DOCSLIB.ORG

CEE Insurance M&A Outlook the Stage Is Set for an Active Deal

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CEE Insurance M&A Outlook the Stage Is Set for an Active Deal CEE Insurance M&A Outlook The stage is set for an active deal-making environment January 2019 Brochure / report title goes here | Section title goes here Contents Foreword 03 Number of M&A deals in the CEE Region 04 CEE macroeconomic overview 05 Insurance trends in CEE 06 Poland 18 The Czech Republic 24 Slovakia 30 Hungary 36 Romania 42 Slovenia 48 Croatia 54 Bulgaria 60 Serbia 66 Baltic region (Estonia, Latvia, Lithuania) 72 Contacts 90 02 CEE Insurance M&A Outlook | Foreword Foreword Leveraging on the success of our NPL Besides insuretech solutions, another long- and require further centralization on a study which provides an overview on awaited trend is picking up momentums regional level. This higher than average nonperforming loan markets in 12 market consolidation, which is driven by market growth potential, together with the countries across Central and Eastern non-core exits and acquisitive growth strategic repositioning of large insurance Europe as well as the very positive strategies to reposition business and groups provide motivating factors to feedbacks we received from the recently optimize economies of scale. consider trading on both the sell and buy launched CEE M&A banking study, we, side. Fortunately, a number of potential as a leading financial advisor not only Most of the insurance markets in the region players have significant war chests to being in the forefront of banking but also are still fragmented with a relatively high deploy for executing deals. in insurance transactions, decided to number of universal insurance companies launch a new study on insurance M&A with low market share. This implies further These trends are expected to drive further dynamics in our region. We do hope this consolidation as competitive pressure and consolidation of the CEE insurance market. study will also be a useful material for the difficulties to scale operations efficiently Such dynamics validate the need for this various stakeholders in the insurance M&A will require smaller players to rethink their paper and are expected to provide rich universe in Central and Eastern Europe. strategy in the region. content for it in the years to come. Recent performance of the insurance Potential investors are evaluating our industry in CEE has been reassuring, region based on three factors: i) expected gross written premiums are increasing future economic growth is still expected to significantly, with the largest contributor outgrow Western Europe and other more being the non-life segment and developed countries, ii) GWP per capita in Balázs Mérth geographically being Poland. The average most countries is still significantly lower Partner, penetration (GWP compared to GDP) than in Western Europe still indicating Regional Insurance Industry Leader, remained stable over the last three years higher than average future growth Financial Advisory with paid claims increasing the same time. potential; iii) in the same time the new regulatory requirements (Solvency II and These positive dynamics were fostered by the expected introduction of IFRS 17 in stable economic growth accompanied with early 2020s) make insurance operations improving labour market conditions in the more costly and capital extensive thus region. putting further pressure on profitability 03 Number of M&A deals in the CEE Region 2015-2018 2 2 2 12 7 4 5 3 3 5 2 4 2 Poland 12 Czech Republic 7 2 Hungary 5 2 Romania 5 Slovakia 