28 семтември семинарска

- ,

. 27.09.2010

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o ->

: 01.11.2009

:,

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, ,

13 (11 ; 2 )12 5 115 1787

61,66 (53,9 ; 7,76 ) : 1.283

:> 2009: 101,06 (96,15 ; 4,92 )> 2008: 105,02 (100,67 ; 4,34 ) 09/08: (- 3,38%) 09/08: (- 4,09%); 09/08: (13,18%) > 2009: 1.018.722; 2008: 943 225: 09/08: (8,00%) % - 1,53% 7,07% 278,28% 2,79% ( ) 49,44 / 442,11 272135,09 208,67

Chart1

00.6640.13030.12110.0846

0.00333130920.74796745880.11381703850.07544885320.0594353402

0.00236592880.82715544630.07660734650.05264035690.0412309215

0.0020.8060.0899684670.0670.035

: 1, 3, 4, 5, 6, 7,9,10,117 , Worksheet Capital14

1 8 415

3 9 16 Investments

3 110 ,Technical Reserves

4 11 ,Capital Technical Reserves

5 4Q 1 12 5

6 13 1 10

!!!!

:

20091

2

20093

20093

20094

20095

20096

20097

20098

20099

200910 ( )

200911

200912

200913 ,

200914

200915

200916

( )

,

1

200520062007200820092010201120122013

GDP354,322,000398,640,000396,496,000

Total premiums '000 ( )5,105,0005,445,0006,109,0006,421,4356,182,401

Total premiums nonlife 6,154,8195,881,584

Total premiums life 266,670300,817

Total Number of Contracts 000943,2251,018,748

Number of contracts nonlife 923,810996,028

Number of contracts life 19,41522,720

Citiziens2,038,8552,040,2282,044,3082,048,3972,052,494

(, )5,1055,4456,1096,4216,182

(, )4,9965,3295,9386,1555,882

(, )109116171267301

Premiums per capita (left scale) / ( )2,5042,6692,9883,1353,012

Premiums pre capita nonlife 2,866

Premiums per capita life 147

Gross premiums in GDP (right scale) / ( )1.75%1.75%1.72%1.61%1.56%

Gross premiums nonlife in GDP 1.5%

Gross premiums life in GDP 0.1%

Annual growth rate of gross premiums (right scale) ( )6.7%6.7%12.2%5.1%-3.7%

1

&A

Page &P

/ ( )

/ ( )

(, )

2

: %

2008201020112012

TotalLife assuranceNon-life insuranceTotalLife assuranceNon-life insuranceTotalLife assuranceNon-life insuranceTotalLife assuranceNon-life insurance

USA8.70%4.10%4.60%

Canada7.00%3.20%3.80%

EU6.00%3.48%2.52%

Serbia1.80%0.20%1.60%

Croatia3.20%0.80%2.40%

Slovenia5.40%1.70%3.70%

Bulgaria2.80%0.40%2.40%

Romania1.80%0.40%1.40%

Macedonia1.64%0.07%1.57%

2008

&A

Page &P

Premiums per capita (left scale)

Gross premiums in GDP (right scale)

Annual growth rate of gross premiums (right scale)

&C&"Times New Roman,Regular"&12&A

&C&"Times New Roman,Regular"&12Page &P

2

3

Relative Difference 09-08 3QRelative Difference 09-08

2008 3Q2009 3Q20082009

09-08 3Q 09-08

2008 3Q2009 3Q20082009

Number of contract 334,537359,6057.49%452,228477,9025.68%

Gross written premium ()243,851210,370-14%316,932281,000-11%

31693282813003

Total

Life assurance

Non-life insurance

3

2008

2009

09-08

3.169.328.000

2.813.003.000

3

2008

2009

Relative Difference 09-08

3 169 328 000.

2 813 003 000

4

Relative Difference 09-08Relative Difference 09-08

200820092010

* 1000 09-08 10-09

200820092010

nonlifeNumber of contract 923,810996,0287.82%0-100.00%

Gross written premium ()615,482588,158-4.4%0-100%

lifeNumber of contract 19,41522,72017.02%0-100.00%

Gross written premium ()26,66730,08212.8%0-100%

totalNumber of contract 943,2251,018,7488.01%0-100.00%


4

()

2008

2009

09-08

6 154 820 000.

266 670 000

5 882 086 000

300 817 000

5

2008

2009


6 154 820 000.

266 670 000

5 882 086 000

300 817000

6

Absolute Difference 09-08 1QRelative Difference 09-08 1QAbsolute Difference 09-08 2QRelative Difference 09-08 2QAbsolute Difference 09-08 3QRelative Difference 09-08 3QAbsolute Difference 09-08Relative Difference 09-08Absolute Difference 10-09 1QRelative Difference 10-09 1QAbsolute Difference 10-09 2QRelative Difference 10-09 2QAbsolute Difference 10-09 3QRelative Difference 10-09 3QAbsolute Difference 10-09Relative Difference 10-09 3Q

2008 1Q2009 1Q2008 2Q2009 2Q2007 3Q2008 3Q2009 3Q200820092010 1Q2010 2Q2010 3Q2010

A 09-08 1Q 09-08 1QA 09-08 2Q 09-08 2QA 09-08 3Q 09-08 3QA 09-08 09-08A 10-09 1Q 10-09 1QA 10-09 2Q 10-09 2QA 10-09 3Q 10-09 3QA 10-09 10-09

2008 1Q2009 1Q2008 2Q2009 2Q2007 3Q2008 3Q2009 3Q200820092010 1Q2010 2Q2010 3Q2010

Property insurance15215863.95%506531255%1007737726-11-1%12071189-18-1%-158-100%-531-100%-726-100%-1189-100%

Motor-vehicle insurance (casco) -1781971910.67%393416236%468616608-8-1%830809-21-3%-197-100%-416-100%-608-100%-809-100%

Accident insurance144158149.72%2963323612%382413451389%552577255%-158-100%-332-100%-451-100%-577-100%

Third-party liabilty insuranceA.O.627574-53-8.45%15821327-255-16%220524392104-335-14%31692813-356-11%-574-100%-1327-100%-2104-100%-2813-100%

Insurance of travel 2534936.00%56772138%811001121212%151144-7-5%-34-100%-77-100%-112-100%-144-100%

Other non-life insurance 8763-24-27.59%1181331513%1251711952414%24634910342%0-63-100%0-133-100%0-195-100%0-349-100%

Life assurance5055510.00%941717782%1251762042816%2673013413%-55-100%-171-100%-204-100%-301-100%

Total12631239-24-1.90%30452987-58-2%439346524400-252-5%64226182-240-4%-1239-100%-2987-100%-4400-100%-6182-100%

6

2008 1Q

2009 1Q

09-08 1Q

7

2008 2Q

2009 2Q

09-08 2Q

8

2008 3Q

2009 3Q

09-08 3Q

9

2008 1Q

2009 1Q

Relative Difference 09-08 1Q

in million denars

10

2008 2Q

2009 2Q


in million denars

11

2008 3Q

2009 3Q


in million denars

12

2008

2009

09-08

13

2008

2009


in million denars

14

in million denars 200520062Q 20073Q 200720072Q 20083Q 200820082Q 20093Q 200920091Q 20102Q 20103Q 20102010

Total Premiums 5,1055,4452,6924,3946,1093,0454,6526,4212,9884,3996,1820

340664353258312-57-253-239-2,988-4,399-6,1820

6.7%12.2%13.1%5.9%5.1%-1.9%-5.4%-3.7%-100.0%-100.0%-100.0%0.0%

Premiums - nonlife insurance 4,9965,3302,5964,2695,9382,9274,48161552,8554,2045,8820

334608331212217-72-277-273-2,855-4,204-5,8820

6.7%11.4%12.8%5.0%3.7%-2.5%-6.2%-4.4%-100.0%-100.0%-100.0%0.0%

97.86%97.89%97.20%95.86%95.13%0.00%0.00%

Premiums - life assurance 109116961251711181712671331953010

755224696152434-133-195-3010

6.4%47.4%22.9%36.8%56.1%12.7%14.0%12.7%-100.0%-100.0%-100.0%0.0%

2.14%2.13%2.80%4.16%4.87%0.00%0.00%

200506-0507-06 2Q07-06 3Q07-0608-07 2Q08-07 3Q08-0709-08 2Q09-08 3Q09-0810-09 1Q10-09 2Q10-09 3Q10-09

Total (left scale) ( )340664353258312-57-253-239-2,988-4,399-6,1820

Non-life insurance (left scale) ( )334608331212217-72-277-273-2,855-4,204-5,8820

Life assurance (left scale) ( )755224696152434-133-195-3010

Total (right scale) ( )6.7%12.2%13.1%5.9%5.1%-1.9%-5.4%-3.7%-100.0%-100.0%-100.0%0.0%

Non-life insurance (right scale) ( )6.7%11.4%12.8%5.0%3.7%-2.5%-6.2%-4.4%-100.0%-100.0%-100.0%0.0%

Life assurance (left scale) ( )6.4%47.4%22.9%36.8%56.1%12.7%14.0%12.7%-100.0%-100.0%-100.0%0.0%

14

353331220.13112927190.12750385210.2291666667

-57-7215-0.0187192118-0.02459856510.1271186441

Total (left scale)

Non-life insurance (left scale)

Life assurance (left scale)

Total (right scale)

Non-life insurance (right scale)


in million denars

5,1%

3,7%

56,1%

15

258212460.05871643150.0496603420.368

-253-27724-0.0543852107-0.06181655880.1403508772

Total (left scale)



Total (right scale)



in million denars

5,1%

3,7%

56,1%

16

Total (left scale)



Total (right scale)



in million denars

06-05

06-05

06-05

0

0

0

07-06

07-06

07-06

08-07

08-07

08-07

09-08

09-08

09-08

340

334

7

0.0666013712

0.0668534828

0.0642201835

664

608

55

0.1219467401

0.1140712946

0.474137931

312

217

96

0.0510721886

0.036544291

0.5614035088

-238.599

-273.416

33.817

-0.0371591652

-0.0444217709

0.1266554307

( )

( )

( )

( )

( )

( )

5,1%

3,7%

56,1%

Sheet1

000

( )

( )

( )

( )

( )

( )

( )

( )

( )

( )

( )

( )

5,1%

3,7%

56,1%

participationparticipationparticipationparticipationparticipationparticipationparticipation

