Annual report 2019

BALANCE SHEET, 31 December 2019


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0

3

8

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9

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Statistical code

AEGON Magyarország Általános Biztosító Zrt.

HUF million

Description

Previous year

Current year

Total

Life

Non-life

Other, unallocated

Total

a

b

c

d

e

A. Intangible assets

5,006

705

6,093

223

7,021

B. Investments

127,394

84,910

50,595

0

135,505

I. Real estate

1,877

0

1,828

0

1,828

of which: self-occupied real estate

1,877

0

1,828

0

1,828

II. Investments in affiliated undertakings

6,346

2

6,035

0

6,037

1. Equity investments in parent companies and subsidiaries

4,851

2

5,331

0

5,333

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

1,495

0

704

0

704

3. Equity investments in joint companies

0

0

0

0

0

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

0

0

0

0

0

III. Other investments

119,171

84,908

42,732

0

127,640

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

19,182

5,812

13,721

0

19,533

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

99,547

78,712

29,011

0

107,723

3. Participation in investment pools

0

0

0

0

0

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

0

0

0

0

0

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

442

384

0

0

384

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

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

66,695

69,889

0

0

69,889

D. Debtors

5,023

2,167

3,684

0

5,851

I. Debtors arising out of direct insurance operations

2,736

643

2,819

0

3,462

1. Policyholders

2,439

636

2,104

0

2,740

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/p>

0

0

0

0

0

2. Claims on insurance intermediaries

130

7

168

0

175

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

167

0

547

0

547

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

65

6

128

0

134

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 reserve

0

0

0

0

0

IV. Other debtors

2,222

1,518

737

0

2,255

of which: a) affiliated undertakings

857

0

397

0

397

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. Debtors valuation difference

0

0

0

0

0

VI. Derivatives valuation difference

0

0

0

0

0

E. Other assets

6,727

2,503

5,557

1

8,061

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

1390.4

257

1,692

1

1,950

2. Cash at bank and in hand

5,337

2,246

3,865

0

6,111

3. Repurchased own shares

0

0

0

0

0

4. Other

0

0

0

0

0

F. Prepayments and accrued income

7,116

5,303

1,994

0

7,297

1. Accrued interest and rent

1,020

768

162

0

930

2. Deferred acquisition costs

3,449

4,044

0

0

4,044

3. Other prepayments and accrued income

2,647

491

1,832

0

2,323

Total assets

217,961

165,477

67,923

224

233,624

 

Budapest, 30 April 2020

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

 

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

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

 

 

BALANCE SHEET, 31 December 2019


1

0

3

8

9

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9

5

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Statistical code

AEGON Magyarország Általános Biztosító Zrt.

HUF million

Description

Previous year

Current year

Total

Life

Non-life

Other, unallocated

Total

a

b

c

d

e

A. Capital and reserves

32,217

12,774

21,413

224

34,411

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 not yet paid up (-)

0

0

0

0

0

III. Capital reserve

5,472

3,119

2,353

0

5,472

IV. Retained earnings (+/-)

7,638

1,154

6,169

197

7,520

V. Restricted reserve

784

300

551

0

851

VI. Revaluation reserve

0

0

0

0

0

1. Reserve of revaluation

0

0

0

0

0

2. Reserve of fair value

0

0

0

0

0

Of which: to the policyholders

0

0

0

0

0

VII. Net Profit

11,949

4,568

9,599

27

14,194

B. Subordinated liabilities

0

0

0

0

0

C. Technical provisions

103,048

73,543

38,291

0

111,834

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

9,676

136

11,175

0

11,311

a) gross amount

9,802

180

11,285

0

11,465

b) reinsurance amount (-)

126

44

110

0

154

2. Actuarial provisions

69,234

68,070

7,161

0

75,231

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

62,142

68,070

0

0

68,070

aa). gross amount

62,142

68,070

0

0

68,070

of which: reinsurance amount

0

0

0

0

0

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

0

0

0

0

0

b) health insurance premium provisions [ba)+bb)]

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

9

0

9

0

9

ca). gross amount

9

0

9

0

9

cb). reinsurance amount (-)

