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Transcript of Transl. 3. Raport Anual Asirom 09
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THE ANNUAL REPORT ON 2009 - S.C. Asigurarea Romneasc - ASIROM VIENNAINSURANCE GROUP S.A.
The Annual Report according to the: Order of the President of the Insurance SupervisoryCommission (CSA) no. 113.119/2006 for putting into application of Norms concerning theminimum information that have to be published annually by the insurers.
General overview
Denomination and legal status: S.C. Asigurarea Romneasc ASIROM VIENNAINSURANCE GROUP S.A.
The company was founded starting with 1stof January 1991, by the Government Decisionno.1279/1990 and is carrying out the activity of insurance and re-insurance on the groundsof Memorandum of Association, of Law no. 31/1990 - republished, concerning the tradingcompanies, with subsequent modifications and completions, of Law no. 136/1995 regardingthe insurances and reinsurances from Romania, with subsequent modifications and
completions, of Law no. 32/2000 concerning the insurances companies and supervising ofinsurances, with subsequent modifications and completions.
Number of registration at Trade Registers Office: J40/304/1991
The company was authorizedby the Insurance Supervisory Commission through theDecision no.16 from 07th November 2001. ASIROM is registered within the InsurersRegisterunder number RA-023/2003.
The address of the headquarter is no. 31-33, Bulevardul Carol I, district 2, code 020912,Bucharest, Romania.
Telephone: 004.021.601.1099; facsimile: 004.021.601.1288, 004.021.601.1289
Structure of shareholders at 31st of December 2009:
VIENNA INSURANCE GROUP Wiener Stadtische Versicherung A.G. . 85.9124%
Other legal persons .................................................... 13.4860 %
Natural persons .......................................................0.6016 %
The company is managed by a dualist system:
The dualist system of the company administration/management was assured during2009 by:
A. The SupervisoryBoard, composed of:
1) Peter Franz Hfinger - President2) Martin Simhandl - Vice- President
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3) Nicolae Iliu - Member4) Erich Leiss - Member5) Judit Havasi - Member6) Daniela Creu - Member7) Gerhard Lahner - Member
Since 29thof April 2009, the structure of SupervisoryBoard has changed:
1) Peter Franz Hfinger - President
2) Martin Simhandl - Vice- President3) Nicolae Iliu - Member4) Kurt Ebner - Member5) Michael Schlgl - Member6) Daniela Creu - Member7) Gerhard Lahner - Member
B. The Managing Board of the company with the following structure:
1) Boris Johannes Schneider - President and General Director2) Mariana Diaconescu - Vice -President and Deputy General
Director
3) Daniela Meghea - Member and Executive Director4) Ion Brtulescu - Member and Executive Director5) Martin Hashka - Member and Executive Director
In present, ASIROM is authorized by the Insurances Supervisory Commission to practicethe follwoing clases of insurances:
General Insurances:
a) insurances of accidents and illness;b) insurances of health;c) insurances of terrestrial means of transport, inclusively railways ;d) insurances of air means of transport;e) insurances of maritime means of transport (sea, river, lake, navigable canals)f) insurances of goods in transit, inclusively transported merchandise, luggages
and any other assets;g) insurances of fire and other natural calamities;h) insurances of damages brought to properties;i) Motor Third Party liability (MTPL and Green Card);j) insurances of civil liability for the air means of transport;k) insurances of civil liability for maritime means of transport;l) insurances of civil general liability;m) insurances of credits;n) insurances of guarantees.
As regards the Life Insurances, ASIROMoffers a wide range of products, annuities andsupplementary life insurances.
Deductibility that is applied to the insurances contracts is regulated through the Code of
Fiscal Procedure, such as:
a) at the calculation of the tax on profit, there are deductible the expenses with the
insurances premiums, which concern the assets of the tax payer, that are
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connected to the activity object or which are performed into account of the
policies that constitutes guarantees related to the loans engaged for the purpose
of the business conduct (banking credits, leasing, etc.)
b) limited deductibility for the expenses with the insurance premiums, made by the
employers for the voluntary health insurances, within the limit of 200 Euro/
employee annually;
c) above-mentioned provisions are applicable, also for establishing of the taxable
income from the independent activities (in this case, being also, deductible the
expenses with the insurance premiums for the professional risks coverage);
d) insurance compensations and indemnities are not taxable incomes;
e) insurance operations (inclusively the insurance premiums) are exempted from
VAT.
