Raport - anul 2005

Annual Report
Raport Anual
Annual Report 2005
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Annual Report 2005
Raport Anual 2005
Annual Report 2005
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Annual Report 2005
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Vienna Insurance
Group
Vienna Insurance Group
From the beginning of 2006, Wiener Städtische Group is
operating under a new umbrella brand – Vienna Insurance
Group. This shared brand is intended to strengthen the
Group identity and enhance the sense of cohesion of the
Group companies. Under the Group’s multibrand strategy, the
companies use their locally established names in their home
markets. With this shared brand, we emphasize our financial
strength as a major Central and Eastern European insurer based
in Vienna.
The largest Austrian insurance group in Central and
Eastern Europe
With premium volume of about EUR 5 billion, the international
Vienna Insurance Group is the largest Austrian insurance
group in Central and Eastern Europe. We provide high-quality
insurance services both in the life and non-life segments. Our
central aim is to deliver innovative local insurance solutions for
all areas of life through optimum customer service.
A tradition of success
At Vienna Insurance Group we build on a long history of
success, tracing our roots to the year 1824.
Presence in 17 countries
We are currently operating in 15 countries and in the case of
Russia and Georgia, are about to enter the market; about 16,000
employees look after the security of our customers. In addition
to our presence in Austria, we have Group companies or
branch offices in Belarus, Bulgaria, Croatia, the Czech Republic,
Germany, Hungary, Italy, Liechtenstein, Poland, Romania, Serbia
& Montenegro, Slovakia, Slovenia and Ukraine.
Vienna Insurance
Group is the largest
Austrian insurance
group in Central and
Eastern Europe.
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Focus on Central and Eastern Europe
Building on its leading position in Austria, Vienna Insurance
Group has for more than 15 years been expanding purposefully
into the emerging markets of Central and Eastern Europe. In
2005 the share of the Group’s premiums generated in this
region was already well over 30%. No other international
insurance group is active in so many Central and Eastern
European countries.
Rated A+ by Standard & Poor’s
The Group’s excellent financial strength is also confirmed by the
international rating agency Standard & Poor’s, which has given
Wiener Städtische AG a rating of A+ with a stable outlook.
Traded on the Vienna stock exchange
The share of Wiener Städtische AG (ISIN: AT0000908504) is
listed on Wiener Börse, where it is one of the most actively
traded and highly capitalised issues. Our share is thus also
represented in the ATX, Austria’s blue-chip equity index. The
Group’s superb financial results were a key driver of the share’s
solid performance in 2005.
To finance our
expansion in Central
and Eastern Europe,
Wiener Städtische
AG conducted a
capital increase.
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GROUP HIGHLIGHTS
IN 2005
AUSTRIA
Capital increase
ITALY
Primarily to finance our region-wide expansion in Central and
Eastern Europe via acquisitions and organic growth, Wiener
Städtische AG conducted a capital increase in December 2005.
With proceeds of about EUR 910 million, this was not only the
largest capital increase ever carried out by an Austrian insurance
company, but also one of the largest in the history of the Vienna
stock exchange. Fully about one-half of the staff of Wiener
Städtische AG, as well as many employees at our subsidiaries,
used the opportunity to buy shares, thus demonstrating their
confidence in the future of Vienna Insurance Group.
Successful launch of bancassurance distribution
Double-digit growth rates in life insurance
In Austria, the Vienna Insurance Group includes Wiener
Städtische AG, Donau Versicherung, Union Versicherung
and BA-CA Versicherung. Given the growing importance of
private retirement savings, 2005 brought impressive doubledigit premium growth in life insurance for all Austrian
Group companies. In fact, Wiener Städtische AG and BA-CA
Versicherung, with life insurance growth of about 25%, far
outpaced the Austrian life insurance market as a whole. For their
part, Donau Versicherung and Union Versicherung delivered
premium growth of approximately 12% in this segment last
year.
Vienna Insurance Group has already been active in Italy for six
years, through a branch office of Wiener Städtische AG. After
long and careful preparation, the launch of insurance sales
via banks was implemented to very good effect in 2005. We
won several banks as distribution partners, among them Banca
Popolare FriulAdria, Rothschild Bank, Banca Popolare di Puglia
and Hypo Tirol Italy.
SLOVENIA
Partnership with the Kardan Group
Premiums of EUR 5 million in the very first full year
In 2005 Vienna Insurance Group launched a sweeping strategic
collaboration with Kardan Financial Services. Kardan Financial
Services is a holding company with a majority stake in TBIH,
which in turn has a broad portfolio of investments in financial
services companies in Central and Eastern Europe. As the first
step, in the middle of 2005, Vienna Insurance Group acquired
from TBIH the majority ownership of Romanian insurance
group Omniasig, thus becoming the market leader in Romania.
Next, agreement was reached for us to take a 40% interest in
Kardan Financial Services. Vienna Insurance Group is to assume
operating control of the insurance holdings of TBIH. The
subsidiaries of TBIH in the pension fund, asset management
and leasing businesses are to unlock access to a wide customer
base for Vienna Insurance Group. The insurance assets of TBIH
include companies in Bulgaria (Bulstrad), Croatia (Helios),
Georgia (GPIH), Romania (Omniasig Life) and Russia (Standard
Reserve, SoVita). The regulatory and other government
approvals for our investment in Kardan Financial Services are
expected in the first half of 2006.
We entered the Slovenian market in 2004 by opening a branch
of Wiener Städtische AG, immediately after the country’s
accession to the European Union. Slovenia is one of the most
highly developed of the emerging life insurance markets in
CEE. In Slovenian branch office’s first full financial year there,
we already took in premiums of about EUR 5 million.
CZECH REPUBLIC
Market share of 26.4%
The Czech Republic is the most important insurance market
for Vienna Insurance Group outside Austria. In 2005 we wrote
premiums of close to EUR 1 billion in this country, expanding
our market share to 26.4%. Kooperativa Prague, the Group’s
second largest company, has long been one of the leading
insurers in the Czech market. In 2005 Kooperativa Prague was
recognized for the fourth time as Insurer of the Year, an award
annually given out by insurance brokers. To further bolster the
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position of Vienna Insurance Group in the Czech Republic, last
year we acquired Ceska podnikatelska pojistovna (CPP). CPP is
a composite insurer deriving more than three-quarters of its
premiums from non-life lines. Its products are sold via Czech
Post, the public health insurance plan and the firefighters
associations of the Czech Republic. The most important
business in the insurance portfolio of CPP is motor insurance.
Overall in 2005, CPP achieved premium growth considerably
higher than that of the Czech insurance market.
SLOVAKIA
Further growth in market share
The market share of Vienna Insurance Group in Slovakia,
where we operate through Kooperativa Bratislava, Komunalna
poistovna and Kontinuita poistovna, rose from 23.9% in 2004
to 26.8% in 2005. Kooperativa Bratislava, which has been
part of Vienna Insurance Group since 1990, not only marked
its fifteenth year in business last year, but also delivered
outstanding premium growth of more than 12%. Kooperativa
Bratislava was the Slovak “Trend” business magazine’s Insurance
Company of the Year for 2005, with Komunálna placing third.
Likewise, Kontinuita thrived in the Slovak insurance market in
2005. It is the country’s fifth largest life insurance company and
enjoyed superior growth in new business.
REMAINING CEE MARKETS
BULGARIA
Stake in insurer Bulstrad strengthens market position
The Vienna Insurance Group acquired majority ownership of
the Bulgarian companies Bulgarski Imoti Life and Bulgarski
Imoti Non-Life as long ago as 2002. This positioned us in the
rapidly growing Bulgarian insurance market as a life and general
insurer with a well-developed branch network. The foremost
insurance product in the Bulgarian market is motor liability
insurance, but there is also high potential in the life business.
With growth of about 50% in 2005 the two Bulgarski Imoti
companies thus achieved an expansion in premiums far above
the growth rate of the Bulgarian insurance market. Since last
year, both these insurers are now nearly 100% owned by Vienna
Insurance Group: we bought the remaining 26% stake in each
of Bulgarski Imoti Life and Bulgarski Imoti Non-Life from HUKCoburg Holding. By our indirect investment through Kardan
Financial Services in Bulstrad, the third-ranking company in
the Bulgarian insurance market, Vienna Insurance Group will
strengthen its position in Bulgaria significantly further.
GEORGIA
Dynamic growth
The Georgian insurance market has burgeoned in recent years.
Thus, its premium growth in 2004 of 17.4% was twice the rate of
Georgian GDP growth. Through GPIH, the third largest insurer
in Georgia, we plan to enter this country’s market via our stake
in Kardan Financial Services.