0

0

0

0

0

d) liability insurance annuity provision [da)+db)]

7,083

0

7,152

0

7,152

da). gross amount

7,368

0

7,486

0

7,486

db). reinsurance amount (-)

285

0

334

0

334

3. Claims outstanding [a)+b)]

23,245

4,820

19,533

0

24,353

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

16,707

4,300

12,837

0

17,137

aa) gross amount

17,289

4,319

13,988

0

18,307

ab) reinsurance amount (-)

582

19

1,151

0

1,170

b) IBNR provision [ba)+bb)]

6,538

520

6,696

0

7,216

ba) gross amount

6,557

531

6,718

0

7,249

bb) reinsurance amount (-)

19

11

22

0

33

4. Premium reimbursement provisions [a)+b)]

59

49

44

0

93

a) Profit-dependent [aa)+ab)]

35

0

35

0

35

aa) gross amount

35

0

35

0

35

ab) reinsurance amount (-)

0

0

0

0

0

b) Profit-independent [ba)+bb)]

24

49

9

0

58

ba) gross amount

24

49

9

0

58

bb) reinsurance amount (-)

0

0

0

0

0

5. Equalisation provision

115

0

115

0

115

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

719

468

263

0

731

a) Large claims provisions

21

0

21

0

21

b) Cancellation provisions [ba)+bb)]

563

347

242

0

589

ba) gross amount

609

379

245

0

624

bb) reinsurance amount (-)

46

32

3

0

35

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

135

121

0

0

121

ca) gross amount

135

121

0

0

121

cb) reinsurance amount (-)

0

0

0

0

0

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

66,695

69,889

0

0

69,889

1) gross amount

66,695

69,889

0

0

69,889

2) reinsurance amount (-)

0

0

0

0

0

E. Specific provisions

1,058

830

476

0

1,306

1. Provisions for contingent liabilities

957

725

476

0

1,201

2. Provisions for future expenses

101

105

0

0

105

3. Other provisions

0

0

0

0

0

F. Deposits received from reinsurers

0

0

0

0

0

G. Creditors

7,950

3,663

5,870

0

9,533

I. Creditors arising out of direct insurance operations

3,577

768

4,361

0

5,129

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

362

39

344

0

383

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

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

V. Other creditors

4,011

2,856

1,165

0

4,021

of which: a) affiliated undertakings

1,057

621

424

0

1,045

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. Derivatives valuation difference

0

0

0

0

0

H. Accruals and deferred income

6,993

4,778

1,873

0

6,651

1. Accrued income

1

2

0

0

2

2. Accrued costs and expenditure

6,962

4,752

1,873

0

6,625

3. Deferred income

30

24

0

0

24

Total liabilities and equity

217,961

165,477

67,923

224

233,624

 

Budapest, 30 April 2020

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

 

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

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

 

 

CONSOLIDATED PROFIT AND LOSS ACCOUNT 31 December 2019


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1

Statistical code

AEGON Magyarország Általános Biztosító Zrt.

HUF million


Description

Previous year, total

Current year, total

A) Non-life insurance business

a

b

A) Non-life insurance business

a

b

01. Earned premiums, net of reinsurance

69,294

81,066

a) gross premiums written

74,239

85,540

b) outward reinsurance premiums (-)

2,270

2,651

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

2532

1,900

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

143

-77

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

0

0

03. Other technical income

614

607

04. Claims incurred

30,334

33,365

a) claims paid and claim settlement expenses

29,358

33,055

aa) claim payments

26,614

30,129

1. gross amount

26,829

30,229

2. reinsurers’ share (-)

215

100

ab) claim settlement expenses

3,073

3,349

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

329

423

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

976

310

ba) case-by-case

504

-308

1. gross amount

398

269

2. reinsurers’ share (-)

-106

577

bb) IBNR

472

618

1. gross amount

453

631

2. reinsurers’ share (-)

-19

13

05. Changes in actuarial provisions (+/-)

-288

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 (+/-)

