 12,996 13,412 Premium in insurance of ships in construction decreased by 16.38% in relation to and by this the share of this insurance class within the group fell to 8.95%. During 13 newly built vessels were delivered and 17 keels were laid on new ships of which the majority shall be delivered during The amounts of claims paid rose from 379,587 in to 1,199,664 in and regardless of the rise in costs of claims the results are satisfactory to a ratio of 44.72%. The gross premium written in insurance of platforms stood at 5,316,944 being by 9.01% higher than in. This growth was initiated by the setting up of new gas exploitation platforms owned by the company EDINE. table 41 Ships Hull Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 21, , , , , , , The number of claims paid in this insurance class grew by 60.6% in relation to last year. The ratio of claims paid and premium written in the period 2003 stood at 54.20%. For insurers the last year was unfavourable with a ratio of claims paid and premium written which stood at 78.93% and a total cost of claims of 23,650,756. The largest among all claims was the total loss of the ship Pine Trader (flow of seawater into the engine room due to a crack in plating that was caused by extremely bad weather before the South African shore) to an amount of approx. 4,800,000. The raising of the sunken DOK 7 in the surrounding seas of the shipyard Viktor Lenac to the amount of 3,000,000. The sinking and raising of the fisher boat Marinero I to the amount of 1,100,000. table 42 Ships Hull Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 11, , , , , , , non-life insurance

61 ,000 10,000 15,000 20,000 25,000 30,000 35,000 EUR ,743 11,774 18,055 10,601 22,423 graph 23 Ships Hull Gross premiums written and claims paid 9, ,666 10, ,582 14,636 30,651 14,729 29,964 23, % Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR Ratio ships (sea, lake and river vessels) hull insurance 61

62 Code Group of classes/risks Hull insurance of ships and yachts in sea transport Hull insurance of ships and boats in river transport Hull insurance of ships and boats in lake transport Hull insurance of ships in construction Hull insurance of platforms Other vessels (hull) insurance 06 Ships hull insurance Code Group of classes/risks Hull insurance of ships and yachts in sea transport Hull insurance of ships and boats in river transport Hull insurance of ships and boats in lake transport Hull insurance of ships in construction Hull insurance of platforms Other vessels (hull) insurance 06 Ships hull insurance 62 non-life insurance

63 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 21, , , , table 43 Ships Hull Gross premiums written and number of policies issued in 06 29, , Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) 1, , , table 44 Ships Hull Number and amounts of claims paid in 06 1, , ships (sea, lake and river vessels) hull insurance 63

64 During goods in transit were affected by the global financial crisis. The amount of the gross premium written depends directly on the circulation of import, export goods and of goods in the territory of the Republic of Croatia and the parities of buying and selling. Goods in Transit (07) According to the indicators expressed in US dollars the import and export of goods was as follows: The total export fell by 25.79% and the import by 31.01%. The gross premium written fell by 25.5% which went along with the drop in export and import. Claims paid in amounted to 6,157,322 and were by 4.1% higher than in. Year Export Import US$ mil US$ mil The total amount of claims paid in the period 2003 to was 27,276,862; the gross premium written for the same period was 67,304,907 which equals to a ratio of 40.52% because of the drop of premium written the results of 36.39% are worse in relation to the period 2003 to , , , , , , , , , , , , , ,202.6 table 45 Goods in transit Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 8, , , , , , , table 46 Goods in transit Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 4, , , , , , , non-life insurance

65 ,000 4,000 6,000 8,000 10,000 12,000 14,000 EUR 000 8,483 4,014 8,064 2,320 8,769 graph 24 Goods in transit Gross premiums written and claims paid 2, ,757 3, ,505 3,269 12,452 5,912 9,275 6, % Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR Ratio goods in transit 65

66 Code Group of classes/risks Insurance of goods in sea transport Insurance of goods in air transport Insurance of goods in land transport Insurance of goods in storage Other goods in transit insurance 07 Goods in transit Code Group of classes/risks Insurance of goods in sea transport Insurance of goods in air transport Insurance of goods in land transport Insurance of goods in storage Other goods in transit insurance 07 Goods in transit 66 non-life insurance

67 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 1, , , , , , , table 47 Goods in transit Gross premiums written and number of policies issued in 07 9, , Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) , , table 48 Goods in transit Number and amounts of claims paid in 07 8, , goods in transit 67

68 The past seven years have seen a modest growth of fire insurance and insurance against natural forces in the Croatian market. These insurance classes are to a great extend purchased by legal persons (small, medium-sized and large companies) and take the largest share of the gross premium. Like in the previous periods the increase of premium is mainly a consequence of the growth in property value. The improvement of the existing property and investments in new buildings, equipment and reserves made by legal entities brought, to a great extent, to an increase of the gross premium written. Fire Insurance and Insurance Against Natural Forces (08) With natural persons the premium recorded a growth as well. More and more attention is paid to this market segment because of the quality of the portfolio (risk dispersion of risk and small exposure to certain risks). This segment of fire insurance shows a great potential for premium increase. The increase of claims paid in the quoted period and the strong oscillations in certain years (2004, 2006 and ) result from the increase in property value and the increase of the number of policies issued. By this the exposure to risks increases as well and thus the loss itself. Since these insurance classes are subject to the occurrence of great and/or massive loss, i.e. exposed not only to fire but to natural disasters (climate conditions) sudden increase of total claims is possible. The year recorded several huge losses which caused a growth by 14.3%. table 49 Fire and natural forces Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 54, , , , , , , table 50 Fire and natural forces Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 19, , , , , , , non-life insurance

69 ,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 EUR ,203 19,026 56,210 21,414 59,933 22,088 63,912 graph 25 Fire and natural forces Gross premiums written and claims paid 27, ,550 25,101 76,986 26,549 79,741 30,338 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 26 Fire and natural forces Premium share % Share in Total GPW Share in Non-Life GPW % graph 27 Fire and natural forces Shares of gross claims paid % Share in Total claims paid Share in Non-Life claims paid fire insurance and insurance against natural forces 69

70 Code Group of classes/risks Fire insurance and insurance against natural forces outside industry and crafts Fire insurance and insurance against natural forces in industry and crafts Other insurance against fire and natural forces 08 Fire and natural forces Code Group of classes/risks Fire insurance and insurance against natural forces outside industry and crafts Fire insurance and insurance against natural forces in industry and crafts Other insurance against fire and natural forces 08 Fire and natural forces 70 non-life insurance

71 Code Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 47, , , , , , , , Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) 19, , , , , , , , table 51 Fire and natural forces Gross premiums written and number of policies issued in table 52 Fire and natural forces Number and amounts of claims paid in A high gross premium written and a great number of policies issued outside industry and craft result from the economic situation in the Republic of Croatia (because of facility shutdowns and reduction of production the number of policies issued decreased). There are also approx registered (active) companies in the Republic of Croatia (data obtained from the Croatian Central Bureau of Statistics) of which the majority is not in the industry or craft as it can be seen in the table below. Unlike industrial companies which values and number are decreasing, companies outside industry and craft are in relation to their number and values, despite of the crisis, surging up (opening of warehouses, shopping malls, hotels etc.) fire insurance and insurance against natural forces 71

72 This class of insurance is featured by a large number of various insurance classes. Oscillations in the premium growth for the quoted period are a consequence of large business deals connected with insurance of industrial facility and buildings in construction. A slight premium drop in can be derived from the economic situation which aωects all insurance classes. Other Damage to Property (09) As a result of the high equipment values machinery breakdown insurance has the biggest share in the written premium (29.90%). Agricultural insurance lines which include crop and livestock insurance have also a larger share in the written premium of this insurance class (in total 28%). The years 2003, 2005, 2007, and were exposed to bad weather conditions (storms and hail) which caused above-average damage. The year recorded vast damage in crop and plantation insurance which resulted in a leap in claims paid by more than 20%. In a slight drop of claims paid has been recorded, however, the amounts are still extremely high (taking into consideration the rise of premium and the exposure it can be expected that claims will follow this trend). Machinery breakdown insurance makes the highest individual share in the number and amounts of claims paid. It results from outworn industrial machines which are still used in industrial factories in the Republic of Croatia, and are thus liable to frequent breakdowns. table 53 Other damage to property Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 75, , , , , , , table 54 Other damage to property Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 47, , , , , , , non-life insurance

73 ,000 40,000 60,000 80, , ,000 EUR ,469 47,417 83,076 48,403 82,011 55,539 graph 28 Other damage to property Gross premiums written and claims paid ,064 55, ,415 63, ,734 76, ,408 75,077 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR other damage to property 73

74 Code Group of classes/risks Machinery breakdown insurance Burglary and robbery insurance Glass insurance (insurance of glass from breakage) Householders insurance Contract works insurance (insurance of buildings in construction) Erection insurance Film industry insurance Insurance of goods in mining pits Computer insurance Insurance of stocks in refrigerated trailer trucks (refrigerated trailer truck stock declaration coverage) Crop and plantation insurance Live stock insurance Other damage to property 09 Other damage to property Code Group of classes/risks Machinery breakdown insurance Burglary and robbery insurance Glass insurance (insurance of glass from breakage) Householders insurance Contract works insurance (insurance of buildings in construction) Erection insurance Film industry insurance Insurance of goods in mining pits Computer insurance Insurance of stocks in refrigerated trailer trucks (refrigerated trailer truck stock declaration coverage) Crop and plantation insurance Live stock insurance Other damage to property 09 Other damage to property 74 non-life insurance

75 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 31, , , , , , , , , , , , , , , , , table 55 Other damage to property Gross premiums written and number of policies issued in , , Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) 34, , , , , , , , , , , , , , , table 56 Other damage to property Number and amounts of claims paid in 09 89, , other damage to property 75

76 The gross premium written in this class of insurance that comprises motor TPL insurance risks amounted to 398,205 thousand against 398,216 thousand in, and according to the published data recorded for the first time a slight fall in the period Motor Third Party Liability Insurance (Motor TPL Insurance) (10) The premium in compulsory motor liability insurance is the largest segment in gross premiums (98.75%) and because motor liability insurance is mainly compulsory its total share is still high by 42.22% in non-life insurance with an indication of further growth, i.e. by 31.05% within the gross premium written. In the number of policies issued in motor-tpl insurance was 1,956,689 (1,984,735 in a drop by 1.41%), the gross premium written remained at almost thesame level, while the average premium per policy grew by 1.49%. A detailed analysis on Motor vehicle owner i.e.user compulsory third party liability insurance (risk 10.01) is entailed in the publication Report on Compulsory Traffic Insurance with a special review on Motor Third Party Liability Insurance. (Accessible under The number of claims paid in compared to fell by 8.97%; as the amount of claims is less by 12.97%. table 57 Motor TPL Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 266, , , , , , , table 58 Motor TPL Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 175, , , , , , , non-life insurance

77 , , , , , , , , ,000 EUR , , , , ,018 graph 29 Motor TPL Gross premiums written and claims paid 188, , , , , , , , ,855 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 30 Motor TPL Premium share % Share in Total GPW Share in Non-Life GPW % graph 31 Motor TPL Shares of gross claims paid % Share in Total claims paid Share in Non-Life claims paid motor third party liability insurance (motor tpl insurance) 77

78 Code Group of classes/risks Motor vehicle owner/user compulsory third party liability insurance Motor vehicle owner/user voluntary liability insurance for damages to third party Driver liability insurance for goods transported in road transport Other types of motor vehicle liability insurance 10 Motor third party liability Code Group of classes/risks Motor vehicle owner/user compulsory third party liability insurance Motor vehicle owner/user voluntary liability insurance for damages to third party Driver liability insurance for goods transported in road transport Other types of motor vehicle liability insurance 10 Motor third party liability 78 non-life insurance

79 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 393, ,956, , , , , , table 59 Motor TPL Gross premiums written and number of policies issued in , ,016, Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) 103, , , , table 60 Motor TPL Number and amounts of claims paid in , , motor third party liability insurance (motor tpl insurance) 79

80 The compulsory aircraft liability insurance premium dropped by 16.3% compared to the premium in resulting from the reduction of the number of light sport aircrafts and the switch from commercial to noncommercial utilisation. Aircraft Liability Insurance (11) The compulsory aircraft liability insurance retained very good results in the period from 2003 to, the ratio against claims paid and the gross premium written resulted in 13.34%. table 61 Aircraft liability Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW table 62 Aircraft liability Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims , non-life insurance

