Allianz Hungária Zrt. Annual Report 2010

Transcription

1 Allianz Hungária Zrt. Annual Report

2 2 Main indicators Allianz Hungária Zrt Change Change HUF million EUR million % HUF million EUR million % HUF million EUR million Gross premium income 185, , ,9 167, Gross claims paid 95, , , Gross investment income 9, , , Registered capital 4, , , Equity 54, , , Retained profit for the year 1, , , Net technical reserves 226, , , Technical reserves following investments made for the benefit of life policyholders 33, , , Total technical reserves 259, , The revaluation of the Hungarian currency figures was done according to the MNB middle rate of exchange on 31 December 2010, 31 December 2009 and 31 December 2008.

3 3 Welcome by 45.5 percent, from 34.3 billion Forints to 49.9 billion Forints as compared to the previous year, primarily due to the sales of the dynamically growing single premium products. As a result, the company went from the fifth to the second place in the life market in a mere one-year period, with its 11.3 percent market share. The non-life branch achieved a premium income of billion Forints, which means a meaningful decrease as compared to the result of This can mainly be put down to the nearly 10 percent decrease in the motor vehicle market. The falling volumes in the sale of new cars caused by plummeting spending resulted in the further reduction of the market of comprehensive (casco) policies and this also affected the market of motor third party liability. In the case of the latter, the general premium level also fell. However, in the case of Allianz Hungária, the portfolio restructuring that was started earlier and the product developments adjusted to the changed circumstances meant that our company still keeps its market-leading position with significant advantages in the area of non-life policies, with its 29.2 percent market share. Kisbenedek Péter Chairman of the Board of Management and CEO Dear Partners and Clients, The market has seen a year replete with challenges and unexpected events. The premium income of the sector was billion Forints in 2010, which represents a 1.6 percent increase on the billion Forint premium income of The life branch was the most successful area with its increase of 7.7 percent, while the non-life branch decreased by 4.4 percent last year. The natural disasters, the protraction of the economic crisis, as well the considerable amount of special tax payable by the financial institutions have had an overall adverse effect on the business of Allianz Hungária as well. Gross premium income was billion Forints in 2010, which means a 1 percent growth as compared to the previous year, despite the negative external conditions. Thus, the company is still keeping its market-leading position with its 19.8 percent market share. Allianz Hungária has achieved outstanding results in the area of life, where premium income rose In the year 2010, Allianz Hungária started a digital shift, through which the various on-line solutions received an ever increasing role in serving our customers. This started by the introduction of the e-mtpl product, which is primarily targeted at those old and new customers who have internet connection and would like to administer their -related issues via the internet. Now, it is not only the conclusion of the contracts that is possible in an easy and convenient way through the internet but some further administration is allowed as well: contracts can be amended, premiums can be paid and claims can be reported electronically, through the client portal. One of the most outstanding events of the previous year was the sale of Allianz Bank to FHB Mortgage Bank. As a result of the 20-year agreement of strategic cooperation that was concluded between the two companies, our clients may get access to the financial solutions, banking and services and products offered by the two groups of companies through FHB s enlarged branch network. The previous year also proved that our company may be relied on even in the most unexpected situations. At 1 Figure adjusted by Wabard s 2009 premium income

4 4 the time of the grave damages caused by the floods and tempests, which were of an extent that had not been experienced for a long time, our company continued to stand by its clients as a reliable partner. In 2010, some 40 thousand storm-related claims were reported to Allianz Hungária, which were rapidly settled by our experts on a high professional standard. The fine-tuning of the new organizational setup, the consolidation of the new operational models and processes, as well as the strengthening of cooperation between the individual business areas were resumed. One of the key milestones of these efforts was the move of the company to a new head office in The environmentally friendly office building is a symbol not only of our commitment to the fight against climate change but also, it allows all the organizational units to work in the same building, due to which communication became faster and more efficient. All in all, this means that, besides keeping its market position, Allianz Hungária successfully achieved such a new business balance which makes the operation of the upcoming years sustainable. The developments and modernizations performed last year, in turn, give us a strong basis for closing the year 2011 even more successfully and for achieving further success in both the life and non-life branches of the sector. The favorable effects of all these will gradually become tangible for everybody in the near future. Our main task will be to make our clients feel every day that they made a good decision when they chose Allianz Hungária as their partner in all walks of life. Dated at Budapest, in June 2011 Kind regards, Péter Kisbenedek Chairman-Chief Executive Officer

5 5 Supervisory Board and Board of Directors Supervisory board Dr. Werner Zedelius Chairman of the Supervisory Board, Allianz Hungária Zrt. Dr. József Herold Member of the Supervisory Board, Allianz Hungária Zrt. Manuel Bauer Member of the Supervisory Board, Allianz Hungária Zrt. Board of directors Péter Kisbenedek Chairman of the Board of Management and CEO Andrea Horváth Non-life business Zoltán Pásti Sales and network András Kozek Investments, life and pension Ildikó Láng Finance István Végh Operation and IT

6 6 Balance sheet and profit and loss statement of Allianz Hungária Zrt.

