Annual report 2022

BALANCE SHEET, 31 December 2022

1

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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

9,267

2,454

6,671

106

9,231

B. Investments

163,296

112,924

65,470

0

178,394

I. Real estate

2,031

0

1,990

0

1,990

of which: self-occupied real estate

2,031

0

1,990

0

1,990

II. Investments in affiliated undertakings

2,926

0

3,082

0

3,082

1. Equity investments in parent companies and subsidiaries

2,926

0

3,082

0

3,082

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

158,339

112,924

60,398

0

173,322

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

20,829

1,401

400

0

1,801

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

137,028

111,109

59,998

0

171,107

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.)

482

414

0

0

414

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

75,083

73,679

0

0

73,679

D. Debtors

5,287

1,331

4,037

0

5,368

I. Debtors arising out of direct insurance operations

3,916

779

3,333

0

4,112

1. Policyholders

3,045

618

2,726

0

3,344

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

207

161

36

0

197

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

664

0

571

0

571

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

216

5

97

0

102

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

1,155

547

607

0

1,154

of which: a) affiliated undertakings

227

0

337

0

337

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

17,015

1,453

3,256

1

4,710

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

1,469

145

1,248

1

1,394

2. Cash at bank and in hand

15,546

1,308

2,008

0

3,316

3. Repurchased own shares

0

0

0

0

0

4. Other

0

0

0

0

0

F. Prepayments and accrued income

6,459

5,866

2,958

0

8,824

1. Accrued interest and rent

1,237

1,453

1,161

0

2,614

2. Deferred acquisition costs

3,507

3,173

0

0

3,173

3. Other prepayments and accrued income

1,715

1,240

1,797

0

3,037

Total assets

276,407

197,707

82,392

107

280,206

 

Budapest, 23 May 2023

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

 

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

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

 

 

BALANCE SHEET, 31 December 2022

1

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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

41,678

15,614

24,421

107

40,142

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 (+/-)

16,578

4,686

13,195

65

17,946

V. Restricted reserve

891

315

571

0

886

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

12,363

3,861

5,561

42

9,464

B. Subordinated liabilities

0

0

0

0

0

C. Technical provisions

133,973

98,987

48,735

0

147,722

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

15,165

140

17,488

0

17,628

a) gross amount

15,438

193

17,609

0

17,802

b) reinsurance amount (-)

273

53

121

0

174

2. Actuarial provisions

90,037

92,662

6,283

0

98,945

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

83,771

92,662

0

0

92,662

aa). gross amount

83,771

92,662

0

0

92,662

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

7

0

6

0

6

ca). gross amount

7

0

6

0

6

cb). reinsurance amount (-)

0

0

0

0

0

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

6,259

0

6,277

0

6,277

da). gross amount

6,617

0

6,690

0

6,690

db). reinsurance amount (-)

358

0

413

0

413

3. Claims outstanding [a)+b)]

27,948

5,702

23,916

0

29,618

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

20,617

4,990

17,681

0

22,671

aa) gross amount

21,414

5,059

18,596

0

23,655

ab) reinsurance amount (-)

797

69

915

0

984

b) IBNR provision [ba)+bb)]

7,331

712

6,235

0

6,947

ba) gross amount

7,355

724

6,245

0

6,969

bb) reinsurance amount (-)

24

12

10

0

22

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

108

62

41

0

103

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)]

73

62

6

0

68

ba) gross amount

73

62

6

0

68

bb) reinsurance amount (-)

0

0

0

0

0

5. Equalisation provision

0

0

0

0

0

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

715

421

1,007

0

1,428

a) Large claims provisions

0

0

0

0

0

b) Cancellation provisions [ba)+bb)]

619

335

370

0

705

ba) gross amount

628

335

371

0

706

bb) reinsurance amount (-)

9

0

1

0

1

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

96

86

637

0

723

ca) gross amount

96

86

637

0

723

cb) reinsurance amount (-)

0

0

0

0

0

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

75,083

73,679

0

0

73,679

1) gross amount

75,083

73,679

0

0

73,679

2) reinsurance amount (-)

0

0

0

0

0

E. Specific provisions

3,035

965

1,455

0

2,420

1. Provisions for contingent liabilities

2,928

875

1,455

0

2,330

2. Provisions for future expenses

107

90

0

0

90

3. Other provisions

0

0

0

0

0

F. Deposits received from reinsurers

0

0

0

0

0

G. Creditors

16,556

3,422

7,691

0

11,113

I. Creditors arising out of direct insurance operations

6,671

1,869

5,804

0

7,673

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

463

71

308

0

379

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

9,422

1,482

1,579

0

3,061

of which: a) affiliated undertakings

7,063

0

533

0

533

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

6,082

5,040

90

0

5,130

1. Accrued income

3

0

1

0

1

2. Accrued costs and expenditure

6,067

5,040

82

0

5,122

3. Deferred income

12

0

7

0

7

Total liabilities and equity

276,407

197,707

82,392

107

280,206

 

Budapest, 23 May 2023

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

 

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

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

 

 

