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Annual Report 2010
Annual Report 2010 Zurich Insurance Group 12945.indd UG4 28.04.2011 09:41:31 About Zurich Zurich is one of the world’s largest insurance groups, and one of the few to operate on a truly global basis. Our mission is to help our customers understand and protect themselves from risk. With over 60,000 employees serving customers in more than 170 countries, we aspire to become the best global insurer as measured by our shareholders, customers and employees. Zurich Insurance Group Annual Report 2010 1 Operating and fi nancial review 2 Financial highlights 2 Risk review 14 Consolidated fi nancial statements 46 Consolidated income statements 47 Consolidated balance sheets 50 Consolidated statements of cash fl ows 52 Consolidated statements of changes in equity 54 Report of the Zurich Insurance Group auditors 155 Signifi cant subsidiaries 156 Financial statements – statutory accounts 160 Report of the statutory auditor 176 Key data of Zurich Insurance Company Ltd 178 Zurich Insurance Group 12490.indd 1 27.04.2011 18:14:17 2 Financial information Annual Report 2010 Zurich Insurance Group Operating and fi nancial review Zurich Insurance Company Ltd (ZIC) and its subsidiaries (collectively the “Zurich Insurance Group”) are an insurance based fi nancial services provider with a global network. The Zurich Insurance Group also distributes non-insurance products such as mutual funds, mortgages and other fi nancial services products from selected third-party providers. The Zurich Insurance Group operates mainly in Europe, the United States, Latin America and Asia-Pacifi c through subsidiaries, branch offi ces and representations. The information contained within the Operating and fi nancial review is unaudited. -
NP Key Contacts.Pdf
IGP Network Partners: Key Contacts Region: Americas Country / Territory IGP Network Partner IGP Contact Email Type IGP Regional Coordinator Mr. Michael Spincemaille [email protected] Argentina SMG LIFE Mr. Nicolas Passet [email protected] Partner Brazil MAPFRE Vida S.A. Ms. Débora Nunes Santos [email protected] Partner Canada Manulife Financial Corporation Mr. Kajan Ramanathan [email protected] Partner Chile MAPFRE Chile Ms. Nathalie Gonzalez [email protected] Partner Colombia MAPFRE Colombia Ms. Ingrid Olarte Pérez [email protected] Partner Costa Rica MAPFRE Costa Rica Mr. Armando Sevilla [email protected] Partner Dominican Republic (Life) MAPFRE BHD Mrs. Alejandra Quirico [email protected] Partner Dominican Republic (Health) MAPFRE Salud ARS, S. A. Mr. Christian Wazar [email protected] Partner Ecuador MAPFRE Atlas * Mr. Carlos Zambrano [email protected] Correspondent El Salvador MAPFRE Seguros El Salvador S.A. Mr. Daniel Acosta González [email protected] Partner French Guiana Refer to France - - Partner Guadeloupe Refer to France - - Partner Guatemala MAPFRE Guatemala Mr. Luis Pedro Chavarría [email protected] Partner Honduras MAPFRE Honduras Mr. Carlos Ordoñez [email protected] Partner Martinique Refer to France - - Partner Mexico Seguros Monterrey New York Life Ms. Paola De Uriarte [email protected] Partner Nicaragua MAPFRE Nicaragua Mr. Dany Lanuza Flores [email protected] Partner Panama MAPFRE Panama Mr. Manuel Rodriguez [email protected] Partner Paraguay MAPFRE Paraguay Mr. Sergio Alvarenga [email protected] Partner Peru MAPFRE Peru Mr. Ramón Acuña Huerta [email protected] Partner Saint Martin Refer to France - - Partner Saint Barthélemy Refer to France - - Partner Saint Pierre & Miquelon Refer to France - - Partner United States Prudential Insurance Company of America Mr. -
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. -
SRI Roadshow, April 2015
plainpicture/fStop/Ralf Hiemisch plainpicture/fStop/Ralf Corporate responsibility in (re)insurance business SRI Roadshow, April 2015 Corporate responsibility in (re)insurance business, April 2015 1 Corporate responsibility at Munich Re – Overview Munich Re’s international cooperation – A strong commitment towards corporate responsibility Examples UNEP FI Munich Re has signed the climate declaration of the UNEP FI and is a member of the UNEP FI Climate Change Working Group. since 1999 Principles for Responsible Investment (PRI) Munich Re has actively developed and signed the UN Principles for Responsible Investment (PRI) as first German company in April 2006. since 2006 UN Global Compact Munich Re is member of the UN Global Compact since August 2007. The ten principles of Global Compact are a guidance for action in our business and set the since 2007 basis for our Corporate Responsibility activities. Principles for Sustainable Insurance (PSI) Involvement since 2007, first holding the chair in the UNEP FI – PSI Team, now active as member of the PSI Board, as well as founding signatory since June 2012. since 2012 Aim: to anchor ESG criteria into core business along the value chain. Corporate responsibility in (re)insurance business, April 2015 2 Corporate responsibility at Munich Re – Overview Corporate responsibility is an essential component of our Group strategy Corporate responsibility in (re)insurance business, April 2015 3 Corporate responsibility at Munich Re – Overview The core principles of Munich Re include our responsible approach and are detailed in our CR Strategy Corporate responsibility (CR) Core principles and goals Core principles CR is an integral part of our corporate strategy and relevant for all business areas and operations: . -
