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Raport Anual / Annual Report 2009

Principalii indicatori / At a glance


Elemente ale contului de profit i pierderi (versiunea scurt)* Milioane Lei Prime brute subscrise (total), din care: asigurri generale asigurri de via Rezultat nainte de impozitare Rezultat net 2009 1,285.9 1,198.3 87.6 39.8 29.6 2008 1,384.4 1,278.8 105.6 35.2 22.9 non-life insurance life insurance Profit/Loss before income tax Net Result Income statement (short version)* In Lei million Gross premiums written (total)

Elemente de bilan consolidat Milioane Lei Active totale Plasamente Capitaluri proprii Rezerve tehnice (brut) 12/31/09 2,539.80 1,220.70 536.7 1,137.42 12/31/08 2,529.90 756 481.5 1,144.80

Consolidated balance sheet In Lei million Total assets Investments Shareholders equity Technical reserves (gross)

Alte informaii Numr angajai (medie anual) Numr de uniti teritoriale (sfritul anului) * conform reglementrilor contabile romneti 2,107 173 2,104 187

Other information Number of employees (average of the year) Number of offices (end of the year) * according to the Romanian accounting regulations

12/31/09 Capital social (Lei) ALLIANZ NEW EUROPE HOLDING GmbH VESANIO TRADING Ltd Ali acionari (mai puin de 5% fiecare) 66.638.505 52.16% 44.48% 3.36%

12/31/09 Issued capital (Lei) ALLIANZ NEW EUROPE HOLDING GmbH VESANIO TRADING Ltd Others (less than 5% each)

Indicatori* de siguran financiar (2009) Allianz-iriac Asigurri Marja de solvabilitate (1) (Lei) minim disponibil Coeficient de lichiditate (2) 110.759.136 489.901.615 2.08 9.513.591 42.948.365 3.97 Asigurri generale / Non-life insurance Asigurri de via / Life insurance

Key financial strength data* (2009) Allianz-iriac Asigurri Solvency margin (1) (Lei) minimal available Liquidity rate (2)

* conform raportrilor oficiale ctre CSA (Comisia de Supraveghere a Asigurrilor) (1) conform normelor n vigoare, asigurtorii au obligaia s dein permanent o marj de solvabilitate disponibil, corespunztoare activitii desfurate de ctre acetia, cel puin egal cu marja de solvabilitate minim calculat n conformitate cu prevederile normelor CSA (2) conform normelor n vigoare, acest coeficient trebuie s fie de minimum 1

* according to the official data reported to ISC (Insurance Supervision Commission) (1) according to the regulations in force, the insurance companies are required to preserve a higher than minimal available solvency margin (2) according to the regulations in force, insurers have to continuosly preserve a higher than 1 liquitity rate

De unde am plecat The beginning

De unde am plecat / The beginning

pg 4

Unde suntem azi Where we are today

Unde suntem astzi / Where we are today

pg 8

Conducerea The management

Conducerea Allianz-iriac / The management of Allianz-Tiriac

pg 12

Asigurri generale General insurance

i protejm proprietile / We protect your properties

pg 14

Asigurri de via Life insurance

Te protejm pe tine i pe cei dragi ie / We protect you and the ones you love

pg 18

Unde dorim s ajungem Our future direction

Unde dorim s ajungem / Our future direction

pg 22

Situaii financiare Financiar statements

Situaia activelor, datoriilor i capitalurilor proprii / Balance sheets Contul de profit i pierdere / Income statement Situaia modificrilor capitalurilor proprii / Statement of changes in equity Situaia fluxurilor de trezorerie / Cash flow statements

pg 28 pg 34 pg 37 pg 38

Note Notes

Note la situaiile financiare / Notes to the financial statements

pg 42

Raportul KPMG KPMG Report

Raportul auditorului independent / Independent auditors report

pg 72

O poveste de succes nceput cu 16 ani n urm / A success story started 16 years ago

Raport Anual / Annual Report 2009

De unde am plecat The beginning

De unde am plecat
O poveste de succes nceput n Romnia cu 16 ani n urm Bazele succesului actual al Allianz-iriac au fost puse n urm cu 16 ani, n anul 1994, o dat cu nfiinarea societii Asigurri Ion iriac (ASIT). Nou nfiinata companie a reuit n scurt timp s ajung n fruntea ierarhiei companiilor private de asigurri, avansnd n doar ase ani de existen pn pe poziia secund n topul celor mai importani asigurtori locali. Compania a reuit s se impun n primul rnd prin seriozitate i consecven n promovarea celor mai ridicate standarde de calitate n ceea ce privete serviciile i produsele oferite. Aceste valori au reprezentat fundamentul evoluiei cresctoare a companiei.

The beginning
A success story started in Romania 16 years ago The grounds for the present success of Allianz-iriac were set 16 years ago, in 1994, with the establishment of the company which was named Asigurri Ion iriac (ASIT). The newly established company shortly succeeded in becoming one of the top private insurance companies. In only six years, the company ranked second in the top of the most important local insurance companies. ASIT managed to become a well known name on the insurance market due to its commitment in promoting the highest quality standards for its products and services. These values represented the fundament for this positive evolution of Allianz-iriac through the years. The development of the company infrastructure - starting with the development and diversification of its own products range, followed by the recruitment of the best local insurance specialists and also by the expansion of the sales network - was achieved almost exclusively through self financing. In spite of the high costs caused by the launch of a Greenfield business, the company shortly started to generate profit for its shareholders.

Dezvoltarea infrastructurii companiei - ncepnd cu crearea i diversificarea propriei oferte de produse, continund cu atragerea celor mai buni specialiti locali din domeniul asigurrilor i terminnd cu extinderea reelei teritoriale - a fost realizat cvasiexclusiv prin autofinanare. n ciuda costurilor ridicate pe care lansarea unei afaceri de tip greenfield le impune, Asigurri Ion iriac a generat ntr-un timp record rezultate pozitive pentru acionarii si. Integrarea - n anul 2000 - a societii ASIT n grupul de asigurri german Allianz a ntrit poziia acesteia pe piaa romneasc, statutul de membru al unuia dintre cele mai importante grupuri financiare din lume, conferind companiei rezultate Allianz-iriac Asigurri - un avantaj competiional sensibil, att din perspectiva garantrii stabilitii financiare, ct i n ceea ce privete angajamentul de a impune, pe termen lung, o marc de prestigiu n Romnia. ncepnd din anul 2002, Allianz-iriac a devenit liderul incontestabil al pieei asigurrilor din Romnia, poziie pe care o deine i n prezent.

The integration of the company- ASIT- in the German insurance group Allianz in 2000 has strengthened its position on the Romanian market. As a member of one of the most important financial groups worldwide, the new company- which started to operate under the name Allianz-iriac- was provided with an important competitive advantage from the perspective of financial stability as well as from the perspective of its commitment in promoting a prestigious brand in Romania on the long term. In 2002, Allianz-iriac became the absolute leader of the Romanian insurance market, a position that was kept and consolidated since. which writes another page in the history book of the Allianz Group accomplishments A company with German origins, founded in 1890 by Carl Thieme and Wilhelm Finck, Allianz became shortly one of the most important insurance companies and financial services suppliers worldwide. Not long after the launch of its operations, in 1893, Allianz, together with Munich Re expands its operations internationally. The acquisitions made first in Germany, and subsequently in other European countries, in the United States and in Asia, have considerably strengthened the position of the company. In 1922, Allianz entered the life insurance segment by founding Allianz Lebensversicherungs AG, the most important life insurance company within the Allianz Group. Starting with 1959, the Allianz Group opened new offices in the most important European cities - Paris, Milan and Vienna - thus rebuilding the business relations deteriorated following the World War II.

care adaug o nou pagin n cartea istoriei realizrilor Grupului Allianz Companie cu origini germane, fondat n anul 1890 de Carl Thieme i Wilhelm Finck, Allianz a reuit s devin ntr-o perioad relativ scurt de timp unul dintre cei mai mari asigurtori i furnizori de servicii financiare la nivel mondial. La puin timp dup lansarea operaiunilor, n anul 1893, Allianz, mpreun cu Munich Re, i lanseaz operaiunile la nivel internaional. Achiziiile realizate progresiv n ara de origine Germania - i apoi n alte ri din Europa, n Statele Unite i n Asia au ntrit considerabil puterea companiei. n anul 1922, Allianz s-a lansat pe segmentul asigurrilor de via, prin nfiinarea Allianz Lebensversicherungs AG, cea mai important companie de asigurri de via a Grupului Allianz. ncepnd din anul 1959, Grupul Allianz a nceput s deschid birouri n principalele orae ale Europei - Paris, Milano i Viena relund astfel relaiile de afaceri deteriorate ca urmare a celui de-al doilea rzboi mondial.

Raport Anual / Annual Report 2009

n anul 1973, Grupul Allianz devine pentru prima dat cel mai mare asigurtor din Europa i intr n topul primilor 10 asigurtori la nivel mondial, cu un volum al primelor de peste 6 miliarde de mrci germane (Allianz i Allianz Life). Expansiunea accelerat a operaiunilor sale la nivel internaional vizeaz consolidarea acestei poziii pe termen lung. Anul 1990 a marcat demararea activitilor Grupului Allianz n Europa Central i de Est, prin achiziionarea companiei de asigurri Hungria Biztost (Budapesta). Expansiunea la nivel internaional a continuat prin extinderea operaiunilor Grupului n Asia, ncepnd cu anul 1999. n anul 2006 Allianz SE, compania mam, devine prima companie parte a Indicelui EURO STOXX 50 care a adoptat forma legal cunoscut sub numele de Societas Europaea, care este o nou form legal european pentru companiile pe aciuni. Sediul Allianz SE a rmas n continuare la Mnchen, n Germania. n prezent, Grupul Allianz deservete aproximativ 75 milioane de clieni n peste 70 de ri. Pe fiecare din segmentele de activitate pe care opereaz - asigurri de bunuri i rspundere, asigurri de via i sntate, operaiuni bancare, respectiv administrarea activelor - Grupul Allianz a cptat recunoatere internaional att pentru profesionalismul i expertiza reprezentanilor si ct i pentru soliditatea afacerilor pe care le deruleaz. n toi cei 120 de ani de existen, Allianz a rmas un partener stabil, din punct de vedere financiar, pentru clieni, acionari i angajai.

In 1973, Allianz Group becomes for the first time the most important European insurance company and enters the Top 10 insurance companies worldwide, with 6 billion German Marks (Allianz and Allianz Life) gross written premiums. The accelerated international expansion of its operations aimed to consolidating this position on the long term. The year 1990 marked the launch of the Group Operations in the Central and Eastern Europe through the buying of the insurance company Hungria Biztost (Budapest). The international expansion continued with the Group operations launch in Asia, in 1999. In 2006, Allianz SE, the parent company, becomes the first company part of the EURO STOXX 50 Index to adopt the legal form of Societas Europaea, which represents a new legal form for the stocks companies. The headquarters of Allianz SE remained in Munich, Germany. Today, the Allianz Group is a financial services provider for approximately 75 million clients in over 70 countries. On each of the business segments- property and liability insurance, life and health insurance, banking operations and assets managementthe Allianz Group earned international recognition for the professionalism and the expertise of its representatives and for the financial strength of its operations. In all the 120 years of existence, Allianz remained a steadfast partner for its clients, shareholders and employees.

Raport Anual / Annual Report 2009

De unde am plecat The beginning


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De 7 ani suntem numrul 1 pe piaa asigurrilor / The No. 1 company on the insurance market for 7 consecutive years

Raport Anual / Annual Report 2009

Unde suntem astzi


n Romnia Pentru Allianz-iriac Asigurri, obiectivul principal pe termen lung vizeaz creterea profitabil a afacerilor proprii. Rezultatele din ultimii ani confirm capacitatea companiei de a realiza, constant, performane remarcabile att n ceea ce privete dinamica afacerilor derulate, ct i sub aspectul eficienei activitii. n anul 2009 compania a obinut un profit al exerciiului n valoare brut de 40 milioane lei, evideniind un rezultat pozitiv al exerciiului financiar, n valoare net de aproximativ 30 milioane lei.
Contul netehnic* aferent exerciiului financiar ncheiat la 31.12.2009 Lei Rezultatul tehnic al asigurrii generale pierdere Rezultatul tehnic al asigurrii de via pierdere Venituri din plasamente Cheltuieli cu plasamentele Alte venituri netehnice Alte cheltuieli netehnice, inclusiv provizioanele Rezultatul brut profit Impozit pe profit Rezultatul net al exerciiului - profit * forma scurt

Where we are today


In Romania For Allianz-iriac Asigurri, the main goal on the long term is focused on the profitable growth of its business. The results of the past years clearly confirmed once again the company capacity of constantly achieving remarkable performances regarding the business dynamics and the activity efficiency. In 2009, the company posted a gross result amounting to Lei 40 million, therefore obtaining a positive result for the financial year with a net value of approximately Lei 30 million.

Unde suntem azi Where we are today

Non-technical account* for the financial year ended December 31, 2009 Lei 518.517 1.078.360 33.565.406 3.560.805 48.440.221 37.028.627 39.819.318 10.168.520 29.650.798 Technical result for non-life insurance- loss Technical result for life insurance- loss Investment income Expenses related to investments Other non-technical income Other non-technical expenses, including provisions expenses Gross result- profit Income tax Net result for the financial year - profit * short version

Primele brute subscrise de Allianz-iriac Asigurri, cumulat din activitile de asigurri generale i de via au atins valoarea de 1.286 milioane de lei, nregistrnd o diminuare n valoare absolut de 98 milioane de lei comparativ cu anul anterior. n schimb, ca urmare a implementrii unei serii de programe ce vizeaz mbuntirea calitii serviciilor i a eficienei operaionale, compania a nregistrat o evoluie pozitiv a profitabilitii. Aceasta este una dintre abordrile strategice ale Allianz-iriac Asigurri, care nu a mizat niciodat pe forarea conjunctural a creterii afacerilor (cu att mai mult n 2009, un an n care oportunitile de cretere a volumului de afaceri au fost reduse), ci a urmrit s i dezvolte progresiv i echilibrat portofoliul, prin extinderea treptat a unei baze de clieni fideli, crora le ofer produse i servicii de cea mai bun calitate. n ciuda acestei scderi a volumului primelor brute subscrise, Allianz-iriac Asigurri a rmas i n anul 2009 liderul pieei asigurrilor, cu o cot de pia estimat la 15%. Rata contribuiei celor dou segmente principale de activitate a Allianz-iriac Asigurri la formarea veniturilor companiei s-a meninut aproximativ constant n anul 2009 (comparativ cu anul 2008), primele brute subscrise pe segmentul asigurrilor generale reprezentnd 93% din volumul total de prime brute subscrise, restul de 7% reprezentnd venituri din vnzarea polielor de asigurri de via. Valoarea activelor totale ale Allianz-iriac Asigurri la data de 31.12.2009 era de 2.540 milioane lei, evideniind o cretere de 10 milioane de lei n valoare absolut, comparativ cu valoarea de 2.530 milioane lei nregistrat la 31.12.2008.

The gross written premiums (non-life and life insurance aggregated) amounted to Lei 1,286 million, posting a decrease of Lei 98 million in absolute value, as compared to the previous year. Nevertheless, as a consequence of a series of programs aiming the improvement of the quality of services and of the operational efficiency, the company recorded a positive evolution of the profitability. This is one of the strategic approaches of Allianz-iriac Asigurri, a company who never forced the business growth by speculating a certain context (especially in 2009, a year with reduced growth opportunities), but aimed to progressively develop a balanced portfolio, by gradually expanding the loyal clients base. The company offers them products and services of the finest quality. In spite of the decrease of the gross written premiums during 2009, Allianz-iriac Asigurri maintained its position as the leader of the Romanian insurance market, with an estimated market share of 15%. The proportion between the two main business segments contributing to the company income remained at the approximately same level in 2009 (as compared to 2008). Therefore, the gross written premiums on the non-life insurance segment represented 93% of the total gross written premiums, while the rest of 7% represented gross written premiums for the life insurance segment. The total assets of Allianz-iriac Asigurri as at December 31, 2009, amounted to Lei 2,540 million, posting an increase of Lei 10 million in absolute value, as compared to the value of Lei 2,530 million as at December 31, 2008.
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Raport Anual / Annual Report 2009

Majorarea activelor se datoreaz, n principal, evoluiei pozitive a valorii plasamentelor deinute de Allianz-iriac Asigurri (+61%). Pe categorii, la sfritul exerciiului financiar 2009 structura principalelor elemente de activ includea: Plasamente, n valoare total de 1.221 milioane lei, alocate n principal pe urmtoarele categorii: obligaiuni i alte titluri cu venit fix (n valoare de aproximativ 365 milioane lei), depozite la instituii de credit (120 milioane lei), terenuri i construcii (n valoare de aproximativ 24 milioane lei), precum i plasamente aferente polielor de asigurri legate de investiii tip unit-linked (n valoare de 167 milioane lei); Partea din rezervele tehnice aferente cedrilor n reasigurare, n valoare total de 506 milioane lei; Creane, n valoare total de 697 milioane lei, din care suma de 440 milioane lei reprezint creane provenite din operaiuni de asigurare direct, respectiv aproximativ 203 milioane lei reprezint creane aferente operaiunilor de reasigurare. n ce privete randamentele principalelor tipuri de plasamente realizate pe parcursul anului 2009, acestea au fost urmtoarele: Titluri de stat denominate n devize: ntre 2,68% i 6,32% p.a. Titluri de stat n Lei: ntre 4,87% i 10,34% p.a. Depozite denominate n USD: 2,00% p.a. Depozite denominate n EUR: 0,25% i 3,55% p.a. Depozitele n lei la instituii de credit: ntre 3,00% i 11,50% p.a. Pasivul bilanului Allianz-iriac Asigurri la sfritul exerciiului financiar 2009 cuprindea urmtoarele elemente principale: Capitaluri proprii, n valoare total de aproximativ 537 milioane lei; Rezerve tehnice brute n valoare de peste 1,1 miliarde lei, din care suma de 1.077 milioane lei reprezint rezervele tehnice aferente asigurrilor generale, iar 60 de milioane lei sunt sume reprezentnd rezerve tehnice aferente asigurrilor de via; Rezerva matematic aferent asigurrilor de via pentru care expunerea la riscul de investiii este transferat contractanilor, n valoare de 167 milioane lei; Datorii, n valoare de aproximativ 583 milioane lei.
Bilan* la data de 31.12.2009 / Balance sheet* as at December 31, 2009 ACTIVE / ASSETS Active necorporale / Intangible assets Plasamente / Placements Rezerve tehnice - partea reasigurtorilor / Technical reserves for contracts ceded to reinsurers Creane / Receivables Alte active / Other assets Total active / Total assets * forma scurt / * short version 3.862.689 1.220.690.897 506.212.733 697.433.030 111.609.083 2.539.808.432

This assets increase is due mainly to the positive evolution of the Allianz-iriac Asigurri placements (+61%). The structure of the main assets elements as at December 31, 2009 included the following: Placements amounting to Lei 1,221 million, allocated on the following categories: securities with fixed income (amounting to approximately Lei 365 million), deposits with credit institutions (Lei 120 million), land and buildings (in value of approximately Lei 24 million), as well as investments related to unit-linked contracts (amounting to Lei 167 million); Part of the technical reserves ceded to reinsurance, amounting to Lei 506 million; Receivables, amounting to Lei 697 million, out of which the amount of Lei 440 million represents receivables from direct insurance operations, and the amount of Lei 203 million represents receivables from reinsurance operations. The yields of the main types of investments made in 2009 were as follows: Treasury bills denominated in foreign currencies: between 2.68% and 6.32% p.a. Treasury bills denominated in lei: between 4.87% and 10.34% p.a. Deposits in USD: 2.00% p.a. Deposits in EUR: 0.25% and 3.55% p.a. Deposits in lei with credit institutions: between 3.00% and 11.50% p.a. The Equity and Liabilities of Allianz-iriac Asigurri at the end of 2009 included the following main components: Shareholders equity, amounting to approximately Lei 537 million; Gross technical reserves amounting to over Lei 1.1 billion, out of which the amount of Lei 1,077 million represents technical reserves for non-life insurance and the amount of Lei 60 de million represents technical reserves for life insurance; Mathematical reserve for unit-linked contracts amounting to Lei 167 million; Payables in value of approximately Lei 583 million.
Lei PASIVE / EQUITY AND LIABILITIES Capitaluri proprii / Shareholders equity Rezerve tehnice brute / Gross technical reserves Rezerve tehnice aferente contractelor unit-linked / Technical reserves corresponding to unit-linked products Datorii / Payables Alte pasive / Other liabilities Total pasive / Total equity and liabilities 536.712.670 1.137.418.391 166.513.676 582.923.712 116.239.983 2.539.808.432