81 EUR graph 32 Aircraft liability Gross premiums written and claims paid % Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR Ratio aircraft liability insurance 81

82 Code Group of classes/risks Aircraft owner/user compulsory liability insurance for damages to third parties Aircraft owner/user compulsory liability insurance for all types of liabilities (including liability of carrier for goods transported in air transport) 11 Aircraft liability Code Group of classes/risks Aircraft owner/user compulsory liability insurance for damages to third parties Aircraft owner/user compulsory liability insurance for all types of liabilities (including liability of carrier for goods transported in air transport) 11 Aircraft liability 82 non-life insurance

83 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) table 63 Aircraft liability Gross premiums written and number of policies issued in Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) table 64 Aircraft liability Number and amounts of claims paid in aircraft liability insurance 83

84 The gross premium in this class of insurance grew during the year by 6.4% and generated 5,564,916. The greatest part of the premium in this class of insurance, 74.72%, falls to marine liability insurance i.e. the Protecting & Indemnity insurance. The risk is shared out between P&I Clubs and domestic insurers. Marine Liability Insurance (sea, lake and river vessels) (12) The number of ships covered by P&I insurance and the gross tonnage in the period of review was as follows: The number of ships increased in relation to last year, however, the gross tonnage decreased by 0.5% in relation to, the premium written rose by 4.9% as a result of P&I Clubs. The number of marine liability insurance policies shows an increase by 10.02% compared to which mainly refers to compulsory sea ship/yacht owner liability insurance (18,181 in compared to 20,064 in ). Year Number Gross Number of of ships tonnage policies issued 151 1,418,431 12, ,424,672 12,636 The number of claims paid in was 108 and by 4.8% higher compared to, while the total amount of claims paid was considerably lower during to the amount of 803,591 or by 47.56% compared to ,490,656 14, ,626,238 17, ,744,282 20, ,882,096 24, ,874,217 26,522 The total amount of claims paid in the period 2003 to amounted to 7,437,100; the gross premium written for the same period amounted to 31,204,757 which equals a ratio of 23.82%. table 65 Marine liability Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 3, , , , , , , table 66 Marine liability Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 1, , , non-life insurance

85 ,500 2,250 3,000 3,750 4,500 5,250 6,000 EUR 000 3,506 1,065 3, ,908 graph 33 Marine liability Gross premiums written and claims paid 1, , , ,232 1,689 5, % Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR Ratio marine liability insurance (sea, lake and river vessels) 85

86 Code Group of classes/risks Sea ship owner / user liability insurance (including liability of carrier for goods transported) Lake and river vessel owner / user liability insurance (including liability of carrier for goods transported) Motor yacht owner / user compulsory liability insurance for damages to third parties Other types of liability insurance for ship operators 12 Marine liability insurance Code Group of classes/risks Sea ship owner / user liability insurance (including liability of carrier for goods transported) Lake and river vessel owner / user liability insurance (including liability of carrier for goods transported) Motor yacht owner / user compulsory liability insurance for damages to third parties Other types of liability insurance for ship operators 12 Marine liability insurance 86 non-life insurance

87 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 4, , , , , table 67 Marine liability Gross premiums written and number of policies issued in 12 5, , Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) table 68 Marine liability Number and amounts of claims paid in marine liability insurance (sea, lake and river vessels) 87

88 In the period 2003 general liability insurance recorded a stable growth. In the gross premium written decreased by 3.1%; however, its share in gross premium and non-life insurance premium remained the same as in the last year. General Liability (13) With respect to the trends in these insurance classes in the international and domestic market and the demands of legislative and professional entities for extra-contractual and contractual liability, it can be expected that this trend will continue despite the slight fall of premium. The increase of these insurances by 35.45% clearly goes in favour of the increased demand for extra-contractual liability (public or third party liability). The trend of increase does not only reflect itself in the increase of number of policies issued but there is a growing demand for high amounts of coverage. In service industry, beside the statutory compulsory liability there is a greater demand for contractual (professional) liability. Manufacturing firms cannot place their products in any market without a policy of insurance for defective products, which results in an increase in the number of insurance policies issued and amounts of coverage (particularly for products that are exported to EU countries, to USA / Canada). In the amounts of claims paid were by 11.2% lower, likewise was the number of claims paid (by 5.4%), but it can be expected that in near future this class of insurance will be loaded by large claims by number and amounts. With the increase of the number of policies issued and the agreed amounts insurers are more and more exposed and the international praxis regarding claims arising from these insurances indicates higher indemnification payments, especially since lawyers are more and more involved in claims settlements particularly in the part of contractual liability. table 69 General liability Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 20, , , , , , , table 70 General liability Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 9, , , , , , , non-life insurance

89 ,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 EUR ,705 9,860 23,749 9,898 26,414 12,798 graph 34 General liability Gross premiums written and claims paid ,580 12, ,183 13,208 37,869 16,282 36,691 14,454 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 35 General liability Premium share % Share in Total GPW Share in Non-Life GPW % graph 36 General liability Shares of gross claims paid % Share in Total claims paid Share in Non-Life claims paid general liability 89

90 Code Group of classes/risks Insurance of contractual liability for building contractors Insurance of contractual liability for assembling contractors Film makers liability insurance Producer liability insurance for products Rail transport liability insurance Insurance of guarantee for producers, sellers and suppliers General liability insurance Liability insurance for project engineering companies and other companies for damages incurred due to incorrect technical documentation Liability insurance for project engineering companies and other companies Professional indemnity for lawyers Professional indemnity for public notaries Professional indemnity for auditing companies Professional indemnity for freight-forwarders Marine-owner or user liability insurance Ship repairer liability insurance Liability insurance for security agents and detectives Real estate management liability insurance Liability insurance for doctors, dentists and pharmacists Bankruptcy trustee liability insurance Other types of liability insurance 13 General liability Code Group of classes/risks Insurance of contractual liability for building contractors Insurance of contractual liability for assembling contractors Film makers liability insurance Producer liability insurance for products Rail transport liability insurance Insurance of guarantee for producers, sellers and suppliers General liability insurance Liability insurance for project engineering companies and other companies for damages incurred due to incorrect technical documentation Liability insurance for project engineering companies and other companies Professional indemnity for lawyers Professional indemnity for public notaries Professional indemnity for auditing companies Professional indemnity for freight-forwarders Marine-owner or user liability insurance Ship repairer liability insurance Liability insurance for security agents and detectives Real estate management liability insurance Liability insurance for doctors, dentists and pharmacists Bankruptcy trustee liability insurance Other types of liability insurance 13 General liability 90 non-life insurance

91 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) , , , , , , , table 71 General liability Gross premiums written and number of policies issued in 13 36, , Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) , table 72 General liability Number and amounts of claims paid in 13 11, , general liability 91

92 Credit insurance has been affected to a great extent by the global economic crisis and problems which in the past period accumulated in Croatian economy. The gross premium amount of credit insurance directly depends on the money stock put in circulation by banks and other financial institutions which extend the loans. Credit Insurance (14) The money stock in loans slightly rose compared to (which was low regarding loan funds, particularly in the second half of the year) by a total of 2.3%. Loans granted to natural persons in were lower by 2.9% in relation to, and loans granted to legal persons grew by 2.0%. The biggest drop of granted loans related to purchase of motor vehicles and flats. The premium written in generated 11,082,690 or 64.4% compared to the premium written in. The number of claims paid made 14,768,336 which is by 79.3% higher than in. The ratio between premium written and claims paid in was 133%. Such high amounts of claims are the result of the situation in the Croatian economy; because of the decreased purchasing power of the citizens and the considerate decreased exports, more and more business firms cease operations or reduce the number of their employees. Loss of employment prevents credit beneficiaries from paying back their loans and insurers are liable for repayment under the signed contract on credit insurance. table 73 Credit Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 8, , , , , , , table 74 Credit Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 7, , , , , , , non-life insurance

93 ,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 EUR 000 8,842 7,634 10,215 10,885 12,584 graph 37 Credit Gross premiums written and claims paid 12, ,424 20, ,807 16,939 17,212 8,238 11,083 14, % Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR Ratio % graph 38 Credit Premium share % Premium share in GPW Premium share in Non-Life Share of claims in total claims Share of claims in Non-Life credit insurance 93

94 Code Group of classes/risks Export claims insurance Other claims insurance Housing credits 14 Credit insurance Code Group of classes/risks Export claims insurance Other claims insurance Housing credits 14 Credit insurance 94 non-life insurance

95 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) , , , , table 75 Credit Gross premiums written and number of policies issued in Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) , , , , table 76 Credit Number and amounts of claims paid in credit insurance 95

96 This class of insurance considerately decreased premium written in which amounted to 325,360 which makes a share of 59.1% of premium written in. Although a rise of premium written in this class of insurance was expected because more suretyship has been required for credit approval, it did not happen because of the general reduction of credit approval. Suretyship Insurance (15) table 77 Suretyship Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW table 78 Suretyship Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims non-life insurance

97 , kn graph 39 Suretyship Gross premiums written and claims paid % Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR Ratio suretyship insurance 97

98 Code Group of classes/risks Surety insurance Guarantee insurance 15 Suretyship insurance Code Group of classes/risks Surety insurance Guarantee insurance 15 Suretyship insurance 98 non-life insurance

99 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) table 79 Suretyship Gross premiums written and number of policies issued in Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) table 80 Suretyship Number and amounts of claims paid in suretyship insurance 99

100 In the past five years this class of insurance recorded a premium growth, which mainly resulted from the growth of value of insurance policies (income growth with medium sized and big companies). Although this class of insurance is broadly represented in the international market, its share in the Croatian insurance market is still very small. This insurance class is predominantly covered by All Risk policies (loss from business stoppage due to fire, machinery breakdown and others). Miscellaneous Financial Losses (16) table 81 Financial loss Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW 5, , , , , , , table 82 Financial loss Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims 1, , , , , , , non-life insurance

101 ,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 EUR 000 5,512 1,201 5,226 2,040 6,301 graph 40 Financial loss Gross premiums written and claims paid 2, ,645 2, ,000 1,870 8,454 2,138 9,412 2,512 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 41 Financial loss Premium share % Share in Total GPW Share in Non-Life GPW % graph 42 Financial loss Shares of gross claims paid % Share in Total claims paid Share in Non-Life claims paid miscellaneous financial losses 101

102 Code Group of classes/risks Insurance of financial losses from work stoppage due to fire and other dangers Insurance of financial losses from work stoppage due to machinery breakages Weather insurance Insurance of damages from purchases of false foreign currencies Insurance of perils of passage cancellation Other types of insurance of financial losses 16 Financial loss Code Group of classes/risks Insurance of financial losses from work stoppage due to fire and other dangers Insurance of financial losses from work stoppage due to machinery breakages Weather insurance Insurance of damages from purchases of false foreign currencies Insurance of perils of passage cancellation Other types of insurance of financial losses 16 Financial loss 102 non-life insurance

103 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 3, , , , table 83 Financial loss Gross premiums written and number of policies issued in 16 9, , Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) , , table 84 Financial loss Number and amounts of claims paid in 16 2, , miscellaneous financial losses 103

104 Legal expenses insurance covers attorney s fees and other court costs. This insurance class is poorly represented in the Croatian insurance market although it has existed for the past seven years. Legal Expenses (17) The gross premium written in a seven year period recorded a share in non-life ranging from 0.02% to 0.06%, i.e. from 0.01% to 0.05% in the total insurance portfolio, while the share in claims paid is negligible. table 85 Legal expenses Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW table 86 Legal expenses Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims non-life insurance

105 kn graph 43 Legal expenses Gross premiums written and claims paid Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 44 Legal expenses Premium share % Share in Total GPW Share in Non-Life GPW legal expenses 105

106 Code Group of classes/risks Legal costs and expenses insurance 17 Legal expenses Code Group of classes/risks Legal costs and expenses insurance 17 Legal expenses 106 non-life insurance

107 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) , , table 87 Legal expenses Gross premiums written and number of policies issued in Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) table 88 Legal expenses Number and amounts of claims paid in legal expenses 107

