Annual report 2016

CONSOLIDATED BALANCE SHEET 31 December 2016

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

4,425

1,063

1,972

1,601

4,636

B. Investments

178,125

69,943

36,822

77,445

184, 210

I. Real estate

2,020

0

1,922

4

1,926

of which: self-occupied real estate

2,020

0

1,922

4

1,926

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 companies

0

0

0

0

0

III. Other investments

176,105

71,142

33,701

77,441

182,284

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

6,999

3,666

5,610

66

9,342

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

95,691

66,993

28,091

13,584

108,668

3. Participation in investment pools

0

0

0

0

0

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

71,845

0

0

63,058

63,058

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

1,570

483

0

733

1,216

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

83,114

76,029

0

0

76,029

D. Debtors

6,914

852

1,650

2,039

4,541

I. Debtors arising out of direct insurance operations

1,133

546

1,260

12

1,818

1. Policyholders

1,076

532

1,068

0

1,600

of which: a) affiliated undertakings

0

0

0

0

0

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

0

0

0

0

0

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

0

0

0

0

0

2. Claims on insurance intermediaries

32

14

41

12

67

of which: a) affiliated undertakings

0

0

0

0

0

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

0

0

0

0

0

c) 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

25

0

151

0

151

of which: a) affiliated undertakings

0

0

0

0

0

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

0

0

0

0

0

c) 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

3

2

4

0

6

of which: a) affiliated undertakings

0

0

0

0

0

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

0

0

0

0

0

c) 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

5,778

304

386

2,027

2,727

of which: a) affiliated undertakings

38

0

35

5

40

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

0

0

0

0

0

c) 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 consolidation (computed)

0

0

0

0

0

E. Other assets

5,850

499

3,244

2,862

6,605

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

1,725

181

885

1,132

2,198

2. Cash at bank and in hand

4,125

318

2,359

1,730

4,407

3. Repurchased own shares

0

0

0

0

0

4. Other

0

0

0

0

0

F. Prepayments and accrued income

8,727

6,308

1,376

505

8,189

1. Accrued interest and rent

1,500

1,075

388

281

1,744

2. Deferred acquisition costs

5,307

4,425

0

0

4,425

3. Other prepayments and accrued income

1,920

808

988

224

2,020

Total assets

287,155

154,694

45,064

84,452

284,210

 

Budapest, 10 April 2017

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

 

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

………………………………………
Krisztián Varga
Chief Accounting Officer

 

 

CONSOLIDATED BALANCE SHEET, 31 December 2016

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

33,806

12,619

12,587

10,123

35,329

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

3,118

2,353

0

5,471

IV. Retained earnings (+/-)

37,584

2,287

5,584

30,029

37,900

V. Restricted reserve

705

237

632

0

869

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 (+/-)

13,115

3,344

1,277

8,902

13,523

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

-29,444

0

0

-28,808

-28,808

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

82,854

58,356

28,172

0

86,528

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

4,716

65

5,389

0

5,454

a) gross amount

4,760

103

5,418

0

5,521

b) reinsurance amount (-)

44

38

29

0

67

2. Actuarial provisions

60,125

54,044

7,368

0

61,412

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

52,823

54,044

0

0

54,044

aa) gross amount

52,823

54,044

0

0

54,044

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

11

0

11

ca). gross amount

12

0

11

0

11

cb). reinsurance amount (-)

0

0

0

0

0

d) liability insurance annuity provision (1+2)

7,290

0

7,357

0

7,357

da). gross amount

7,816

0

7,764

0

7,764

db) reinsurance amount (-)

526

0

407

0

407

3. Claims outstanding [a)+b)]

17,487

3,933

15,112

0

19,045

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

12,143

3,463

9,514

0

12,977

aa) gross amount

12,653

3,477

9,869

0

13,346

ab) reinsurance amount (-)

510

14

355

0

369

b) IBNR

5,344

470

5,598

0

6,068

ba) gross amount

5,369

481

5,622

0

6,103

bb) reinsurance amount (-)