4 Bulgaria 4 12 Slovenia 3 7 Croatia 3 4 Serbia 2 Estonia 2 5 3 Latvia 2 3 5 Lithuania 2 2 4 CEE Insurance M&A Outlook | CEE macroeconomic overview CEE macroeconomic overview All the 12 countries analysed in the report countries increased from 2.9% to 4.2% had positive GDP growth in 2017. The in 2017. The main source of growth was highest growth rates were achieved by improving labour market conditions across Romania (7.0%), Latvia (5.1%) and Slovenia Europe and low consumer prices which (5.0%). Romania experienced increasing led to growing domestic demand. Besides wages and decreasing VAT which resulted current positive economic conditions, in the boost of private consumption. In further structural reforms are expected in Latvia and Slovenia export activity and several countries to develop productivity, private consumption generated the above competitiveness, education and labour average expansion of the economy. As a markets. result, average GDP growth of the twelve Figure 1. Changes in real GDP, 2015-2017 9% 7% 5% 4.2% 3% 2.9% 1% PL CZ SK HU RO SL HR BG SRB EE LV LT 2015 2016 2017 Average - 2016 Average - 2017 Source: EIU Recorded unemployment rate decreased percentage point from 8.8% to 7.7% in in all the twelve countries in 2017. The 2017 due to the growing economies. Most most significant improvements were countries experienced a significant real posted in Croatia (-2.4 percentage points), wage increase on top of the decreasing Slovakia (-2.4 percentage points) and unemployment rate, which resulted in the Serbia (-2.2 percentage points). On average gradual increase of inflation. unemployment rate decreased by 1.1 Figure 2. Unemployment rate, 2015 - 2017 25% 20% 15% 10% 9.0% 7.6% 5% 0% PL CZ SK HU RO SL HR BG SRB EE LV LT 2015 2016 2017 Average - 2016 Average - 2017 Source: EIU 06 CEE Insurance M&A Outlook| Insurance trends in CEE Insurance trends in CEE The total gross written premium (GWP) GWP in CEE. One of the driving factors in the CEE region increased by 12.1% that led to Poland’s large growth rate can from 2016 to 2017. Every country in the be attributed to the significant increase in region recorded growing gross written motor insurance GWPs, which increased by premiums. Estonia, Latvia, Lithuania and 34.7% last year and this has been mainly Poland performed above the 9.3% average due to the increased motor third party growth rate. Poland’s 18.0% growth rate liability insurance (MTPL) tariffs. significantly overperformed the average growth rate of the CEE region, which significantly influenced CEE’s growth rate, given Poland has a 41.4% share of the total Figure 3. Evolution of the Gross Written Premiums in the CEE, 2010 - 2017 (EUR m) CAGR: 3.7% 25,000 22,367 CAGR: -2.4% 19,351 20,000 18,721 18,121 17,340 16,698 17,501 17,074 15,331 14,934 15,000 14,531 14,654 13,866 13,353 12,169 12,957 10,000 5,000 ― 2010 2011 2012 2013 2014 2015 2016 2017 Life GWP (EUR mn) Non-life GWP (EURmn) Source: Xprimm In 2017, life insurance accounted for 37.7% of the gross written premiums with EUR 12,957mn, while non-life premiums accounted for 63.3% with EUR 22,367 mn. From the business segment perspective, non-life insurance experienced a higher growth, of 15.6% in 2017 from 2016, whilst the life segment only increased by 6.5% year over year 07 CEE Insurance M&A Outlook| Insurance trends in CEE Figure 4. Average annual GWP volume growth and GWP CAGR (2015-2017) 14.0% 12.0% LT; 74; 10.8% LV; 57; 10.3% 10.0% PL; 1,045; 7.8% EE; 33; 8.8% SRB; 60; 8.7% 8.0% HU; 194; 7.0% 6.0% BG; 60; 5.8% RO; 103; 5.2% 4.0% SL; 88; 4.3% GWP CAGR (%) (15-17) SK; 58; 2.8% HR; 31; 2.7% 2.0% CZ; 