La capitolul pasive, la data de 31 decembrie 2009, ponderea cea mai ridicat, de 44,78% era deinut de rezervele tehnice brute create de Allianz-iriac Asigurri. Principalele categorii de rezerve existente la finalul anului 2008 n conturile societii erau reprezentate de rezervele de prime, n valoare total de aproximativ 631 milioane lei pentru ntreg portofoliul Allianz-iriac Asigurri, respectiv de rezerva de daun privind asigurrile generale (451,4 milioane lei), care evideniaz proiecia obligaiilor de plat asumate de companie n contul

The gross technical reserves had the highest weight (44.78%) within Equity and Liabilities as at December 31, 2009. The main reserves categories were represented at the end of 2009 by the premium reserves, amounting to Lei 631 million for the entire portfolio of Allianz-iriac Asigurri and also by the claims reserve for non-life insurance (Lei 451.4 million), which reveals the projection of the payments obligations for the non-life insurance claims. In compliance with the provisions of the specific Romanian insurance law, Allianz-iriac Asigurri

10

Raport Anual / Annual Report 2009

daunelor avizate i neavizate la nivelul portofoliului de asigurri generale. De asemenea, respectnd prevederile legislaiei specifice n domeniul asigurrilor, Allianz-iriac Asigurri a meninut nivelul rezervei de catastrof la peste 18 milioane lei, valoare ce depete cu mult nivelul reinerii unor asemenea riscuri catastrofice n sarcina societii de asigurri. Practic, pentru toate contractele care ofer acoperirea riscurilor de catastrof, Allianz-iriac Asigurri deruleaz programe de protecie catastrofic n cadrul crora cedeaz aceste riscuri reasigurtorilor internaionali de prim rang, avnd ratinguri foarte ridicate, ntre care pot fi amintii: Partner Re Zrich Branch, Everest Re, Allianz SE, Sindicatele Lloyds, Mnchen Re, Mapfre Re, Sirius Ruckversicherungs AG, Transatlantic Re, Hannover Ruckversicherungs AG, etc. i la nivel internaional n anul 2009, Grupul Allianz a nregistrat venituri totale n valoare de peste 97 miliarde euro, n cretere cu mai mult de 5 procente, rmnnd unul dintre furnizorii de servicii financiare cei mai importani la nivel mondial, ce ofer servicii i soluii de asigurri i managementul activelor unui numr de peste 75 milioane de clieni n ntreaga lume. Aceast evoluie cresctoare a volumului afacerilor Grupului a fost determinat n principal de creterea nregistrat pe segmentul asigurrilor de via i de sntate i pe segmentul administrrii activelor. n anul 2009, profitul operaional la nivelul grupului a depit 7 miliarde euro, n ciuda unui climat economic plin de provocri. Segmentul asigurrilor de via i de sntate a contribuit la majorarea volumului de venituri ale Grupului Allianz cu suma de 51 miliarde euro reprezentnd prime anualizate n anul 2009, n cretere cu 11% fa de 2008. Pe acest segment, evoluia pozitiv a vnzrilor s-a datorat creterii cererii de produse de Asigurare de via cu minime garanii, care au i o component de participare la profit. Pe segmentul asigurrilor generale s-a nregistrat o uoar scdere, de 2%, la nivelului veniturilor, primele brute subscrise pe acest segment n anul 2009 la nivelul Grupului Allianz ajungnd la aproape 43 miliarde euro. Segmentul administrrii activelor a profitat de pe urma revenirii pieelor financiare i a fluxurilor de capital atrase. Valoarea activelor totale administrate de Grupul Allianz se ridica la 1.202 miliarde de euro la 31 decembrie 2009. Din aceast sum, 926 miliarde euro reprezentau active aparinnd terilor administrate de Allianz. n prezent, Grupul Allianz este prezent n Europa Central i de Est n urmtoarele ri: Azerbaidjan, Bulgaria, Croaia, Cipru, Republica Ceh, Estonia, Ungaria, Kazahstan, Letonia, Lituania, Polonia, Romnia, Rusia, Slovacia, Slovenia, Turcia i Ucraina. n regiunea Europei Centrale i de Est, nivelul primelor brute subscrise (agregat asigurri generale i de via) a depit 3,6 miliarde euro n anul 2009. n aceeai perioad financiar (anul 2009), profitul operaional a atins valoarea de 306 milioane euro. Pe segmentul administrrii pensiilor i activelor, Allianz a continuat s i consolideze poziia de lider n Europa Central i de Est. Valoarea activelor aparinnd terilor, aflate n administrarea companiilor Allianz n aceast regiune n anul 2009, a atins valoarea de 6,5 miliarde de euro.

maintained the catastrophe reserve level at more than Lei 18 million, a value exceeding by far the level of net undertaken calamity risks. For all the contracts providing coverage for catastrophic risks, Allianz-iriac Asigurri carries out reinsurance programs, ceding these risks to international reinsurers with high ratings, among which: Partner Re Zurich Branch, Everest Re, Allianz SE, Sindicatele Lloyds, Munich Re, Mapfre Re, Sirius Ruckversicherungs AG, Transatlantic Re, Hannover Ruckversicherungs AG, etc.

Unde suntem azi Where we are today

and internationally In 2009, the total revenues of Allianz Group amounted to over Euro 97 billion, posting an increase of more that 5%. Therefore Allianz remained one of the most important financial services providers worldwide, with more than 75 million of clients (insurance solutions and asset management) This positive evolution of the Group operations was determined mainly by the increase posted by the life insurance and asset management segments. The operational profit of the Group exceeded Euro 7 billion in 2009, in spite of a challenging economic environment. The life and health insurance segment contributed to the increase of the Allianz Group revenues with the amount of Euro 51 billion representing statutory premiums in 2009, posting an increase of approximately 11% as compared to the previous year. The positive evolution of the sales on this segment was due to the increase in the demand for life insurance products with minimum guarantees, with a profit participation component.

The non-life insurance segment posted a slight decrease of the revenues (2%), gross written premiums amounting to Euro 43 billion at the end of 2009. The asset management segment took advantage of the financial markets recovery and of the capital flows. The total asset under management value was Euro 1,202 billion as at December 31, 2009, out of which, the amount of Euro 926 billion represented third party assets administered by Allianz. In Central and Eastern Europe, the Allianz Group is present in the following countries: Azerbaijan, Bulgaria, Croatia, Ciprus, Czech Republic, Estonia, Kazakhstan, Latvia, Lithuania, Poland, Romania, Russia, Slovakia, Slovenia, Turkey and Ukraine. The gross premiums written in the Central and Eastern Eurome (cumulated life and non-life) exceeded Euro 3.6 billion in 2009. n anul 2009. In the same fiscal year (2009) the operational profit amounted to Euro 306 million. Allianz continued strengthening its leading position in Central and Eastern Europe on the pensions and asset management segment. The third party assets under management in this region amounted to Euro 6.5 billion in 2009.

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Am pstrat n permanen un echilibru ntre ritmul de cretere, sigurana financiar i profitabilitate/ We have been permanently keeping a balance between the growth rate, financial safety and profitability

12

Raport Anual / Annual Report 2009

Conducerea Allianz-iriac
Activitatea Allianz-iriac Asigurri este condus de dou structuri executive cu rol de implementare a strategiei i ale direciilor de dezvoltare a companiei. Consiliul Director Are rol de reprezentare legal a companiei, fiind structura decizional responsabil cu implementarea strategiei Allianz-iriac Asigurri. Membrii Consiliului Director dein, la 31.12.2009, urmtoarele funcii executive la nivelul societii: Cristian Constantinescu Director General Ileana Cuco Director Executiv Vnzri i Marketing Joerg Biebel Director Executiv Financiar Comitetul Executiv Este structura administrativ avnd rol decizional n ceea ce privete implementarea direciilor de dezvoltare a companiei. Comitetul Executiv este format din opt membri cu urmtoarele funcii executive la data de 31.12.2009: Cristian Constantinescu Director General Ileana Cuco Director Executiv Vnzri i Marketing Joerg Biebel Director Executiv Financiar Aurel Badea Director Executiv Asigurri Generale Masoud Noormohammadian Director Executiv Asigurri de Via i Sntate Crinu Andnu Director Executiv Pensii Daniela Grigore Director Executiv Daune Marius Balica Director Executiv Tehnologia Informaiei Consiliul de administraie n conformitate cu statutul companiei i cu respectarea legislaiei n vigoare, responsabilitatea administrrii companiei Allianz-iriac Asigurri revine Consiliului de Administraie, a crui componen, la data de 31.12.2009, era urmtoarea: Dr. Klaus Junker Preedinte Christian Mller Membru Ion Alexandru iriac Membru Petru Vduva Membru Rangam Bir Membru

The management of Allianz-iriac


The company is managed by two executive structures with responsibilities regarding the strategy implementation.

The Management Board Legally represents the company and is the decisional structure responsible with the implementation of the Allianz-iriac Asigurri strategy. The board members have the following executive positions within the company, as at December 31, 2009: Cristian Constantinescu Chief Executive Officer Ileana Cuco Chief Distribution Officer
Conducerea The management

Joerg Biebel

Chief Financial Officer

The Executive Committee Is the administrative structure with decisional responsibilities regarding the implementation of the strategic directions of the company. The Executive Committee has eight members, each with the following executive positions as at December 31, 2009: Cristian Constantinescu Chief Executive Officer Ileana Cuco Chief Distribution Offficer Joerg Biebel Aurel Badea Chief Financial Officer Executive Officer Non-life

Masoud Noormohammadian Executive Officer Life Crinu Andnu Daniela Grigore Marius Balica Executive Officer Pension Executive Claims Officer Executive IT Officer

Board of Administration In compliance with the company statute and the legislation in force, the Board of Administration has the responsibility of the companys administration. The Board of Administration has the following members, as at December 31, 2009: Dr. Klaus Junker President Christian Mller Member Ion Alexandru iriac Member Petru Vduva Member Rangam Bir Member

Ca urmare a deciziilor de pensionare ale Dr. Klaus Junker i D-lui Cristian Constantinescu pn la nchiderea ediiei, Adunarea General a Acionarilor a decis numirea ca Preedinte al Consiliului de Administraie a D-lui Manuel Bauer, respectiv ca Director General al Allianz-iriac Asigurri a D-lui Rangam Bir. Dl. Cristian Constantinescu a fost numit Reprezentant din partea acionarului Allianz New Europe Holding GmbH n Consiliului de Administraie al Allianz-iriac Asigurri.

Following the retirement decisions of Dr. Klaus Junker and Mr. Cristian Constantinescu, until this issue was ready for printing, the Shareholders General Assembly appointed Mr. Manuel Bauer as President of the Board of Administration and Mr. Rangam Bir as General Manager of Allianz-iriac Asigurri. Mr. Cristian Constantinescu was appointed as a Representative of Allianz New Europe Holding GmbH in the Board of Administration of Allianz-iriac Asigurri.

13

De 12 ani suntem cel mai mare asigurtor de bunuri i proprieti / The most important property insurer for the past 12 years
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Raport Anual / Annual Report 2009

i protejm proprietile
O ofert complet de produse de asigurri generale, adaptat nevoilor clienilor La ora actual, Allianz-iriac ofer clienilor si - persoane fizice i juridice - o gam diversificat de produse de asigurri generale menite s protejeze proprietile acestora: de la autovehicule sau locuine ale persoanelor fizice, pn la sedii, bunuri i echipamentele aflate n proprietatea companiilor dar i polie de acoperire a riscurilor de rspundere, de accidente, de sntate, etc. Allianz-iriac a fost prima companie de asigurri de pe piaa romneasc a asigurrilor care, ncepnd din anul 2006, a pus la dispoziia clienilor si persoane fizice un nou sistem de ofertare a polielor auto ce genereaz cotaii de prime individualizate, riguros corelate cu profilul de risc al asiguratului, cu istoricul daunalitii nregistrate de client i cu gradul de fidelitate al acestuia n ceea ce privete relaiile contractuale cu societatea noastr. Prin lansarea acestui sistem am fcut civa pai importani nainte ctre client, devenind mai transpareni, mai accesibili, mai riguroi n evaluarea riscului individual i tarifarea corect. Flexibilitatea i adaptarea continu a ofertei de produse de asigurri la nevoile clienilor au reprezentat factorii care au contribuit la poziionarea Allianz-iriac drept liderul pieei asigurrilor generale, nentrerupt n ultimii 8 ani. 2009, un an dificil pentru afacerile de asigurri generale Sub aspectul dimensiunii afacerilor derulate pe segmentul asigurrilor generale dup 15 ani consecutivi de cretere, primele brute subscrise de Allianz-iriac Asigurri n anul 2009 au nregistrat prima scdere din istoria existenei companiei. Criza economic a influenat puternic evoluia vnzrilor de autovehicule noi, iar efectele acesteia s-au resimit n mod direct la nivelul afacerilor companiilor de leasing - clieni deja tradiionali ai Allianz-iriac. Diminuarea abrupt a volumului de afaceri de asigurri generate de companiile de leasing auto partenere a reprezentat factorul determinant care a redus nivelul primelor brute subscrise de Allianz-iriac n ultimul exerciiu financiar pn la valoarea de 1.198 milioane lei, de la 1.279 milioane de lei cu un an nainte. Activitatea derulat de companie n anul 2009 nu a adus modificri relevante n ceea ce privete structura portofoliului de asigurri generale. Astfel, asigurrile auto casco dein, n continuare, o pondere majoritar n structura portofoliului de asigurri generale (aproximativ 60%). Primele subscrise pe aceast clas de asigurri se ridic la aproximativ 718 milioane lei n anul 2009. Allianz-iriac rmne, astfel, pentru al 8-lea an consecutiv, cel mai important furnizor de asigurri de avarii i furt auto, deinnd peste 21% din volumul afacerilor de asigurri generate de vnzrile de polie casco pe piaa romneasc a asigurrilor. Asigurrile de bunuri i proprieti (incluznd asigurrile de incendiu i calamiti naturale, respectiv daune la proprieti) dein la rndul lor o pondere important (16%) n portofoliul de asigurri generale al Allianz-iriac Asigurri, valoarea primelor brute subscrise pe aceste clase ridicndu-se la aproximativ

We protect your properties


A complete range of non-life insurance products adapted to the clients demands Allianz-iriac Asigurri offers a complete range of non-life insurance products for its clients - individuals and companies meant to protect their properties: from the cars or homes owned by individuals to companies headquarters or equipments as well as liability, accidents or health policies.

Allianz-iriac was the first insurance company on the Romanian market to provide for its clients (individuals) a new offer system for the motor policies (starting from 2006) which generates individualized offers, strictly correlating the clients risk profile with his claims history and the duration of his contractual relationship with our company. By launching this system we have made a few steps towards our clients, thus becoming more transparent, more accessible and more rigorous in respect to the individual risk assessment and correct pricing.

Asigurri generale General insurance

Our flexibility and continuous adaptation of our offer to the clients demands represented the factors which contributed to the positioning of Allianz-iriac as a market leader, for the last 8 consecutive years. 2009, a difficult year for the non-life insurance segment In what the non-life insurance operations are concerned, after 15 consecutive years of growth, the gross written premiums in 2009 posted the first decrease in the entire history of the company. The economic crisis strongly influenced the evolution of the car sales thus influencing directly the operations of the leasing companies- already traditional clients of Allianz-iriac Asigurri. The abrupt decrease of the volume of the non-life insurance operations generated by the leasing partner companies represented the main factor which reduced the gross written premiums in the last fiscal year, reaching the value of Lei 1,198 million, from Lei 1,279 million the year before.

The companys activity in 2009 posted no significant changes in what the structure of the non-life insurance portfolio is concerned. Therefore, the motor-hull segment has the majority weight in the non-life portfolio (approximately 60%). The gross written premiums on this segment amounted to approximately Lei 718 million in 2009. Thus, Allianz-iriac remains for the 8th consecutive year the most important motor-hull insurance policies provider, with over 21% market share on the Romanian motor-hull insurance market. The property insurance segment (including fire and natural calamities insurance) also have an important weight (16%) in the non-life insurance portfolio of Allianz-iriac Asigurri, the gross written premiums on this segment amounting to approximately Lei 189 million in 2009. Allianz-iriac Asigurri

15

Raport Anual / Annual Report 2009

189 milioane lei n anul 2009. i pe aceast clas de asigurri Allianz-iriac a rmas, pentru al 12-lea an consecutiv, cel mai mare asigurtor de bunuri i proprieti din Romnia. n sfrit, cea de-a treia clas de asigurri n ordinea contribuiei la realizarea veniturilor din activitatea de asigurri generale a companiei n anul 2009, cu o pondere de aproximativ 19%, este asigurarea de rspundere civil pentru pagube produse terilor din accidente auto (RCA obligatorie), cele aproximativ 226 milioane lei reprezentnd prime brute subscrise pe aceast clas de asigurri n anul 2009. n cursul anului 2009, clienii Allianz-iriac Asigurri au ncasat despgubiri aferente polielor de asigurri generale n valoare total de 941 milioane lei, cu 184 milioane de lei mai mult (ceea ce reprezint o cretere de 24 de procente) comparativ cu sumele achitate de companie n contul acelorai tipuri de polie cu un an nainte. Rezerva de daune avizate constituit de Allianz-iriac Asigurri pentru clasele de asigurri generale contabiliza, la 31 decembrie 2009, aproape 330 milioane lei. Sumele aferente daunelor nete pltite au cunoscut, la rndul lor, o cretere de 17%, de la aproximativ 380 milioane de lei n anul 2008, la 445 milioane de lei n anul 2009. Aceast majorare a cheltuielilor cu daunele a fost generat, n mare msur, de continuarea creterii accentuate a volumului daunelor aprute pe clasa de asigurri obligatorii de rspundere civil (RCA). La nivelul ntregului portofoliu de asigurri generale, Allianz-iriac a reuit s compenseze parial efectele negative ale creterii daunalitii RCA prin mbuntirea ratei cheltuielilor de achiziie i administrare i prin eficiena programelor de reasigurare derulate de companie.
Contul tehnic* al asigurrii generale aferent exerciiului financiar ncheiat la 31.12.2009 Lei Venituri din prime, nete de reasigurare Alte venituri tehnice, nete de reasigurare Cheltuieli cu daunele, nete de reasigurare Cheltuieli de exploatare nete Alte cheltuieli tehnice, nete de reasigurare Rezultatul tehnic al asigurrii generale - pierdere * forma scurt

remains for the 12th consecutive year the most important property insurance company in Romania. The third insurance segment (based on its contribution to the non-life insurance revenues in 2009), with a weight of approximately 19% is represented by the MTPL. The value of Lei 226 million represents gross written premiums on this insurance segment in 2009.

In 2009, the company clients received Lei 941 million as indemnities corresponding to the non-life insurance policies. The value of the indemnities paid in 2009 posted an increase of Lei 184 million (which represents an increase of 24%) as compared to the value of the indemnities paid a year before. The outstanding claims provision- reported for the non-life insurance segment amounted to almost Lei 330 million as at December 31, 2009. The amounts corresponding to the net indemnities paid also posted an increase of 17%, from Lei 380 million in 2008, to Lei 445 million in 2009. This increase of the claims expenses was generated mostly by the increase of the claims volume on the MTPL insurance segment. Allianz-iriac succeeded in partially compensating at the entire non-life insurance portfolio the negative effects of the claims increase on the MTPL segment by improving the acquisition and administration expenses rate and due to the efficiency of the reinsurance programs.