CROATIA
Vienna Insurance Group among the top five
We are going to enlarge
our market position in the
growth markets of Central
and Eastern Europe.
In the form of Kvarner Wiener Städtische osiguranje d.d., which
writes both life and non-life insurance, Vienna Insurance Group
has been successfully operating in Croatia since 1999. With
the purchase of Croatian non-life and life insurer Aurum at the
end of 2004, which was merged with Kvarner in 2005 to reap
synergies, we extended our presence in Croatia. In 2005 Vienna
Insurance Group acquired Cosmopolitan Life, a life insurance
firm based in Zagreb. As a result of these investments, we are
one of the five largest insurance groups in the country. As part
of the investment in Kardan Financial Services, Vienna Insurance
Group is also to gain an indirect stake in the insurer Helios.
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POLAND
Presence of Vienna Insurance Group substantially
strengthened
Poland, with a population of about 40 million, is one of the
largest insurance markets in Central and Eastern Europe. We
took far-reaching steps in 2005 to further enlarge the presence
of Vienna Insurance Group in this market. In the first half of the
year, we bought Benefia Non-Life and Benefia Life, which were
recognized by the Polish Business Club as 2005 Company of the
Year. The principal focus of Benefia Non-Life, founded in 1999,
is motor insurance. It maintains a close relationship to the Fiat
group, which has manufacturing operations in Poland. In July
2005 we acquired the Polish life insurer Royal Polska, including
that company’s own distribution firm. In addition, we secured
from HUK-Coburg Holding its shares in the two Compensa
insurance companies, which we now own almost entirely. In
the second half of 2005, as the preliminary latest step in our
Polish expansion, we were able to conclude an agreement to
buy Cigna, an important non-life player in Poland.
ROMANIA
Market leader in Romania
Vienna Insurance Group has been in the Romanian market
for some time through Unita and Agras. Unita is a successful
composite insurer that in 2005 achieved 80% growth in motor
insurance and doubled the number of its household insurance
policies; Agras remained the clear market leader in farm
insurance. In 2005 we bolstered our position in the Romanian
market by acquiring majority ownership of the country’s third
largest insurance company, Omniasig Non-Life, which holds
50% of Omniasig Life. By this purchase we have become the
largest insurance group in the Romanian market.
Vienna Insurance Group as
First Mover: first Austrian
insurance group in Russia.
RUSSIA
First mover in Russia
In November 2005 Vienna Insurance Group agreed with the
Russian general insurer MSK to start a life insurance company
in Russia. This makes us the first Austrian insurance group to
enter the Russian market. The company is to begin operations
in the middle of 2006. Its products are to be sold both by Bank
of Moscow, the country’s fifth largest bank, and MSK Insurance,
the third biggest non-life insurance company in Russia.
SERBIA
Wiener Städtische Belgrade is a growth leader
Wiener Städtische Belgrade, which received its operating
licence in February 2003, now has 13 branches in the Serbian
insurance market. With premium growth of more than 160%
to about EUR 15 million in the 2005 financial year, Wiener
Städtische Belgrade performed superbly and again was one
of the most rapidly growing insurance companies in Serbia
last year. After only three years in business, Wiener Städtische
Belgrade already ranks as one of the top five Serbian insurance
companies.
UKRAINE
Two new insurance companies added
We entered the Ukrainian insurance market at the end of 2004
by acquiring Jupiter, a life insurer. In 2005 Jupiter stepped
up its distribution of insurance products through banks. Last
year Vienna Insurance Group followed the Jupiter purchase
with more acquisitions in Ukraine. By taking a majority equity
interest in Kniazha, the second largest Ukrainian provider of
third-party liability motor insurance by number of customers,
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We expanded into the
non-life segment
in the Ukrainian
insurance market
in 2005.
we intensified our activities in the Ukrainian insurance market
in 2005 and expanded into the non-life segment. In its yearly
review of financial institutions, the Ukrainian weekly magazine
“Invest Gaseta” ranked Kniazha among the best companies in
the country’s financial industry. Another achievement last year
was the agreement reached to buy Globus, one of the top
ten among Ukraine’s approximately 400 insurance firms. The
supervisory authorities’ approval still required for this purchase
is expected for 2006.
HUNGARY
Best year ever for Union Biztosito
2005 was the most successful year in the history of Union
Biztosito, our insurance company in Hungary. Especially by
expanding the car insurance business, the company decisively
improved its market position thanks to growth far superior to
the market’s. Thus, Union boosted its premium income 50% in
2005 to about EUR 60 million and made a profit for the year.
the restructuring, which realigned the company to focus on
accident, personal and vehicle insurance, the target for 2005
was surpassed by more than 90%. With the acquisition of the
insurer Victoria in July 2005, we continued to build our position
in the Belarusian market.
OTHER MARKETS
GERMANY
Vienna Insurance Group – stronger than the German
market
Our insurance companies in Germany are the two InterRisk
firms, based in Wiesbaden. In 2005 both the InterRisk NonLife and the InterRisk Life grew more quickly than the German
insurance market. The clear strategic focus on marketleading product and service quality in selected market niches
continued to bear fruit last year. For instance, the company
placed first among all German property and casualty insurers
in the leading survey of brokers, the “Charta Quality Barometer
2005”.
LIECHTENSTEIN
Premium volume tripled
In 2005 Vienna Life, our life insurance company in Liechtenstein
established in 2000, carried on the outstanding sales trend of
the previous years. Vienna Life’s premium income tripled from
one year earlier, to approximately EUR 170 million. The key
growth engine was the segment of high-net-worth individuals,
a group targeted since 2003.
BELARUS
Victoria acquired
Since 2002 Vienna Insurance Group had already been coowner of Kupala; in 2005 this participating interest was raised
to more than 90%. Thanks to the sustained effectiveness of
Detailed information on the companies of Vienna Insurance
Group is published in the Group annual report on the Internet at
www.wienerstaedtische.at.
The year when OMNIASIG Life received the Special Award for
Sustainable Development
Development, with the occasion of The 2005 Insurance
Market Awards Gala granted by PRIMM Insurance Magazine.
Anul în care OMNIASIG Asigurări de Viaţă a primit Premiul Special pentru
Durabilă, în cadrul Galei Premiilor Pieţei Asigurărilor 2005
Dezvoltare Durabilă
acordate de revista de asigurări PRIMM.
Annual Report 2005
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Company Values
Professionalism
The standards which our company embraces are extremely high. As a
consequence, our personnel are continuously trained to cope with the
most demanding requests coming from our clients.
Added Value
We are here in order to be proactive and respond to the needs of our
clients. By offering them quality products and services, consultancy
and support, we make sure they are getting valuable solutions to their
needs.
Integrity
All our deeds and doing are characterized by honesty, accurancy and
ethics.
Financial Clout
Our clients have made their choise and they trust our company,
because we are a part of a top financial group in the Romanian and
international medium, because we have always been able to promptly
pay all claims without any compromise, because we are guided by a
prudential philosophy in managing investments.
Employees Screening
Our employees represent the path towards a successful future. In order
to attire and keep the best professionals, we manifest a deep interest
in developing human resources and ensuring the best possible
conditions to obtain the highest performances.
Table of content
1. Company values
2. Letter of the President
3. General presentation
4. Financial Highlights
5. Shareholders’ structure
6. The Board of Administration
7. Independent Financial Auditors’ Report
8. Balance Sheet
9. Profit and loss account
10. Statement of Changes in Shareholders’ Equity
11. Treasury cash flows statement
12. Agencies network
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Valorile companiei
Profesionalism
Standardele pe care compania noastră le-a impus sunt extrem
de ridicate, de aceea personalul nostru este permanent instruit pentru a răspunde celor mai exigente nevoi şi cerinţe ale
clienţilor noştri.
Valoare
Suntem aici pentru a veni în întâmpinarea clienţilor noştri.
Oferindu-le produse şi servicii de calitate, consultanţă şi sprijin,
ne vom asigura ca vor primi soluţii valoroase pentru nevoile lor.
Integritate
Tot ceea ce facem este caracterizat de onestitate, exactitate şi
etică.
Putere financiară
Clienţii noştri au ales şi au încredere în compania noastră pentru
că suntem parte a unui grup financiar de elită în mediul românesc
şi internaţional, pentru că am fost şi suntem capabili să plătim
daunele cu promptitudine şi fără compromisuri, pentru că ne
orientăm după o filozofie prudentă a administrării investiţiilor.
Selecţia angajaţilor
Angajaţii reprezintă calea noastră spre succes în viitor. Pentru
a atrage şi a păstra cei mai buni, cei mai profesionişti angajaţi,
suntem interesaţi de dezvoltarea resurselor umane şi asigurarea
condiţiilor pentru obţinerea celor mai bune performanţe.