115; 2.0% (100) 100 300 500 700 900 1,100 1,300 Average annual GWP volume growth (15-17) Source: Xprimm, Intelligence Research Note: Size of the bubbles represents the number of transactions In the CEE region paid claims increased by 17.0% from 2016 to 2017, as well as in the case of the GWP growth, the claim growth was mostly generated by increasing claim volumes in Poland. Figure 5. Evolution of the total paid claims in the CEE, 2010 - 2017 (EUR m) 25,000 21,511 20,961 20,192 20,000 19,107 18,382 18,491 17,870 18,042 15,000 10,000 5,000 ― 2010 2011 2012 2013 2014 2015 2016 2017 Source: Xprimm 08 CEE Insurance M&A Outlook| Insurance trends in CEE Figure 6. Evolution of the GWP and GWP penetration in the CEE, 2015 - 2017 (EUR m) 16,000 6.0% 14,000 5.0% 12,000 4.0% 10,000 8,000 3.0% 6,000 2.0% 4,000 1.0% 2,000 0 0.0% 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 BG HR CZ EE HU LV LT PL RO S S S Life GWP (EUR) Non-Life GWP (EUR mn) Total penetration (%), right axis Source: Source: Xprimm, Deloitte Intelligence Average insurance penetration on the CEE higher penetration rates. Romania also market was 2.5% in 2017. This average lagged behind the rest of countries with a is increased due to the exceptionally 0.9% rate. high 5.1% ratio of Slovenia. Furthermore, the Czech Republic and Poland showed Whilst the gross written premiums relatively high penetration with 3.1% and steadily grew in most of the countries, 3.2% respectively. Yet on the other hand, penetration did not grow significantly in Romania had the lowest overall insurance the region: average penetration stagnated penetration with 1.1%. between 2015 and 2017, while the GWP increased by 12.2% during the same Average life insurance penetration was period. Nevertheless, some countries such 0.8% in the region in 2017.
Load more

Recommended publications
  • Annual Report and Financial Statements
    Annual Report and Financial Statements for the year ended 31 December 2018 Dimensional Funds ICVC Authorised by the Financial Conduct Authority No marketing notification has been submitted in Germany for the following Funds of Dimensional Funds ICVC: Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund Accordingly, these Funds must not be publicly marketed in Germany. Table of Contents Dimensional Funds ICVC General Information* 2 Investment Objectives and Policies* 3 Authorised Corporate Directors’ Investment Report* 6 Incorporation and Share Capital* 10 The Funds 10 Fund Cross-Holdings 10 Authorised Status* 10 Regulatory Disclosure* 10 Potential Implications of Brexit* 10 Responsibilities of the Authorised Corporate Director 11 Responsibilities of the Depositary 11 Report of the Depositary to the Shareholders 11 Directors' Statement 11 Independent Auditors’ Report to the Shareholders of Dimensional Funds ICVC 12 The Annual Report and Financial Statements for each of the below sub-funds (the “Funds”); Emerging Markets Core Equity Fund Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund are set out in the following order: Fund Information 14 Portfolio Statement* 31 Statement of Total Return 149 Statement of Change in Net Assets Attributable to Shareholders 149 Balance Sheet 150 Notes to the Financial Statements 151 Distribution Tables 168 Remuneration Disclosures (unaudited)* 177 Supplemental Information (unaudited) 178 * These collectively comprise the Authorised Corporate Directors’ (“ACD”) Report. Dimensional Fund Advisors Ltd. Annual Report and Financial Statements, 31 December 2018 1 Dimensional Funds ICVC General Information Authorised Corporate Director (the “ACD”): Dimensional Fund Advisors Ltd.
