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Foreigners "protect" our property and lives - Who are owners of insurance companies in Serbia?
Sunday, 15.07.2012.
19:29
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Out of 33 banks operating in Serbia, 12 are domestically owned, while 21 are in the possession of foreigners. This information has led us to do a research and find out who the owners of companies in other sectors of the Serbian financial market are.
And then we've come to the following conclusion: out of 28 insurance companies operating in Serbia, only seven are domestically owned, whereas 21 insurance companies are in the possession of foreign investors.
When compared to Slovenia and Croatia, Serbia has the largest number of foreign insurance companies and the lowest insurance premiums. There are 26 such companies in Croatia, 11 of which are domestically owned, while as many as 11 out of the total of 15 insurance companies operating in Slovenia are majority owned by Slovenes.
Insurance premiums paid in Serbia last year amounted to about EUR 550 million, those paid in Croatia were close to EUR 1.3 billion, while premiums paid to people in Slovenia reached about EUR 2.1 billion.
Who is engaged in what and how successfully
A total of 24 companies in Serbia are exclusively engaged in insurance business, whereas four companies offer only reinsurance services. Of those exclusively engaged in insurance business, there are seven life insurance companies, 11 non-life insurance companies, while six companies provide both life and non-life insurance services.
After entering the market and obtaining a green field license (13 granted since 2005), insurance companies owned by foreigners in Q1 2012 ranked first in the amount of both life insurance premiums (90.3 percent) and non-life insurance premiums (56.9 percent) paid to their clients, total assets (67.9 percent) and the number of employees (65 percent), and they have been holding that position since 2007.
Aside from insurance companies, the sales network also includes 19 banks that have obtained a license to provide representation services, 78 juristic persons, 106 physical persons-entrepreneurs, whereas a certificate of representation, that is, mediation has been issued to 13,378 physical persons.
Insurance portfolio structure
Total premium paid in the first quarter of 2012 amounted to EUR 134 million, up 3.9 percent from the same period last year.
In the premium structure for Q1 2012, the share of non-life insurance premiums amounts to 82.8 percent, whereas the share of life insurance premiums grew from 16 percent in Q1 2011 to 17.2 percent in Q1 2012, thanks to a 11.2 percent growth of life insurance premiums in this period.
The premium structure for Q1 2012 is similar to the one for the same period in 2011. Motor vehicle liability insurance had the biggest share in the total premium paid (27.6 percent), followed by property insurance against fire and other hazards and other types of property insurance - property insurance (27.3 percent), life insurance (17.2 percent) and motor vehicle insurance - casco (11 percent).
Non-life insurance premiums in Q1 2012 were up 2.5 percent from Q1 2011.
Top companies in Serbia in 2011
Regardless of who their owners are, here is how the situation in our market looks like:
*Top five insurance companies based on the size of their assets (in millions of dinars)
Dunav Osiguranje 26,551,449
Delta Generali 20,180,000
DDOR Novi Sad 16,705,953
Wiener Stadtische, 12,915,976
Grawe Osiguranje, 10,051,192
*Top five insurance companies based on their profit (in millions of dinars)
Delta Generali 522,622
Dunav Osiguranje 268,806
DDOR Novi Sad 224,763
Dunav-RE 209,311
Wiener Stadtische 170,362
And here is also an overview of the structure of ownership stakes in "Serbian" insurance companies (according to the data provided by the NBS):
NON-LIFE INSURANCE COMPANY AS OSIGURANJE
Adriatic Slovenica, Koper, Slovenia 93.38%
KD Kvart d.o.o. Ljubljana 6.52%
AMSS Belgrade 42.66%
AMD Rakovica 7.59%
AMSS D.O.O. Belgrade 7.31%
Others - shareholders holding a stake of less than 5 percent - 42.44%
AXA NEZIVOTNO OSIGURANJE
