Keeping up with the market – May 2021

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2020 FINANCIAL RESULTS

We continue to share with you some key figures recently published for 2020.

Fédérale Assurance

In 2020, Federale Assurance achieved a consolidated net result of € 84.2 million (IFRS figures). This result, despite the drop in premium income, is satisfactory given the current crisis context. The insurer’s solvency stands at 146% and exceeds the legal requirements. However, the NBB has explicitly asked the insurer, from a prudential point of view, to build up additional reserves to cope with the uncertainties linked to the pandemic and the low interest rates.

ACQUISITIONS

Integrale has found a buyer

Remember, since February, three provisional administrators appointed by the NBB have been steering the sale process of Integrale, the subsidiary of Nethys. In the meantime, Integrale has found a buyer: Monument Assurance Belgium (MAB), the Belgian subsidiary of Monument Re. The company has entered into an agreement to acquire the entire portfolio and all the staff of Intégrale. According to the press release, “the firm offer from MAB was considered by the provisional administrators appointed by the National Bank of Belgium as the one that best meets the interests of the policyholders and staff of Integrale.” The transaction remains subject to the final approval of the NBB.

The amount of the transaction between Monument Re and Integrale has not been communicated. But this transfer of portfolios (whose solvency ratio is not good) does not bring Integrale much profit. Monument Re takes over its insurance activities and its staff (with an 18-month employment guarantee and a three-month retention bonus to ensure continuity of services). Then the reinsurer will reinject into its own structure “a substantial capital complement” – several hundred million – to meet the solvency standards imposed by the regulator. This is not a “classic” sale of Integrale but a sale of the company’s assets (all insurance contracts and all the insurer’s financial and real estate investments). The rights of all insurance beneficiaries are therefore protected through the transaction.

Monument Assurance Belgium | Monument Re Group

 

Ageas completes acquisition of a 40% stake in AvivaSA

On 23rd of February 2021, Ageas announced an agreement with Aviva plc to acquire its 40% stake in the listed Turkish life and pensions company AvivaSA. Ageas confirms that all regulatory approvals have been obtained and that the transaction has now been completed!

Ageas is acquiring the 40% stake for a total cash consideration of €140 million. The impact on Group solvency is approximately 3 percentage points. Following the transaction, AvivaSA is owned 40% by Ageas and 40% by Sabanci Holding, with the remaining 20% freely traded. A rebranding of AvivaSA will be proposed at a general meeting of the company’s shareholders later in 2021.

 

DECAVI’S INSURANCE TROPHIES – 2021 RESULTS FOR NON-LIFE INSURANCE

The 17th edition of the DECAVI Non-Life Insurance Awards rewarded insurers for their insurance features or their innovation. The most awarded insurers are Ethias (6 awards), AG Insurance (4 awards) and AXA Belgium (3 awards).

 

Here’s a global overview of the winners and the awarded products by category:

MY MOBILITY

  • Car Insurance (RC and Omnium): AXA Belgium – Comfort Auto Insurance
  • Car legal protection: Arces /Groupe P&V – Legal Protection Auto Article 1
  • Motorbike Insurance: P&V Assurances – Motorcycle Insurance
  • Bicycle Insurance: Yuzzu – Bicycle Insurance

MY HOME

  • Fire insurance (multi-risk home – simple risks): AXA Belgium – Comfort Habitation Flex
  • Fire insurance (tenant): Ethias – Tenant Insurance
  • Fire insurance (co-owners): B.I.S. Insurance – COCOON of I.B.I.S.

MY LIABILITY

  • Private Life Insurance: Ethias – Ethias Family

MY RIGHTS

  • Tax legal protection insurance: AG – Providis Global Legal Protection

MY COMPANY

  • Industrial accident insurance: Ethias – Industrial Accident Insurance
  • SME Package: AG – Modulis Easy
  • MY HOLIDAY: Travel Insurance: AG – Top TravelStop (in collaboration with Touring)

MY HEALTH

  • Health Care Insurance: AG – AG Care Hospitalisation

INNOVATION

  • Ethias – Mobility & More

DIGITAL

  • Allianz Benelux – Accidents at work

PREVENTION

  • Ethias

PANDEMIC MEASURES

  • Ethias

SOCIETAL COMMITMENT

  • AXA Belgium (Doctors online and psychological assistance)

BEST ADVERTISING CAMPAIGN

  • P&V Insurance (“As long as you have plans, we will be there to ensure them. Let’s move forward”)

 

LEGAL

Datassur is becoming a cooperative company

Financial sector Archives - CRANIUMDatassur, an economic interest grouping that was set up some twenty years ago to manage common databases and the Bureau de coordination des expertises/Bureau voor de Coördinatie van Expertises (BCE), is becoming a cooperative company through the Datassur 2.0 strategic plan. The aim is to play an active role in sector innovation. The starting point for the current transformation, which has already begun, is compliant with the new company code and  GDPR. The chosen legal structure is the cooperative company, which implies an adaptation of the governance and above all of the numerous agreements in which Datassur is involved with the users of its many services.

 

 

 

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