Technical account for non-life insurance for the financial year ended December 31, 2009 Lei 596.021.609 231.259.676 470.500.742 172.736.457 184.562.603 518.517 Premium income, net of reinsurance Other technical income, net of reinsurance Claims expenses, net of reinsurance Net acquisition and administrative costs Other technical expenses, net of reinsurance Technical result for non-life insurance - loss * short version

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Raport Anual / Annual Report 2009

Asigurri generale General insurance


17

De 9 ani i oferim soluii performante de protecie i planificare financiar / For the last 9 years we have been providing competitive solutions for protection and financial planning

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Raport Anual / Annual Report 2009

Te protejm pe tine i pe cei dragi ie


Allianz-iriac: o ofert flexibil de produse de asigurare de via Oferta Allianz-iriac de polie de asigurare de via destinate persoanelor fizice definete o structur de produse de baz care ine cont de profilul clientului din perspectiva nevoilor sale individuale i familiale - de protecie i planificarea resurselor financiare ntr-un orizont de timp dictat de obiectivele acestuia. Practic, din aceast perspectiv pot fi identificate urmtoarele categorii de produse de asigurri de via Allianz-iriac, care acoper nevoile individuale ale clienilor: protecie i investiie prin polia de asigurare de via cu component investiional (tip unit-linked); protecie i capitalizare prin polia de asigurare mixt de via cu capitalizare; planificare pentru viitorul copiilor prin polia de asigurare de rent pentru studii i dot pentru cstorie; protecie individual simpl oferit de o poli de asigurare mpotriva riscurilor de deces i invaliditate (fr opiunea privind acumularea de capital). n plus, pentru orice tip de contract individual de asigurare de via Allianz-iriac ofer clienilor si posibilitatea de a beneficia de extinderea proteciei prin contractarea unor clauze suplimentare: asigurarea de deces i invaliditate permanent din accident, asigurarea de spitalizare ca urmare a unui accident sau a unei boli, asigurarea de incapacitate temporar de munc din accident, asigurarea pentru intervenii chirurgicale ca urmare a unui accident sau a unei boli, asigurarea pentru afeciuni medicale grave, asigurarea de fracturi i arsuri, asigurarea privind scutirea de la plata primelor n caz de invaliditate permanent. Aadar, n acest moment oferta Allianz-iriac acoper practic ntregul spectru de nevoi de protecie i planificare financiar solicitate de clieni, innd cont de posibilitile financiare ale acestora i de profilul lor sub aspectul gradului de risc investiional acceptat. Practic, compania ofer toate categoriile de produse moderne de asigurri de via, destinate att nevoilor individuale, ct i companiilor care doresc s ofere angajailor beneficii suplimentare sub form de polie de asigurare. Rezultatele noastre n anul 2009 pe segmentul asigurrilor de via Vnzrile de polie de asigurri de via au adus Allianz-iriac Asigurri venituri din prime brute subscrise de 88 de milioane lei n anul 2009, cu aproximativ 18 milioane lei mai puin fa de anul anterior. Scderea nregistrat pe segmentul asigurrilor de via a fost determinat aproape exclusiv de rscumprri de polie i de reducerea volumului de polie nou-vndute pe segmentul asigurrilor de via legate de investiii, produsele din aceast categorie reducndu-i ponderea n portofoliul companiei de la 69% n anul 2008, la 55% n anul 2009.

We protect you and the ones you love


Allianz-iriac: a flexible life insurance offer The Allianz-iriac life insurance offer for individuals defines a structure of basis products - protection and financial resource planning - which takes into consideration the clients profile, form the point of view of his needs - financial and for the family. Therefore, from this point of view, there can be identified the following life insurance products categories provided by Allianz-iriac, which cover the clients individual needs: protection and investment available through the life insurance policy with investment component (unit-linked); protection and capitalization through the endowment type policy; planning for the future of the children through the dowry life insurance policy; individual protection covered by the simple term life insurance policy. Moreover, for every individual life insurance contract, the Allianz-iriac clients have the opportunity of expanding the policy coverage by adding special riders: term life and permanent disability, hospitalization as a consequence of an accident or a disease temporary work incapacity due to an accident, surgical intervention due to an accident or a disease, severe medical conditions, fractures and burns injuries, exemption from payment in case of permanent disability.

Asigurri de via Life insurance

Today Allianz-iriac covers the entire range of protection and financial planning needs of its clients, taking into consideration their financial resources and the degree of investment risk they accept. The company offers all the modern life insurance products both for individuals and for the companies seeking to give additional benefits to their employees.

Our results in 2009 on the life insurance segment The life insurance sales have translated in gross written premiums amounting to Lei 88 million in 2009, posting an increase of Lei 18 million as compared to the previous year. The decrease on the life insurance segment was almost exclusively determined by the life policies surrender and also by the decrease of the new business on the unit-linked segment, which reduced its weight in the company life insurance portfolio to 55% in 2009, from 69% in 2008.

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Raport Anual / Annual Report 2009


Contul tehnic* al asigurrii de via aferent exerciiului financiar ncheiat la 31.12.2009 Lei Venituri din prime, nete de reasigurare Venituri din plasamente Alte venituri tehnice, nete de reasigurare Cheltuieli cu daunele, nete de reasigurare Variatia rezervelor tehnice privind asigurrile de via Variatia rezervelor tehnice privind contractele n uniti de cont Cheltuieli de exploatare nete Cheltuieli cu plasamente Alte cheltuieli tehnice, nete de reasigurare Rezultatul tehnic al asigurrii de via - pierdere * forma scurt 82.655.034 83.809.217 15.726.025 48.308.541 6.097.517 27.615.060 34.142.441 55.080.279 12.024.798 1.078.360 Technical account for life insurance for the financial year ended December 31, 2009 Lei Premium income, net of reinsurance Investment income Other technical income, net of reinsurance Claims expenses, net of reinsurance Change in technical reserves for life insurance Change in technical reserves for unit-linked contracts Net acquisition and administrative costs Investment expenses Other technical expenses, net of reinsurance Technical result for life insurance - loss * short version

Cele dou clase de asigurri de via practicate au contribuit la realizarea veniturilor din prime brute subscrise de Allianz-iriac pe segmentul asigurrilor de via n urmtoarele proporii: Asigurri de via, anuiti i asigurri de via suplimentare - 45% Asigurri de via i anuiti care sunt legate de fonduri de investiii - 55% Pentru produsele de asigurri de via tradiionale, randamentul mediu anualizat al plasamentelor realizate s-a situat la peste 9,5%, activele care acoper rezervele aferente acestor contracte atingnd valoarea de 21 milioane de lei la 31.12.2009. n privina tipurilor de plasamente realizate de companie, n cazul polielor tradiionale de asigurri de via, acestea au fost reprezentate de titluri de stat emise de instituii guvernamentale din Romnia, obligaiuni emise de bnci internaionale cu rating superior i depozite bancare nregistrate la filiale/reprezentane locale ale unor bnci internaionale cu rating superior. n ceea ce privete clasa de asigurri de via cu component investiional tip unit-linked, Allianz-iriac Asigurri ofer clienilor si oportunitatea de a direciona primele achitate n contul polielor ctre oricare dintre programele investiionale gestionate de societate, fiecare dintre aceste programe evideniind niveluri diferite ale raportului risc-randament investiional. La sfritul anului 2009, valoarea cumulat a activelor nete evideniate de aceste vehicule investiionale se situa la aproximativ 167 milioane de lei, din care 141 milioane de lei reprezentau active localizate n strintate, iar restul de 26 milioane lei reprezentau fonduri plasate n instrumente ale pieei financiare din Romnia (aferente programelor investiionale Leu Extra, Leu Plus, Leu Simplu, Leu Clasic, Leu Forte).

The two main insurance categories have contributed to the Allianz-iriac life insurance revenues in the following proportions: Term life, endowment, dowry, annuities and supplementary life insurance policies - 45% Life insurance related to investment funds (unit-linked products) - 55% For the traditional life insurance products (endowment) the medium annualized yield of the investments was approximately 9.5%, while the assets covering the reserves for these contracts amounted to Lei 21 million as at December 31, 2009. In respect to the investments made for the endowment life insurance policies, these were represented by treasury bills issued by Romanian Government institutions, bonds issued by international banks with high rating and bank deposits with local subsidiaries of international banks with high rating. The clients of Allianz-iriac have the opportunity of allotting the premiums paid on any of the investment programs administered by the company, each of these programs being associated with a different proportion between the risk and the return on investment. At the end of 2009, the cumulated value of the net assets of these investment vehicles amounted to Lei 167 million, out of which Lei 141 million represented assets located abroad and the rest of Lei 26 million represented funds invested in financial instruments on the Romanian financial market. (corresponding to the investment programs Leu Extra, Leu Plus, Leu Simplu, Leu Clasic, Leu Forte).

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Raport Anual / Annual Report 2009

Elementele care descriu modul n care au fost administrate principalele programe investiionale asociate produselor de asigurri de via cu component investiional (tip unit-linked) n anul 2009 sunt prezentate n continuare:

The elements describing the way the main investment programs associated to unit-linked products were administered in 2009 are presented below:

Programe investiionale / Investment programs Conservator

Plasamente /Investments Instrumente / Instruments Preponderent obligaiuni i instrumente similare, dar i aciuni / Mainly bonds and similar instruments but also stocks Compoziie echilibrat de aciuni i obligaiuni / Balanced structure of stocks and bonds Piee / Markets Preponderent spaiul UE / Mostly EU Spaiul UE, SUA, Asia-Pacific, piee emergente / EU, USA, Asia Pacific, emerging markets Spaiul UE, SUA, Asia-Pacific, piee emergente / EU, USA, Asia Pacific, emerging markets Spaiul UE, SUA, Asia-Pacific, piee emergente / EU, USA, Asia Pacific, emerging markets Preponderent spaiul UE / Mostly EU Preponderent SUA / Mostly USA Zona Euro / Euro zone Spaiul UE / EU space Spaiul UE / EU space Spaiul UE / EU space Spaiul UE / EU space Preponderent Romnia / Mostly Romania

Randament 2009 / Yield in 2009 13.3%

Activ net 31.12.2009 (Lei) / Net asset December 31, 2009 (Lei) 5,006,662

Clasic

19.1%

11,389,146

Dinamic

Preponderent aciuni ale companiilor internaionale dar i obligaiuni / Mostly stocks (international companies) but also bonds

26.2%

13,419,706

Progresiv

Aproape exclusiv aciuni ale companiilor internaionale / Almost exclusively stocks of the international companies Obligaiuni guvernamentale i depozite bancare / Government bonds and bank deposits Preponderent obligaiuni guvernamentale i corporatiste / Mostly government and corporate bonds Obligaiuni i aciuni blue-chips din zona Euro / Bonds and blue-chips stocks in Euro zone Certificate de valoare cu garanie la maturitatea contractului / Certificates with guarantees at contract maturity Certificate de valoare cu garanie la maturitatea contractului / Certificates with guarantees at contract maturity Certificate de valoare cu garanie la maturitatea contractului / Certificates with guarantees at contract maturity Certificate de valoare cu garanie dinamic la maturitatea contractului / Certificates with dynamic guarantees at contract maturity Depozite bancare, titluri de stat emise de instituii guvernamentale romneti i obligaiuni emise de corporaii / Bank deposits, treasury bills issued by Romanian Government institutions and corporate bonds Titluri de stat emise de instituii guvernamentale romneti, obligaiuni emise de corporaii i depozite bancare / Treasury bills issued by Romanian Government institutions, corporate bonds and bank deposits Titluri de stat emise de instituii guvernamentale romneti, obligaiuni emise de corporaii, aciuni listate i depozite bancare / Treasury bills issued by Romanian Government institutions, corporate bonds, stocks and bank deposits Aciuni listate, titluri de stat emise de instituii guvernamentale romneti, obligaiuni emise de corporaii i depozite bancare / Stocks, treasury bills issued by Romanian Government institutions, corporate bonds and bank deposits

29.3%

60,793,458

Euro-Plus Dolar-Plus Euro Protect Allianz Index 50, Trana I Allianz Index 50, Trana II Allianz Smart Invest Euro Max Leu Extra, Leu Plus

7.5% 18.7% 1.3% -5.3% -6.2% -10.6% -6.8%

22,706,596 4,671,955 626,176 2,236,958 5,345,033

Asigurri de via Life insurance

1,987,979 8,919,837

8.2% *

24,720,074

Leu - Simplu

Romnia / Romania

14.1%

176,638

Leu - Clasic

Romnia / Romania

23.6%

419,499

Leu - Forte

Romnia / Romania

25.3%

616,658

* randamentul prezentat este calculat n Euro / the yield is calculated in Euro

21

Allianz-iriac Asigurri - de 16 ani o companie sigur, solid, profitabil. Avem ncredere n viitor! / Allianz-iriac Asigurri - a safe, solid and profitable company for 16 years. We are confident about our future!

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Raport Anual / Annual Report 2009

Unde dorim s ajungem


Obiectivele de dezvoltare ale Allianz-iriac vizeaz meninerea i consolidarea poziiei numrul unu pe piaa asigurrilor, fr a neglija indicatorii de rentabilitate a afacerii. n acest sens, i n viitor vor fi riguros aplicate principiile prudeniale n abordarea tuturor operaiunilor de subscriere a riscurilor. Compania i-a asumat nc de la nfiinare un angajament - att fa de acionarii si, ct i fa de clieni - care impune definirea unor strategii de dezvoltare care au drept punct de plecare, drept precondiie, pstrarea echilibrelor financiare la niveluri optime. Aceast abordare respectat i aplicat n mod constant a contribuit nu doar la meninerea poziiei de lider al pieei asigurrilor pe termen lung, dar i la continuitatea nregistrrii unor rezultate pozitive sub aspectul eficienei operaionale. De la nfiinare i pn astzi, n toi cei 16 ani de existen, Allianz-iriac a obinut, an dup an, profit. Inclusiv n ultimii doi ani, ntr-o perioad caracterizat de criz financiar, Grupul Allianz i Allianz-iriac au dovedit, o dat n plus, c sunt instituii financiare dezvoltate pe fundamente sntoase, fiind recunoscute ntre cele mai solide afaceri din sectorul financiar - la nivel mondial, respectiv pe piaa romneasc. Indicatori precum rata solvabilitii, dar i nivelul profitabilitii s-au situat la valori care au reconfirmat stabilitatea optim a afacerilor derulate sub numele de marc Allianz, att n cazul activitilor consolidate ale Grupului, ct i la nivelul operaiunilor din Romnia, chiar i ntr-o perioad de turbulene financiare i instabilitate economic. Capacitatea noastr de a traversa asemenea perioade dificile fr ca echilibrele financiare s fie afectate, faptul c ne-am respectat angajamentele luate fa de clienii notri, oferindu-le acestora servicii de calitate, n special atunci cnd au mai mult nevoie, demonstreaz o dat n plus c Allianz reuete s reprezinte pentru clienii si un partener de ncredere, pe care se pot baza oricnd. Suntem contieni de faptul c prioritatea noastr numrul unu este clientul. Derulm, de civa ani, o serie de programe menite s ne transforme ntr-o organizaie puternic orientat ctre nevoile clienilor, recunoscut pentru acest lucru. Segmentarea portofoliului, care nseamn practic particularizarea ofertelor pentru fiecare client n parte - astfel nct acestea s evidenieze o mai bun corelaie a costurilor percepute cu profilurile riscurilor individuale acoperite - a fost lansat pentru prima dat n Romnia de Allianz-iriac, n 2006. n acest moment, se afl n plin desfurare proiecte complementare care vizeaz definirea unei game complete de produse special construite pentru diferitele segmente de clieni, precum i specializarea forei de vnzri n vederea mbuntirii calitii i eficacitii distribuiei. Concomitent, vor fi continuate programele de mbuntire a calitii serviciilor post-vnzare prin eficientizarea controlului i administrrii proceselor de despgubire i indemnizare. Toate acestea, mpreun cu o serie de alte proiecte aflate n faze de pregtire i de implementare, definesc cadrul unui program de orientare ctre nevoile clienilor asumat de Allianz-iriac Asigurri. Dorim s progresm n aceast direcie, n a reui s fim tot mai aproape de clienii notri i, de aceea, evalum n mod constant gradul de satisfacie al acestora.

Our future direction


The development goals of Allianz-iriac are focused on maintaining and consolidating our No. 1 position on the Romanian insurance market, without neglecting the key financial strength indicators. Therefore, in the future, we will rigorously implement the prudential principles in approaching all the underwriting operations. The company took upon itself a commitment since its establishment, a commitment towards its shareholders and its clients, thus enforcing ever since the defining of some development strategies which are based on keeping the financial balance at an optimum level. This approach, which was constantly complied with and implemented, contributed not only to maintaining the leader position on the Romanian insurance market, but also to the continuous positive results achieved by the company in respect to the operational efficiency. Since its establishment, in all its 16 years of activity, Allianz-iriac has been constantly produced profit. Including in the last two years, during a crisis period of time, the Allianz Group and Allianz-iriac have demonstrated once again that they are financial institutions built on solid grounds, being recognized as some of the strongest businesses in the financial sector- worldwide and on the Romanian market. Indicators such as the solvency ratio and the profitability level recorded values which reconfirmed the optimum stability of the operations carried out under the brand name Allianz - for the Group consolidated activities and for the insurance operations in Romania, even in a time defined by financial turbulences and economic lack of balance. Our capacity to pass through difficult times without losing our financial balance, the fact that we fulfilled the promises we made to our clients, providing quality services, especially when they need it most, demonstrate how Allianz succeeded in being a trustworthy partner for its clients, a partner they can count on in any given moment. We are aware of the fact that our top priority is represented by our client. For a few years, we have been carrying out programs meant to transform us in a client oriented company, acknowledged for this commitment. The portfolio segmentation which in fact represents the personalization of the offers for every client, and reveals a better correlation between the individual risk profile and the premiums level was launched for the first time in Romania by Allianz-iriac Asigurri in 2006. Today we are carrying out complementary projects focused on defining a complete range of products, especially created for different clients segments. We have also started the specialization of the sales force in order to improve the quality and efficiency of the distribution process. Allianz-iriac will simultaneously continue to improve the quality of the post-sales services by increasing the efficiency of the control and administration of the claims process. Alongside other project in the preparation or implementation stage are defining the framework for a complex client orientated program, taken upon itself by Allianz-iriac Asigurri. We wish to make progress in this direction, in order for us to be closer to our clients. This is the reason why we are constantly evaluating the satisfaction of our clients. Our efforts are directed towards responding to our clients needs.

Unde dorim s ajungem Our future direction


23

Raport Anual / Annual Report 2009

Perceput ca partener de ncredere datorit iniiativelor menite s susin orientarea ctre clienii si, Allianz-iriac i-a propus s ntreprind tot mai mult pentru a dezvolta o relaie de lung durat cu acetia. De aceea, eforturile companiei se ndreapt, n mod constant, ctre cunoaterea nevoilor i exigenelor clienilor si actuali i poteniali i identificarea celor mai inovatoare soluii pentru satisfacerea acestora, garantnd n acest fel produse i servicii la cele mai nalte standarde de calitate. Eforturile noastre, ndreptate spre satisfacerea nevoilor clienilor i respectarea promisiunilor fa de acetia, vor ntri competitivitatea mrcii Allianz-iriac pe piaa romneasc i vor susine dezvoltarea profitabil a afacerilor companiei pe termen lung.

Perceived as a trustworthy partner due to its initiatives meant to support the client orientation, Allianz-iriac wishes to do more in order to develop a long term relationship with them. This is the reason why the company efforts are constantly aiming to know the demands and expectations of its present and potential clients and to identify the most innovative solutions to respond to these demands, thus guaranteeing products and services of the finest quality. The fulfillment of the promises we made will strengthen the competitiveness of the Allianz-iriac brand on the Romanian Market and will support the profitable development of our company operations on the long term.