20072007200820082009200920102010201120112012201220132013

QBE1,30721.4%1,36821.3%91114.7%0.0%0.0%0.0%0.0%

Vardar1,55525.5%1,18618.5%1,31621.3%0.0%0.0%0.0%0.0%

Sava Tabak 87714.3%1,00415.6%1,02316.5%0.0%0.0%0.0%0.0%

Euroins2754.5%2724.2%4156.7%0.0%0.0%0.0%0.0%

Winer3255.3%3325.2%3054.9%0.0%0.0%0.0%0.0%

Eurolink5268.6%6069.4%6139.9%0.0%0.0%0.0%0.0%

Insig1983.2%5759.0%1712.8%0.0%0.0%0.0%0.0%

Uniqa2854.7%1903.0%3605.8%0.0%0.0%0.0%0.0%

Os.Policy. 5689.3%3675.7%5078.2%0.0%0.0%0.0%0.0%

Albsig761.2%1432.2%2494.0%0.0%0.0%0.0%0.0%

Croatia non-life -340.5%

Croatia life490.8%2874.5%1131.8%0.0%0.0%0.0%0.0%

Grawe691.1%911.4%1652.7%0.0%0.0%0.0%0.0%

6,1096,4216,1820000

2007

2008

2009

participation

participation

participation

Shareholders2006200720082009201020112012

Foreign shareholders 66.4%75.1%83.0%80.8%0.0%0.0%0.0%

Foreign legal entites 66.4%74.8%82.7%80.6%

Natural persons-nonresidents 0.0%0.3%0.2%0.2%

Doestic shareholders 25.1%18.9%12.9%15.7%0.0%0.0%0.0%

Domestic legal entities 12.1%7.5%5.3%6.7%

Natural persons - residents 13.0%11.4%7.7%9.0%

State8.5%5.9%4.1%3.5%

TOTAL100.0%100.0%100.0%100.0%0.0%0.0%0.0%

Natural persons-nonresidents

Foreign legal entites

Natural persons - residents

Domestic legal entities

State

2009

in million denars

Class2006200720072Q 20082Q 20083Q20083Q2008200820082Q 20092Q 20093Q20093Q2009200920091Q 20101Q 20102Q 20102Q 20103Q 20103Q 201020103Q 2010

Property insurance 13491,30421.35%50616.62%73716.62%120718.8%53117.77%72616.50%118919.2%00.0%00.0%00.00%00.00%

Motor-vehicle insurance (casco) -60369511.37%39312.91%61612.91%83012.9%41613.94%60813.82%80913.1%00.00%00.00%00.00%00.00%

Accident insurance5045488.98%2969.72%4139.72%5528.6%33211.12%45110.25%5779.3%00.00%00.00%00.00%00.00%

Motor-vehicle responsibility 25843,08650.52%1,58251.95%2,43951.95%316949.3%1,32745.41%2,10447.82%281345.5%00.00%00.00%00.00%00.00%

Insurance of travel 110981.61%561.85%1001.85%1512.4%772.59%1122.55%1442.3%00.00%00.00%00.00%00.00%

Other non-life insurance - 2063.38%943.09%1763.09%2674.2%1714.72%2044.64%3495.6%00.00%00.00%00.00%00.00%

Life assurance 1161712.80%1183.86%1713.86%2463.8%1334.45%1954.43%3014.9%00.00%00.00%00.00%00.00%

TOTAL6,1093,0454,65264222,9874,40061820000

2009

2009

2007

2007

21,3%

11,4%

9,0%

50,5%

1,6%

2,8%

3,4%

2008

2008

18,8%

12,9%

8,6%

49,4%

2,4%

4,2%

3,8%

2Q 2008

2Q 2008

2Q 2009

2Q 2009

3Q2008

3Q 2008

3Q2009

3Q 2009

2007

2007

21,3%

11,4%

9,0%

50,5%

1,6%

2,8%

3,4%

2008

2008

18,8%

12,9%

8,6%

49,4%

2,4%

4,2%

3,8%

2Q 2008

2Q 2008

2Q 2009

2Q 2009

3Q2008

3Q 2008

3Q2009

3Q 2009

2008

2008

2009

2009

2008

2008

2009

2009

ASSETS200520062007200820092010201120122013

Non-material and material investments 8.9%8.8%11.5%11.9%10.9%

Investments in connected entities and other financial entities 9.7%11.1%17.5%18.3%24.1%

Receivables based on insurance activities 28.9%26.2%34.9%33.5%30.7%

Other receivables 12.1%12.9%22.9%22.2%23.1%

Cash and securities 8.0%6.4%6.2%11.2%8.3%

Other assets 32.4%34.5%7.0%2.8%3.0%

Total Assets 12,202,707,583

LIABILITIES200520062007200820092010201120122013

Capital and provisions 18.5%18.4%30.3%35.7%35.1%

Technical provisions 30.9%29.7%41.7%41.5%41.7%

Other liabilities 50.5%52.0%28.0%22.8%23.2%

Total Liabilities 12,202,707,602

Assets structureLiabilities structureLiabilities structure

11,5%

11,9%

17,5%

18,3%

34,9%

33,5%

22,9%

22,2%

6,2%

11,2%

7,0%

2,8%

Capital and provisions

Technical provisions

Other liabilities



Other liabilities

Non-material and material investments

Investments in connected entities and other financial entities

Receivables based on insurance activities

Other receivables

Cash and securities

Other assets

11,5%

11,9%

17,5%

18,3%

34,9%

33,5%

22,9%

22,2%

6,2%

11,2%

7,0%

2,8%

Assets Covering Technical Provision . . .

non-life insirance 2005200620072007200820082008200920092009201020102009

current accounts and deposits in banks 41.6%45.2%1,69572.9%1,81444.1%37.6%2,15763.1%43.8%0.0%0.0%

securities issued by the state 22.1%43.3%1757.5%57413.9%11.9%54816.0%11.1%0.0%0.0%

shares18.7%9.4%45419.5%3378.2%7.0%2878.4%5.8%0.0%0.0%

units of investment funds in RM operating in compliance of the Investment Funds Law 10.0%0.0%80.2%0.2%0.0%

receivables owed by policyholders 1,13027.5%23.4%0.0%0.0%0.0%

other receivables 1313.2%2.7%712.1%1.4%0.0%

loans17.5%2.1%0.0%0.0%0.0%20.1%0.0%0.0%0.0%

securities issued by foreign entities 0.0%00.0%300.7%0.6%00.0%0.0%0.0%0.0%

real estate (not used for the insurance operations) ( )992.4%2.1%3359.8%6.8%0.0%

participations in affiliated entities 00.0%0.0%100.3%0.2%0.0%

TOTAL2,3244,11685.41%3,41869.33%00.00%

Technical Provisions - nonlife

Unearned premium 2,18351.9%2,49151.7%2,40648.8%0.0%

Bonuses and rebates 811.9%501.0%240.5%0.0%

Claims provisions 1,94146.1%2,27547.2%2,49850.7%0.0%

Other technical provisions 20.0%30.1%20.0%0.0%

Total:4,2074,8194,930000

life assurance 200520062007200720082008200820092009200820102010

current accounts and deposits in banks 100%89.30%321,23791.9%298,18264.2%73.7%262,36851.0%54.9%0.0%

securities issued by the state 10.70%25,5757.3%114,53224.7%28.3%242,82047.2%50.8%0.0%

shares2,7780.8%1,3880.3%0.3%00.0%0.0%0.0%

corporate bonds 1,8600.4%0.5%1,8820.4%0.4%0.0%

real estate38,9878.4%9.6%00.0%0.0%

receivables from policyholders 9,6362.1%2.4%7,3451.4%1.5%

TOTAL349,590464,585514,415107.55%0

Technical Provisions - life

Unearned premium 37,34866,00878,58816%0%

Bonuses and rebates 0000%0%

Claims provisions 6123,7549,4522%0%

Mathematical reserve 320,371335,099390,28482%0%

Other technical provisions - life 0000%0%

Total - math.provision-. 37,96069,76288,040

Total:358,331404,861478,3240

Assets covering the technical provisions (in million denars) ( .)2005200620072008 08/07% 08/072009 09/08% 09/082010 10/09% 10/09

Non-life insurance 2,3242,75843418.7%-2,758-100.0%00.0%

Life assurance 3504166618.9%-416-100.0%00.0%

TOTAL131516282,6743,17450018.7%0-3,174-100.0%000.0%

2009 non-life

current accounts and deposits in banks

securities issued by the state

shares

units of investment funds in RM operating in compliance of the Investment Funds Law

receivables owed by policyholders

other receivables

loans

securities issued by foreign entities

real estate (not used for the insurance operations)

participations in affiliated entities

Unearned premium

Bonuses and rebates

Claims provisions

72,9%

65,8%

19,5%

12,2%

1,1%

72,9%

65,8%

19,5%

12,2%

1,1%

91,9%

71,7%

7,3%

27,5%

0,8%

0,3%

() ()

( )

72,9%

65,8%

19,5%

12,2%

1,1%

91,9%

71,7%

7,3%

27,5%

0,8%

0,3%

2009

( )

