Annual report 2007
Annual report 2007Éves jelentés 2007Annual report 2007
Annual report 2007
 

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9

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6

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Statistical code

AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED PROFIT AND LOSS ACCOUNT   31 December 2007

in HUF million
Description

Previous year,
total

Current year,
total

Non-life insurance business

a

b

01. Earned premiums, net of reinsurance

31,465

32,052

a) gross premiums written

33,692

34,112

b) outward reinsurance premiums (-)

2,015

1,994

c) change in the gross provision for unearned premiums (+/-)

214

61

d) change in the provision for unearned premiums, reinsurers’ share (+/-)

-2

5

02. Profit from investments to be returned to policyholders (same as C/06.)

0

0

03. Other technical income

178

168

04. Claims incurred

16,852

14,156

a) claims paid and claim settlement expenses

15,042

14,867

aa) claim payments

13,599

13,317

1. gross amount

14,560

13,591

2. reinsurers’ share (-)

961

274

ab) claim settlement expenses

1,663

1,753

ac) income from claim recovery and claim settlement expense reimbursement (-)

220

203

b) changes in the provision for claims outstanding (+/-) (case-by-case, IBNR)

1,810

-711

ba) case by case

1,889

-1,560

1) gross amount

1,581

-1,727

2) reinsurers’ share (-)

-308

-167

bb) IBNR

-79

849

1) gross amount

32

639

2) reinsurers’ share (-)

111

-210

05. Changes in actuarial provisions (+/-)

-60

-174

a) changes in the health insurance premium provision (+/-)

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

b) changes in the accident insurance annuity provision (+/-)

0

0

ba) gross amount

0

0

bb) reinsurers’ share (-)

0

0

c) changes in the liability insurance annuity provisions (+/-)

-60

-174

ca) gross amount

314

-102

cb) reinsurers’ share (-)

374

72

06. Changes in the profit-dependent and profit-independent premium reimbursement provisions (+/-)

-708

-250

a) profit-dependent

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

b) profit-independent

-708

-250

ba) gross amount

-708

-250

bb) reinsurers’ share (-)

0

0

07. Changes in the equalisation provision (+/-)

0

0

08. Changes in other technical provisions (+/-)

-167

44

a) large claim provisions

0

0

b) cancellation provisions

-167

44

ba) gross amount

-168

44

bb) reinsurers’ share (-)

-1

0

c) changes in other technical provisions

0

0

ca) gross amount

0

0

cb) reinsurers’ share (-)

0

0

09. Net operating expenses

9,829

10,735

a) acquisition costs incurred in the financial year

5,965

6,678

b) change in deferred acquisition costs (+/-)

-116

-39

c) administrative expenses (except investment costs)

3,989

4,102

d) reinsurance commissions and profit participation (-)

9

6

10. Other technical charges

462

655

A) INSURANCE TECHNICAL PROFIT (01+02+03-04-05-06-07-08-09-10)

5,435

7,054

Life assurance business

a

b

01. Earned premiums, net of reinsurance

41,927

43,706

a) gross premiums written

42,160

43,977

b) outward reinsurance premiums (-)

236

260

c) change in the provision for unearned premiums (+/-)

-3

17

d) change in the provision for unearned premiums, reinsurers’ share (+/-)

0

-6

02. Technical income from investments

8,655

8,333

a) income from participating interests

314

666

of which: derived from affiliated undertakings

0

0

b) income from other investments

10,296

10,018

of which: derived from affiliated undertakings

0

0

ba) income from tangible assets related to the insurance portfolio,

0

0

bb) interest received and interest type income

10,296

10,018

c) gains on the realisation of investments, other investment income

-1,955

-2,351

d) allocated investment return transferred from life assurance (same as C/05.) (-)

0

0

03. Unrealised gains on investments

11,813

10,227

of which valuation difference

0

0

04. Other technical income

174

129

05. Claims incurred

29,477

31,182

a) claims paid and claim settlement expenses

29,299

31,021

aa) claims paid

28,918

30,650

1. gross amount

29,015

30,810

2. reinsurers’ share (-)

97

160

ab) claim settlement expenses

407

389

ac) income from claim recoveries and claim settlement expense reimbursement (-)

26

18

b) change in the provisions for claims outstanding (+/-)  (case-by-case, IBNR)

178

161

ba) case by case

148

157

1) gross amount

192

143

2) reinsurers’ share (-)

44

-14

bb) IBNR

30

4

1) gross amount

30

4

2) reinsurers’ share (-)

0

0

06. Change in actuarial provisions (+/-)

-4,517

-6,319

a) change in the life assurance premium provision (+/-)