10. The insurance and reinsurance activity performed by ASIROM during the 2009
The activity of insurance focused mainly on the increase of profitability, the
improvement of the insurance conditions, of inner regulations and of the system for
evidencing and administrating of insurances portfolio, its consolidation, elaboration of new
insurance products and permanent adjustment to the legislative requirements from
insurances domain, in accordance with the norms issues by the Insurances Supervisory
Commission, also with the requirements of the European Union.
10.1. Insurances of life
The underwriting gross premiums summarized 88.97 mil.RON and were made within
life classical insurances and annuities. (insurances that are not connected to the
investments funds)
10.2. General Insurances
The underwriting gross premiums summarized 556.9 mil.RON, the main percentage
being made of vehicles insurances: 79% of the total of underwritings on the general
insurances, followed by the insurances against fires and other calamities.(13%)
During 2009, the following products were revised/ elaborated:
facultative insurance of dwellings and of goods from these dwellings Rezident;
insurance against fire and against other calamities of buildings and of other
constructions, also of their contents Phoenix;
insurance of equipment for constructions and other special installations;
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insurance of managerial liability of the administrators and directors D&O ;
insurance of goods during the transport Cargo ;
third party liability for doctors, pharmacists and other persons from the health
care Malpraxis;
insurance of damages and theft for the vehicles Casco.
10.3 Activity of sales and marketing
Divisions of Sales and Marketing have pursued the continuous diversification of
ASIROM in conditions of profitability, offering to the clients a flexibile system of contracting,
differentiate products of insurance according to specific needs and to individual risk profile.
Structure of distribution channels for non-life insurances has evolved in the
profitability direction, respectively it increased the % of non-commissioned insurances
(from 4% in 2008, to 6% in 2009) and decreased the % of insurances sold by our ownagents, employees (from 19% in 2008 to 18% in 2009).
The main sale force remained the
one composed of natural persons (having
approx. 49% of sales), followed by brokers,
having approx. 20% of sales.
Distribution of the life insurances
was performed, mainly by the direct sales
force (agents as natural persons and
employees).
Segment of corporate clients has gained approx. 5% as share quota of ASIROM total
portfolio evolving from 56% in 2008 to 61% in 2009. The most significant evolution was
registered at RCA, where the corporate segment increased in 2009 by 10%, in terms of
underwriting gross premiums compared to 2008, meanwhile the retail segment registered a
decrease by approx. 28%.
The alternative sales channels registered an average increase of approx. 62%.
Subscriptions from the public acquisitions procedures, selections of offers and direct
negotiations, during 2009, has recorded a 57% increase compared to 2008, while the
insurance protocols and the insurance conventions have brought, stimulated, also by the
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new positioning of ASIROM, as a part of a strong international group of insurances, an
increase of approximately 64%.
The profitability of branches has been significantly improved, the combined ratio
decreasing by about 7.7 percentage points compared to 2008.
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Another strategic objective achieved by the Alternative Sales Division has been the
development of a new distribution channel ASIROM franchise. Thus, ASIROM a initiated
in 2009, the collaboration with the first eight francise partners, the total volume of
subscriptions exceeding 1mil. EURO, the relationship registering a gross profitability of
approx. 25 %.
Among the activities performed by the Marketing and PR Divisions, the mostsignificant one was the initiation of the Culture Change Program, which aimed to stimulate
a new mentality of the ASIROM team members, oriented towards profit and
communication. Also, various campaigns have helped sales, especially RCA, by means of
advertising .
Deeply oriented towards the exemplary customer service, the Division organized
events and actions, through which the main assets of the company were advertised: high
demands, integrity, total commitment to the clients requirements and expectations. The
message for the public was that ASIROM VIENNA INSURANCE GROUP is the steadfast
friend of Romanians.
The internal communication was achieved mainly thorugh the newsletter, which was
upgraded from ASIROM in the insurance world to ASIROM NEWS.
In the activity of reinsurance, ASIROM VIG has collaborated, mainly with the
followings re-insurers: VIG Re Prague, Scor Re (Germania), Swiss Re (Germania),
Gen Re (Austria), Hannover Re (Germany), Munich Re (Germany), Sindicate Lloyds
(Great Britain) that participated to the S.C. ASIROM S.A. reinsurance contracts also with
brokers: Willis Re (Great Britain), RFIB (Great Britain). Both, the above-mentioned re-
insurers and brokers are the main companies of profile in this domain, in the world, with a
high level of financial security, certified by the international rating agencies (Standard &
Poors, AM Best etc.). Also, in 2009 ASIROM VIG intensified the cooperation on the
reinsurance line with the members companies in Vienna Insurance Group, by entry in the
group protection as NatCat XL (against risks of disaster) and MTPL XL (for Motor Third
Party Liability and Green Card), applying the rules of VIG concerning the re-insurers bonity
and the common position on the events in the reinsurances market, etc.