72,9%

65,8%

19,5%

12,2%

1,1%

3 400 000 000

4 851 000 000

Total 3 400 000 000

Total 4 851 000 000

2009

72,9%

65,8%

514 415 000

478 324 000

Total 514 415 000

Total 478 324 000



shares


loans

72,9%

65,8%

19,5%

12,2%

1,1%



shares

corporate bonds

91,9%

71,7%

7,3%

27,5%

0,8%

0,3%



shares



other receivables

loans




72,9%

65,8%

19,5%

12,2%

1,1%



shares

corporate bonds

real estate

receivables from policyholders

91,9%

71,7%

7,3%

27,5%

0,8%

0,3%

2009 life



corporate bonds


Mathematical reserve

Unearned premium

Claims provisions

72,9%

65,8%

&A

Page &P

in thousand denars

in million denars

2008

2009



Other technical provisions - life

378834%

2.56%

20062007200820092010

Capital and reserves 2,6852,6623,6783,772

Solvency margin 8719671,041998

Capital and reserves/solvency margin / / 3.12.83.53.80.0

Profit272227198

20062007200820092010

Capital and reserves 2,6853,3584,256

Solvency margin 871967997

Capital and reserves/solvency margin / / 3.13.54.30.0

Profit272227198

2007

/

20052006200720082009

Gross Writen Premiums00000

Structure of premiums

Non-life0.00%0.00%0.00%0.00%0.00%

Life0.00%0.00%0.00%0.00%0.00%

Capital and reserves

Solvency margin

Capital and reserves/solvency margin

in million denars

Non-lifeLife

(in million denars)200720082009200720082009

Total Assets2,3244,1163,418350465514

Total Technical Provisions4,2074,8194,930358405478

Mathematical Provisions320335390

Assets Covering Technical Provisions\GDP0.66%1.03%0.86%0.10%0.12%0.13%

Technical provisions\GDP1.19%1.21%1.24%0.10%0.10%0.12%

Mathematical Provisions\GDP0.09%0.00%0.10%

20062007200820092010

ROA nonlifeROA 2.06%2.13%1.96%-1.69%

ROE nonlifeROE / 9.50%7.10%5.72%-5.00%

ROA lifeROA -1.89%0.81%-2.04%1.85%

ROE lifeROE -8.23%2.22%-3.87%3.78%

ROAROA 1.86%2.05%1.66%-1.40%

ROEROE8.58%6.77%4.65%-3.99%

ROA

ROE

Investments of Technical Provisionsnon-life

2007200820092010 1Q2010 2Q2010 3Q2010

Bank accounts and deposits 1,617,5191,809,7992,157,430

Securities isuued by the state 197,626570,361548,857

Shares462,654337,094287,701

Corporate bond 30,38449,165

Investment funds 1,4008,202

National bureau 68,054107,287

Real estate

Loans

Other59,29555,9719,441

life

2007200820092010 1Q2010 2Q2010 3Q2010

Bank accounts and deposits 39,980295,368262,027


Shares2,1481,3880

Corporate bond 1,882

Investment funds

National bureau

Real estate

Loans

Other

Investments of Capital

2007200820092010 1Q2010 2Q2010 3Q2010

Bank accounts and deposits 911,4391,090,8771,431,101


Shares10,38210,3825,076

Corporate bond

Investment funds 12,03020,92226,777

National bureau

Real estate314,474713,690603,073

Loans185,573163,80878,337

Other3,708

2007200820092010 1Q2010 2Q2010 3Q2010


Securities isuued by the state 134,811118,176

Shares

Corporate bond

Investment funds

National bureau

Real estate46,31138,986

Loans9,6357,345

Other

Investments

2007200820092010 1Q2010 2Q2010 3Q2010



Shares473,036347,476292,777




Real estate314,474713,690603,073

Loans185,573163,80878,337

Other59,29555,97113,149

2007200820092010 1Q2010 2Q2010 3Q2010



Shares2,1481,3880


Investment funds 000

National bureau 000


Loans09,6357,345

Other000

2007200820092010 1Q2010 2Q2010 3Q2010


Securities isuued by the state 250,455973,0041,161,268

Shares475,184348,864292,777




Real estate360,785752,676603,073

Loans185,573173,44385,682

Other59,29555,97113,149

-

-

-

-

-

-

Thousand denars

Bank accounts and deposits

Securities isuued by the state

Shares

Corporate bond

Investment funds

National bureau

Real estate

Loans

Other

Thousand denars



Shares

Corporate bond

Investment funds

National bureau

Other

Thousand denars



Shares

Corporate bond

Thousand denars



Shares

Investment funds

Real estate

Loans

Other

Thousand denars



Real estate

Loans

Thousand denars



Shares

Corporate bond

Real estate

Loans

Thousand denars



Shares

Corporate bond

Investment funds

National bureau

Real estate

Loans

Other

2006200720082009

311,710,863310,660,678275,818,962-100,848,992

-94,104,97077,634,59812,803,100-356,425,070

- 405,815,833233,026,080263,015,862255,576,078

94,104,970-255,576,078

Investment Technical Provisions (nonlife)

Investment Technical Provisions (life)

Investment Capital (life)

Investment Capital (nonlife)

Investment (nonlife)

Investment (life)

Investment

311710863-9410497040581583394104970

31066067877634598233026080

27581896212803100263015862

-100848992-356425070255576078-255576078

-

-

-

1.1%

1.7%2.10%0%3.10%3.78% 0.30%0.40%

1.8%9.40%19.50%8.20%6.23%0.80%

3.2% 43.30%7.50%13.90%11.89% 10.70%7.30%24.70%51.40%

5.4% 45.20%72.90%44.00%46.74% 89.30%91.90%64.20%55.47%

2.8%

0.4160.2210.18720050.175

0.4520.4330.09400.021

0.72934595520.07530120480.195352839900

0.44071914480.13945578230.08187560740.00728862970

0.63107080160.1603276770.083967232300.0005851375

72,9%

65,8%

19,5%

12,2%

1,1%

2006200620062006

2007200720072007

2008200820082008

2009200920092009

2006200620062006

2007200720072007

2008200820082008

2009200920092009

: 3 10% : 1234,94 ( 1352,27, 4496,42)

Chart1

0.1473633128

0.2128760919

0.165480427

0.0671303785

0.0493367842

0.0991588483

0.0276609511

0.0582335814

0.0820122938

0.0402782271

0.0054998382

0.0182788742

0.0266903915

: 1, 3, 4, 5, 6, 7,9,10,117 , Worksheet Capital14

1 8 415

3 9 16 Investments

3 110 ,Technical Reserves

4 11 ,Capital Technical Reserves

5 4Q 1 12 5

6 13 1 10

!!!!

:

20091

2

20093

20093

20094

20095

20096

20097

20098

20099

200910 ( )

200911

200912

200913 ,

200914

200915

200916

( )

,

1

200520062007200820092010201120122013

GDP354,322,000398,640,000396,496,000

Total premiums '000 ( )5,105,0005,445,0006,109,0006,421,4356,182,401

Total premiums nonlife 6,154,8195,881,584

Total premiums life 266,670300,817

Total Number of Contracts 000943,2251,018,748

Number of contracts nonlife 923,810996,028

Number of contracts life 19,41522,720

Citiziens2,038,8552,040,2282,044,3082,048,3972,052,494

(, )5,1055,4456,1096,4216,182

(, )4,9965,3295,9386,1555,882

(, )109116171267301

Premiums per capita (left scale) / ( )2,5042,6692,9883,1353,012

Premiums pre capita nonlife 2,866

Premiums per capita life 147

Gross premiums in GDP (right scale) / ( )1.75%1.75%1.72%1.61%1.56%

Gross premiums nonlife in GDP 1.5%

Gross premiums life in GDP 0.1%

Annual growth rate of gross premiums (right scale) ( )6.7%6.7%12.2%5.1%-3.7%

1

&A

Page &P

/ ( )

/ ( )

(, )

2

: %

2008201020112012

TotalLife assuranceNon-life insuranceTotalLife assuranceNon-life insuranceTotalLife assuranceNon-life insuranceTotalLife assuranceNon-life insurance

USA8.70%4.10%4.60%

Canada7.00%3.20%3.80%

EU6.00%3.48%2.52%

Serbia1.80%0.20%1.60%

Croatia3.20%0.80%2.40%

Slovenia5.40%1.70%3.70%

Bulgaria2.80%0.40%2.40%

Romania1.80%0.40%1.40%

Macedonia1.64%0.07%1.57%

2008

&A

Page &P

Premiums per capita (left scale)

Gross premiums in GDP (right scale)

Annual growth rate of gross premiums (right scale)

&C&"Times New Roman,Regular"&12&A

&C&"Times New Roman,Regular"&12Page &P

2

3

Relative Difference 09-08 3QRelative Difference 09-08

2008 3Q2009 3Q20082009

09-08 3Q 09-08

2008 3Q2009 3Q20082009

Number of contract 334,537359,6057.49%452,228477,9025.68%

Gross written premium ()243,851210,370-14%316,932281,000-11%

31693282813003

Total

Life assurance

Non-life insurance

3

2008

2009

09-08

3.169.328.000

2.813.003.000

3

2008

2009


3 169 328 000.

2 813 003 000

4

Relative Difference 09-08Relative Difference 09-08

200820092010

* 1000 09-08 10-09

200820092010

nonlifeNumber of contract 923,810996,0287.82%0-100.00%


lifeNumber of contract 19,41522,72017.02%0-100.00%

Gross written premium ()26,66730,08212.8%0-100%

totalNumber of contract 943,2251,018,7488.01%0-100.00%


4

()

2008

2009

09-08

6 154 820 000.

266 670 000

5 882 086 000

300 817 000

5

2008

2009


6 154 820 000.

266 670 000

5 882 086 000

300 817000

6

Absolute Difference 09-08 1QRelative Difference 09-08 1QAbsolute Difference 09-08 2QRelative Difference 09-08 2QAbsolute Difference 09-08 3QRelative Difference 09-08 3QAbsolute Difference 09-08Relative Difference 09-08Absolute Difference 10-09 1QRelative Difference 10-09 1QAbsolute Difference 10-09 2QRelative Difference 10-09 2QAbsolute Difference 10-09 3QRelative Difference 10-09 3QAbsolute Difference 10-09Relative Difference 10-09 3Q

2008 1Q2009 1Q2008 2Q2009 2Q2007 3Q2008 3Q2009 3Q200820092010 1Q2010 2Q2010 3Q2010

A 09-08 1Q 09-08 1QA 09-08 2Q 09-08 2QA 09-08 3Q 09-08 3QA 09-08 09-08A 10-09 1Q 10-09 1QA 10-09 2Q 10-09 2QA 10-09 3Q 10-09 3QA 10-09 10-09

2008 1Q2009 1Q2008 2Q2009 2Q2007 3Q2008 3Q2009 3Q200820092010 1Q2010 2Q2010 3Q2010

Property insurance15215863.95%506531255%1007737726-11-1%12071189-18-1%-158-100%-531-100%-726-100%-1189-100%

Motor-vehicle insurance (casco) -1781971910.67%393416236%468616608-8-1%830809-21-3%-197-100%-416-100%-608-100%-809-100%

Accident insurance144158149.72%2963323612%382413451389%552577255%-158-100%-332-100%-451-100%-577-100%

Third-party liabilty insuranceA.O.627574-53-8.45%15821327-255-16%220524392104-335-14%31692813-356-11%-574-100%-1327-100%-2104-100%-2813-100%

Insurance of travel 2534936.00%56772138%811001121212%151144-7-5%-34-100%-77-100%-112-100%-144-100%

Other non-life insurance 8763-24-27.59%1181331513%1251711952414%24634910342%0-63-100%0-133-100%0-195-100%0-349-100%

Life assurance5055510.00%941717782%1251762042816%2673013413%-55-100%-171-100%-204-100%-301-100%

Total12631239-24-1.90%30452987-58-2%439346524400-252-5%64226182-240-4%-1239-100%-2987-100%-4400-100%-6182-100%

