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Appointments update in the financial and insurance industry #Belgium

Although the last months have been highly unusual for all industries, the finance and insurance business goes on. Let’s take stock of the changes that occurred during this period, shall we?

 

AXA Belgium

New CFO and new CRO

As from October 1st, Sabine Wuiame, currently CRO, will be appointed CFO, being member of the Management Committee and the Administrative Board of AXA Belgium. Sabine Wuiame joined AXA as CRO in 2016. She will replace Aimée Van Eersel, former CFO, who sadly passed away recently.

A new CRO has been appointed: Lucie Taleyson will start as from October 1st. Lucie Taleyson is currently Technical Director in Group Health insurance at AXA France and joined the AXA group in 2006. Both appointments are still waiting for the validation of the NBB.

 

AGEAS

Hans De Cuyper to succeed Bart De Smet as CEO of Ageas

Hans De Cuyper will succeed Bart De Smet as CEO of Ageas as from 22 October 2020. On the same date, Bart De Smet will become Chairman of the Board of Directors of the Group, replacing Jozef De Mey who recently announced his decision to leave his position.

Indeed, Jozef De Mey has decided to step down as Chairman of the Board of Directors of Ageas NV as of 22 October 2020, on the shareholders’ meeting. This early departure is a personal decision taken by the Chairman. His current term of office was scheduled to expire on May 19, 2021.

 

ING BELGIUM

CEO Erik Van den Eynden leaves ING Belgium

CEO Erik Van Den Eynden leaves ING Belgium after three years as CEO. CFO Hans De Munck becomes interim CEO until a replacement is appointed.

Erik Van Den Eynden, declares that it is a personal decision. He has been running the bank since March 2017, just after his predecessor Rik Vandenberghe announced a major restructuring. He started his career in 1990 at the then BBL.

 

MeDIRECT

Tim Rooney Becomes CEO of MeDirect

Philippe Delva, the current CEO of MeDirect, has been replaced in August by Tim Rooney who left his position as CEO at Nagelmackers Bank in February. Previously, Tim Rooney was CEO of Anbang Belgium, the Chinese company Anbang, which, in addition to Nagelmackers, also included the insurer Fidea.

 

ARAG

Diederik Moris joins ARAG Belgium as Chief Commercial Officer

Diederik Moris joined ARAG Belgium in May, the legal expenses insurer, as Chief Commercial Officer (CCO). As such, he is responsible for the Sales & Marketing Department.

 

MS AMLIN INSURANCE

Ludovic Sénécaut, new CEO of MS Amlin Insurance SE

On June 1st, Ludovic Sénécaut joined MS Amlin Insurance SE, a member of Assuralia, as CEO.

He took over from Rudy Benmeridja, who is taking over his position as Underwriting Director for the P&C (Property & Casualty) branch for Europe and will assume the general management for Belgium of MS Amlin SE.

 

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Troubled first semester for the insurance industry: Only three insurers have seen a raise in their revenues this year. Who are they?

Now that insurance groups have started to share their financial results for the first semester of 2020, the time has come to look back on this troubled first half of the year.

Due to the Covid-19 crisis and the lockdown, most companies have seen a down in their results compared to the same period last year. Out of all the groups that published their financial results, only three have seen a raise in their revenues.

OVERVIEW

Overall we can observe that the Non-Life premiums and operating results raised due to the drop in sinistrality during the lockdown, while the premiums written for Life insurance have dropped. The bank-insurers have also quite suffered on the bank activities, while the insurance activities did not suffer as much and compensated or alleviated the effects of the lockdown. The bank activities were impacted by several factors: the investments were impacted by the economic turmoil created by the uncertainty, and consequently there was a decrease of the investment and net fee commissions. Furthermore, between the tightening of conditions to access a mortgage credit and the covid19, which logically slowed down real estate purchases, incomes from financial transactions decreased for banks, while many of them allowed their clients to suspend or reduce monthly payments due to a partial or total loss of income, further aggravating the impact of the pandemic on their income.

THE UPS +

AGEAS GROUP

The international insurance group has communicated a raise in their net result: for the first half of 2020 they generated €791 million while for 2019 they reached €606 million. The Belgian group witnessed a down in the gross Life premiums written but it was compensated by the Non-Life thanks to the drop of sinistrality during the lockdown. The Belgian entity, AG Insurance has not yet published its half-year results, we have yet to see how impacted the leader of the insurance market in Belgium was.

BALOISE GROUP

The Swiss group has announced a raise on the EBIT of the Belgian branch of 46,6% (2020: CHF105,1 million; 2019: CHF71,7 million). The gross premiums written for Life are up by 12,4% and the Non-Life are up by 24,8%. The latest result is explained by 2 factors: the decrease of sinistrality during the lockdown, and the acquisition of Fidea and of the Non-Life portfolio of Athora Belgium.

ARGENTA

For this first semester of 2020, the bank-insurer has published a consolidated turnover of €94 million, versus €77 million for 2019. The net result is also going up compared to last year: €31 million for 2020 and €29 million for 2019. Their gross premium written for Life insurance rose by 22%, while for Non-Life, they rose by 5%.

THE DOWNS –

AXA GROUP

The French group has published its semester results and at the group level, with their turnover of €52 billion, they lost 2% on their turnover compared to the first half of last year. The impact on their net result is that it dropped by 60,8%, going from €2,3 billion to €1.4 billion. The AXA group has estimated that the Covid-19 crisis and lockdown has cost them around €1,5 billion, most of it due to events cancellations and business interruptions claims. Given that those are the results at the group level, and that AXA was involved in several lawsuits regarding the business interruption claims in France, the Belgian entity might not be as impacted as the group level shows.

KBC GROUP

The bank-insurer has seen a drop in its net results for the first semester compared to last year: €1175 million for 2019 to €205 million for 2020. However, when looking on details, we can see that the insurance activities of the KBC group are going up. Indeed, the Non-Life technical result raised by 27% while the Life technical result raised by 1%. As many bank-insurers, it is the bank results that suffered the most during this period.

BELFIUS GROUP

The bank-insurer Belfius has also been negatively impacted by the lockdown and the uncertainty on the financial markets due to the pandemic. The net result at the group level dropped from €414 million for the 1st semester of 2019 to €26 million for 2020. Meanwhile for the insurance activities specifically, the group has announced a net result of €89 million versus €126 million for the same period last year. When looking more in details we can see that the total amount of gross premiums written for Life insurance lowered by 33% while for the Non-Life the raised by 43%.

ALLIANZ BENELUX

The Benelux entity of the German group has seen a drop in their net result: from € 111,6 million to €97,7 million. Mainly due to the Luxemburgish portfolio, the gross premiums written in Life insurance are down by 27,6% while the Non-Life premium are up by 3,5%.

NN GROUP

For this first half of the year, the NN group has published a drop of 47,5% on their net result (2020: €587 million, 2019: €1118 million). However, the impact on their European insurance portfolio is lesser important, indeed, they witnessed a down of 5,1% of their results in insurance in Europe (2020: €133 million; 2019: €140 million).

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