Allianz Hungária Zrt.
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1 Allianz Hungária Zrt. Annual Report 28
2 Annual Report 28 Main indicators Allianz Hungária Zrt. 26 HUF million 26 EUR million Change % 27 EUR million 27 EUR million Change % 28 EUR million 28 EUR million Gross premium income Gross claims paid Gross investment income Registered capital Equity Retained profit for the year 179,147 9,44 16,539 4,266 46,637 8, ,141 93,33 19,8 4,266 55,849 9, ,76 95,912 9,448 4,266 54,821 1, Net technical reserves Technical reserves following investments made for the benefit of life policyholders Total technical reserves 198,122 12,621 21, ,367 22, , ,288 33, , The revaluation of the Hungarian currency figures for years 26 was done according to the Hungarian Foreign Trade Bank middle rate of exchange on 31 December 26 respectively. The revaluation of the Hungarian currency figures for year 27 and 28 was done according to the National Bank of Hungary rate of exchange on 31 December 27 and 31 December 28. 2
3 Annual Report 28 1
4 Letter to the shareholders Kisbenedek Péter Chairman of the Board of Management and CEO Welcome Dear partners and customers, We had a rather peculiar year at the market: consequent to the financial crisis that started in the autumn of 28, after many years of success we have experienced a fallback as last year's total gross revenue decreased by more than 4 percent, from HUF 929 billion to HUF 89 billion. Companies selling life suffered the biggest losses, even two-digit decreases were seen in this field. Despite the negative external conditions, Allianz Hungária Biztosító Zrt. performed relatively well in the competitive environment and increased its premium revenues by 1.4 percent in 28, preserving its market leader position with its 2.9 percent market share. The company generated gross premium revenue of HUF billion, while the pre-tax profit amounted to HUF 8.9 billion last year. The balance sheet total of the company amounted to HUF billion, showing an increase of HUF 28.3 billion, which is an 8.9 percent increase versus the last year. 2
5 Annual Report 28 The HUF 14.5 billion premium revenues of the non-life segment continuously puts Allianz in the first position, and its 32.7 percent market share is contributed to the maintained market leadership in the fields of third party vehicle, comprehensive and industrial asset. The HUF 45.2 billion premium revenue equals a 9.8 percent market share, putting the company in the fourth position in this segment. The financial position of Allianz Hungária Zrt. is stable; the company's own capital amounted to HUF 54.8 billion at the end of 28. Consequent to the HUF billion worth investment and cash stock, as well as the HUF 32 billion worth assets managed by the pension fund, the company is considered as one of the largest institutional investors in Hungary. Due to the deteriorating market environment, the total 28 profit of the life branch is placed into accumulated profit reserve, while in case of the non-life and non activities a dividend of HUF 8.9 billion is paid from the profits and profit reserve. Accordingly, the 28 consolidated profit of Allianz Hungária Zrt. amounts to HUF 1.7 billion. In 29, the primary goal is to adapt to the different external environment, which can only be achieved by intensely improving the efficiency of our operation. In order to achieve that, the company implements significant process and organisation reengineering with the objective of establishing an integrated, multi-channel sales organisation. The national network system based on a regional principle is replaced by the customer and sales focused central system management, building upon the use of synergies inherent in the banking and activities. We intend to offer more transparent customer service and accessibility, as well as more efficient claim administration for our customers. Accordingly, the claim management and central administration will be completely reorganised in 29. All these efforts serve the purpose of Allianz Hungária to emerge from the crisis as a stronger company with having renewed its products and improved service levels. This is the basis of our mid term strategy: targeting the maintenance of our market leader position at the field of vehicle, achieving the 25 percent share at the home market, and producing above average growth at the life and pension areas. At the same time we should reach profitable operation at the corporate market, progressing at the SME market and in case of Allianz Bank reaching the customer number of 5 thousand. Budapest May 29 Sincerely yours, Kisbenedek Péter President and Chief Executive Officer 3