6

2008 1Q

2009 1Q

09-08 1Q

7

2008 2Q

2009 2Q

09-08 2Q

8

2008 3Q

2009 3Q

09-08 3Q

9

2008 1Q

2009 1Q


in million denars

10

2008 2Q

2009 2Q


in million denars

11

2008 3Q

2009 3Q


in million denars

12

2008

2009

09-08

13

2008

2009


in million denars

14


Total Premiums 5,1055,4452,6924,3946,1093,0454,6526,4212,9884,3996,1820

340664353258312-57-253-239-2,988-4,399-6,1820

6.7%12.2%13.1%5.9%5.1%-1.9%-5.4%-3.7%-100.0%-100.0%-100.0%0.0%


334608331212217-72-277-273-2,855-4,204-5,8820

6.7%11.4%12.8%5.0%3.7%-2.5%-6.2%-4.4%-100.0%-100.0%-100.0%0.0%

97.86%97.89%97.20%95.86%95.13%0.00%0.00%


755224696152434-133-195-3010

6.4%47.4%22.9%36.8%56.1%12.7%14.0%12.7%-100.0%-100.0%-100.0%0.0%

2.14%2.13%2.80%4.16%4.87%0.00%0.00%

200506-0507-06 2Q07-06 3Q07-0608-07 2Q08-07 3Q08-0709-08 2Q09-08 3Q09-0810-09 1Q10-09 2Q10-09 3Q10-09

Total (left scale) ( )340664353258312-57-253-239-2,988-4,399-6,1820






14

353331220.13112927190.12750385210.2291666667

-57-7215-0.0187192118-0.02459856510.1271186441

Total (left scale)



Total (right scale)



in million denars

5,1%

3,7%

56,1%

15

258212460.05871643150.0496603420.368

-253-27724-0.0543852107-0.06181655880.1403508772

Total (left scale)



Total (right scale)



in million denars

5,1%

3,7%

56,1%

16

Total (left scale)



Total (right scale)



in million denars

06-05

06-05

06-05

0

0

0

07-06

07-06

07-06

08-07

08-07

08-07

09-08

09-08

09-08

340

334

7

0.0666013712

0.0668534828

0.0642201835

664

608

55

0.1219467401

0.1140712946

0.474137931

312

217

96

0.0510721886

0.036544291

0.5614035088

-238.599

-273.416

33.817

-0.0371591652

-0.0444217709

0.1266554307

( )

( )

( )

( )

( )

( )

5,1%

3,7%

56,1%

Sheet1

000

( )

( )

( )

( )

( )

( )

( )

( )

( )

( )

( )

( )

5,1%

3,7%

56,1%

participationparticipationparticipationparticipationparticipationparticipationparticipation

20072007200820082009200920102010201120112012201220132013

QBE1,30721.4%1,36821.3%91114.7%0.0%0.0%0.0%0.0%

Vardar1,55525.5%1,18618.5%1,31621.3%0.0%0.0%0.0%0.0%

Sava Tabak 87714.3%1,00415.6%1,02316.5%0.0%0.0%0.0%0.0%

Euroins2754.5%2724.2%4156.7%0.0%0.0%0.0%0.0%

Winer3255.3%3325.2%3054.9%0.0%0.0%0.0%0.0%

Eurolink5268.6%6069.4%6139.9%0.0%0.0%0.0%0.0%

Insig1983.2%5759.0%1712.8%0.0%0.0%0.0%0.0%

Uniqa2854.7%1903.0%3605.8%0.0%0.0%0.0%0.0%

Os.Policy. 5689.3%3675.7%5078.2%0.0%0.0%0.0%0.0%

Albsig761.2%1432.2%2494.0%0.0%0.0%0.0%0.0%

Croatia non-life -340.5%

Croatia life490.8%2874.5%1131.8%0.0%0.0%0.0%0.0%

Grawe691.1%911.4%1652.7%0.0%0.0%0.0%0.0%

6,1096,4216,1820000

2007

2008

2009

participation

participation

participation

Shareholders2006200720082009201020112012

Foreign shareholders 66.4%75.1%83.0%80.8%0.0%0.0%0.0%

Foreign legal entites 66.4%74.8%82.7%80.6%

Natural persons-nonresidents 0.0%0.3%0.2%0.2%

Doestic shareholders 25.1%18.9%12.9%15.7%0.0%0.0%0.0%

Domestic legal entities 12.1%7.5%5.3%6.7%

Natural persons - residents 13.0%11.4%7.7%9.0%

State8.5%5.9%4.1%3.5%

TOTAL100.0%100.0%100.0%100.0%0.0%0.0%0.0%

Natural persons-nonresidents

Foreign legal entites

Natural persons - residents

Domestic legal entities

State

2009

in million denars

Class2006200720072Q 20082Q 20083Q20083Q2008200820082Q 20092Q 20093Q20093Q2009200920091Q 20101Q 20102Q 20102Q 20103Q 20103Q 201020103Q 2010

Property insurance 13491,30421.35%50616.62%73716.62%120718.8%53117.77%72616.50%118919.2%00.0%00.0%00.00%00.00%

Motor-vehicle insurance (casco) -60369511.37%39312.91%61612.91%83012.9%41613.94%60813.82%80913.1%00.00%00.00%00.00%00.00%

Accident insurance5045488.98%2969.72%4139.72%5528.6%33211.12%45110.25%5779.3%00.00%00.00%00.00%00.00%

Motor-vehicle responsibility 25843,08650.52%1,58251.95%2,43951.95%316949.3%1,32745.41%2,10447.82%281345.5%00.00%00.00%00.00%00.00%

Insurance of travel 110981.61%561.85%1001.85%1512.4%772.59%1122.55%1442.3%00.00%00.00%00.00%00.00%

Other non-life insurance - 2063.38%943.09%1763.09%2674.2%1714.72%2044.64%3495.6%00.00%00.00%00.00%00.00%

Life assurance 1161712.80%1183.86%1713.86%2463.8%1334.45%1954.43%3014.9%00.00%00.00%00.00%00.00%

TOTAL6,1093,0454,65264222,9874,40061820000

2009

2009

2007

2007

21,3%

11,4%

9,0%

50,5%

1,6%

2,8%

3,4%

2008

2008

18,8%

12,9%

8,6%

49,4%

2,4%

4,2%

3,8%

2Q 2008

2Q 2008

2Q 2009

2Q 2009

3Q2008

3Q 2008

3Q2009

3Q 2009

2007

2007

21,3%

11,4%

9,0%

50,5%

1,6%

2,8%

3,4%

2008

2008

18,8%

12,9%

8,6%

49,4%

2,4%

4,2%

3,8%

2Q 2008

2Q 2008

2Q 2009

2Q 2009

3Q2008

3Q 2008

3Q2009

3Q 2009

2008

2008

2009

2009

2008

2008

2009

2009

ASSETS200520062007200820092010201120122013

Non-material and material investments 8.9%8.8%11.5%11.9%10.9%

Investments in connected entities and other financial entities 9.7%11.1%17.5%18.3%24.1%

Receivables based on insurance activities 28.9%26.2%34.9%33.5%30.7%

Other receivables 12.1%12.9%22.9%22.2%23.1%

Cash and securities 8.0%6.4%6.2%11.2%8.3%

Other assets 32.4%34.5%7.0%2.8%3.0%

Total Assets 12,202,707,583

LIABILITIES200520062007200820092010201120122013

Capital and provisions 18.5%18.4%30.3%35.7%35.1%

Technical provisions 30.9%29.7%41.7%41.5%41.7%

Other liabilities 50.5%52.0%28.0%22.8%23.2%

Total Liabilities 12,202,707,602

Assets structureLiabilities structureLiabilities structure

11,5%

11,9%

17,5%

18,3%

34,9%

33,5%

22,9%

22,2%

6,2%

11,2%

7,0%

2,8%



Other liabilities



Other liabilities

Non-material and material investments

Investments in connected entities and other financial entities

Receivables based on insurance activities

Other receivables

Cash and securities

Other assets

11,5%

11,9%

17,5%

18,3%

34,9%

33,5%

22,9%

22,2%

6,2%

11,2%

7,0%

2,8%

Assets Covering Technical Provision . . .

non-life insirance 2005200620072007200820082008200920092009201020102009

current accounts and deposits in banks 41.6%45.2%1,69572.9%1,81444.1%37.6%2,15763.1%43.8%0.0%0.0%

securities issued by the state 22.1%43.3%1757.5%57413.9%11.9%54816.0%11.1%0.0%0.0%

shares18.7%9.4%45419.5%3378.2%7.0%2878.4%5.8%0.0%0.0%

units of investment funds in RM operating in compliance of the Investment Funds Law 10.0%0.0%80.2%0.2%0.0%

receivables owed by policyholders 1,13027.5%23.4%0.0%0.0%0.0%

other receivables 1313.2%2.7%712.1%1.4%0.0%

loans17.5%2.1%0.0%0.0%0.0%20.1%0.0%0.0%0.0%

securities issued by foreign entities 0.0%00.0%300.7%0.6%00.0%0.0%0.0%0.0%

real estate (not used for the insurance operations) ( )992.4%2.1%3359.8%6.8%0.0%

participations in affiliated entities 00.0%0.0%100.3%0.2%0.0%

TOTAL2,3244,11685.41%3,41869.33%00.00%


Unearned premium 2,18351.9%2,49151.7%2,40648.8%0.0%

Bonuses and rebates 811.9%501.0%240.5%0.0%

Claims provisions 1,94146.1%2,27547.2%2,49850.7%0.0%

Other technical provisions 20.0%30.1%20.0%0.0%

Total:4,2074,8194,930000

life assurance 200520062007200720082008200820092009200820102010

current accounts and deposits in banks 100%89.30%321,23791.9%298,18264.2%73.7%262,36851.0%54.9%0.0%

securities issued by the state 10.70%25,5757.3%114,53224.7%28.3%242,82047.2%50.8%0.0%

shares2,7780.8%1,3880.3%0.3%00.0%0.0%0.0%

corporate bonds 1,8600.4%0.5%1,8820.4%0.4%0.0%

real estate38,9878.4%9.6%00.0%0.0%

receivables from policyholders 9,6362.1%2.4%7,3451.4%1.5%

TOTAL349,590464,585514,415107.55%0

Technical Provisions - life

Unearned premium 37,34866,00878,58816%0%

Bonuses and rebates 0000%0%

Claims provisions 6123,7549,4522%0%

Mathematical reserve 320,371335,099390,28482%0%

Other technical provisions - life 0000%0%

Total - math.provision-. 37,96069,76288,040

Total:358,331404,861478,3240

Assets covering the technical provisions (in million denars) ( .)2005200620072008 08/07% 08/072009 09/08% 09/082010 10/09% 10/09

Non-life insurance 2,3242,75843418.7%-2,758-100.0%00.0%

Life assurance 3504166618.9%-416-100.0%00.0%

TOTAL131516282,6743,17450018.7%0-3,174-100.0%000.0%

2009 non-life



shares



other receivables

loans




Unearned premium

Bonuses and rebates

Claims provisions

72,9%

65,8%

19,5%

12,2%

1,1%

72,9%

65,8%

19,5%

12,2%

1,1%

91,9%

71,7%

7,3%

27,5%

0,8%

0,3%

() ()

