Annual report 2015

CONSOLIDATED BALANCE SHEET 31 December 2015

1

0

3

8

9

3

9

5

6

5

1

1

1

1

4

0

1

Statistical code

AEGON Magyarország Általános Biztosító Zrt.

Assets
HUF million

Description

Previous year

Current year

Total

Life

Non-life

Other, unallocated

Total

a

b

c

d

e

A. Intangible assets

4,190

1,027

1,762

1,636

4,425

B. Investments

201,529

64,407

33,506

80,212

178,125

I. Real estate

2,138

0

2,019

1

2,020

of which: self-occupied real estate

2,138

0

2,019

1

2,020

II. Investments in affiliated undertakings

0

-1,199

1,199

0

0

1. Equity investments in parent companies and subsidiaries

0

-1,199

1,199

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

199,391

65,606

30,288

80,211

176,105

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

2,855

3,477

3,496

26

6,999

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

106,122

61,546

26,792

7,353

95,691

3. Participation in investment pools

0

0

0

0

0

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

87,670

0

0

71,845

71,845

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

2,744

583

0

987

1,570

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

87,299

83,114

0

0

83,114

D. Debtors

4,734

2,352

2,292

2,270

6,914

I. Debtors arising out of direct insurance operations

1,617

197

931

5

1,133

1. Policyholders

1,132

185

891

0

1,076

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

228

12

15

5

32

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

3. Other debtors arising out of direct insurance activity

257

0

25

0

25

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

1

1

2

0

3

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

3,116

2,154

1,359

2,265

5,778

of which: a) affiliated undertakings

37

0

33

5

38

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

6,265

315

3,309

2,226

5,850

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

1541

170

823

732

1725

2. Cash at bank and in hand

4,724

145

2,486

1,494

4,125

3. Repurchased own shares

0

0

0

0

0

4. Other

0

0

0

0

0

F. Prepayments and accrued income

10,180

6,418

1,637

672

8,727

1. Accrued interest and rent

2,490

969

334

197

1,500

2. Deferred acquisition costs

6,435

5,307

0

0

5,307

3. Other prepayments and accrued income

1,255

142

1303

475

1,920

Total assets

314,197

157,633

42,506

87,016

287,155

 

Budapest, 31 March 2016

………………………………………
Péter Zatykó
Chief Executive Officer

 

………………………………………
Gábor Zsigri
Chief Actuary

………………………………………
Marianna Nagy
Chief Accounting Officer

 

 

CONSOLIDATED BALANCE SHEET, 31 December 2015

1

0

3

8

9

3

9

5

6

5

1

1

1

1

4

0

1

Statistical code

AEGON Magyarország Általános Biztosító Zrt.

Liabilities and equity
HUF million

Description

Previous year

Current year

Total

Life

Non-life

Other, unallocated

Total

a

b

c

d

e

A. Capital and reserves

20,691

9,259

11,281

1,266

21,806

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 (+/-)

28,710

2,065

5,585

29,934

37,584

V. Restricted reserve

800

178

527

0

705

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

265

75

775

1,115

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

-20,665

-1

0

-29,443

-29,444

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

68

0

0

68

68

B/1. Differential of debt consolidation in subsidiaries

68

0

0

68

68

C. Technical provisions

85,997

56,710

26,144

0

82,854

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

4,112

71

4,645

0

4,716

a) gross amount

4,150

93

4,667

0

4,760

b) reinsurance amount (-)

38

22

22

0

44

2. Actuarial provisions

62,818

52,823

7,302

0

60,125

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

55,112

52,823

0

0

52,823

aa) gross amount

55,112

52,823

0

0

52,823

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

12

0

12

0

12

ca). gross amount

12

0

12

0

12

cb). reinsurance amount (-)

0

0

0

0

0

d) liability insurance annuity provision (1+2)

7,694

0

7,290

0

7,290

da). gross amount

8,442

0

7,816

0

7,816

db) reinsurance amount (-)

748

0

526

0

526

3. Claims outstanding [a)+b)]

18,514

3,581

13,906

0

17,487

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

14,395

3,077

9,066

0

12,143

aa) gross amount

14,873

3,133

9,520

0

12,653

ab) reinsurance amount (-)