108 Travel insurance covers risks that result from travel while away from the place of residence and comprises: tourist insurance, travel health insurance, travel assistance insurance and insurance of other tourist risks. Travel Insurance (18) Although this insurance has been offered for a longer time its share in a sevenyear period is insignificant. In 2007 it recorded a considerate leap of the gross premiums written share in the total insurance portfolio which partly resulted from stricter regulations in the tourist business, while in the gross premium written rose by 10.4%, and in by merely 6.4%. Within travel insurance the most represented group of this insurance class is travel health insurance with a 83.25% share (83.24% in ; and 79.40% in 2007) in gross premiums and a 98.87% share in claims paid (in it was 95.16% and 98.13% in 2007). table 89 Travel Gross premiums written for the period 2003 Year Gross Share (%) premiums written Total in EUR 000 Index Non-Life GPW , , , , table 90 Travel Claims paid for the period 2003 Year Claims paid, Share (%) gross amounts Total in EUR 000 Index Non-Life claims , , non-life insurance

109 ,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 EUR graph 45 Travel Gross premiums written and claims paid , , ,846 1,101 5,154 1,520 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 46 Travel Premium share % Share in GPW Share in Non-Life travel insurance 109

110 Code Group of classes/risks Tourist insurance Travel health insurance Travel insurance and assistance while away from domicile or place of residence Insurance of other tourist risks 18 Travel insurance Code Group of classes/risks Tourist insurance Travel health insurance Travel insurance and assistance while away from domicile or place of residence Insurance of other tourist risks 18 Travel insurance 110 non-life insurance

111 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) , , , , , table 91 Travel Gross premiums written and number of policies issued in 18 5, , Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) , , table 92 Travel Number and amounts of claims paid in 18 2, , travel insurance 111

112

113 Life Insurance (19 25) Data for the period source Croatian Financial Services Supervisory Agency; Data for the period 2007 delivered by insurance companies through the web application HUO_Statistika

114 Insurance companies transacting life insurance generated million of gross premiums written in. Compared to it posted a decline of 2.24%. However, compared to the years before when the average premium growth was 17%, in the growth rate in life insurance dropped considerably. This being the consequence of the impact of the global financial crisis which brought to a crisis of the real sector, a drop in new insurances contracts and the increase of cancellation through surrender or commutation. The life premium share in the total market portfolio slightly rose from 26.28% in to 26.44% in. Life Insurance (19 25) In the structure of gross premium compared to the premium share in classic endowment assurance grew by 0.8% (from 86.4% to 86.12%), in supplementary insurance linked with life assurance policies it grew by 0.23%, while the premium share in unit linked insurance fell by 2.23%. It is interesting that the number of investment insurance grew by 11.6% in relation to the year before. A conclusion can be drawn that the interest in investment products though less than in the years before still exists, however, there are less immediate payments which is one of the reasons of premium fall and the change in the portfolio structure to the benefit of classic insurance classes. Besides such change in the portfolio structure is also a result of the financial crisis and loss in contributions to investment funds and consequently the return to more conservative products with guaranteed sums insured. Claims paid in life insurance recorded million in. Compared to they posted a growth of 36.4% mostly as a consequence of a growth of expiries (endowment) of classic life insurance policies and paid out surrender value. The data for Croatia indicate that the premium of life insurance per capita rose from 76 in to 78.3 in while its average in EU countries remained at 850. These data indicate an opportunity for growth and development of life insurance in the Republic of Croatia, which has been recognized by investors and there are more and more insurance companies transacting life insurance. In there were 17 of these insurance companies, during a new company commenced business Societe Generale so that there are 18 companies transacting life insurance. It can be expected that in the coming years and especially after the crises the Life insurance industry shall catch up the same pace of growth like in and gain more importance in the total financial industry. table 93 Life Gross premiums written for the period 2003 Year Gross Share premiums in Total written GPW in EUR 000 Index (%) 183, , , , , , , table 94 Life Claims paid for the period 2003 Year Claims paid, Share gross in Total amounts claims in EUR 000 Index (%) 23, , , , , , , life insurance

115 , , , , , , , ,000 EUR ,932 23, ,831 35, ,295 graph 47 Life Premiums and gross claims paid (in EUR 000) 42, ,985 57, ,269 86, ,857 93, , ,881 Gross premium written in 000 EUR Claims paid, gross amounts in 000 EUR % graph 48 Life Premium growth and gross claims paid index Premium growth index Claims paid index % Life 0.32 % Annuity 6.59 % Supplementary insurance linked with life assurance policies graph 49 Premium structure in 0.41 % Marriage and birth assurance 6.57 % Unit linked 115

116 Code Group of classes/risks Endowment assurance Term assurance Pure endowment assurance Whole life assurance Critical illness assurance Other life assurance 19 Life Life annuity Life annuity with limited duration Other annuities 20 Annuity Supplementary accident insurance (as a supplement to life insurance) Supplementary health insurance (as a supplement to life insurance) Other supplementary insurance of persons (as a supplement to life insurance) 21 Supplementary insurance linked with life assurance policies Marriage and birth assurance 22 Marriage and birth assurance Endowment assurance with units of investment funds Term assurance with units of investment funds Pure endowment assurance with units of investment funds Life assurance with units of investment funds with guarantee payment Other life assurance with units of investment funds 23 Unit linked Tontine 24 Tontine Assurance with paid-up sum assured 25 Assurance with paid-up sum assured 116 life insurance

117 Code Gross premiums Number written of policies in EUR 000 issued Share (%) Share (%) 250, , , , , , , , , , , , table 95 Life Gross premiums written and number of policies issued in , , , , , , , , , , , , , , , , , , , , , , , ,

118 Code Group of classes/risks Endowment assurance Term assurance Pure endowment assurance Whole life assurance Critical illness assurance Other life assurance 19 Life Life annuity Life annuity with limited duration Other annuities 20 Annuity Supplementary accident insurance (as a supplement to life insurance) Supplementary health insurance (as a supplement to life insurance) Other supplementary insurance of persons (as a supplement to life insurance) 21 Supplementary insurance linked with life assurance policies Marriage and birth assurance 22 Marriage and birth assurance Endowment assurance with units of investment funds Term assurance with units of investment funds Pure endowment assurance with units of investment funds Life assurance with units of investment funds with guarantee payment Other life assurance with units of investment funds 23 Unit linked Tontine 24 Tontine Assurance with paid-up sum assured 25 Assurance with paid-up sum assured 118 life insurance

119 Code Claims paid, Number gross of claims amount paid in EUR 000 Share (%) Share (%) 35, , , , , , , , table 96 Life Number and amounts of claims paid in 19 39, , , , , , , , , , ,

120 Code Group of classes/risks Endowment assurance Term assurance Pure endowment assurance Whole life assurance Critical illness assurance Other life assurance 19 Life Life annuity Life annuity with limited duration Other annuities 20 Annuity Supplementary accident insurance (as a supplement to life insurance) Supplementary health insurance (as a supplement to life insurance) Other supplementary insurance of persons (as a supplement to life insurance) 21 Supplementary insurance linked with life assurance policies Marriage and birth assurance 22 Marriage and birth assurance Endowment assurance with units of investment funds Term assurance with units of investment funds Pure endowment assurance with units of investment funds Life assurance with units of investment funds with guarantee payment Other life assurance with units of investment funds 23 Unit linked Tontine 24 Tontine Assurance with paid-up sum assured 25 Assurance with paid-up sum assured TOTAL 120 life insurance

121 Code Number Number of insured of insured persons persons through (active policies) the year on 31st Dec. with residence with residence at home abroad at home abroad 303,338 3, ,187 7, , , , , , , , , , , table 97 Life Number of insured persons in ,152 3, ,902 8, , , , , , ,061 3, ,688 6, , , ,643 3, ,402 6, , , , , , , , , , , , , ,930 6,630 1,419,661 16,

122

123 Insurance and Reinsurance Companies

124 Insurance and Reinsurance Companies!2 This part of the Report provides basic information on the insurance and reinsurance companies active in the Republic of Croatia!3 information relating to the establishment of the companies, their management!4, ownership structure, transacted insurance business, addresses of branch offices, phone and fax numbers and other information as well as basic data on their business activities in. The Report also provides information on mergers, take-overs, changes of corporate names etc., as well as basic information on the companies Société Générale osiguranje d.d. and Victoria osiguranje d.d., that commenced insurance business in the first half of, and information on the Croatian Nuclear Pool. The newly incorporated company Hrvatsko kreditno osiguranje d.d. was granted supervisory authorisation to carry on credit insurance by the Croatian Financial Services Supervisory Agency in September. In, the following insurance and reinsurance companies operated in the Croatian market!5: Agram Life Insurance Co. Ltd.!6 Allianz Zagreb Ltd.!7 Allianz Reinsurance Co. Ltd. Basler Insurance Co. Ltd.!8 Basler Life Insurance Co. Ltd.!9 Cardif Insurance Co. Cosmopolitan Life Vienna Insurance Group Croatia Insurance Co. Ltd. Croatia Health Insurance Co. Ltd. Croatia Lloyd Reinsurance Co. Ltd. Erste Insurance Vienna Insurance Group Euroherc Insurance Co. Ltd. Generali Insurance Co. GRAWE Hrvatska Helios Vienna Insurance Group Hrvatska osiguravajuêa kuêa HOK Insurance Jadransko Insurance Co. KD Life Insurance Kvarner Vienna Insurance Group Merkur Insurance Co. Ltd. Société Générale Insurance Co. Ltd. #0 Sunce Insurance Co. Ltd. #1 Triglav Insurance Co. Ltd. #2 UNIQA Insurance Co. Ltd. VELEBIT Insurance Ltd. #3 VELEBIT LIFE Insurance Ltd. #4 VICTORIA Insurance Ltd. #5 VICTORIA Life Insurance Ltd. #6 Zagreb Insurance Ltd. Basler Insurance Zagreb Ltd. #7 The Croatian legislation provides that insurance business may be carried on by an insurance company with head offices in the Republic of Croatia that was granted supervisory authorisation to write insurance business, a branch of an insurance company from a third country which obtained authorisation to carry out insurance business from the Supervisory Authority and insurance companies from a Member State which pursuant to the Croatian Insurance Law are entitled to carry out insurance business in the territory of the Republic of Croatia either directly or through a branch. An insurance company may be set up either in the form of a joint-stock company or a mutual insurance company, whereas a reinsurance company may only be incorporated as a joint-stock company. 124 insurance and reinsurance companies