    [Show full text]
  • Full Portfolio Holdings
    Hartford Multifactor International Fund Full Portfolio Holdings* as of August 31, 2021 % of Security Coupon Maturity Shares/Par Market Value Net Assets Merck KGaA 0.000 152 36,115 0.982 Kuehne + Nagel International AG 0.000 96 35,085 0.954 Novo Nordisk A/S 0.000 333 33,337 0.906 Koninklijke Ahold Delhaize N.V. 0.000 938 31,646 0.860 Investor AB 0.000 1,268 30,329 0.824 Roche Holding AG 0.000 74 29,715 0.808 WM Morrison Supermarkets plc 0.000 6,781 26,972 0.733 Wesfarmers Ltd. 0.000 577 25,201 0.685 Bouygues S.A. 0.000 595 24,915 0.677 Swisscom AG 0.000 42 24,651 0.670 Loblaw Cos., Ltd. 0.000 347 24,448 0.665 Mineral Resources Ltd. 0.000 596 23,709 0.644 Royal Bank of Canada 0.000 228 23,421 0.637 Bridgestone Corp. 0.000 500 23,017 0.626 BlueScope Steel Ltd. 0.000 1,255 22,944 0.624 Yangzijiang Shipbuilding Holdings Ltd. 0.000 18,600 22,650 0.616 BCE, Inc. 0.000 427 22,270 0.605 Fortescue Metals Group Ltd. 0.000 1,440 21,953 0.597 NN Group N.V. 0.000 411 21,320 0.579 Electricite de France S.A. 0.000 1,560 21,157 0.575 Royal Mail plc 0.000 3,051 20,780 0.565 Sonic Healthcare Ltd. 0.000 643 20,357 0.553 Rio Tinto plc 0.000 271 20,050 0.545 Coloplast A/S 0.000 113 19,578 0.532 Admiral Group plc 0.000 394 19,576 0.532 Swiss Life Holding AG 0.000 37 19,285 0.524 Dexus 0.000 2,432 18,926 0.514 Kesko Oyj 0.000 457 18,910 0.514 Woolworths Group Ltd.
    [Show full text]
  • Annual Report and Financial Statements
    Annual Report and Financial Statements for the year ended 31 December 2019 Dimensional Funds ICVC Authorised by the Financial Conduct Authority No marketing notification has been submitted in Germany for the following Funds of Dimensional Funds ICVC: Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund Accordingly, these Funds must not be publicly marketed in Germany. Table of Contents Dimensional Funds ICVC General Information* 2 Investment Objectives and Policies* 3 Authorised Corporate Director’s Investment Report* 5 Incorporation and Share Capital* 9 The Funds* 9 Fund Cross-Holdings* 9 Fund and Shareholder Liability* 9 Regulatory Disclosure* 9 Potential Implications of Brexit* 9 Responsibilities of the Authorised Corporate Director 10 Responsibilities of the Depositary 10 Report of the Depositary to the Shareholders 10 Directors' Statement 10 Independent Auditors’ Report to the Shareholders of Dimensional Funds ICVC 11 The Annual Report and Financial Statements for each of the below sub-funds (the “Funds”); Emerging Markets Core Equity Fund Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund are set out in the following order: Fund Information* 13 Portfolio Statement* 30 Statement of Total Return 139 Statement of Change in Net Assets Attributable to Shareholders 139 Balance Sheet 140 Notes to the Financial Statements 141 Distribution Tables 160 Remuneration Disclosures (unaudited)* 169 Supplemental Information (unaudited)* 170 * These collectively comprise the Authorised Corporate Director’s (“ACD”) Report. Dimensional Fund Advisors Ltd.
    [Show full text]
  • Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
    PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm.