PROFIT AND LOSS ACCOUNT 31 December 2022

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9

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6

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1

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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

93,405

103,320

a) gross premiums written

97,382

109,260

b) outward reinsurance premiums (-)

2,911

3,497

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

945

2,343

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

121

100

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

0

0

03. Other technical income

273

516

04. Claims incurred

36,134

43,297

a) claims paid and claim settlement expenses

35,096

41,402

aa) claim payments

32,260

38,230

1. gross amount

35,787

38,325

2. reinsurers’ share (-)

3,527

95

ab) claim settlement expenses

3,473

3,725

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

637

553

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

1,038

1,895

ba) case-by-case

2,122

2,030

1. gross amount

2,073

2,199

2. reinsurers’ share (-)

-49

169

bb) IBNR

-1,084

-135

1. gross amount

-1,086

-140

2. reinsurers’ share (-)

-2

-5

05. Changes in actuarial provisions (+/-)

310

17

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

0

ba) gross amount

-1

0

bb) reinsurers’ share (-)

0

0

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

311

17

ca) gross amount

352

72

cb) reinsurers’ share (-)

41

55

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

0

-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

-1

ba) gross amount

0

-1

bb) reinsurers’ share (-)

0

0

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

-115

0

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

-18

734

a) large claim provisions

0

0

b) cancellation provisions

-18

97

ba) gross amount

-27

89

bb) reinsurers’ share (-)

-9

-8

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

0

637

ca) gross amount

0

637

cb) reinsurers’ share (-)

0

0

09. Net operating expenses

32,283

34,880

a) acquisition costs incurred in the financial year

20,241

22,204

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

0

0

c) administrative expenses (except investment costs)

12,020

12,736

d) reinsurance commissions and profit participation (-)

-22

60

10. Other technical charges

14,192

21,561

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

10,892

3,348

Description

Previous year, total

Current year, total

B) Life assurance business

a

b

01. Earned premiums, net of reinsurance

48,347

52,839

a) gross premiums written

48,555

53,096

b) outward reinsurance premiums (-)

242

237

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

7

21

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

-41

-1

02. Technical income from investments

3,465

4,827

a) income from participating interests

0

0

of which: derived from affiliated undertakings

0

0

b) income from other investments

3,211

3,923

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

3,211

3,923

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

254

904

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

0

0

03. Unrealised gains on investments

8,010

10,208

Of which: valuation difference

0

0

04. Other technical income

728

30

05. Claims incurred

25,317

22,992

a) claims paid and claim settlement expenses

24,668

23,218

aa) claims paid

24,385

22,950

1. gross amount

24,461

23,049

2. reinsurers’ share (-)

76

99

ab) claim settlement expenses

300

309

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

17

41

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

649

-226

ba) case-by-case

287

24

1. gross amount

285

41

2. reinsurers’ share (-)

-2

17

bb) IBNR

362

-250

1. gross amount

360

-247

2. reinsurers’ share (-)

-2

3

06. Change in actuarial provisions (+/-)

8,084

8,892

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

8,084

8,892

aa) gross amount

8,084

8,892

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 (+/-)

-13

-4

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

0

0

aa) gross amount

0

0

ab) reinsurers’ share (-)

0

0

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

-13

-4

ba) gross amount

-13

-4

bb) reinsurers’ share (-)

0

0

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

0

0

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

-115

-20

a) large claims provisions

0

0

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

-103

-10

ba) gross amount

-101

-10

bb) reinsurers’ share (-)

2

0

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

-12

-10

ca) gross amount

-12

-10

cb) reinsurers’ share (-)

0

0

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

2,973

-1,405

a) gross amount

2,973

-1,405

b) reinsurers’ share (-)

0

0

11. Net operating expenses

12,101

12,841

a) acquisition costs incurred in the financial year

7,405

8,056

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

419

334

c) administrative expenses (except investment costs)

4,285

4,451

d) reinsurance commissions and profit participation (-)

8

0

12. Technical expenditure arising from investments

1,128

1,705

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

588

570

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

0

0

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

540

1,135

13. Unrealised losses on investments

5,672

17,090

Of which: valuation difference

0

0

14. Other technical charges

1,668

2,052

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

3,735

3,761

Description

Previous year total

Current year total

C) Non-technical accounts

-1,235

2,890

01. Dividends and profit sharing received

2,500

2,600

of which: derived from affiliated undertakings

2,500

2,600

of which: revaluation difference

0

0

02. Interest received and interest type incomes

1,771

4,082

of which: derived from affiliated undertakings

0

0

03. Income from tangible assets related to the insurance
portfolio

298

321

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

1,352

4,546

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

1,178

1,538

of which: revaluation difference

0

0

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

298

418

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

3,606

5,368

10. Other income

1,943

3,191

11. Other expenditure

4,017

4,526

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

13,392

9,999

12. Extraordinary income

0

0

13. Extraordinary expenditure

0

0

14. Extraordinary profit (12-13)

0

0

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

13,392

9,999

15. Tax liability

1,029

535

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

12,363

9,464

 

Budapest, 23 May 2023

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

 

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

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

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