25

11

24

0

35

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

47

6

44

0

50

a) Profit-dependent

34

0

35

0

35

aa) gross amount

34

0

35

0

35

ab) reinsurance amount (-)

0

0

0

0

0

b) profit-independent

13

6

9

0

15

ba) gross amount

13

6

9

0

15

bb) reinsurance amount (-)

0

0

0

0

0

5. Equalisation provision

115

0

115

0

115

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

364

308

144

0

452

a) Large claim provisions

21

0

21

0

21

b) Cancellation provisions [ba)+bb)]

152

138

123

0

261

ba) gross amount

165

146

143

0

289

bb) reinsurance amount (-)

-13

8

20

0

28

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

191

170

0

0

170

ca) gross amount

191

170

0

0

170

cb) reinsurance amount (-)

0

0

0

0

0

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

83,114

76,029

0

0

76,029

a) gross amount

83,114

76,029

0

0

76,029

b) reinsurance amount (-)

0

0

0

0

0

E. Specific provisions

765

732

0

121

853

1. Provisions for contingent liabilities

679

631

0

121

752

2. Provisions for future expenses

86

101

0

0

101

3. Other provisions

0

0

0

0

0

F. Deposits received from reinsurers

0

0

0

0

0

G. Creditors

81,578

2,529

3,112

73,042

78,683

I. Creditors arising out of direct insurance operations

2,814

168

2,554

0

2,722

of which: a) affiliated undertakings

0

0

0

0

0

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

0

0

0

0

0

c) 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

239

21

189

0

210

of which: a) affiliated undertakings

0

0

0

0

0

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

0

0

0

0

0

c) 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 significant participating interests

0

0

0

0

0

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

0

0

0

0

0

IV. Credits

72,485

0

0

63,750

63,750

of which: a) affiliated undertakings

72,485

0

0

63,750

63,750

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

0

0

0

0

0

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

0

0

0

0

0

V. Other creditors

6,040

2,340

369

9,292

12,001

of which: a) affiliated undertakings

101

1

5

0

6

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

0

0

0

0

0

c) 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

4,970

4,429

1,193

1,098

6,720

1. Accrued income

1

0

0

1

1

2. Accrued costs and expenditure

4,969

4,429

1,193

1,097

6,719

3. Deferred income

0

0

0

0

0

Total liabilities and equity

287,155

154,694

45,064

84,452

284,210

 

Budapest, 10 April 2017

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

 

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

………………………………………
Krisztián Varga
Chief Accounting Officer

 

 

CONSOLIDATED PROFIT AND LOSS ACCOUNT 31 December 2016


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

A) Non-life insurance business

a

b

01. Earned premiums, net of reinsurance

48,931

53,470

a) gross premiums written

51,399

56,140

b) outward reinsurance premiums (-)

1,857

1,925

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

618

751

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

-7

-6

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

0

0

03. Other technical income

181

262

04. Claims incurred

21,761

23,939

a) claims paid and claim settlement expenses

22,691

22,733

aa) claim payments

20,143

20,360

1. gross amount

20,518

20,742

2. reinsurers’ share (-)

375

382

ab) claim settlement expenses

2,795

2,703

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

247

330

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

-930

1,206

ba) case by case

-1,911

447

1) gross amount

-1,880

349

2) reinsurers’ share (-)

31

-98

bb) IBNR

981

759

1) gross amount

981

783

2) reinsurers’ share (-)

0

24

05. Changes in actuarial provisions (+/-)

-404

66

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

-1

ba) gross amount

0

-1

bb) reinsurers’ share (-)

0

0

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

-404

67

ca) gross amount

-627

-52

cb) reinsurers’ share (-)

-223

-119

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

-2

-1

a) profit-dependent premium reimbursement provisions (+/-)

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

b) profit-independent premium reimbursement provisions (+/-)

0

3

ba) gross amount

0

3

bb) reinsurers’ share (-)

0

0

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

0

0

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

-16

12

a) large claim provisions

0

0

b) cancellation provisions

-16

12

ba) gross amount

-6

19

bb) reinsurers’ share (-)