6 Annual Report 28 Supervisory Board and Board of Management Supervisory board Board of management Dr. Werner Zedelius Member of the Board of Management, Allianz SE, Chairman of the Supervisory Board, Allianz Hungária Zrt. Dr. Klaus Junker Executive Vice President, Allianz SE, Deputy Chairman of the Supervisory Board, Allianz Hungária Zrt. Dr. Herold József Managing director, Member of the Supervisory Board, Allianz Hungária Zrt. Péter Kisbenedek Chairman of the Board of Management and CEO Andrea Horváth Non-life business Dr. Tamás Kálózdi Sales András Kozek Life and pension Ildikó Láng Finance Zoltán Pásti Operation and IT Dr. Ádám Farkas Banking Dr. Gábor Hegyi Call center, Slovenian branch office 4
7 Éves jelentés 26 Balance sheet and profit and loss statement of Allianz Hungária Zrt. 5
8 Annual Report 28 Balance sheet at 31 December, 28 Assets Life 28 Non-life 28 Non business 28 Total A Intangible assets B Investments (financial assets) (I.-VI.) I. Land and buildings II. Investments in related companies III. Other investments IV. Deposit receivables from re business assumed V. Adjustments for investments VI. Valuation difference for investments C Investments made for the benefit of life policyholders who bear the investment risk D Receivables E Other assets F Prepaid expenses and accrued income Total assets (A+B+C+D+E+F) 2, ,445 1,371 16,86 241, ,594 8,374 3,916 11, ,42 1,23 72,852 72,852 33, ,81 2, ,23 1,655 22,397 11,46 24, , ,989 2,213 8,72 223, ,986 1, 3,986 1,331 1,752 1,86 9,156 2,679 28,235 11,46 25, , ,497 11,132 5,46 12, ,333 Equity and liabilities Life 28 Non-life 28 Non business 28 Total A Equity (I.-VII.) I. Registered capital II. Registered but unpaid capital (-) III. Capital reserve IV. Accumulated profit reserve (±) V. Non-distributable reserve VI. Valuation reserve VII.Retained profit (±) B Subordinated loan capital C Technical reserves D Technical reserves for investments executed for life policyholders who carry the investment risk (unit-linked) E Provisions F Deposit receivables from re business ceded G Liabilities H Accrued expenses and deferred income Total equity and liabilities (A+B+C+D+E+F+G+H) 55,849 4,266 11,145 31,226 9, ,367 22, ,21 19,532 5,39 317,42 11, ,666 4,41 1,718 64,733 33, , ,23 37,741 3,516 6,391 27, , ,67 18,192 5, ,974 5, , , ,156 54,821 4,266 11,145 37,692 1, ,288 33, ,67 23,244 6, ,333 6
9 Annual Report 28 Profit and Loss Statement A B C D E 1. Net earned premiums, without re Gross premiums Gross premiums ceded (-) Net change in reserves for unearned premiums (±) 2. Allocated investment return to policyholders 3. Technical income from investments 4. Investment income allocated from life (-) 5. Non-realised income from investments 6. Other technical income 7. Claim expenses Claims paid and settlement costs Change in reserves for outstanding claims (±) 8. Change in actuarial reserves (±) 9. Change in other technical reserves (±) 1. Net operating costs Acquisition costs Administrative expenses Commissions and profit sharings assumed from reinsurers (-) 11. Investment expenses 12. Non-realised losses from investments 13. Other technical expenses Technical result ( ±8.± ) 14. Net investment income 15. Investment expenses I. Investment profit ( ) 16. Other income 17. Other expenses II. Result of other non-technical activities ( ) Profit from ordinary activities (+A+I.+II.) 18. Extraordinary income 19. Extraordinary costs III. Extraordinary result ( ) Pre-tax profit (+B+III.) IV. Tax payable Profit after tax (+C-IV.) V. Payment of dividends and shares from profit reserve VI. Dividend and shares paid (approved) Retained profit for the year (+D+V.-VI.) , ,141 19, , , ,281 94,4 7,277 6,259 1,643 41,832 25,346 18,823 2, ,297 3,476 4,162 17,68 2,399 14,669 4,688 3,682 1,6 19, ,818 3,66 16,212 7, 9, Life 45,32 45, , , ,861 19, ,88 1,951 7,886 6,531 1, ,214 11, , Non-life 121,786 14,53 17, ,153 78,364 8, ,873 25,469 11,423 2,19 3,748-5, Total 167,16 185,76 17, , , ,14 98,258 8,756 3,691 11,551 42,759 32, 12,779 2,2 1,214 11,193 3,769-3,756 19,688 7,82 11,886 4,272 3, , ,934 1, 7,934 2,745 8,961 1,718 Technical reserves for investments executed for life policyholders who carry the investment risk (unit-linked) (1+2.) 7