7 7 Balance sheet at 31 December, 2010 * Assets HUF million HUF million HUF million HUF million HUF million Life Non-life Non business Total A Intangible assets 3, , ,240 B Investments (financial assets) (I-VI) 271,023 71, ,871 1, ,258 C I. Land and buildings 11, , ,416 II. Investments in related companies 24, ,642 1,000 5,642 III. Other investments 235,444 71, , ,083 IV. Deposit receivables from re business assumed V. Adjustments for investments VI. Valuation difference for investments Investments made for the benefit of life policyholders who bear the investment risk 47,231 44, ,365 D Receivables 10, ,964 2,251 12,778 E Other assets 4,088 2,157 3, ,148 F Prepaid expenses and accrued income 13,651 3,236 7, ,003 Total assets (A+B+C+D+E+F) 350, , ,824 3, ,792 Equity and liabilities HUF million HUF million HUF million HUF million HUF million Life Non-life Non business Total A Equity (I-VII) 56,219 12,611 36,855 2,193 51,659 I. Registered capital 4, , ,266 II. Registered but unpaid capital (-) III. Capital reserve 11,145 4,666 6, ,145 IV. Accumulated profit reserve (±) 39,410 7,156 32,069 1,583 40,808 V. Non-distributable reserve VI. Valuation reserve VII. Retained profit (±) 1, , ,560 B Subordinated loan capital C Technical reserves 220,138 62, , ,056 D Technical reserves for investments executed for life policyholders who carry the investment risk (unit-linked) 47,231 44, ,365 E Provisions ,047 F Deposit receivables from re business ceded 1, G Liabilities 18, ,504 1,071 11,330 H Accrued expenses and deferred income 6,856 1,416 4, ,243 Total equity and liabilities (A+B+C+D+E+F+G+H) 350, , ,824 3, ,792 *The summary includes the lines marked with letters in the Balance Sheet described in Annex 1 of the Government Decree 192/2000; in case of equity and investment positions, the summary represents the lines marked with Roman numerals in the Decree.

8 8 Profit and Loss Statement at 31 December, 2010 * HUF millon HUF millon HUF millon HUF millon Life Non-life Total A 01. Net earned premiums, without re 153,625 49, , ,739 Gross premiums 165,502 49, , ,074 Gross premiums ceded (-) 10, ,938 15,974 Net change in reserves for unearned premiums (±) Allocated investment return to policyholders ,103 1, Technical income from investments 6,803 7, , Investment income allocated from life (-) Non-realised income from investments 8,338 2, , Other technical income Claim expenses 86,404 54,667 63, ,445 Claims paid and settlement costs 94,944 54,093 73, ,989 Change in reserves for outstanding claims (±) -8, ,118-9, Change in actuarial reserves (±) ,781 1,565-2, Change in other technical reserves (±) 15,470-2,383-2,051-4, Net operating costs 42,986 8,710 31,106 39,816 Acquisition costs 31,304 7,339 20,308 27,647 Administrative expenses 13,690 1,372 12,479 13,851 Commissions and profit sharings assumed from reinsurers (-) 2, ,681 1, Investment expenses 1, Non-realised losses from investments 4, Other technical expenses 2, ,716 1,947 TECHNICAL RESULT ( ±08± ) 16, ,173 7, Net investment income 19,446 22, Investment expenses 21,889 22,908 I. Investment profit (+14-15) -2, Other income 1,633 2, Other expenses 5,506 14,091 II. Result of other non-technical activities (+16-17) -3,873-11,640 B Profit from ordinary activities (+A+I+II) 9,747-4, Extraordinary income Extraordinary costs III. Extraordinary result (+18-19) C PRE-TAX PROFIT (+B+III) 9,712-4,528 IV. Tax payable 2, D PROFIT AFTER TAX (+C-IV) 7,578-4,560 V. Payment of dividends and shares from profit reserve 0 0 VI. Dividend and shares paid (approved) 6,180 0 E RETAINED PROFIT FOR THE YEAR (+D+V-VI) 1,398-4,560 *The lines of the Income Statement correspond to the regulation of 192/2000. Government Decree with the difference that the life and non-life segments are presented side by side.

