ANNUAL REPORT 2003

RAPORT ANUAL 2003

CUVNT NAINTE

al Preedintelui Consiliului de Supraveghere

Strategia WIENER STDTISCHE n Europa Central i de Est se bazeaz pe colaborare, management local i know-how. Principiul gndire global-aciune local face parte din cultura grupului. Investiiile pe termen lung ct i reinvestirea ctigurilor n rile de provenien sunt componente importante ale succesului i puterii societilor pe pieele autohtone. Implicarea WIENER STDTISCHE se remarc prin transferul de know-how i strategii inovatoare de organizare, dezvoltare de produse i vnzare. Pentru UNITA anul 2003 a adus modificri notabile datorate creterilor remarcabile realizate. Societatea a urcat trei poziii n ierarhia primelor 10 societi de asigurare, ocupnd poziia 5 dup ce, anul trecut, a subscris, n asigurrile generale, un volum de prime brute, ajustat cu inflaia, aproape dublu fa de anul 2002. De asemenea, UNITA a reuit n 2003 s-i dubleze volumul de prime ncasate n raport cu anul anterior. Principala clas de asigurri practicat rmne n continuare cea a asigurrilor auto, unde UNITA deine o cot de pia de 8,76%, ocupnd locul 4 n topul societilor de asigurare din Romnia. n anul 2003, grupul austriac WIENER STDTISCHE, acionarul majoritar al societii de asigurare UNITA, a crescut capitalul social al firmei prin aport de numerar de la 168,28 miliarde lei la 394,08 miliarde lei n 2003. Preocuprile pentru anul 2004 vizeaz dobndirea unei poziii solide i stabile pe piaa asigurrilor din Romnia. Cu prilejul raportului de nchidere de an menionm c succesul societii s-a datorat angajailor, colaboratorilor i partenerilor UNITA, i nu n ultimul rnd clienilor notri, crora le mulumim i pe care i asigurm c interesele lor sunt principala noastr preocupare.

INTRODUCTION

by the Chairman of the Supervisory Board

The strategy of WIENER STDTISCHE is focused on cooperation, local management and know-how. The principle think global act local is part of the corporate culture. The long-term investments as well as the reinvesting of the earnings in the countries of origin are important parts of companies success and strength on the local markets. The involvement of WIENER STDTISCHE is characterized by the transfer of know-how and innovative strategies regarding organization, product development and sales. 2003 brought notable positive changes for UNITA based on the growth rate. The company climbed up 3 positions in the top 10 of the Romanian insurers, reaching the 5th position after having subscribed in 2003 a gross premium volume in the Non-Life insurance field, which, adjusted to the inflation, doubled the results of 2002. UNITA also managed to double its written premium volume in 2003. The Car Insurance still remains the main insurance product class. UNITA has an 8.76% market share, holding the 4th position in the ranking of the Romanian insurance companies. In 2003, the Austrian WIENER STDTISCHE Group, the main shareholder of UNITA, also increased the share capital of the company, through a cash contribution, from 168.26 billions ROL to 394.08 billions ROL. Our concerns regarding 2004 are focused on reaching a solid and stable position on the Romanian insurance market. Using this opportunity, we would like to add that the companys success is based on the contribution of UNITAs employees, collaborators, partners and not least, on its clients, which we would also like to thank, assuring them that they are our main care.

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

CUPRINS
GRUPUL WIENER STDTISCHE PROFILUL COMPANIEI STRUCTURA ORGANIZATORIC REASIGURARE 2003 PIAA ASIGURRILOR CLASE DE ASIGURARE ASIGURRI DE VIA ASIGURRI DE PERSOANE ALTELE DECT DE VIA ASIGURRI NON-VIA TOTAL ASIGURRI DAUNE - REZERVE REZULTATE FINANCIARE BILAN CONTUL DE PROFIT I PIERDERE RAPORTUL AUDITORULUI ERNST&YOUNG REEA TERITORIAL 4 6 7 8 9 10 14 15 16 17 18 19 20 24 28 30

SUMMARY
WIENER STDTISCHE GROUP COMPANY PROFILE ORGANISATIONAL CHART REINSURANCE 2003 INSURANCE MARKET INSURANCE CLASSES LIFE INSURANCE PERSONAL INSURANCE OTHER THAN LIFE NON-LIFE INSURANCE TOTAL INSURANCE CLAIMS - RESERVES FINANCIAL RESULTS BALANCE SHEET PROFIT & LOSS STATEMENT AUDITORS REPORT ERNST&YOUNG` NATIONAL SALES NETWORK 4 6 7 8 9 10 14 15 16 17 18 19 20 24 29 30

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

GRUPUL WIENER STDTISCHE

Societatea de asigurare WIENER STDTISCHE a fost nfiinat n 1824 la Viena i este astzi cea mai mare i puternic societate de asigurare din Austria, n acelai timp fiind cotat drept una din cele mai solide societi de asigurare din Europa. Tradiia, experiena sa de 180 de ani i bunul renume alctuiesc cartea sa de vizit, recomandnd-o ca un partener serios al oricrei companii din lume. Intrarea sa pe piaa de asigurri din Romnia se nscrie ntr-o politic a investiiilor bine determinat i care are ca obiectiv ctigarea unor importante cote de pia n rile din Europa Central i de Sud-Est, avnd certitudinea c acest sector se va dezvolta n continuare. WIENER STDTISCHE s-a implicat activ n 12 ri europene (Belarus, Bulgaria, Cehia, Croaia, Germania, Italia, Liechtenstein, Polonia, Romnia, Serbia, Slovacia, Ungaria) fiind totodat cea mai important societate de asigurri austriac din Europa Central i de Est. Grupul austriac are 15 000 angajai i 11 milioane clieni n toat Europa i a obinut n anul 2003 un volum total de prime de peste 3,9 miliarde euro, efectund investiii de 10,3 miliarde euro. Investiiile Grupului WIENER STDTISCHE n Romnia se cifreaz la suma de 11 milioane euro. n prezent, un sfert din primele ncasate de concern provin de la companiile din cele 12 ri din Europa Central i de Est, iar pn n anul 2005, acest procent se va dubla.

WIENER STDTISCHE GROUP

WIENER STDTISCHE VERSICHERUNG was founded in Vienna, in 1824. Today it is the leading insurance company of Austria, being also considered as one of the strongest insurance groups in Europe. Tradition, 180 years of experience and a good name form its business card, which recommends it as a serious partner to any other company in the world. The groups entrance on the Romanian market is based on a well-determined investment policy, which targets the earning of important market shares in the countries of the Central and Eastern Europe, where the insurance sector is still developing. WIENER STDTISCHE involved directly in 12 other European countries (Belarus, Bulgaria, Czech Republic, Croatia, Germany, Italy, Liechtenstein, Poland, Romania, Serbia, Slovak Republic, Hungary), becoming the most important insurance group in Central and Eastern Europe. The Austrian group has about 15 000 employees and 11 million clients in whole Europe, and for 2003, it collected a total premium volume of EUR 3.9 billion and invested more than EUR 10.3 billion. The investments made in Romania by WIENER STDTISCHE reached an amount of EUR 11 million. Now, a quarter of the groups collected premiums comes from the companies of the 12 Central and Eastern European countries. Till 2005, this percentage will be doubled.

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

PROFILUL COMPANIEI
UNITA S.A. este prima societate de asigurare cu capital integral privat constituit n Romnia dup decembrie 1989 i este membru fondator al Uniunii Naionale a Societilor de Asigurare i Reasigurare din Romnia, al Biroului Asigurtorilor de Autovehicule din Romnia i a Institutului Romn pentru Asigurri. nfiinat n data de 3 septembrie 1990 n Timioara, UNITA i-a nceput activitatea n ianuarie 1991 cu asigurarea mixt de via cu acumulare de capital, nregistrnd succesul scontat. La nceputul anului 1996, odat cu lansarea asigurrii de incendiu i a altor pagube la bunuri, UNITA a pus baza asigurrilor non-via, domeniu care a fost dezvoltat sistematic n anii ce au urmat. n anul 1997, UNITA a obinut autorizarea de a practica asigurarea obligatorie de rspundere civil auto (RCA) i asigurarea facultativ tip Carte Verde. La nceputul anului 2001, WIENER STDTISCHE Wechselseitige Versicherungsanstalt Vermgensverwaltung a devenit acionar al UNITA, prelund 51% din aciuni, iar n 2002, grupul austriac a devenit acionar majoritar al societii UNITA, prelund 99,99% din aciuni. Capitalul social a fost majorat de la 168,269 miliarde lei n iunie 2002 la 394 miliarde lei n 2003, toate majorrile efectundu-se prin aport de numerar. Aceasta reprezint o investiie de 11 milioane euro a companiei-mam WIENER STDTISCHE care plaseaz UNITA pe unul dintre primele locuri ntre societile de asigurare din Romnia n ceea ce privete capitalizarea. n prezent, UNITA are una dintre cele mai mari reele de vnzare a asigurrilor din Romnia. Dinamica pozitiv a companiei se reflect n creterile nregistrate la urmtoarele produse: RCA, CASCO i Carte Verde, asigurarea de incendiu i alte tipuri de bunuri, UNITA ocupnd n anul 2003 locul 6 n topul companiilor de asigurare, cu un portofoliul ce depete 500.000 de clieni. Strategia general a investitorului austriac este, ca n termen de 3 ani, prin cele dou firme deinute, UNITA i AGRAS, s se situeze ntre primele 3 companii de asigurare din Romnia (referitor la volumul de prime subscrise).