Conţinut
1. Valorile companiei
2. Scrisoarea Preşedintelui
3. Prezentare generală
4. Indicatori financiari
5. Structura acţionarilor
6. Consiliul de administraţie
7. Raportul auditorului finianciar independent
8. Balanţa
9. Contul de profit şi pierdere
10. Situaţia modificării structurii capitalului propriu
11. Situaţia fluxurilor de trezorerie
12. Reţeaua teritorială
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Annual Report 2005
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Letter
of the
President
The favorable economic context – lower inflation and economic
growth over the past few years, the important presence of
foreign capital in the economy, generated, over a relatively
short period of time, positive results in the global performance
of the Romanian economy.
We were extremely pleased to note a consolidation and
increase of the representativity on the Romanian market of the
major multinational companies, a consolidation revealed in
the increase of the overall profitability. We also witnessed the
exceptional growth in gross underwritten premiums volume
on the insurance market, indicated in the increase of their
penetration rate in GDP.
The prospect of the accession to the European Union
transformed Romania, a country with a distinctive economic
potential, especially in the field of financial services and
insurance, into a highly profitable investment area for the
major Western investors.
Dear ladies and gentlemen
Paradoxically, for Omniasig Life Insurance 2005 was a year
of renewal and significant change on one hand, and of
consolidation of the existing edifice on the other hand.
Going through major structural changes – a change in the
shareholding structure, top management changes, portfolio
takeover, capital increase – Omniasig Life Insurance managed
to preserve its style and values that contributed to its becoming
a benchmark on the life insurance domestic market.
During the year of 2005, Omniasig Life Insurance directed its
activity towards diversifying its products and services, while
focusing on improving their quality and value. The results of
the market surveys and research triggered the dimensioning
of the actual and potential demand in the field and allowed a
better adjustment to the customers’ requirements with regard
to the quality of products and services.
Omniasig Life Insurance developed a strong, balanced and
efficient sales system, which is clearly market-oriented, in
general, and customer-oriented in particular.
The specific programs aimed at promoting and strengthening
the company’s reputation were carried out at the same time
with the permanent activity of information and communication
with the health care providers, with the personnel working in
the insurance sector and with the insured persons, as well as
with the building of collaboration relationships with the local
partners.
According to the operators on the life insurance market, the
opportunities in health insurance and private pension schemes,
as well as the imminence of the public systems’ reform in
general, offer extremely attractive development perspectives.
The insurance industry, a highly dynamic field that is expanding
in Romania, undergoes a process of harmonization with the
practices used on the developed external markets, and the
stabilization of this market confirms that Romania is ready for
the accession.
I am persuaded that Romania’s awaited accession to the
European structures shall have a considerable impact on
the local insurance industry (which shall probably have an
evolution similar to the one of other states from Central and
Eastern Europe, which are already EU member states), boosting
its future development.
The volume of business on this market shall continue to
expand, together with the overall economy growth, generating
additional stability. The level of foreign investments shall record
a continuous increase, thus influencing the accelerated macroeconomic development rate.
Going back to the major changes that took place at Omniasig
Life Insurance in 2005, the change in the shareholding structure
requires a special attention. In 2005, following the takeover of
the controlling interest owned by Omniasig SA, the shareholder
with 50% of the Omniasig Life Insurance share capital, our
company became a member of the Vienna Insurance Group,
the leader on the relevant markets from Central and Eastern
Europe.
While becoming the life insurance company of the Vienna
Insurance Group in Romania, Omniasig Life Insurance SA
took over the entire life insurance portfolio from Unita SA.
Raport Anual 2005
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Scrisoarea
Preşedintelui
Stimate Doamne, Stimaţi Domni,
Anul 2005, a reprezentat pentru Omniasig Asigurări
de Viaţă, în mod paradoxal, un an al înnoirii, al transformărilor
semnificative, pe de o parte, şi al consolidării edificiului existent,
pe de altă parte.
Marcată de schimbări structurale majore – modificarea structurii acţionariatului, schimbări la nivelul topmanagement-ului, preluare de portofolii, majorare de capital,
compania Omniasig Asigurări de Viaţă şi-a păstrat neschimbate
stilul şi valorile care au impus-o ca nume de referinţă pe piaţa
autohtonă a asigurărilor de viaţă.
Pe tot parcursul anului 2005, Omniasig Asigurări de
Viaţă a acţionat în direcţia diversificării produselor şi serviciilor
oferite, concentrându-se pe creşterea calităţii şi valorii acestora.
Rezultatele analizelor şi cercetărilor de piaţă desfăşurate s-au
concretizat în dimensionarea cererii efective şi a celei potenţiale
existente în domeniu şi au permis o mai bună adaptare la
exigenţele clienţilor în ceea ce priveşte calitatea produselor şi a
serviciilor oferite.
Omniasig Asigurări de Viaţă a dezvoltat un sistem de
vânzare puternic, echilibrat şi eficient, cu o orientare clară către
piaţă, în general şi către client, în special.
Derularea programelor specifice de promovare şi de
consolidare a reputaţiei companiei, s-a realizat concomitent cu
activitatea permanentă de informare şi comunicare cu furnizorii
de servicii medicale, cu personalul din sfera asigurărilor şi cu
asiguraţii, precum şi cu derularea relaţiilor de colaborare cu
partenerii locali.
Contextul general economic favorabil - scăderea inflaţiei şi creşterea economică din ultimii ani, prezenţa importantă
a capitalului străin în economie a generat, într-un interval de
timp relativ scurt, rezultate pozitive în performanţa globală a
economiei româneşti.
Am înregistrat, cu deosebită satisfacţie, consolidarea
şi creşterea reprezentativităţii pe piaţa românească a companiilor multinaţionale semnificative, consolidare reflectată în
creşterea profitabilităţii generale. Am asistat, de asemenea, la
excepţionala creştere a volumului primelor brute subscrise pe
întreaga piaţă a asigurărilor, reflectate în creşterea gradului de
penetrare al acestora în PIB.
Perspectiva aderării la Uniunea Europeană a transformat România, ţară cu un potenţial economic deosebit, în
special în sectorul serviciilor financiare şi de asigurări, într-o
arie investiţională foarte profitabilă pentru marii investitori
occidentali.
Din perspectiva operatorilor din domeniul asigurărilor
de viaţă, oportunităţile din domeniul asigurărilor de sănătate
şi al pensiilor private, precum şi iminenţa reformării sistemelor
publice, în general, oferă perspective de dezvoltare foarte
atractive.
Industria asigurărilor, domeniu extrem de dinamic,
aflat în expansiune în România, este în plin proces de aliniere
la practicile din pieţele externe dezvoltate, iar stabilizarea
acestei pieţe confirmă faptul că România este pregătită pentru
aderare.
Îmi exprim convingerea că preconizata aderare a
României la structurile europene va influenţa semnificativ
industria locală a asigurărilor (aceasta urmând probabil să
parcurgă o traiectorie similară aceleia a altor state din Europa
Centrală şi de Est care au deja statutul de membre UE),
potenţând dezvoltarea viitoare a acesteia.
Volumul afacerilor derulate pe această piaţă va
continua să crească, odată cu creşterea întregii economii,
generând un plus de stabilitate. Nivelul investiţiilor străine
în domeniu va continua să crească, influenţând accelerarea
ritmului de dezvoltare macroeconomică.
Revenind la schimbările majore produse în cadrul
companiei Omniasig Asigurări de Viaţă în cursul anului 2005,
modificarea structurii acţionariatului necesită o atenţie
specială. În anul 2005 în urma preluării pachetului majoritar de
acţiuni Omniasig SA, acţionar ce deţine o cotă de 50% în cadrul
companiei Omniasig Asigurări de Viaţă, compania noastră a
devenit membră a Vienna Insurance Group, lider pe pieţele de
profil din Europa Centrală şi de Est.
Devenind compania de asigurări de viaţă a Vienna Insurance Group în România, Omniasig Asigurări de Viaţă SA a preluat
de la societatea Unita SA întregul portofoliu de asigurări de viaţă.
Annual Report 2005
14
This takeover led to a stronger position for the company on
the Romanian life insurance market, thus addressing a more
diversified range of customers.
The Omniasig Addenda portfolio transfer brought about
a full speed re-launch of the activity in the field of private
health insurance, while the increase in the company’s
paid-up capital was finalized on June 30th, 2006 through
shareholders’ underwriting, and encouraged the development
and diversification of the company’s activity, of its own sales
network, as well as of the services and products it offers to its
corporate and individual customers.