125 All of the above insurance and reinsurance companies are joint stock companies established by legal and natural persons from the Republic of Croatia or foreign legal entities. Insurance companies transacting compulsory traffic insurance business are required to be Members of the Croatian Insurance Bureau. The tabular presentations of the gross premiums written by the companies provide a breakdown of comparative data by major business lines. Certain insurance classes have therefore been grouped in the tables as follows: Other Casco include Railway rolling stock (04), Aircraft (05) and Ships (06) Property comprises Fire and natural forces (08) and Other damage to property (09) Other Liability comprising Aircraft liability (11), Liability for ships (12) and General liability (13) Credit, Suretyship and Financial Loss comprises Credit (14), Suretyship (15) and Miscellaneous financial losses (16) Other relates to Goods in transit (7) and Travel insurance (18) Life represents all Life insurance classes!2 Data supplied by the insurance companies and collected through the statistic application of the Croatian Insurance Bureau HUO_Statistika.!3 Information is sourced from the insurance and reinsurance companies.!4 Information on the Management of the Companies as per 1 May 2010.!5 On 24 October 2002 the Commercial court in Split decided on the liquidation of Alpina Insurance Company Ltd. The Croatian Financial Services Supervisory Agency revoked the licence of Addenda Health Insurance Company Ltd. to carry out all insurance business with effect form 6 April The portfolio was transferred to Osiguranje Zagreb d.d.!6 The change of the corporate name Euroherc životno osiguranje d.d. to Agram životno osiguranje d.d. was registered at the Commercial Court in Zagreb on 30 December With effect form 1 January 2006, Sunce Insurance Ltd. transferred its life insurance business to Agram Life Insurance.!7 On 28 January 1999 the old corporate name Adriatic osiguranje d.d. was changed to Allianz Zagreb d.d.!8 On 15 February 2010 the Company merged into Basler osiguranje Zagreb d.d.!9 On 15 February 2010 the Company merged into Basler osiguranje Zagreb The Company commenced underwriting business on 10 September By virtue of the decision of the Commercial court in Zagreb No. Tt-10/ of 11 June 2010, the merger into Helios Vienna Insurance Group Insurance Ltd. was entered into the Court On 1 June the corporate name Erste Sparkassen osiguranje d.d. was changed to Erste osiguranje Vienna Insurance Group The establishment of Generali Insurance Ltd. was entered into the court registrar by decision of the Commercial court in Zagreb passed on 7 August By virtue of the Decision of the Croatian Financial Services Supervisory Agency of 21 December 2006 and according to Decision No. Tt-06/ of the Commercial court in Zagreb passed on 29 December 2006, the Companies Generali Insurance Ltd. and Generali Life Insurance Ltd. merged with Libertas Insurance Ltd. that at the same time was re-named Generali Insurance Co. The take-over of Adria Insurance Ltd. and Slavonija Insurance Ltd. by GRAWE Hrvatska Ltd. was registered at the Commercial Court in Zagreb on 12 December On 15 September the corporate name Osiguranje Helios d.d. was changed to Helios Vienna Insurance Group d.d. za In 2007, the corporate name HOK-osiguranje d.d. was changed to Hrvatska osiguravajuêa kuêa With effect form 23 May 2001, the takeover of Mediteran Insurance Co. Ltd. by Jadransko Insurance Co. Ltd. was registered with the Court Registrar at the Commercial Court in Split. By virtue of the decision of the Commercial court in Split No. Tt-04/ of 29 December 2004, the take-over of Atlas Insurance Co. Ltd. was entered into the Court Registrar. The life insurance portfolio of Atlas Insurance Co. Ltd. was transferred to Euroherc Life On 17 April the Company was granted supervisory authorisation to carry on life insurance business and commenced operating on 5 Following the take-over of Kvarner Insurance Ltd. by Wiener Städtische Insurance Ltd., registered at the Commercial Court in Rijeka on 2 July 2001, the Company changed its name to Kvarner Wiener Städtische Insurance Ltd. on 3 July By Decision of the Commercial Court in Rijeka No. Tt-05/ of 30 December 2005, the takeover of Aurum Wiener Städtische Insurance Co. was entered into the Court Register. The new corporate name Kvarner Vienna Insurance Group Ltd. was registered at the Commercial Court in Rijeka under Tt-07/ on 26 June #0 On 23 December the Company was granted supervisory authorisation to carry on life insurance business and commenced operating on 1 April. #1 On 13 March 2003 the Commercial Court in Zagreb passed the Decision on the liquidation of Poslodavac Mutual Insurance Company. Pursuant to the Act on Amendments to the Health Insurance Act, the portfolio was transferred to Sunce Insurance Co. Ltd. on 1st October The takeover of Veritas Insurance Co. Ltd. was entered in the Court Register based on the Decision of the Commercial Court in Zagreb No. Tt-05/ of 16 November With effect from 1 January 2006, the life insurance portfolio of Sunce Insurance Co. Ltd. was transferred to Agram Life Insurance Co. Ltd. #2 The Company was established in On 1 October 2001 the old corporate name Sava Insurance Ltd. was changed to Triglav Insurance Ltd. #3 The Company commenced operating on 1 January. #4 The Company commenced business activities on 1 December #5 On 4 December the Company was granted supervisory authorisation to carry on insurance business in the classes: Accident, Fire and Natural Forces and Other Damage to Property #6 On 5 June the Company was granted supervisory authorisation to carry on life insurance business and commenced operating on 1 September. #7 Addenda Health Insurance Ltd. transferred its business to Zagreb Insurance Ltd. under the terms of the Portfolio Transfer Contract of 17 May The change of the corporate name Osiguranje Zagreb d.d. to Basler osiguranje Zagreb d.d. was registered at the Commercial Court in Zagreb on 20 October. By Decision of the Commercial Court in Zagreb of 15 February 2010, the takeover of Basler Insurance Co. and Basler Life Insurance Co. was entered into the Court Register. 125

126 table 98 Number of Insurance Undertakings by Ownership and Insurance Business Written domestic$2 foreign$3 Total domestic$2 foreign$3 Total Non-Life Life Composite Reinsurance Total #8 #9 $0 $ Non-Life Life Composite Reinsurance Total #8 #9 $0 $ #8 insurance company authorised to carry on only non-life insurance #9 insurance company authorised to carry on only life insurance $0 insurance company authorised to carry on both life and non-life insurance $1 insurance company carries on reinsurance exclusively $2 insurance companies in majority ownership (over 50%) of domestic natural and legal persons $3 majority (over 50%) foreign-owned insurance companies 126 insurance and reinsurance companies

127 Insurance / Reinsurance Company Agram æivotno osiguranje d.d. Allianz Zagreb d.d. Allianz Reosiguranje d.d. Basler osiguranje d.d. Basler osiguranje Zagreb d.d. Insurance Business Life Composite (Life and Non-Life) Reinsurance Non-Life Composite (Life and Non-Life) table 99 Insurance / Reinsurance Business carried out in 6 Basler æivotno osiguranje d.d. Life 7 Cardif osiguranje d.d. Non-Life 8 Cosmopolitan Life Vienna Insurance Group d.d. Life 9 Croatia osiguranje d.d. Composite (Life and Non-Life) 10 Croatia Lloyd d.d. Reinsurance 11 Croatia zdravstveno osiguranje d.d. Non-Life 12 Erste osiguranje Vienna Insurance Group d.d. Life 13 Euroherc osiguranje d.d. Non-Life 14 Generali osiguranje d.d. Composite (Life and Non-Life) 15 Grawe Hrvatska d.d. Composite (Life and Non-Life) 16 Helios Vienna Insurance Group d.d. Composite (Life and Non-Life) 17 HOK osiguranje d.d. Non-Life 18 Jadransko osiguranje d.d. Non-Life 19 KD æivotno osiguranje d.d. Life 20 Kvarner Vienna Insurance Group d.d. Composite (Life and Non-Life) 21 Merkur osiguranje d.d. Composite (Life and Non-Life) 22 Société Générale osiguranje d.d. Life 23 Sunce osiguranje d.d. Non-Life 24 Triglav osiguranje d.d. Composite (Life and Non-Life) 25 Uniqa osiguranje d.d. Composite (Life and Non-Life) 26 Velebit osiguranje d.d. Non-Life 27 Velebit æivotno osiguranje d.d. Life 28 Victoria osiguranje d.d. Non-Life 29 Victoria æivotno osiguranje d.d. Life Note: bolded companies are Members of the Croatian Insurance Bureau 127

128 Agram æivotno osiguranje d.d. Allianz Zagreb d.d. Basler osiguranje d.d. Basler osiguranje Zagreb d.d. Basler æivotno osiguranje d.d. Cardif osiguranje d.d. Cosmopolitan Life Vienna Insurance Group d.d. Croatia osiguranje d.d. Croatia zdravstveno osiguranje d.d. Erste osiguranje Vienna Insurance Group d.d. Euroherc osiguranje d.d. Generali osiguranje d.d. Grawe Hrvatska d.d. Helios Vienna Insurance Group d.d. HOK osiguranje d.d. Jadransko osiguranje d.d. KD æivotno osiguranje d.d. Kvarner Vienna Insurance Group d.d. Merkur osiguranje d.d. Société Générale osiguranje d.d. Sunce osiguranje d.d. Triglav osiguranje d.d. Uniqa osiguranje d.d. Velebit osiguranje d.d. Velebit æivotno osiguranje d.d. Victoria osiguranje d.d. 128 insurance and reinsurance companies

129 % chart 50 Portfolio Breakdown Life and Non-Life Business Life Non-Life 129

130 Agram æivotno osiguranje d.d. Allianz Zagreb d.d. Basler osiguranje d.d. Basler æivotno osiguranje d.d. Basler osiguranje Zagreb d.d. Cardif osiguranje d.d. Cosmopolitan Life Vienna Insurance Group d.d. Croatia osiguranje d.d. Croatia zdravstveno osiguranje d.d. Erste osiguranje Vienna Insurance Group d.d. Euroherc osiguranje d.d. Generali osiguranje d.d. Grawe Hrvatska d.d. Helios Vienna Insurance Group d.d. HOK osiguranje d.d. Jadransko osiguranje d.d. KD æivotno osiguranje d.d. Kvarner Vienna Insurance Group d.d. Merkur osiguranje d.d. Société Générale osiguranje d.d. Sunce osiguranje d.d. Triglav osiguranje d.d. Uniqa osiguranje d.d. Velebit osiguranje d.d. Velebit æivotno osiguranje d.d. Victoria osiguranje d.d. Victoria æivotno osiguranje d.d. 130

131 131 chart Market Shares Total (in 000) , , , , , , , , , ,000

132 Allianz Zagreb d.d. A Basler osiguranje d.d. The total Non-Life Gross Written Premium includes co-insurance premiums totalling 799,927, by Company: Basler osiguranje Zagreb d.d. 1 Allianz Zagreb d.d. Non-Life GWP includes co-insurance premiums amounting to 52,687 Cardif osiguranje d.d. 2 3 Croatia osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 678,411 Euroherc osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 2,725 Croatia osiguranje d.d. B 4 Generali osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 3,129 Croatia zdravstveno osiguranje d.d. 5 Helios VIG osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 31,637 Euroherc osiguranje d.d. C 6 7 Jadransko osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 17,985 Sunce osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 13,353 Generali osiguranje d.d. D The total Non-Life Gross Written Premium includes co-insurance premiums totalling 812,182, by Company: Grawe Hrvatska d.d. Helios Vienna Insurance Group d.d. E 2 4 Croatia osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 694,647 Generali osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 110,723 HOK osiguranje d.d. 7 Sunce osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 6,812 Jadransko osiguranje d.d. F Kvarner Vienna Insurance Group d.d. Merkur osiguranje d.d. Sunce osiguranje d.d. G Triglav osiguranje d.d. Uniqa osiguranje d.d. Velebit osiguranje d.d. Victoria osiguranje d.d. 132 insurance and reinsurance companies

133 133 chart Market Shares Non-Life (in 000) , , , , , , , , ,000

134 Agram æivotno osiguranje d.d. Allianz Zagreb d.d. Basler osiguranje Zagreb d.d. Basler æivotno osiguranje d.d. Cosmopolitan Life Vienna Insurance Group d.d. Croatia osiguranje d.d. Erste osiguranje Vienna Insurance Group d.d. Generali osiguranje d.d. Grawe Hrvatska d.d. Helios Vienna Insurance Group d.d. KD æivotno osiguranje d.d. Kvarner Vienna Insurance Group d.d. Merkur osiguranje d.d. Société Générale osiguranje d.d. Triglav osiguranje d.d. Uniqa osiguranje d.d. Velebit æivotno osiguranje d.d. Victoria æivotno osiguranje d.d. 134 insurance and reinsurance companies

135 135 chart Market Shares Life (in 000) ,000 40,000 45,000 50,000 55,000 60,000 30, ,000 10,000 15,000 20,000 25,000

136 Insurance Class table 100 Insurance Classes Transacted in 136 insurance and reinsurance companies

137 Company Agram æivotno osiguranje d.d. Allianz Zagreb d.d. Basler osiguranje d.d. Basler osiguranje Zagreb d.d. Basler æivotno osiguranje d.d. Cardif osiguranje d.d. Cosmopolitan Life Vienna Insurance Group d.d. Croatia osiguranje d.d. Croatia zdravstveno osiguranje d.d. Erste osiguranje Vienna Insurance Group d.d. Euroherc osiguranje d.d. Generali osiguranje d.d. Grawe Hrvatska d.d. Helios Vienna Insurance Group d.d. HOK osiguranje d.d. Jadransko osiguranje d.d. KD æivotno osiguranje d.d. Kvarner Vienna Insurance Group d.d. Merkur osiguranje d.d. Société Générale osiguranje d.d. Sunce osiguranje d.d. Triglav osiguranje d.d. Uniqa osiguranje d.d. Velebit osiguranje d.d. Velebit æivotno osiguranje d.d. Victoria osiguranje d.d. Victoria æivotno osiguranje d.d. 137