COMPANY PROFILE
UNITA S.A. is the very first insurance company with 100% private capital set up in Romania after December 1989. The company is also a founding member of the National Association of Insurance and Reinsurance Companies from Romania, the Motor Car Insurers Bureau of Romania and the Romanian Insurance Institute. UNITA was set up on 3rd September 1990 in Timioara and started its activity in January 1991 with a life product, the Endowment Insurance, which registered the expected success. At the beginning of 1996, when the Property and Casualty Insurance was issued, UNITA opened the range of Non-Life Insurance products, which have been systematically developed during the following years. In 1997, UNITA obtained the license to perform the Motor Third Party Liability Insurance and the facultative Green Card Insurance. At the beginning of 2001, WIENER STDTISCHE Wechselseitige Versicherungsanstalt Vermgensverwaltung became the major stock holder of UNITA by taking over 51% of the shares, and in 2002, the Austrian group took over 99.99% of the shares, becoming as well the soul stockholder of the company. The share capital increased through cash contributions from ROL 168.269 billion in 2002 to ROL 394 billion in 2003. This represents an investment of EUR 11 million made by the mother-company WIENER STDTISCHE, which places UNITA on one of the top positions on the Romanian insurance market regarding capitalization. Now, UNITA has one of the largest insurance sales network in Romania. The positive dynamics of the company are reflected by the growth rates of the following products: Motor Third Party Liability Insurance, CASCO, Green Card Insurance, Fire Insurance and other types of Goods Insurance products. In 2003, UNITA reached the 6th position in the ranking of the Romanian insurers and registered more than 500 000 clients. Within 3 years, the strategy of the Austrian investor aims to enter the top 3 on the Romanian insurance market through its two companies, UNITA and AGRAS (regarding the written premium volume).

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

STRUCTURA ORGANIZATORIC ORGANISATIONAL CHART

DENUMIRE / NAME
Societatea de Asigurare S.C. UNITA S.A.

SEDIUL CENTRAL / HEAD OFFICE

Str. Ofcea nr. 9, Timioara, RO 300561, Jud. TIMI

CONSILIUL DE SUPRAVEGHERE / SUPERVISORY BOARD

Mag. Christian BRANDSTETTER Dr. Rudolf ERTL Dr. Martin SIMHANDL

CONSILIUL DE ADMINISTRAIE / MANAGEMENT BOARD

Dan ODOBESCU - Director General / General Director Doris WALTHER Director General Adjunct / General Deputy Director Daniel STAN Membru conducere / Board member

STRUCTURA ACIONARIATULUI / THE OWNERSHIP STRUCTURE

99.9999% - Wiener Stdtische Allgemeine Versicherung Aktiengesellschaft 0.00025% - Mr. Maximilian Wang 0.00025% - Ms. Monica Seybal 0.00025% Ms. Rita Plasun 0.00025% Mr. Robert Burger

NUMR DE SALARIAI / NUMBER OF EMPLOYEES

835

REEA NAIONAL DE VNZRI / NATIONAL SALES NETWORK

- sucursale / branches: 41 - filiale i subuniti distribuite pe ntreg cuprinsul rii / subsidiaries and subunits situate over the whole country territory: 130

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

REASIGURARE 2003
Programul de reasigurare pentru anul 2003 are la baz contractul de reasigurare tip buchet pentru asigurrile non-via, care a acoperit asigurrile de incendiu i alte pagube la bunuri, asigurrile tehnice, asigurrile CARGO i C.M.R., asigurrile CASCO i asigurrile de Rspundere Civil General. Reasigurtorii importani pentru contractul obligatoriu tip buchet sunt GE Frankona, Converium, Swiss Re Germany, Partner Re i Mapfre. Pentru acoperirea riscurilor de catastrof s-a ncheiat un contract de reasigurare non-proporional excedent de daun (XL), care acoper asigurrile de incendiu i alte pagube la bunuri, asigurrile tehnice i asigurrile CASCO. Reasigurtori renumii au preluat acest contract: Swiss Re Germany, Hannover Re, Sirius, Gothaer i Converium. Asigurarea de rspundere civil auto Carte Verde este acoperit de un contract de reasigurare non-proporional excedent de daun (XL), preluat de reasigurtorii Swiss Re Germany, Odyssey Re, Gothaer i Mapfre. Participarea activ a reasigurtorilor la procesul de perfecionare a specialitilor, precum i transferul de know-how, au contribuit la ridicarea calitii serviciilor pentru meninerea competitivitii societii cu concurena puternic din piaa romneasc a asigurrilor.

Evoluia volumului de prime brute ncasate n perioada 1998-2003 (mii. ROL) The evolution of the gross collected premiums volume during 1998-2003 (ROL mio)
Anul Year Volum prime ncasate Volume of collected premiums (mio ROL) 2 414 840 4 273 930 6 738 873 10 012 425 19 145 343 24 526 997 76.99% 57.67% 48.58% 63.00% 46.87% 54.8% 40.7% 30.3% 17.8% 14.1% 14.33% 12.06% 15.39% 38.70% 28.72% Creterea nominal fa de anul anterior Nominal growth as compared to previous year Rata inflaiei Inflation rate Creterea real fa de anul anterior Real growth as compared to previous year

1998 1999 2000 2001 2002 2003

REINSURANCE 2003
The Reinsurance programme for 2003 based on the bouquet reinsurance treaty for Non-Life Insurance that covered the Fire and Allied Perils Insurance, Technical Insurance, Goods Insurance for Damages occurred during the transportation (CARGO), carriers liability (C.M.R.) and Liability Insurance. The main reinsurers for the compulsory bouquet treaty were GE Frankona, Converium, Swiss Re Germany, Partner Re and Mapfre. For the cover of all catastrophic risks, a non-proportional excess reinsurance treaty (XL) has been concluded, covering the Fire and Allied Perils Insurance, Technical Insurance and CASCO Insurance. This treaty has been taken over by renowned reinsurers, such as: Swiss Re Germany, Hannover Re, Sirius, Gothaer and Converium. The Green Card Insurance was covered by a nonproportional reinsurance treaty (XL), taken over by a group of reinsurers, such as Swiss Re Germany, Odyssey Re, Gothaer and Mapfre. The reinsurers active participation in the experts perfecting process, as well as the know-how transfer, contributed to the increase of services quality, so that the companys competitiveness could keep up with the strong competition on the Romanian insurance market.

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

MEDIUL MACROECONOMIC
Anul 2003 a fost caracterizat de o cretere economic dinamic, care se reflect n creterea fa de anul anterior n termeni reali a Produsului Intern Brut cu 4,4%, scderea inflaiei de la 17,8% n anul 2002 la 14,1% n anul 2003 i scderea ratei omajului de la 10% n anul 2002 la 7,2% la sfritul anului 2003.
Produsul Intern Brut a fost n valoare de 48,4 miliarde EUR Cursul mediu de schimb ROL/USD a fost de 33 200 Cursul mediu de schimb ROL/EUR a fost de 37 556

PIAA ASIGURRILOR
Fa de anul 2002, piaa asigurrilor a nregistrat n anul 2003 o cretere absolut de aproximativ 39,6% (n raport cu inflaia, creterea real a atins 22,4%). Primele brute subscrise n anul 2003 au atins un volum total de 27.738,16 miliarde lei (650,29 milioane euro), n timp ce volumul total al primelor brute ncasate a fost de 24.526,99 miliarde lei (596,52 milioane euro). Densitatea asigurrilor, n anul 2003, a nregistrat o cretere nominal de 46,9%, atingnd valoarea de aproximativ 27,4 EUR/cap de locuitor. Structura pieei n anul 2003 a fost urmtoarea:
Asigurri generale (non-via) 76,82% Asigurri de via 23,18% Asigurarea obligatorie de rspundere civil auto 15,78%

MACROECONOMIC ENVIRONMENT
Year 2003 was characterized by a real growth rate of the Gross Domestic Product by 4.4%, a decrease of the inflation rate as compared to 2002 from 17.8% to 14.1% and a decrease of the unemployment rate from 10% in 2002 to 7.2% at the end of 2003.
The GDP achieved EUR 48.4 billion The average rate of exchange ROL/USD was of 33 200 The average rate of exchange ROL/EUR was of 37 556

INSURANCE MARKET
In 2003, the insurance market in Romania recorded a growth of 44.9% as compared to the previous year (considering the inflation rate, the real growth reached 27.6%). The total volume of gross written premiums in 2003 reached ROL 27 738.16 billion (650.29 EUR million) and the total volume of gross collected premiums reached ROL 24 526.99 billion (xxx 596.52 million). The amount of the insurance premium per inhabitant was of EUR 27.4, with a nominal growth of approximately 46.9%. The insurance market structure in 2003 was the following: Non-Life Insurance 76.82% Life Insurance 23.18% Compulsory Motor Third Party Liability Insurance 15.78%.
Unita S.A. Insurance Company - Group Wiener Stdtische Annual Report 2003