The high performances recorded by the company over the
years rendered the consolidation of our image possible, and in
this respect we must remind here the investment made in the
new headquarters, which is entirely owned by the company, in
our desire to be in line with the international standards.
In 2005, the collaboration with the company’s General Manager,
Mrs. Florina Vizinteanu, came to an end. Over a period of 8 years
she contributed to the consolidation and development of
Omniasig Life Insurance’s position on the domestic market.
I hereby express my gratitude for the collaboration we had
over these years and I congratulate her for her work with the
company.
On the other hand, I am confident that the experience and
professionalism of the new management team under the
leadership of Mr. Fănel Plopeanu will ensure a continuity of the
high performances recorded at Omniasig Life Insurance.
On behalf of the company’s Board of Administration, I hereby
conclude the review of the year 2005 on an optimistic note. I
believe that Omniasig Life Insurance is ready to take next year’s
opportunities to an optimum level.
Please allow me to conclude by thanking all those who placed
their confidence in Omniasig Life Insurance – customers,
shareholders and business partners alike, whose support has
been vital for our projects to come life.
I would also like to thank the company’s team, all those who, by
their responsible commitment, passion and effort, contributed
to the achievements described in this Annual Report.
Efraim Naimer
President
Raport Anual 2005
15
Aceasta a condus la consolidarea prezenţei companiei pe piaţa
asigurărilor de viaţă din România, adresându-se astfel unui
segment tot mai diversificat de clienţi.
Prin transferul portofoliului Omniasig Addenda, s-a
relansat, în forţă, activitatea în domeniul asigurărilor private de
sănătate, iar majorarea de capital social a companiei finalizată în
data de 30 Iunie 2006 prin subscrierea acţionarilor, a condus la
susţinerea unei dezvoltări şi diversificări a activităţii companiei,
a propriei reţele de vânzare, precum şi a serviciilor şi produselor
oferite la nivel corporaţional şi individual.
Performanţele înregistrate de companie de-a lungul
anilor, ne-au permis consolidarea imaginii noastre, în acest
sens putem aminti investiţia realizată în noul sediu central al
companiei, aflat în proprietate exclusivă, în dorinţa noastră de
a ne alinia la standardele internaţionale.
În anul 2005, au încetat relaţiile de colaborare cu
Directorul General al companiei, Doamna Florina Vizinteanu,
care, timp de 8 ani de zile a contribuit la dezvoltarea şi
consolidarea poziţiei Omniasig Asigurări de Viaţă pe piaţa
internă.
Îmi exprim întreaga gratitudine pentru colaborarea
din aceşti ani şi îi adresez felicitări pentru activitatea desfăşurată
în cadrul companiei.
Pe de altă parte, îmi exprim convingerea că experienţa
şi profesionalismul noului management condus de Domnul
Fănel Plopeanu, sunt de natură să asigure continuitatea înaltei
performanţe înregistrate la nivelul Omniasig Asigurări de Viaţă.
În numele Consiliului de Administraţie al companiei,
închei bilanţul anului 2005 într-o notă optimistă. Consider că
Omniasig Asigurări de Viaţă este pregătită să valorifice la un
nivel optim oportunităţile anului viitor.
Permiteţi-mi, în final, să mulţumesc tuturor celor care
au investit încredere în compania Omniasig Asigurări de Viaţă
– clienţi, acţionari şi parteneri de afaceri, fără suportul cărora
proiectele noastre nu s-ar fi putut concretiza.
Doresc să mulţumesc, totodată, echipei companiei,
tuturor acelora care, prin implicare responsabilă, pasiune şi
efort, au contribuit la realizările consemnate în acest Raport
Anual.
Efraim Naimer
Preşedinte
Annual Report 2005
16
General
presentation
Thus, indirectly, Omniasig Life Insurance became a member
of the Wiener Städtische Group, which, after the rebranding,
became Vienna Insurance Group, as of January 24th 2006.
Vienna Insurance Group, the insurance umbrella brand with
the widest and most active presence in Central and Eastern
Europe took over Omniasig SA, thus becoming one of the
leaders on the domestic insurance market, with a market share
of approximately 20%.
The great performances of 2005 were possible thanks to the
support offered by our majority shareholders, Omniasig SA
and TBIH Financial Services Group NV, and also to the modern
management methods employed by the company.
One of the company’s major objectives has always been
that of providing for the protection of our customers. The
implementation of reinsurance programmes is aimed at
protecting the policy holders and reducing the risk exposure.
This target was reached with the support of our well-known
partners who have underwritten our reinsurance programmes:
Gen Re (AAA), Partner Re (AA-).
According to the data provided by companies, in 2005 the
total insurance market had a superior growth rate of 41% (EUR
figures) as compared to 2004 (22% in EUR figures). On one
hand, this growth is supported by the upward trend recorded
in the last few years on the market, generated by the increase
in the gross underwritten premium volume and the number of
insurance policies sold (especially for life insurance) and, on the
other hand, it is favorably influenced by the appreciation of the
national currency against the Euro.
Compared to the previous year, the highest growth rate was
recorded in the life insurance sector (51%), against 38% growing
rate for non-life insurance.
The share represented by life insurance on the global insurance
market increased from 21.6% in 2004 to 23.2% in 2005.
Similarly to the non-life sector, life insurance is a strongly
concentrated market where the first three companies hold
approximately 57% of the gross underwritten premiums and
the first ten companies control about 94% of the market.
Omniasig Life Insurance, ranking 7th in 2005, with a 5.4%
market share, has seen a 13% increase in its gross underwritten
premium volume.
For our company, 2005 was a year of change in the shareholding
structure, after the Wiener Städtische Group acquired the
controlling interest in Omniasig SA, the company that owns
50% of the Omniasig Life Insurance share capital.
Intensive market research activity has helped us to identify
the most challenging and diverse needs expressed by our
customers and our product lines were developed and renewed
accordingly. Consequently, Omniasig Life Insurance offers a
diversified protection and investments programme portfolio,
both for our individual and corporate customers, including: life
insurance, private pension schemes, health insurance, dental
insurance, labour medicine insurance, bancassurance.
The company’s working strategies, focused on growth, control,
profit and planning supported its national development,
which, in turn, determined more than 480,000 customers to
choose Omniasig Life Insurance in 2005. Our territorial network
was developed up to 43 agencies and working points and in
excess of 2,500 sales counselors.
Our development strategy defined by an aggressive and
coherent sales policy, correct market segmentation, the launch
of products answering the needs existing on the market,
personnel training, internal resource streamlining and a
prudent investment management policy allowed us to reach
our targets.
At the end of 2005, we look trustfully and optimistically into
the future. Omniasig Life Insurance SA shall continue to offer its
customers reliability and protection through its life insurance
services and products that have consecrated its position on the
relevant market.
Raport Anual 2005
17
Prezentare
Generală
În 2005, conform datelor furnizate de societăţi, piaţa
totală a asigurărilor a înregistrat un ritm superior de creştere
de 41% (în euro) comparativ cu 2004 (22% în euro). Această
creştere este susţinută, pe de-o parte, de trendul ascendent al
pieţei înregistrat în ultimii ani, datorită creşterii cuantumului
primelor brute subscrise şi a numărului de contracte de
asigurare (în special la asigurările de viaţă), iar pe de altă parte
este influenţată favorabil de îmbunătăţirea cursului de schimb
RON/EURO.
Comparativ cu anul anterior, cel mai ridicat ritm de
creştere a fost înregistrat de sectorul asigurărilor de viaţă (51%)
comparativ cu 38%, ritm de creştere înregistrat de asigurările
generale.
Ponderea asigurărilor de viaţă în total piaţă a crescut
de la 21,6% în 2004 la 23,2% în 2005.
La fel ca şi în sectorul asigurărilor generale, piaţa
asigurărilor de viaţă este caracterizată printr-o puternică
concentrare, primele trei societăţi deţinând cca. 57% din totalul
primelor brute subscrise, iar primele zece societăţi cca. 94% din
total.
Omniasig Asigurări de Viaţă plasată pe locul 7 în anul
2005, cu o cotă de piaţă de 5,4% a înregistrat o creştere de 13%
a volumului de prime brute subscrise.
Anul 2005 a reprezentat pentru compania noastră
un an al schimbărilor din prisma acţionariatului companiei, în
urma preluării de către Grupul Wiener Städtische a pachetului
majoritar de acţiuni al Omniasig SA, companie ce deţine 50%
din capitalul Omniasig Asigurări de Viaţă.