-4,517

-6,319

aa) gross amount

-4,517

-6,319

ab) reinsurers’ share (risk insurance) (-)

0

0

b) change in the health insurance premium provision (+/-)

0

0

ba) gross amount

0

0

bb) reinsurers’ share (-)

0

0

c) change in the accident insurance annuity provision (+/-)

0

0

ca) gross amount

0

0

cb) reinsurers’ share (-)

0

0

07. Change in the profit-dependent and profit-independent premium reimbursement provision (+/-)

3

-1

a) the profit-dependent

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

b) profit-independent

3

-1

ba) gross amount

3

-1

bb) reinsurers’ share (-)

0

0

08. Change in the equalisation provision (+/-)

0

0

09. Change in other technical provisions (+/-)

-986

-879

a) large claim provisions (+/-)

0

0

b) cancellation provisions

20

-8

ba) gross amount

20

-8

bb) reinsurers’ share (-)

0

0

c) changes in other technical provisions (-)

-1,006

-871

ca) gross amount

-1,006

-871

cb) reinsurers’ share (-)

0

0

10. Change in UL technical provisions

13,697

14,176

a) gross amount

13,697

14,176

b) reinsurers’ share (-)

0

0

11. Net operating expenses

8,142

7,955

a) acquisition costs incurred in the financial year

4,429

4,582

b) change in deferred acquisition costs (+/-)

408

136

c) administrative expenses (except investment costs)

3,309

3,238

d) reinsurance commissions and profit participation (-)

4

1

12. Technical expenditure arising from investments

512

270

a) operating and maintenance charges on investments, including interests paid and interest type expenditure

37

31

b) value adjustment on investments, value re-adjustments on investments (+/-)

0

0

c) losses on the realisation of investments, other investment expenditure

475

239

13. Unrealised losses on investments

6,403

6,116

of witch: valuation difference

0

0

14. Other technical charges

903

580

B) INSURANCE TECHNICAL PROFIT (01+02+03+04-05-06-07-08-09-10-11-12-13-14)

8,935

9,315

C) Non-technical accounts

10,816

8,318

01. Dividends and profit sharing received

69

159

of which: derived from affiliated undertakings

0

 

of witch: valuation difference

0

 

02. Interest received and interest type incomes

5,836

6,908

of which: derived from affiliated undertakings

0

 

03. Income from tangible assets related to the insurance portfolio

230

225

04. Gains on the realisation of investments, other investment income

5,171

1,872

05. Allocated investment return transferred from life assurance (same as B/02/d))

0

0

06. Profit from investment to be returned to policyholders (-) (same as A/02.)

0

0

07. Operating and maintenance charges on investments, including interest paid and interest type expenditure

1

2

08. Value adjustments and re-adjustments on investments (+/-)

0

0

09. Losses on the realisation of investments, other investment expenditure

1,710

821

10. Other income

6,769

10,374

10/A Consolidation differential resulting from debt consolidation and increasing the profit

0

0

11. Other expenditure

5,548

10,397

11/A Consolidation differential resulting from debt consolidation and decreasing the profit

0

0

D) ORDINARY PROFIT FROM OPERATIONS (+/-A+/-B+01+02+03+04+05-06-07-08-09+10-11)

25,186

24,687

12. Extraordinary income

8

1

13. Extraordinary expenditure

187

79

14. Extraordinary profit (12-13)

-179

-78

E) PROFIT BEFORE TAXATION (+/-D+/-14)

25,007

24,609

Settlement of profit as per balance sheet

0

0

15. Tax liability

4,293

4,839

15/A Corporate income tax differential resulting from consolidation

0

0

F) NET PROFIT (+/-E-15+/-15/A)

20,714

19,770

16. Use from the accumulated profit reserve for dividends and profit sharing

0

3,956

17. Approved dividend or profit sharing

7,900

18,200

G) PROFIT AS PER BALANCE SHEET (+/-F+16-17)

12,814

5,526

Budapest, 26 May 2008
   
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 


 

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Statistical code

AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED BALANCE SHEET   31 December 2007

Assets
in HUF million

Description

Previous year

Current year

 

Total

Life

Non-life Other,
unallocated
Total

 

a

b

c

d

e

A. Intangible assets

2,162

1,078

589

340

2,007

B. Investments

203,121

116,409

41,935

50,128

208,472

I. Real estate

2,758

0

2,544

394

2,938

of which: self-occupied real estate

2,720

0

2,518

394

2,912

II. Investments in affiliated undertakings

0

0

0

0

0

1. Equity investments in parent companies and subsidiaries

0

0

0

0

0

2. Debt securities issued by, and loans to, parent company and subsidiaries

0

0

0

0

0

3. Equity investments in joint and associated companies

0

0

0

0

0

4. Debt securities issued by, and loans to, joint and associated companies

0

0

0

0

0

III. Other investments

200,363

116,409

39,391

49,734

205,534

1. Equity investments in undertakings with which the insurance undertaking is linked by virtue of a participating interest