478

56

454

0

510

b) IBNR

4,119

504

4,840

0

5,344

ba) gross amount

4,119

529

4,840

0

5,369

bb) reinsurance amount (-)

0

25

0

0

25

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

49

3

44

0

47

a) Profit-dependent

34

0

34

0

34

aa) gross amount

34

0

34

0

34

ab) reinsurance amount (-)

0

0

0

0

0

b) profit-independent

15

3

10

0

13

ba) gross amount

15

3

10

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)]

389

232

132

0

364

a) Large claim provisions

21

0

21

0

21

b) Cancellation provisions [ba)+bb)]

152

41

111

0

152

ba) gross amount

155

41

124

0

165

bb) reinsurance amount (-)

-3

0

13

0

-13

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

216

191

0

0

191

ca) gross amount

216

191

0

0

191

cb) reinsurance amount (-)

0

0

0

0

0

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

87,299

83,114

0

0

83,114

a) gross amount

87,299

83,114

0

0

83,114

b) reinsurance amount (-)

0

0

0

0

0

E. Specific provisions

9,171

473

155

137

765

1. Provisions for contingent liabilities

9,087

416

126

137

679

2. Provisions for future expenses

84

57

29

0

86

3. Other provisions

0

0

0

0

0

F. Deposits received from reinsurers

0

0

0

0

0

G. Creditors

106,680

4,966

4,199

84,413

93,578

I. Creditors arising out of direct insurance operations

2,707

195

2,619

0

2,814

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

197

21

218

0

239

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

87,694

0

0

72,485

72,485

of which: a) affiliated undertakings

87,694

0

0

72,485

72,485

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

0

0

0

0

0

V. Other creditors

16,082

4,750

1,362

11,928

18,040

of which: a) affiliated undertakings

12,071

2,949

813

8,339

12,101

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

4,291

3,111

727

1,132

4,970

1. Accrued income

0

0

0

1

1

2. Accrued costs and expenditure

4,291

3,111

727

1,131

4,969

3. Deferred income

0

0

0

0

0

Total liabilities and equity

314,197

157,633

42,506

87,016

287,155

 

Budapest, 31 March 2016

………………………………………
Péter Zatykó
Chief Executive Officer

 

………………………………………
Gábor Zsigri
Chief Actuary

………………………………………
Marianna Nagy
Chief Accounting Officer

 

 

CONSOLIDATED PROFIT AND LOSS ACCOUNT 31 December 2015


1

0

3

8

9

3

9

5

6

5

1

1

1

1

4

0

1

Statistical code

AEGON Magyarország Általános Biztosító Zrt.

HUF million


Description

Previous year, total

Current year, total

Non-life insurance business

a

b

01. Earned premiums, net of reinsurance

44,827

48,931

a) gross premiums written

47,436

51,399

b) outward reinsurance premiums (-)

1,835

1,857

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

779

618

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

-5

-7

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

0

0

03. Other technical income

398

181

04. Claims incurred

20,566

21,761

a) claims paid and claim settlement expenses

19,840

22,691

aa) claim payments

17,457

20,143

1. gross amount

17,589

20,518

2. reinsurers’ share (-)

132

375

ab) claim settlement expenses

2,612

2,795

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

229

247

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

726

-930

ba) case by case

580

-1,911

1) gross amount

557

-1,880

2) reinsurers’ share (-)

-23

31

bb) IBNR

146

981

1) gross amount

146

981

2) reinsurers’ share (-)

0

0

05. Changes in actuarial provisions (+/-)

-283

-404

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 (+/-)

-283

-404

ca) gross amount

-302

-627

cb) reinsurers’ share (-)

-19

-223

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

-2

-2

a) profit-dependent

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

b) profit-independent

-2

-2

ba) gross amount

-2

-2

bb) reinsurers’ share (-)

0

0

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

0

0

Description

Previous year, total

Current year, total

Non-life insurance business

a

b

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

43

-16

a) large claim provisions

0

0

b) cancellation provisions

43

-16

ba) gross amount

44

-6

bb) reinsurers’ share (-)

