Vladimír Urbánek (Kurzy.cz)
Czech markets  |  November 12, 2012 12:09:19

Czech insurance company 9M12 net profit of 2.8 billion, market share grows


Czech insurance company financial results for the first three quarters of this year confirmed
its position as the strongest insurance companies in the Czech insurance market. Equity CP at 30 9th 2012 amounted to 19.7 billion crowns and total assets amounted to 119 billion crowns. Total premiums written exceeded 24 billion crowns, mom, and shows a positive trend. Profit after tax amounted to 2.8 billion crowns. This follows from the results of unconsolidated prepared according to International Financial Reporting Standards (IFRS).

Capital strength and stable profitability

Total assets of CP for the first three quarters of 2012 reached a value under IFRS 119 billion crowns
which, compared represents more than 2% increase.
"We are the most capitalized domestic insurance market. Our shareholders' equity at the end of September 2012 stood at 19.7 billion crowns
a year rose by more than 12%, "says
CEO CP Paul Rehak and added:
"Despite the current challenging economic environment, we are constantly raising capital strength, effectively manage costs while significantly invest in the future."

From one billion, which, as Czech insurance company in October last year announced plans in
three years to invest in its growth acceleration has been already invested more than 300 million. While the most costly investments in new benefits for customers, the reorganization of business network and the implementation of new processes to protect the tribe.
Resources for these major investments are obtained from internal savings, and thus CP remains stable and profitable company for the first three quarters of 2012 showed a profit after tax of EUR 2.8 billion (compared to 3 billion crowns
in the comparable period of 2011).

 

CP market share grows

Czech insurance market share according to the methodology of the Czech Insurance Association during the year grows. Compared to the first quarter (25.2%) increased by 1.3 percentage points to 26.5% at the end of September 2012. "Positive development of our market share is due to a combination of seasonal products and improving the performance of most of our distribution channels," explains Pavel Rehak .

 

Record interest in pension Pension Fund strengthens CP

Czech insurance company further strengthens its position in the most important market segments, ie in motor vehicles and regular life insurance. Tribe motor (in number of contracts), despite the unfavorable market stabilized year - in the area of civil car insurance even compared to the end of 2011, CP recorded in 2012 by nearly half of 15,000 retail insurance contracts more. Extraordinary interest of clients pension then scored Pension Fund of the Czech insurance company.

"In the first three quarters of this year, clients with our pension fund arranged one 51,000 contracts, which is more than 30% annual growth and demand for savings in these weeks is growing.
In October compared to the same month last year agreed two more contracts
and significant increases in the interest of clients is expected in November,
"says Pavel Rehak.

 

Premiums written stabilizes

Total premiums CP reached in the first three quarters of 2012 of 24.2 billion crowns
IFRS. In non-life insurance premiums amounted to 15.2
billion in life insurance then 9 billion.

"With the changes that we implement in the Czech insurance company for more than two years, we have managed to improve the trend in premiums written. This is seen most strikingly in the case of non-life insurance, where premiums while three quarters declined year on year, but only
by 2.7%, while a year ago it was about 6%, and two years ago by nearly 8%, "says
Pavel Rehak and added:
"Barring any significant changes in the market, we are ready for next year
in key areas begin to grow again. "

 

Annex below: Table earnings CP at 30 September 2012

 

65pt; BORDER-TOP: # 000000; BORDER-RIGHT: # 000000; padding-top: 0cm; mso-border-bottom-alt: solid windowtext .5 pt "vAlign = top width = 255>

in thousands. CZK, unconsolidated

05pt; mso-element-wrap: around; mso-element-anchor-vertical: paragraph; mso-element-anchor-horizontal: margin; mso-element-top: .5 pt; mso-height-rule: exactly; mso-hyphenate : none "class = Paragrafobase align = left> according to international accounting standards

65pt; BORDER-TOP: # 000000; BORDER-RIGHT: # 000000; padding-top: 0cm; mso-border-bottom-alt: solid windowtext .5 pt; mso-border-top-alt: solid windowtext .5 pt "vAlign = bottom width = 129>

9847924

5pt; mso-border-top-alt: solid windowtext .5 pt "vAlign = top width = 255>

     - Of which normally paid environment

5pt; mso-border-top-alt: solid windowtext .5 pt "vAlign = bottom width = 142>

8071365

The economic results of the Czech insurance at 30 9th 2,012
5pt; mso-height-rule: exactly; mso-hyphenate: none "class = Paragrafobase align = right> Rated
period

Comparable
period 1.2)

Premiums written

24228336

25445136

- Of which life insurance

9050746

8209337

5pt; mso-height-rule: exactly; mso-hyphenate: none "class = Paragrafobase> - of which non-life insurance

15177590

15597212

5pt; mso-height-rule: exactly; mso-hyphenate: none "class = Paragrafobase> Total assets

119090143

116514457

5pt; mso-height-rule: exactly; mso-hyphenate: none "class = Paragrafobase> Equity

19699351

17455551

5pt; mso-height-rule: exactly; mso-hyphenate: none "class = Paragrafobase> Net Profit

2803511

2990476

5pt; mso-height-rule: exactly "class = MsoFooter> 1) Comparable values ??for the costs, revenues and profit is the prior-year period ending on the same day as the period rated.

2) Comparative period for assets, liabilities, equity is a period at the end of the previous year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Czech insurance company is part of Generali PPF Holding BV, which operates in 14 countries in Central
and Eastern Europe. Generali PPF Holding manages through its subsidiaries assets of € 15 billion in the region and provides services to more than 13 million clients. Generali PPF Holding is based in the Netherlands and its main organizational branch located in the Czech Republic in Prague. Generali PPF Holding BV is a joint venture of Assicurazioni Generali (51% share) and PPF Group (49%).

 

 

 

 

Source: TZ CP

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