    [Show full text]
  • Cohen & Steers Preferred Securities and Income Fund
    Cohen & Steers Preferred Securities and Income Fund As of 06/30/2021 Current % of Total Security Name Sector Market Value Market Value Wells Fargo & Company Flt Perp Banking $219,779,776.15 1.81 % Charles Schwab Corp Flt Perp Sr:I Banking $182,681,675.00 1.51 % Bp Capital Markets Plc Flt Perp Energy $158,976,029.00 1.31 % Bank of America 6.25% Banking $148,052,279.38 1.22 % Bank of Amrica 6.10% Banking $144,075,863.52 1.19 % Citigroup Inc Flt Perp Banking $139,736,756.25 1.15 % Emera 6.75% 6/15/76-26 Utilities $134,370,096.24 1.11 % Transcanada Trust 5.875 08/15/76 Pipeline $116,560,837.50 0.96 % JP Morgan 6.75% Banking $116,417,211.75 0.96 % JP Morgan 6.1% Banking $115,050,549.38 0.95 % Credit Suisse Group AG 7.5 Perp Banking $112,489,090.00 0.93 % Enbridge Inc Flt 07/15/80 Sr:20-A Pipeline $101,838,892.50 0.84 % Charles Schwab Corp Flt Perp Sr:G Banking $101,715,980.40 0.84 % Bank of America Corp 5.875% Perp Banking $99,269,540.97 0.82 % Sempra Energy Flt Perp Utilities $97,680,337.50 0.81 % BNP Paribas 7.375% Banking $96,328,288.48 0.79 % Jpmorgan Chase & Co Flt Perp Sr:Kk Banking $95,672,863.00 0.79 % Metlife Capital Trust IV 7.875% Insurance $94,971,600.00 0.78 % Citigroup 5.95% 2025 Call Banking $89,482,599.30 0.74 % Transcanada Trust Flt 09/15/79 Pipeline $88,170,468.75 0.73 % Ally Financial Inc Flt Perp Sr:C Banking $86,422,336.00 0.71 % Banco Santander SA 4.75% Flt Perp Banking $83,189,000.00 0.69 % American Intl Group 8.175% 5/15/58 Insurance $82,027,104.20 0.68 % Prudential Financial 5.625% 6/15/43 Insurance $80,745,314.60 0.67
    [Show full text]
  • Elenco Compagnie Assicurative
    S&B EsseBi Insurance Broker S.r.l. 051521283 Sede Legale e Direzione: Via del Rondone 26/A | 40122 Bologna 051521928 Capitale sociale € 90.000,00 i.v. Partita Iva 04266280371 [email protected] C.F. e R.I./BO 08539670581 PEC [email protected] R.U.I. B00016136 www.essebibroker.it Elenco compagnie ex Art. 118 DLgs. 209/2005 Adempimento delle obbligazioni pecuniarie attraverso intermediari assicurativi. 1. Il pagamento del premio eseguito in buona fede all’intermediario o ai suoi collaboratori si considera effettuato direttamente all’impresa di assicurazione. Salvo prova contraria a carico dell’impresa o dell’intermediario, le somme dovute agli assicurati ed agli altri aventi diritto a prestazioni assicurative si considerano effettivamente percepite dall’avente diritto solo col rilascio di quietanza scritta. 2. La disposizione di cui al comma 1 si applica nei confronti dell’intermediario iscritto nella sezione del registro di cui all’Art. 109, comma 2, lettera b), esclusivamente se tali attività sono espressamente previste dall’accordo sottoscritto con l’impresa. A tal fine l’intermediario è tenuto a darne specifica comunicazione al cliente nell’ambito dell’informazione precontrattuale di cui all’articolo 120. COMPAGNIA ASSICURATIVA INDIRIZZO MAIL ABY BROKER S.R.L. AUTOMOTIVE INSURANCE BROKER S.R.L. VIA VALENZA, 5MILANO20144MI [email protected] AIG EUROPE LIMITED RAPPRESENTANZA GENERALE PER L'ITALIA VIA DELLA CHIUSA, 2MILANO20123MI [email protected] AIG EUROPE LIMITED BMI MARINE MGA SRL CORSO A. PODESTA', 8/1 SC.DXGENOVA16128GE [email protected] ALLIANZ S.P.A. GERENZA PADOVA EX BO VIA S.SOFIA, 37MILANO20122MI [email protected] ALLIANZ S.P.A.