-1

-10

c) changes in other technical provisions

0

0

ca) gross amount

0

0

cb) reinsurers’ share (-)

0

0

09. Net operating expenses

14,751

15,799

a) acquisition costs incurred in the financial year

9,510

10,054

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

12

0

c) administrative expenses (except investment costs)

5,229

5,749

d) reinsurance commissions and profit participation (-)

0

4

10. Other technical charges

4,144

4,431

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

6,006

7,543

Description

Previous year, total

Current year, total

Life assurance business

a

b

01. Earned premiums, net of reinsurance

38,705

39,122

a) gross premiums written

38,952

39,526

b) outward reinsurance premiums (-)

254

412

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

-6

-8

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

-1

0

02. Technical income from investments

3,776

3,367

a) income from participating interests

148

120

of which: derived from affiliated undertakings

0

0

b) income from other investments

3,259

3,107

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

3,259

3,106

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

369

140

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

0

0

03. Unrealised gains on investments

11,577

9,659

of which valuation difference

0

0

04. Other technical income

157

94

05. Claims incurred

33,685

35,131

a) claims paid and claim settlement expenses

33,422

35,229

aa) claims paid

33,184

35,014

1. gross amount

33,326

35,125

2. reinsurers’ share (-)

142

112

ab) claim settlement expenses

277

263

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

39

47

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

263

-98

ba) case by case

273

-340

1) gross amount

261

-339

2) reinsurers’ share (-)

-12

1

Description

Previous year, total

Current year, total

Life assurance business

a

b

bb) IBNR

-10

242

1) gross amount

-10

267

2) reinsurers’ share (-)

0

-25

06. Change in actuarial provisions (+/-)

-408

-2,288

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

-408

-2,288

aa) gross amount

-408

-2,288

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

0

a) the profit-dependent

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

b) profit-independent

-3

0

ba) gross amount

-3

0

bb) reinsurers’ share (-)

0

0

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

0

0

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

-37

-8

a) large claim provisions (+/-)

0

0

b) cancellation provisions

-9

17

ba) gross amount

-9

17

bb) reinsurers’ share (-)

0

0

c) changes in other technical provisions (-)

-28

-25

ca) gross amount

-28

-25

cb) reinsurers’ share (-)

0

0

10. Change in UL technical provisions

1,478

-4,186

a) gross amount

1,478

-4,186

b) reinsurers’ share (-)

0

0

11. Net operating expenses

9,770

10,836

a) acquisition costs incurred in the financial year

6,069

6,272

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

471

1,126

c) administrative expenses (except investment costs)

3,234

3,438

d) reinsurance commissions and profit participation (-)

4

0

12. Technical expenditure arising from investments

246

347

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

24

29

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

0

0

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

222

318

13. Unrealised losses on investments

3,126

7,131

of witch: valuation difference

14. Other technical charges

1,279

1,110

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

5,079

4,169

Description

Previous year, total

Current year, total

a

b

C) Non-technical accounts

-4,764

8,156

01/a) Dividends and profit sharing received from associated company

0

0

01/b.)Dividends and profit sharing received from associated company

43

4

02. Interest received and interest type incomes

7,818

5,693

of which: derived from affiliated undertakings

0

0

03. Income from tangible assets related to the insurance portfolio

217

222

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

11,267

7,040

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

3,269

2,514

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

354

94

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

7,843

8,566

10. Other income

10,788

18,503

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

0

0

11. Other expenditure

23,431

12,132

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)

6,321

19,868

12. Extraordinary income

47

13,765

13. Extraordinary expenditure

1,515

19,769

14. Extraordinary profit (12-13)

-1,468

-6,004

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

4,853

13,864

Settlement of profit as per balance sheet

15. Tax liability

328

749

15/A Corporate income tax differential resulting from consolidation

0

0

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

4,525

13,115

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

7,475

0

17. Approved dividend or profit sharing

12,000

12,000

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

0

1,115

 

Budapest, 31 March 2016

………………………………………
Péter Zatykó
Chief Executive Officer

 

………………………………………
Gábor Zsigri
Chief Actuary

………………………………………
Marianna Nagy
Chief Accounting Officer

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