CLASE DE ASIGURARE
ASIGURRI DE VIA

Asigurarea Asigurarea Asigurarea Asigurarea Asigurarea Asigurarea Asigurarea Asigurarea

mixt de via cu acumulare de capital mixt de via cu acumulare de capital UNITA DECENIUM mixt de via cu acumulare de capital UNITA DECENIUM SPECIAL de via cu protecie simpl sau extins de pensie viager cu acumulare de capital de via cu trageri la sori SUCCES de via cu protecie variabil PUCULIA de via MBI CONTUL DE VIITOR AL FAMILIEI

ASIGURRI DE PERSOANE, ALTELE DECT CELE DE VIA

Asigurarea de accidente Asigurarea de accidente pentru conductorii auto i persoanele aflate n interiorul autovehiculelor Asigurarea medical pentru cltorii n strintate Asigurarea de asisten medical de urgen pentru cetenii strini pe teritoriul Romniei

INSURANCE CLASSES

LIFE INSURANCE

Endowment Insurance UNITA DECENIUM Endowment Insurance UNITA DECENIUM SPECIAL Endowment Insurance Term Life Insurance with simple or extended protection Pension Insurance with capital accumulation Life Insurance with drawing SUCCES (Success) Life Insurance with variable protection PUCULIA (Money box) MBI FUTURE FAMILY ACCOUNT Life Insurance

PERSONS INSURANCE, OTHER THAN LIFE

Accident Insurance Accident Insurance for drivers and persons inside the vehicles Travel Health Insurance Urgent Medical Care Insurance for foreign citizens on Romanian soil
Raport Anual 2003 Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

10

ASIGURRI GENERALE (NON-VIA)

Asigurarea de avarii i furt a autovehiculelor CASCO Asigurarea bunurilor pentru daune produse n timpul transportului maritim i terestru CARGO Asigurarea complet a locuinei Asigurarea cldirilor i a construciilor Asigurarea bunurilor mobile i casabile Asigurarea de avarii accidentale la maini, utilaje i instalaii Asigurarea lucrrilor de construcii montaj i a rspunderii constructorului Asigurarea obligatorie de rspundere civil auto RCA Asigurarea de rspundere civil auto cu valabilitate n afara teritoriului Romniei CARTE VERDE Asigurarea de rspundere a transportatorului n calitate de cru pentru mrfurile transportate Asigurarea de rspundere civil profesional Asigurarea de rspundere civil general Asigurarea facultativ de tip BUCHET pentru transportatorii n regim internaional Asigurarea de asisten n cazul insolvabilitii sau falimentului ageniei de turism Asigurarea creditului n cazul cedrii n leasing a autovehiculelor

NON-LIFE INSURANCE

Motor Car Insurance for damages and theft CASCO Goods Insurance for damages occurred during the sea or ground transportation CARGO Complete Household Insurance Buildings and Constructions Insurance Insurance for Moveable and Breakable Goods Machinery and Installations Breakdown Insurance Assembling Construction Works and Builders Liability Insurance Motor Third Party Liability Insurance Facultative Motor Third Party Liability Insurance valid for outside Romania GREEN CARD Carriers Liability for Transport Goods Professional Liability Insurance General Third Party Liability Insurance Facultative International Transport Insurance BUCHET (Bouquet) Tourist Assistance Insurance in case of insolvency or bankruptcy of the travel agency Financial Risk Insurance for motor-car leasing agreements
Annual Report 2003

Unita S.A. Insurance Company - Group Wiener Stdtische

11

Rezultate financiare Financial results

PRODUSE DE ASIGURARE INSURANCE PRODUCTS

ASIGURRI DE VIA
n anul 2003, volumul primelor brute ncasate n sectorul asigurrilor de via a crescut fa de anul 2002 cu 17,6%. Cel mai important eveniment al anului 2003 a fost lansarea pe pia a unui nou produs: CONTUL DE VIITOR AL FAMILIEI, ce aparine clasei asigurrilor de via.
Forma de asigurare Class of insurance

LIFE INSURANCE
In 2003, the volume of gross collected premiums for Life Insurance has increased by 17.6% as compared with 2002. The main event of 2003 was the issue on the market of the new product: FAMILY FUTURE ACCOUNT, that belongs to life insurance class.
Prime ncasate Collected premiums 2003 ROL mio 81 803.4 14 907.4 7 701.1 3 404.7 1 725.4 153.6 251.6 6 117.3 116 064.5 % 70.48 12.84 6.64 2.93 1.49 0.13 0.22 5.27 2002 ROL mio 76 445.0 8 303.7 7 959.2 x 556.5 58.8 170.8 5 161.1 98 655.1 0.56 0.06 0.17 5.23 210.0 161.2 47.3 18.5 17.6 % 77.49 8.42 8.07 Cretere Growth 2003/2002 % 7.0 79.5 -3.2

Prime subscrise Written premiums 2003 ROL mio

Asigurarea mixt cu acumulare de capital Asigurarea UNITA DECENIUM

Endowment Insurance UNITA DECENIUM Insurance

81 117.7 20 242.2 9 014.9 3 142.8 2 138.5 152.3 284.0 6 757.5 122 849.9

Asigurarea UNITA DECENIUM UNITA DECENIUM SPECIAL SPECIAL Insurance Asigurarea CONTUL DE VIITOR AL FAMILIEI Asigurarea SUCCES Asigurarea PUCULIA Asigurarea de via cu protecie simpl/extins FAMILY FUTURE ACCOUNT Insurance SUCCES Life Insurance PUCULIA Life Insurance Term Life Insurance with simple/extended protection

Asigurarea de pensie viager Pension Insurance TOTAL

Evoluia volumului primelor brute ncasate pentru clasa asigurrilor de via n perioada 1996 - 2003

The evolution of the gross collected premiums for Life Insurance during the years 1996 - 2003

(ROL mio) 120 000 100 000 80 000 60 000 40 000 20 000 0 13 002.7 17 997.0 30 773.5 56 183.9 75 137.9 98 655.1

116 064.5

43 363.1

1996

1997

1998

1999

2000

2001

2002

2003

14

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

ASIGURRI DE PERSOANE ALTELE DECT DE VIA

Asigurrile de persoane altele dect cele de via au nregistrat n 2003 o cretere de 8,9%, ca rezultat al creterii substaniale a asigurrii de accidente de persoane (accidente cltori).

PERSONAL INSURANCE OTHER THAN LIFE

The Personal Insurance, other than Life, recorded in 2003 a growth of 8.9%, due to the substantial growth of the Personal Accident Insurance (passengers).

Forma de asigurare

Class of insurance

Prime subscrise Written premiums 2003 ROL mio

Prime ncasate Collected premiums 2003 ROL mio 18 459.7 22 941.1 % 40.65 50.52 2002 ROL mio 14 563.1 24 526.1 % 34.92 58.80

Cretere Growth 2003/2002 % 26.8 -6.5

Accidente de persoane (accidente cltori) Asigurarea medical pentru cltorii n strintate

Personal Accident Insurance (passengers) Travel Health Insurance

17 612.2 22 758.6

Accidente conductori auto Accident Insurance for i persoane aflate n interiorul drivers and persons inside autovehiculelor the vehicles TOTAL

5 386.3 45 757.1

4 011.3 45 412.1

8.83

2 620.5 41 709.7

6.28

53.1 8.9

Evoluia volumului primelor brute ncasate pentru clasa asigurrilor de persoane, altele dect de via, n perioada 1996-2003
(ROL mio) 50 000

The evolution of the gross collected premiums for Personal Insurance, other than Life, during the years 1996-2003

45 412,1
41 709.7

40 000 30 000 20 000 11 227.8 10 000 1 526.2 0 1996 2 126.3 1997 3 550.8 1998 5 783.1 7 408.5

1999

2000

2001

2002

2003

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

15

PRODUSE DE ASIGURARE INSURANCE PRODUCTS

ASIGURRI NON-VIA
Creterea nregistrat n anul 2002 la asigurrile non-via a continuat i n anul 2003, volumul primelor brute ncasate fiind de 945 936,2 milioane lei. Creterea a fost de 134,5%. Formele de asigurare care au determinat aceast important cretere sunt: asigurarea de avarii i furt a autovehiculelor (142,5%), asigurarea obligatorie de rspundere civil auto RCA (138,8%) i asigurarea facultativ de rspundere civil (132,1%).

NON-LIFE INSURANCE
The year 2002s growth of Non-Life Insurance has continued in 2003, and the volume of gross collected premiums was ROL 945 936.2 billion. The growth was of 134.5%. The classes of Insurance that brought about this important growth are the Motor Car Insurance (142.5%), the Motor Third Party Liability Insurance - RCA (138.8%) and the Liability Insurance, other than MTPL (132.1%).