Astfel, indirect Omniasig Asigurări de Viaţă a devenit
membră a grupului Wiener Städtische, care în urma deciziei de
schimbare a brand-ului a devenit Vienna Insurance Group de
la data de 24.01.2006. Vienna Insurance Group, concernul de
asigurări cu cea mai extinsă şi activă prezenţă în ţările Europei
Centrale şi de Est a preluat Omniasig SA, devenind unul dintre
liderii pieţei autohtone a asigurărilor, cu o cotă de piaţă de
aproximativ 20%.
Performanţele obţinute în decursul anului 2005 au fost
posibile atât datorită sprijinului acţionarilor noştri majoritari,
Omniasig SA şi TBIH Financial Services Group NV, cât şi a
metodelor de management modern utilizate de companie.
Unul dintre obiectivele majore ale companiei a fost şi
rămâne siguranţa clienţilor noştri. Prin intermediul programelor
de reasigurare implementate s-a urmărit protejarea asiguraţilor
şi reducerea expunerii la risc. În atingerea acestui obiectiv am
avut parteneri de renume care au subscris programelor noastre
de reasigurare: Gen Re (AAA), Partner Re (AA-).
Cele mai exigente şi variate nevoi ale clienţilor, au fost
identificate în urma cercetărilor de piaţă, iar liniile de produse au
fost dezvoltate şi înnoite. În consecinţă, Omniasig Asigurări de
Viaţă oferă clienţilor săi un portofoliu diversificat de programe
de protecţie şi de investiţii, atât pe plan individual, cât şi la nivel
corporaţional, oferind astfel: asigurări de viaţă, sisteme de pensii
private, asigurări de sănătate, asigurări stomatologice, asigurări
de medicina muncii şi bancassurance.
Strategiile de lucru axate pe dezvoltare, control, profit şi planificare au susţinut expansiunea companiei la nivel
naţional, ceea ce a făcut ca un număr de peste 480.000 de
clienţi să aleagă Omniasig Asigurări de Viaţă în anul 2005.
Reţeaua teritorială de vânzare a fost dezvoltată, ajungând la un
număr de 43 de agenţii şi puncte de lucru şi peste 2.500 de
consilieri de asigurări.
Strategia de dezvoltare caracterizată printr-o politică
agresivă şi coerentă în domeniul vânzărilor, segmentarea
corectă a pieţei, lansarea unor produse adecvate nevoilor pieţei,
pregătirea personalului, eficientizarea resurselor interne ale
companiei şi o politică prudentă în managementul investiţiilor
ne-au permis atingerea obiectivelor propuse.
La finele anului 2005, privim cu încredere şi optimism
spre viitor. Compania Omniasig Asigurări de Viaţă SA va continua
să ofere clienţilor săi stabilitate şi protecţie prin intermediul serviciilor şi produselor de asigurări de viaţă, care au consacrat-o pe
piaţa de profil.
Annual Report 2005
18
Financial Highlights
60 000
51 173
RON thousand/mii RON
50 925
55 344
50 000
40 000
30 000
14 769
20 000
10 000
0
120 000
1 133
2 492
2000
2001
Premium income
Venituri din prime de asigurare
2002
2003
2004
RON thousand/mii RON
2005
100 428
100 000
80 000
60 000
34 161
40 000
15 915
20 000
0
3 000
709
1 279
3 731
2000
2001
2002
2003
Reserves
Rezerve
2004
2005
2 376
RON thousand/mii RON
1 725
2 000
1 186
1 000
519
0
-1 000
-1 198
-2 000
2000
-812
2001
Profit and loss
Profit şi pierdere
2002
2003
2004
2005
Raport Anual 2005
19
Indicatori Financiari
120 000
RON thousand/mii RON
113 681
100 000
80 000
60 000
46 506
40 000
25 732
20 000
0
1 732
2 584
2000
2001
Total Assets
Total Active
9 213
2002
2003
2004
2005
483 712
500 000
371 756
400 000
300 000
256 454
200 000
143 153
100 000
0
10 500
25 031
2000
2001
Number of insured persons
Număr de asiguraţi
2002
2003
2004
2005
443 613
500 000
400 000
336 756
300 000
242 104
200 000
95 100
100 000
0
4 399
17 178
2000
2001
Number of policies
Număr de poliţe
2002
2003
2004
2005
Annual Report 2005
20
Shareholders’
Structure
The shareholders of OMNIASIG Life Insurance are:
• OMNIASIG S.A.: 50%
• TBIH Financial Services Group NV: 49.96%
• Private Romanian citizens: 0,04%
OMNIASIG SA represents one of the top companies in the
insurance field in our country with a business figure that places
it on the third place in the Romanian insurance market.
The market share, the clients’ portfolio and the products
confirm the top position of OMNIASIG S.A. in the insurance
hierarchy of the relevant industry.
The company is specialized on general insurance and operates
in the Romanian insurance market for 10 years, member of the
Vienna Insurance Group which is among the first insurance
companies in Romania.
TBIH FINANCIAL SERVICES GROUP NV
It is a Dutch financial group, a reference name in the international
financial world and has as shareholders: Kardan Ltd, MidOcean
Partners and Englefield Capital. It operates in the financial
markets from Eastern and Central Europe, being the main
shareholder of some insurance companies and pension funds.
The Board of
Administration
President
Constantin Toma
Vice-president
Hans Peter Hagen
Members:
Efraim Naimer
Zlatka Cular
Independent auditor
Ernst&Young
Raport Anual 2005
21
Structura
acţionariatului
Acţionarii OMNIASIG ASIGURĂRI DE VIAŢĂ S.A. sunt:
• OMNIASIG S.A.: 50%
• TBIH Financial Services Group NV: 49,96%
• Persoane fizice: 0,04%
OMNIASIG SA reprezintă unul dintre reperele importante
ale industriei asigurărilor generale din România, cu o cifră de
afaceri care situează compania pe locul trei pe piaţa asigurărilor
din ţara noastră.
Cota de piaţă, portofoliile de clienţi şi produsele
confirmă poziţia de top pe care OMNIASIG SA o ocupă astăzi în
ierarhia asigurătorilor din industria de profil.
Companie specializată în asigurări generale, activează
de zece ani pe piaţa românească, membră a Grupului VIENNA
INSURANCE GROUP, poziţionat pe primele locuri în piaţă
asigurărilor din România.
TBIH FINANCIAL SERVICES GROUP NV
Grup financiar olandez, nume de referinţă în mediile
financiare internaţionale având ca acţionari: Kardan Ltd.,
MidOcean Partners şi Englefield Capital. Operează pe pieţele
financiare din Europa Centrală şi de Est, fiind acţionar principal
al unor companii de asigurări şi fonduri de pensii.
Consiliul de
administraţie
Preşedinte
Constantin Toma
Vicepreşedinte
Hans Peter Hagen
Membri
Efraim Naimer
Zlatka Cular
Auditor independent
Ernst&Young
Annual Report 2005
22
Independent
Financial
Auditors’ Report
To the shareholders of
OMNIASIG ASIGURĂRI DE VIAŢĂ S.A.
We have audited the accompanying financial statements of
OMNIASIG ASIGURĂRI DE VIAŢĂ S.A. (“the Company”) for the
year ended 31 December 2005, which comprise the balance
sheet, statement of income changes in shareholders’ equity,
cash flow and the related notes. These financial statements
are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with Romanian
national regulations. These regulations are as advised by
the Chamber of Auditors in Romania (established under
Government Ordinance No. 75/1999 and Law 133/2002) and
comply with International Standards on Auditing as issued by
the International Federation of Accountants. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on text
basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made
by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements present fairly, in all
material aspects, the financial position of the Company as of
31 December 2005 and the results of its operations, its cash
flows and its changes in shareholders’ equity for the year then
ended, in accordance with Minister of Finance and Head of
Insurance Supervisory Commission Order 2.328/2.390/2001
“Harmonization of Insurance Accounting Regulations with
the European Union Directives and International Accounting
Standards” and related regulations.