138 TOTAL LIFE AND NON-LIFE Gross Written Premium Index Share (in ) 09/08 (in %) 32,134,968 31,031, ,743, ,362, ,723,169 3,840, ,073,488 50,533, ,815,571 6,787, ,434,088 4,837, ,198,240 11,913, ,678, ,440, ,071,599 13,216, ,255,041 12,101, ,042, ,192, ,413,121 37,069, ,975,963 56,737, ,644,456 13,628, ,313,890 19,773, ,677,190 90,084, , , ,639,257 73,646, ,425,611 40,320, ,411, ,390,847 24,647, ,482,726 54,511, ,010,606 31,932, ,241,236 7,060, ,082,906 1,350, , ,430 4,245, ,319,712,581 1,282,276, table 101 Market Shares Gross Written Premium by Company Total 138 insurance and reinsurance companies

139 Insurer Agram æivotno osiguranje d.d. Allianz Zagreb d.d. Basler osiguranje d.d. Basler osiguranje Zagreb d.d. Basler æivotno osiguranje d.d. Cardif osiguranje d.d. Cosmopolitan Life Vienna Insurance Group d.d. Croatia osiguranje d.d. Croatia zdravstveno osiguranje d.d. Erste osiguranje Vienna Insurance Group d.d. Euroherc osiguranje d.d. Generali osiguranje d.d. Grawe Hrvatska d.d. Helios Vienna Insurance Group d.d. HOK osiguranje d.d. Jadransko osiguranje d.d. KD æivotno osiguranje d.d. Kvarner Vienna Insurance Group d.d. Merkur osiguranje d.d. Société Générale osiguranje d.d. Sunce osiguranje d.d. Triglav osiguranje d.d. Uniqa osiguranje d.d. Velebit osiguranje d.d. Velebit æivotno osiguranje d.d. Victoria osiguranje d.d. Victoria æivotno osiguranje d.d. Total 139

140 NON-LIFE Gross Written Premium Index Share (in ) 09/08 (in %) The total Non-Life Gross Written Premium includes co-insurance premiums totalling 799,927, by Company: Allianz Zagreb d.d. Non-Life GWP includes co-insurance premiums amounting to 52,687 Croatia osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 678,411 Euroherc osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 2,725 Generali osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 3,129 Helios VIG osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 31,637 Jadransko osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 17,985 Sunce osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 13,353 The total Non-Life Gross Written Premium includes co-insurance premiums totalling 812,182, by Company: Croatia osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 694,647 Generali osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 110,723 Sunce osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 6, ,979,384 88,511, ,723,169 3,840, ,111,126 26,116, ,434,088 4,837, ,125, ,879, ,071,599 13,216, ,042, ,192, ,046,874 22,569, ,588,181 21,448, ,647,774 6,434, ,313,890 19,773, ,677,190 90,084, ,568,093 44,485, ,981,473 4,324, ,390,847 24,647, ,477,159 43,419, ,435,648 15,338, ,241,236 7,060, , ,855, ,199, table 102 Market Shares Gross Written Premium by Company Non-Life 140 insurance and reinsurance companies

141 Insurer LIFE Gross Written Premium Index Share (in ) 09/08 (in %) A B C D E F G Agram æivotno osiguranje d.d. Allianz Zagreb d.d. Basler osiguranje d.d. Basler osiguranje Zagreb d.d. Basler æivotno osiguranje d.d. Cardif osiguranje d.d. Cosmopolitan Life Vienna Insurance Group d.d. Croatia osiguranje d.d. Croatia zdravstveno osiguranje d.d. Erste osiguranje Vienna Insurance Group d.d. Euroherc osiguranje d.d. Generali osiguranje d.d. Grawe Hrvatska d.d. Helios Vienna Insurance Group d.d. HOK osiguranje d.d. Jadransko osiguranje d.d. KD æivotno osiguranje d.d. Kvarner Vienna Insurance Group d.d. Merkur osiguranje d.d. Société Générale osiguranje d.d. Sunce osiguranje d.d. Triglav osiguranje d.d. Uniqa osiguranje d.d. Velebit osiguranje d.d. Velebit æivotno osiguranje d.d. Victoria osiguranje d.d. Victoria æivotno osiguranje d.d. 32,134,968 31,031, ,764,206 45,851, ,962,362 24,417, ,815,571 6,787, ,198,240 11,913, ,552,949 48,560, ,255,041 12,101, ,366,247 14,500, ,387,782 35,289, ,996,682 7,194, , , ,071,165 29,161, ,444,138 35,996, ,411, ,005,568 11,091, ,574,958 16,593, ,082,906 1,350, ,430 4,245, Total 346,856, ,077, table 103 Market Shares Gross Written Premium by Company Life 141

142 Agram životno osiguranje d.d. Code 23 Branch Office: Zagreb, Ulica grada Vukovara 282 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-97/ of 24 June 1997, Court Register No. MBS Supervisory Authorisation: /07-30/20, of 6 December 2007 On 30 December 2005 Euroherc životno osiguranje d.d. changed its name to Agram životno osiguranje d.d. With effect from 1 January 2006, Sunce osiguranje d.d. transferred its life insurance portfolio to Agram životno osiguranje d.d. Transaction Account Number: Kreditna banka Zagreb d.d Ownership Structure: domestic natural and legal persons 100% Chairwoman of the Management Board: Miranda GarofoliÊ-VukiÊ Members of the Management Board: Goran Nadj Chairman of the Supervisory Board: Boæidar Huljev BJELOVAR bjelovar@agramlife.hr TrumbiÊeva 1b, HR Bjelovar Phone / Fax / »AKOVEC cakovec@agramlife.hr Kralja Tomislava 30, HR-40000»akovec Phone / Fax / DUBROVNIK dubrovnik@agramlife.hr Liechensteinov put 12, HR Dubrovnik Phone / Fax / KARLOVAC karlovac@agramlife.hr V. Holjevca 2a, HR Karlovac Phone / Fax / OSIJEK osijek@agramlife.hr Ul. Hrvatske Republike 45, HR Osijek Phone / Fax / PULA pula@agramlife.hr FlanatiËka 33, HR Pula Phone / Fax / RIJEKA rijeka@agramlife.hr Riva 8, HR Rijeka Phone / Fax / SPLIT split@agramlife.hr R. BoπkoviÊa 15, HR Split Phone / Fax / ZADAR zadar@agramlife.hr Obala kneza Branimira 5, HR Zadar Phone / Fax / ZAGREB zagreb@agramlife.hr Ulica grada Vukovara 282, HR Zagreb Phone / Fax / Employees as at 31 December : 61 Number of Branches: insurance and reinsurance companies

143 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Gross Premium Written by Class All Non-Life Life 32,134, ,031, Total 32,134, ,031,

144 Allianz Zagreb d.d. Code 04 Branch Office: Zagreb, Selska Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Fi-9055/91-2 of 20 December 1991, Court Register No. MBS Supervisory Authorisation: UP/I /06-30/50, of 11 October 2007 Transaction Account Number: ZagrebaËka banka d.d Non-Life ZagrebaËka banka d.d Life OSIJEK PULA RIJEKA SPLIT VARAÆDIN ZAGREB 1 ZAGREB 2 Ulica Sv. Ane br. 82b, HR Osijek Phone / Fax / DivkoviÊeva 2c, HR Pula Phone / Fax / A. StarËeviÊa 10-12, HR Rijeka Phone / Fax / PoljiËka 39, HR Split Phone / Fax / Kapucinski trg 5, HR Varaædin Phone / Fax / Vodnikova 13, HR Zagreb Phone / Fax / Vodnikova 13, HR Zagreb Phone / Fax / Ownership Structure: domestic legal persons 16.84% (ZagrebaËka banka d.d.) foreign legal persons 83.16% (Allianz New Europe Holding GmbH) Chairman of the Management Board: Boris GaliÊ Members of the Management Board: Kristijan Buk, Slaven DobriÊ (Sanel VolariÊ and Marijan Kralj until 11 November ) Chairman of the Supervisory Board: Manuel Bauer (as from 8 January 2010) Employees as at 31 December : 1,276 Branches: 7 Offices: 138 * Allianz Zagreb d.d. Non-Life GWP includes co-insurance premiums amounting to 52, insurance and reinsurance companies

145 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 6,244, ,892, , ,095, ,280, ,430, ,718, ,232, ,461, ,070, ,313, ,954, ,280, ,764, ,715, ,187, ,834, Gross Premium Written by Class All Non-Life * Life 94,979, ,511, ,764, ,851, Total 152,743, ,362,

146 Allianz Reosiguranje d.d. Code Zagreb, Selska Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-04/ of 24 December 2004, Court Register No. MBS Supervisory Authorisation: /07-03/01, of 11 October 2007 The Company is authorised to carry on reinsurance business exclusively. Transaction Account Number: ZagrebaËka banka d.d Ownership Structure: domestic legal persons 100% (Allianz Zagreb d.d.) Chairwoman of the Management Board: Vesna SanjkoviÊ (as from 19 October ) Members of the Management Board: Tatjana VujoviÊ, acting Management Board Member (as from 19 October ) Chairman of the Supervisory Board: Slaven DobriÊ (as from 25 November ) Employees as at 31 December : insurance and reinsurance companies

147 EUR Gross Reinsurance Premium Retrocession Premium Retained Premium 276, ,376 22,

148 Basler osiguranje d.d. Code 28 Branch Office: Zagreb, RadniËka cesta 37b Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-00/164-3 of 10 August 2000, Court Register No. MBS OSIJEK RIJEKA SPLIT VARAÆDIN ZAGREB Ribarska 4/II, HR Osijek Phone / Fax / Matije Gupca 13/II, HR Rijeka Phone / Fax / Zrinsko-Frankopanska 64, HR Split Phone / Fax / Trg slobode 10, HR Varaædin Phone / Fax / RadniËka cesta 37b, HR Zagreb Phone / Fax / Supervisory Authorisation: UP/I /07-30/23, of 11 October 2007 The merger of Basler osiguranje d.d. into Basler osiguranje Zagreb d.d. was registered at the Commercial Court in Zagreb on 15 February 2010 under Tt-10/ Transaction Account Number: Societe Generale Splitska banka d.d Ownership Structure: domestic legal persons 6% foreign legal persons 94% (Basler Versicherungs-Gesellschaft - Basel) Chairman of the Management Board: Igor uriê Members of the Management Board: Franz Günter Fetty Chairman of the Supervisory Board: Martin Georg Kampik Employees as at 31 December : 63 Branches: insurance and reinsurance companies

149 ,000 1,200 1,400 1, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 773, , , , ,352, ,376, , , , , Gross Premium Written by Class All Non-Life Life 3,723, ,840, Total 3,723, ,840,

150 Basler životno osiguranje d.d. Code 29 Branch Office: Zagreb, RadniËka cesta 37b Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Company Registration: Commercial Court in Zagreb under Tt-00/163-3 of 21 November 2000, Court Register No. MBS OSIJEK RIJEKA SPLIT VARAÆDIN ZAGREB Ribarska 4/II, HR Osijek Phone / Fax / Matije Gupca 13/II, HR Rijeka Phone / Fax / Zrinsko-Frankopanska 64, HR Split Phone / Fax / Trg slobode 10, HR Varaædin Phone / Fax / RadniËka cesta 37b, HR Zagreb Phone / Fax / Supervisory Authorisation: UP/I /07-30/22, of 11 October 2007 The merger of Basler Life into Basler osiguranje Zagreb d.d. was registered at the Commercial Court in Zagreb on 15 February 2010 under Tt-10/ Transaction Account Number: Societe Generale Splitska banka d.d Ownership Structure: domestic legal persons 6% foreign legal persons 94% (Basler Lebens-Versicherungs-Gesellschaft - Basel) Chairwoman of the Management Board: Monika BrzoviÊ Members of the Management Board: Helmut Litschka (Acting Member), Tihana PopoviÊ (as from 17 February ) Chairman of the Supervisory Board: Martin Georg Kampik Employees as at 31 December : 91 Branches: insurance and reinsurance companies

