Annual report 2009
Annual report 2009Éves jelentés 2009Annual report 2009
Annual report
 

1

0

3

8

9

3

9

5

6

6

0

0

1

1

4

0

1

Statistical code

AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED PROFIT AND LOSS ACCOUNT 31 December 2010
in HUF million
Description

Previous year (total)

Current year (total)
Non-life insurance business

a

b
01. Earned premiums, net of reinsurance 38.774 40.724

a) gross premiums written

 41.831 43.895

b) outward reinsurance premiums (-)

 2.925 2.668

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

 134 503

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

 -2 0
02. Profit from investments to be returned to policyholders (same
as C/06.)		 0 0
03. Other technical income 238 448
04. Claims incurred 17.745 23.840

a) claims paid and claim settlement expenses

 18.144 24.601

aa) claim payments

 16.532 22.443
1. gross amount 16.549 22.922
2. reinsurers’ share (-) 18 479

ab) claim settlement expenses

 1.887 2.424

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

 274 266

b) changes in the provision for claims outstanding (+/-)

 -399 -761

ba) case by case

 -211 -91
1. gross amount -7 -188
2. reinsurers’ share (-) 203 -97

bb) IBNR

 -188 -670
1. gross amount -183 -677
2. reinsurers’ share (-) 5 -7
05. Changes in actuarial provisions (+/-) 588 91

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 (+/-)

6 -1

ba) gross amount

6 -1

bb) reinsurers’ share (-)

0 0

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

582 92

ca) gross amount

-662 -281

cb) reinsurers’ share (-)

647 -373
06. Changes in the profit-dependent and profit-independent premium reimbursement provisions (+/-) -41 3

a) profit-dependent

 -45 0

aa) gross amount

-45 0

ab) reinsurers’ share (-)

0 0

b) profit-independent

 3 3

ba) gross amount

3 3

bb) reinsurers’ share (-)

0 0
07. Changes in the equalisation provision (+/-) 0 0
08. Changes in other technical provisions (+/-) 54 -74
a) large claim provisions (+/-) 0 0
b) cancellation provisions (+/-) 54 -74
ba) gross amount 53 -72
bb) reinsurers’ share (-) 0 -2
c) changes in other technical provisions (+/-) 0 0
ca) gross amount 0 0
cb) reinsurers’ share (-) 0 0
09. Net operating expenses 12.359 12.542
a) acquisition costs incurred in the financial year 8.071 8.851
b) change in deferred acquisition costs (+/-) -10 -129
c) administrative expenses (except investment costs) 4.299 3.820
d) reinsurance commissions and profit participation (-) 1 0
10. Other technical charges 908 1.058
A) INSURANCE TECHNICAL PROFIT
(01+02+03-04-05-06-07-08-09-10) 		7.401 3.712
Life assurance business