Without qualifying our opinion we draw attention to the fact
that
a) The financial statements have been prepared in accordance
with Minister of Finance and Head of Insurance Supervisory
Commission Order 2.328/2.390/2001 and related applicable
regulations, which provide, in some circumstances for entities
to adopt alternative accounting and disclosure treatments
to those as provided for by International Financial Reporting
Standards. Accordingly the financial statements are not
designed for those who are not informed about accounting
principles, procedures and practices as provided by Romanian
Government regulations.
b) The Company has not performed a formal computation for
the unexpired risk reserve as of 31 December 2005. However,
we have not identified indicators that the results of such
computation would result in the recognition of an unexpired
risk reserve.
c) The Company has acquired from a related party, Unita S.A. its
life insurance portfolio with the relevant assets and technical
reserves for a price of EUR 1,500,000 on December 2005. The
Agreement stipulates that either party can modify the terms
on the basis of written approval of both parties. The Company
is in the process of reviewing the portfolio acquired and the
value attributed to the technical reserves. Subject to the written
approval of both parties referred to above, the Company will
seek to reassess the monetary consequences of the acquisition
of the life portfolio. This may lead to the assets and liabilities
related to the acquisition to be adjusted but there will be no
impact on the net assets.
d) Legislation in Romania is still evolving and is subject to
interpretation As a result, additional liabilities may arise that
are not currently foreseen. Management considers that the
Company has paid or accrued for all taxes and other payments
due to the State, that are applicable, in the financial statements
as at 31 December 2005 and for the period then ended.
Ernst & Young Assurance Service SRL
21 April 2006, Bucharest, Romania
Raport Anual 2005
23
Raportul
Auditorului
Financiar
Independent
Către acţionarii societăţii
OMNIASIG ASIGURĂRI DE VIAŢĂ S.A.
Am auditat situaţiile financiare anexate aparţinând
societăţii OMNIASIG ASIGURĂRI DE VIAŢĂ S.A. (“Societatea”)
pentru anul încheiat la 31 decembrie 2005, care conţin
bilanţul, contul de profit şi pierdere, situaţia modificărilor
capitalului propriu, situaţia fluxurilor de trezorerie şi notele
aferente. Responsabilitatea pentru aceste situaţii financiare
revine conducerii societăţii. Responsabilitatea noastră constă
în exprimarea unei opinii asupra acestor situaţii financiare pe
baza auditului pe care l-am efectuat.
Auditul nostru a fost desfăşurat în concordanţă cu
reglementările naţionale româneşti. Aceste reglementări
sunt stabilite de Camera Auditorilor din România ( în baza
prevederilor Ordonanţei de Urgenţă a Guvernului nr. 75/1999
şi a Legii 133/2002) şi sunt în conformitate cu Standardele
Internaţionale de Audit emise de Federaţia Internaţională
a Contabililor. Aceste reglementări solicită planificarea şi
efectuarea auditului în vederea obţinerii unei asigurări
rezonabile că situaţiile financiare nu conţin erori semnificative.
Un audit include examinarea, pe bază de teste, a probelor de
audit ce susţin sumele şi informaţiile prezentate în situaţiile
financiare. Un audit include, de asemenea, evaluarea principiilor
contabile folosite şi estimările folosite de către conducere,
precum şi evaluarea prezentării generale a situaţiilor financiare.
Considerăm că auditul nostru constituie o bază rezonabilă
pentru opinia noastră.
În opinia noastră, situaţiile financiare prezintă în
mod fidel, în toate aspectele semnificative, poziţia financiară
a Societăţii la 31 decembrie 2005, precum şi rezultatele
operaţiunilor, situaţia modificărilor capitalului propriu şi a
fluxurilor de trezorerie pentru anul încheiat la această dată,
în conformitate cu Ordinul Ministrului Finanţelor Publice şi
al Preşedintelui Comisiei de Supraveghere a Asigurărilor nr.
2.328/2.390/2001 pentru “ aprobarea Reglementărilor contabile
specifice domeniului asigurărilor armonizate cu Directivele
Europene şi Standardele Internaţionale de Contabilitate” şi cu
reglementările aferente.
Fără a califica opinia noastră, atragem atenţia asupra următoarelor aspecte:
a) Situaţiile financiare au fost întocmite în conformitate cu
Ordinul Ministrului Finanţelor Publice şi al Preşedintelui
Comisiei de Supraveghere a Asigurărilor nr. 2.328/2.390/2001
şi celelalte reglementări aplicabile, care prevăd în anumite
condiţii adoptarea unor tratamente contabile alternative şi de
prezentare a conturilor, faţă de cele prezentate de Standardele
Internaţionale de Raportare Financiară. Prin urmare situaţiile
financiare nu sunt adresate celor care nu sunt informaţi asupra
principiilor contabile procedurilor şi practicilor prevăzute de
reglementările guvernamentale româneşti în vigoare.
b) Societatea nu a realizat un calcul formal privind rezerva
pentru riscuri neexpirate la data de 31 decembrie 2005. Cu
toate acestea, noi nu am identificat indicatori ai faptului că
rezultatele unui asemenea calcul ar rezulta în recunoaşterea
unei rezerve pentru riscuri neexpirate.
c) Societatea a achiziţionat de la o terţă parte, Unita S.A.,
portofoliul de asigurări de viaţă împreună cu activele şi
rezervele tehnice aferente, la preţul de 1.500.000 EUR la data
de 28 decembrie 2005. Contractul stipulează faptul că fiecare
dintre părţi poate modifica termenii contractuali în baza unei
aprobări în scris agreată de ambele părţi. Societatea este
în proces de revizuire a portofoliului achiziţionat şi a valorii
atribuite rezervelor tehnice. Ulterior obţinerii unei aprobări în
scris agreată de ambele părţi , după cum se menţionează mai
sus, Societatea va urmări să reconsidere efectele modificării
soldurilor ca urmare a achiziţionării portofoliului. Astfel, activele
şi datoriile aferente acestei achiziţii ar putea suferi ajustări, dar
acest lucru nu va avea impact asupra activului net al Societăţii.
d) În România legislaţia este în continuă schimbare şi supusă
interpretărilor. Prin urmare, pot apărea datorii suplimentare
care în prezent nu pot fi anticipate. Conducerea consideră că
Societatea a plătit sau a previzionat în situaţiile financiare la 31
decembrie 2005 şi pentru perioada încheiată la această dată
toate datoriile privind taxele şi alte sume aplicabile datorate
Statului.
Ernst & Young Assurance Service SRL
21 Aprilie 2006, Bucureşti, România
Annual Report 2005
24
Balance Sheet
Bilanţ
Balance Sheet
December 31 - RON
2004
2005
INVESTMENTS
1,072,372
664,384
Securities
21,952,816
29,172,428
Total
23,025,188
29,836,812
Office premises
1,246,999
5,255,138
Other fixed assets
2,385,102
2,819,361
Total fixed assets
3,632,101
8,074,499
Non-fixed assets
281,830
301,453
Reinsurer`s share in outstandings claims
1,164,352
141,852
Reinsurer`s share in insurance reserves
1,596,849
2,635,759
0
-
2,761,201
2,777,611
14,117,700
21,396,587
486,480
342,020
16,454
29,064,081
14,620,634
50,802,689
1,998,210
21,665,956
187,003
230,218
46,506,167
113,689,238
Cash and cash equivalents
FIXED ASSETS
AMOUNTS RECEIVABLE
Other reinsurer`s accounts
Total
Receivables from direct insurance business
Receivables from reinsurance
Other receivables
Total
Deferred acquisition costs
Other Prepayments
TOTAL ASSETS
Raport Anual 2005
25
Balance Sheet
Bilanţ
Balance Sheet
December 31 - RON
2004
2005
8,913,681
9,865,710
0
0
29,620,435
98,942,546
37,098
0
Outstanding claims
4,522,346
1,506,474
Total life assurance
34,179,879
100,449,019
Reinsurance payables
1,634,023
752,467
Other payables
1,778,584
2,622,042
Total
3,412,607
3,374,509
46,506,167