151 0 2,000 4,000 6,000 8,000 10,000 12, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Gross Premium Written by Class All Non-Life Life 8,815, ,787, Total 8,815, ,787,

152 Basler osiguranje Zagreb d.d. Code 12 Branch Office: Zagreb, RadniËka cesta 37b Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Fi-3811/91-2 of 25 March 1991; County Commercial Court in Zagreb Fi-9182/91-2 of 25 March 1991; Court Register No. MBS Supervisory Authorisation: UP/I /07-30/34, of 7 February The change of the corporate name Osiguranje Zagreb d.d. to Basler osiguranje Zagreb d.d. was registered at the Commercial Court in Zagreb on 20 October under Tt-09/ By Decision of the Commercial Court in Zagreb of 15 February 2010, the takeover of Basler Insurance Co. and Basler Life Insurance Co. was entered into the Court Register. Transaction Account Number: Privredna banka Zagreb d.d Non-Life Erste & Steiermärkische Bank d.d Life Ownership Structure: foreign legal persons 100% (Bâloise - Holding)»AKOVEC DUBROVNIK KARLOVAC KOPRIVNICA OSIJEK PULA RIJEKA SPLIT VUKOVAR ZADAR ZAGREB Matice hrvatske 10, HR-40000»akovec Phone / Fax / Iva VojnoviÊa 52, HR Dubrovnik Phone / Fax / P. R. VitezoviÊa 8, HR Karlovac Phone / Fax / Mihovila Pavleka Miπkine 15, HR Koprivnica Phone / Fax / Æupanijska 19, HR Osijek Phone / Fax / Ciscuttijeva 15, HR Pula Phone / Fax / J. Trdine 2, HR Rijeka Phone / Fax / Zrinsko-Frankopanska 64, HR Split Phone / Fax / K. A. Stepinca 6, HR Vukovar Phone / Fax / VeslaËka 2, HR Zadar Phone / Fax / RadniËka 37B, HR Zagreb Phone / Fax / Chairman of the Management Board: Martin Georg Kampik Members of the Management Board: Damir Rovis Chairman of the Supervisory Board: Lothar Mayrhofer, D.Sc. Employees as at 31 December : 520 Branches: 11 Offices: insurance and reinsurance companies

153 0 4,000 8,000 12,000 16,000 20,000 24,000 28,000 32, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 2,026, ,883, ,539, ,584, ,963, ,782, , , ,035, ,142, ,495, ,649, ,480, ,457, , , , , Gross Premium Written by Class All Non-Life Life 27,111, ,116, ,962, ,417, Total 54,073, ,533,

154 Cardif osiguranje d.d. Code Zagreb, Ivana LuËiÊa 2a Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-07/ of 24 July 2007, Court Register No. MBS Supervisory Authorisation: /07-30/35, of 19 July 2007 Transaction Account Number: ZagrebaËka banka d.d Ownership Structure: foreign legal persons 100% (BNP Paribas Assurance) Chairwoman of the Management Board: Ana IvanËiÊ Members of the Management Board: Æarko FatoviÊ, M.Sc. Chairman of the Supervisory Board: Renaud Dumora Employees as at 31 December : insurance and reinsurance companies

155 0 1,000 2,000 3,000 4,000 5,000 6, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 3,434, ,837, Gross Premium Written by Class All Non-Life Life 3,434, ,837, Total 3,434, ,837,

156 Cosmopolitan Life Vienna Insurance Group d.d. za osiguranje Code Zagreb, JuriπiÊeva 9 Company Reg. No: MB Company ID No: OIB Phone / Fax / uprava@cosmopolitanlife.hr Company Registration: Commercial Court in Zagreb under Tt-98/ of 27 November 1998, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/14, of 6 December 2007 By virtue of the decision of the Commercial court in Zagreb No. Tt-10/ of 11 June 2010, the merger of Cosmopolitan Life Vienna Insurance Group d.d. into Helios Vienna Insurance Group d.d. was entered into the Court Register. Transaction Account Number: Erste & Steiermärkische Bank d.d Ownership Structure: foreign legal persons 100% (Wiener Städtische Versicherung AG VIG) Chairman of the Management Board: Walter Leonhartsberger Members of the Management Board: Ksenija Latin Chairman of the Supervisory Board: Hans Raumauf Employees as at 31 December : 227 Offices: insurance and reinsurance companies

157 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Gross Premium Written by Class All Non-Life Life 11,198, ,913, Total 11,198, ,913,

158 Croatia osiguranje d.d. Code 01 Branch Office: Zagreb, Miramarska 22 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Fi-7361/90-2 of 10 October 1990, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/09, of 6 December 2007 Transaction Account Number: Privredna banka Zagreb d. d Non-Life Privredna banka Zagreb d. d Life Ownership Structure: Republic of Croatia (Croatian Privatisation Fund) 80.27% domestic legal and natural persons 19.73% Chairman of the Management Board: Zdravko ZrinuπiÊ Members of the Management Board: Silvana IvanËiÊ Chairman of the Supervisory Board: Ivan uker Employees as at 31 December : 2,853 Branches: 23 BJELOVAR Trg E. Kvaternika 7, HR Bjelovar bjelovar@crosig.hr Phone / Fax / »AKOVEC Matice Hrvatske 12, HR-40000»akovec cakovec@crosig.hr Phone / Fax / DUBROVNIK Dr. Ante StarËeviÊa 53, HR Dubrovnik dubrovnik@crosig.hr Phone / Fax / GOSPI Popa F. BiniËkog 16, HR GospiÊ gospic@crosig.hr Phone / Fax / KARLOVAC Trg P. Zrinjskog 2, HR Karlovac karlovac@crosig.hr Phone / Fax / KOPRIVNICA Trg bana J. JelaËiÊa 9, HR Koprivnica koprivnica@crosig.hr Phone / Fax / KUTINA kolska ulica 4, HR Kutina kutina@crosig.hr Phone / Fax / OSIJEK Gajev trg 1, HR Osijek osijek@crosig.hr Phone / Fax / POÆEGA Republike Hrvatske 1a, HR Poæega pozega@crosig.hr Phone / Fax / PULA Marka MaruliÊa 1, HR Pula pula@crosig.hr Phone / Fax / RIJEKA Korzo 39, HR Rijeka rijeka@crosig.hr Phone / Fax / SISAK S. i A. RadiÊa 24, HR Sisak sisak@crosig.hr Phone / Fax / SLAVONSKI BROD MaæuraniÊeva 14, HR Slavonski Brod slbrod@crosig.hr Phone / Fax / SPLIT Trg Hrvatske bratske zajednice 8, HR Split split@crosig.hr Phone / Fax / IBENIK S. RadiÊa 9, HR ibenik sibenik@crosig.hr Phone / Fax / VARAÆDIN Kapucinski trg 14, HR Varaædin varazdin@crosig.hr Phone / Fax / VINKOVCI Nazorova 4, HR Vinkovci vinkovci@crosig.hr Phone / Fax / VIROVITICA Trg kralja Tomislava 4, HR Virovitica virovitica@crosig.hr Phone / Fax / ZABOK Matije Gupca 13, HR Zabok zabok@crosig.hr Phone / Fax / ZADAR Obala Kneza Branimira 20, HR Zadar zadar@crosig.hr Phone / Fax / ZAGREB Trg bana J. JelaËiÊa 13, HR Zagreb zagreb@crosig.hr Phone / Fax / ZAGREB COUNTY Trg kralja Tomislava 16, HR Velika Gorica informacije.prsten@crosig.hr Phone / Fax / Transport & Credit Miramarska 22, HR Zagreb Insurance Branch Zagreb Phone / Fax / zagrebpik@crosig.hr * Croatia osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 678,411 Non-Life GWP includes co-insurance premiums amounting to 694, insurance and reinsurance companies

159 0 20,000 40,000 60,000 80, , , , Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 28,870, ,123, ,323, ,331, ,995, ,657, ,568, ,525, ,543, ,935, ,603, ,496, ,763, ,064, ,629, ,630, ,827, ,115, Gross Premium Written by Class All Non-Life * Life 393,125, ,879, ,552, ,560, Total 442,678, ,440,

160 Croatia Lloyd d.d. za reosiguranje Code Zagreb, Ulica grada Vukovara 62 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under I-2139 of 13 February 1991, Court Register No. MBS Supervisory Authorisation: UP/I /07-03/02, of 11 October 2007 Transaction Account Number: Privredna banka Zagreb d.d Ownership Structure: domestic legal persons 96.80% (Croatia osiguranje 94.64%) domestic natural personss 1.10% foreign legal and natural persons 2.10% Chairman of the Management Board: Robert Stude Members of the Management Board: Kitica MioË Chairman of the Supervisory Board: Hrvoje VojkoviÊ Employees as at 31 December : insurance and reinsurance companies

161 EUR Gross Reinsurance Premium Retrocession Premium Retained Premium 65,771,321 41,193,814 24,577,

162 Croatia zdravstveno osiguranje d.d. Code Zagreb, Miramarska 22 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb on 3 March 2004 under Court Register No. MBS Supervisory Authorisation: UP/I /07-30/11, of 6 December 2007 Croatia Health Insurance Ltd. was established in March 2004 as an insurer specialising in voluntary health insurance. Transaction Account Number: Privredna banka Zagreb d.d Ownership Structure: domestic legal persons 100% (until 31 December Croatia osiguranje d.d. 100%, as from 1 January Croatia osiguranje d.d %, Croatia Lloyd d.d %) Chairwoman of the Management Board: Vesna DulibiÊ Members of the Management Board: Josip Kereta, M.Sc. Chairman of the Supervisory Board: Zdravko ZrinuπiÊ Employees as at 31 December : insurance and reinsurance companies

163 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 12,071, ,216, Gross Premium Written by Class All Non-Life Life 12,071, ,216, Total 12,071, ,216,

164 Erste osiguranje Vienna Insurance Group d.d. Code Zagreb, Miramarska 23 Company Reg. No: MB Company ID No: OIB Phone Fax Company Registration: Commercial Court in Zagreb under Tt-05/ of 29 June 2005, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/10, of 18 April 2007 The Company was established in July 2005 as an insurance company specialising in bancassurance distributing life insurance products through the branch network of Erste & Steiermärkische Bank d.d. Until 1 July the company was trading under the name Erste Sparkassen osiguranje d.d. za životno osiguranje. Transaction Account Number: Erste & Steiermärkische Bank d.d. Rijeka Ownership Structure: domestic legal persons 10% foreign legal persons 90% (Vienna Insurance Group Wiener Städtische Versicherung AG) Chairwoman of the Management Board: Snjeæana Bertoncelj Members of the Management Board: Luka MatoπiÊ, M.Sc. Chairman of the Supervisory Board: Hans Raumauf Employees as at 31 December : insurance and reinsurance companies

165 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Gross Premium Written by Class All Non-Life Life 10,255, ,101, Total 10,255, ,101,

166 Euroherc osiguranje d.d. Code 08 Branch Office: Zagreb, Ulica grada Vukovara 282 Company Reg. No: MB Company ID No: OIB Phone / Toll Free Info Phone Fax / Company Registration: Commercial Court in Split, I of 3 November 1992, Court Register No. MBS Supervisory Authorisation: UP/I / , of 6 December 2007 (513-04/92 of 19 October 1992) and UP/I / of 10 September Transaction Account Number: SG Splitska banka d.d. Split Kreditna banka Zagreb d.d Ownership Structure: domestic legal persons 14.08% domestic natural persons 85.92% Chairman of the Management Board: Damir ZoriÊ (as from 1 June ) Members of the Management Board: Darinko IvkoviÊ, Æeljko KordiÊ Chairwoman of the Supervisory Board: Mladenka GrgiÊ Employees as at 31 December : 1035 Branches: 14 Offices: 645 BJELOVAR bj@euroherc.hr»akovec ck@euroherc.hr DUBROVNIK du@euroherc.hr KARLOVAC ka@euroherc.hr OSIJEK os@euroherc.hr PULA pu@euroherc.hr RIJEKA ri@euroherc.hr SISAK sk@euroherc.hr SLAVONSKI BROD sb@euroherc.hr SPLIT st@euroherc.hr VARAÆDIN vz@euroherc.hr VELIKA GORICA vg@euroherc.hr ZADAR zd@euroherc.hr ZAGREB zg@euroherc.hr TrumbiÊeva 1b, HR Bjelovar Phone / Fax / Kralja Tomislava 30, HR-40000»akovec Phone / Fax / Dr. Ante StarËeviÊa 20, HR Dubrovnik Phone / Fax / Prilaz VeÊeslava Holjevca 2a, HR Karlovac Phone / Fax / Ul. Hrvatske Republike 45, HR Osijek Phone / Fax / Matka Laginje 3, HR Pula Phone / Fax / Riva 8, HR Rijeka Phone / Fax / Matije Gupca 12, HR Sisak Phone / Fax / Sjeverna vezna cesta bb, HR Slavonski Brod Phone / Fax / Ruappleera BoπkoviÊa 15, HR Split Phone / Fax / ZagrebaËka 63, HR Varaædin Phone / Fax / Slavka Kolara 17a, HR Velika Gorica Phone / Fax / Obala kneza Branimira 5, HR Zadar Phone / Fax / Ul. grada Vukovara 282, HR Zagreb Phone / Fax / * Euroherc osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 2, insurance and reinsurance companies