( )

72,9%

65,8%

19,5%

12,2%

1,1%

91,9%

71,7%

7,3%

27,5%

0,8%

0,3%

2009

( )

72,9%

65,8%

19,5%

12,2%

1,1%

3 400 000 000

4 851 000 000

Total 3 400 000 000

Total 4 851 000 000

2009

72,9%

65,8%

514 415 000

478 324 000

Total 514 415 000

Total 478 324 000



shares


loans

72,9%

65,8%

19,5%

12,2%

1,1%



shares

corporate bonds

91,9%

71,7%

7,3%

27,5%

0,8%

0,3%



shares



other receivables

loans




72,9%

65,8%

19,5%

12,2%

1,1%



shares

corporate bonds

real estate


91,9%

71,7%

7,3%

27,5%

0,8%

0,3%

2009 life



corporate bonds



Unearned premium

Claims provisions

72,9%

65,8%

&A

Page &P

in thousand denars

in million denars

2008

2009



Other technical provisions - life

378834%

2.56%

20062007200820092010

Capital and reserves 2,6852,6623,6783,772

Solvency margin 8719671,041998

Capital and reserves/solvency margin / / 3.12.83.53.80.0

Profit272227198

20062007200820092010

Capital and reserves 2,6853,3584,256

Solvency margin 871967997

Capital and reserves/solvency margin / / 3.13.54.30.0

Profit272227198

2007

/

20052006200720082009

Gross Writen Premiums00000

Structure of premiums

Non-life0.00%0.00%0.00%0.00%0.00%

Life0.00%0.00%0.00%0.00%0.00%

Capital and reserves

Solvency margin

Capital and reserves/solvency margin

in million denars

Non-lifeLife

(in million denars)200720082009200720082009

Total Assets2,3244,1163,418350465514

Total Technical Provisions4,2074,8194,930358405478

Mathematical Provisions320335390

Assets Covering Technical Provisions\GDP0.66%1.03%0.86%0.10%0.12%0.13%

Technical provisions\GDP1.19%1.21%1.24%0.10%0.10%0.12%

Mathematical Provisions\GDP0.09%0.00%0.10%

20062007200820092010

ROA nonlifeROA 2.06%2.13%1.96%-1.69%

ROE nonlifeROE / 9.50%7.10%5.72%-5.00%

ROA lifeROA -1.89%0.81%-2.04%1.85%

ROE lifeROE -8.23%2.22%-3.87%3.78%

ROAROA 1.86%2.05%1.66%-1.40%

ROEROE8.58%6.77%4.65%-3.99%

ROA

ROE

Investments of Technical Provisionsnon-life

2007200820092010 1Q2010 2Q2010 3Q2010



Shares462,654337,094287,701


Investment funds 1,4008,202


Real estate

Loans

Other59,29555,9719,441

life

2007200820092010 1Q2010 2Q2010 3Q2010



Shares2,1481,3880


Investment funds

National bureau

Real estate

Loans

Other

Investments of Capital

2007200820092010 1Q2010 2Q2010 3Q2010

Bank accounts and deposits 911,4391,090,8771,431,101


Shares10,38210,3825,076

Corporate bond


National bureau

Real estate314,474713,690603,073

Loans185,573163,80878,337

Other3,708

2007200820092010 1Q2010 2Q2010 3Q2010


Securities isuued by the state 134,811118,176

Shares

Corporate bond

Investment funds

National bureau


Loans9,6357,345

Other

Investments

2007200820092010 1Q2010 2Q2010 3Q2010



Shares473,036347,476292,777




Real estate314,474713,690603,073

Loans185,573163,80878,337

Other59,29555,97113,149

2007200820092010 1Q2010 2Q2010 3Q2010



Shares2,1481,3880


Investment funds 000

National bureau 000


Loans09,6357,345

Other000

2007200820092010 1Q2010 2Q2010 3Q2010


Securities isuued by the state 250,455973,0041,161,268

Shares475,184348,864292,777




Real estate360,785752,676603,073

Loans185,573173,44385,682

Other59,29555,97113,149

-

-

-

-

-

-

Thousand denars



Shares

Corporate bond

Investment funds

National bureau

Real estate

Loans

Other

Thousand denars



Shares

Corporate bond

Investment funds

National bureau

Other

Thousand denars



Shares

Corporate bond

Thousand denars



Shares

Investment funds

Real estate

Loans

Other

Thousand denars



Real estate

Loans

Thousand denars



Shares

Corporate bond

Real estate

Loans

Thousand denars



Shares

Corporate bond

Investment funds

National bureau

Real estate

Loans

Other

2006200720082009

311,710,863310,660,678275,818,962-100,848,992

-94,104,97077,634,59812,803,100-356,425,070

- 405,815,833233,026,080263,015,862255,576,078

94,104,970-255,576,078

Investment Technical Provisions (nonlife)

Investment Technical Provisions (life)

Investment Capital (life)

Investment Capital (nonlife)

Investment (nonlife)

Investment (life)

Investment

311710863-9410497040581583394104970

31066067877634598233026080

27581896212803100263015862

-100848992-356425070255576078-255576078

-

-

-

1.1%

1.7%2.10%0%3.10%3.78% 0.30%0.40%

1.8%9.40%19.50%8.20%6.23%0.80%

3.2% 43.30%7.50%13.90%11.89% 10.70%7.30%24.70%51.40%

5.4% 45.20%72.90%44.00%46.74% 89.30%91.90%64.20%55.47%

2.8%

0.4160.2210.18720050.175

0.4520.4330.09400.021

0.72934595520.07530120480.195352839900

0.44071914480.13945578230.08187560740.00728862970

0.63107080160.1603276770.083967232300.0005851375

72,9%

65,8%

19,5%

12,2%

1,1%

2006200620062006

2007200720072007

2008200820082008

2009200920092009

2006200620062006

2007200720072007

2008200820082008

2009200920092009

Chart1

43.515787959415.80757586662.7528438469

60.124368187417.01725592253.5331412104

61.66098879916.31433372783.7795591182

/

Premii

20062007200820092010201120122013

GDP354,322,000398,640,000396,496,000

Total premiums '000 ()5,448,797,6886,102,063,9996,424,537,4696,207,573,746

Total premiums nonlife 5,343,314,5205,931,029,8976,158,749,1365,906,756,983

Total premiums life 105,483,168171,034,102265,788,333300,816,763

Premiums per capita (left scale) ( )5,4496,1026,4256,208

Premiums pre capita nonlife ( )5,3435,9316,1595,907

Premiums per capita life ( )105171266301

Annual growth rate of gross premiums (right scale) ( )6.66%11.99%5.28%-3.38%

Annual growth rate of gross premiums (right scale) ( )11.00%3.84%-4.09%

Annual growth rate of gross premiums (right scale) ( )62.14%55.40%13.18%

Premii

&A

Page &P

( )

( )

( )

( )

( )

( )

5


Total Premiums 5,1055,4452,6924,3946,1093,0454,6526,4212,9884,3996,1820

340664353258312-57-253-239-2,988-4,399-6,1820

6.7%12.2%13.1%5.9%5.1%-1.9%-5.4%-3.7%-100.0%-100.0%-100.0%0.0%


334608331212217-72-277-273-2,855-4,204-5,8820

6.7%11.4%12.8%5.0%3.7%-2.5%-6.2%-4.4%-100.0%-100.0%-100.0%0.0%

97.86%97.89%97.20%95.86%95.13%0.00%0.00%


755224696152434-133-195-3010

6.4%47.4%22.9%36.8%56.1%12.7%14.0%12.7%-100.0%-100.0%-100.0%0.0%

2.14%2.13%2.80%4.16%4.87%0.00%0.00%

200506-0507-06 2Q07-06 3Q07-0608-07 2Q08-07 3Q08-0709-08 2Q09-08 3Q09-0810-09 1Q10-09 2Q10-09 3Q10-09

Total (left scale) ( )340664353258312-57-253-239-2,988-4,399-6,1820






( )

( )

( )

( )

5

000000

Total (left scale)



Total (right scale)



in million denars

5,1%

3,7%

56,1%

Aktiva

000000

Total (left scale)



Total (right scale)



in million denars

5,1%

3,7%

56,1%

roe

000000

Total (left scale)



Total (right scale)



in million denars

0

0

0

0

0

0

0

0

0

( )

( )

( )

( )

( )

( )

5,1%

3,7%

56,1%

avto

000000

( )

( )

( )

( )

( )

( )

shteti

000000

( )

( )

( )

( )

( )

( )

5,1%

3,7%

56,1%

Investments

20062007200820092010201120122013

GDP354,322,000398,640,000396,496,000

Total assets MKD ()14,608,135,98511,074,519,77111,920,429,08512,202,707,583

Total assets nonlife 13,855,760,96810,447,579,32511,018,587,94011,193,958,907

Total assets life 752,375,017626,940,446901,841,1451,008,748,676

Premiums per capita (left scale) ( )14,60811,07511,92012,203

( )13,85610,44811,01911,194

( )7526279021,009

Annual growth rate of total assets (right scale) ( )-24.19%7.64%2.37%

( )-24.60%5.47%1.59%

( )-16.67%43.85%11.85%

Investments

&A

Page &P

( )

( )

( )

( )

( )

( )

Invest_Obraboteni

20062007200820092010

ROA non-lifeROA 2.06%2.13%1.96%-1.69%

ROA lifeROA -1.89%0.81%-2.04%1.85%

ROE non-lifeROE / 9.50%7.10%5.72%-5.00%

ROE lifeROE -8.23%2.22%-3.87%3.78%

20062007200820092010

ROA 2.06%2.13%1.96%-1.69%

ROE / 9.50%7.10%5.72%-5.00%

ROA -1.89%0.81%-2.04%1.85%

ROE -8.23%2.22%-3.87%3.78%

( )

( )

( )

( )