Annual Report 2012 Mapfre Re Annual Report 2012 Mapfre Re Annual Report 2012
ANNUAL REPORT 2012 MAPFRE RE MAPFRE RE ANNUAL REPORT 2012 ANNUAL REPORT 2012 www.mapfre.com www.mapfrere.com ANNUAL REPORT 2012 MAPFRE RE Contents 1. Governing bodies 4 5. Individual Management Report 2012 74 2. Consolidated management report 2012 6 – Business development 75 – Main Activities 75 – Main Activities 7 – Subsidiary and Affiliate Companies 76 – Subsidiary and Affiliate Companies 7 – Outlook 76 – Outlook 7 – Subsequent events 76 – Subsequent events 8 – Additional notes 76 – Proposed resolutions 8 – Financial and statistical information 9 6. Individual annual accounts 2012 78 – Additional notes 11 – Balance sheet 80 3. Consolidated statement 2012 12 – Income statement 82 – Statement of changes in equity 85 – Consolidated balance sheet 14 – Cash flow statement 88 – Global consolidated income statement 16 – Consolidated statement of changes in equity 18 7. Companies making up – Consolidated statement of cash flows 19 the Reinsurance Unit 90 – Segment reporting 20 8. Offices, geographical distribution – Financial information by geographical area 23 and person in charge 91 – Notes to the consolidated financial statements 24 – Table of subsidiary and associated companies 66 4. Audit report for the Annual Consolidated Financial Statements 70 1 Governing bodies BOARD OF Compliance Compliance DIRECTORS ExEcutivE committEE Committee Committee CHAIRMAN Mr. Pedro de Macedo Chairman VICE-CHAIRMAN Mr. Matías Salvá Vice-Chairman Chairman MEMBERS Mr. Ángel Alonso Mr. Ricardo Blanco Mr. Rafael Casas Mr. José Ignacio Fanego* Mr. Leopoldo Alvear** Mr. Javier Fernández-Cid Member Mr. Lorenzo Garagorri Mr. Philippe Hebeisen (Vaudoise Assurances Holding) Mr. Pedro López Member Mr. Rick L. Means (Shelter Mutual Insurance Company) Mr. Juan Antonio Pardo*** Mr. Eduardo Pérez de Lema*** Member Mr. -
Mapfre, S.A. Mapfre, S.A
Insurance Composite Insurers Spain Ratings MAPFRE, S.A. MAPFRE, S.A. Long-Term Foreign-Currency IDR A- And MAPFRE Asistencia Compania Internacional de Seguros y Senior Unsercured BBB+ Reaseguros, S.A. Subordinated BBB- MAPFRE Asistencia Compania Internacional de Seguros y Reaseguros, S.A. Insurer Financial Strength Ratings A+ Key Rating Drivers See full rating list on page 9. Very Strong Business Profile: Fitch Ratings ranks MAPFRE Group’s (MAPFRE) business profile Outlooks as favourable compared with other European-based insurance groups and scores its business profile at ‘aa-’. MAPFRE has a very strong market position in Spain, where it is a leader in the non- Insurer Financial Stable life segment, and in Latin America, particularly Brazil. MAPFRE’s market share in Spain was 14% Strength Rating in non-life and 8% in life in 2019, and in Latin America 8% of non-life in 2019. This makes it the Long-Term Foreign Stable Currency IDR 11th-largest European and the third-largest Latin American insurer. Very Strong Capital Adequacy: Fitch considers MAPFRE to be well capitalised, based on a Financial Data ‘Strong’ score from the agency’s Prism Factor-Based Model (FBM). The group’s regulatory MAPFRE, S.A. (Consolidated) Solvency II (S2) ratio was very strong at 184% at end-1H20 (end-2019: 187%). Own funds backing the S2 ratio largely consist of unrestricted Tier 1 capital. The Prism FBM score and the (EURm) 2019 1H20 S2 ratio exclude MAPFRE’s goodwill of EUR1.7 billion at end-1H20, which is equivalent to 18% Gross written 23,044 10,983 premiums of total equity, from available capital. -
Investment in Apartheid: List of Companies with Investment and Interests in South Africa