-1

-1

ba) gross amount

-1

-1

bb) reinsurers’ share (-)

0

0

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

-287

67

ca) gross amount

-194

116

cb) reinsurers’ share (-)

93

49

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

0

2

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

2

ba) gross amount

0

2

bb) reinsurers’ share (-)

0

0

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

0

0

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

36

53

a) large claim provisions

0

0

b) cancellation provisions

36

53

ba) gross amount

38

35

bb) reinsurers’ share (-)

2

-18

c) Changes in other technical provisions (+/-)

0

0

ca) gross amount

0

0

cb) reinsurers’ share (-)

0

0

09. Net operating expenses

24,774

28,298

a) acquisition costs incurred in the financial year

16,462

18,993

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

0

0

c) administrative expenses (except investment costs)

8,308

9,415

d) reinsurance commissions and profit participation (-)

-4

110

10. Other technical charges

5,773

10,486

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

9,279

9,403

Description

Previous year, total

Current year, total

B) Life assurance business

a

b

01. Earned premiums, net of reinsurance

40,798

42,772

a) gross premiums written

41,052

42,954

b) outward reinsurance premiums (-)

180

195

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

137

-62

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

-63

49

02. Technical income from investments

3,048

3,206

a) income from participating interests

0

0

of which: derived from affiliated undertakings

0

0

b) income from other investments

2,922

3,105

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

2,922

3,105

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

126

101

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

0

0

03. Unrealised gains on investments

5,050

8,563

Of which: valuation difference

0

0

04. Other technical income

191

134

05. Claims incurred

26,585

25,639

a) claims paid and claim settlement expenses

26,716

24,800

aa) claims paid

26,533

24,589

1. gross amount

26,563

24,720

2. reinsurers’ share (-)

30

131

ab) claim settlement expenses

218

235

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

35

24

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

-131

839

ba) case-by-case

-115

776

1. gross amount

-136

788

2. reinsurers’ share (-)

-21

12

bb) IBNR

-16

63

1. gross amount

-21

64

2. reinsurers’ share (-)

-5

1

06. Change in actuarial provisions (+/-)

5,029

5,928

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

5,029

5,928

aa) gross amount

5,029

5,928

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 (+/-)

6

33

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

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

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

6

33

ba) gross amount

6

33

bb) reinsurers’ share (-)

0

0

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

0

0

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

201

-40

a) large claims provisions

0

0

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

218

-26

ba) gross amount

243

-20

bb) reinsurers’ share (-)

25

6

c) change in other technical provisions (+/-)

-17

-14

ca) gross amount

-17

-14

cb) reinsurers’ share (-)

0

0

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

-7,347

3,193

a) gross amount

-7,347

3,193

b) reinsurers’ share (-)

0

0

11. Net operating expenses

11,637

11,383

a) acquisition costs incurred in the financial year

6,878

7,383

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

374

-595

c) administrative expenses (except investment costs)

4,387

4,595

d) reinsurance commissions and profit participation (-)

2

0

12. Technical expenditure arising from investments

696

710

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

429

420

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

0

0

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

267

290

13. Unrealised losses on investments

7,581

2,475

Of which: valuation difference

0

0

14. Other technical charges

1,188

996

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

3,511

4,358

Description

Previous year total

Current year total

C) Non-technical accounts

106

841

01. Dividends and profit sharing received

2,500

2,500

of which: derived from affiliated undertakings

2,500

2,500

of which: revaluation difference

0

0

02. Interest received and interest type incomes

1,078

1,639

of which: derived from affiliated undertakings

11

18

03. Income from tangible assets related to the insurance portfolio

247

258

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

913

851

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

1,481

-441

of which: revaluation difference

0

0

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

1,490

1,007

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

694

1,644

10. Other income

2,081

2,432

11. Other expenditure

3,048

4,629

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

12,896

14,602

12. Extraordinary income

0

0

13. Extraordinary expenditure

0

0

14. Extraordinary profit (12-13)

0

0

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

12,896

14,602

15. Tax liability

947

408

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

11,949

14,194

 

Budapest, 30 April 2020

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

 

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

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

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