10 Annual Report 28 Balance sheet in euros at 31 December, 28 Assets 27 s 28 s Life 28 s Non-life 28 s Non business 28 s Total A Intangible assets B Investments (financial assets) (I.-VI.) I. Land and buildings II. Investments in related companies III. Other investments IV. Deposit receivables from re business assumed V. Adjustments for investments VI. Valuation difference for investments C Investments made for the benefit of life policyholders who bear the investment risk D Receivables E Other assets F Prepaid expenses and accrued income Total assets (A+B+C+D+E+F) 9,272 1,59,577 4,935 66, , ,181 33,54 15,459 44,857 1,251,4 3, ,14 275,14 126,59 3,66 4,84 11,97 423,76 6, ,395 43,75 94, , ,95 8,358 32, , ,83 3,777 15,53 5,25 6,619 4,13 34,58 1,116 1,58,365 43,75 97, , ,59 42,41 19,61 48,133 1,34,225 Equity and liabilities 27 s 28 s Life 28 s Non-life 28 s Non business 28 s Total A Equity (I.-VII.) I. Registered capital II. Registered but unpaid capital (-) III. Capital reserve IV. Accumulated profit reserve (±) V. Non-distributable reserve VI. Valuation reserve VII.Retained profit (±) B Subordinated loan capital C Technical reserves D Technical reserves for investments executed for life policyholders who carry the investment risk (unit-linked) E Provisions F Deposit receivables from re business ceded G Liabilities H Accrued expenses and deferred income Total equity and liabilities (A+B+C+D+E+F+G+H) 22,44 16,838 43, , ,36 838,235 89,181 2,527 4,3 77,97 19,89 1,251,4 42,25 2,833 17,621 15,261 6,49 244, , ,848 3, ,76 142,536 13,279 24,136 15,121 61, ,3 68,75 19, ,885 22, , , ,58 27,44 16,112 42,89 142,353 6,49 854, , ,3 87,785 23,23 1,34,225 The revaluation of the Hungarian currency figures for year 27 and 28 was done according to the National Bank of Hungary rate of exchange on 31 December 27 and 31 December 28. 8
11 Annual Report 28 Profit and loss statement in euros A B C D E 1. Net earned premiums, without re Gross premiums Gross premiums ceded (-) Net change in reserves for unearned premiums (±) 2. Allocated investment return to policyholders 3. Technical income from investments 4. Investment income allocated from life (-) 5. Non-realised income from investments 6. Other technical income 7. Claim expenses Claims paid and settlement costs Change in reserves for outstanding claims (±) 8. Change in actuarial reserves (±) 9. Change in other technical reserves (±) 1. Net operating costs Acquisition costs Administrative expenses Commissions and profit sharings assumed from reinsurers (-) 11. Investment expenses 12. Non-realised losses from investments 13. Other technical expenses Technical result ( ±8.± ) 14. Net investment income 15. Investment expenses I. Investment profit ( ) 16. Other income 17. Other expenses II. Result of other non-technical activities ( ) Profit from ordinary activities (+A+I.+II.) 18. Extraordinary income 19. Extraordinary costs III. Extraordinary result ( ) Pre-tax profit (+B+III.) IV. Tax payable Profit after tax (+C-IV.) V. Payment of dividends and shares from profit reserve VI. Dividend and shares paid (approved) Retained profit for the year (+D+V.-VI.) 27 s 644, 722,877 78, , , , ,47 28,724 24,76 42,6 165,115 1,43 74,299 9,227 1,874 9,66 13,719 16,426 67,369 9,468 57,91 18,54 14,533 3,971 78, ,222 14,234 63,988 27,628 36,36 28 s Life 171,162 17, , ,241 1,344 75,1 75, ,663 41,357 29,783 24,665 5, ,586 42, , s Non-life 459,952 53,743 67,171 3, , ,958 33,193 2,278 2, ,78 96,191 43,141 7,624 14,152-19, s Total 631,114 71,564 67,326 3, , ,241 1,358 44, ,9 33,71 13,941 43, ,491 12,856 48,262 7,627 4,586 42,275 14,232-14,186 74,36 29,466 44,894 16,136 13,29 3,17 33, ,74 3,778 29,962 1,369 33,841 6,49 The revaluation of the Hungarian currency figures for year 27 and 28 was done according to the National Bank of Hungary rate of exchange on 31 December 27 and 31 December 28. 9
12 Annual Report 28 Auditor s report 1
13 Allianz Hungária Zrt. 154 Budapest Bajcsy-Zsilinszky út 52. Telefon: (36-1) Telefax: (36-1) 31-61
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