Investment in Apartheid: List of companies with investment and interests in South Africa http://www.aluka.org/action/showMetadata?doi=10.5555/AL.SFF.DOCUMENT.nuun1978_14 Use of the Aluka digital library is subject to Aluka’s Terms and Conditions, available at http://www.aluka.org/page/about/termsConditions.jsp. By using Aluka, you agree that you have read and will abide by the Terms and Conditions. Among other things, the Terms and Conditions provide that the content in the Aluka digital library is only for personal, non-commercial use by authorized users of Aluka in connection with research, scholarship, and education. The content in the Aluka digital library is subject to copyright, with the exception of certain governmental works and very old materials that may be in the public domain under applicable law. Permission must be sought from Aluka and/or the applicable copyright holder in connection with any duplication or distribution of these materials where required by applicable law. Aluka is a not-for-profit initiative dedicated to creating and preserving a digital archive of materials about and from the developing world. For more information about Aluka, please see http://www.aluka.org Investment in Apartheid: List of companies with investment and interests in South Africa Alternative title Notes and Documents - United Nations Centre Against ApartheidNo. 14/78 Author/Creator United Nations Centre against Apartheid; International Confederation of Free Trade Unions Publisher United Nations, New York Date 1978-06-00 Resource type Reports Language English Subject Coverage (spatial) South Africa Coverage (temporal) 1978 Source Northwestern University Libraries Description This issue containing the updated list of companies with investment and interests in South Africa, compiled by the International Confederation of Free Trade Unions (ICFTU), is published at the request of the Special Committee against Apartheid. -
Business Groups Exist in Developed Markets Also: Britain Since 1850
Business Groups Exist in Developed Markets Also: Britain since 1850 Geoffrey Jones Working Paper 16-066 Business Groups Exist in Developed Markets Also: Britain Since 1850 Geoffrey Jones Harvard Business School Working Paper 16-066 Copyright © 2015 by Geoffrey Jones Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Business groups exist in developed markets also: Britain since 1850 Geoffrey Jones Harvard Business School November 2015 Abstract Diversified business groups are well-known phenomenon in emerging markets, both today and historically. This is often explained by the prevalence of institutional voids or the nature of government-business relations. It is typically assumed that such groups were much less common in developed economies, and largely disappeared during the twentieth century. This working paper contests this assumption with evidence from Britain between 1850 and the present day. During the nineteenth century merchant houses established business groups with diversified portfolio and pyramidal structures overseas, primarily in developing countries, both colonial and independent. In the domestic economy, large single product firms became the norm, which over time merged into large combines with significant market power. This reflected a business system in which a close relationship between finance and industry was discouraged, but were there few restrictions on the transfer of corporate ownership. Yet large diversified business groups did emerge, which had private or closely held shareholding and substantial international businesses. The working paper argues that diversified business groups added value in mature markets such as Britain. -
Ranking America Latina 2010 Ingles
RANKING OF INSURANCE GROUPS IN LATIN AMERICA IN 2010 October 2011 Ranking of Insurance Groups in Latin America in 2010 TABLE OF CONTENTS: 1. Presentation ••• Overall Ranking ••• Non-Life Ranking ••• Life Ranking ••• Ranking of local and multinational groups 2. Observations on the ranking 3. Methodology 2 Ranking of Insurance Groups in Latin America in 2010 Partial reproduction of the information contained in this study is authorized so long as the source is cited. ©2011, FUNDACIÓN MAPFRE Pº de Recoletos, 23 28004 Madrid www.fundacionmapfre.com/cienciasdelseguro Tel.: 91 581 23 39 3 Ranking of Insurance Groups in Latin America in 2010 1. Presentation For the ninth straight year, FUNDACIÓN MAPFRE presents its ranking of the 25 largest insurance groups in Latin America by premium volume, this time for 2010. Three rankings have been compiled – Overall, Life and Non-Life – and separate information is included on local and multinational insurers. o Overall Ranking Ranking of insurance groups in Latin America in 2010 OVERALL Premiums (millions of euros) Ranking Market share Groups Country %∆∆∆ Ranking 2009 2010 2010 (%) 2009 2010 1 BRADESCO SEGUROS Brazil 5,834 8,014 37.3 8.9 1 2 MAPFRE 1 Spain 4,284 6,705 56.5 7.4 3 3 ITAÚ/UNIBANCO HOLDING Brazil 4,741 5,351 12.9 5.9 2 4 METLIFE 2 United States 2,527 3,575 41.5 4.0 4 5 BRASILPREV 3 Brazil 1,528 3,258 113.1 3.6 - 6 SANTANDER Spain 2,311 3,239 40.2 3.6 7 7 PORTO SEGURO Brazil 1,858 3,090 66.3 3.4 8 8 LIBERTY MUTUAL United States 2,317 2,351 1.4 2.6 6 9 CNP France 1,527 2,085 36.5 2.3 9 10 ALLIANZ -
2019 Insurance Fact Book