113,689,238
SHAREHOLDERS` EQUITY
Deferred taxes
INSURANCE RESERVES AND OUTSTANDING CLAIMS
LIFE ASSURANCE
Assurance reserves
Premium reserves
OTHER LIABILITIES
TOTAL LIABILITIES
Annual Report 2005
26
Profit and loss account
Contul de profit şi pierdere
Profit and loss account
December 31 - RON
2004
2005
Transferred from life assurance business statements:
Income from life assurance
Income taxes
Profit for the year
Minority interest in loss of subsidiaries, net
Net profit for the year
50,925,439
55,344,449
771,897
158,862
50,153,542
55,185,587
0
0
50,153,542
55,185,587
50,925,439
55,344,449
LIFE ASSURANCE BUSINESS STATEMENTS
Premiums
7,733,545
4,496,159
Retained premiums
43,191,894
50,848,290
Investment income
2,656,526
3,245,622
45,848,420
54,093,912
10,923,644
18,316,615
369,777
581,558
10,553,867
17,735,057
Less reinsurance
Total revenue for the year
Claims - paid and outstanding
Death and disability
Less reinsurance
Total claims for the year
Raport Anual 2005
27
Profit and loss account
Contul de profit şi pierdere
Profit and loss account
December 31 - RON
2004
2005
Claim Reserve variation
Gross amount
1,328,073
-3,039,213
Reinsurers’ share
1,164,352
-1,022,500
163,721
-2,016,713
17,281,510
28,834,448
1,373,993
1,038,910
15,907,517
27,795,538
-182,359
2,512
Acquisitions costs
9,737,958
13,369,558
Administrative and general expenses
9,134,598
11,298,939
30,204
92,288
-674,235
-14,200,397
1,098,885
978,312
Total expenses for the year, net
17,129,640
9,582,077
LIFE ASSURANCE BUSINESS PROFIT FOR THE YEAR TRANSFERRED
TO THE PROFIT AND LOSS STATEMENT
2,276,034
995,441
Increase in assurance and premium reserves
Less reinsurance
Changes in technical reserves related to unit-link contracts
Insurance expenses
Increase in deferred acquisition costs
Comission from reinsurer
Annual Report 2005
28
Statement of Changes
in Shareholders’ Equity
Situaţia modificării
structurii capitalului propriu
Statement of Changes
in Shareholders’ Equity
Element of Shareholders’ Equity
Subscribed share capital
Revaluation reserve
Legal reserve
Other reserves
Retained earnings from correction
of fundamental errors
Retained earnings from revaluation
surplus from sold assets
Retained earnings from the first
application of IAS, except for IAS 29
Retained earnings brought forward
Profit for the period
Profit/loss allocation
TOTAL
December 31, 2005 - RON
Balance as at
1 January
5,300,000
950,962
299,755
493,235
Additions
Total
Of which,
through
transfer
2,800,000
33,902
Reductions
Total
Of which,
through
transfer
2,285,000
5,369
5,369
493,235
493,235
33,902
Balance as at
31 December
8,100,000
945,593
333,657
-
42,911
5,369
5,369
47,092
47,092
1,188
196,431
196,431
-
1,548,242
1,548,242
-
1,724,823
1,724,823 1,633,889
5,566,936 5,649,081
1,724,823
1,551,744
5,566,936
519,174
(33,902)
9,865,710
196,431
30,400
1,517,842
1,724,823
(124,836)
8,913,681
519,174
1,724,823
6,601,110
1,517,842
Raport Anual 2005
29
Treasury cash flows statement
Situaţia fluxurilor de trezorerie
Treasury cash flows statement
Cash flows derived from operations
Net result
Res from assets re-evaluation-taxed
Depreciation of tangible and intangible assets
Interest revenues
Interest expenses
(Profit)/ Loss from the impairment of fixed assets
Provisions/ (recapture of provisions) for depreciation of assets
Non-realized income from material units
Tax on profit expenses
Changes in the working capital
Variation of reserves
Variation of transferred reserves
Variation of carried over acquisition expenses
Variation of the net balance with the reinsurers
Variation of premiums to be received
Other up-front expenses
Up-front income
Other debts
Other liabilities
Employees' participation to the profit
Paid tax on profit
Cash flows from the investment activity
Investments related to technical reserves
Investments in branches
Received interests
Paid interests
Acquisition of tangible and intangible assets
Sales of tangible assets
Payments of leasing installments
December 31 - RON
2004
2005
1,724,823
688,281
(2,298,114)
68,382
(6,774)
594,050
(280,462)
771,897
1,262,083
519,174
935,069
(2,188,430)
24,124
31,883
(68,395)
(905,576)
158,862
(1,493,289)
18,063,617
(2,538,345)
(615,053)
2,179,061
(12,319,951)
(43,745)
(40)
(107,782)
(470,467)
(85,002)
(313,757)
5,010,619
25,667,760
(16,410)
(14,200,396)
(737,096)
809,806
(43,215)
(457)
(553,992)
2,045,241
(85,221)
(881,928)
10,510,803
(4,581,945)
(943,926)
2,227,937
(68,382)
(742,763)
24,732
(705,749)
(4,790,096)
(7,205,187)
(779,479)
2,456,614
(24,124)
(5,406,431)
(475,184)
(11,433,791)
220,523
851,849
1,072,372
220,523
515,000
515,000
(407,988)
1,072,372
664,384
(407,988)
Cash flows from the financing activity
Increase of subscribed capital
Cash flows - total
Cash at year start
Cash at period end
Movement
Annual Report 2005
30
Agencies network
Reţeaua de distribuţie
BUCHAREST - CENTRAL HEADQUARTERS
DOROBANŢI AGENCY
Aleea Alexandru, 48, sector 1,
Bucureşti, cod 011824, oficiul 63
Tel.: +40 21 230 70 78/ +40 21 230 36 30/ +40 21 230 57 32/
+40 21 230 51 67/ +40 788 354 314/ +40 745 140 401/
+40 722 386 589
Fax: +40 21 230 47 34
E-mail: offi[email protected]
Web: www.omniasiglife.ro
Calea Dorobanti 196, Et.3,4, Ap.4,
Sector 1, Bucureşti, cod 010584.
Tel.: +40 21 230 61 15/ +40 722 537 656
+40 749 184 520/ +40 740 079 941/+40 740 243 334
Fax: +40 21 230 61 93
E-mail: [email protected]
VICTORIA AGENCY
UNIREA AGENCY
Sos. N. Titulescu, Nr.1, Bl.A7, Sc.C,
Et. 5, Ap. 74, Sect. 1, Bucureşti, cod 011131
Tel.: +40 21 314 27 98/ +40 745 140 717/ +40 722 222 870/
+40 749 184 528
Fax: 314 27 29.
E-mail: [email protected]
B-dul D. Cantemir, Nr.2, Bl.P1,
Sector 4, Bucureşti
Tel.: +40 21 336 41 31/+40 21 336 41 32/+40 749 998 705/
+40 742 235 531
Fax: +40 21 301 99 79
E-mail: [email protected]
ALBA AGENCY
ARAD AGENCY
Str. Mihai Viteazul, Nr.4,
Alba Iulia, Jud. Alba, cod 510093
Tel.: +40 258 810 073/ +40 749 998 746
Fax: +40 258 818 071
E-mail: [email protected]
Str.Viorelelor, Nr.4, Arad,
Jud. Arad, cod 310270
Tel.: +40 257 213 337/ +40 744 648 015/
+40 749 998 747/ +40 724 313 073
Fax: +40 257 213 337
E-mail: [email protected]
ARGEŞ AGENCY
BACĂU AGENCY
Str. Crinului nr.14,
Piteşti, Jud. Arges
Tel.: +40 248 210 651/+40 749 998 790/ +40 749 998 748
Fax: +40 248 210 651.
E-mail: [email protected]
Str. Trotuş, nr.19 Bacau, Jud. Bacău
Tel.: +40 234 514 807/ +40 749 998 818
Fax: +40 234 510 289
E-mail: [email protected]
Raport Anual 2005
31
BUZĂU AGENCY
BIHOR AGENCY
Str. Bistriţei, bl.2 Hasdeu, ap.4 Buzau
Jud. Buzău
Tel.: +40 238 715 589 / +40 238 715 588 / +40 749 266 174
Fax: +40 238 715 587
E-mail: [email protected]
Str. Muntele Găina nr.14/K,
Oradea, Jud. Bihor, cod 410197
Tel.: +40 259 210 195 / +40 259 457 617 / +40 744 361 806 / +40
742 208 049/ +40 749 998 749
Fax: +40 259 406 835
E-mail: [email protected]
BISTRIŢA AGENCY
BOTOŞANI AGENCY
Str. Republicii, Nr.73, Bistriţa,
Jud. Bistrita Nasaud, cod 420053
Tel.: +40 263 235 186/ +40 263 235 142/ +40 749 998 788
Fax: +40 263 235 142
E-mail: [email protected]
B-dul Mihai Eminescu Nr.55, Bl.M2,
Sc.B, Ap.2, Botoşani, Jud. Botoşani, cod 710212
Tel.: +40 231 529 771/ +40 749 998 750/ +40 749 998 789
Fax: +40 231 529 770.
E-mail: [email protected]
BRAŞOV AGENCY
OLT AGENCY
B-dul Mihail Kogalniceanu, Nr.12,
Bl.14, Sc.B, Ap.1, Braşov, Jud. Braşov, cod 500173
Tel.: +40 268 473 518/ +40 268 412 744 / +40 749 998 752.
Fax: +40 268 473 518.
E-mail: [email protected]
Adresa : Str. Mihai Eminescu, Nr.12, Bl.12C
Sc.1, Ap.1, Caracal, Jud.Olt, cod 235200
Tel.: +40 249 517 777 / +40 749 998 770
Fax: +40 249 517 670
E-mail: [email protected]
CARAS SEVERIN AGENCY
CAREI SALES POINT
B-dul Republicii, Nr.5, Sc.1, Ap.4,
Reşiţa, Jud. Caraş-Severin, cod 320147.