10.3.1 Activity of fronting
During 2009, S.C. ASIROM S.A. has continued and developed the cooperation
with international insurance groups Zurich Financial Services (Switzerland), Royal &
SunAlliance (England), International Networking of Insurance (INI), that comprises
companies of large international prestige, such as Travellers USA, Victoria Versicherung
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Germany, Amlin BeNeLux, Gothaer Germany, etc). On the basis of the cooperation
contracts, S.C. ASIROM VIG has issued local policies of fronting type, for the companies
clients as members of these groups, policies that were partially ceded, in optional
reinsurance facultative. Most of these customers are large industrial groups and/or
international trading companies, such as: Nestle, Siemens, Bayer, Merck, Sandoz, Aker,
Heidelberg, Dr.Oetker, Ericsson, Whirlpool, EON Gaz, Selgros, Ford, Peugeot, Eurocopter,
Mega Image, LG Electronics, Agrana, Baumax, etc.
Number of territorial units was, at the end of 2009 - 191, of which: 45 Branches,Sucursale, 85 de Representative Officesand 61 Agencies and Working Points (in 172towns, locations from Romania).
In 2009, within ASIROM, an average number of 1,943 employees (inclusively at theheadquarter) had performed their activity, of which, a number of 972 employees(insurance inspectors) had tasks for sales, and 200 employees (claims inspectors)has tasks to ascertain and to solve the claim files.
NETWORK OF ASIROM BRANCHES
1 ASIROM ALBA ALBA IULIA Branchstr. Piaa Iuliu Maniu nr. 13, ALBAIULIA
2 ASIROM ARAD ARAD Branch str. N. Grigorescu nr. 1 - 3, ARAD
3ASIROMARGE PITETI Branch str. Smeurei nr. 43, PITESTI
4ASIROMBACU BACU Branch str. 9 Mai nr. 25, BACAU
5 ASIROM BIHOR Branch ORADEA str. tefan Zweig nr. 5, ORADEA
6
ASIROMBISTRIANSUD
BISTRIA NSUDBranch
str. G-ral G. Blan nr. 56,BISTRITA NASAUD
7ASIROMBOTOANI BOTOANI Branch
str. Octav Bncil nr. 33,BOTOSANI
8
ASIROM
BRAOV BRAOV Branch
Bd. M. Koglnicenu nr. 11,
BRASOV9
ASIROMBRILA BRILA Branch
str. Calea Clrasilor nr. 46,BRAILA
10ASIROMBUZU BUZU Branch
Bd. N. Blcescu, bloc Camelia,BUZAU
11
ASIROMCARASEVERIN RESIA Branch
P-a 1 Decembrie 1918, bl. 4,RESITA
12ASIROMCLRAAND CLRASI Branch str. Bucureti nr. 183, CALARASI
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13 ASIROM CLUJ CLUJ Branchstr. Clinicilor nr. 20 - 22, CLUJNAPOCA
14ASIROMCONSTANA CONSTANA Branch
Bd. Tomis nr. 142, bl. TD 2A,CONSTANTA
15ASIROMCOVASNA
SF. GHEORGHEBranch
str. Godri Ferencz nr. 2, SF.GHEORGHE
16ASIROMDMBOVIA TRGOVITE Branch
str. Libertii, bl. B1,TARGOVISTE
17 ASIROM DOLJ CRAIOVA Branch str. Madona Dudu, bl 8, CRAIOVA
18ASIROMGALAI GALAI Branch
str. Domneascnr. 40, bl. 5 U. 2,GALAI
19ASIROMGIURGIU GIURGIU Branch
str. Vlad epe, bl. MUV 3,GIURGIU
20 ASIROM GORJ TARGU JIU Branchstr. Ecaterina Teodoroiu, bl. 6parter, TARGU JIU
21ASIROMHARGHITA
MIERCUREA CIUCBranch
Str. Koussthlajos nr. 17 A (fostaFlorilor), MIERCUREA CIUC