a

b
01. Earned premiums, net of reinsurance 41.793 41.247
a) gross premiums written 42.060 41.528
b) outward reinsurance premiums (-) 268 258
c) change in the provision for unearned premiums (+/-) -16 21
d) change in the provision for unearned premiums, Reinsurers’ share(+/-) 14 2
02. Technical income from investments 8.653 5.284
a) income from participating interests 402 100
of which: derived from affiliated undertakings 0 0
b) income from other investments 9.028 5.089
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 9.028 5.089
c) gains on the realisation of investments, other investment income -778 95
d) allocated investment return transferred from life assurance (same as C/05.) (-) 0 0
03. Unrealised gains on investments 30.567 17.105
of which valuation difference 0 0
04. Other technical income 156 103
05. Claims incurred 40.674 43.737
a) claims paid and claim settlement expenses 40.508 43.324
aa) claims paid 40.118 43.013
1. gross amount 40.304 43.152
2. reinsurers’ share (-) 186 139
ab) claim settlement expenses 411 331
ac) income from claim recoveries and claim settlement expense reimbursement (-) 21 20
b) change in the provisions for claims outstanding (+/-) (case-bycase, IBNR) 167 413
ba) case by case 197 420
1. gross amount 248 543
2. reinsurers’ share (-) 51 123
bb) IBNR -30 -7
1. gross amount -30 -7
2. reinsurers’ share (-) 0 0
06. Change in actuarial provisions (+/-) -12.339 -7.413
a) change in the life assurance premium provision (+/-) -12.339 -7.413
aa) gross amount -12.339 -7.413
ab) reinsurers’ share (risk insurance) (-) 0 0
b) changes in the health insurance premium provision (+/-) 0 0
ba) gross amount 0 0
bb) reinsurers’ share (-) 0 0
c) changes in the accident insurance annuity provision (+/-) 0 0
ca) gross amount 0 0
cb) reinsurers’ share (-) 0 0
07. Changes in the profit-dependent and profit-independent premium reimbursement provisions (+/-) 0 0
a) profit-dependent 0 0
aa) gross amount 0 0
ab) reinsurers’ share (-) 0 0
b) profit-independent 0 0
ba) gross amount 0 0
bb) reinsurers’ share (-) 0 0
08. Changes in the equalisation provision (+/-) 0 0
09. Changes in other technical provisions (+/-) -786 -2.151
a) large claim provisions (+/-) 0 0
b) cancellation provisions (+/-) -1 -35
ba) gross amount -1 -35
bb) reinsurers’ share (-) 0 0
c) changes in other technical provisions (+/-) -785 -2.116
ca) gross amount -785 -2.116
cb) reinsurers’ share (-) 0 0
10. Change in UL technical provisions 15.131 1.466
a) gross amount 15.131 1.466
b) reinsurers’ share (-) 0 0
11. Net operating expenses 7.693 8.812
a) acquisition costs incurred in the financial year 4.218 5.881
b) change in deferred acquisition costs (+/-) 420 -646
c) administrative expenses (except investment costs) 3.057 3.580
d) reinsurance commissions and profit participation (-) 1 3
12. Technical expenditure arising from investments 2.348 -310
a) operating and maintenance charges on investments, including interests paid and interest type expenditure 28 24
b) value adjustment on investments, value re-adjustments on
investments (+/-)		 0 -78
c) losses on the realisation of investments, other investment
expenditure		 2.321 -256
13. Unrealised losses on investments 16.651 8.311
of witch: valuation difference 0 0
14. Other technical charges 1.713 1.607
B) INSURANCE TECHNICAL PROFIT
(01+02+03+04-05-06-07-08-09-10-11-12-13-14) 		10.083 9.680
C) Non-technical accounts 9.732 -5.174
01/A. Dividends and profit sharing received from associated undertaking 0 0
01/B. Dividends and profit sharing received from undertaking in
other sharing relation		 50 4
02. Interest received and interest type incomes 10.954 10.677
of which: derived from affiliated undertakings 0 0
03. Income from tangible assets related to the insurance portfolio 212 211
04. Gains on the realisation of investments, other investment
income		 3.010 20.610
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		 1429 1.588
08. Value adjustments and re-adjustments on investments (+/-) -32 -227
09. Losses on the realisation of investments, other investment
expenditure		 2.152 19.645
10. Other income 12.777 13.717
10/A. Consolidation differential resulting from debt consolidation
and increasing the profit		 0 0
11. Other expenditure 13.722 29.387
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)		 27.216 8.218
12. Extraordinary income 11 6
13. Extraordinary expenditure 69 147
14. Extraordinary profit (12-13) -58 -141
E) PROFIT BEFORE TAXATION (+/-D+/-14) 27.158 8.077
Settlement of profit as per balance sheet 0 0
15. Tax liability 5.232 2.564
15/A. Corporate income tax differential resulting from
consolidation		 0 0
F) NET PROFIT (+/-E-15 +/-15/A) 21.926 5.513
16. Use from the accumulated profit reserve for dividends and
profit sharing		 8.852 27.487
17. Approved dividend or profit sharing 30.778 33.000
G) PROFIT AS PER BALANCE SHEET (+/-F+16-17) 0 0
Budapest, 2 May 2011
    
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 

 

1

0

3

8

9

3

9

5

6

6

0

0

1

1

4

0

1

Statistical code

AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED BALANCE SHEET 31 December 2010
Assets
in HUF million

Description

Previous year

Current year

 

Total

Life

 Non-Life Other,
unallocated		 Total

 

a

b

c

d

e
A. Intangible assets 6.113 402 628 1.752 2.782
B. Investments 244.456 79.341 41.900 106.885 228.126
I. Real estate 2.787 0 2.469 136 2.787
of which: self-occupied real estate 2.787 0 2.469 136 2.787
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 241.669 79.341 39.431 106.749 225.521
1. Equity investments in undertakings with which
the insurance undertaking is linked by virtue of a
participating interest		 1.855 1.202 178 180 1.560
2. Debt securities (except II/2. and II/4.) 164.513 73.125 35.772 10.611 119.508
3. Participation in investment pools 0 0 0 0 0
4. Loans guaranteed by mortgages (except II/2. and II/4. and III/5.) 73.321 3.532 3.437 94.991 101.960
5. Other loans (except II/2. and II/4. and III/4.) 1.980 1.482 44 967 2.493
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 93.589 95.055 0 0 95.055
D. Debtors 8.900 2.484 2.409 2.979 7.872
I. Debtors arising out of direct insurance operations 1.515 432 939 1 1.372
1. Policyholders 1.075 351 856 0 1.207