24

Unde dorim s ajungem Our future direction

Raport Anual / Annual Report 2009

25

Situaii Financiare
Situaia activelor, datoriilor i capitalurilor proprii Contul de profit i pierdere - Contul tehnic al asigurrilor generale - Contul tehnic al asigurrilor de via - Contul netehnic

Situaia modificrilor capitalurilor proprii Situaia fluxurilor de trezorerie - Situaia fluxurilor de trezorerie pentru asigurrile generale - Situaia fluxurilor de trezorerie pentru asigurrile de via

Note la situaiile financiare Raportul auditorului independent

Financial Statements
Balance sheets Income statements - Technical account for non-life insurance - Technical account for life insurance - Non-technical account
Situaii financiare Financiar statements

Statement of changes in equity Cash flow statements - Cash flow statement for non-life insurance - Cash flow statement for life insurance

Notes to the financial statements Independent auditors report

Raport Anual / Annual Report 2009

Situaia activelor, datoriilor i capitalurilor proprii / Balance sheet


Lei Denumirea elementului / Item ACTIVE / ASSETS A Active necorporale / Intangible assets I. Imobilizri necorporale / Intangible assets 1. Cheltuieli de constituire / Set-up costs 2. Cheltuieli de dezvoltare / Development costs 3. Concesiuni, brevete, licene, mrci, drepturi i valori similare / Concessions, patents, licenses, trademarks and similar rights and assets 4. Fondul comercial / Goodwill 5. Avansuri i imobilizri necorporale n curs de execuie / Advance payments and intangible assets in progress 6. Alte imobilizri necorporale / Other intangible assets Total (rd. 1 la 6) / Total (r. 1 to 6) B Plasamente / Placements I. Plasamente n imobilizri corporale i n curs / Placements in tangible assets and non-current assets in progress 1. Terenuri i construcii / Land and buildings 2. Avansuri i plasamente n imobilizri corporale n curs de execuie / Advance payments and non-current assets in progress Total (rd. 8+9) / Total (r. 8+9) II. Plasamente deinute la societile afiliate i sub form de interese de participare i alte plasamente n imobilizri financiare / Investments in subsidiaries, associates and other placements in financial assets 1. Titluri de participare deinute la societi afiliate / Investments in subsidiaries 2. Titluri de crean i mprumuturi acordate societilor afiliate / Long term receivables and other financial investments from subsidiaries 3. Participri la societile n care exist interese de participare / Investments in associates 4. Titluri de crean i mprumuturi acordate societilor n care exist interese de participare / Long term receivables and other financial investments in associates 5. Alte plasamente n imobilizri financiare / Other investments in financial assets Total (rd. 11 la 15) / Total (r. 11 to 15) III. Alte plasamente financiare / Other financial placements 1. Aciuni, alte titluri cu venit variabil i uniti la fondurile comune de plasament / Financial investments in securities with variable income 2. Obligaiuni i alte titluri cu venit fix / Financial investments in securities with fixed income 3. Pri n fonduri comune de investiii / Parts in common placement funds 4. mprumuturi ipotecare / Mortgage loans 5. Alte mprumuturi / Other loans 6. Depozite la instituiile de credit / Deposits to credit institutions 7. Alte plasamente financiare / Other financial placements Total (rd. 17 la 23) / Total (r. 17 to 23) IV Depozite la societi cedente / Deposits from reinsurers 17 18 19 20 21 22 23 24 25 4 3 13.844.228 364.991.200 0 0 0 120.360.914 0 499.196.342 0 3.611.010 264.900.919 0 0 0 112.240.995 0 380.752.924 0 11 12 13 14 15 16 6 530.112.840 0 30.000 0 1.191.981 531.334.821 210.112.840 0 30.000 0 1.074.968 211.217.808 08 09 10 5 5 5 23.646.059 0 23.646.059 32.019.543 23.494 32.043.037 01 02 03 04 05 06 07 0 0 1.944.688 0 1.918.001 0 3.862.689 0 0 2.079.055 0 0 0 2.079.055 Nr. rd. / No. row Nota / Note Sold la: / Balance as at: 31.12.2009 31.12.2008

28

Raport Anual / Annual Report 2009

Situaia activelor, datoriilor i capitalurilor proprii / Balance sheet


Lei Denumirea elementului / Item ACTIVE (continuare) / ASSETS (continued) C Plasamente aferente asigurrilor de via pentru care expunerea la riscul de investiii este transferat contractanilor / Investments related to unit-linked contracts 26 166.513.675 131.952.597 Nr. rd. / No. row Nota / Note Sold la: / Balance as at: 31.12.2009 31.12.2008

Total plasamente(rd. 10+16+24+25+26) / Total placements (r. 10+16+24+25+26) Partea din rezervele tehnice aferente contractelor cedate n reasigurare / Technical provision for contracts ceded to reinsurance I. Partea din rezervele tehnice aferente contractelor cedate n reasigurare la asigurri generale /Technical provision for contracts ceded to reinsurance for general insurance 1. Partea din rezerva de prime aferent contractelor cedate n reasigurare / Portion ceded - unearned premiums 2. Partea din rezerva pentru participare la beneficii i risturnuri aferent contractelor cedate n reasigurare / Portion ceded - policyholder benefit reserve 3. Partea din rezerva de daune aferent contractelor cedate n reasigurare / Portion ceded - provision outstanding claims 4. Partea din alte rezerve tehnice aferent contractelor cedate n reasigurare / Portion ceded - other provisions a) Partea din rezerva pentru riscuri neexpirate aferent contractelor cedate n reasigurare / Portion ceded - unexpired risk provision b) Partea din rezerva de catastrof aferent contractelor cedate n reasigurare / Portion ceded - catastrophe provision c) Partea din alte rezerve tehnice aferent contractelor cedate n reasigurare / Portion ceded - other provision Total (rd. 28 la 33) / Total (r. 28 to 33) II. Partea din rezervele tehnice aferente contractelor cedate n reasigurare la asigurri de via / Technical provision for contracts ceded to reinsurance for life insurance 1. Partea din rezerva matematic aferent contractelor cedate n reasigurare / Portion ceded - mathematical reserve 2. Partea din rezerva de prime aferent contractelor cedate n reasigurare / Portion ceded - unearned premiums 3. Partea din rezerva pentru participare la beneficii i risturnuri aferent contractelor cedate n reasigurare / Portion ceded - policyholders benefit reserve 4. Partea din rezerva de daune aferent contractelor cedate n reasigurare / Portion ceded - provision outstanding claims 5. Partea din alte rezerve tehnice aferent contractelor cedate n reasigurare / Portion ceded - other provisions Total (rd. 35 la 39) / Total (r. 35 to 39) III. Partea din rezerva matematic aferent asigurrilor de via pentru care expunerea la riscul de investiii este transferat contractanilor cedat n reasigurare / Part ceded to reinsurance company from technical reserves for unit-linked contracts Total (rd. 34+40+41) / Total (r. 34+40+41)

27

1.220.690.897

755.966.366

28 29 30

302.686.368 0 201.155.708 0

335.681.198 0 201.790.206 0 0 0 0 537.471.404

31 32 33 34 8

0 0 0 503.842.076

35 36 37 38 39 40 8

0 1.540.170 0 830.487 0 2.370.657

0 1.492.791 0 24.244 0 1.517.035

Situaii financiare Financiar statements

41

42

506.212.733

538.988.439

29

Raport Anual / Annual Report 2009

Situaia activelor, datoriilor i capitalurilor proprii / Balance sheet


Lei Denumirea elementului / Item ACTIVE (continuare) / ASSETS (continued) E Creane / Receivable Sume de ncasat de la societile afiliate / Inter-company balances Sume de ncasat din interese de participare / Transactions with associates Total (rd. 43+44) / Total(r. 43+44) I. Creane provenite din operaiuni de asigurare direct / Receivable from direct insurance Asigurai / Receivable from policyholders Intermediari n asigurri / Receivable from intermediaries Alte creane provenite din operaiuni de asigurare direct / Other receivables from direct insurance Total (rd. 46 la 48) / Total (r. 46 to 48) II. Creane provenite din operaiuni de reasigurare / Receivables from reinsurance III. Alte creane / Other receivables IV. Creane privind capitalul subscris i nevrsat / Shareholders - amounts receivable for subscribed capital F Alte elemente de activ / Other assets I. Imobilizri corporale i stocuri / Fixed assets and inventories 1. Instalaii tehnice i maini / Plant and machinery, measurement control devices, motor vehicles 2. Alte instalaii, utilaje i mobilier / Fixtures and fittings 3. Avansuri i imobilizri corporale n curs de execuie / Advance payments and non-current assets in progress Total (rd. 53 la 55) / Total (r. 53 to 55) Stocuri / Inventories 4. Materiale consumabile / Consumables 5. Avansuri pentru cumprri de stocuri / Advance payments for inventories Total (rd. 57 + 58) / Total (r. 57+58) II. Casa i conturi la bnci / Petty cash and cash at banks III. Alte elemente de activ / Other assets G Cheltuieli n avans / Deferred expenses I. Dobnzi i chirii nregistrate n avans / Deferred expenses for rent and interest II. Cheltuieli de achiziie reportate TOTAL (rd. 64+65) / Deferred acquisition costs TOTAL (r. 64+65) 1. Cheltuieli de achiziie reportate privind asigurrile generale / Deferred acquisition costs related to general insurance 2. Cheltuieli de achiziie reportate privind asigurrile de via / Deferred acquisition costs related to life insurance III. Alte cheltuieli nregistrate n avans / Other deferred expenses Total (rd. 62+63+66) / (r. 62+63+66) Total active / Total assets 62 63 64 65 66 67 68 11 485.830 68.717.560 66.206.901 2.510.659 956.191 70.159.581 2.539.808.432 365.348 71.814.550 67.944.160 3.870.390 585.243 72.765.141 2.529.937.501 57 58 59 60 61 10 7 2.601.096 0 2.601.096 21.173.030 0 2.358.783 0 2.358.783 22.943.986 268 53 54 55 56 15.640.212 1.255.157 780.007 17.675.376 17.307.837 1.963.658 289.866 19.561.361 46 47 48 49 50 51 52 9 16 439.861.755 220.583 0 440.082.338 202.689.759 33.286.309 0 484.285.756 50.572 0 484.336.328 266.179.359 40.028.203 0 43 44 45 21.374.624 0 21.374.624 324.730.212 0 324.730.212 Nr. rd. / No. row Nota / Note Sold la: / Balance as at: 31.12.2009 31.12.2008

30

Raport Anual / Annual Report 2009

Situaia activelor, datoriilor i capitalurilor proprii / Balance sheet


Lei Denumirea elementului / Item PASIV / EQUITY AND LIABILITIES A Capital i rezerve / Capital and reserves I. Capital / Capital Capital social din care: / Share capital, out of which: Capital social subscris vrsat / Subscribed called up capital II. Prime de capital / Premium related to share capital III. Rezerve din reevaluare / Re-evaluation reserves land and buildings IV. Rezerve / Reserves 1. Rezerve legale / Legal reserves 2. Rezerve statutare sau contractuale / Statutory or contractual capital reserve 3. Rezerve reprezentnd surplusul realizat din rezerve din reevaluare / Reserves due to the surplus obtained from re-evaluation reserves 4. Alte rezerve / Other reserves 5. Aciuni proprii / Reserve for own shares Total (rd. 73 la 76 - 77) / Total (r. 73 to 76-77) V. Rezultatul reportat 1. Rezultatul reportat reprezentnd profitul nerepartizat sau pierderea neacoperit / Retained earnings Sold C / Profit carried forward Sold D / Loss carried forward 2. Rezultatul reportat provenit din adoptarea pentru prima dat a IAS mai puin IAS 29 / Retained earnings due to the adoption of IAS for the first time, with the exception of IAS 29 Sold C / Credit balance Sold D / Debit balance 3. Rezultatul reportat provenit din corectarea erorilor contabile / Retained earnings due to the correction of the fundamental errors Sold C / Credit balance Sold D / Debit balance 4. Rezultatul reportat provenit din trecerea la aplicarea reglementrilor contabile conforme cu Directivele Europene / Retained earnings due to the adoption for the first time of accounting policies based on EU regulation Sold C / Credit balance Sold D / Debit balance Sold C / Current year profit Sold D / Current year loss VII. Repartizarea profitului / Distribution of profit Total / Total (rd./r. 69+71+72+78+79-80+81-82+8384+85-86+87-88-89) 79 77.101.254 63.161.948 73 74 75 76 77 78 13 13 13 12.800.583 0 4.726.441 60.167.662 0 77.694.686 10.377.456 0 4.510.263 27.248.331 0 42.136.050 69 70 71 72 13 12 66.638.505 66.638.505 321.887.328 18.903.184 66.638.505 66.638.505 321.887.328 26.445.772 Nr. rd. / No. row Nota / Note Sold la: / Balance as at: 31.12.2009 31.12.2008

80 81

6.792.515 1.446.310

13.494.340 1.446.310

82 83

6.228 0

6.228 0

84 85

46.665.265 0

46.665.265 0

86 87

1.295.786 29.650.798

1.295.786 22.979.259

VI. Rezultatul exerciiului / Result for the period

Situaii financiare Financiar statements

88 89 90

0 1.849.601 536.712.670

0 1.764.602 481.468.951

31

Raport Anual / Annual Report 2009

Situaia activelor, datoriilor i capitalurilor proprii / Balance sheet


Lei Denumirea elementului / Item PASIV (continuare) / EQUITY AND LIABILITIES (continued) B C Datorii subordonate / Subordinate liabilities Rezerve tehnice / Technical reserves I. Rezerve tehnice privind asigurrile generale (rd. 93+94+ 95+98) / Technical reserves for general insurance-gross (r. 93+94+95+98) 1. Rezerva de prime privind asigurrile generale / Unearned premium reserve - gross 2. Rezerva pentru participare la beneficii i risturnuri privind asigurrile generale / Policyholders benefit reserve - gross 3. Rezerva de daune privind asigurrile generale (rd. 96+97) / Outstanding claim provision - gross (r. 96+97) a) Rezerva de daune avizate / Outstanding claim provision - reported b) Rezerva de daune neavizate / Outstanding claim provision - IBNR 4. Alte rezerve tehnice pentru asigurri generale (rd. 99+100+101) / Other technical reserves for general insurance - gross (r. 99+100+101) a) Rezerva pentru riscuri neexpirate / Unexpired risk provision - gross b) Rezerva de catastrof / Catastrophe provision - gross c) Alte rezerve tehnice / Other technical reserves - gross II. Rezerve tehnice privind asigurrile de via (rd. 103+104+105+106+109) / Technical reserve for life insurance (r. 103+104+105+106+109) 1. Rezerve matematice / Mathematical reserves - gross 2. Rezerva de prime asigurri de via / Unearned premium reserve - gross 3. Rezerva pentru participare la beneficii i risturnuri privind asigurrile de via / Policyholders benefit reserve - gross 4. Rezerva de daune privind asigurrile de via (rd. 107+108) / Outstanding claims reserve related to life insurance - gross (r. 107+108) a) Rezerva de daune avizate / Outstanding claim provision - reported b) Rezerva de daune neavizate / Outstanding claim provision - IBNR 5. Alte rezerve tehnice privind asigurrile de via / Other technical reserves for general insurance-gross III. Rezerva de egalizare / Equalization reserve Total (rd. 92+102+110) / Total (r. 92+102+110) Rezerva matematic aferent asigurrilor de via pentru care expunerea la riscul de investiii este transferat contractanilor / Mathematical reserves for unit-linked contracts 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 8 14 8 1.077.450.228 607.825.282 0 451.467.066 329.026.147 122.440.919 18.157.880 0 18.157.880 0 59.968.163 26.695.516 23.289.314 1.180.084 8.803.249 4.985.878 3.817.371 0 0 1.137.418.391 1.095.232.975 650.651.834 0 426.423.261 309.996.149 116.427.112 18.157.880 0 18.157.880 0 49.533.845 21.401.741 23.775.578 542.755 3.813.771 1.353.754 2.460.017 0 0 1.144.766.820 91 0 0 Nr. rd. / No. row Nota / Note Sold la: / Balance as at: 31.12.2009 31.12.2008

112

166.513.676

131.964.878

32

Raport Anual / Annual Report 2009

Situaia activelor, datoriilor i capitalurilor proprii / Balance sheet


Lei Denumirea elementului / Item PASIV (continuare) / EQUITY AND LIABILITIES (continued) E Provizioane / Provisions for risk and charges 1. Provizioane pentru pensii i alte obligaii similare / Provisions for annuities and other similar obligations 2. Provizioane pentru impozite / Provisions for taxes 3. Alte provizioane / Other provisions for risks and charges Total (rd. 113 la 115) / Total (r. 113 to 115) 113 114 115 116 15 0 1.575.744 12.856.609 14.432.353 0 0 9.546.967 9.546.967 Nr. rd. / No. row Nota / Note Sold la: / Balance as at: 31.12.2009 31.12.2008

Depozite primite de la reasigurtori / Deposits received from reinsurance companies

117

Datorii / Liabilities Sume datorate societilor afiliate / Debts towards companies within the group Sume datorate privind interesele de participare / Debts towards associates I. Datorii provenite din operaiuni de asigurare direct / Liabilities from direct insurance II. Datorii provenite din operaiuni de reasigurare / Liabilities from reinsurance III. mprumuturi din emisiuni de obligaiuni / Borrowings from debt securities issued IV. Sume datorate instituiilor de credit / Liabilities due to credit institution V. Alte datorii, inclusiv datorii fiscale i datorii pentru asigurrile sociale / Other liabilities including fiscal liabilities and debts for social security Total (rd. 118 la 124) / Total (r. 118 to 124) 118 119 120 121 122 123 124 125 17 16 0 0 1.757.413 473.734.599 0 0 107.431.700 582.923.712 0 0 1.348.632 543.965.284 0 0 116.801.109 662.115.025

Venituri n avans / Deferred income I. Subvenii pentru investiii / Allowances for investment II. Venituri nregistrate n avans / Deferred income Total (rd. 126 + 127) / Total (r. 126+127) Total pasiv / Total equity and liabilities (rd./r. 90+91+111+112+116+117+125+128) 126 127 128 129 18 0 101.807.630 101.807.630 2.539.808.432 0 100.074.860 100.074.860 2.529.937.501

Situaii financiare Financiar statements


33

Raport Anual / Annual Report 2009

Contul tehnic al asigurrilor generale / Technical account for non-life insurance


Lei Denumirea indicatorilor / Item 1. Venituri din prime, nete de reasigurare / Premium income, net of reinsurance a) venituri din prime brute subscrise / gross written premium (+) b) prime cedate n reasigurare / premiums ceded in reinsurance (-) c) variaia rezervei de prime / change in premiums reserve (+/-) d) variaia rezervei de prime, cedate n reasigurare / change in premium reserve ceded in reinsurance (+ /-) Total (rd./r. 01-02-03+04) 2. Cota din venitul net (diferena ntre veniturile i cheltuielile din plasamente) al plasamentelor transferat din contul netehnic / Net investment income portion transferred from non-technical account (+) 3. Alte venituri tehnice, nete de reasigurare / Other technical income, net of reinsurance (+) 4. Cheltuieli cu daunele, nete de reasigurare / Claims expenses, net of reinsurance a) daune pltite / claims paid: - sume brute / gross - partea reasigurtorilor / reinsurance (-) b) variaia rezervei de daune, net de reasigurare / change in claims reserves, net of reinsurance: (+/-) Total (rd./r. 08+11) 5. Variaia altor rezerve tehnice, nete de reasigurare, din care: / Change in other technical reserves, net of reinsurance, out of which: a) variaia rezervei pentru riscuri neexpirate / change in unexpired risk provision (+/-) b) variaia rezervei de catastrof / change in catastrophe provision (+/-) c) variaia altor rezerve tehnice / change in other technical reserves (+/-) Total (rd./r. 13+14+15) 6. Variaia rezervei pentru participare la beneficii i risturnuri / Change in policyholder benefit reserve (+/-) 7. Cheltuieli de exploatare nete / Net acquisition and administrative costs a) cheltuieli de achiziie / acquisitions costs b) variaia sumei cheltuielilor de achiziie reportate / change in deferred acquisition costs (+/-) c) cheltuieli de administrare / administrative expenses d) comisioane primite de la reasigurtori i participri la beneficii / commissions from reinsurance (-) Total (rd./r. 18+19+20-21) 8. Alte cheltuieli tehnice, nete de reasigurare / Other technical expenses net of reinsurance 9. Variaia rezervei de egalizare / Change in equalization reserve (+/-) 10. Rezultat tehnic al asigurrii generale / Technical result for general insurance Profit / Profit Pierdere / Loss 25 96 25 0 518.517 19.055.775 0 Nr.rd/ No. row Not/ Note 2009 2008