Forma de asigurare

Class of insurance

Prime subscrise Written premiums 2003 ROL mio

Prime ncasate Collected premiums 2003 ROL mio 321 882.6 59 921.6 % 34.03 6.33 2002 ROL mio 132 753.7 34 905.0 % 32.91 8.65

Cretere Growth 2003/2002 % 142.47 71.67

Asigurarea de avarii i furt a autovehiculelor Incendiu i alte pagube la bunuri Asigurarea bunurilor pe timpul transportului Asigurri de rspundere civil (fr RCA) Asigurri de rspudere civil auto RCA Altele TOTAL

Motor Car Insurance 430 465.4 Fire and Allied Perils Insurance Goods Insurance for damages occurred during the transportation Liability Insurances (MTPL not included) Motor Third Party Liability Insurance Others 79 682.6

4 274.5 223 320.9 394 248.1 16 873.1 1 148 864.6

4 233.7 159 787.2 389 131.7 10 979.4 945 936.2

0.45 16.89 41.14 1.16

2 511.2 68 845.0 162 940.7 1 376.6 403 332.2

0.62 17.07 40.40 0.34

68.59 132.10 138.82 697.57 134.53

Evoluia volumului primelor brute ncasate pentru clasa asigurrilor non-via, n perioada 1996 -2003

The evolution of the gross collected premiums for Non-Life Insurance, during the years 1996-2003

(ROL mio) 1.000.000 800.000 600.000 400.000 200.000 0 1 324.6 1996 6 500.0 1997 59 497.3 1998 124 514.4 151 876.0 232 434.6 403 332.2

945 936.2

1999

2000

2001

2002

2003

16

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

TOTAL ASIGURRI
Rezultatele globale pentru anul 2003 sunt susinute n proporie de 134,53% de asigurrile non-via, n proporie de 17,65% de asigurrile de via i de 5,3% de asigurrile de persoane, altele dect via. Volumul primelor brute ncasate la toate formele de asigurare n anul 2003 n valoare de 1.107.412,8 milioane lei, a asigurat o cretere global de 103,68%

TOTAL INSURANCE
The global results for 2003 are sustained by the Non-Life Insurance over 134.53%, the Life Insurance over 17.65% and the Personal Insurance, other than Life over 5.3%. The volume of the gross collected premiums for all insurance classes in 2003 amounting to ROL 1,107,412.8 billion, insured a global growth of 103.68%.

Forma de asigurare

Class of insurance

Prime subscrise Written premiums 2003 ROL mio

Prime ncasate Collected premiums 2003 ROL mio 116 064.5 45 412.1 945 936.2 1 107 412.8 % 10.48 4.10 85.42 2002 ROL mio 98 655.1 41 709.7 403 332.2 543 697.0 % 18.15 7.67 74.18

Cretere Growth 2003/2002 % 17.65 8.88 134.53 103.68

Asigurri de via Asigurri de persoane altele dect via Asigurri non-via TOTAL

Life Insurance Personal Insurance other than Life Non-Life Insurance

122 849.9 45 757.1 1 148 864.6 1 317 471.6

Evoluia volumului primelor brute ncasate la toate formele de asigurare n perioada 1996 -2003

The evolution of the gross collected premiums for all insurance classes, during the years 1996-2003

(ROL mio) 1.200.000 1.000.000 800.000 600.000 400.000 200.000 93 821.6 1998 173 660.2 1999 215 468.4 318 800.3 543 697.0

1 107 412.8

15 863.4 1996

26 623.4 1997

2000

2001

2002

2003

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

17

PRODUSE DE ASIGURARE INSURANCE PRODUCTS

DAUNE - REZERVE
Situaia despgubirilor pltite n anul 2003, a daunelor anunate i nepltite, precum i a rezervelor create pentru plata daunelor este prezentat sugestiv n tabelul urmtor:

CLAIMS - RESERVES
The report of the indemnities paid in 2003, the outstanding claims as well as the reserves created for payment of damages is presented below, in a suggestive way:

Claims / Reserves

Daune / Rezerve

2003 ROL mio

2002 ROL mio

261 296.9 119 692.5 15 981.0 209 853.9 138 369.8 7 114.6 752 308.7

Daune pltite Rezerva de daune Rezerva de daune neavizate Rezerva matematic Rezerva de prime Rezerva de catastrofe TOTAL

Paid Claims Claims reserve RBNS Incurred but not reported IBNR Mathematical reserve Unearned premium reserve Cat reserve

515 263.7 198 335.1 20 296.2 240 962.3 345 779.4 8 743.7 1 329 380.4

18

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

REZULTATE FINANCIARE FINANCIAL RESULTS

n 2003, UNITA a obinut urmtoarele cote de pia: Asigurri de via: 1,74 % fa de 3,2 % n 2002 Locul 9 n clasamentul societilor care practic asigurri de via

In 2003 UNITA gained the following market shares: Life Insurance: 1.74 % compared to 3.2 % in 2002 9th position - Life Insurance market

Asigurri non-via: 5,76 % fa de 3,7 % n 2002 Locul 5 n clasamentul societilor care practic asigurri non-via

Non Life Insurance: 5.76 % compared to 3.7 % in 2002 5th position - Non-Life Insurance market

Total: 4,72% fa de 3,6% n 2002 Locul 5 n clasamentul general al companiilor de asigurri

Total: 4.72% compared to 3.6% in 2002 5th position on the whole market

2003 Indicator Indicator ROL mio Prime brute ncasate din care: - asigurri de via - asigurri de persoane - asigurri non-via - asigurarea obligatorie auto Despgubiri pltite Gross collected premiums out of which: - Life Insurance - Personal Insurance - Non-Life Insurance - Motor Third Party Liability Paid claims 116 064.5 45 412.1 556 804.5 389 131.7 515 263.7 1 107 412.8

2002 ROL mio 543 696.9

Cretere Growth % 103.68

98 655.0 41 709.7 240 391.4 162 940.8 261 296.9

17.65 8.88 131.62 138.82 97.19

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

19

BILAN BALANCE SHEET

ACTIV ASSETS
A A ACTIVE NECORPORALE I IMOBILIZRI NECORPORALE Cheltuieli de constituire Cheltuielile de dezvoltare Concesiuni, brevete, licene, mrci, drepturi i valori similare i alte imobilizri necorporale Fondul comercial n cazul n care a fost achiziionat Avansuri i imobilizri necorporale n curs de execuie Alte imobilizri necorporale TOTAL (rd. 01 la 06) B PLASAMENTE I Plasamente n imobilizri corporale i n curs Terenuri i construcii INTANGIBLE ASSETS INTANGIBLE FIXED ASSETS Expenditures related to setting up and expanding the company Development costs Concesions, patents, licenses, trademarks, similar rights and values and other intangible assets Goodwill Prepayments and intangible assets in progress Other intangible assets (soft) TOTAL (row 01 to 06) INVESTMENTS Investments in land and buildings Land and buildings 08 09 10 01 02 Nr. rd. Row no. B

la/as at December 31, 2003

- 000 ROL Sold la / Balance at: nceputul anului Beginning of year 1 Sfritul anului End of year 2

03 04 05 06 07 174 494 180 198 354 692 1 292 861 1 292 861

256 605 342 16 338 602 272 943 944

252 375 198 19 783 889 272 159 087

Avansuri i plasamente n imobilizri corporale Prepayments and investment in progress n curs de execuie TOTAL (rd. 08 + 09) II Plasamente deinute la societile din cadrul grupului i sub form de interese de participare i alte plasamente n imobilizri financiare Titluri de participare deinute la societi din cadrul grupului Titluri de crean i mprumuturi acordate societilor din cadrul grupului Participri la societile n care exist interese de participare Titluri de crean i mprumuturi acordate societilor n care exist interese de participare Alte plasamente n imobilizri financiare TOTAL (rd. 11 la 15) III Alte plasamente financiare Aciuni, alte titluri cu venit variabil i uniti la fondurile comune de plasament Obligaiuni i alte titluri cu venit fix Pri n fonduri comune de investiii mprumuturi ipotecare Alte mprumuturi Depozite la instituiile de credit Alte plasamente financiare TOTAL (rd. 17 la 23) IV Depozite la societi cedente TOTAL (row 08 + 09) Investments in affiliated companies and participating interests

Shares in affiliated companies Bonds issued by affiliated companies and loans to affiliated companies Participating interests Bonds issued by and loans to companies where there is a participatory relationship Other investments TOTAL (row 11 to 15) Other financial investments Shares and others variable income securities

11 12 13

94 599 381

134 719 381

14 15 16 737 772 95 337 153 793 874 135 513 255

17 Bonds and other fixed income securities Participations investment funds Mortgage loans Other loans Balance at banks Other financial investments TOTAL (row 17 to 23) Deposits retained associated with inwards reinsurance business 18 19 20 21 22 23 24 25 37 899 926 328 078 428 22 522 412 261 900 163 15 377 514 66 178 265