Invest_Obraboteni

ROA

ROA

ROE

ROE

Invest_Group

ROA

ROA

ROE

ROE

ROA

ROE

ROA

ROE

2008200920082009

149,792171,172553577

- 45,94448,735830809

- 8010471188

- 2,7952,5427667

49,88752,1381,3671,189

452,228477,9023,0082,813

1,5071,9695264

186,233211,013151144

35,34430,4514730

19,41522,720267301

2006200720082009

504376548307552552584818

- 603372694677829710809451

- 420813193871382187751

- 63910584357477866953

1348731130418112029491188873

2584477308619631693282813003

35573527295174064366

10980198063151145143890

37219631074706830161.9

115699171206266670293132

5447245611084664193306184407.9

Nezgoda577,1349.34%171,172552,5528.60%

Dobrovolno zdravstveno osiguruvawe24,8730.40%29,95730,1510.47%

Patni~ki vozila - kasko809,45113.09%48,735829,71012.92%

[inski vozila - kasko00.00%000.00%

Vozduhoplovi - kasko123,8432.00%3845,3730.71%

Plovni objekti - kasko7600.01%278680.01%

Stoka vo prevoz - kargo66,9531.08%2,54276,0451.18%

Imot od po`ar i prirodni nepogodi373,9106.05%18,014393,1956.12%

Ostanati osiguruvawa na imot814,96313.18%34,124974,25915.17%

Odgovornost od upotreba na motorni vozila2,813,00345.50%477,9023,007,57846.84%

Odgovornost od upotreba na vozduhoplovi63,9081.03%6626,0630.41%

Odgovornost od upotreba na plovni objekti1,6750.03%3131,4170.02%

Op{to osiguruvawe od odgovornost64,3661.04%1,96951,7400.81%

Osiguruvawe na krediti1090.00%81,3050.02%

Osiguruvawe na garancii2200.00%682110.00%

Osiguruvawe od finansiski zagubi2,5240.04%7813,2070.21%

Osiguruvawe na pravna za{tita00.00%000.00%

Osiguruvawe na turisti~ka pomo{143,8902.33%211,013151,1452.35%

Osiguruvawe na `ivot i rentno osiguruvawe300,8174.87%22,720266,6704.15%

VKUPNO NE@IVOT (1-18)5,881,58295.13%996,0266,154,81995.85%

VKUPNO @IVOT ( 19 )300,8174.87%22,720266,6704.15%

VKUPNO @IVOT I NE@IVOT6,182,399100.00%1,018,7466,421,489100.00%

2009200920082008

577134171172552552149792

- 8094514873582971045944

- 1877511047143680

- 669532542760452795

118887352138136745449887

28130034779023007578452228

643661969517401507

143890211013151145186233

30161304514715935344

3008172272026667019415

618239910187466421489943225

2008

2009

.

EBIT

2008

2009

Herfindahl

20062007200820092010

Loss ratio 69.65%71.02%72.42%

Combined Ratio 88.94%83.25%111.99%

Herfindahl

31.12.2007

000 .

.

1234571069811131214151617181919

1 180,000202,70672,620143,29270,76932,136131,67754,93323,30645,884911,43945,884957,3232,614,822

120,087682,084145,692143,5009,094102,000114,255131,299124,93113,39531,18213,34626,6341,617,51939,9801,657,499

2 00011,410

11,41011,410011,410

3 0000

000

4 0000

000

5 12,00015,00022,66949,669049,669239,045

129,78634,01522,4153,160186,2163,160189,376

6 , 10,38210,382010,382475,184

83,053148,268216,07815,2552,148462,6542,148464,802

7 1 2 0000

000

8 0000

000

9 12,03012,030012,03012,030

000

10 , 0000

000

11 , 0000

000

12 , 0000

000

13 , 0000

000

14 0000

000

15 2 89 00059,295

59,29559,295059,295

16194,24366,88053,35146,311314,47446,311360,785360,785

17 140,51311,68928,1035,268185,5730185,573185,573

18 29,9319,55713,87314,69368,054068,05468,054

190,382334,75690,599230,80984,620158,29270,76985,487131,67760,20145,97546,311045,8841,483,56792,1951,575,762

233,071841,762361,770143,50068,389256,598162,143145,992124,93113,39553,59715,494029,7942,405,14845,2882,450,436

423,4531,176,518452,369374,309153,009414,890232,912231,479256,60873,59699,57261,805075,6783,888,715137,4834,026,198

000

000

000

- 190,382334,75690,599230,80984,620158,29270,76985,487131,67760,20145,97546,311045,8841,483,56792,1951,575,762

- 233,071841,762361,770143,50068,389256,598162,143145,992124,93113,39553,59715,494029,7942,405,14845,2882,450,436

- 423,4531,176,518452,369374,309153,009414,890232,912231,479256,60873,59699,57261,805075,6783,888,715137,4834,026,198

31.12.2008

000 .

.

1234571069811131214151617181919

1 274,00034,500169,18983,006179,295130,136131,78188,97045,500183,9991,090,877229,4991,320,3763,425,543

241,899556,208164,571218,20946,39194,718151,542137,272158,16440,825215,12328,38251,8631,809,799295,3682,105,167

2 0000

000

3 0000

000

4 0000

000

5 57,82095,480134,811153,300134,811288,111973,004

308,283191,59317,44629,04123,99885,78228,750570,361114,532684,893

6 , 10,38210,382010,382348,864

81,94343,316207,2804,5551,388337,0941,388338,482

7 1 2 0000

000

8 0000

000

9 20,92220,922020,92222,322

1,4001,40001,400

10 , 0000

000

11 , 00030,384

30,38430,384030,384

12 , 0000

000

13 , 0000

000

14 0000

000

15 ' 2 89 0000

000

16181,421201,649273,94856,67238,986713,69038,986752,676752,676

17 154,1479,6618,797838163,8089,635173,443173,443

18 28,40012,36011,2143,99755,971055,97155,971

465,803355,796304,53134,500227,00983,006179,295186,808131,781184,450047,783180,311184,8372,152,979412,9312,565,910

352,242909,207371,851248,59346,391303,226180,202166,313158,16468,8200216,511114,16480,6132,805,009411,2883,216,297

818,0451,265,003676,382283,093273,400386,232359,497353,121289,945253,2700264,294294,475265,4504,957,988824,2195,782,207

969,052430,448436,677266,319153,726226,548179,295219,788131,782176,7900114,831189,221183,5703,190,425487,6223,678,047

000

000

- -503,249-74,652-132,146-231,81973,283-143,5420-32,980-17,6600-67,048-8,9101,267-1,037,446-74,691-1,112,137

- 352,242909,207371,851248,59346,391303,226180,202166,313158,16468,8200216,511114,16480,6132,805,009411,2883,216,297

- -151,007834,555239,70516,774119,674159,684180,202133,333158,16376,4800149,463105,25481,8801,767,563336,5972,104,160

31.12.2009

000 .

.

1234571069811131214151617181919

1 427,200203,847161,58546,284189,963114,516177,09942,01568,59219,300183,5241,431,101202,8241,633,9254,053,382

241,920731,027155,633203,845110,788177,000187,096140,381178,54127,5143,685168,29234,90058,8352,157,430262,0272,419,457

2 000104,814

7,40781,8951,61213,90090,91413,900104,814

3 0000

000

4 0001,693

1,6931,69301,693

5 142,287109,127118,176251,414118,176369,5901,054,761

177,296300145,48050,00083,174132,62196,300456,250228,921685,171

6 , 5,0765,07605,076292,777

36,72543,069202,6725,235287,7010287,701

7 1 2 0001,882

1,88201,8821,882

8 0000

000

9 26,77726,777026,77734,979

1,7026,5008,20208,202

10 , 00049,165

49,16549,165049,165

11 , 0000

000

12 , 0000

000

13 , 0000

000

14 0000

000

15 ' 2 89 3,7083,70803,70813,149

1,6937,7489,44109,441

1696,570198,893252,39155,219603,0730603,073603,073

17 062,5273,6543,3888,7686,67367278,3377,34585,68285,682

18 16,16116,05414,0199,67917,01020,27814,086107,2870107,287107,287

528,846261,420282,822207,235161,58546,284189,963169,735185,867184,302181,4276,673137,476184,1962,399,486328,3452,727,831

294,806960,501358,305272,450192,983341,734196,775207,391205,319132,5225,297168,292167,521170,9173,168,083506,7303,674,813

823,6521,221,921641,127479,685354,568388,018386,738377,126391,186316,824186,724174,965304,997355,1135,567,569835,0756,402,644

1,002,121495,369151,797207,850161,585259,038189,963244,039212,059184,303199,59392,258191,069191,3353,307,717474,6623,782,379

534,9821,423,832651,119272,118221,633327,658170,111326,019352,775132,51324,017168,670165,4594,436,777334,1294,770,906

1,537,1031,919,201802,916479,968383,218586,696360,074570,058564,834316,816223,61092,258359,739356,7947,744,494808,7918,553,285

- -473,275-233,949131,025-6150-212,7540-74,304-26,192-1-18,166-85,585-53,593-7,139-908,231-146,317-1,054,548

- -240,176-463,331-292,814332-28,65014,07626,664-118,628-147,4569-18,720168,292-1,1495,458-1,268,694172,601-1,096,093

- -713,451-697,280-161,789-283-28,650-198,67826,664-192,932-173,6488-36,88682,707-54,742-1,681-2,176,92526,284-2,150,641

184,637284,03762,693531,3670531,367

31.03.2010

000 .

.

1234571069811131214151617181919

1 0000

000

2 0000

000

3 0000

000

4 0000

000

5 0000

000

6 , 0000

000

7 1 2 0000

000

8 0000

000

9 0000

000

10 , 0000

000

11 , 0000

000

12 , 0000

000

13 , 0000

000

14 0000

000

15 ' 2 89 0000

000

160000

17 0000

18 0000

00000000000000000

00000000000000000

00000000000000000

000

000

000

- 00000000000000000

- 00000000000000000

- 00000000000000000

Loss ratio

Combined Ratio

CR5

31.12.2007

000 . 000 .

.