01 02 03 04 05 06 07 19

1.198.250.655 612.060.767 -42.826.552 -32.994.831 596.021.609 0 231.259.676

1.278.805.131 670.484.976 81.561.635 43.821.855 570.580.375 0 271.805.229

08 09 10 11 12 21

444.868.990 941.375.546 496.506.556 25.631.752 470.500.742

379.985.655 757.048.887 377.063.232 4.489.690 384.475.345

13 14 15 16 17

0 0 0 0 0

0 0 0 0 0

18 19 20 21 22 23 24

23 23 23; 25 23 23

227.723.414 1.547.978 108.128.223 164.663.158 172.736.457 184.562.603 0

235.784.269 -10.528.709 97.669.567 153.625.596 169.299.531 269.554.953 0

34

Raport Anual / Annual Report 2009

Contul tehnic al asigurrilor de via / Technical account for life insurance


Lei Denumirea indicatorilor / Item 1. Venituri din prime, nete de reasigurare / Premium income, net of reinsurance a) venituri din prime brute subscrise / gross written premiums (+) b) prime cedate n reasigurare / premiums ceded in reinsurance (-) c) variaia rezervei de prime, net de reasigurare / change in unearned premiums reserve (+/-) Total (rd. 01-02-03) / (r. 01-02-03) 2. Venituri din plasamente / Investment income a) Venituri din participri la societile n care exist interese de participare, din care / Income from investments in subsidiaries and associates thereof: - venituri din plasamente la societile afiliate / income from financial investment in affiliated entities b) Venituri din alte plasamente cu prezentarea distinct a veniturilor din plasamente la societile afiliate, din care / Income from other financial placements thereof: - venituri provenind din terenuri i construcii / income from land and buildings - venituri provenind din alte plasamente / income from other financial investments c) Venituri din ajustri pentru depreciere/pierdere de valoare a plasamentelor / Income from change in provisions for investments d) Venituri provenind din realizarea plasamentelor / Gain from disposal of investments Total (rd. 05+07+10+11) / (r. 05+07+10+11) 3. Plusvalori nerealizate din plasamente / Plus values unrealized related to investments 4. Alte venituri tehnice, nete de reasigurare / Other technical income, net of reinsurance 5. Cheltuieli cu daunele, nete de reasigurare / Claims expenses , net of reinsurance Total (rd. 16+19) / (r. 16+19) a) sume pltite / claims paid: - sume brute / gross - partea reasigurtorilor / reinsurance (-) b) variaia rezervei de daune / change in claims reserves (+/-) - suma brut / gross - partea reasigurtorilor / reinsurance (-) 6. Variaia rezervelor tehnice privind asigurrile de via / Change in technical reserves for life insurance, out of which Total (rd. 23+26+29) / (r. 23+26+29) a) variaia rezervei matematice / change in mathematical reserves - suma brut / gross - partea reasigurtorilor / reinsurance (-) b) variaia rezervei pentru participare la beneficii i risturnuri / change in policyholder benefit reserves - suma brut / gross - partea reasigurtorilor / reinsurance (-) c) variaia altor rezerve tehnice / change in other technical reserves - suma brut / gross - partea reasigurtorilor / reinsurance (-) 7. Variaia rezervei matematice aferente asigurrilor de via pentru care expunerea la riscul de investiii este transferat contractantului cedat n reasigurare / Change in technical reserves for unit-linked contracts (+/-) Total (rd. 33-34) / (r.33-34) - suma brut / gross - partea reasigurtorilor / reinsurance (-) 8. Cheltuieli de exploatare nete / Net acquisition and administrative costs: a) cheltuieli de achiziii / acquisitions costs b) variaia sumei cheltuielilor de achiziii reportate / change in deferred acquisition costs c) cheltuieli de administrare / administrative expense d) comisioane primite de la reasigurtori i participri la beneficii / commissions from reinsurance (-) Total (rd. 35+36+37-38) / (r. 35+36+37-38) 9. Cheltuieli cu plasamente / Expenses related to investments: a) cheltuieli de gestionare a plasamentelor, inclusiv cheltuielile cu dobnzile / investments administration expenses, including interest expense b) cheltuieli privind constituirea ajustrilor de valoare pentru plasamente / provisions set-up for investments expenses c) pierderi provenind din realizarea plasamentelor / loss from disposal of investments Total (rd. 40+41+42)/ (r. 40+41+42) 10. Minusvalori nerealizate din plasamente / Minus values unrealized related to investments 11. Alte cheltuieli tehnice, nete de reasigurare / Other technical expenses, net of reinsurance 12. Cota din venitul net al plasamentelor transferat n contul netehnic / Net investment income portion transferred to non-technical account 13. Rezultatul tehnic al asigurrii de via / Technical result for life insurance Profit / Profit (rd./r. 04+12+13+14-15-22-32-39-43-44-45-46) Pierdere / Loss (rd./r. 15+22+32+39+43+44+45+46-4-12-13-14) Nr. rd/ No. row Nota/ Note 2009 2008

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

20 20

87.631.607 5.510.217 -533.644 82.655.034 0 0 78.067.863 0 78.067.863 0 5.741.354

105.577.722 3.899.292 72.637 101.605.793 0 0 59.452.025 0 59.452.025 0 2.558.109 62.010.134 0 16.239.810 39.107.858 37.643.429 37.754.709 111.280 1.464.429 1.396.756 -67.673

24

83.809.217 0 15.726.025 48.308.541 44.121.553 44.791.401 669.848 4.186.988 4.993.504 806.516

22

22 23 24 25 26 27 28 29 30 31

6.097.517 5.460.188 5.460.188 0 637.329 637.329 0 0 0 0

6.015.646 5.887.671 5.887.671 0 127.975 127.975 0 0 0 0

32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 23 23 23; 25 23

27.615.060 27.615.060 0 28.482.681 342.631 7.335.295 2.018.166 34.142.441 1.564.322 0 53.515.957 55.080.279 0 12.024.798 0

-6.665.882 -6.665.882 0

Situaii financiare Financiar statements

33.796.585 -492.824 7.282.609 1.306.585 39.279.785 359.519 0 89.638.104 89.997.623 0 17.048.156 0

47 48

0 1.078.360

0 4.927.449

35

Raport Anual / Annual Report 2009

Contul netehnic / Non-technical account


Lei Denumirea elementului / Item 1. Rezultatul tehnic al asigurrii generale / Technical result for non life insurance Profit / Profit Pierdere / Loss 2. Rezultatul tehnic al asigurrii de via / Technical result for life insurance Profit / Profit Pierdere / Loss 3. Venituri din plasamente / Investment income a) Venituri din participri la societile n care exist interese de participare / Income from investments in subsidiaries and associates din care venituri din plasamente la societile afiliate / thereof income from investments to affiliated companies b) Venituri din alte plasamente / Income from other financial placements - din care venituri din plasamente la societile afiliate / thereof income from investments to affiliated companies - venituri provenind din terenuri i construcii / income from land and buildings - venituri provenind din alte plasamente / Income from other financial placements c) Venituri din ajustri pentru depreciere/pierdere de valoare a plasamentelor / Income from change in provisions for investments d) Venituri provenind din realizarea plasamentelor / Gain from disposal of investments Total (rd./r. 05+07+11+12) 4. Plusvalori nerealizate din plasamente / Plus values unrealized related to investments 5. Cota din venitul net al plasamentelor transferat din contul tehnic al asigurrii de via / Net investment income portion transferred from technical account for life insurance 6. Cheltuieli cu plasamentele / Expenses related to investments Total (rd./r. 17+18+19) a) cheltuieli de gestionare a plasamentelor, inclusiv cheltuielile cu dobnzile / investments administration expenses, including interest expenses b) cheltuieli privind constituirea ajustrilor de valoare pentru plasamente / change in provisions for investments c) pierderi provenind din realizarea plasamentelor/ loss from disposal of investments 7. Minusvalori nerealizate din plasamente / Minus values unrealized related to investments 8. Cota din venitul net al plasamentelor transferat n contul tehnic al asigurrilor generale / Net investment income portion transferred from technical account for non life insurance 9. Alte venituri netehnice / Other non-technical income 10. Alte cheltuieli netehnice, inclusiv provizioanele i ajustrile de valoare / Other non-technical expenses, including provisions expenses 11. Venituri din activitatea de administrare de fonduri de pensii facultative / Income from activity of administration of faculative pension funds* 12. Cheltuieli din activitatea de administrare de fonduri de pensii facultative / Expense from activity of administration of faculative pension funds* 13. Profit din activitatea de administrare de fonduri de pensii facultative (rd. 24-25) / Profit from activity of administration of faculative pension funds (r. 24-25)* 14. Pierdere din activitatea de administrare de fonduri de pensii facultative (rd. 25-24) / Loss from activity of administration of faculative pension funds (r. 25-24)* 15. Rezultatul curent / Current result Profit / Profit Pierdere / Loss 16. Venituri extraordinare / Extraordinary income 17. Cheltuieli extraordinare / Extraordinary expense 18. Rezultatul extraordinar / Extraordinary result Profit / Profit Pierdere / Loss 19. Venituri totale / Total income 20. Cheltuieli totale / Total expense 21. Rezultatul brut /Gross result Profit / Profit Pierdere / Loss 22. Impozit pe profit / Income tax 23. Alte impozite (care nu figureaz la poziiile precedente) / Other taxes 24. Rezultatul net al exerciiului / Net result for the period Profit / Profit Pierdere / Loss 40 41 29.650.798 0 22.979.259 0 36 37 38 39 16 39.819.318 0 10.168.520 0 35.229.897 0 12.250.638 0 32 33 34 35 0 0 2.430.349.422 2.390.530.104 0 0 2.576.184.114 2.540.954.217 28 29 30 31 39.819.318 0 35.229.897 0 0 0 16 17 18 19 20 21 22 23 24 25 26 27 3.560.805 3.084.266 3,853 472.686 0 0 48.440.221 37.028.627 0 0 0 0 9.126.646 4.584.226 0 4.542.420 0 0 36.536.265 47.922.310 0 0 0 0 05 06 07 08 09 10 11 12 13 14 15 0 0 32.360.845 0 8.424 32.352.421 0 1.204.561 33.565.406 0 0 38.652.466 0 15.680 38.636.786 0 2.961.796 41.614.262 0 0 03 04 0 1.078.360 0 4.927.449 01 02 0 518.517 19.055.775 0 Nr. rd/ No. row Not/ Note 2009 2008

36

Raport Anual / Annual Report 2009

Situaia modificrilor capitalurilor proprii / Statement of changes in equity


Lei Denumirea elementului / Item Sold la 31.12.2008 / Balance as at 31.12.2008 66.638.505 321.887.328 26.445.772 10.377.456 0 4.510.263 27.248.331 0 49.667.608 Sold C / Profit carried forward Sold D / Loss carried forward Rezultatul reportat provenit din adoptarea pentru prima dat a IAS, mai puin IAS 29 / Other retained earnings due to the adoption of IAS for the first time, with the exception of IAS 29 Rezultatul reportat provenit din trecerea la aplicarea Reglementrilor contabile conforme cu Directivele Europene / Retained earnings due to the adoption for the first time of accounting policies based on EU regulation Rezultatul reportat provenit din corectarea erorilor contabile / Other retained earnings due to the correction of the fundamental errors Sold C / Credit balance Sold D / Debit balance Sold C / Credit balance Creteri / Increase Total, din care / Total, thereof: 0 0 0 2.423.127 0 216.178 34.933.324 0 21.214.657 Prin transfer / Transfer 0 0 0 2.423.127 0 216.178 0 0 21.214.657 Reduceri / Decrease Total, din care / Total, thereof: 0 0 7.542.588 0 0 0 2.013.993 0 573.526 Prin transfer / Transfer 0 0 216.178 0 0 0 0 0 573.526 Sold la 31.12.2009 / Balance as at 31.12.2009 66.638.505 321.887.328 18.903.184 12.800.583 0 4.726.441 60.167.662 0 70.308.739

Capital subscris / Share capital Prime de capital / Premium related to shared capital Rezerve din reevaluare / Re-evaluation reserve Rezerve legale / Legal reserves Rezerve statutare sau contractuale / Statutory or contractual capital reserve Rezerve reprezentnd surplusul realizat din rezerve din reevaluare / Reserves due to the surplus obtained from re-evaluation reserves Alte rezerve / Other reserves Aciuni proprii / Reserve for own shares Rezultatul reportat reprezentnd profitul nerepartizat sau pierderea neacoperit / Retained earnings

0 1.446.310

0 0

0 0

0 0

0 0

0 1.446.310

6.228 0

0 0

0 0

0 0

0 0

6.228 0

Sold D / Debit balance Sold C / Credit balance Sold D / Debit balance Sold C / Credit balance Sold D / Debit balance

1.295.786 0

0 0

0 0

0 0

0 0

1.295.786 0

46.665.265 22.979.259

0 29.650.798

0 0

0 22.979.259

0 22.979.259

46.665.265 29.650.798

Rezultatul exerciiului financiar / Result of the period

0 1.764.602 481.468.951

0 1.849.601 86.588.483

0 1.849.601 22.004.361

0 1.764.602 31.344.764

0 1.764.602 22.004.361

0 1.849.601 536.712.670

Repartizarea profitului / Profit distribution Total capitaluri proprii / Total equity

Situaii financiare Financiar statements


37

Raport Anual / Annual Report 2009

Situaia fluxurilor de trezorerie pentru asigurrile generale / Cash flow statement for non-life insurance
Lei A Metoda direct / Direct method Fluxuri de numerar din activiti de exploatare / Cash flows from operating activities: - ncasri n numerar din primele brute / incoming payment from gross premiums - pli n numerar privind primele de reasigurare / payments of premiums ceded in reinsurance - pli n numerar privind daunele / payments of claims - ncasri n numerar privind daunele aferente reasigurrii / incoming payments from claims ceded - pli n numerar ctre furnizorii de bunuri i servicii / payments to suppliers of goods and services - pli n numerar ctre i n numele angajailor / payments of salaries and other payments on behalf of the employees - pli n numerar privind comisioanele ctre ageni de asigurare i brokeri de asigurare / payments related to commissions for insurance intermediaries - ncasri n numerar privind comisioanele aferente reasigurrii / incoming payment form from reinsurer related to commissions - pli n numerar de impozite i taxe / payments related to taxes and contribution to authorities Numerar net din activiti de exploatare / Net cash flow from operating activities (A) Fluxuri de numerar din activiti de investiii / Cash flow from investing activities - pli nete n numerar pentru achiziionarea de alte active corporale i necorporale pe termen lung / payments for acquisitions of non-current tangible and intangible assets - ncasri nete n numerar din vnzarea de terenuri i construcii / incoming payments from disposal of land and buildings - pli n numerar pentru achiziia de instrumente de capital propriu i de crean ale altor societi / payments for acquisition of equity investments of other companies and long term receivable -ncasri n numerar din vnzarea de instrumente de capital propriu i de crean ale altor societi / incoming payment from disposal of own equity instruments and long term receivable - avansuri n numerar i mprumuturi efectuate ctre alte pri / payment as cash advances and loans granted to related parties - ncasri n numerar din rambursarea avansurilor i mprumuturilor efectuate ctre alte pri / incoming payment from return of cash advances and loans granted to related parties - ncasri n numerar din dividende, dobnzi i asimilate / incoming payment from dividends and interest - ncasri din ctiguri din plasamente i investiii / incoming payment from realized income from investments and placements Numerar net din activiti de investiii /Net cash flow from investment activities (B) Fluxuri de numerar din activiti de finanare / Cash flow from financing activities - ncasri de numerar pentru majorare de capital social / incoming payment from capital increase - pli de numerar de la asigurrile de via / outgoing payment for life insurance segment - ncasri de numerar de la asigurrile de via / incoming payment from life insurance - pli n numerar ale dividendelor acionarilor / profit distribution to shareholders as dividends Numerar net din activiti de finanare / Net cash flow from financing activities (C) Numerar la nceputul perioadei / Cash and cash equivalents at the begining of the period Creterea net a numerarului i a echivalentelor de numerar / Net change in cash and cash equivalents (A + B + C) Numerar la sfritul perioadei / Cash and cash equivalents at end of the period 20 21 22 23 24 25 26 27 30 30 (2.724.948) (2.724.948) 61.994.033 42.669.811 104.663.844 77.983.660 194.802 78.178.462 175.604.439 (113.610.406) 61.994.033 11 12 13 14 15 16 17 18 19 11.866.870 (177.855) 25.371.798 16.644.412 14.536.088 16.657.694 (22.867.153) 11.673.664 2.352.118 199.736.775 65.581.638 18.620.967 13.750.218 (242.268.774) 01 02 03 04 05 06 07 08 09 10 1.252.699.518 693.142.497 852.777.311 478.013.184 72.995.542 70.786.155 135.641.857 207.075.741 44.183.169 68.261.912 1.234.298.861 645.607.248 788.419.247 407.497.861 66.339.926 69.899.727 127.855.990 164.794.210 57.988.888 50.479.906 Nr. rd. / No. row Nota / Note 2009 2008

38

Raport Anual / Annual Report 2009

Situaia fluxurilor de trezorerie pentru asigurrile de via / Cash flow statement for life insurance
Lei A Metoda direct / Direct method Fluxuri de numerar din activiti de exploatare / Cash flows from operating activities: - ncasrile n numerar din primele brute / incoming payment from gross premiums - ncasri din ctiguri plasamente i investiii / incoming payment from investments and placements - pli n numerar privind primele de reasigurare / payments of premiums ceded in reinsurance - pli n numerar privind daunele / payments of claims - ncasri n numerar din comisioane / incoming payment from reinsurers related to commissions - pli n numerar ctre furnizorii de bunuri i servicii / payments to suppliers of goods and services - pli n numerar ctre i n numele angajailor / payments of salaries and other payments on behalf of the employees - pli n numerar privind comisioanele ctre ageni de asigurare / payments related to commissions for insurance intermediaries - pli n numerar de impozite i taxe / payments related to taxes and contribution to authorities - alte incasri aferente activitii de exploatare / other payments related to operating activity Numerar net din activiti de exploatare / Net cash flow from operating activities (A) (rd./r. 1+2-3-4+5-6-7-8-9-10) Fluxuri de numerar din activiti de investiii / Cash flow from investing activities - pli nete n numerar pentru achiziionarea de terenuri, construcii i alte active corporale i necorporale pe termen lung /payments for acquisitions of land and buildings and other non-current tangible and intangible assets - ncasri n numerar din vnzarea de terenuri, construcii i alte active corporale i necorporale pe termen lung / incoming payments from disposal of land and buildings and other non-current tangible and intangible assets - pli n numerar pentru achiziia de instrumente de capital propriu i de crean ale altor societi / payments for acquisition of equity investments of other companies and long term receivable - ncasri n numerar din vnzarea de instrumente de capital propriu i de crean ale altor societi / incoming payments for acquisition of equity investments of other companies and long term receivable - ncasri numerar din dividende, dobnzi i asimilate / incoming payment for interest and dividends - pli numerar din dividende, dobnzi i asimilate/ payments for interest and dividends Numerar net din activiti de investiii / Net cash flow from investment activities (B) (rd./r. 12+13-14+15-16) Fluxuri de numerar din activiti de finanare / Cash flow from financing activities - ncasri n numerar din emisiunea de aciuni i alte instrumente de capital propriu / incoming payment for own shares issued and other equity instruments - rambursri n numerar ale unor sume mprumutate / outgoing payment for nonlife insurance segment - pli n numerar ale dividendelor acionarilor / payments of dividends Numerar net din activiti de finanare / Net cash flow from financing activities (C) (rd./r. 18-19-20) Numerar la nceputul perioadei / Cash and cash equivalents at the beginning of period Creterea net a numerarului i a echivalentelor de numerar / Net change in cash and cash equivalents (A + B + C) (rd./r. 11+18+21) Numerar la sfritul perioadei / Cash and cash equivalents at the end of period 18 19 20 21 22 23 24 30 30 (2.724.948) 2.724.948 27.650.577 6.669.149 34.319.726 194.802 (194.802) 19.218.168 8.432.409 27.650.577 12 01 02 03 04 05 06 07 08 09 10 11 86.921.651 26.926.050 7.784.114 36.999.896 3.371.748 10.865.975 10.489.639 9.365.728 4.950.787 1.474.819 38.238.130 101.500.803 (28.411.682) 1.481.542 21.771.791 (66.750) 11.740.681 10.228.873 13.669.075 5.358.523 776.290 9.548.176 Nr. rd. / No. row Nota / Note 2009 2008

13 14 15 15 16 17

(486.042) 33.879.142 71.255 (34.293.929)

(662.835) 460.529 202.398 (920.965)

Situaii financiare Financiar statements


39

Note la situaiile financiare individuale Notes to the financial statements

Note Notes

Raport Anual / Annual Report 2009

1. Aspecte generale
S.C. Allianz-iriac Asigurri S.A. (denumit n continuare Societatea sau Allianz-iriac) este o societate nregistrat n Romnia n august 1994. Allianz-iriac este autorizat s efectueze activiti de asigurare i reasigurare prin intermediul sediului su din Bucureti, Strada Cderea Bastiliei, nr. 80-84 i a ageniilor i punctelor de lucru din ar. Principala activitate a Societii o reprezint asigurrile generale i de via. Societatea este subsidiara Allianz New Europe Holding GmbH - entitate afiliat a Allianz SE, cu sediul social n Germania, Koniginstrasse 28, D-80802 Mnchen.