22ASIROMHUNEDOARA DEVA Branch str. Ion Creangnr. 21, DEVA
23 ASIROMIALOMIA SLOBOZIA Branch B-dul Chimiei, bl. D3 parter,SLOBOZIA
24 ASIROM IAAND IASI BranchB-dul tefan cel Mare bl. B2 - C3,IAAND
25ASIROMMARAMURE Baia Mare Branch str. Culturii nr. 9, BAIA MARE
26ASIROMMEHEDINI
TURNU SEVERINBranch
str. Al. Brccil bl. B2, TURNUSEVERIN
27ASIROMMURE
Branch TARGUMURE
Piaa Teatrului nr. 4, TARGUMURE
28ASIROMNEAM
PIATRA NEAMBranch Bd. Traian nr. 6, PIATRA NEAM
29 ASIROM OLT SLATINA Branchstr. A.I. Cuza nr. 9, Bl. C.A.M. 1,SLATINA
30ASIROMPRAHOVA PLOIETI Branch
str. Cantacuzino nr. 192, bl. A1,PLOIETI
31ASIROM SATUMARE SATU MARE Branch
str. Transilvania nr. 3 - 5, SATUMARE
32 ASIROM SLAJ ZALU Branch str. Unirii nr. 16, ZALU
33 ASIROM SIBIU SIBIU Branch Bd. V. Milea nr. 12 A, SIBIU
34ASIROMSUCEAVA SUCEAVA Branch str. Petru Rarenr. 14, SUCEAVA
35ASIROMTELEORMAN ALEXANDRIA Branch
str. Ion Creang nr. 52 - 54,ALEXANDRIA
36 ASIROM TIMI TIMIBranch Piaa Consiliul Europei nr.1, TIMI
37ASIROMTULCEA TULCEA Branch str. Unirii nr. 4, bl. D, TULCEA
38 ASIROM VASLUI VASLUI Branch str. tefan cel Mare nr. 70, VASLUI
39ASIROMVLCEA
RAMNICU VALCEABranch
str. Gen. Magheru, bl. S3,RAMNICU VLCEA
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40ASIROMVRANCEA FOCANI Branch str. Republicii nr. 7, FOCANI
41
ASIROMBUCHARESTMUNICIPALITY ION GHICA Branch
str. Ion Ghica nr. 7, sector 3,BUCURESTI
42ASIROMDOROBANTI DOROBANTI Branch
str. Vasile Lascar nr. 178, sect. 2,BUCURESTI
43ASIROM MIHAIBRAVU
MIHAI BRAVUBranch
Bd. Mihai Bravu nr. 90 - 96, sect.2, BUCURESTI
44ASIROMOLTENIEI OLTENIEI Branch
str. Impratul Traian nr. 32, sect.4, BUCURESTI
45ASIROM 13SEPTEMBRIE
Branch 13SEPTEMBRIE
Calea 13 Septembrie nr. 63, sect.5, BUCURESTI
46ASIROM
Headquarter BUCURESTIBd. Carol I nr. 31 - 33, sect. 2,BUCURESTI
ASIROM Channels of distribution are formed of:
a) 10,518 - insurance agents as natural persons;b) 430 insurance agents as legal persons and brokerage companies .
ASIROMhas concluded a number of approximately 600 conventions with serviceunitsfrom the entire country. Thus, there is the possibility of direct settlement of accounts(payments) towards the service unit, without being necesarry to acquit the repairings, thisbeing made directly on the grounds of these conventions, by ASIROM.
The complete list containing the service units, agreed by ASIROM is available onwww.asirom.ro.
Representative Offices for Compensations
ASIROM has appointed representative offices for compensations in each member state of
EU (the list which is permanently up-dated, can be found on the companys site). Theserepresentative offices for compensations are empowered to instrument the claims in thename and on behalf of the insurer and to represent the insurer within the compenstaionconvention, performed with the insured Party and with damaged Party.
List of units can be found on the companys site: www.asirom.ro .