123457106981113121415161718191917181919

1 180,000202,70672,620143,29270,76932,136131,67754,93323,30645,884911,43945,884957,3232,614,822911,43945,884957,3232,614,822

120,087682,084145,692143,5009,094102,000114,255131,299124,93113,39531,18213,34626,6341,617,51939,9801,657,4991,617,51939,9801,657,4991,617,51967.25%39,98088.28%911,43961.44%45,88449.77%2,528,95865.03%85,86462.45%2,614,82264.95%

2 00011,41000000.00%0.00%000

11,41011,410011,41000.00%0.00%000

3 000000000.00%0.00%000

00000000.00%00.00%000

4 000000000.00%0.00%000

0000000.00%00.00%000

5 12,00015,00022,66949,669049,669239,04549,669049,669250,4550.00%0.00%000

129,78634,01522,4153,160186,2163,160189,376197,6263,160200,786197,6268.22%3,1606.98%49,6693.35%247,2956.36%3,1602.30%250,4556.22%

6 , 10,38210,382010,382475,18410,382010,382475,1840.00%0.00%0000.00%

83,053148,268216,07815,2552,148462,6542,148464,802462,6542,148464,802462,65419.24%2,1484.74%10,3820.70%473,03612.16%2,1481.56%475,18411.80%

7 1 2 000000000.00%0.00%000

00000000.00%00.00%000

8 000000000.00%0.00%000

00000000.00%00.00%000

9 12,03012,030012,03012,03012,030012,03012,0300.00%0.00%000

00000000.00%00.00%12,0300.81%12,0300.31%012,0300.30%

10 , 000000000.00%0.00%000

00000000.00%00.00%000

11 , 000000000.00%0.00%000

00000000.00%00.00%000

12 , 000000000.00%0.00%000

00000000.00%00.00%000

13 , 000000000.00%0.00%000

00000000.00%00.00%000

14 000000000.00%0.00%000

00000000.00%00.00%000

15 2 89 00059,29500059,2950.00%0.00%000

59,29559,295059,29559,295059,29559,2952.47%0.00%059,2951.52%059,2951.47%

16194,24366,88053,35146,311314,47446,311360,785360,785314,47446,311360,785360,7850.00%0.00%314,47421.20%46,31150.23%314,4748.09%46,31133.68%360,7858.96%

17 140,51311,68928,1035,268185,5730185,573185,573185,5730185,573185,5730.00%0.00%185,57312.51%185,5734.77%0185,5734.61%

18 29,9319,55713,87314,69368,054068,05468,05468,054068,05468,05468,0542.83%0.00%68,0541.75%068,0541.69%

190,382334,75690,599230,80984,620158,29270,76985,487131,67760,20145,97546,311045,8841,483,56792,1951,575,7621,483,56792,1951,575,7622,405,148100.00%45,288100.00%1,483,567100.00%92,195100.00%3,888,715100.00%137,483100.00%4,026,198100.00%

233,071841,762361,770143,50068,389256,598162,143145,992124,93113,39553,59715,494029,7942,405,14845,2882,450,4362,405,14845,2882,450,436

423,4531,176,518452,369374,309153,009414,890232,912231,479256,60873,59699,57261,805075,6783,888,715137,4834,026,1983,888,715137,4834,026,198

000000

000000

000000

- 190,382334,75690,599230,80984,620158,29270,76985,487131,67760,20145,97546,311045,8841,483,56792,1951,575,7621,483,56792,1951,575,762

- 233,071841,762361,770143,50068,389256,598162,143145,992124,93113,39553,59715,494029,7942,405,14845,2882,450,4362,405,14845,2882,450,436

- 423,4531,176,518452,369374,309153,009414,890232,912231,479256,60873,59699,57261,805075,6783,888,715137,4834,026,1983,888,715137,4834,026,198

31.12.2008

000 . 000 .

.

123457106981113121415161718191917181919

1 274,00034,500169,18983,006179,295130,136131,78188,97045,500183,9991,090,877229,4991,320,3763,425,5431,090,877229,4991,320,3763,425,543

241,899556,208164,571218,20946,39194,718151,542137,272158,16440,825215,12328,38251,8631,809,799295,3682,105,1671,809,799295,3682,105,1671,809,79964.52%295,36871.82%1,090,87750.67%229,49955.58%2,900,67658.51%524,86763.68%3,425,54359.24%

2 00000000000

000000000

3 00000000000

00000000000

4 00000000000

0000000000

5 57,82095,480134,811153,300134,811288,111973,004153,300134,811288,111973,004000

308,283191,59317,44629,04123,99885,78228,750570,361114,532684,893570,361114,532684,893570,36120.33%114,53227.85%153,3007.12%134,81132.65%723,66114.60%249,34330.25%973,00416.83%

6 , 10,38210,382010,382348,86410,382010,382348,864000

81,94343,316207,2804,5551,388337,0941,388338,482337,0941,388338,482337,09412.02%1,3880.34%10,3820.48%347,4767.01%1,3880.17%348,8646.03%

7 1 2 00000000000

00000000000

8 00000000000

00000000000

9 20,92220,922020,92222,32220,922020,92222,322000

1,4001,40001,4001,40001,4001,4000.05%20,9220.97%22,3220.45%022,3220.39%

10 , 00000000000

00000000000

11 , 00030,38400030,384000

30,38430,384030,38430,384030,38430,3841.08%030,3840.61%030,3840.53%

12 , 00000000000

00000000000

13 , 00000000000

00000000000

14 00000000000

00000000000

15 ' 2 89 00000000000

000000000000

16181,421201,649273,94856,67238,986713,69038,986752,676752,676713,69038,986752,676752,676713,69033.15%38,9869.44%713,69014.39%38,9864.73%752,67613.02%

17 154,1479,6618,797838163,8089,635173,443173,443163,8089,635173,443173,443163,8087.61%9,6352.33%163,8083.30%9,6351.17%173,4433.00%

18 28,40012,36011,2143,99755,971055,97155,97155,971055,97155,97155,9712.00%055,9711.13%00.00%55,9710.97%

465,803355,796304,53134,500227,00983,006179,295186,808131,781184,450047,783180,311184,8372,152,979412,9312,565,9102,152,979412,9312,565,9102,805,009100.00%411,288100.00%2,152,979100.00%412,931100.00%4,957,988100.00%824,219100.00%5,782,207100.00%

352,242909,207371,851248,59346,391303,226180,202166,313158,16468,8200216,511114,16480,6132,805,009411,2883,216,2972,805,009411,2883,216,297

818,0451,265,003676,382283,093273,400386,232359,497353,121289,945253,2700264,294294,475265,4504,957,988824,2195,782,2074,957,988824,2195,782,207

969,052430,448436,677266,319153,726226,548179,295219,788131,782176,7900114,831189,221183,5703,190,425487,6223,678,0473,190,425487,6223,678,047

000000

000000

- -503,249-74,652-132,146-231,81973,283-143,5420-32,980-17,6600-67,048-8,9101,267-1,037,446-74,691-1,112,137-1,037,446-74,691-1,112,137

- 352,242909,207371,851248,59346,391303,226180,202166,313158,16468,8200216,511114,16480,6132,805,009411,2883,216,2972,805,009411,2883,216,297

- -151,007834,555239,70516,774119,674159,684180,202133,333158,16376,4800149,463105,25481,8801,767,563336,5972,104,1601,767,563336,5972,104,160

31.12.2009

000 . 000 .

.

123457106981113121415161718191917181919

1 427,200203,847161,58546,284189,963114,516177,09942,01568,59219,300183,5241,431,101202,8241,633,9254,053,3821,431,101202,8241,633,9254,053,382

241,920731,027155,633203,845110,788177,000187,096140,381178,54127,5143,685168,29234,90058,8352,157,430262,0272,419,4572,157,430262,0272,419,4572,157,43068.10%262,02751.71%1,431,10159.64%202,82461.77%3,588,53164.45%464,85155.67%4,053,38263.31%

2 000104,8140000000

7,40781,8951,61213,90090,91413,900104,814000

3 00000000000

00000000000

4 0001,6930000000

1,6931,69301,69300000

5 142,287109,127118,176251,414118,176369,5901,054,761251,414118,176369,5901,161,268000

177,296300145,48050,00083,174132,62196,300456,250228,921685,171548,857242,821791,678548,85717.32%242,82147.92%251,41410.48%118,17635.99%800,27114.37%360,99743.23%1,161,26818.14%

6 , 5,0765,07605,076292,7775,07605,076292,777000

36,72543,069202,6725,235287,7010287,701287,7010287,701287,7019.08%5,0760.21%292,7775.26%0292,7774.57%

7 1 2 0001,8820001,882000

1,88201,8821,88201,8821,8821,8820.37%01,8820.23%1,8820.03%

8 00000000000

0000000000

9 26,77726,777026,77734,97926,777026,77734,979000

1,7026,5008,20208,2028,20208,2028,2020.26%26,7771.12%34,9790.63%034,9790.55%

10 , 00049,16500049,165000

49,16549,165049,16549,165049,16549,1651.55%49,165049,165

11 , 00000000000

0000000000

12 , 00000000000

0000000000

13 , 00000000000

0000000000

14 00000000000

0000000000

15 ' 2 89 3,7083,70803,70813,1493,70803,70813,149000

1,6937,7489,44109,4419,44109,4419,4410.30%3,7080.15%13,1490.24%013,1490.21%

1696,570198,893252,39155,219603,0730603,073603,073603,0730603,073603,073603,07325.13%603,07310.83%0603,0739.42%

17 062,5273,6543,3888,7686,67367278,3377,34585,68285,68278,3377,34585,68285,68278,3373.26%7,3452.24%78,3371.41%7,3450.88%85,6821.34%

18 16,16116,05414,0199,67917,01020,27814,086107,2870107,287107,287107,2870107,287107,287107,2873.39%107,2870107,2871.68%

528,846261,420282,822207,235161,58546,284189,963169,735185,867184,302181,4276,673137,476184,1962,399,486328,3452,727,8312,399,486328,3452,727,8316,402,6443,168,083100.00%506,730100.00%2,399,486100.00%328,345100.00%5,567,569100.00%835,075100.00%6,402,644100.00%

294,806960,501358,305272,450192,983341,734196,775207,391205,319132,5225,297168,292167,521170,9173,168,083506,7303,674,8133,168,083506,7303,674,813

823,6521,221,921641,127479,685354,568388,018386,738377,126391,186316,824186,724174,965304,997355,1135,567,569835,0756,402,6445,567,569835,0756,402,644

1,002,121495,369151,797207,850161,585259,038189,963244,039212,059184,303199,59392,258191,069191,3353,307,717474,6623,782,3793,307,717474,6623,782,379

534,9821,423,832651,119272,118221,633327,658170,111326,019352,775132,51324,017168,670165,4594,436,777334,1294,770,9064,436,777334,1294,770,906

1,537,1031,919,201802,916479,968383,218586,696360,074570,058564,834316,816223,61092,258359,739356,7947,744,494808,7918,553,2857,744,494808,7918,553,285

- -473,275-233,949131,025-6150-212,7540-74,304-26,192-1-18,166-85,585-53,593-7,139-908,231-146,317-1,054,548-908,231-146,317-1,054,548

- -240,176-463,331-292,814332-28,65014,07626,664-118,628-147,4569-18,720168,292-1,1495,458-1,268,694172,601-1,096,093-1,268,694172,601-1,096,093

- -713,451-697,280-161,789-283-28,650-198,67826,664-192,932-173,6488-36,88682,707-54,742-1,681-2,176,92526,284-2,150,641-2,176,92526,284-2,150,641

184,637284,03762,693531,3670531,367531,3670531,367

Margina

EUR

000 12/31/08

20072008200920072008200920072008200920072008200920072008200920072008200920072008200961.1732

Bank accounts and deposits26,44229,58535,2686544,8284,28314,89917,83323,3947503,7523,31641,34147,41758,6621,4048,58027,67842,74555,99786,339

Government securities3,2319,3248,972521,8723,9698122,5064,1102,2041,9324,04311,83013,082524,0768,0794,09415,90621,161