1. General view
S.C. Allianz-iriac Asigurri S.A. (further referred to as the Company or Allianz-iriac) is a company established in Romania, in August 1994. Allianz-iriac is authorized to perform activities in the field of insurance and reinsurance through its Head Office located in Bucharest, 80-84th Cderea Bastiliei Street and on a national level through its branches, sub-branches and representative offices. The main activity of the Company consists of non-life and life insurance operations. The company is a subsidiary of Allianz New Europe Holding GmbH, an affiliated entity of Allianz SE, company with the Head Office in Germany, Koniginstrasse 28, D-80802 Munich.

2. Politici i metode contabile


Politicile contabile semnificative aplicate n ntocmirea situaiilor financiare individuale ale Allianz-iriac sunt prezentate mai jos: (a) ntocmirea i prezentarea situaiilor financiare Prezentele situaii financiare pentru exerciiul ncheiat la 31 decembrie 2009 se refer numai la Societate, ca entitate individual, i nu consolideaz operaiunile filialelor acesteia S.C. ASIT Real Estate S.R.L, Fundaia Allianz pentru Romnia i S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Conform prevederilor Ordinului Preedintelui Comisiei de Supraveghere a Asigurrilor nr. 3129/2005 (Ordinul 3129/2005), pentru exerciiul financiar ncheiat la 31 decembrie 2009, Societatea va ntocmi i un set de situaii financiare consolidate n calitate de societate mam (consolidant) pentru cele trei filiale S.C. ASIT Real Estate S.R.L, S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A i Fundaia Allianz pentru Romnia. Acest set de situaii financiare consolidate va fi ntocmit, conform prevederilor Ordinului Preedintelui Comisiei de Supraveghere a Asigurrilor nr. 1/2010 pn la data de 30 septembrie 2010. Prezentele situaii financiare individuale sunt ntocmite n conformitate cu: 1) Ordinul Comisiei de Supraveghere a Asigurrilor nr. 3129/2005 pentru aprobarea reglementrilor contabile conforme cu directivele europene specifice domeniului asigurrilor, cu modificrile i completrile ulterioare, care transpune: Directiva Comunitilor Economice Europene 91/674/EEC din data de 19 decembrie 1991 privind situaiile financiare anuale i consolidate ale societilor de asigurare, publicat n Jurnalul Oficial al Uniunii Europene nr. L 374, din data de 31 decembrie 1991, cu modificrile i completrile ulterioare; Directiva a IV-a a Comunitilor Economice Europene 78/660/EEC din data de 25 iulie 1978 privind conturile anuale ale anumitor tipuri de societi comerciale, publicat n Jurnalul Oficial al Uniunii Europene nr. L 222 din data de 14 august 1978, cu modificrile i completrile ulterioare. 2) Legea Contabilitii nr 82/1991 republicat, cu modificrile ulterioare;

2. Significant accounting policies


The significant accounting policies adopted in the preparation of financial statements of the Company are set out below: (a) Preparation and presentation of the financial statements The financial statements of the Company for the year ended December 31, 2009, present the Company as a stand-alone entity, and do not consolidate the operations of its subsidiaries, S.C. ASIT Real Estate S.R.L., Allianz pentru Romnia Foundation and S.C. Allianz-Tiriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. For the year ended December 31, 2009, the Company will also prepare consolidated financial statements, as parent company, for its three subsidiaries S.C. ASIT Real Estate S.R.L., Allianz pentru Romania Foundation and S.C. Allianz-Tiriac Pensii Private Societate de administrare a fondurilor de pensii private S.A., in accordance with the Insurance Supervisory Commissions Order No. 3129/2005. The consolidated financial statements will be prepared until September 30, 2010 in accordance with the requirements stated by the Order No. 1/2009 issued by the Insurance Supervisory Commission. These financial statements are prepared in accordance with: 1) The Insurance Supervisory Commissions Order No. 3129/2005 (Order 3129/2005), regarding the insurance specific accounting regulations compliant with the European Directives in the insurance field, with its subsequent additions and amendments, that stipulates: The European Economic Communitys Directive No. 91/674/EEC, dated December 19, 1991, regarding the annual and consolidated financial statements of insurance companies, published in the Official European Economic Journal No. L 374, dated December 31, 1991, with subsequent additions and amendments; The European Economic Community Directive IV No. 78/660/EEC, dated July 25 1978, regarding the annual accounts of the specific commercial companies, published in the Official European Economic Journal no. L 222, dated August 14, 1978, with subsequent additions and amendments; 2) The republished Romanian Accounting Law No. 82/1991, with its subsequent additions and amendments;

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Raport Anual / Annual Report 2009

3) Ordinul Preedintelui Comisiei de Supraveghere a Asigurrilor nr. 1/2010 pentru aprobarea Normelor privind ncheierea exerciiului financiar 2009 la societile din domeniul asigurrilor. Situaiile financiare individuale cuprind: Bilan Cont de profit i pierdere Situaia modificrilor capitalului Situaia fluxurilor de trezorerie Notele explicative la situaiile financiare individuale anuale (b) Bazele ntocmirii situaiilor financiare Prezentele situaii financiare individuale au fost ntocmite pe baza conveniei costului istoric, cu excepiile prezentate n continuare n politicile contabile. Situaiile financiare sunt ntocmite n lei i prezentate n lei. (c) Conversia sumelor exprimate n devize Tranzaciile n devize sunt nregistrate la cursul de schimb publicat de Banca Naionala a Romniei (BNR) la data tranzaciei. Diferenele de curs care rezult din tranzaciile ncheiate n devize sunt incluse ca venituri sau cheltuieli la data ncheierii tranzaciilor, folosindu-se cursul de schimb din ziua respectiv. Activele i pasivele monetare nregistrate n devize sunt exprimate n lei la cursul publicat de BNR din ziua ntocmirii bilanului contabil. Pierderea sau ctigul din schimbul valutar, rezultate din conversia activelor i pasivelor monetare este reflectat n contul de profit i pierdere al anului curent. Cursurile de schimb ale principalelor monede strine la sfritul exerciiului financiar au fost:

3) The Insurance Supervisory Commissions Order No. 1/2010 with reference to year end closing 2009 and financial statements preparation applicable to insurance companies. Financial statements include: Balance sheet Income statement Statement of changes in own equity Cash flow Explanatory notes to financial statements (b) Basis of preparation The financial statements have been prepared in accordance with the historical cost principle, with the exceptions presented hereinafter. The financial statements are prepared in Lei and presented in Lei. (c) Foreign currency transactions Transactions in foreign currencies are translated in lei at the Romanian National Bank (BNR) foreign exchange rate in force at the settlement date of the transaction. Exchange differences arising from the transactions in foreign currencies are recorded at the payment date of the transaction as revenues/expenses using the exchange rate in force at that date. Monetary items denominated in foreign currencies are reported in lei, using the Romanian National Bank exchange rate at the balance sheet date. Gains or losses arising from the conversion of monetary items denominated in foreign currencies are recognized in the current years income statement. The exchange rates of major foreign currencies at the end of 2009 were:

Moneda Dolar (USD) Euro (EUR)

31.12.2009 1:RON 2,9361 1:RON 4,2282

31.12.2008 1:RON 2,8342 1:RON 3,9852

Currency US Dollar (USD) Euro (EUR)

(d) Folosirea estimrilor Pentru ntocmirea prezentelor situaii financiare individuale n conformitate cu Ordinul 3129/2005 a fost necesar folosirea unor estimri i ipoteze n ceea ce privete valoarea activelor i pasivelor raportate n bilanul contabil la 31 decembrie 2009, prezentarea activelor i datoriilor contingente la data ntocmirii situaiilor financiare individuale i a veniturilor i cheltuielilor raportate pentru perioada respectiv. Dei aceste estimri individuale prezint un anumit grad de incertitudine, efectul acestora asupra situaiilor finaciare este considerat ca nesemnificativ. Principalele componente ale prezentelor situaii financiare individuale la care se refer aceste estimri, sunt: Rezervele tehnice pentru activitatea de asigurri generale i de via Partea din rezervele tehnice aferent contractelor cedate n reasigurare Creanele provenite din operaiuni de asigurare Datoriile provenite din operaiuni de reasigurare

(d) Estimates When preparing the financial statements in accordance with the Order 3129/2005, estimations regarding the value of assets and liabilities at the balance sheet date December 31, 2009, were used, as well as estimations regarding contingent assets and liabilities and revenues and expenses for the period. Although these estimations have a certain degree of uncertainty, their effect on the financial statements is considered not to be significant.
Note Notes

The areas subject to these estimations are as follows: Technical reserves for non-life and life insurance Part of the technical reserves, due to reinsurance contracts Accounts receivable from insurance operations Accounts payable from reinsurance operations

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Raport Anual / Annual Report 2009

Ctigurile i pierderile din diferene de curs Primele cedate Cheltuielile cu comisioanele agenilor i brokerilor Cheltuielile de achiziie reportate (e) Continuitatea activitii Prezentele situaii financiare au fost ntocmite n baza principiului continuitii activitii, care presupune faptul c Societatea i va putea continua n mod normal funcionarea ntr-un viitor previzibil. (f) Activitatea de asigurri generale Rezultatul tehnic al activitilor de asigurri generale este determinat anual, astfel nct costul suportat cu daune, comisioane i cheltuieli aferente este calculat n funcie de partea cuvenit a primelor, nete de reasigurri, astfel: Prime subscrise Primele brute subscrise includ valoarea primelor brute ncasate i de ncasat, aferente contractelor de asigurare. n situaia n care durata contractului de asigurare este mai mare de un an, prima brut subscris reprezint valoarea primelor brute ncasate i de ncasat aferente unui an calendaristic din cadrul contractului de asigurare, cu excepia contractelor cu prim unic, pentru care prima brut subscris reprezint valoarea primei brute unice aferente contractului de asigurare. Pentru contractele ncheiate n devize, primele brute subscrise sunt evideniate n lei la cursul de schimb istoric din data subscrierii. Cheltuieli de achiziie reportate Cheltuielile de achiziie sunt acele cheltuieli care intervin n procesul de vnzare a polielor. Cheltuielile de achiziie includ comisioane, cheltuieli variabile aferente emiterii i subscrierii de polie, care sunt direct legate de activitatea Societii. n general, cheltuielile de achiziie reportate reprezint proporia costurilor de achiziie care corespunde rezervei de prim. Cheltuielile de achiziie reportate sunt calculate pentru fiecare poli. Pentru primele ncasate n avans s-au nregistrat comisioane pltite n avans. Alte costuri de achiziie au fost nregistrate ca i cheltuieli ale perioadei n care au intervenit. Cheltuielile cu comisioanele sunt nregistrate n contrapartid cu datoria ctre intermediarii n asigurri pe baza contractelor de mandat existente i a polielor ncheiate, pentru care s-au recunoscut primele brute subscrise. Datorit faptului c sumele sunt exigibile conform contractelor de mandat, pentru cheltuielile cu comisioanele s-au nregistrat cheltuieli reportate, care se diminueaz pe msura expirrii riscului i ctigrii veniturilor din prime. Daune Daunele ntmplate cu privire la activitatea de asigurri generale includ toate daunele ntmplate n perioad, fie c sunt raportate sau nu. Rezervele pentru daune nepltite, calculate pe baza estimrii caz cu caz i a metodelor statistice, sunt determinate pe baza costului estimat aferent plii tuturor daunelor ntmplate pn la data bilanului dar nepltite la aceast dat, indiferent c sunt raportate sau nu, mpreun cu toate cheltuielile externe aferente plii daunelor. Recuperrile din reasigurri sunt prezentate separat, ca active. Cu toate c managementul consider c suma brut a rezervei de daune i a recuperrilor de la reasigurtori i din regrese
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Foreign exchange gains/ losses Premiums ceded Commissions for agents and brokers Deferred acquisition costs (e) Going concern basis Financial statements for the year ended December 31, 2009, were prepared on a going concern basis, assessing the entitys ability to continue as a going concern. (f) Non-life insurance operations The technical result of the insurance operations is determined on an annual basis, whereby the incurred cost of claims, commissions and related expenses is charged against the earned proportion of premiums, net of reinsurance, as follows: Written premiums Gross written premiums comprise all the amounts cashed and due by clients, according to insurance contracts. For contracts with due term exceeding one year, gross written premium consists of the amounts written and to be earned during a policy year, with the exception of the single premium insurance contracts, for which gross written premium represents the value of the corresponding premium related to the insurance contract. For the contracts in foreign currencies, gross written premiums are presented in lei at the historical exchange rate at the underwriting date. Deferred acquisition costs Deferred acquisition costs are expenses incurred during the policies underwriting process. Acquisition costs comprise commissions, variable expenses related to policy-issuing and underwriting process, directly linked to the activity of the Company. Generally, the insurance deferred acquisition costs represent the proportion of acquisition costs incurred, that corresponds to the premium reserve. The deferred acquisition cost is calculated for each policy. For premiums collected in advance, commissions paid in advance were recorded. Other acquisition costs have been charged as incurred. The commission expenses are booked against payables to insurance brokers, based on the existing agent contracts and on the policies concluded, for which gross written premiums were recognized. Due to the fact that the amounts are payable in accordance with the agent contracts, deferred expenses were recorded for the commission expenses which will be reduced as the risk expires and the premium income is earned. Claims Claims incurred in respect to the non-life insurance operations include all the claims incurred in the period, whether reported or not. Reserves for unpaid claims, computed based on specific estimations and statistical methods, are determined based on the estimated cost for paying all the claims incurred but not paid until the balance sheet date, irrespective of whether they were reported or not, as well as on all the internal and external expenses relating to the claims payment. The reinsurance recoveries are presented separately as assets. Although the company management considers that the gross reserve for claims and the related recoveries from reinsurances

Raport Anual / Annual Report 2009

sunt corect estimate i nregistrate, datoria final poate fi influenat de evenimente i informaii ulterioare i poate diferi semnificativ de rezervele constituite. Ajustrile rezervelor sunt reflectate n situaiile financiare pentru perioada n care acestea se efectueaz. Metodele folosite i estimrile efectuate sunt revizuite n mod regulat. Reasigurri cedate Primele, daunele i cheltuielile de achiziie sunt prezentate net de sumele cedate reasigurtorilor i recuperabile de la acetia. Sumele estimate a fi recuperabile de la reasigurtori, aferente daunelor nepltite i cheltuielile de ajustare sunt nregistrate separat de sumele estimate a fi pltibile asigurailor. Sumele recuperabile de la reasigurtori sunt estimate corespunzator cu datoria de plat a daunelor asociat cu polia de asigurare i contractele de reasigurare. Rezerve tehnice asigurri generale Societatea constituie i menine rezerve tehnice n conformitate cu Ordinul nr. 113130/2006 emis de Comisia de Supraveghere a Asigurrilor pentru punerea n aplicare a Normelor privind metodologia de calcul i eviden a rezervelor tehnice minimale pentru activitatea de asigurri generale, cu modificrile i completrile ulterioare. (i) Rezerva de prime Rezerva de prime se calculeaz lunar, prin nsumarea cotelorpri din primele brute subscrise, aferente perioadelor neexpirate ale contractelor de asigurare, astfel nct diferena dintre volumul primelor brute subscrise i aceast rezerv s reflecte primele brute alocate prii din riscurile expirate la data calculrii. Rezerva de prime constituit se obine prin nsumarea valorilor rezervei de prime calculate pentru fiecare contract. (ii) Rezerva de daune avizate Rezerva de daune se creeaz n baza estimrilor pentru avizrile de daune primite de asigurtor, astfel nct fondul creat s fie suficient pentru acoperirea plii acestor daune. Rezerva de daune se constituie pentru daunele raportate i n curs de lichidare i se calculeaz pentru fiecare contract de asigurare la care s-a notificat producerea evenimentului asigurat, pornindu-se de la cheltuielile previzibile care vor fi efectuate n viitor pentru lichidarea acestor daune. Rezerva de daune care trebuie constituit se obine prin nsumarea valorilor rezervei de daune calculate pentru fiecare contract de asigurri generale. (iii) Rezerva de daune neavizate Rezerva de daune neavizate (IBNR) se creeaz i se ajusteaz la nchiderea exerciiului financiar, n baza datelor statistice i a calculelor actuariale pentru daunele ntmplate dar neavizate. Rezultatele estimrii rezervei IBNR n baza calculelor actuariale sunt prezentate Comitetului de Stabilire a Rezervelor ce se ntrunete trimestrial, i care stabilete cuantumul rezervelor IBNR ce urmeaz a fi nregistrate. Conducerea Societii consider c rezerva IBNR nregistrat la data de 31 decembrie 2009 este suficient pentru acoperirea plii acestor daune ntmplate dar neavizate. (iv) Rezerva pentru riscuri neexpirate Rezerva pentru riscuri neexpirate se calculeaz pe baza estimrii daunelor ce vor aprea dup nchiderea exerciiului financiar, n cazul n care se constat c daunele estimate n viitor depesc rezervele de prime constituite i, drept urmare, n perioadele

are fairly stated, the final amounts payable might be different because of subsequent information and events that might result in adjustments of the amounts presented. The adjustments made to provisions are reflected in the financial statements for the period in which these adjustments are made. The methods used and the estimations made are periodically reviewed. Reinsurance ceded Premiums, claims and acquisition costs are recorded net of the amounts ceded to, and recoverable from the reinsurers. The amounts estimated to be recoverable from reinsurers relating to unpaid claims and adjustment expenses are recorded separately from the amounts estimated to be payable to policyholders. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the insurance policy and reinsurance contracts. Technical reserves for non-life insurance operations The company sets up and maintains technical reserves in accordance with the Order No. 113130/2006 issued by the Insurance Supervisory Commission, with its subsequent additions and amendments. This order addresses the calculation methods and booking methodology of the minimal technical reserves for the non-life insurance operations. (i) Premium reserve Premium reserve is computed monthly, as a sum of gross written premium quotas related to the unexpired periods of the insurance contracts, such that the gross written premiums less the premium reserve reflect the gross premiums related to the part of expired risks at calculation date. The premium reserve is computed as a sum of the premium reserves for each insurance policy. (ii) Reported claim reserve Claim reserve is set up based on the claims notification estimations, so that the collected funds are sufficient to cover these claims, if incurred. Claim reserve is computed for the reported claims, starting with the predictable expenses to be made in the future in order to cover them. It is computed for each insurance contract for which the insured event has occurred and it has been reported. The final value of the reserve is the sum of the claim reserve set for each non-life insurance contract.

