EUROPE’S BIGGEST COMPANIES

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TOP 100 insurers Lack of economic momentum key challenge for SEE insurers By Georgi Georgiev The insurance companies operating in Southeast Europe (SEE) had to cope with a restrained economic momentum in the region in 2014 when the effects of the financial crisis continued to dampen the recovery of consumer spending and overall business activity. Natural disasters hit several key Balkan markets, but fallout for the insurance industry was limited due to the low insurance rate. Conditions in the SEE insurance sector did not improve last year – the combined gross written premiums (GWP) of the region’s top 100 insurers stayed nearly flat at around 6.4 billion euro in 2014 - with major players noting a certain slippage in the quality and rate of retail and corporate insurance coverage even in some of the region’s relatively welldeveloped markets. The outlook for the SEE insurance market in 2015 is cautiously optimistic with no longterm recessions expected in any markets. The industry still views SEE as a growth region with high potential, though increasingly competitive. On the backdrop of the structural problems still dogging most of the SEE economies and the different speeds of growth from country to country, the companies that made the cut for the TOP 100 Insurers ranking for 2014 posted a combined net profit of 163.3 million euro compared to a revised loss of 137.5 million euro booked collectively by the entrants in the 2013 rankings*. The total combined net profit of the region’s top five insurers dropped 26.6% to 31.8 million euro in 2014, mainly due to a widening of the loss booked by Croatia Osiguranje. The top honors again went to Ljubljanabased Zavarovalnica Triglav which remained the region’s biggest insurer in 2014, booking a total of 592.6 million euro GWP and keeping its nearest competitor, up-and-comer Adriatic Slovenica, at a reasonable distance. Zavarovalnica Triglav has enjoyed an uninterrupted run at the top ever since the inaugural edition of the ranking of the 100 biggest SEE insurers in 2010. The runner-up in the 2014 edition of the rankings, Croatia Osiguranje, was pushed down to the third position by Slovenia's Adriatic Slovenica which recorded GWP of 297.9 million euro versus 291 million euro for its Zagreb-based peer. Zavarovalnica Triglav was also ahead of the pack in terms of net profit earned in 2014 with 45.6 million euro. The top three in terms of this performance indicator was an all- Slovenian affair with Adriatic Slovenica ranking second and Modra Zavarovalnica placing third, earning a net profit of 18.8 million euro and 17.4 million euro, respectively. The only change in the top five spots in the 2015 edition of the TOP 100 insurers ranking was the switch-up between Adriatic Slovenica and Croatia Osiguranje. By clinging on to a position among the region's big five, the Croatian insurer once again prevented a Slovenian sweep at the top. Romania's Pool-ul de Asigurare Impotriva Dezastrelor Naturale SA recorded the highest GWP growth rate in 2014, of just over 110% to 28.3 million euro. Croatia's Basler Osiguranje Zagreb d.d. paced the decliners with a GWP drop of 37.7% to 32.4 million euro. The company slumped by 17 places on the TOP 100 insurers ranking to the 50 position compared to its showing in the 2013 edition. Five of the eight newcomers in the ranking’s Methodology SEE TOP 100 insurers is a ranking of the largest insurers (excluding re-insurers) in Southeast Europe in terms of gross written premium from non-consolidated income statements for 2014. To allow comparison, all local currencies have been converted into euro, using the central banks’ official exchange rates on the last working day of 2014 and 2013, respectively. Local currency figures have been used when calculating year-on-year changes. All data is sourced from central banks, national commercial registers, financial supervision commissions, insurance associations, government and corporate websites, and companies themselves. The initial pool of companies exceeds 760 insurers. 2014 edition hail from Slovenia with Bulgaria, Romania and Serbia accounting for one new entry each. Romania and Bulgaria were the markets with the biggest presence in the 2015 edition of the TOP 100 insurers ranking, notching up 20 entrants each. The Romanian count is down by one from the last edition of the rankings while that for Bulgaria is flat. The number of Croatian companies featured in the 2015 ranking fell by one from the previous year to 15, ensuring the no.2 ranking for that market. *full data was not available by publication time for four companies for 2014 and for one for 2013 32
TOP 100 insurers + 50 25 = 1 190 years as an insurer. 25 years success in CEE. VIG is comprised of around 50 insurers with rich heritage, strong brands and high levels of customer service in 25 countries. What unites them is a commitment to sustainability, innovative products and the best service. Thus diversity and unity create the stability of VIG, the number 1 in its CEE core markets. To find out more about VIG, visit www.vig.com 33
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Page 5 and 6: contents 6 20 30 38 TOP 100 compani
Page 8 and 9: TOP 100 companies in millions of eu
Page 10 and 11: TOP 100 companies 2014: Tepid recov
Page 12 and 13: TOP 100 companies million euro 425
Page 14 and 15: TOP 100 companies Romanian car make
Page 16 and 17: TOP 100 companies Romania’s Romga
Page 18 and 19: TOP 100 companies IFC: SEE governme
Page 20 and 21: TOP 100 companies SEE banks showing
Page 22 and 23: TOP 100 banks in millions of euro 2
Page 24 and 25: TOP 100 banks million euro 175 125
Page 26 and 27: TOP 100 banks Corpbank blip aside,
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Page 30 and 31: TOP 100 banks Transfer pricing cons
Page 32 and 33: TOP 100 insurers in millions of eur
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Page 38 and 39: TOP 100 insurers Slovenia’s Trigl
Page 40 and 41: SEE most dynamic Wholesalers, retai
Page 42 and 43: TOP 100 per capita Slovenia still r
Page 44 and 45: TOP 100 listed companies in million
Page 46 and 47: TOP 100 listed companies Romania’
Page 48 and 49: TOP 100 listed companies The exampl
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Page 52 and 53: SEE TOP industries SEE - Europe’s
Page 54: SEE TOP industries Romania A strong
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Page 63 and 64: SEE TOP industries SEE continues to
Page 65 and 66: SEE TOP industries Outputs of EU Co
Page 67 and 68: SEE TOP industries Bayerische Lande
Page 69 and 70: SEE TOP industries Croatia 25 20 15
Page 71 and 72: SEE TOP industries Serbia 20 18 16
Page 73 and 74: SEE innovations Walltopia: We see b
Page 75 and 76: What does this mean for organisatio
Page 77 and 78: SEE innovations The Amberg factory
Page 79 and 80: SEE innovations all levels. In term
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83 SEE innovations
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SEE colours Albania TOP 10 No SEE T
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Bosnia and Herzegovina TOP 10 No SE
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Bulgaria TOP 10 No SEE TOP 100 No C
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Croatia TOP 10 No SEE TOP 100 No Co
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Macedonia TOP 10 No SEE TOP 100 No
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Moldova TOP 10 No SEE TOP 100 No Co
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Montenegro TOP 10 No SEE TOP 100 No
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Romania TOP 10 Current account bala
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Serbia TOP 10 No SEE TOP 100 No Com
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Slovenia TOP 10 Current account bal
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EXPECT MORE SUN, RAIN AND WINDS TOM
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EUROPE’S BIGGEST COMPANIES

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