Equities7,5635,5104,70335230170170837,7335,6804,7863523837,7685,7034,869

Corporate bonds49780431049780400310497834

Investment funds23134197342438197365572004381973651,010

National biro000000000

Properties5,14111,6679,8587576375,14111,6679,8587576379,8585,89812,30419,717

Loans3,0342,6781,2811581203,0342,6781,28101581,2813,0342,8352,561

Other2,0829151,908612,0829151,96900612,0829152,029

Investments

Margina


Government securities

Equities

Corporate bonds

Investment funds

Properties

Loans

Other

Investments - non life

Pokazateli



Equities

Corporate bonds

Investment funds

Other

EUR thousand

Investments from technical reserves - non life

Dobivka



Equities

Corporate bonds

EUR thousand

Investments from technical reserves - life

Rast



Equities

Investment funds

Properties

Loans

Other

EUR thousand

Investments from capital - non life

Sheet1



Properties

Loans

EUR thousand

Investments from capital - life



Equities

Corporate bonds

Properties

Loans

Investments - life



Equities

Corporate bonds

Investment funds

Properties

Loans

Other

Investments

: (3) Outline

CC

200620072008200920102011201220132006200720082009201020112012201320062007200820092010201120122013200620072008200920102011201220132006200720082009201020112012201320062007200820092010201120122013200620072008200920102011201220132006200720082009201020112012201320062007200820092010201120122013200620072008200920102011201220132006200720082009201020112012201320062007200820092010201120122013200620072008200920102011201220132006200720082009201020112012201320062007200808/07200909/08201020112012201320062007200808/07200909/08201020112012201320062007200808/07200909/08201010/09201111/10201212/112013

120.0%0.0%0.0%000

1. , 0010000000000.0%00.0%00000000.0%00.0%00000000.0%00.0%0000000

2. 0029,578,50313,325,05213,668,40914,744,5040000451,890258,972112,22346,819000073,286,62559,320,05285,456,85853,770,8570000000000002,105,76300000003,816,2801,670,2061,122,071899,5960000000000002,609,3613,018,2942,890,4062,622,63800002,203,9043,931,1784,883,2121,937,2830000000000000002,570,725000000000000000313,922000000028,159000094,052,32681,523,754108,133,17932.6%76,592,422-29.2%00000000.00%342,0810.0%000094,052,32681,523,754108,133,17932.64%76,934,503-28.9%0-100000

2.1. 00300000000002,105,7630000000000000000002,105,763000.0%00.0%00000000.00%00.0%00002,105,763000.00%00.0%0000000

2.2. Goodwill00400000000000000000000000000000000.0%00.0%00000000.00%00.0%00000000.00%00.0%0000000

2.3. 0059,578,50313,325,05213,668,40914,744,504451,890258,972112,22346,81973,286,62559,320,05285,456,85853,770,8570003,816,2801,670,2061,122,071899,5960002,609,3613,018,2942,890,4062,622,6382,203,9043,931,1784,883,2121,937,283002,570,7250000313,922028,15991,946,56381,523,754108,133,17932.6%76,592,422-29.2%00000000.00%342,0810.0%000091,946,56381,523,754108,133,17932.64%76,934,503-28.9%0-100000

3. 006813,444,620782,310,489673,298,747613,642,0150000223,938,784208,943,855216,593,130214,476,858000090,680,66691,832,201285,842,645266,937,11800005,861,2084,419,51419,741,45520,008,199000034,122,91210,225,0899,840,6489,889,18100008,522,7565,885,54910,211,20813,794,35500004,473,8023,471,1172,534,0353,303,11600004,522,28961,957,27362,961,53060,915,12500009,268,94813,796,52014,885,22315,042,669000005,835,09411,173,05621,503,23600000005,586,0310000000000002,022,8183,781,4802,595,2043,317,94400000908,418784,201766,97500001,194,835,9851,188,676,7011,307,081,67710.0%1,245,097,903-4.7%00002,022,8184,689,8983,379,405-27.94%4,084,91920.9%00001,196,858,8031,193,366,5991,310,461,0829.81%1,249,182,822-4.7%0-100000

3.1. 007692,442,858679,153,095640,680,531597,480,145147,807,374157,899,290153,285,903189,275,14968,847,06467,824,199255,261,56813,561,414002,667,6102,599,3562,531,10100000055,841,98956,671,96755,218,8890000011,613,1480000909,097,296963,386,1831,108,499,32515.1%869,679,846-21.5%00000000.00%00.0%0000909,097,296963,386,1831,108,499,32515.06%869,679,846-21.5%0-100000

3.2. 00834,421,26823,395,28713,438,86010,737,98623,650,94519,339,82314,318,3229,835,5899,598,7517,923,97711,894,25214,546,4065,861,2084,419,51419,741,45520,008,19910,431,5817,557,4797,241,2927,358,0808,297,2115,335,9009,576,41013,426,0133,198,8952,889,4962,138,8322,872,9144,522,2895,989,7356,289,5635,696,2369,268,94811,929,48714,879,44115,036,8874,824,0388,763,5846,762,4865,586,03102,022,8183,541,3112,355,0353,077,775908,418784,201766,975109,251,09693,604,736108,282,01115.7%111,866,8273.3%00002,022,8184,449,7293,139,236-29.45%3,844,75022.5%0000111,273,91498,054,465111,421,24713.63%115,711,5773.9%0-100000

3.3. 009000000004,144,0670017,738,7500000000001,561,2125,7825,78200000017,738,7501,561,2125,782-99.6%4,149,84971671.9%00000000.00%00.0%000017,738,7501,561,2125,782-99.63%4,149,84971671.9%0-100000

3.4. 010951,616498,02897,9403,601,64551,886,53031,078,89348,363,05614,740,27112,234,85116,084,02518,686,825234,685,231005,952,581072,806396,910482,059215,603000000000000071,098,38448,057,85667,629,88040.7%253,242,750274.5%00000000.00%00.0%000071,098,38448,057,85667,629,88040.73%253,242,750274.5%0-100000

3.5. 01185,628,87879,264,07919,081,4161,822,239593,935625,849625,849625,84900000152,739152,739152,739152,7391,274,907581,621395,203430,202125,54900305,82101,011,0562,409,4723,127,6020240,169240,169240,169087,650,45982,066,71422,664,679-72.4%6,158,631-72.8%00000240,169240,1690.00%240,1690.0%000087,650,45982,306,88322,904,848-72.17%6,398,800-72.1%0-100000

4. 012780,070,369710,515,177740,744,450952,774,3350000179,110,997207,720,89298,785,95997,798,2080000178,352,932230,076,593229,648,17384,801,963000087,913,67510,506,84115,033,90319,625,750000011,038,44114,737,34110,433,17010,433,170000073,925,95888,599,07559,440,789133,142,1470000164,789,292225,907,976357,163,658380,560,964000018,186,22923,746,58617,751,05419,580,458000015,963,931106,420,971137,538,151197,681,7700000059,578,599133,565,856126,708,2870000000183,036,1750000118,000,000248,184,000212,000,000163,000,00000001,072,77510,056,99898,663,223344,100,93100000075,227,287222,144,88000001,509,351,8241,677,810,0511,800,105,1637.3%2,206,143,22722.6%0000119,072,775258,240,998385,890,51049.43%729,245,81189.0%00001,628,424,5991,936,051,0492,185,995,67312.91%2,935,389,03834.3%0-100000

4.1. 01318,289,54229,938,64025,327,48516,169,244000075,230,25313,790,9030000004,192,40000000000000000011,038,44114,737,34110,433,17010,433,1700000000000000000000012,260,75514,692,95915,180,58717,009,99100000000000003,997,29914,086,57713,249,64300000001,365,0240000000000000000000000000000121,011,39177,157,14265,027,819-15.7%58,227,072-10.5%00000000.00%00.0%0000121,011,39177,157,14265,027,819-15.72%58,227,072-10.5%0-100000

4.1.1. ( ) )01418,289,54229,938,64025,327,48516,169,24475,230,25313,790,9030000011,038,44114,737,34110,433,17010,433,17000000012,260,75514,692,95915,180,58717,009,991000000000116,818,99173,159,84350,941,242-30.4%43,612,405-14.4%00000000.00%00.0%0000116,818,99173,159,84350,941,242-30.37%43,612,405-14.4%0-100000

4.1.2. 0150000000000000000000000000000000.0%00.0%00000000.00%00.0%00000000.00%00.0%0000000

4.1.3. ()0160000004,192,4000000000000000003,997,29914,086,57713,249,6431,365,02400004,192,4003,997,29914,086,577252.4%14,614,6673.7%00000000.00%00.0%00004,192,4003,997,29914,086,577252.40%14,614,6673.7%0-100000

4.2. 017761,780,827680,576,537715,416,965936,605,0910000103,880,744193,929,98998,785,95997,798,2080000174,160,532230,076,593229,648,17384,801,963000087,913,67510,506,84115,033,90319,625,75000000000000073,925,95888,599,07559,440,789133,142,1470000164,789,292225,907,976357,163,658380,560,96400005,925,4749,053,6272,570,4672,570,467000015,963,931106,420,971137,538,151197,681,7700000055,581,300119,479,279113,458,6440000000181,671,1510000118,000,000248,184,000212,000,000163,000,00000001,072,77510,056,99898,663,223344,100,93100000075,227,287222,144,88000001,388,340,4331,600,652,9091,735,077,3448.4%2,147,916,15523.8%0000119,072,775258,240,998385,890,51049.43%729,245,81189.0%00001,507,413,2081,858,893,9072,120,967,85414.10%2,877,161,96635.7%0-100000

4.2.1. 018245,403,59595,585,30041,801,77841,801,778103,880,744135,559,11753,165,56552,177,814159,686,762216,078,429207,280,13056,882,52178,427,6551,637,5551,693,4221,693,4220015,254,9994,555,0005,235,000000000045,933,884000089,662,1930587,398,756510,049,284308,495,895-39.5%157,790,535-48.9%00000089,662,1930.00%0-100.0%0000587,398,756510,049,284398,158,088-21.94%157,790,535-60.4%0-100000

4.2.2. 0190000000000066,535,37963,786,87542,525,587114,194,193104,702,26134,014,24017,813,44400000119,479,279113,458,644111,578,75501,072,77510,056,9989,001,030308,675,055010,360,00015,760,000171,237,64097,801,115179,818,31083.9%339,231,59288.7%00001,072,77510,056,99819,361,03092.51%324,435,0551575.7%0000172,310,415107,858,113199,179,34084.67%663,666,647233.2%0-100000

4.2.3. 020000058,370,87245,620,39445,620,39412,030,18012,256

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