(iii) Reserve for claims incurred but not reported Reserve for the claims incurred but not reported (IBNR) is created and adjusted at the end of the financial year, based on statistical data and actuarial calculations for claims incurred but not reported. The results of IBNR estimations based on actuarial calculations are presented to the Quarterly Reserve Committee which sets the IBNR amount to be registered. The Company Management considers that the IBNR registered at December 31, 2009, is sufficient to cover all the claims incurred but not reported. (iv) Reserve for unexpired risks Reserve for unexpired risks is set up based on an estimation regarding the number of claims which will occur after financial year closing, if it is considered that the settled premium reserve does not cover the future estimated claims and in the future

Note Notes
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Raport Anual / Annual Report 2009

urmtoare rezerva de prime calculat nu va fi suficient pentru acoperirea daunelor ce vor aparea n exerciiile financiare viitoare. (v) Rezerva de catastrof Rezerva de catastrof se creeaz prin aplicarea lunar a unui procent de minimum 5% asupra volumului de prime brute subscrise, aferente contractelor care acoper riscuri catastrofale, pn cnd fondul de rezerv atinge cel puin nivelul reinerii proprii sau 10% din acumularea rspunderilor asumate prin contractele ce acoper riscurile catastrofale. (vi) Rezerva de egalizare Rezerva de egalizare se creeaz la ncheierea exerciiului financiar cu rezultate tehnice favorabile, pentru constituirea surselor de acoperire a daunelor n exerciiile financiare n care rezultatele tehnice vor fi nefavorabile. Aceasta nu poate depi valoarea calculat prin aplicarea unui procent de 3,5% asupra volumului de prime brute subscrise, n exerciiul financiar pentru care se face calculul. (g) Activitatea de asigurri de via Venituri din prime Primele aferente activitii de asigurri de via sunt recunoscute i nregistrate astfel: pentru acoperirea de baz aferent asigurrilor de via legate de investiii (unit-linked), prima brut subscris reprezint valoarea primelor brute ncasate i de ncasat aferente perioadei de raportare. pentru toate celelalte clauze aferente asigurrilor de via legate de investiii i pentru produsele tradiionale, prima brut subscris se determin dup cum urmeaz: pentru contractele de asigurare cu durata mai mare de 1 an la care prima de asigurare datorat se ncaseaz n rate, prima brut subscris reprezint valoarea primelor brute ncasate i de ncasat aferente unui an calendaristic, iar la contractele de asigurare la care se ncaseaz prima unic, prima brut subscris reprezint valoarea primei brute unice aferent contractului; pentru contractele de asigurare cu durata mai mic sau egal cu 1 an, prima brut subscris reprezint valoarea primelor ncasate i de ncasat aferente contractului. Cheltuieli de achiziie reportate Cheltuielile de achiziie reportate sunt acele cheltuieli intervenite n procesul de achiziie aferente perioadelor viitoare. Ele includ n primul rnd comisioanele aferente emiterii i subscrierii de polie. Cheltuielile de achiziie reportate sunt calculate la nivel de poli i n cadrul acesteia, pe fiecare produs i clauz n parte. Datorit faptului c plata comisioanelor se efectueaz n baza contractelor de mandat ncheiate ntre Societate i intermediarii n asigurri, nregistrarea cheltuielilor cu comisioanele anualizate se efectueaz n contrapartid cu contul de comisioane neexigibileintermediari urmnd ca pe msur ce aceste sume devin exigibile s se efectueze trecerea pe comisioane exigibileintermediari n asigurri. Rezerve tehnice asigurri de via Societatea creeaz i menine rezerve tehnice n conformitate cu Ordinul 113131/2006 emis de Preedintele Comisiei de Supraveghere a Asigurrilor. Coninutul i modul de calcul al rezervelor de prime i de daune aferente asigurrilor de via este similar cu cel descris pentru asigurrile generale.
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period the calculated premium reserve will not be sufficient to cover the claims that will occur in future accounting period. (v) Catastrophe reserve Catastrophe reserve is determined monthly as a minimum of 5% of gross written premiums for the contracts covering catastrophic risks, until the reserve fund reaches at least its own retention level or 10% of the accumulated limits of liability for contracts that cover catastrophic risks. (vi) Equalization reserve Equalization reserve is to be settled at the financial year ending in profit, in order to preserve the necessary resources for claim payment in future financial years with negative technical result. The calculated amount cannot be higher than 3.5% of the calculated gross written premiums in the year when the reserve is calculated. (g) Life insurance operations Income from premiums Life insurance premiums are recognized and booked as follows: for the basic coverage of unit-linked products, gross written premiums represent the value of the due premiums during the reporting period. for all the other riders related to the unit-linked products and traditional contracts, gross written premium is determined as follows: for multiple-year contracts, with premium paid in installments, gross written premiums represent the value of premiums collected and expected to be collected in one years time; for single premium contracts, gross written premium is the gross written premium for the contract.

for contracts concluded for one year or less, gross written premium is the value of premiums collected or to be collected for the insurance contract. Deferred acquisition costs Deferred acquisition costs represent the expenses associated with policy underwritting process for future periods. Commissions calculated when the policies are issued and underwritten, represent the main part of the deferred acquisition costs. Deferred acquisition costs are calculated separately for each policy, product and rider. As the commissions are paid based on the mandate contracts between the Company and agents and brokers, the annualized commission expenses are booked against due commissions account, and transferred to payable commissions account as these amounts fall due.

Technical reserves for life insurance operations The Company sets up and maintains technical reserves in accordance with the Order 113131/2006 issued by the Insurance Supervisory Commission. The content and calculation method is similar to the one used for the non-life insurance technical reserves.

Raport Anual / Annual Report 2009

(i) Rezervele tehnice aferente contractelor n uniti de cont Rezervele tehnice aferente asigurrilor de via legate de investiii reprezint valoarea conturilor contractanilor rezultat din valoarea primelor ncasate diminuat cu valoarea comisioanelor de administrare i reevaluat n funcie de evoluia plasamentelor n uniti de cont. Aceste rezerve se calculeaz numai pentru acoperirea de baz aferent asigurrilor de via legate de investiii. (ii) Rezerva de mortalitate Rezerva de mortalitate are la baz noiunile de valoare nominal i valoarea real a contului asiguratului. Valoarea nominal a contului reprezint valoarea contului constituit lundu-se n considerare o distribuie regulat a cheltuielilor de administrare pe toat durata contractului. Valoarea real a contului reprezint valoarea contului obinut prin deducerea valorii integrale a cheltuielilor de administrare la nceputul contractului din valoarea primei pltite. Rezerva de mortalitate se constituie pentru a acoperi diferena ntre valoarea nominal i cea real a contului contractantului i modul de calcul este similar cu cel al unei rezerve matematice n care valoarea nominal reprezint beneficiile asiguratului, iar valoarea real reprezint echivalentul primelor investite. (iii) Rezerva matematic Rezerva matematic se constituie conform prevederilor Ordinului 113131/2006 emis de Preedintele Comisiei de Supraveghere a Asigurrilor, cu modificrile ulterioare i reprezint valoarea actuarial a obligaiilor financiare ale Asigurtorului dup deducerea valorii actuariale a obligaiilor financiare ale Asiguratului. Menionm c rezervele matematice se evalueaz folosind o metod actuarial prospectiv, lundu-se n calcul valoarea obligaiilor aferente fiecrui contract n parte. Rezervele se constituie lund n calcul ani ntregi i folosind o formul de interpolare liniar. Valorile de rscumprare sunt exprimate ca i procente din valoarea rezervelor. Modalitile de calcul ale rezervelor matematice au fost aprobate de ctre Comisia de Supraveghere a Asigurrilor. Pentru contractele de asigurri de via la care se prevede dreptul asiguratului de a participa la beneficiile obinute din fructificarea rezervei matematice, se constituie rezerva pentru beneficii i risturnuri, conform obligaiilor asumate. (h) Investiii imobiliare Terenurile i construciile sunt evaluate separat, fcndu-se distincie ntre ele cu ajutorul unei estimri atunci cnd este nevoie. nregistrarea investiiilor imobiliare se face la cost mai puin amortizarea acumulat i pierderile din depreciere. Valoarea investiiilor imobiliare este ajustat n funcie de rezultatul reevalurilor efectuate n conformitate cu reglementrile legale emise n acest scop. Costul de achiziie cuprinde preul de cumparre, taxele nerecuperabile, cheltuielile de transport i alte cheltuieli accesorii necesare punerii n stare de utilizare sau intrrii n gestiune a activului respectiv. (i) Instrumente financiare i) Clasificare Activele financiare evaluate la valoare just prin contul de profit i pierdere sunt active financiare clasificate ca deinute pentru tranzacionare sau clasificate de entitate ca fiind evaluate la

(i) Unit-fund reserve The unit-fund reserve represents the value of the policyholders accounts, calculated on the premiums collected, reduced by the administration commissions and revaluated according to the evolution of the investment funds. These provisions are calculated for the premiums related only to the basic coverage of the unit-linked product. (ii) Mortality reserve The mortality reserve is set up aiming to cover the difference between the nominal and real value of the policyholder account. The nominal value of the policyholder account is calculated by considering an equal distribution of the administrative expenses over the policy life span. The real value of the policyholder account is calculated by deducting all the administrative expenses at the policy inception date from collected premium. The methodology for calculating this provision is similar to the one of a mathematical provision, considering that the nominal value represents the benefits of the policyholder and the real value is the equivalent of the invested premiums.

(iii) Mathematical reserve The mathematical reserve is calculated according to the Order 113131/2006 issued by the Insurance Supervisory Commission, with its subsequent additions and amendments. The provision represents the actuarial value of the financial obligations of the Company, after deducting the actuarial value of the financial obligations of the policyholder. The mathematical provisions are evaluated on a prospective basis, policy-by-policy. The calculation takes into consideration numbers of whole years and uses a linear interpolation formula. Surrender values represent percentages of the mathematical provision at a certain moment over the policy life span. The Insurance Supervisory Commission has approved the calculation methodologies for the mathematical reserve used by the Company. For life insurance contracts which include the policyholders right to participate to the benefits obtained from investing the mathematical reserve, the reserve for benefits and returns is set up according to the obligations assumed by the Company. (h) Property investments Land and buildings are valuated separately, and distinguished by means of an estimate if necessary. Recording of investment property is made at cost less the accumulated amortization and depreciation losses. Adjustments are made based on revaluation reports in accordance with the legal regulations issued for this purpose. The acquisition cost generally comprises the purchase price, non-recoverable charges, transportation expenses and all the other expenses relating to acquiring the ownership (incidental acquisition expenses). (i) Financial instruments i) Classification Financial assets, measured at fair value through the profit and loss account are those financial assets that the Company holds for trading or has designated them as measured at fair value
47

Note Notes

Raport Anual / Annual Report 2009

valoarea just prin contul de profit i pierdere la momentul recunoaterii iniiale. Un activ financiar este clasificat ca fiind deinut pentru tranzacionare dac: este obinut sau generat n principal n scopul vnzrii sau rscumprrii lui n viitorul apropiat; este parte a unui portofoliu de instrumente financiare identificate care sunt gestionate mpreun i pentru care exist dovezi ale unui tipar real recent de urmrire a profitului pe termen scurt; sau este un instrument derivat (cu excepia unui instrument derivat care este un instrument desemnat i eficace pentru acoperirea mpotriva riscurilor). mprumuturile i creanele sunt active financiare nederivate cu pli fixe sau determinabile, care nu sunt cotate pe o pia activ, altele dect acelea pe care entitatea intenioneaz s le vnd imediat sau n viitorul apropiat, acelea pe care entitatea, la recunoaterea iniial, le desemneaz la valoarea just prin contul de profit i pierdere, sau pentru care societatea nu va putea recupera n mod substanial toat investiia sa iniial, pentru alte cauze dect deteriorarea creditului, sau care sunt clasificate ca disponibile pentru vnzare. La data de 31 decembrie 2009, acestea includ mprumuturile acordate subsidiarelor i depozitele i alte plasamente la bnci. Investiiile deinute pn la scaden reprezint acele active financiare cu pli fixe sau determinabile i scaden fix, pe care Societatea are intenia ferm i posibilitatea de a le pstra pn la scaden. Instrumentele financiare deinute pn la scaden includ obligaiunile i alte titluri cu venit fix (inclusiv titluri de stat), pe care Societatea are posibilitatea i intenia de a le pstra pn la scaden. Activele financiare disponibile pentru vnzare sunt acele active financiare care nu sunt mprumuturi i creane produse de ctre Societate, active financiare evaluate la valoare just prin contul de profit i pierdere sau investiii deinute pn la scaden. Instrumentele financiare disponibile pentru vnzare includ plasamentele efectuate pe piaa monetar, obligaiuni i alte titluri cu venit fix (inclusiv titluri de stat) i titluri de participare care nu sunt deinute pentru tranzacionare sau deinute pn la scaden. La data de 31 decembrie 2009, acestea includ aciuni, obligaiuni i alte titluri cu venit fix. ii) Recunoatere Societatea recunoate activele financiare cnd aceasta devine parte la prevederile contractuale ale instrumentului financiar. iii) Evaluare Instrumentele financiare sunt evaluate iniial la cost, inclusiv costurile de tranzacie. Dup recunoaterea iniial, toate activele financiare evaluate la valoare just prin contul de profit i pierdere i activele financiare disponibile pentru vnzare sunt evaluate la valoarea just, cu excepia instrumentelor care nu sunt cotate pe o pia activ i a celor a cror valoare just nu poate fi corect evaluat, care sunt evaluate la cost, incluznd costurile de tranzacie, mai puin pierderile din depreciere. Activele financiare disponibile pentru vnzare, altele dect titlurile de participare sunt evaluate la data bilanului la valoarea just, iar diferenele din reevaluare rezultate se nregistreaz n alte rezerve. Titlurile de participare sunt evaluate i nregistrate la cost. mprumuturile i creanele i investiiile deinute pn la
48

through the profit and loss upon initial recognition. A financial asset is classified as held-for-trading if it is: acquired or incurred mainly for the purpose of selling or repurchasing it in the near future; part of a portfolio of identified financial instruments which are managed together and for which there is an evidence of a recent actual pattern of short-term profit-taking, or a derivative (except for a derivative that is a designated and effective hedging instrument). Loans and receivables are non-derivative financial assets with fixed or determinable payments, which are not quoted in an active market, other than those that the entity intends to sell immediately or in the near future, which shall be classified as held for trading, and those that the entity upon initial recognition designated as at fair value through profit or loss, those that the entity upon initial recognition designates as available for sale, or those for which the holder may not recover substantially all of its initial investment, because of reasons other than credit deterioration. At December 31, 2009, these include loans to subsidiaries, deposits and other placements in banks. Held-to-maturity assets are those with fixed or determinable payments and fixed maturity, which the Company has the intent and possibility to hold to maturity. Held-to-maturity assets include bonds and other fixed income securities (including treasury bills) that the Company has the intent and the possibility to hold to maturity. Available-for-sale financial assets represent financial assets that are not originated by the Company, not held for trading purposes or to maturity. Available-for-sale instruments include placements on the monetary market, treasury bonds, other fixed income securities (including treasury bills) and investments in associates that are neither held-for-trading, nor held-tomaturity. As at December 31, 2009, the Company held shares, bonds and other fixed income securities.

ii) Recognition The Company recognizes financial assets and liabilities at the date the company is obtaining the ownership of the financial asset. iii) Measurement Financial instruments are valued initially at cost, including transaction costs. After the initial recognition, all held-to-trading financial instruments and available for sale financial assets are valued at fair value, with the exception of financial instruments which are not quoted on an active market and financial asset whose fair value cannot be correctly determined; this category is valued at cost including transaction costs less depreciation losses. Available for sale financial assets, other than investments in associates are measured at balance sheet date at fair value, and the difference resulted from the reevaluation is recorded in other reserves; investments in associates are valued and recorded at cost. Financial assets originated by the Company and held-to-maturity

Raport Anual / Annual Report 2009

scaden sunt evaluate la costul amortizat. Costul amortizat este calculat folosindu-se metoda ratei efective de dobnd. iv) Principiile evalurii valorii juste Valoarea just a activelor financiare se bazeaz pe preul acestora cotat pe pia la data bilanului, fr nici o deducere pentru costurile de tranzacionare. n cazul n care nu exist o cotaie de pre pe pia, valoarea just a instrumentelor financiare se estimeaz folosind modele pentru stabilirea preurilor sau tehnici de actualizare a fluxurilor de numerar. Atunci cnd este folosit analiza fluxurilor de numerar actualizate, fluxurile de numerar viitoare se bazeaz pe cele mai bune estimri ale conducerii i rata de actualizare este o rat de pia la data bilanului aferent unor instrumente financiare care au aceiai termeni i aceleai caracteristici. Atunci cnd se folosesc modele de pre, datele introduse se bazeaz pe msurtori ale pieei la data bilanului. v) Derecunoatere Activele financiare sunt derecunoscute atunci cnd Societatea pierde controlul drepturilor contractuale ce privesc respectivul activ. Societatea pierde acest control n cazul n care aceasta realizeaz drepturile asupra beneficiilor specificate n contract, drepturile expir, sau Societatea renun la aceste drepturi. Activele financiare care sunt vndute sunt derecunoscute de la data tranzaciei. Ctigul sau pierderea realizat la derecunoaterea activelor financiare sunt determinate pe baza metodei pre mediu ponderat. Activele transferate pe baza unui contract de vnzare prin care Societatea i rezerv posibilitatea de a relua sau rscumpara elementele cedate, contra plii unui pre convenit, la o dat sau la un termen stabilit, sunt derecunoscute. vi) Instrumente specifice Numerar i echivalente de numerar Numerarul i elementele asimilate numerarului includ conturile curente i depozitele la bnci deinute n sold la data bilanului, cu scadena iniial mai mic de 3 luni. Depozite la instituii de credit Plasamentele bancare sunt clasificate drept mprumuturi i creane. Plasamentele sunt active financiare pe termen scurt, care nu sunt cotate pe o pia activ, n consecin depozitele la instituii de credit sunt evaluate la valoarea nominal, mai puin provizionul specific de risc de credit n cazul nregistrrii unor posibile pierderi din deprecierea acestor creane. Obligaiuni i alte titluri cu venit fix Obligaiunile i alte titluri cu venit fix includ titlurile de stat, obligaiuni municipale i corporatiste i sunt nregistrate iniial la valoarea de achiziie, iar creanele ataate sunt nregistrate ca venituri din imobilizri financiare. Plasamente aferente contractelor n uniti de cont Aceste instrumente sunt nregistrate n bilan la valoarea nominal. n coresponden cu ctigurile i pierderile nerealizate se nregistreaz creteri sau reduceri ale rezervelor de asigurare, n cazul asigurrilor de via, n msura n care riscul investiiei aparine deintorului poliei. (j) Venituri din investiii Veniturile din investiii sunt recunoscute n conformitate cu principiul contabilitii de angajament. Ctigurile i pierderile realizate reprezint diferena dintre preul de achiziie i veniturile nete din vnzare.

investments are valued at depreciated cost, which is determined using the effective interest rate method. iv) Fair value measurement principles The fair value of financial assets quoted in active markets is based on their current bid prices at the balance sheet date, without any deduction for the transaction costs. If a quoted market price is not available, the fair value of the instrument is estimated using pricing models or discounted cash flow techniques. Where discounted cash flow techniques are used, estimated future cash flows are based on managements best estimates and the discount rate is a market related rate at the balance sheet date for an instrument with similar terms and conditions. Where pricing models are used, inputs are based on market related measures at the balance sheet date. v) Derecognition Financial assets are derecognised when the Company loses the control of contractual rights of the respective asset. The Company loses the control if the rights over the stipulated benefits are exercised, the rights expire, or the Company renounces these rights. Financial assets that are sold are derecognized at the date of the transaction. Gains or losses on de-recognition of financial assets are determined based on the weighted-average price method. Assets transferred under a contract which gives the Company the possibility to repurchase the assets transferred at a pre-set date, against paying an established price, are derecognized. vi) Specific instruments Cash and cash equivalents Cash and cash equivalents include current accounts and deposits with banks at the balance sheet date, with less than 3 months maturity. Deposits with credit institutions Placements in banks are classified as loans and receivables, and represent short-term financial assets not quoted on an active market. Thus, deposits with credit institutions are valued at their nominal value, less the specific credit risk provision in case of a possible loss from impairment of these receivables. Bonds and other fixed income securities Bonds and other fixed income bills, which include treasury bills, municipal bonds and corporate bonds, are carried at their purchase value and the accrued interest is recorded as income from financial instruments. Investments related to unit-linked contracts These instruments are stated at their nominal value in the balance sheet. Unrealized holdings gains and losses are matched by a corresponding increase or decrease in the insurance reserve for life insurance business to the extent that the policyholder carries the investment risk. j) Investment income Investment income is recognized on the accruals basis. Realized gains and losses represent the difference between the purchase price and the net sales proceeds.