2,835

2,722

1,977

1,409

6,108

2. Debt securities (except II/2. and II/4.)

195,533

112,159

37,414

21,479

171,052

3. Participation in investment pools

0

0

0

0

0

4. Loans guaranteed by mortgages (except II/2. and II/4. and III/5.)

543

0

0

26,796

26,796

5. Other loans (except II/2. and  II/4. and III/4.)

1,452

1,528

0

50

1,578

6. Deposits with credit institutions

0

0

0

0

0

7. Other investments

0

0

0

0

0

IV. Deposits with ceding undertakings

0

0

0

0

0

V. Revaluation of investments

0

0

0

0

0

VI. Investment valuation difference

0

0

0

0

0

VII. Capital consolidation related to subsidiaires and associated undertakings

0

0

0

0

0

C. A Investments for the benefit of unit-linked life assurance policyholders

66,572

80,747

0

0

80,747

D. Debtors

4,142

6,558

7,623

7,373

21,554

I. Debtors arising out of direct insurance operations

1,150

496

666

0

1,162

1. Policyholders

605

194

476

0

670

of which: a) affiliated undertakings

0

0

0

0

0

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

2. Claims on insurance intermediaries

545

302

190

0

492

of which: a) affiliated undertakings

0

0

0

0

0

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

II. Debtors arising out of reinsurance operations

81

3

338

0

341

of which: a) affiliated undertakings

0

0

0

0

0

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

III. Reinsurers’ share of the life assurance premium reserve

0

0

0

0

0

IV. Other debtors

2,911

6, 059

6,619

7,373

20,051

of which: a) affiliated undertakings

0

0

0

0

0

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

V. Corporate income tax receivable arising from consolidation (computed)

0

0

0

0

0

VI. Derivates valuation difference

0

0

0

0

0

VII. Corporate income tax receivable arising from consodilation (computed)

0

0

0

0

0

E. Other assets

2,116

1,526

304

791

2,621

1. Tangible assets (other than land and buildings), inventories

610

175

298

178

651

2. Cash at bank and in hand

1,506

1,351

6

613

1,970

3. Repurchased own shares

0

0

0

0

0

4. Other

0

0

0

0

0

F. Prepayments and accrued income

16,282

11,323

2,394

3,710

17,427

1. Accrued interest and rent

7,186

5,226

1,328

987

7,541

2. Deferred acquisition costs

6,018

5,482

439

0

5,921

3. Other prepayments and accrued income

3,078

615

627

2,723

3,965

Total assets

294,395

217,641

52,845

62,342

332,828

Budapest, 26 May 2008
   
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 


 

1

0

3

8

9

3

9

5

6

6

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0

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1

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0

1

Statistical code

AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED BALANCE SHEET   31 December 2007

Liabilities and equity
in HUF million
Description

Previous year

Current year

 

Total

Life

Non-life Other,
unallocated
Total

 

a

b

c

d

e

A. Capital and reserves

60,646

22,646

13,480

26,101

62,227

I. Subscribed capital

6,374

3,633

2,741

0

6,374

of which: repurchased participation at nominal value

0

0

0

0

0

II. Subscribed capital no yet paid up (-)

0

0

0

0

0

III. Capital reserve

5,472

3,119

2,352

0

5,471

IV. Retained earnings (+/-)

18,794

15,815

8,086

297

24,198

V. Restricted reserve

493

79

301

0

380

VI. Revaluation reserve

0

0

0

0

0

1. Reserve of revaluation

0

0

0

0

0

2. Fair value reserve

0

0

0

0

0

of witch: to the policyholders

0

0

0

0

0

VII. Profit for the financial year (+/-)

12,814

0

0

5,526

5,526

VIII. Changes in the equity of subsidiaries (+/-)

16,699

0

0

20,278

20,278

IX. Changes resulting from consolidation (+/-)

0

0

0

0

0

 - from differential of debt consolidation

0

0

0

0

0

 - from differential of interim profits

0

0

0

0

0

X. Participation of external members (other owners)

0

0

0

0

0

B. Subordinated liabilities

83

0

0

72

72

B/1. Differential of debt consolidation in subsidiaries

83

0

0

72

72

C. Technical provisions

150,397

110,037

32,307

0

142,344

1. Provision for unearned premiums [a) + b)]

2,059

76

2,060

0

2,136

      a) gross amount

2,104

116

2,066

0

2,182

      b) reinsurance amount(-)