20

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

C PLASAMENTE AFERENTE CONTRACTELOR N UNITI DE CONT TOTAL PLASAMENTE D PARTEA DIN REZERVELE TEHNICE AFERENTE CONTRACTELOR CEDATE N REASIGURARE Partea din rezervele tehnice aferente contractelor cedate n reasigurare la asigurri generale Partea din rezervele tehnice aferente contractelor cedate n reasigurare la asigurri de via Partea din rezervele tehnice aferente contractelor n uniti de cont cedate reasigurtorilor TOTAL (rd. 28 la 30) E CREANE Sume de ncasat de la societile din cadrul grupului Sume de ncasat din interese de participare TOTAL (rd. 32+33) I Creane provenite din operaiuni de asigurare direct Asigurai Intermediari n asigurri Alte creane provenite din operaiuni de asigurare direct TOTAL (rd. 35 la 37) II Creane provenite din operaiuni de reasigurare III Alte creane IV Creane privind capitalul subscris i nevrsat F ALTE ELEMENTE DE ACTIV I IMOBILIZRI CORPORALE I STOCURI Echipamente tehnologice Aparate i instalaii de msurare, control i reglare Mijloace de transport Mobilier, aparatur birotic, echipamente de protecie a valorilor umane i materiale i alte active corporale Avansuri i imobilizri corporale n curs de execuie TOTAL (rd. 42 la 46) Stocuri Materiale consumabile Materiale de natura obiectelor de inventar TOTAL (rd. 48 + 49) II Casa i conturi la bnci III Aciuni proprii IV Alte elemente de activ G CHELTUIELI N AVANS I Dobnzi i chirii nregistrate n avans II Cheltuieli de achiziie reportate III Alte cheltuieli nregistrate n avans TOTAL (rd. 54 la 56) TOTAL ACTIV

INVESTMENTS FOR THE BENEFIT OF FUNDLINKED LIFE INSURANCE POLICYHOLDERS TOTAL INVESTMENTS REINSURERS PARTICIPATION TO TEHNICAL RESERVES Reinsurers participation to technical reserves in non life business

26 27 406 181 023 735 750 770

28 Reinsurers participation to technical reserves in life business 29 Reinsurers participation to technical reserves associated with fund - linked life insurance policies TOTAL (row 28 to 30) RECEIVABLES Receivables from affiliated companies Receivables from participating interests TOTAL (row 32+33) Receivables arising from primary insurance operations From policyholders From intermediaries From insurance companies TOTAL (row 35 to 37) Accounts receivable arising from reinsurance business Other receivables Called-in unpaid capital contributions MISCELLANEOUS ASSETS TANGIBLE ASSETS (not including land and buildings) AND INVENTORY Technological equipment Computers Vehicles Furniture, and other office equipments 45 Prepayments and tangible assets under construction TOTAL (row 42 to 46) Stocks Materials Inventory TOTAL (row 48+49) Cash at bank and cash in hand Own shares Other assets ASSETS-SIDE ACCRUALS AND DEFERRALS Interest and expenses in advance Deffered acquisition costs Other assets-side a cruals and deferrals TOTAL (row 54 to 56) TOTAL ASSETS 54 55 56 57 58 48 49 50 51 52 53 46 47 42 43 44 35 36 37 38 39 40 41 32 33 34

115 798 366

169 998 142

30 31 115 798 366 169 998 142

147 220 611 2 431 066

379 960 973 0

149 651 677

379 960 973 24 424

105 438 546

52 418 298

1 161 166 2 180 494 16 445 679

2 418 265 2 661 568 26 870 856

6 208 842

7 412 927

25 996 181 4 935 881 525 989 5 461 870 92 074 532 146 527

39 363 616 7 236 775 633 404 7 870 179 69 363 094 241 377

962 422 5 136 568 8 672 277 14 771 267 915 874 681

1 523 432 15 509 072 12 590 647 29 623 151 1 485 906 885

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

21

BILAN BALANCE SHEET

PASIV LIABILITIES
A A CAPITAL I REZERVE I Capital Capital social din care: capital subscris vrsat II Prime de capital III Rezerve din reevaluare IV Rezerve Rezerve legale Rezerve pentru aciuni proprii Rezerve statutare sau contractuale Alte rezerve TOTAL (rd. 63 la 66) V Rezultatul reportat Profitul nerepartizat* Pierdere neacoperit** VI Rezultatul exerciiului Profit Pierdere VII Rezultatul divizrii B DATORII SUBORDONATE C REZERVE TEHNICE Rezerva de prime Rezerve matematice Rezerva pentru participare la beneficii i risturnuri privind asigurrile de via Alte rezerve tehnice Rezerva pentru participare la beneficii i risturnuri privind asigurrile generale Rezerva de daune privind asigurrile generale Rezerva de daune privind asigurrile de via Rezerva de egalizare Rezerva pentru riscuri neexpirate Rezerva de catastrof Alte rezerve tehnice TOTAL (rd. 82 la 92) D REZERVE TEHNICE AFERENTE CONTRACTELOR N UNITI DE CONT CAPITAL AND RESERVES Equity Share capital which from: Called and paid capital stock Capital reserves Buildings reevaluation reserves Reserves Legal reserves Statutory reserves Statutory or contractual reserves Other reserves TOTAL (row 63 to 66) Reported result Profit from previous year* Loss from previous year** Result of the financial year Profit Loss Split result SUBORDINATED LIABILITIES UNDERWRITING PROVISIONS Unearned premium Mathematical reserve and premium reserve for life Reserve for the participation in benefits and returns in relation to life insurance Other technical reserves Reserve for the participation to benefits and returns in relation to general insurance Claims reserve and IBNR Claims reserve for life Equalization reserve Reserve for unexpired risks Catastrophic reserve Other technical reserves TOTAL (row 82 to 92) UNDERWRITING PROVISION ASSOCIATED WITH FUND-LINKED AND INDEX-LINKED LIFE INSURANCE POLICIES NON-UNDERWRITING PROVISIONS Provisions for pensions Provisions for taxation Other provisions Raport Anual 2003 82 83 84 85 86 87 88 89 90 91 92 93 94 78 79 80 81 68 69 63 64 65 66 67 59 60 61 62 Nr. rd./ Row no. B

la/as at December 31, 2003

- 000 ROL Sold la / Balance at: nceputul anului Beginning of year 1 Sfritul anului End of year 2

168 289 000 168 289 000 5 649 156 57 868 164 33 179

432 749 900 432 749 900 5 649 156 57 868 164 33 179

292 271 325 450

292 271 325 450

15 541 016

85 913 611

70 372 595 39 006 138

19 530 271 39 006 138

135 938 292 212 285 426

345 779 439 232 830 885 8 131 398 0 0

135 641 877 31 627

218 342 322 288 941 0 0

7 114 622 491 011 844

8 743 697 814 116 682

E PROVIZIOANE PENTRU RISCURI I CHELTUIELI Provizioane pentru pensii i alte obligaii similare Provizioane pentru impozite Alte provizioane

95 96 97 15 622 971 0

22

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

F DEPOZITE PRIMITE DE LA REASIGURTORI G DATORII Sume datorate societilor din cadrul grupului Sume datorate privind interesele de participare I Datorii provenite din operaiuni de asigurare direct II Datorii provenite din operaiuni de reasigurare III mprumuturi din emisiuni de obligaiuni IV Sume datorate instituiilor de credit V Alte datorii, inclusiv datorii fiscale i datorii pentru asigurrile sociale H VENITURI N AVANS Venituri nregistrate n avans TOTAL PASIV

DEPOSITS RETAINED ASSOCIATED WITH CEDED REINSURANCE BUSINESS LIABILITIES Amounts payable to affiliated companies

98 99

Amounts owed to companies where there is a participatory relationship 100 Liabilities arising from primary insurance operations Accounts payable associated with reinsurance business Bonds payable Amounts owed to banks Other liabilities, includind tax and social security liabilities REVENUES IN ADVANCE Liabilities-side accruals and ferrals (Accrued incomes) TOTAL LIABILITIES 106 107 122 813 896 915 874 681 167 241 150 1 485 906 885 101 102 103 104 105 90 159 669 71 959 756 0 89 054 280 0 80 446 647

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

23

CONTUL DE PROFIT I PIERDERE PROFIT AND LOSS STATEMENT

- 000 ROL -

CONTUL TEHNIC AL ASIGURRILOR DE VIA TECHNICAL ACCOUNT FOR LIFE INSURANCE

DENUMIREA INDICATORILOR 1. Venituri din prime, nete de reasigurare a. Venituri din prime brute subscrise (+) b. Prime cedate n reasigurare (-) Total ( rd. 1-2) 2. Venituri din plasamente a. Venituri din participri la societile n care exist interese de participare, cu prezentarea distinct a veniturilor din plasamente la societile din cadrul grupului b. Venituri din alte plasamente cu prezentarea distinct a veniturilor din plasamente la societile din cadrul grupului Venituri provenind din terenuri i constructii Venituri provenind din alte plasamente c. Venituri din diminuarea sau anularea provizioanelor cu plasamentele d. Venit provenit din realizarea plasamentelor Total ( rd. 4+5+8+9) 3. Plusvalori nerealizate din plasamente 4. Alte venituri tehnice, nete de reasigurare 5. Cheltuieli cu daunele, nete de reasigurare Total ( rd.15- 16+18-19) a. Sume pltite: sume brute partea reasiguratorilor (-) b. Variaia rezervei de daune (+/-) sume brute partea reasiguratorilor (-) 6. Variaia rezervelor tehnice privind asigurrile de via Total (rd. 22-23+25-26+28-29) a. Variaia rezervei matematice sume brute partea reasiguratorilor (-) b. Variaia rezervei pentru participare la beneficii i risturnuri sume brute partea reasiguratorilor (-) c. Variaia altor rezerve tehnice sume brute partea reasiguratorilor (-) 7. Variaia rezervelor tehnice privind contractele n uniti de cont (+/-) DESIGNATION OF INDICATORS Incomes from premiums net of reinsurance Premiums written gross (+) Ceded reinsurance premiums (-) Total (row 1-2) Incomes from investments Incomes from participating interest in companies where there is a participatory relationship Incomes from other investments

Nr. rd./ Row no.