167 0 12,500 25,000 37,500 50,000 62,500 75,000 87, , Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 12,835, ,859, , , ,404, ,572, , , ,051, ,088, ,627, ,573, ,393, ,321, , , , , Gross Premium Written by Class All Non-Life * Life 148,042, ,192, Total 148,042, ,192,

168 Generali osiguranje d.d. Code 32 Regional Head Office: Zagreb, Bani 110 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-97/331-2 of 4 February 1997 under corporate name Libertas osiguranje d.d., Court Register No. MBS OSIJEK RIJEKA SPLIT VARAÆDIN ZAGREB Stjepana RadiÊa 16, HR Osijek Phone / Fax / Put Vele crikve 1, HR Rijeka Phone / Fax / Vukovarska 148c, HR Split Phone / Fax / ZagrebaËka 25, HR Varaædin Phone / Fax / RadniËka 48, HR Zagreb Phone / Fax / Supervisory Authorisation: UP/I /06-30/34, of 21 December 2006, UP/I /07-30/57, of 20 December 2007 On 29 December 2006, the companies Generali insurance Ltd. and Generali Life Insurance Ltd. merged with Libertas Insurance Ltd. that was simultaneously renamed Generali Insurance Ltd. Transaction Account Number: Privredna banka Zagreb d.d Non-Life Privredna banka Zagreb d.d Life Ownership Structure: foreign legal persons 100% (Generali PPF Holding B.V. Amsterdam) Chairman of the Management Board: dott. Michele Cirieco Members of the Management Board: Jasminka Horvat MartinoviÊ Chairman of the Supervisory Board: Gregor Pilgram Employees as at 31 December : 537 Branches: 5 Offices: 36 * Generali osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 3,129 Non-Life GWP includes co-insurance premiums amounting to 110, insurance and reinsurance companies

169 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 1,785, ,086, ,754, ,937, ,463, ,997, ,466, ,125, ,041, ,468, ,039, ,399, , , , , Gross Premium Written by Class All Non-Life * Life 19,046, ,569, ,366, ,500, Total 36,413, ,069,

170 GRAWE Hrvatska d.d. Code 13 Regional Centre: Zagreb, Ulica grada Vukovara 5 Company Reg. No: MB Company ID No: OIB Phone / Fax / info@grawe.hr OSIJEK PULA RIJEKA SPLIT Ribarska 10, HR Osijek Phone / Fax / MletaËka 12, HR Pula Phone / Fax / Prolaz M. K. KozuliÊ 1, HR Rijeka Phone / Fax / Sinjska 5, HR Split Phone / Fax / Company Registration: Commercial Court in Zagreb under Fi-13420/93 of 19 July 1993 under corporate name Prima osiguranje d.d., Court Register No. MBS Supervisory Authorisation: UP/I /07-30/13, of 11 October 2007 Transaction Account Number: Hypo-Alpe-Adria-Bank d.d. Zagreb Non-Life Hypo-Alpe-Adria-Bank d.d. Zagreb Life Ownership Structure: foreign legal persons 100% (Grazer Wechselseitige Vers. AG Graz) Chairman of the Management Board: Igor Pureta, MBA Members of the Management Board: Gerald Gröstenberger, M.Sc., MBA; Gernot Reiter, D.Sc. Chairman of the Supervisory Board: Othmar Ederer, D.Sc. Employees as at 31 December : 762 Branches: 2 Offices: insurance and reinsurance companies

171 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 4,727, ,137, , , ,830, ,408, , , ,308, ,023, ,356, ,522, , , , , , , Gross Premium Written by Class All Non-Life Life 22,588, ,448, ,387, ,289, Total 58,975, ,737,

172 Helios Vienna Insurance Group d.d. za osiguranje Code 11 Regional Head Office: Zagreb, PoljiËka ulica 5 Company Reg. No: MB Company ID No: OIB Phone / Toll Free Info Phone Fax / osiguranje@helios.hr Company Registration: Commercial Court in Zagreb under Fi-9351/92 on 9 September 1991, Court Register No. MBS OSIJEK osijek@helios.hr RIJEKA rijeka@helios.hr SPLIT split@helios.hr VARAÆDIN varazdin@helios.hr ZAGREB zagreb@helios.hr Stjepana RadiÊa 10, HR Osijek Phone / Fax / Ærtava faπizma 1, HR Rijeka Phone / Fax / PoljiËka cesta 39, HR Split Phone / Fax / BraÊe RadiÊ 6, HR Varaædin Phone / Fax / PoljiËka 5, HR Zagreb Phone / Fax / Supervisory Authorisation: UP/I /07-30/24, of 6 December 2007 Transaction Account Number: Erste & Steiermärkische Bank d.d Non-Life Erste & Steiermärkische Bank d.d Life Ownership Structure: foreign legal persons 100% Chairman of the Management Board: Ewald Felbar Members of the Management Board: Azem RakoviÊ Chairman of the Supervisory Board: Hans Raumauf Employees as at 31 December : 232 Branches: 5 Offices: 27 * Helios VIG osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 31, insurance and reinsurance companies

173 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 585, , ,141, ,007, , , ,484, ,245, ,888, ,246, , , , , , , Gross Premium Written by Class All Non-Life * Life 8,647, ,434, ,996, ,194, Total 15,644, ,628,

174 Hrvatska osiguravajuća kuća d.d. Code 30 Head Office: Zagreb, Ivana LuËiÊa 2a Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-00/ of 18 July 2001, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/32 and UP/I /07-30/21 of 15 March 2007 Transaction Account Number: ZagrebaËka banka d.d. Zagreb OSIJEK PULA RIJEKA SPLIT VARAÆDIN ZADAR ZAGREB Ivana GunduliÊa 128, HR Osijek Phone / Fax / Pazinska 19, HR Pula Phone / Fax / OsjeËka 50, HR Rijeka Phone / Fax / Boktuljin put bb, HR Split Phone / Fax / Miroslava Krleæe bb, HR Varaædin Phone / Fax / Zrinsko Frankopanska 40, HR Zadar Phone / Fax / Ivana LuËiÊa 2a (Eurotower), HR Zagreb Phone / Fax / Ownership Structure: domestic legal persons 100% Chairman of the Management Board: Hrvoje PeziÊ Members of the Management Board: Ljilja Vasilj StarËiÊ Chairman of the Supervisory Board: Marijan KostrenËiÊ Employees as at 31 December : 179 Branches: 7 Offices: insurance and reinsurance companies

175 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 584, , , , ,615, ,409, , , , , ,328, ,249, ,055, ,219, , , , , Gross Premium Written by Class All Non-Life Life 14,313, ,773, Total 14,313, ,773,

176 Jadransko osiguranje d.d. Code 06 Branch Office: Zagreb, Listopadska 2 Company Reg. No: MB Company ID No: OIB Phone / Fax / jadransko@jadransko.hr Company Registration: Commercial Court in Split, Fi-3424/9 of 21 August 1991, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/15, of 6 December 2007 Transaction Account Number: SG Splitska banka d.d Kreditna banka Zagreb d.d Ownership Structure: domestic legal and natural persons 95% foreign legal persons 5% KOPRIVNICA kc@jadransko.hr OSIJEK os@jadransko.hr PULA pu@jadransko.hr RIJEKA ri@jadransko.hr SISAK sk@jadransko.hr SPLIT st@jadransko.hr IBENIK πi@jadransko.hr ZAGREB zg@jadransko.hr KriæevaËka 13, HR Koprivnica Phone / Fax / GunduliÊeva 5b, HR Osijek Phone / Fax / Industrijska 15c, HR Pula Phone / Fax / Riva 8, HR Rijeka Phone / Fax / Ante StarËeviÊa 5, HR Sisak Phone / Fax / Put Supavla 1, HR Split Phone / Fax / Put Bioca 27, HR ibenik Phone / Fax / Listopadska 2, HR Zagreb Phone / Fax / Chairwoman of the Management Board: Sanja oriê, M.Sc. Members of the Management Board: Ivan PeniÊ Chairman of the Supervisory Board: Æarko Bubalo Employees as at 31 December : 757 Branches: 8 * Jadransko osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 17, insurance and reinsurance companies

177 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 6,439, ,282, , , ,372, ,308, , , ,544, ,247, ,392, ,108, ,841, ,639, , , , , Gross Premium Written by Class All Non-Life * Life 92,677, ,084, Total 92,677, ,084,

178 KD životno osiguranje d.d. Code Zagreb, RadniËka cesta 39 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-08/ of 5 May, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/65, of 17 April KD Life Insurance Co. Ltd. was granted supervisory authorisation to carry on life insurance business on 17 April and commenced operating on 5 May Transaction Account Number: Privredna banka Zagreb d.d Ownership Structure: foreign legal persons 100% Chairman of the Management Board: Neven Tiπma Members of the Management Board: Andreja RadiÊ Chairwoman of the Supervisory Board: Mateja KeræiÊ Employees as at 31 December : insurance and reinsurance companies

179 0 100, , , , , , , , Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Gross Premium Written by Class All Non-Life Life 110, , Total 110, ,

180 Kvarner Vienna Insurance Group d.d. za osiguranje Code 21 Branch Office: Rijeka, OsjeËka 46 Company Reg. No: MB Company ID No: OIB Head Office Rijeka Phone / Fax / Head Office Zagreb Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-95/ of 28 December 1995, currently registered at the Commercial Court in Rijeka, Court Register No. MBS DUBROVNIK ISTRA OSIJEK RIJEKA SPLIT VARAÆDIN ZAGREB Iva VojnoviÊa 13, HR Dubrovnik Phone / Fax / MaruliÊeva 12, HR Pula Phone / Fax / A. Reisnera 113a, HR Osijek Phone / Fax / OsjeËka 46, HR Rijeka Phone / Fax / MaæuraniÊevo πetaliπte 53a, HR Split Phone / Fax / Vladimira Nazora 2, HR Varaædin Phone / Fax / Slovenska 24, HR Zagreb Phone / Fax / Supervisory Authorisation: UP/I /07-30/16, of 6 December 2007 Transaction Account Number: Erste & Steiermärkische Bank d.d Non-Life Erste & Steiermärkische Bank d.d Life Ownership Structure: domestic legal and natural persons 1.25% foreign legal persons 98.75% Chairman of the Management Board: Igor JeliËiÊ Members of the Management Board: Zorislav Staπek, Kreπimir Kolar Chairman of the Supervisory Board: Hans Raumauf Employees as at 31 December : 636 Branches: 7 Offices: insurance and reinsurance companies

181 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 3,599, ,015, , , ,421, ,738, ,317, ,431, ,138, ,693, ,399, ,905, ,926, ,563, , ,302, , , , , Gross Premium Written by Class All Non-Life Life 45,568, ,485, ,071, ,161, Total 73,639, ,646,