    [Show full text]
  • Unipolsai Successfully Completed the Placement of Its First Restricted Tier 1 Instrument Under Solvency Ii
    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN OR INTO OR TO ANY PERSON LOCATED AND RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. UNIPOLSAI SUCCESSFULLY COMPLETED THE PLACEMENT OF ITS FIRST RESTRICTED TIER 1 INSTRUMENT UNDER SOLVENCY II Bologna, 20 October 2020 Following what has been announced to the market on 19 October 2020, UnipolSai Assicurazioni S.p.A. (“UnipolSai”) announces that it has completed today the placement among domestic and international institutional investors of a Euro-denominated regulatory capital instrument “Restricted Tier 1”, non-convertible and governed by Italian law, for a nominal amount equal to Euro 500 million (the “RT1 Instrument”) with issue and settlement date on 27 October 2020. The RT1 Instrument is perpetual and can be early redeemed, subject to applicable laws, starting from 27 October 2030. Should the RT1 Instrument not be redeemed on first call date, it will be redeemable on each interest payment date, on a semi-annual basis. The RT1 Instrument will be issued at par and will pay an annual fixed rate coupon equal to 6.375%. The first reset date will fall after 10 years, on 27 October 2030. Afterwards, the coupon will be fixed every 5 years and will be equal to 5-year mid-swap rate, fixed on each reset date, plus a margin equal to 6.744%.
    [Show full text]
  • And Eastern European Business of Aegon
    29 November 2020 Ad-hoc Announcement Vienna Insurance Group acquires Central- and Eastern European business of Aegon VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG) agreed with Aegon N.V. on 29 November 2020 to acquire Aegon's insurance business in Hungary, Poland, Romania and Turkey. VIG will take over Aegon’s non-life and life insurance companies as well as pension funds, asset management and service companies in these countries, which ideally complement VIG's existing portfolio. The purchase price amounts to EUR 830 million. The transaction is subject to the necessary regulatory and competition approvals. Closing of the transaction is expected to take place in the second half of 2021. With the acquisition of these companies, VIG is further expanding its leading market position in Central and Eastern Europe and moves up to the first rank in Hungary’s insurance market. In addition, VIG is extending its scope of activity in the pension fund business in this region and will also be active in the life business in Turkey for the first time. The premium volume of the insurance companies in the four countries amounted to the equivalent of approx. EUR 600 million in 2019, with a net profit of approx. EUR 50 million. From today’s perspective, VIG assumes the solvency ratio to remain in the communicated comfort zone of 170 to 230 % at the time of the closing of the transaction. The following securities of VIG are admitted for trading on a regulated market: ISSUE TITEL ISIN TRADING SEGMENT Share AT0000908504 Vienna and Prague Stock
    [Show full text]
  • Variable Universal Life and Variable Life Products Available Through Oneamerica Securities, Inc
    Variable universal life and variable life products Available through OneAmerica Securities, Inc. Product list and contact information Allianz Life...................................................................800-950-5872 MetLife: www.allianzlife.com General American (MetLife) ..................................877-638-3279 American General .......................................................800-677-3311 www.metlife.com/generalamerican/index.html www.americangeneral.com MetLife Investors Insurance Company.................800-638-5000 American National......................................................800-526-8346 www.metlife.com www.anico.com New England Financial (MetLife)..........................877-638-3279 American United Life (OneAmerica) ........................877-285-3863 nef.metlife.com www.oneamerica.com Paragon Life (MetLife) ............................................800-638-5433 Ameritas.......................................................................800-634-8353 www.paragonlife.com www.ameritas.com Minnesota Life (Securian)..........................................651-665-5980 CUNA Mutual..............................................................800-798-5500 www.minnesotalife.com www.cunamutual.com National Life................................................................800-732-8939 AXA Equitable..............................................................800-777-6510 www.nationallife.com www.axa-equitable.com Nationwide ..................................................................800-321-6064
    [Show full text]
  • Demutualization Details
    Demutualization Details 1. American Mutual Life – AmerUs- Indianapolis Life Insurance Company - Central Life Assurance - Central Life Assurance merged with American Mutual in 1994. American Mutual Life was renamed AmerUs Life Insurance Company in 1995. On September 20, 2000, it demutualized to become AmerUs Group. In 2001, the company merged with Indianapolis Life, which had also undergone a demutualization. Approximately 300,000 policyholders and heirs became entitled to receive $452 million in AmerUs Group common stock and $340 million in cash and policy credits. Distribution began on July 31, 2001. Eligible policyholders received a fixed component of 20 AmerUS common shares, as well as a variable component based on policy value. Those who elected to receive cash were compensate $26 per share entitlement. In the first year after the initial public offering, the price of an AmerUS common share increased 99%. The current value of AmerUS Group stock is approximately $45 per share. 2. Anthem Insurance - On July 31, 2002 Anthem Insurance Companies, Inc. completed its conversion from a mutual insurance company to a stock company, and became a wholly owned subsidiary of Anthem, Inc. Eligible policyholders and heirs became entitled to approximately 48 million shares of Anthem, Inc. common stock and cash totaling $2.06 billion. Compensation consisted of a fixed component of 21 Anthem common shares, as well as a variable component based on policy value. The shares were offered to the public at $36. In the first year after the initial public offering, the price of an Anthem common share increased 54%. 3. Equitable Life – Axa - In 1992 the Equitable Life Assurance Society of the United States demutualized and a new parent holding company, the Equitable Companies, was listed on the New York Stock Exchange.
