Annual report 2020

BALANCE SHEET, 31 December 2020
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

Current year

Total

Life

Non-life

Other, unallocated

Total

a

b

c

d

e

A. Intangible assets

7,021

328

7,907

209

8,444

B. Investments

135,505

97,271

65,390

0

162,661

I. Real estate

1,828

0

2,069

0

2,069

of which: self-occupied real estate

1,828

0

2,069

0

2,069

II. Investments in affiliated undertakings

6,037

2

3,140

0

3,142

1. Equity investments in parent companies and subsidiaries

5,333

2

3,140

0

3,142

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

704

0

0

0

0

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

127,640

97,269

60,181

0

157,450

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

19,533

6,376

14,983

0

21,359

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

107,723

90,370

45,198

0

135,568

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.)

384

523

0

0

523

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

69,889

72,111

0

0

72,111

D. Debtors

5,851

1,583

4,913

0

6,496

I. Debtors arising out of direct insurance operations

3,462

572

3,444

0

4,016

1. Policyholders

2,740

554

2,405

0

2,959

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

175

18

134

0

152

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

547

0

905

0

905

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

134

0

654

0

654

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

2,255

1,011

815

0

1,826

of which: a) affiliated undertakings

397

0

334

0

334

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

8,061

877

3,847

2

4,726

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

1950

216

1,553

2

1,771

2. Cash at bank and in hand

6,111

661

2,294

0

2,955

3. Repurchased own shares

0

0

0

0

0

4. Other

0

0

0

0

0

F. Prepayments and accrued income

7,297

5,492

1,640

0

7,132

1. Accrued interest and rent

930

996

320

0

1,316

2. Deferred acquisition costs

4,044

3,926

0

0

3,926

3. Other prepayments and accrued income

2,323

570

1,320

0

1,890

Total assets

233,624

177,662

83,697

211

261,570

 

Budapest, 29 April 2021

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

 

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

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

 

 

BALANCE SHEET, 31 December 2020
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

Current year

Total

Life

Non-life

Other, unallocated

Total

a

b

c

d

e

A. Capital and reserves

34,411

14,951

27,152

211

42,314

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 (+/-)

7,520

4,032

11,020

181

15,233

V. Restricted reserve

851

311

521

0

832

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

14,194

3,856

10,517

30

14,403

B. Subordinated liabilities

0

0

0

0

0

C. Technical provisions

111,834

81,755

41,061

0

122,816

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

11,311

153

13,374

0

13,827

a) gross amount

11,465

165

14,016

0

14,181

b) reinsurance amount (-)

154

12

342

0

354

2. Actuarial provisions

75,231

75,687

5,956

0

81,643

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

68,070

75,687

0

0

75,687

aa). gross amount

68,070

75,687

0

0

75,687

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

8

0

8

ca). gross amount

9

0

8

0

8

cb). reinsurance amount (-)

0

0

0

0

0

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

7,152

0

5,948

0

5,948

da). gross amount

7,486

0

6,265

0

6,265

db). reinsurance amount (-)

334

0

317

0

317

3. Claims outstanding [a)+b)]

24,353

5,280

20,981

0

26,261

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

17,137

4,680

13,528

0

18,208

aa) gross amount

18,307

4,733

14,323

0

19,056

ab) reinsurance amount (-)

1,170

53

795

0

848

b) IBNR provision [ba)+bb)]

7,216

600

7,453

0

8,053

ba) gross amount

7,249

611

7,470

0

8,081

bb) reinsurance amount (-)

33

11

17

0

28

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

93

79

43

0

122

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)]

58

79

8

0

87

ba) gross amount

58

79

8

0

87

bb) reinsurance amount (-)

0

0

0

0

0

5. Equalisation provision

115

0

115

0

115

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

731

556

292

0

848

a) Large claims provisions

21

0

0

0

0

b) Cancellation provisions [ba)+bb)]

589

448

292

0

740

ba) gross amount

624

446

310

0

756

bb) reinsurance amount (-)

35

-2

18

0

16

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

121

108

0

0

108

ca) gross amount

121

108

0

0

108

cb) reinsurance amount (-)

0

0

0

0

0

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

69,889

72,111

0

0

72,111

1) gross amount

69,889

72,111

0

0

72,111

2) reinsurance amount (-)

0

0

0

0

0

E. Specific provisions

1,306

1,197

1,031

0

2,228

1. Provisions for contingent sliabilities

1,201

1,093

1,031

0

2,124

2. Provisions for future expenses

105

104

0

0

104

3. Other provisions

0

0

0

0

0

F. Deposits received from reinsurers

0

0

0

0

0

G. Creditors

9,533

4,752

11,772

0

16,524

I. Creditors arising out of direct insurance operations

5,129

943

5,296

0

6,239

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

383

0

229

0

229

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

4,021

3,809

6,247

0

10,056

of which: a) affiliated undertakings

1,045

2,310

5,298

0

7,608

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

6,651

2,896

2,681

0

5,577

1. Accrued income

2

2

0

0

2

2. Accrued costs and expenditure

6,625

2,876

2,681

0

5,557

3. Deferred income

24

18

0

0

18

Total liabilities and equity

233,624

177,662

83,697

211

261,570

 

Budapest, 29 April 2021

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

 

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

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

 

 

CONSOLIDATED PROFIT AND LOSS ACCOUNT 31 December 2020
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

81,066

87,335

a) gross premiums written

85,540

91,429

b) outward reinsurance premiums (-)

2,651

2,460

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

1,900

1,511

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

-77

123

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

0

0

03. Other technical income

607

495

04. Claims incurred

33,365

34,903

a) claims paid and claim settlement expenses

33,055

33,755

aa) claim payments

30,129

30,789

1. gross amount

30,229

31,448

2. reinsurers’ share (-)

100

659

ab) claim settlement expenses

3,349

3,443

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

423

477

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

310

1,148

ba) case-by-case

-308

244

1. gross amount

269

-472

2. reinsurers’ share (-)

577

-716

bb) IBNR

618

904

1. gross amount

631

867

2. reinsurers’ share (-)

13

-37

05. Changes in actuarial provisions (+/-)

66

-1,216

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

-2

ba) gross amount

-1

-2

bb) reinsurers’ share (-)

0

0

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

67

-1,214

ca) gross amount

116

-1,238

cb) reinsurers’ share (-)

49

-24

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

2

-26

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

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

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

2

-26

ba) gross amount

2

-26

bb) reinsurers’ share (-)

0

0

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

0

0

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

53

17

a) large claim provisions

0

-21

b) cancellation provisions

53

37

ba) gross amount

35

26

bb) reinsurers’ share (-)

-18

-11

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

0

0

ca) gross amount

0

0

cb) reinsurers’ share (-)

0

0

09. Net operating expenses

28,298

31,245

a) acquisition costs incurred in the financial year

18,993

19,939

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

0

0

c) administrative expenses (except investment costs)

9,415

11,324

d) reinsurance commissions and profit participation (-)

110

18

10. Other technical charges

10,486

13,014

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

9,403

9,893

Description

Previous year, total

Current year, total

B) Life assurance business

a

b

01. Earned premiums, net of reinsurance

42,772

46,052

a) gross premiums written

42,954

46,264

b) outward reinsurance premiums (-)

195

195

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

-62

-15

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

49

32

02. Technical income from investments

3,206

3,515

a) income from participating interests

0

0

of which: derived from affiliated undertakings

0

0

b) income from other investments

3,105

3,395

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

3,105

3,395

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

101

120

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

0

0

03. Unrealised gains on investments

8,563

12,183

Of which: valuation difference

0

0

04. Other technical income

134

24

05. Claims incurred

25,639

24,150

a) claims paid and claim settlement expenses

24,800

23,689

aa) claims paid

24,589

23,489

1. gross amount

24,720

23,639

2. reinsurers’ share (-)

131

150

ab) claim settlement expenses

235

214

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

24

14

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

839

461

ba) case-by-case

776

380

1. gross amount

788

414

2. reinsurers’ share (-)

12

34

bb) IBNR

63

81

1. gross amount

64

81

2. reinsurers’ share (-)

1

0

06. Change in actuarial provisions (+/-)

5,928

7,617

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

5,928

7,617

aa) gross amount

5,928

7,617

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 (+/-)

33

30

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

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

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

33

30

ba) gross amount

33

30

bb) reinsurers’ share (-)

0

0

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

0

0

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

-40

87

a) large claims provisions

0

0

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

-26

100

ba) gross amount

-20

67

bb) reinsurers’ share (-)

6

-33

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

-14

-13

ca) gross amount

-14

-13

cb) reinsurers’ share (-)

0

0

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

3,193

2,222

a) gross amount

3,193

2,222

b) reinsurers’ share (-)

0

0

11. Net operating expenses

11,383

11,705

a) acquisition costs incurred in the financial year

7,383

7,429

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

-595

118

c) administrative expenses (except investment costs)

4,595

4,158

d) reinsurance commissions and profit participation (-)

0

0

12. Technical expenditure arising from investments

710

878

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

420

624

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

0

0

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

290

254

13. Unrealised losses on investments

2,475

9,825

Of which: valuation difference

0

0

14. Other technical charges

996

910

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

4,358

4,350

Description

Previous year total

Current year total

C) Non-technical accounts

841

765

01. Dividends and profit sharing received

2,500

3,800

of which: derived from affiliated undertakings

2,500

3,800

of which: revaluation difference

0

0

02. Interest received and interest type incomes

1,639

3,080

of which: derived from affiliated undertakings

18

9

03. Income from tangible assets related to the insurance
portfolio

258

287

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

851

1,118

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

-441

1,567

of which: revaluation difference

0

0

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

1,007

585

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

1,644

1,192

10. Other income

2,432

2,283

11. Other expenditure

4,629

6,459

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

14,602

15,008

12. Extraordinary income

0

0

13. Extraordinary expenditure

0

0

14. Extraordinary profit (12-13)

0

0

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

14,602

15,008

15. Tax liability

408

605

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

14,194

14,403

 

Budapest, 29 April 2021

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

 

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

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

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