45

40

6

0

46

2. Actuarial provisions

119,076

100,106

12,477

0

112,583

        a) life assurance premium provision [aa)+ab)]

106,425

100,106

0

0

100,106

               aa) gross amount

106,425

100,106

0

0

100,106

    of which: reinsurance amount

0

0

0

0

0

              ab). reinsurance amount (risk insurance) (-)

0

0

0

0

0

         b) health insurance premium provisions (1+

0

0

0

0

0

             ba). gross amount

0

0

0

0

0

              bb). reinsurance amount

0

0

0

0

0

        c) accident insurance annuity provision

28

0

27

0

27

             ca). gross amount

28

0

27

0

27

             cb). reinsurance amount (-)

0

0

0

0

0

        d) liability insurance annuity provision (1+2)

12,623

0

12,450

0

12,450

            da). gross amount

13,577

0

13,475

0

13,475

            db) reinsurance amount (-)

954

0

1,025

0

1,025

3. Claims outstanding [a)+b)]

20,780

2,922

17,308

0

20,230

a) case-by-case provisions [aa)+ab)]

13,965

2,504

10,058

0

12,562

          aa) gross amount

15,046

2,554

10,907

0

13,461

          ab) reinsurance amount (-)

1,081

50

849

0

899

b) IBNR

6,815

418

7,250

0

7,668

          ba) gross amount

7,026

418

7,250

0

7,668

          bb) reinsurance amount (-)

211

0

0

0

0

4. Profit-dependent and profit-independent premium reimbursement provisions [a)+b)]

344

4

88

0

92

a) Profit-dependent

79

0

79

0

79

          aa) gross amount

79

0

79

0

79

          ab) reinsurance amount (-)

0

0

0

0

0

b) profit-independent

265

4

9

0

13

          ba) gross amount

265

4

9

0

13

          bb) reinsurance amount (-)

0

0

0

0

0

5. Equalisation provision

115

0

115

0

115

6. Other technical provisions [a)+b)+c)]

8,023

6,929

259

0

7,188

a) Large claim provisions

78

0

78

0

78

b) Cancellation provisions [ba)+bb)]

226

81

181

0

262

          ba) gross amount

226

81

181

0

262

          bb) reinsurance amount (-)

0

0

0

0

0

c) other technical provision [ca)+cb)]

7,719

6,848

0

0

6,848

          ca) gross amount

7,719

6,848

0

0

6,848

          cb) reinsurance amount (-)

0

0

0

0

0

D. Technical provisions for unit-linked life assurance policyholders  (1+2)

66,572

80,747

0

0

80,747

          a) gross amount

66,572

80,747

0

0

80,747

          b) reinsurance amount (-)

0

0

0

0

0

E. Specific provisions

1,771

2,035

1,112

226

3,373

1. Provisions for contingent liabilities

1,640

1,985

1,014

226

3,225

2. Provisions for future expenses

131

50

98

0

148

3. Other provisions

0

0

0

0

0

F. Deposits received from reinsurers

0

0

0

0

0

G. Creditors

12,531

1,090

4,295

34,681

40,066

I. Creditors arising out of direct insurance operations

1,910

405

1,903

0

2,308

of which: a) affiliated undertakings

0

0

0

0

0

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

II. Creditors arising out of reinsurance operations

191

19

5

0

24

of which: a) affiliated undertakings

0

0

0

0

0

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

III. Creditors arising out of bond issues

0

0

0

0

0

of which: a) affiliated undertakings

0

0

0

0

0

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

IV. Credits

550

0

0

27,055

27,055

of which: a) affiliated undertakings

550

0

0

27,055

27,055

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

V. Other creditors

9,880

666

2,387

7,626

10,679

of which: a) affiliated undertakings

0

0

0

0

0

          b) undertakings with which an insurance undertaking is linked by virtue of participating interests

0

0

0

0

0

VI. Creditors valuation difference

0

0

0

0

0

VII. Derivates valuation differenc

0

0

0

0

0

VIII: Corporate income tax liability resulting from consolidation (computed)

0

0

0

0

0

H. Accruals and deferred income

2,395

1,086

1,651

1,262

3,999

1. Accrued income

9

0

0

352

352

2. Accrued costs and expenditure

2,386

1,086

1,651

910

3,647

3. Deferred income

0

0

0

0

0

Total liabilities and equity

294,395

217,641

52,845

62,342

332,828

Budapest, 26 May 2008
   
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 

Annual report 2007