2019 Insurance Fact Book TO THE READER Imagine a world without insurance. Some might say, “So what?” or “Yes to that!” when reading the sentence above. And that’s understandable, given that often the best experience one can have with insurance is not to receive the benefits of the product at all, after a disaster or other loss. And others—who already have some understanding or even appreciation for insurance—might say it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. We are the financial first responders. But there is so much more. Insurance drives economic growth. It provides stability against risks. It encourages resilience. Recent disasters have demonstrated the vital role the industry plays in recovery—and that without insurance, the impact on individuals, businesses and communities can be devastating. As insurers, we know that even with all that we protect now, the coverage gap is still too big. We want to close that gap. That desire is reflected in changes to this year’s Insurance Information Institute (I.I.I.)Insurance Fact Book. We have added new information on coastal storm surge risk and hail as well as reinsurance and the growing problem of marijuana and impaired driving. We have updated the section on litigiousness to include tort costs and compensation by state, and assignment of benefits litigation, a growing problem in Florida. As always, the book provides valuable information on: • World and U.S. catastrophes • Property/casualty and life/health insurance results and investments • Personal expenditures on auto and homeowners insurance • Major types of insurance losses, including vehicle accidents, homeowners claims, crime and workplace accidents • State auto insurance laws The I.I.I. -
Ageas SA/NV 11 October 2019 Key Facts and Statistics - FYE 2018
FINANCIAL INSTITUTIONS ISSUER PROFILE Ageas SA/NV 11 October 2019 Key facts and statistics - FYE 2018 Company overview Headquartered in Brussels, Ageas SA/NV (Ageas) is the holding company of Ageas Group. TABLE OF CONTENTS Ageas offers life insurance and nonlife insurance products, including accident and health Company overview 1 insurance, car and motor insurance, fire insurance, and damage to property insurance. It also Financial highlights 2 offers reinsurance services through Intreas N.V. (Intreas) and real estate services through its Business description 2 Distribution channels 4 wholly owned subsidiary, AG Insurance. Ownership structure 4 Ageas has an active presence in Europe and Asia, and it was among the top 20 insurance Company management 5 companies in Europe with a market capitalisation of nearly €8.0 billion, as of 31 December Company history 5 2018. As of the same date, Ageas operated in 13 countries and served around 46.6 million Peer group 6 Related websites and information customers. sources 6 1 Moody’s related publications 6 In the financial year ended 31 December 2018, Ageas reported gross inflow of €10 billion, gross premium income of €8.9 billion and net income of €996.9 million. As of 31 December 2018, the company had total assets of €101.7 billion. Contacts Ageas was formed in November 1993 as Fortis Capital Holding and it changed its legal Christian Badorff +49.69.70730.961 VP-Senior Analyst name to Ageas SA/NV on 28 April 2010. Ageas' shares are listed on Euronext Brussels [email protected] (Ticker: AGEAS). As of 31 December 2018, its largest shareholder was Ping An Life Insurance Lila Sumino +33.1.5330.3359 Company, with a 5.17% stake of Ageas' outstanding shares. -
Acquisition of the Commerce Group Inc
Acquisition of The Commerce Group Inc. 31st October 2007 Nº 2007 - 34 Disclaimer This document is purely informative. Its content does not constitute, nor can it be interpreted as, an offer or an invitation to sell, exchange or buy, and it is not binding on the issuer in any way. The information about the plans of the Company, its evolution, its results and its dividends represents a simple forecast whose formulation does not represent a guarantee with respect to the future performance of the Company or the achievement of its targets or estimated results. The recipients of this information must be aware that the preparation of these forecasts is based on assumptions and estimates, which are subject to a high degree of uncertainty, and that, due to multiple factors, future results may differ materially from expected results. Among such factors, the following are worth highlighting: the evolution of the insurance market and of the economic environment in general in those countries where the Company operates; changes in the legal framework; changes in monetary policy; circumstances which may affect the competitiveness of insurance products and services; changes in the underlying tendencies on which the mortality and morbidity tables used in Life and Health insurance are based; frequency and severity of claims insured, with respect to reinsurance and general insurance, as well as to life insurance; variations in interest rates and exchange rates; risks associated with the use of derivative instruments; the impact of future acquisitions. MAPFRE S.A. does not undertake to update or revise periodically the content of this document.