AXA Mediterranean holding S.A. 99.99%
Kinstelar d.o.o., Belgrade 0.01%
AXA ZIVOTNO OSIGURANJE
AXA Mediterranean holding S.A. 99.99%
Kinstelar d.o.o., Belgrade 0.01%
BASLER nezivotno osiguranje
Baloise Holding, Basel, Switzerland 99.99%
Wolf Theiss d.o.o. Belgrade 0.01%
BASLER zivotno osiguranje
Baloise Holding, Basel, Switzerland 99.99%
Wolf Theiss d.o.o. Belgrade 0.01%
DDOR NOVI SAD
Fondiaria - SAI, Italy 83.32%
Privatization Registry 6.58%
Apatin Brewer a.d. 1.53%
Others (with a stake of less than 1%) 8.57%
DELTA GENERALI OSIGURANJE
Generali PPF Holding B.V. 50.0227%
Delta Real Estate d.o.o. Belgrade 49.9773%
DUNAV
1. Equity capital 5.39%
1.1. Komercijalna Banka A.D. 10.11%
1.2. GP Napred 6.75%
1.3. Republic of Serbia 3.67%
1.4. RTB Bor 2.97%
1.5. Others - shareholders holding a stake of less than 5% 58.48%
2. State-owned and public capital 94.61%
ENERGOPROJEKT GARANT
Energoprojekt Holding 92.94%
Jubmes Banka a.d. Belgrade 7.03%
GLOBOS-OSIGURANJE
Milovan Djurovic 34.27%
Uni Global d.o.o., Belgrade 19.98%
Globosino d.o.o. Belgrade 17.52%
Hypo-Alpe-Adria Bank a.g. 6.32%
Others - shareholders holding a stake of less than 5 percent 21.91%
GRAWE
Grazer Wechelseitige Versicherung Aktiengesellschaft 99.49%
INTERSECURITAS-BETRIEBS-SERVICE GMBH, Graz, Austria 0.51%
MERKUR
Merkur Vericherung Aktienesellschaft, Graz, Austria 99.13%
Christandl Rechtsanwalt GmbH 0.87%
Croatia Osiguranje, Zagreb 99.78%
Veljko Knezevic 0.11%
Ilija Crnomarkovic 0.11%
SAVA OSIGURANJE
1. Equity capital 92.81%
1.1. Podzavarovalnica Sava d.d. Ljubljana 99.9998%
1.2. Mitar Damjanovic 0.0002%
Dragan Jovovic 18.76%
Milan Jovovic 11.58%
Snezana Jovovic 10.84%
Auto Takovo d.o.o. 10.74%
TRIGLAV OSIGURANJE
1. Equity capital 96.085%
1.1.Triglav INT d.d., Ljubljana 99.9999%
1.2. Triglav Re d.d., Ljubljana 0.0001%
UNIQA NEZIVOTNO OSIGURANJE
Uniqa International Beteiligungs-Verwaltungs GmbH 99.62%
Uniqa Versicherungen AG, Vienna, Austria 0.38%
UNIQA ZIVOTNO OSIGURANJE
Uniqa International Beteiligungs-Verwaltungs GmbH, Vienna, Austria 91.11%
United Business Activities - UBA, Holding A.G., Basel, Switzerland 6.00%
Uniqa Versicherungen AG, Vienna, Austria 2.89%
WIENER STADTISCHE OSIGURANJE
Wiener Stadtische Allgemeine Versicherung AG, Vienna, Austria 99.89%
Slobodan Zecevic 0.11%
DELTA GENERALI REOSIGURANJE
Delta Generali osiguranje a.d.o. Belgrade 99.9941%
Delta Real Estate d.o.o. Belgrade 0.0059%
REINSURANCE COMPANY DDOR NOVI SAD
The Lawrence Re Ireland Limited 99.998%
DDOR NOVI SAD a.d.o. 0.002%
REINSURANCE COMPANY DUNAV-RE
1. Equity capital 95.42%
1.1. KOMPANIJA DUNAV OSIGURANjE A.D.O. 92.65%
1.2. A.D.O. SAVA, Belgrade 4.44%
1.3. Others - shareholders holding a stake of less than 5 percent 2.91%
State-owned and public capital 4.58%
REINSURANCE COMPANY WIENER-RE
1. Wiener Stadtische Versicherung AG Insurance Group 99.18%
2. Novak Lukic 0.81%
METLIFE
American Life Insurance Company, USA 99.96%
International Technical and Advisory Services Co. 0.04%
SOCIETE GENERALE OSIGURANJE
Sogecap SA, Paris, France 51.00%
Societe Generale Bank a.d., Belgrade 49.00%
SAVA ZIVOTNO OSIGURANJE
Podzavarovalnica Sava d.d. 99.9997%
Mitar Damjanovic 0.0003%
Open joint stock company Gas Industry Insurance Company, Moscow, Russian Federation 51,00%
Public company Srbijagas Novi Sad 49.00%
Jelena Djelic
Narodna banka Srbije Beograd
Dunav osiguranje a.d.o. Beograd
Generali Osiguranje Srbija a.d.o. Beograd
DDOR NOVI SAD a.d.o
Wiener Städtische osiguranje a.d.o. Beograd
GRAWE osiguranje a.d.o. Beograd
AS neživotno osiguranje a.d.o. Beograd
AMS Osiguranje a.d. Beograd
Axa životno osiguranje Beograd
Adriatic Slovenica d.d. Koper
AMS Poslovni Sistem d.o.o. Beograd
Neživotno osiguranje Basler ADO Beograd
Životno osiguranje Basler ADO Beograd
Apatinska pivara doo Apatin
Serbia Zijin Copper doo Bor
Delta Real Estate d.o.o. Beograd
Wolf Theiss
NLB Komercijalna banka AD Beograd
Energoprojekt Holding a.d. Beograd
Alta banka ad Beograd
Addiko bank ad Beograd
SAVA NEŽIVOTNO OSIGURANJE a.d.o. Beograd
Takovo osiguranje ADO Kragujevac
JP Srbijagas Novi Sad
Sogaz ADO Novi Sad
Milenijum osiguranje Beograd
Croatia osiguranje d.d. Zagreb
OTP banka Srbija a.d. Novi Sad
Zajednička advokatska kancelarija Marić