-10

7

c) changes in other technical provisions

0

0

ca) gross amount

0

0

cb) reinsurers’ share (-)

0

0

09. Net operating expenses

15,799

17,488

a) acquisition costs incurred in the financial year

10,054

11,460

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

0

0

c) administrative expenses (except investment costs)

5,749

6,030

d) reinsurance commissions and profit participation (-)

4

2

10. Other technical charges

4,431

4,675

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

7,543

7,553

Description

Previous year, total

Current year, total

B) Life assurance business

a

b

01. Earned premiums, net of reinsurance

39,122

38,902

a) gross premiums written

39,526

39,129

b) outward reinsurance premiums (-)

412

233

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

-8

10

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

0

-16

02. Technical income from investments

3,367

2,927

a) income from participating interests

120

0

of which: derived from affiliated undertakings

0

0

b) income from other investments

3,107

2,958

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

3,106

2,958

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

140

-31

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

0

0

03. Unrealised gains on investments

9,659

8,409

of which valuation difference

0

0

04. Other technical income

94

71

05. Claims incurred

35,131

34,004

a) claims paid and claim settlement expenses

35,229

33,652

aa) claims paid

35,014

33,409

1. gross amount

35,125

33,574

2. reinsurers’ share (-)

112

165

ab) claim settlement expenses

263

260

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

47

17

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

-98

352

ba) case by case

-340

386

1) gross amount

-339

344

2) reinsurers’ share (-)

1

-42

Description

Previous year, total

Current year, total

Life assurance business

a

b

bb) IBNR

242

-34

1) gross amount

267

-48

2) reinsurers’ share (-)

-25

14

06. Change in actuarial provisions (+/-)

-2,288

1,222

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

-2,288

1,222

aa) gross amount

-2,288

1,222

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 (+/-)

0

3

a) profit-dependent premium reimbursement provisions (+/-)

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

b) profit-independent premium reimbursement provisions (+/-)

-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 (+/-)

-8

75

a) large claim provisions (+/-)

0

0

b) change in cancellation technical provisions (+/-)

17

97

ba) gross amount

17

105

bb) reinsurers’ share (-)

0

8

c) changes in other technical provisions (-)

-25

-22

ca) gross amount

-25

-22

cb) reinsurers’ share (-)

0

0

10. Change in UL technical provisions (+/-)

-4,186

-7,085

a) gross amount

-4,186

-7,085

b) reinsurers’ share (-)

0

0

11. Net operating expenses

10,836

11,025

a) acquisition costs incurred in the financial year

6,272

6,566

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

1,126

883

c) administrative expenses (except investment costs)

3,438

3,581

d) reinsurance commissions and profit participation (-)

0

5

12. Technical expenditure arising from investments

347

189

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

29

-137

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

0

0

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

318

326

13. Unrealised losses on investments

7,131

5,125

of witch: valuation difference

14. Other technical charges

1,110

1,063

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

4,169

4,688

Description

Previous year, total

Current year, total

a

b

C) Non-technical accounts

2,152

1,896

01. Dividends and profit sharing received

4

12

of which: derived from affiliated undertakings

4

12

of which: revaluation difference

0

0

02. Interest received and interest type incomes

5,693

4,697

of which: derived from affiliated undertakings

0

0

03. Income from tangible assets related to the insurance portfolio

222

300

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

7,040

14,476

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

2,514

2,035

of which: revaluation difference

0

0

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

94

94

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

8,566

15,101

10. Other income

32,268

23,309

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

0

0

11. Other expenditure

31,901

23,668

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)

13,864

14,137

12. Extraordinary income

0

0

13. Extraordinary expenditure

0

0

14. Extraordinary profit (12-13)

0

0

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

13,864

14,137

15. Tax liability

749

614

15/A Corporate income tax differential resulting from consolidation

0

0

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

13,115

13,523

 

Budapest, 10 April 2017

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

 

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

………………………………………
Krisztián Varga
Chief Accounting Officer

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