SUMMARIZED GENERAL BALANCE
FINANCIAL EXERCISE CLOSED ON 31 DECEMBER 200931 December 2009
PATRIMONIAL ELEMENTS (lei)
I. Intangible asssets 3,481,890
II. Investments
Lands and constructions 206,266,997
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Titles owed at the affiliated companies 14,783,299
Other investments in financial immobilizations 17,968,586
Shares, other securities with variable incomes and units
To the common investments funds 6,430,489
Obligations and other titles with fixed income 308,416,421
Other loans -
Deposits at the credit institutions 113,817,316
TOTAL 667,683,108
III.Part ceded from the technical reserves related to the contracts cedate intoreinsurance 45,789,640
IV. Debts
Insured 185,055,553
Other debts from the insurance operations -
Debts provenite din operaiuni de reinsurance 7,199,542
Otherdebts 51,366,514
TOTAL 243,621,609
V. Other elements of assets
Technological equipment, devices,
means of transport, tangibel assets 10,364,625
Consumables 2,768,855
Cash and accounts into the banks 22,031,308
TOTAL 35,164,788
VI. Expenses in advance (downpayments)
Downpayments, interests
And rents in advance 274,077
Acquisition reported expenses general and life insurances 44,790,048
Other expenses registered in advance 167,802
TOTAL 45,231,927
TOTAL OF ASSETS (I+II+III+IV+V+VI) 1,040,972,962
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31 December 2009
(lei)
I. Equity and reserves
Paid up equity 157,853,432
Equity premiums 92,962,500
Reserves from re-assessment 144,041,209
Legal reserves 4,443,502
Reserves representing surplus
Achieved from the re-assessment reserves 2,349,949
Other reserves 40,266,732
Own shares 414,120
Reported result- debtor balance 180,049,191
Exercise result
Loss -
Profit 5,160,460
Profit distribution 258,023
TOTAL 266,356,450
II. Tehnical reserves, of which: 664,594,573
Technical reserves concerning life insurances 232,237,656
Technical reserves concerning general insurances 432,356,917
III. Provisions for imposits 150,002
IV. Other provisions 4,337,107
V. Debts from direct insurance operations 1,166,360
VI. Debts from reinsurance operations 1,447,092
VII. Other debts 80,412,746
VIII. Incomes in advance 22,508,632
TOTAL LIABILITIES (I+II+III+IV+V+VI+VII+VIII) 1,040,972,962
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The financial investments of the companies had been formed of bank deposits, state
titles, corporate obligations, fund units and buildings and participations at social equity at
other trading companies.
For the purpose of protection the portfolio safety into the financial investments, but also for
obtaining of high yield on long-term, the percentage of state titles issued by the Ministry ofFinances, has increased in totally, ASIROMmaking a prudential policy of investments. By
this, in 2009, the financial yieldhas situated over the inflation rate.
Strategy of the company development on 2010 aims mainly the continuation of the
process of transformation/reorganization of the company and of territorial structure of the
branches and finalizing of this process. Thus, ASIROM is consolidating position of favorite
insurer of Romanians.
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Translation from Romanian
PRICEWATERHOUSECOOPERS
THE INDEPENDENT AUDITORS REPORT TOWARDS THE SHAREHOLDERS OFASIGURAREA ROMANEASCA ASIROM VIENNA INSURANCE GROUP S.A.
1. The summarized financial statements attached to the Annual Report of
Asigurarea Romaneasca ASIROM Vienna Insurance Group S.A.
(Company) has been extracted from the individual financial
statements of the company for the financial exercise ended at 31
December 2009, elaborated in accordance with the Order of the
Insurance Supervisory Commission (CSA) no. 3120/2005, with the
subsequent modifications and completions and with the accounting
policies described in the Notes to the individual financial statements.
The company management is liable for the elaboration and
presentation with accuracy of these summarized financial statements.
Our responsibility is to express an opinion upon the conformity, in all
significant issues, concerning the individual financial statements, from
which they were extracted.
2. We audited in accordance with the International Standards of Audit,
the individual financial statements for the financial exercise ended at
31 December 2009, from which the General Balance and the Profit and
Loss Account were extracted, appointed as summarized financial
statements. In our Audit Report, dated on 12 April 2010, we stated an
opinion without reserves upon the individual financial statements of the
company, from which there were extracted the summarized financial
statements.
3. In our opinion, the summarized financial statements at 31 December
2009 under all significant issues, are in accordance, with the individual
financial statements, from which they were extracted.
4. For a better understanding of the financial position of the company and
its operation results for the financial exercise ended at 31 December
2009, also of the applicability area of our audit, the summarizedfinancial statements must be analyzed together with the individual
financial statements from which our audit report is extracted also.
Paul Facer
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Statutory Auditor, stamp and signature: illegible
On behalf of PricewaterhouseCoopers Audit SRL
Bucharest, 12 April 2010.