Tel.: +40 255 220 910/ +40 749 998 756
Fax: +40 255 220 910
E-mail: [email protected]
Str. Ignisului, Bl. 8, Ap.3, Carei, Satu Mare
Tel.: +40 261 862 537/ +40 749 184 31
Fax: +40 261 862 537
CLUJ AGENCY
CONSTANŢA AGENCY
Str. Constantin Brâncuşi, Nr.47,
Cluj Napoca, Jud. Cluj, cod 400458
Tel.: +40 264 414 255/ +40 724 313 080/
+40 742 208 047/ +40 749 998 758.
Fax: +40 264 414 255
E-mail: [email protected]
Str. Mihai Viteazu, Nr. 53, Constanţa,
Jud. Constanţa, cod 900191
Tel.: +40 241 547 745/ +40 241 547 768/ +40 744 684 013/
+40 749 998 759.
Fax: +40 241 547 745
E-mail: [email protected]
COVASNA AGENCY
DOLJ AGENCY
Str. Bem Jozsef, Nr.2, Bl.3, Sc.F, Et.1,
Ap.6, camera 12, Sf. Gheorghe, Jud. Covasna, cod 520019
Tel.: +40 267 351 050/ +40 267 352 982/ +40 749 998 783
Fax : +40 267 351 050
E-mail: [email protected]
Str. Ştefan cel Mare, Nr. 12, Et. 3, Craiova, Jud. Dolj
Tel.: +40 251 417 676/ +40 724 313 075/ +40 742 208 054/
+40 749 998 760
Fax: +40 251 417 670
E-mail: [email protected]
Annual Report 2005
32
GALAŢI AGENCY
GORJ AGENCY
Str. Regiment Nr. 7-9, Demisol
Galaţi, Jud.Galaţi, cod 800312
Tel : +40 236 434 331/ +40 236 434 515/
+40 749 998 812
Fax: +40 236 434 331
E-mail: [email protected]
Adresa:. Str. Unirii Siret, Nr.23, Bl. UJCC, Sc.2, Et.1,
Ap.14, Târgu Jiu, Jud. Gorj, cod 210144
Tel.: +40 253 223 827/ +40 724 313 077/
+40 742 208 050/ +40 749 998 761
Fax: +40 253 223 827.
E-mail: [email protected]
HARGHITA AGENCY
HUNEDOARA AGENCY
Str. Petofi Sandor, Nr. 11, Miercurea-Ciuc,
Jud. Harghita, cod 530210
Tel : +40 266 310 831/ +40 266 310 862/
+40 749 998 791
Fax : +40 266 310 831
E-mail: [email protected]
Mihail Kogalniceanu, Bl. F5, Sc.4, Ap.62,
Parter, Deva, Jud. Hunedoara
Tel.: +40 254 221 836/ +40 254 233 031/
+40 749 998 762.
Fax: +40 254 221 836.
E-mail: [email protected]
IAŞI AGENCY
LUGOJ SALES POINT
Str. Păcurari, Nr.11, Iaşi, Jud.Iaşi, cod 700063
Tel.: +40 232 276 916/ +40 232 245 010/ +40 745 017
781/ +40 724 313 072/ +40 742 208 051/ +40 749 998
764.
Fax: 0232 245 010.
E-mail: [email protected]
Str. 20 Decembrie 1989, Nr. 26,
Ap 2, Lugoj, Jud. Timiş, cod 305500
Tel.: +40 256 338 042/ +40 749 998 765
Fax : +40 256 338 043
E-mail : [email protected]
MARAMUREŞ AGENCY
MEHEDINŢI AGENCY
Str. Hortensiei, Bl. 7, Ap. 2, Baia Mare,
Jud. Maramureş, cod 430294
Tel.: +40 262 221 151/ +40 262 274 644/ +40 749 998 766.
Fax: +40 262 221 151
E-mail: [email protected]
Str. Constantin Brâncoveanu, Nr. 191,
Dr.Turnu Severin, Jud.Mehedinţi, cod 220163.
Tel.: +40 252 325 442/ +40 745 017 782/ +40 749 998 767.
Fax: +40 252 325 442
E-mail: [email protected]
MUREŞ AGENCY
NEAMŢ AGENCY
Str. Lapusna, Nr. 21, Târgu Mureş,
Jud. Mureş, cod 540342
Tel.: +40 265 250 345/ +40 265 261 929
+40 744 361 803/ +40 749 998 768
Fax: +40 265 250 151
E-mail: [email protected]
Str. Mihai Eminescu, Nr. 5, Bl. D6, Parter,
Ap. 4, Piatra Neamţ, Jud. Neamţ, cod 610028
Tel.: +40 233 217 715/ +40 233 217 720/
+40 745 653 943/ +40 749 998 769
Fax: +40 233 217 720
E-mail: [email protected]
PRAHOVA AGENCY
RĂDĂUŢI SALES POINT
Buna Vestire, Nr. 6, Ploieşti,
Jud. Prahova, cod 100576
Tel.: +40 244 519 485/ +40 744 317 981/ +40 749 998 787
Fax: +40 244 519 485
E-mail: [email protected]
Str. Piaţa Unirii FN, Bl.33, Sc.A, Ap.1
Rădăuţi, Jud. Suceava
Tel.: +40 230 565 156
Raport Anual 2005
33
SĂLAJ AGENCY
SATU-MARE AGENCY
Str. Mihai Viteazul nr.7 Bl. D, Sc.A Ap.2, Zalau,
Jud. Sălaj, cod 450045
Tel.: +40 260 632 145/ +40 745 140 716/ +40 749 998 786
Fax: +40 260 632 145
E-mail: [email protected]
Piaţa Păcii, Nr. 1, Ap. 17, Satu Mare,
Jud. Satu Mare, cod 440114
Tel.: +40 261 711 720/ +40 261 711 649/ +40 724 313 076/
+40 745 017 779/ +40 742 208 055/ +40 749 998 771
Fax: +40 261 711 720
E-mail: [email protected]
SIBIU AGENCY
SIBIU II AGENCY
Str. Dr. Stanca, Nr. 6, Sibiu,
Jud Sibiu, cod 550003.
Tel.: +40 269 215 030/ +40 724 313 074/
+40 744 331 702/ +40 742 208 053/ +40 749 998 772
Fax: +40 269 232 667
E-mail: [email protected]
Str. Oituz, nr.9 A, Sibiu, Jud. Sibiu
Tel.: +40 269 240 772/ +40 741 200 413
Fax: +40 269 240 772
E-mail: [email protected]
SUCEAVA AGENCY
TIMIŞ AGENCY
Str. 6 Noiembrie, Nr.20B, Suceava,
Jud. Suceava.
Tel.: +40 230 530 174/ +40 742 208 045/
+40 749 998 774 / +40 724 313 082
Fax: +40 230 551 569
E-mail: [email protected]
Str. Ofcea, nr.9, et.1 Timişoara,
Jud. Timiş, cod 300016.
Tel.: +40 256 475 554/ +40 256 475 581/ +40 724 313 081/
+40 749 998 776/ +40 742 208 046
Fax: +40 256 308 227.
E-mail: [email protected]
VÂLCEA AGENCY
VASLUI AGENCY
B-dul Calea lui Traian, Nr. 134,
Râmnicu Valcea, Jud. Vâlcea, cod 240096
Tel.: +40 250 733 674/ +40 250 733 838/ +40 749 998 780
Fax: +40 250 733 674
E-mail: [email protected]
Str. Fagului, Bl. D1-8, Ap. 8,
Bârlad, Jud. Vaslui, cod 731035
Tel.: +40 235 422 673/ +40 253 421 011/
+40 744 684 014/ +40 749 998 779/ +40 742 208 048
Fax: +40 235 422 673
E-mail: [email protected]
VATRA DORNEI SALES POINT
VRANCEA AGENCY
Str. Pinului, Nr.12 A, Vatra Dornei, Jud. Suceava
Tel : +40 230 371 811
Str.Vămii, Nr. 5, Bl. 10, Sc. 1, Ap.4, Focşani,
Jud.Vrancea, cod 620098
Tel.: +40 237 237 956/ +40 744 361 804/ +40 749 998 781
Fax: +40 237 237 956
E-mail: [email protected]
Annual Report 2005
34
Aleea Alexandru nr. 48, Sector 1, Bucureşti
Tel.: +40 21 230.36.30; +40 21 230.51.67; +40 21 230.39.87
www.omniasiglife.ro