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 440 81 83 1 165

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 286 60 18 0 78

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 7.099 1.992 1.452 2.978 6.422

of which:
a) affiliated undertakings

 1.682 0 0 509 509

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 5.591 284 1.453 1.949 3.686
1. Tangible assets (other than land and buildings), inventories 812 173 468 228 869
2. Cash at bank and in hand 4.779 111 985 1.721 2.817
3. Repurchased own shares 0 0 0 0 0
4. Other 0 0 0 0 0
F. Prepayments and accrued income 18.504 8.913 1.870 2.705 13.488
1. Accrued interest and rent 6.552 2.776 925 707 4.408
2. Deferred acquisition costs 5.316 5.475 616 0 6.091
3. Other prepayments and accrued income 6.636 662 329 1.998 2.989
Total assets 377.153 186.479 48.260 116.270 351.009
Budapest, 2 May 2011
    
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 

 

1

0

3

8

9

3

9

5

6

6

0

0

1

1

4

0

1

Statistical code

AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED BALANCE SHEET, 31 December 2010
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 44.054 10.882 10.894 -5.208 16.568
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 2.353 0 5.472
IV. Retained earnings (+/-) 11.813 628 3.842 -647 3.823
V. Restricted reserve 342 20 279 0 299
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 (+/-) 0 3.482 1.679 -5.161 0
VIII. Changes in the equity of subsidiaries (+/-) 20.053 0 0 600 600
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 72 0 0 72 72
1. Differential of debt consolidation in subsidiaries 72 0 0 72 72
C. Technical provisions 117.496 75.547 32.584 0 108.131
1. Provision for unearned premiums [a) + b)] 2.392 99 2.819 0 2.918

a) gross amount

2.414 112 2.826 0 2.938

b) reinsurance amount (-)

-22 -13 -7 0 -20
2. Actuarial provisions 89.199 69.211 12.667 0 81.878

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

 76.624 69.211 0 0 69.211

aa) gross amount

 76.624 69.211 0 0 69.211

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

 36 0 35 0 35

ca) gross amount

36 0 35 0 35

cb) reinsurance amount (-)

0 0 0 0 0

d) liability insurance annuity provision (1+2)

 12.539 0 12.632 0 12.632

da) gross amount

14.042 0 13.762 0 13.762

db) reinsurance amount (-)

-1503 0 -1130 0 -1130
3. Claims outstanding [a)+b)] 20.855 3.879 16.629 0 20.508

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

 13.933 3.549 10.713 0 14.262

aa) gross amount

14.951 3.736 11.570 0 15.306

ab) reinsurance amount (-)

-1018 -187 -857 0 -1044

b) IBNR

 6.922 330 5.916 0 6.246

ba) gross amount

6.929 330 5.916 0 6.246

bb) reinsurance amount (-)

-7 0 0 0 0
4. Profit-dependent and profit-independent premium reimbursement provisions [a)+b)] 57 3 56 0 59

a) profit-dependent

 35 0 34 0 34

aa) gross amount

35 0 34 0 34

ab) reinsurance amount (-)

0 0 0 0 0

b) profit-independent

 22 3 229 0 25

ba) gross amount

22 3 22 0 252

bb) reinsurance amount (-)

0 0 0 0 0
5. Equalisation provision 115 0 115 0 115
6. Other technical provisions [a)+b)+c)] 4.878 2.355 298 0 2.653

a) Large claim provisions

 78 0 78 0 78

b) Cancellation provisions [ba)+bb)]

 412 83 220 0 303

ba) gross amount

412 83 220 0 305

bb) reinsurance amount (-)

0 0 -2 0 -2

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

 4.388 2.272 0 0 2.272

ca) gross amount

4.388 2.272 0 0 2.272

cb) reinsurance amount (-)

0 0 0 0 0
D. Technical provisions for unit-linked life
assurance policyholders (1+2)		 93.589 95.055 0 0 95.055
1. gross amount 93.589 95.055 0 0 95.055
2. reinsurance amount (-) 0 0 0 0 0
E. Specific provisions 3.810 2.647 759 2.080 5.486
1. Provisions for contingent liabilities 3.650 2.554 699 808 4.061
2. Provisions for future expenses 160 93 60 1.272 1.425
3. Other provisions 0 0 0 0 0
F. Deposits received from reinsurers 0 0 0 0 0
G. Creditors 113.472 1.448 2.425 117.262 121.135
I. Creditors arising out of direct insurance operations 2.348 237 1.985 0 2.222

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 83 28 11 0 39

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 77.851 0 0 111.353 111.353

of which:
a) affiliated undertakings

 77.851 0 0 111.353 111.353

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

 0 0 0 0 0
V. Other creditors 33.190 1.183 429 5.909 7.521

of which:
a) affiliated undertakings

 30.778 -1 0 5.000 4.999

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 difference 0 0 0 0 0
VIII. Corporate income tax liability resulting from
consolidation (computed)		 0 0 0 0 0
H. Accruals and deferred income 4.660 900 1.598 2.064 4.562
1. Accrued income 753 0 0 871 871
2. Accrued costs and expenditure 3.907 900 1.598 1.193 3.691
3. Deferred income 0 0 0 0 0
Total liabilities and equity 377.153 186.479 48.260 116.270 351.009
Budapest, 2 May 2011
    
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 
Annual report 2009