    [Show full text]
  • Metlife Worldwide Benefits Provider Guide
    MetLife Worldwide Benefits Provider Guide MetLife Worldwide Benefits Provider Guide Table of Contents Welcome ..................................................................................................................................................... 3 Member Services ......................................................................................................................................... 4 ID Cards ...................................................................................................................................................... 5 Direct Pay .................................................................................................................................................... 6 Guarantee of Payment................................................................................................................................. 7 Invoices ....................................................................................................................................................... 9 Network Experience .................................................................................................................................. 11 Window Cling ............................................................................................................................................ 12 Frequently Asked Questions ...................................................................................................................... 13 Glossary ...................................................................................................................................................
    [Show full text]
  • List of Ukrainian Insurance Companies That Have Licenses for Realization of Medical Insurance Policies (For Travel to Schengen Countries and Switzerland)
    List of Ukrainian insurance companies that have licenses for realization of medical insurance policies (for travel to Schengen countries and Switzerland) Name UA company Phone Int’l partner Notes 1. ACTIVE-GARANT 044 492 44 02 Savitar Group Ltd Programs A, B, C, D cover requirements EU Visa Code 2. AELITE 044 528 17 09 CORIS Programs A, B, C, D cover requirements EU Visa Code SMILE service 3. AIG Ukraine Insurance Company (ex Chartis 044 490 65 50 Тravel Guard ЕМЕА All programs cover requirements EU Visa Ukraine) Code 4. AKB GARANT 044 454 75 25 CORIS Programs A, B, C, D cover requirements EU Visa Code 5. ALFA STRAKHUVANNYA 044 499 77 66 CORIS Programs A, B cover requirements EU Visa Code 6. ALFA-GARANT 044 591 63 23 CORIS Programs A, B, C, D, Multivisa cover SMILE service requirements EU Visa Code 7. ALLIANCE 056 372 30 10 CORIS Programs A, B, C cover requirements EU Visa Code 8. Allianz Ukraine 044 499 77 00 CORIS Programs A, B, Multivisa cover requirements EU Visa Code 9. AMG-group 044 593 39 13 SMILE service Programs A1, B1, C1, D1 cover requirements EU Visa Code 10. ARMA 044 230 70 20 Savitar Group Programms А, В, С, D, П, П+, Е cover 044 230 70 16 FALCK TRAVELCARE requirements EU Visa Code 11. ARSENAL INSURANCE 0 800 60 44 53 Inter Partner Assistance Programms Standard, Classic, Gold, Platinum Polska S.A. cover requirements EU Visa Code 12. ASKA 062 348 38 00 CORIS Programs A, B, C, D, SC, GC, CC, StC, Bank 062 348 38 45 CLASS ASSISTANCE card cover requirements EU Visa Code SMILE service 13.
    [Show full text]