Anul financiar Financial year 2002 la/as at December, 31 1 2003 la/as at December, 31 2

1 2 3 4

141 415 277 141 415 277

122 849 912 122 849 912

5 6 951 210 5 043 687 87 430 4 956 257

Incomes from lands and buildings Incomes from other investments Revenues from decrease of provisions for investments Incomes from investments build up Total ( row 4+5+8+9) Surplus values unrealised from investments Other technical incomes, net of reinsurance Claims expenses net of reinsurance Total ( row 15- 16+18-19) Claims paid: gross reinsurers share (-) Change in claims reserve for life, net of reinsurance (+/-) gross reinsurers share (-) Change in premium reserve for life Total (row 22-23+25-26+28-29) Change in mathematical reserve gross reinsurers share (-) Change in reserve for fund - linked life policies gross reinsurers share (-) Change in other technical reserves gross reinsurers share (-) Change in reserve for fund -linked life policies (+/-)

6 7 8 9 10 11 12 13 14 15 16 17

144 984 6 806 226

6 951 210 165 871 28 596 209 28 568 821 28 568 821

5 043 687 2 484 502 37 186 403 36 929 090 36 929 090

27 388 18 19 27 388

257 313 257 313

20 21 22 23 24 25 26 27 28 29

64 474 686 62 043 157 62 043 157

64 743 007 22 976 988 22 976 988

8 131 398 2 431 529 2 431 529 33 634 621 33 634 621

24

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

Total (rd. 31-32) sume brute partea reasiguratorilor (-) 8. Cheltuieli de exploatare nete: a. Cheltuieli de achiziii c. Cheltuieli de administrare d. Comisioane primite de la reasiguratori i participri la beneficii (-) Total (rd. 33+34+35-36) 9. Cheltuieli cu plasamente a. Cheltuieli de gestionare a plasamentelor, inclusiv cheltuielile cu dobnzile b. Cheltuieli privind constituirea provizioanelor pentru plasamente Total (rd. 38+39+40) 10. Minusvalori nerealizate din plasamente 11. Alte cheltuieli tehnice, nete de reasigurare 12. Cota din venitul net al plasamentelor transferat n contul netehnic 13. Rezultatul tehnic al asigurrii de via

Total (row 31-32) gross reinsurers share (-) Operating expenses: Acquisition costs Operating expenses Reinsurance commission and profit participation commssion (-) Total (row 33+34+35-36) Investment expenses Investment expenses and interest paid Provisions expenses related to investments

30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 255 355 6 291 312 2 430 287 54 128 517 40 304 140 38 287 381 26 425 965 15 841 136 13 878 175

b. Variaia sumei cheltuielilor de achiziii reportate Change in deffered acquisition costs

6 291 312

2 430 287

c. Pierderi provenind din realizarea plasamentelor Losses from investments Total (row 38+39+40) Less values nonrealised from investments Other technical expenses, net of reinsurance Allocated investment income transferred to nontechnical account Technical result for life

Profit (rd. 3+10+11+12-13-20-30-37-41-42- Profit (row 3+10+11+12-13-20-30-37-4143-44) 42-43-44) Pierdere (rd. 13+20+30+37+41+42+43+443-10-11-12) Loss (row 13+20+30+37+41+42+43+44-310-11-12) 46 4 958 366 14 541 091

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

25

CONTUL DE PROFIT I PIERDERE PROFIT AND LOSS STATEMENT

CONTUL TEHNIC AL ASIGURRILOR GENERALE TECHNICAL ACCOUNT FOR GENERAL INSURANCE BUSINESS
DENUMIREA INDICATORILOR 1. Venituri din prime, nete de reasigurare a. venituri din prime brute subscrise (+) b. prime cedate n reasigurare (-) c. variaia rezervei de prime (+/-) d. variaia rezervei de prime, cedate n reasigurare (+ /-) TOTAL (rd.01-02-03+04) 2. Cota din venitul net (diferena ntre veniturile i cheltuielile din plasamente) al plasamentelor, transferat din contul netehnic (+) 3. Alte venituri tehnice, nete de reasigurare 4. Cheltuieli cu daunele, nete de reasigurare a. daune pltite: sume brute partea reasigurtorilor (-) b. variaia rezervei de daune, net de reasigurare: (+/-) TOTAL (rd. 09-10+11) 5. Variaia altor rezerve tehnice, nete de reasigurare, din care: a. Variaia rezervei pentru riscuri neexpirate (+/-) b. Variaia rezervei de catastrof (+/-) c. Variaia altor rezerve tehnice (+/-) TOTAL (rd. 13+14+15) 6. Variaia rezervei pentru participare la beneficii i risturnuri (+/-) 7. Cheltuieli de exploatare nete a. cheltuieli de achiziie b. variaia sumei cheltuielilor de achiziie reportate (+/-) c. cheltuieli de administrare d. comisioane primite de la reasigurtori i participri la beneficii (-) TOTAL (rd. 18+19+20-21) 8. Alte cheltuieli tehnice, nete de reasigurare 9. Variaia rezervei de egalizare (+/-) suma brut partea reasiguratorilor (-) TOTAL (rd. 24-25) 10. Rezultat tehnic al asigurrii generale Profit (rd. 05+06+07-12-16-17-22-23-26) DESIGNATION OF INDICATORS Incomes from premiums net of reinsurance Premiums written gross (+) Ceded reinsurance premiums (-) Change in premium reserve for nonlife (+/-) Reinsurers share in change of premium reserve for nonlife (+ /-) TOTAL (row 01-02-03+04) Allocated investment income transferred from non-technical account (+) 01 02 03 04 77 877 843 05 06 2 887 785 Other technical incomes, net of reinsurance Claims expenses net of reinsurance Claims paid gross reinsurers share Change in claims reserve, net of reinsurance TOTAL (row 09-10+11) Change in other technical reserves, net of reinsurance Change in reserve for unexpired risks (+/-) Change in catastrophic reserve, net of reinsurance (+/-) Change in other technical reserves (+/-) TOTAL (row 13+14+15) Variation of the reserve for benefit and return participation (+/-) Operating expenses acquisition costs change in deffered acquisition costs (+/-) operating expenses reinsurance commission and profit participation commission (-) TOTAL (row 18+19+20-21) Other technical expenses, net of reinsurance Change in equalization provisions (+/-) gross reinsurers share (-) TOTAL (row 24-25) Technical result for non life Profit (row. 05+06+07-12-16-17-22-23-26) 27 28 74 142 250 24 25 18 19 12 441 413 20 21 50 723 367 22 23 191 611 699 15 702 456 151 411 190 78 482 463 13 14 15 16 17 801 989 801 989 08 09 10 11 44 969 204 12 221 402 329 801 989 176 433 125 241 928 916 65 495 791 07 72 089 036 280 399 402 539 258 551 208 847 319 127 889 673 Nr. rd./ Row no. B 2002 neauditat unauditated 1

- 000 ROL -

Anul financiar/Financial year 2003 la / as at December, 31 2 1 194 621 622 295 167 169 229 255 849 35 849 101 706 047 705

54 642 676 91 337 370 340 763 548 490 755 009 149 991 461 70 458 878 411 222 426 744 034 744 034

744 034

140 259 983 5 136 568 361 867 090 65 186 763 442 076 878 2 973 593

Pierdere (rd.12+16+17+22+23+26-05-06-07) Loss (row.12+16+17+22+23+26-05-06-07)

4 989 180

26

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

CONTUL DE PROFIT I PIERDERE PROFIT AND LOSS STATEMENT

- 000 ROL -

CONTUL NETEHNIC NON-TECHNICAL ACCOUNT

DENUMIREA INDICATORILOR 1. Rezultatul tehnic al asigurrii generale Profit Pierdere 2. Rezultatul tehnic al asigurrii de via Profit Pierdere 3. Venituri din plasamente a. Venituri din participri la societile n care exist interese de participare, cu prezentarea distinct a veniturilor din plasamente la societile din cadrul grupului b. Venituri din alte plasamente cu prezentarea distinct a veniturilor din plasamente la societile din cadrul grupului: venituri provenind din terenuri i construcii venituri provenind din alte plasamente c. Venituri din diminuarea sau anularea provizioanelor cu plasamentele d. Venituri provenind din realizarea plasamentelor TOTAL (rd. 05+06+09) 4. Cota din venitul net al plasamentelor transferat din contul tehnic al asigurrii de via 5. Cheltuieli cu plasamentele TOTAL (rd. 14+15+16) a. cheltuieli de gestionarea plasamentelor, inclusiv cheltuielile cu dobnzile b. cheltuieli privind constituirea provizioanelor pentru plasamente c. pierderi provenind din realizarea plasamentelor 6. Cota din venitul net al plasamentelor transferat n contul tehnic al asig. generale 7. Alte venituri netehnice 8. Alte cheltuieli netehnice, inclusiv provizioanele 9. Rezultatul curent DESIGNATION OF INDICATORS Technical result for non-life ins. business Profit Loss Technical result for life insurance business Profit Loss Incomes from investments Incomes from participating interest in companies where there is a participatory relationship Incomes from other investments:

Nr. rd./ Row no. B 01 02 03 04 05

Anul financiar/Financial year 2002 neauditat unauditated 1 2003 la / as at December, 31 2

74.142.250

4.989.180

4.958.366

14.541.091

27.993.171

85.638.504

incomes from land and buildings incomes from other investments Incomes from decrease of provisions for investments Incomes from investments - build-up TOTAL (row 05+06+09) Allocated investment income transferred to nontechnical account from technical account for life Investment expenses TOTAL (row 14+15+16) Investment expenses and interest paid provisions expenses related to investments losses from investments Allocated investment income transferred to technical account for non life Other nontechnical incomes Other nontechnical expenses, including provisions Operating result

06 07 08 09 10 11 12 13 14 15 16 17 18 19

578.496 27.414.675

897.820 84.740.684

27.993.171

85.638.504

25.105.386 25.105.386

30.995.828 30.995.828

2.887.785 14.108.583 5380562

54.642.676

Profit (rd. 01+03+11+12-13-17+18-19) Profit (row 01+03+11+12-13-17+18-19) Pierdere (rd. 13+17+19+02+04-11-12-18) Loss (row 13+17+19+02+04-11-12-18) Extraordinary incomes 10. Venituri extraordinare Extraordinary expenses 11. Cheltuieli extraordinare Extraordinary result 12. Rezultatul extraordinar Profit (rd. 22-23) Profit (row 22-23) Pierdere (rd. 23-22) Loss (row 23-22) Total incomes 13. Venituri totale Total expenses 14. Cheltuieli totale Result before taxes 15. Rezultatul brut Profit (rd. 26-27); (rd. 20-21+24-25); Pierdere (rd 27-26); (rd. 21-20+25-24); 16. Impozit pe profit 17. Alte impozite (care nu figureaz la poziiile precedente) 18. Rezultatul net al exerciiului Profit (rd. 28-29-30-31) Pierdere (rd. 29+30+31-28) Profit (row 26-27); (row 20-21+24-25); Loss (row 27-26); (row 21-20+25-24); Taxes on profit Other taxes Net result of current activity Profit (row 28-29-30-31) Loss (row 29+30+31-28)

20 21 22 23 24 25 26 27 28 29 30 31

70.372.595

19.530.271

1.112.633.153 1.183.005.748

1.868.451.516 1.887.981.787

70.372.595

19.530.271

32 33 70.372.595 19.530.271

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

27

RAPORTUL AUDITORULUI
Raport de audit financiar Ctre Acionarii S.C. UNITA S.A.

Am auditat situaiile financiare anexate aparinnd societii Unita S.A. (Societatea) pentru anul ncheiat la 31 decembrie 2003, care conin bilanul, contul de profit i pierdere, situaia modificrilor capitalului propriu, situaia fluxurilor de trezorerie i notele aferente. Responsabilitatea pentru aceste situaii financiare revine conducerii societii. Responsabilitatea noastr const n exprimarea unei opinii asupra acestor situaii pe baza auditului pe care l-am efectuat. Auditul nostru a fost desfurat n concordan cu reglementrile naionale romneti. Aceste reglementri sunt stabilite de Camera Auditorilor din Romnia (n baza prevederilor Ordonanei de Urgen a Guvernului nr. 75/1999 i a Legii 133/2002) i sunt n conformitate cu Standardele Internaionale de Audit emise de Federaia Internaional a Contabililor. Aceste reglementri solicit planificarea i efectuarea auditului n vederea obinerii unei asigurri rezonabile c situaiile financiare nu conin erori semnificative. Un audit include examinarea, pe baz de teste, a probelor de audit ce susin sumele i informaiile prezentate n situaiile financiare. Un audit include, de asemenea, evaluarea principiilor contabile folosite i estimrile fcute de ctre conducere, precum i evaluarea prezentrii generale a situaiilor financiare. Considerm c auditul nostru constituie o baz rezonabil pentru opinia noastr. Societatea deine o filial (S.C. Agras S.A.) i, n consecin, ar trebui s aplice IAS 27 Situaiile financiare consolidate i contabilitatea investiiilor n filiale care prevede consolidarea societilor asupra crora Societatea deine controlul. Conducerea Societii nu a pregtit situaii financiare consolidate la 31 decembrie 2003. Prezentarea situaiilor financiare neconsolidate este n conformitate cu prevederile Ordinului 2.328/2.390/2001. Conducerea Societii nu a calculat i nici nu a nregistrat impozit amnat n situaiile financiare la 31 decembrie 2003. Nu suntem n msur s cuantificm efectul asupra bilanului i contului de profit i pierdere a impozitului amnat dac acesta ar fi fost calculat. n opinia noastr, cu excepia aspectelor discutate n paragrafele anterioare, situaiile financiare prezint n mod fidel, n toate aspectele semnificative, poziia financiar a Societii la 31 decembrie 2003, precum i rezultatele operaiunilor, situaia modificrilor capitalului propriu i a fluxurilor de trezorerie pentru anul ncheiat la aceast dat, n concordan cu Ordinul Ministrului Finanelor Publice i al Preedintelui Comisiei de Supraveghere a Asigurrilor nr. 2.328/2.390/2001 pentru aprobarea reglementrilor contabile specifice domeniului asigurrilor armonizate cu Directivele Europene i Standardele Internaionale de Contabilitate. Fr a califica opinia noastr, atragem atenia asupra urmtoarelor aspecte: Situaiile financiare au fost ntocmite n conformitate cu Ordinul Ministrului Finanelor Publice i al Preedintelui Comisiei de Supraveghere a Asigurrilor nr. 2.328/2.390/2001 i celelalte reglementri aplicabile, care prevd n anumite condiii adoptarea unor tratamente contabile alternative i de prezentare a conturilor, fa de cele prezentate de Standardele Internaionale de Raportare Financiar. Prin urmare situaiile financiare nu sunt adresate celor care nu sunt familiarizai cu principiile contabile, procedurile i practicile prevzute de reglementrile guvernamentale romneti n vigoare. n special, atragem atenia asupra faptului c, dup cum permite Ordinul mai sus menionat, la situaiile financiare anexate nu s-a aplicat IAS 29 Raportarea financiar n economiile hiperinflaioniste care, conform criteriilor indicate n acest standard, ar fi fost aplicabil. Aplicarea IAS 29 ar avea drept rezultat ajustri n situaiile financiare. Prevederile legale i reglementrile romneti n domeniul fiscal, regimul plilor ctre autoritile Statutului, regimul tranzaciilor n valut i alte aspecte legate de afaceri sunt n continu schimbare. Interpretarea diferitelor legi i reglementri depinde de opiniile inspectorilor care efectueaz controalele fiscale, a oficialitilor Bncii Naionale i a Ministerului Finanelor Publice. Situaiile n care exist divergene de opinii ntre autoritile fiscale locale, regionale i naionale, reprezentanii Bncii Naionale i ai Minsterului Finanelor Publice nu sunt deloc rare. Ca urmare a nesiguranei n interpretri i aplicarea legislaiei (i reglementrilor aferente), societile din Romnia se pot afla n situaia de a li se calcula datorii suplimentare i/sau penaliti ca urmare a controalelor efectuate de autoritile Statutului. Conducerea Societii consider c, dup tiina sa, a constituit provizioanele corespunztoare pentru orice datorii poteniale aferente sumelor datorate autoritilor Statului n situaiile financiare.

Ernst & Young Assurance Services S.R.L. Bucureti, Romnia 16 aprilie 2004

28

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

AUDITORS REPORT
Independent Auditors Report To the shareholders of S.C. Unita S.A.