9 9 Balance sheet in euros at 31 December, 2010 Assets s 000s 000s 000s 000s Life Non-life Non business Total A Intangible assets 14, , ,798 B Investments (financial assets) (I-VI) 1,000, , ,815 3, ,499 C I. Land and buildings 42, , ,241 II. Investments in related companies 88, ,653 3,587 20,240 III. Other investments 869, , , ,599 IV. Deposit receivables from re business assumed V. Adjustments for investments VI. Valuation difference for investments Investments made for the benefit of life policyholders who bear the investment risk 174, , ,155 D Receivables 40,382 2,023 35,745 8,076 45,844 E Other assets 15,093 7,738 14, ,055 F Prepaid expenses and accrued income 50,401 11,610 27, ,474 Total assets (A+B+C+D+E+F) 1,295, , ,508 11,774 1,150,825 Equity and liabilities s 000s 000s 000s 000s Life Non-life Non business Total A Equity (I-VII) 207,573 45, ,215 7, ,325 I. Registered capital 15, ,304 II. Registered but unpaid capital (-) III. Capital reserve 41,148 16,737 22, ,980 IV. Accumulated profit reserve (±) 145,513 25, ,045 5, ,399 V. Non-distributable reserves VI. Valuation reserve VII. Retained profit (±) 5, ,370 1,872-16,358 B Subordinated loan capital C Technical reserves 812, , , ,212 D Technical reserves for investments executed for life policyholders who carry the investment risk (unit-linked) 174, , ,155 E Provisions 3, , ,754 F Deposit receivables from re business ceded 4, G Liabilities 67,444 2,711 34,092 3,843 40,646 H Accrued expenses and deferred income 25,313 5,082 17, ,400 Total equity and liabilities (A+B+C+D+E+F+G+H) 1,295, , ,508 11,774 1,150,825 The revaluation of the Hungarian currency figures was done according to the National Bank of Hungary middle rate of exchange on 31 December 2010 and 31 December 2009.

10 10 Profit and Loss Statement in euros at 31 December, s 000s 000s 000s Life Non-life Total A 01. Net earned premiums, without re 567, , , ,354 Gross premiums 611, , , ,370 Gross premiums ceded (-) 39, ,177 57,305 Net change in reserves for unearned premiums (±) 4, ,792-2, Allocated investment return to policyholders ,955 3, Technical income from investments 25,115 26, , Investment income allocated from life (-) 2,805 3, , Non-realised income from investments 30,787 8, , Other technical income 1,333 1,146 1,528 2, Claim expenses 319, , , ,911 Claims paid and settlement costs 350, , , ,152 Change in reserves for outstanding claims (±) -31,531 2,058-36,299-34, Change in actuarial reserves (±) -2,146-13,565 5,616-7, Change in other technical reserves (±) 57,116-8,547-7,361-15, Net operating costs 158,710 31, , ,841 Acquisition costs 115,581 26,329 72,852 99,181 Administrative expenses 50,545 4,923 44,769 49,692 Commissions and profit sharings assumed from reinsurers (-) 7, ,029 6, Investment expenses 4,140 3, , Non-realised losses from investments 16,736 1, , Other technical expenses 8, ,157 6,987 TECHNICAL RESULT ( ±08± ) 59, ,732 26, Net investment income 71,798 81, Investment expenses 80,818 82,182 I. Investment profit (+14-15) -9, Other income 6,030 8, Other expenses 20,330 50,550 II. Result of other non-technical activities (+16-17) -14,300-41,756 B Profit from ordinary activities (+A+I+II) 35,987-16, Extraordinary incomes Extraordinary costs III. Extraordinary result (+18-19) C PRE-TAX PROFIT (+B+III) 35,860-16,245 IV. Tax payable 7, D PROFIT AFTER TAX (+C-IV) 27,981-16,358 V. Payment of dividends and shares from profit reserve 0 0 VI. Dividend and shares paid (approved) 22,820 0 E RETAINED PROFIT FOR THE YEAR (+D+V-VI) 5,161-16,358 The revaluation of the Hungarian currency figures was done according to the National Bank of Hungary middle rate of exchange on 31 December 2010 and 31 December 2009.

11 Éves Jelentés Auditor s report

12 12 Allianz Hungária Zrt. H-1087 Budapest Könyves Kálmán krt Telephone: