Annual report 2021

BALANCE SHEET, 31 December 2021
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

8,444

470

8,623

174

9,267

B. Investments

162,661

104,647

58,649

0

163,296

I. Real estate

2,069

0

2,031

0

2,031

of which: self-occupied real estate

2,069

0

2,031

0

2,031

II. Investments in affiliated undertakings

3,142

2

2,924

0

2,926

1. Equity investments in parent companies and subsidiaries

3,142

2

2,924

0

2,926

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

0

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

157,450

104,645

53,694

0

158,339

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

21,359

6,100

14,729

0

20,829

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

135,568

98,063

38,965

0

137,028

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.)

523

482

0

0

482

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

72,111

75,083

0

0

75,083

D. Debtors

6,496

1,478

3,809

0

5,287

I. Debtors arising out of direct insurance operations

4,016

877

3,039

0

3,916

1. Policyholders

2,959

706

2,339

0

3,045

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

152

171

36

0

207

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

905

0

664

0

664

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

654

7

209

0

216

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

1,826

594

561

0

1,155

of which: a) affiliated undertakings

334

0

227

0

227

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

4,726

3,020

13,995

0

17,015

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

1,771

164

1,305

0

1,469

2. Cash at bank and in hand

2,955

2,856

12,690

0

15,546

3. Repurchased own shares

0

0

0

0

0

4. Other

0

0

0

0

0

F. Prepayments and accrued income

7,132

5,230

1,229

0

6,459

1. Accrued interest and rent

1,316

1,085

152

0

1,237

2. Deferred acquisition costs

3,926

3,507

0

0

3,507

3. Other prepayments and accrued income

1,890

638

1,077

0

1,715

Total assets

261,570

189,928

86,305

174

276,407

 

Budapest, 17 May 2022

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

 

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

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

 

 

BALANCE SHEET, 31 December 2021
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

42,314

14,562

26,942

174

41,678

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 (+/-)

15,233

4,443

12,023

112

16,578

V. Restricted reserve

832

316

575

0

891

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

14,403

3,051

9,250

62

12,363

B. Subordinated liabilities

0

0

0

0

0

C. Technical provisions

122,816

90,326

43,647

0

133,973

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

13,827

119

15,046

0

15,165

a) gross amount

14,181

172

15,266

0

15,438

b) reinsurance amount (-)

354

53

220

0

273

2. Actuarial provisions

81,643

83,771

6,266

0

90,037

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

75,687

83,771

0

0

83,771

aa). gross amount

75,687

83,771

0

0

83,771

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

8

0

7

0

7

ca). gross amount

8

0

7

0

7

cb). reinsurance amount (-)

0

0

0

0

0

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

5,948

0

6,259

0

6,259

da). gross amount

6,265

0

6,617

0

6,617

db). reinsurance amount (-)

317

0

358

0

358

3. Claims outstanding [a)+b)]

26,261

5,929

22,019

0

27,948

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

18,208

4,967

15,650

0

20,617

aa) gross amount

19,056

5,018

16,396

0

21,414

ab) reinsurance amount (-)

848

51

746

0

797

b) IBNR provision [ba)+bb)]

8,053

962

6,369

0

7,331

ba) gross amount

8,081

971

6,384

0

7,355

bb) reinsurance amount (-)

28

9

15

0

24

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

122

66

42

0

108

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)]

87

66

7

0

73

ba) gross amount

87

66

7

0

73

bb) reinsurance amount (-)

0

0

0

0

0

5. Equalisation provision

115

0

0

0

0

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

848

441

274

0

715

a) Large claims provisions

0

0

0

0

0

b) Cancellation provisions [ba)+bb)]

740

345

274

0

619

ba) gross amount

756

345

283

0

628

bb) reinsurance amount (-)

16

0

9

0

9

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

108

96

0

0

96

ca) gross amount

108

96

0

0

96

cb) reinsurance amount (-)

0

0

0

0

0

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

72,111

75,083

0

0

75,083

1) gross amount

72,111

75,083

0

0

75,083

2) reinsurance amount (-)

0

0

0

0

0

E. Specific provisions

2,228

1,574

1,461

0

3,035

1. Provisions for contingent liabilities

2,124

1,467

1,461

0

2,928

2. Provisions for future expenses

104

107

0

0

107

3. Other provisions

0

0

0

0

0

F. Deposits received from reinsurers

0

0

0

0

0

G. Creditors

16,524

4,689

11,867

0

16,556

I. Creditors arising out of direct insurance operations

6,239

1,512

5,159

0

6,671

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

229

55

408

0

463

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

10,056

3,122

6,300

0

9,422

of which: a) affiliated undertakings

7,608

1,730

5,333

0

7,063

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

5,577

3,694

2,388

0

6,082

1. Accrued income

2

3

0

0

3

2. Accrued costs and expenditure

5,557

3,679

2,388

0

6,067

3. Deferred income

18

12

0

0

12

Total liabilities and equity

261,570

189,928

86,305

174

276,407

 

Budapest, 17 May 2022

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

 

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

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

 

 

CONSOLIDATED PROFIT AND LOSS ACCOUNT 31 December 2021
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

87,335

93,405

a) gross premiums written

91,429

97,382

b) outward reinsurance premiums (-)

2,460

2,911

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

1,511

945

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

123

121

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

0

0

03. Other technical income

495

273

04. Claims incurred

34,903

36,134

a) claims paid and claim settlement expenses

33,755

35,096

aa) claim payments

30,789

32,260

1. gross amount

31,448

35,787

2. reinsurers’ share (-)

659

3,527

ab) claim settlement expenses

3,443

3,473

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

477

637

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

1,148

1,038

ba) case-by-case

244

2,122

1. gross amount

-472

2,073

2. reinsurers’ share (-)

-716

-49

bb) IBNR

904

-1,084

1. gross amount

867

-1,086

2. reinsurers’ share (-)

-37

-2

05. Changes in actuarial provisions (+/-)

-1,216

310

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 (+/-)

-2

-1

ba) gross amount

-2

-1

bb) reinsurers’ share (-)

0

0

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

-1214

311

ca) gross amount

-1,238

352

cb) reinsurers’ share (-)

-24

41

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

-26

0

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

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

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

-26

0

ba) gross amount

-26

0

bb) reinsurers’ share (-)

0

0

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

0

-115

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

17

-18

a) large claim provisions

-21

0

b) cancellation provisions

37

-18

ba) gross amount

26

-27

bb) reinsurers’ share (-)

-11

-9

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

0

0

ca) gross amount

0

0

cb) reinsurers’ share (-)

0

0

09. Net operating expenses

31,245

32,283

a) acquisition costs incurred in the financial year

19,939

20,241

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

0

0

c) administrative expenses (except investment costs)

11,324

12,020

d) reinsurance commissions and profit participation (-)

18

-22

10. Other technical charges

13,014

14,192

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

9,893

10,892

Description

Previous year, total

Current year, total

B) Life assurance business

a

b

01. Earned premiums, net of reinsurance

46,052

48,347

a) gross premiums written

46,264

48,555

b) outward reinsurance premiums (-)

195

242

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

-15

7

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

32

-41

02. Technical income from investments

3,515

3,465

a) income from participating interests

0

0

of which: derived from affiliated undertakings

0

0

b) income from other investments

3,395

3,211

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

3,395

3,211

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

120

254

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

0

0

03. Unrealised gains on investments

12,183

8,010

Of which: valuation difference

0

0

04. Other technical income

24

728

05. Claims incurred

24,150

25,317

a) claims paid and claim settlement expenses

23,689

24,668

aa) claims paid

23,489

24,385

1. gross amount

23,639

24,461

2. reinsurers’ share (-)

150

76

ab) claim settlement expenses

214

300

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

14

17

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

461

649

ba) case-by-case

380

287

1. gross amount

414

285

2. reinsurers’ share (-)

34

-2

bb) IBNR

81

362

1. gross amount

81

360

2. reinsurers’ share (-)

0

-2

06. Change in actuarial provisions (+/-)

7,617

8,084

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

7,617

8,084

aa) gross amount

7,617

8,084

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 (+/-)

30

-13

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

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

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

30

-13

ba) gross amount

30

-13

bb) reinsurers’ share (-)

0

0

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

0

0

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

87

-115

a) large claims provisions

0

0

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

100

-103

ba) gross amount

67

-101

bb) reinsurers’ share (-)

-33

2

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

-13

-12

ca) gross amount

-13

-12

cb) reinsurers’ share (-)

0

0

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

2,222

2,973

a) gross amount

2,222

2,973

b) reinsurers’ share (-)

0

0

11. Net operating expenses

11,705

12,101

a) acquisition costs incurred in the financial year

7,429

7,405

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

118

419

c) administrative expenses (except investment costs)

4,158

4,285

d) reinsurance commissions and profit participation (-)

0

8

12. Technical expenditure arising from investments

878

1,128

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

624

588

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

0

0

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

254

540

13. Unrealised losses on investments

9,825

5,672

Of which: valuation difference

0

0

14. Other technical charges

910

1,668

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

4,350

3,735

Description

Previous year total

Current year total

C) Non-technical accounts

765

-1,235

01. Dividends and profit sharing received

3,800

2,500

of which: derived from affiliated undertakings

3,800

2,500

of which: revaluation difference

0

0

02. Interest received and interest type incomes

3,080

1,771

of which: derived from affiliated undertakings

9

0

03. Income from tangible assets related to the insurance
portfolio

287

298

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

1,118

1,352

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

1,567

1,178

of which: revaluation difference

0

0

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

585

298

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

1,192

3,606

10. Other income

2,283

1,943

11. Other expenditure

6,459

4,017

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

15,008

13,392

12. Extraordinary income

0

0

13. Extraordinary expenditure

0

0

14. Extraordinary profit (12-13)

0

0

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

15,008

13,392

15. Tax liability

605

1,029

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

14,403

12,363

 

Budapest, 17 May 2022

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

 

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

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

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