We have audited the accompanying financial statements of Unita S.A. (the Company), for the year ended 31 December 2003, which comprise the balance sheet, statement of income, changes in shareholders equity, cash flow and the related notes. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Romanian national regulations. These regulations are as advised by the Chamber of Auditors in Romania (established under Government Ordinance No. 75/1999 and Law 133/2002) and comply with International Standards on Auditing as issued by the International Federation of Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The Company owns a subsidiary (S.C. Agras S.A.) and should, consequently, have applied IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries that stipulates the consolidation of the entities over which the Company exercises control. The Companys management has not prepared consolidated financial statements as of December 31, 2003. The presentation of non-consolidated financial statements is in accordance with Order 2328/2390/2001 stipulations. No deferred tax has been computed and recorded in the Companys financial statements as of December 31, 2003. We are not able to quantify the effect upon the Companys financial position and its results if deferred tax were recognized. In our opinion, except for the matters discussed above, the financial statements present fairly, in all material respects, the financial position of the Company as of 31 December 2003 and the results of its operations, its cash flows and its changes in shareholders equity for the year then ended, in accordance with Romanian accounting regulations approved by Minister of Public Finance and President of Insurance Supervisory Commission Order no. 2.328/2.390/2001 for the approval of accounting regulations specific to Insurance business, harmonised with the European Directives and International Accouting Standards. Without qualifying our opinion we draw attention to the fact that: The financial statements have been prepared in accordance with Minister of Public Finance Order and President of Insurance Supervisory Commission Order no. 2.328/2.390/2001 and related applicable regulations, which provide, in some circumstances for entities to adopt alternative accounting and disclosure treatments to those as provided for by International Financial Reporting Standards. Accordingly, the financial statements are not designed for those who are not informed about accounting principles, procedures and practices as provided by Romanian Government regulations. In particular, we draw attention to the fact that, as allowed by the above mentioned Order, the accompanying financial statements do not apply IAS 29 Financial Reporting in Hyperinflationary Economies, which under the criteria indicated in that Standard, would be applicable. The application of IAS 29 would give rise to adjustments to the financial statements. Legislation and regulations regarding taxation, payments to State Authorities, foreign currency transactions and other business related matters continue to change. The interpretation of the legislation and regulations is subject to the opinions of the reviewing State Authority inspectors, Central Bank officials and the representatives of the Ministry of Public Finance and other Ministries and authorities. Entities in Romania may, as a result of the uncertainties in interpretation and the application of the legislation (and associated regulations), be subject to an assessment for additional payments and/or penalties following reviews performed by the representatives of State authorities. The management of the Company consider that they have, to the best of their knowledge, provided for any known or potential liabilities relating to amounts due to State authorities in the financial statements.

Ernst & Young Assurance Services S.R.L. Bucharest, Romania April 16th, 2004
Unita S.A. Insurance Company - Group Wiener Stdtische Annual Report 2003

29

REEA TERITORIAL NATIONAL SALES NETWORK

Sucursale
ALBA IULIA ALEXANDRIA ARAD BACU BAIA MARE BISTRIA BOTOANI BRAOV BRILA BUCURETI BUZU CLRAI CLUJ-NAPOCA CONSTANA CRAIOVA DEVA FOCANI GALAI GIURGIU IAI MIERCUREA CIUC ORADEA PIATRA NEAM PITETI PLOIETI RMNICU VLCEA

Telefon
Tel.: 0258-835.155 Fax: 0258-835.155 Tel.: 0247-326.677 Fax: 0247-326.677 Tel.: 0257-281.088 Fax: 0257-281.088 Tel.: 0234-571.368 Fax: 0234-576.410 Tel.: 0262-215.816 Fax: 0262-214.576 Tel.: 0263-232.378 Fax: 0263-232.378 Tel.: 0231-511.604 Fax: 0231-511.604 Tel.: 0268-312.720 Fax: 0268-583.865 Tel.: 0239-615.929 Fax: 0239-615.929 Tel.: 021-320.90.75 Fax: 021-320.76.82 Tel.: 0238-713.222 Fax: 0238-713.222 Tel.: 0242-322.530 Fax: 0242-322.530 Tel.: 0264-420.921 Fax: 0264-420.922 Tel.: 0241-551.491 Fax: 0241-583.887 Tel.: 0251-411.052 Fax: 0251-435.520 Tel.: 0254-225.945 Fax: 0254-233.719 Tel.: 0237-226.318 Fax: 0237-226.318 Tel.: 0236-460.413 Fax: 0236-312.802 Tel.: 0246-214.583 Fax: 0246-214.583 Tel.: 0232-212.701 Fax: 0232-212.701 Tel.: 0266-314.079 Fax: 0266-314.079 Tel.: 0259-130.827 Fax: 0259-470.502 Tel.: 0233-215.090 Fax: 0233-215.090 Tel.: 0248-223.204 Fax: 0248-223.190 Tel:. 0244-543.078 Fax: 0244-590.138 Tel.: 0250-738.107 Fax: 0250-738.107

Adresa
510005 Alba Iulia, jud. Alba bd. Transilvaniei nr. 9, bl. 20, et. 1, ap. 8 140040 Alexandria, jud. Teleorman str. Dunrii nr. 218, bl. B6, et. 3, ap. 18 310101 Arad, jud. Arad str. Cozia nr. 5, et. 1 600065 Bacu, jud. Bacu str. 9 Mai nr. 80 430212 Baia Mare, jud. Maramure bd. Traian nr. 8 420081 Bistria, jud. Bistria Nsud str. Petre Ispirescu, bl. 2, sc. B, ap. 12 710211 Botoani, jud. Botoani str. Cuza Vod nr. 20B 500398 Braov, jud. Braov str. tefan cel Mare nr. 6, bl. 12, sc. A, ap. 2 810091 Brila, jud. Brila bd. Dorobanilor nr. 435, bl. A1, sc. 1, ap. 1 030828 Bucureti, sector 3 bd. Unirii nr. 59, Tronson 1, bl. F2 120243 Buzu, jud. Buzu str. Patriei nr. 88 910088 Clrai, jud. Clrai str. Flacra, bl. C14, sc. B, et. 1, ap. 4 400697 Cluj-Napoca, jud. Cluj str. Muzicescu nr. 3A 900721 Constana, jud. Constana str. Ferdinand nr. 47 200528 Craiova, jud. Dolj cal. Bucureti, bl. 10D-10E 330047 Deva, jud. Hunedoara str. Horea nr. 17 620161 Focani, jud. Vrancea str. Bucegi nr. 7 800017 Galai, jud. Galai str. Nicolae Blcescu nr. 25 080307 Giurgiu, jud. Giurgiu os. Bucureti, bl. 102, parter 700128 Iai, jud. Iai str. Ftu Anastasie nr. 12A 530210 Miercurea Ciuc, jud. Harghita str. Gal Sandor, bl. 14, et. 1, ap.6 410474 Oradea, jud. Bihor p-a Independenei nr. 49, bl. A2 610006 Piatra Neam, jud. Neam str. George Cobuc, bl. A4, sc. B, ap. 24 110014 Piteti, jud. Arge bd. Republicii nr. 71, Complex Cminul 100018 Ploieti, jud. Prahova str. Cuza Vod nr. 10, bl. C1b 240151 Rmnicu Vlcea, jud. Vlcea str. Regina Maria nr. 7

30

Raport Anual 2003

Societatea de Asigurare Unita S.A. - Grupul Wiener Stdtische

REIA SATU MARE SFNTU GHEORGHE SIBIU SLATINA SLOBOZIA SUCEAVA TRGOVITE TRGU-JIU TRGU-MURE TIMIOARA TULCEA TURNU SEVERIN VASLUI ZALU

Tel.: 0255-213.903 Fax: 0255-213.903 Tel.: 0261-770.048 Fax: 0261-770.048 Tel.: 0267-317.196 Fax: 0267-317.196 Tel.: 0269-210.541 Fax: 0269-216.520 Tel.: 0249-434.336 Fax: 0249-434.336 Tel.: 0243-236.285 Fax: 0243-236.285 Tel.: 0230-217.775 Fax: 0230-217.775 Tel.: 0245-634.982 Fax: 0245-206.032 Tel.: 0253-210.262 Fax: 0253-210.262 Tel.: 0265-168.176 Fax: 0265-268.176 Tel.: 0256-244.730 Fax: 0256-203.570 Tel.: 0240-517.013 Fax: 0240-517.013 Tel.: 0252-310.366 Fax: 0252-310.366 Tel.: 0235-312.627 Fax: 0235-312.627 Tel.: 0260-612.848 Fax: 0260-612.848

320067 Reia, jud. Cara Severin str. 1 Decembrie, bl. 4 440079 Satu Mare, jud. Satu Mare str. Simion Brnuiu nr. 4A 520003 Sfntu Gheorghe, jud. Covasna str. Grof Emre nr. 4 550017 Sibiu, jud. Sibiu str. Vasile Crlova nr. 6 230100 Slatina, jud. Olt bd. Nicolae Titulescu nr. 43, bl. 43 920023 Slobozia, jud. Ialomia str. Ardealului, bl. 4, sc. B, ap. 4 720002 Suceava, jud. Suceava str Nicolae Blcescu nr. 4 130007 Trgovite, jud. Dmbovia str. Grigore Alexandrescu, bl. E, sc. 5, ap. 1 210188 Trgu-Jiu, jud. Gorj bd. C. Brncui, bl.6 540035 Trgu-Mure, jud. Mure str. Iuliu Maniu nr.14 300012 Timioara, jud. Timi str. Circumvalaiunii nr. 8-12 820158 Tulcea, jud. Tulcea str. Grii nr. 8, bl. 4, ap. 8 220139 Turnu Severin, jud. Mehedini str. Traian nr. 102, bl. T10 730006 Vaslui, jud. Vaslui str. tefan cel Mare, bl. 195 450123 Zalu, jud. Slaj str. Simion Brnuiu nr. 29, bl. A29, ap. 2

Unita S.A. Insurance Company - Group Wiener Stdtische

Annual Report 2003

31