182 Merkur osiguranje d.d. Code 15 Branch Office: Zagreb, Ulica grada Vukovara 237 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-96/19-2 of 11 January 1996, Court Register No. MBS Supervisory Authorisation: /95-1 of 12 December 1995; UP/I /07-30/16, of 6 December 2007»AKOVEC cakovec@merkur.hr OSIJEK osijek@merkur.hr PULA pula@merkur.hr RIJEKA rijeka@merkur.hr SPLIT split@merkur.hr VARAÆDIN varazdin@merkur.hr Matice Hrvatske 6, HR-40000»akovec Phone / Fax / J. J. Strossmayera 4, HR Osijek Phone / Fax / RadniËka 12, HR Pula Phone / Fax / Dolac 7, HR Rijeka Phone / Fax / Poljana kneza Trpimira 4-5, HR Split Phone / Fax / BraÊe RadiÊ 1, HR Varaædin Phone / Fax / Transaction Account Number: Raiffeisenbank Austria d.d. Zagreb Non-Life SG Splitska banka d.d Life Ownership Structure: foreign legal persons 100% (Merkur Versicherung AG Graz) Chairman of the Management Board: Darko Cesar, M.Sc. Members of the Management Board: Zdenka Rizman, Milan KrizmaniÊ Chairman of the Supervisory Board: Wolfgang Krug, M.Sc. (until 22 April 2010 Alois Sundl) Employees as at 31 December : 190 Branches: 6 Sales Offices: insurance and reinsurance companies

183 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 799, , , , ,124, ,416, , , , , , , Gross Premium Written by Class All Non-Life Life 3,981, ,324, ,444, ,996, Total 40,425, ,320,

184 Société Générale osiguranje d.d. Code 42 Branch Office: Zagreb, Ulica grada Vukovara 284 A Company Reg. No: MB Company ID No: OIB ZAGREB Ulica grada Vukovara 284 A, HR Zagreb Phone / Fax / Phone / Fax / info@sgosiguranje.hr Company Registration: Commercial Court in Zagreb under Tt-09/ of 18 March, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/64, of 23 December Société Générale Insurance Co. Ltd. was granted supervisory authorisation to carry on life insurance business on 23 December and commenced operating on 1 April Transaction Account Number: Splitska banka d.d Ownership Structure: domestic legal persons 49% foreign legal persons 51% Chairman of the Management Board: Gael Loaec Members of the Management Board: Mladen GavranËiÊ Chairman of the Supervisory Board: Pascal Bied-Charreton Employees as at 31 December : 9 Branches: insurance and reinsurance companies

185 ,200 1,600 2,000 2,400 2,800 3, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Gross Premium Written by Class All Non-Life Life ,00 - Total ,00-185

186 Sunce osiguranje d.d. Code 19 Branch Office: Zagreb, Trnjanska cesta 108 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-96/ on 30 August 1996, Court Register No. MBS OSIJEK RIJEKA SPLIT ZADAR ZAGREB amaëka 1, HR Osijek Phone / Fax / Riva 8, HR Rijeka Phone / Fax / PoljiËka cesta 32, HR Split Phone / Fax / Obala Kneza Branimira 5, HR Zadar Phone / Fax / Trnjanska cesta 108, HR Zagreb Phone / Fax / Supervisory Authorisation: UP/I /07-30/18, of 6 December 2007 Transaction Account Number: Kreditna banka Zagreb d.d Ownership Structure: domestic legal persons 69% domestic natural persons 31% Chairwoman of the Management Board: Ivana BrataniÊ Members of the Management Board: Nikica Mia VukπiÊ, M.Sc. Chairwoman of the Supervisory Board: Alenka Pezo Employees as at 31 December : 128 Branches: 5 Offices: 8 * Sunce osiguranje d.d. Non-Life GWP includes co-insurance premiums amounting to 13,353 Non-Life GWP includes co-insurance premiums amounting to 6, insurance and reinsurance companies

187 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 530, , ,131, ,389, ,130, , , , ,064, ,857, ,336, ,355, , , , , , , Gross Premium Written by Class All Non-Life * Life 25,390, ,647, Total 25,390, ,647,

188 Triglav osiguranje d.d. Code 02 Branch Office: Zagreb, Antuna Heinza 4 Company Reg. No: MB Company ID No: OIB Phone / Fax / centrala@triglav-osiguranje.hr Company Registration: Commercial Court in Rijeka, Fi of 26 July 1993, Court Register No. MBS Supervisory Authorisation: /92/3 of 14 December 1992; UP/I /07-30/33, of 17 July Transaction Account Number: Erste & Steiermärkische bank d.d Non-Life ZagrebaËka banka d.d Life»AKOVEC cakovec@triglav-osiguranje.hr KOPRIVNICA koprivnica@triglav-osiguranje.hr OSIJEK osijek@triglav-osiguranje.hr PULA pula@triglav-osiguranje.hr RIJEKA rijeka@triglav-osiguranje.hr SPLIT split@triglav-osiguranje.hr VARAÆDIN varazdin@triglav-osiguranje.hr ZAGREB zagreb@triglav-osiguranje.hr Ærtava faπizma 1, HR-40000»akovec Phone / Fax / TaraπÊice 20, HR Koprivnica Phone / Fax / Trg Lava Mirskog 3, HR Osijek Phone / Fax / Trierska 4, HR Pula Phone / Fax / E. BarËiÊa 3, HR Rijeka Phone / Fax / LiËka 4, HR Split Phone / Fax / Alojzija Stepinca 7, HR Varaædin Phone / Fax / Republike Austrije 1, HR Zagreb Phone / Fax / Ownership Structure: Zavarovalnica Triglav d.d., Ljubljana 99.55% Others 0.45% Chairman of the Management Board: Kreπimir JeliÊ Members of the Management Board: Igor krgatiê, Marin Matijaca Authorized Representative (Procurist): Igor Bratina Chairman of the Supervisory Board: Blaæ Brodnjak Office: ZADAR zadar@triglav-osiguranje.hr Obala kneza Branimira 9, HR Zadar Phone / Fax / Employees as at 31 December : 663 Branches: 8 Offices: insurance and reinsurance companies

189 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 2,463, ,405, , , ,249, ,158, , , ,824, ,919, ,852, ,239, ,356, ,606, , , , , , , Gross Premium Written by Class All Non-Life Life 40,477, ,419, ,005, ,091, Total 51,482, ,511,

190 UNIQA osiguranje d.d. Code Zagreb, Savska cesta 106 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-99/ of 3 June 1999, Court Register No. MBS Supervisory Authorisation: /07-30/02, of 11 October 2007 Transaction Account Number: Raiffeisenbank Austria d.d. Zagreb Non-Life Raiffeisenbank Austria d.d. Zagreb Life Ownership Structure: foreign legal persons 80% (UNIQA International Versicherungs-Holding GmbH) EBRD (European Bank for Reconstruction and Development) 20% Chairman of the Management Board: Saπa Krbavac Members of the Management Board: Tatjana RaËiÊ-Ælibar, M.Sc.; Mario KovaË Chairman of the Supervisory Board: Gottfried Karl Wanitschek, D.Sc. Employees as at 31 December : 372 Sales Offices: insurance and reinsurance companies

191 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 2,142, ,170, , , ,888, ,097, , , ,488, ,154, ,994, ,855, , , , , , , Gross Premium Written by Class All Non-Life Life 12,435, ,338, ,574, ,593, Total 25,010, ,932,

192 VELEBIT osiguranje d.d. Code Zagreb, Savska 144a Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-07/ on 10 September 2007, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/36, of 23 August 2007 VELEBIT Insurance Ltd. commenced insurance business on 1 January Transaction Account Number: Podravska banka d.d Ownership Structure: domestic legal and natural persons 100% Chairman of the Management Board: Draæen KuliÊ Members of the Management Board: Kreπimir VrbiÊ Chairman of the Supervisory Board: Milan Virπek Employees as at 31 December : 213 Branches: 8 Offices: insurance and reinsurance companies

193 ,000 1,500 2,000 2,500 3,000 3,500 4,000 4, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other 191, , ,349, ,477, , , , , ,828, ,220, , , , , , Gross Premium Written by Class All Non-Life Life 5,241, ,060, Total 5,241, ,060,

194 VELEBIT životno osiguranje d.d. Code Zagreb, Savska 144a Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-07/ of 10 September 2007, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/39, of 23 August 2007 VELEBIT LIFE Insurance Ltd commenced insurance business on 1 December Transaction Account Number: Podravska banka d.d Ownership Structure: domestic legal and natural persons 100% Chairman of the Management Board: Tibor Kralj Members of the Management Board: Kristina CvitanoviÊ-ZoriÊ Chairman of the Supervisory Board: Rok Moljk Employees as at 31 December : 180 Branches: 8 Offices: insurance and reinsurance companies

195 ,000 1,200 1,400 1, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Gross Premium Written by Class All Non-Life Life 1,082, ,350, Total 1,082, ,350,

196 VICTORIA osiguranje d.d. Code Zagreb, RadniËka cesta 80/16 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb on 2 January, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/62, of 4 December VICTORIA Insurance Co. Ltd. was granted supervisory authorisation to carry on insurance business in the classes: Accident, Fire and Natural Forces and Other Damage to Property on 4 December Transaction Account Number: Volksbank d.d Ownership Structure: domestic legal persons 5% foreign legal persons 95% Chairwoman of the Management Board: Ksenija SanjkoviÊ Members of the Management Board: Petra Barth Chairman of the Supervisory Board: Ingo Lorenzoni Employees as at 31 December : 4 Branches: insurance and reinsurance companies

197 0 2,000 4,000 6,000 8,000 10,000 12, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other , , , , , , , , , ,00 - Gross Premium Written by Class All Non-Life Life , ,00 - Total ,

198 VICTORIA životno osiguranje d.d. Code Zagreb, RadniËka cesta 80/16 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Tt-08/ of 30 June, Court Register No. MBS Supervisory Authorisation: UP/I /07-30/63, of 5 June VICTORIA Life Insurance Co. Ltd. was granted supervisory authorisation to carry on life insurance business on 5 June and commenced operating on 1 September Transaction Account Number: Volksbank d.d Ownership Structure: domestic legal persons 5% foreign legal persons 95% Chairman of the Management Board: Dalibor urkan Members of the Management Board: Karl Vosatka, Deputy Board Member Chairman of the Supervisory Board: Thomas Schöllkopf Employees as at 31 December : 4 Branches: insurance and reinsurance companies

199 ,000 1,500 2,000 2,500 3,000 3,500 4,000 4, Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Life Index EUR % EUR % / Accident Health Motor Casco Other Casco Property Motor TPL Other Liability Credit, Suretyship and Financial Loss Legal Expenses Other Gross Premium Written by Class All Non-Life Life 133, ,245, ,181.6 Total 133, ,245, ,

200 Hrvatski nuklearni pool GIU Zagreb, Ulica grada Vukovara 62 Company Reg. No: MB Company ID No: OIB Phone / Fax / Company Registration: Commercial Court in Zagreb under Fi-7198/94, Court Register No. MBS The Croatian Nuclear POOL (hereinafter: POOL) was established in May 1977 as a business association with the purpose of insuring nuclear plants. Since December 1998, the Croatian Nuclear POOL operates as an economic interest grouping (GIU). Transaction Account Number: Privredna banka Zagreb d.d Members of the POOL: Allianz Zagreb d.d. Croatia Lloyd d.d. za reosiguranje Croatia osiguranje d.d. Generali osiguranje d.d. Helios Vienna Insurance Group d.d. Triglav osiguranje d.d. In accordance with the Memorandum of Association, the Members of the POOL jointly assume extraordinary risks with respect to the insurance, co-insurance and reinsurance of nuclear plants, i.e. domestic and foreign risks with regard to the exploitation of nuclear power for peacetime purposes. The POOL s Profit and Loss Account for : Total Income 17,619, HRK Total Expenditure 17,584, HRK Profit 34, HRK Management: Nikola RendiÊ-MioËeviÊ, Manager of the POOL (until 30 September Bruno Sladonja) Supervisory Board: Robert Stude, Chairman Employees as at 31 December : insurance and reinsurance companies

201 Insurance Domestic Risks Reinsurance Foreign Risks Members EUR % EUR % Croatia Croatia Lloyd Allianz Zagreb Triglav Generali Helios VIG 4,500, ,500, ,100, ,100, , , , , , , , , POOL Capacity for Total 7,250, ,250,

202

203 The Croatian Insurance Bureau in