Note Notes
49

Raport Anual / Annual Report 2009

(k) Imobilizri necorporale Imobilizrile necorporale care sunt achiziionate de Societate sunt nregistrate la cost istoric, mai puin amortizarea acumulat. Cheltuieli ulterioare Cheltuielile ulterioare cu imobilizri necorporale sunt capitalizate numai atunci cnd acestea mresc avantajele economice viitoare ale activului la care se refer. Toate celelalte cheltuieli sunt nregistrate atunci cnd au loc. Amortizare Amortizarea este nregistrat n contul de profit i pierdere pe baza metodei lineare pe perioada estimat a duratei utile de funcionare a imobilizrii necorporale. Imobilizrile necorporale sunt amortizate de la data la care activul este gata de utilizare, durata de funcionare util fiind stabilit n funcie de perioada pe care activul poate fi utilizat, dar nu mai puin de 2 ani. (l) Imobilizri corporale Imobilizrile corporale, cu excepia terenurilor i cldirilor, sunt evideniate la cost, mai puin amortizarea acumulat i pierderile din depreciere. Terenurile i cldirile sunt evaluate conform metodologiei prezentate la nota 2.h. Amortizare Amortizarea imobilizrilor corporale se calculeaz pe baza unui plan de amortizare, de la data punerii n funciune a acestora i pn la recuperarea integral a valorii lor de intrare, conform duratelor de utilizare economic i condiiilor de utilizare a acestora. Conducerea Societii estimeaz c duratele de via ale mijloacelor fixe prevzute n Hotrrea Guvernului nr. 2139/2004 pentru aprobarea Catalogului privind clasificarea i duratele normale de funcionare a mijloacelor fixe corespund duratelor de utilizare economic i condiiilor de utilizare a imobilizrilor corporale aflate n patrimoniul Societii. Amortizarea cldirilor se realizeaz pe baza unor rate anuale egale, pentru a amortiza suma reevaluat a acestora pe perioada rmas a duratei lor de via. Amortizarea celorlalte imobilizri corporale este nregistrat pe baza metodei lineare pe perioada estimat a duratei utile de funcionare, dup cum urmeaz:
Categorie Cldiri Echipament i mobilier Mijloace de transport Echipament informatic

k) Intangible assets Intangible assets acquired by the Company are stated at historical cost less linear amortization. Subsequent expenditure Subsequent expenditures on capitalized intangible assets are capitalized only when they increase the future economic benefits embodied in the specific asset it relates to. All other expenditures are expensed as incurred. Amortization Amortization is charged to the income statement on a straightline method over the estimated useful life of the intangible asset. The intangible assets are amortized starting with the date the assets are available for use. The estimated useful life is set according to the use of the asset, but not less than two years. (l) Tangible assets Tangible assets, except land and buildings, are stated at historical cost less linear amortization and depreciation losses. Land and buildings are valued according to the methodology presented in the note 2.h. Amortization Amortization of tangible assets is calculated based on an amortization plan, starting with the date the assets are available for use until the entire recovery of their entry value, according to the economic useful life and their usage conditions. Company management estimates that the useful life of the fixed assets mentioned in Government Decision No. 2139/2004 on the classification and normal useful life of fixed assets corresponds to the economic useful life and usage conditions of tangible assets.

Buildings amortization is calculated based on equal yearly rates in order to amortize the value for the remaining life span. Amortization of the rest of tangible assets is calculated with the straight-line method. The estimated useful lives are as follows:
Category Buildings Equipment and furniture Motor vehicles Computer equipment

Ani / Years 40 2 - 16 4 1-3

Imobilizrile corporale n curs nu sunt amortizate pn cnd acestea intr n folosin. Conducerea reconsider valoarea contabil a cldirilor i echipamentelor, n cazul n care evenimentele sau schimbrile de circumstane indic faptul c valoarea contabil nu ar putea fi recuperabil. Ctigurile i pierderile la scoaterea din uz a mijloacelor fixe se determin prin raportare la valoarea lor net contabil i se iau n considerare la determinarea profitului din operaiuni. Elementele de imobilizri corporale care sunt casate sau cesionate, sunt eliminate din bilan mpreun cu amortizarea cumulat corespunztoare. Profitul sau pierderea rezultat
50

Tangible assets in progress are not depreciated until they are activated in use. Company management reconsiders the accounting value of buildings and equipment, in case there are events or circumstances that indicate the accounting value cannot be recovered. Gains and losses from disposal of tangible assets are calculated based on their net accounting value and accounted for as operational income. Conveyed or destroyed property and equipment are eliminated from the balance sheet, together with the corresponding cumulated depreciation value. Gains or losses from such an

Raport Anual / Annual Report 2009

dintr-o asemenea operaiune se determin ca diferen ntre suma obinut i valoarea contabil net i sunt incluse n profitul din exploatare al perioadei. ntreinerea i reparaiile mijloacelor fixe se trec pe cheltuieli atunci cnd apar, iar mbuntirile aduse activelor, care cresc valoarea sau durata de via a acestora, sunt capitalizate. Cheltuielile cu reparaiile i renovrile sunt nregistrate n contul de profit i pierdere, n momentul efecturii lor.

operation is calculated as the difference between the amount obtained and their net accounting value and are included in the operating activities income for the period. Administration and maintenance costs of tangible assets are registered as expenses when they occur, and improvements that increase their value or their useful lifetime are capitalized. Expenses due to repairs and refurbishment are registered in the income statement when they occur. Tangible assets in progress are not depreciated until these ones become in use. (m) Accounts receivable Accounts receivable are stated at accounting value, less the provisions for uncertain receivables, if considered necessary. (n) Cash at bank and cash on hand Cash at bank on current accounts and cash on hand include all the debit balances on current accounts at banks and the cash on hand. (o) Provisions for impairment losses The Companys assets are tested at every balance sheet date, whenever there is an indication of possible impairment. If such an indication exists, the Company estimates the assets recoverable amount. A provision for impairment is booked if the carrying amount of the asset exceeds its recoverable amount. The impairment loss is recognized as an expense in the income statement for the current year. The provision can be reversed if there has been a change in the estimates used to determine the assets recoverable amount since the last impairment loss was recognized. The increase of the carrying amount of the asset will not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in the prior year. (p) Provisions for risk and charges Provisions are recognized in the balance sheet when the entity has a present legal or constructive obligation to transfer economic benefits, as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the obligation can be made. Provisions for risk and charges are revised at every balance sheet date and adjusted such as to reflect the most adequate current estimation of future outflow necessary to settle the obligation. The adjustments are recognized in the income statement for the current year. A provision is recognized when and only when: the entity has a present legal or constructive obligation to transfer economic benefits as a result of past events; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the obligation can be made. If these conditions are not met a provision is not recognized. (q) Pensions and other post-retirement benefits The Company makes payments to the state pension fund, the health insurance fund and the unemployment fund, on behalf
51

(m) Creane Creanele sunt nregistrate la valoarea lor contabil, mai puin provizioanele pentru ncasri incerte, dac se consider necesar. (n) Disponibiliti bneti la banc, n conturi curente i n cas Disponibilitile bneti la banc, n conturile curente i n cas includ toate soldurile debitoare din conturile curente la bnci i cas. (o) Provizioane pentru deprecierea valorii activelor Valoarea contabil a activelor Societii este revizuit la fiecare dat a ntocmirii bilanului contabil, pentru a determina dac exist indicatori de depreciere. n situaia n care astfel de indicatori exist, este estimat valoarea recuperabil a activelor Societii. Un provizion pentru depreciere este nregistrat n situaia n care valoarea contabil a activului depete valoarea recuperabil a acestuia. Provizionul pentru depreciere este recunoscut n contul de profit i pierdere. Provizionul pentru depreciere poate fi reluat dac s-a produs o schimbare n condiiile existente la momentul determinrii valorii recuperabile. Reluarea unui provizion pentru depreciere poate fi efectuat numai n aa fel nct valoarea net a activului s nu depeasc valoarea sa net contabil istoric, innd cont de depreciere i fr a lua n calcul provizionul. (p) Provizioane pentru riscuri i cheltuieli Provizioanele sunt recunoscute n bilan atunci cnd pentru Societate se nate o obligaie legal sau constructiv, legat de un eveniment trecut i este probabil ca n viitor s fie necesar consumarea unor resurse economice care s sting aceast obligaie. Provizioanele sunt revizuite la fiecare sfrit de perioad i ajustate pentru a reflecta estimarea curent cea mai adecvat. Diferenele rezultate n urma ajustrilor necesare sunt recunoscute n contul de profit i pierdere al perioadei.

Un provizion va fi recunoscut numai n momentul n care: o entitate are o obligaie curent generat de un eveniment anterior; este probabil ca o ieire de resurse s fie necesar pentru a onora obligaia respectiv i poate fi realizat o estimare credibil a valorii obligaiei. Dac aceste condiii nu sunt ndeplinite, nu este recunoscut un provizion n situaiile financiare. (q) Pensii i alte beneficii post-pensionare Societatea, n desfurarea normal a activitii, execut pli ctre fondurile de pensii de stat romneti pentru angajaii si

Note Notes

Raport Anual / Annual Report 2009

din Romnia, pentru pensii, asigurri de sntate i omaj. Toi angajaii Societii sunt inclui n sistemul de pensii de stat. Societatea nu deruleaz niciun alt plan de pensionare i, deci, nu are nicio alt obligaie referitoare la pensii. Societatea nu opereaz niciun alt plan de beneficii sau alt plan legat de beneficii post pensionare. Societatea nu are alte obligaii legate de servicii suplimentare pentru fotii i actualii angajai. (r) Impozit pe profit Societatea nregistreaz impozitul pe profit stabilit n conformitate cu Reglementrile contabile i de raportare emise de Ministerul Finanelor Publice. Impozitul curent este impozitul de pltit pe profitul perioadei, determinat n baza procentelor aplicate la data bilanului i a tuturor ajustrilor aferente perioadei. Rata impozitului pe profit utilizat pentru calculul impozitelor curente la 31 decembrie 2009 este de 16% (31 decembrie 2008: 16%).

of its employees. All the Companys employees are members of the public pension fund. The Company does not offer any other retirement plan and, therefore, has no other obligation related to pensions. The Company is not involved in any other post-retirement benefits system; therefore, it does not have the obligation to render any services subsequent to the employees retirement. The Company has no obligation to provide other additional services for its current and former employees. (r) Income tax Company books income tax in accordance with the accounting and reporting rules issued by the Ministry of Public Finance. Current income tax is the expected tax payable on the taxable income for the year, using the tax rates enacted at the balance sheet date, and all the adjustments to tax payable in respect to the previous years. The income tax rate used as at December 31, 2009 is 16% (December 31, 2008: 16%).

3. Obligaiuni i alte titluri cu venit fix


Lei n USD n EUR n LEI Total 31.12.2009 89.654.652 275.336.548 364.991.200

3. Bonds and other fixed income bills


31.12.2008 52.843.590 212.057.329 264.900.919 Lei In USD In EUR In LEI Total

Din care:
Asigurri de via Lei n EUR n LEI Total Asigurri generale Lei n USD n EUR n LEI Total 31.12.2009 82.164.354 239.306.031 321.470.385 31.12.2008 47.315.676 183.100.268 230.415.944 31.12.2009 7.490.298 36.030.517 43.520.815 31.12.2008 5.527.914 28.957.061 34.484.975

Whence:
Life insurance Lei In EUR In LEI Total Non-life insurance Lei In USD In EUR In LEI Total

Obligaiunile i alte titluri cu venit fix cuprind titluri de stat, obligaiuni municipale i corporatiste. Titlurile de stat denominate n devize au un randament la 31 decembrie 2009 cuprins ntre 2,68% i 6,32% pe an (31 decembrie 2008: 5,44% i 12,05% pe an), iar cele n Lei cuprins ntre 4,87% i 10,34% pe an (31 decembrie 2008: 6,60% i 12,50% pe an). Scadena acestor obligaiuni i alte titluri cu venit fix este:
Lei Pn la 3 luni De la 3 luni la un an Peste un an Total 31.12.2009 2.765.305 96.934.588 265.291.307 364.991.200

Bonds and other fixed income securities include treasury bills, municipal and corporate bonds. Treasury bills denominated in foreign currencies bear an annual interest rate ranging at December 31, 2009 between 2.68% and 6.32% (between 5.44% and 12.05% per year, as at December 31, 2008) and for Lei the annual rate varies between 4.87% and 10.34% (between 6.60% and 12.50% per year, as at December 31, 2008). The maturity of these bonds is as follows:
31.12.2008 32.119.219 232.781.700 264.900.919 Lei Up to 3 months 3 months to 1 year More than 1 year Total

52

Raport Anual / Annual Report 2009

Obligaiunile cu venit fix sunt raportate la valoarea just, mai puin cele clasificate ca fiind deinute pn la scaden, care sunt recunoscute la valoarea amortizat prin metoda dobnzii efective. La 31 decembrie 2009 costul de achiziie al obligaiunilor i al altor titluri cu venit fix deinute pn la scaden este de 44.533.199 Lei (31 decembrie 2008: 44.292.469 Lei), iar al obligaiunilor i al altor titluri disponibile pentru vnzare este de 318.263.430 Lei (31 decembrie 2008: 245.283.510 Lei). Clasificarea obligaiunilor i a altor titluri cu venit fix ca instrumente financiare deinute pentru vnzare i instrumente financiare deinute pn la scaden este dup cum urmeaz:
Lei Obligaiuni i alte titluri cu venit fix deinute pn la scaden Obligaiuni i alte titluri cu venit fix disponibile pentru vnzare Obligaiuni i alte titluri cu venit fix deinute pentru tranzacionare Total 31.12.2009 45.739.396 317.226.922 2.024.882 364.991.200

Fixed income securities are reported at the fair value less those that were classified as held to maturity that are recognized at amortized cost using effective interest rate method. At December 31, 2009 the acquisition cost of the held to maturity financial instruments was Lei 44,533,199 (Lei 44,292,469 at December 31, 2008) and acquisition cost of the available for sale financial instruments was Lei 318,263,430 (Lei 245,283,510 as at December 31, 2008) Bonds and other fixed income bills are classified as held to maturity and available for sale as follows:
31.12.2008 45.637.726 217.359.600 1.903.593 264.900.919 Lei Held to maturity financial instruments Available for sale financial instruments Held for trading financial instruments Total

4. Depozite la instituii de credit


Lei n USD n EUR n LEI Total 31.12.2009 42.162.805 78.198.109 120.360.914

4. Deposits with credit institutions


31.12.2008 527.707 22.772.286 88.941.002 112.240.995 Lei In USD In EUR In LEI Total

Depozitele n USD poart o dobnd de 2,00% pe an (2,60% i 2,65% pe an la 31 decembrie 2008); cele n EUR poart o dobnd ntre 0,25% i 3,55% pe an (0,25% i 4,80% pe an la 31 decembrie 2008). Depozitele n LEI poart o dobnd cuprins ntre 3,00% i 11,50% pe an (5,00% i 28,80% pe an la 31 decembrie 2008).

The deposits in USD bear an annual interest rate of 2.00% (between 2.60% and 2.65% per year as at December 31, 2008). The interest rate for short term deposits in EUR bear an annual interest rate between 0.25% and 3.55% (0.25% and 4.80% as at December 31, 2008). Deposits in Lei bear an annual interest rate varying between 3.00% and 11.50% (5.00% and 28.80% as at December 31, 2008). Whence:
Non-life insurance

Din care:
Asigurri generale Lei n USD n EUR n LEI Total Asigurri de via Lei n USD n EUR n LEI Total 31.12.2009 9.480.946 18.879.974 28.360.920 31.12.2008 51.301 3.347.443 15.752.949 19.151.693 31.12.2009 32.681.859 59.318.135 91.999.994 31.12.2008 476.406 19.424.843 73.188.053 93.089.302

Lei In USD In EUR In LEI Total Life insurance Lei In USD In EUR In LEI Total

Note Notes

Scadena acestor depozite este:


Lei Pn la 3 luni De la 3 luni la un an Peste un an Total 31.12.2009 117.961.468 2.399.446 120.360.914

The maturity of these deposits is as follows:


31.12.2008 71.224.346 38.764.058 2.252.591 112.240.995 Lei Up to 3 months 3 months to 1 year More than 1 year Total

53

Raport Anual / Annual Report 2009

5. Plasamente n imobilizri corporale i n curs


Lei Cost / Cost Sold la 1 ianuarie 2009 / Balance at January 1, 2009 Intrri / Additions Ieiri / Disposals Reevaluare 2009 / Re-evaluation 2009 Sold la 31 decembrie 2009 / Balance at December 31, 2009 Amortizare / Depreciation Sold la 1 ianuarie 2009 / Balance at January 1, 2009 Cheltuiala exerciiului / Charge for the year Amortizarea aferent ieirilor / Release on disposals Reevaluare 2009 / Re-evaluation 2009 Sold la 31 decembrie 2009 / Balance at December 31, 2009 Valoare net / Carrying amount La 1 ianuarie 2009 / At January 1, 2009 La 31 decembrie 2009 / At December 31, 2009

5. Property investments
Teren i construcii / Land and buildings 33.075.488 443.415 240.800 (9.632.044) 23.646.059 1.055.945 1.263.485 17.651 (2.301.779) 32.019.543 23.646.059 Investiii n curs / Work in progress 23.494 419.921 443.415 23.494 Total / Total 33.098.982 863.336 684.215 (9.632.044) 23.646.059 1.055.945 1.263.485 17.651 (2.301.779) 32.043.037 23.646.059

Din care: / Whence: Asigurri de via / Life insurance


Lei Cost / Cost Sold la 1 ianuarie 2009 / Balance at January 1, 2009 Intrri / Additions Ieiri / Disposals Reevaluare 2009 / Re-evaluation 2009 Sold la 31 decembrie 2009 / Balance at December 31, 2009 Amortizare / Depreciation Sold la 1 ianuarie 2009 / Balance at January 1, 2009 Cheltuiala exerciiului / Charge for the year Amortizarea aferent ieirilor / Release on disposals Reevaluare 2009 / Re-evaluation 2009 Sold la 31 decembrie 2009 / Balance at December 31, 2009 Valoare net / Carrying amount La 1 ianuarie 2009 / At January 1, 2009 La 31 decembrie 2009 / At December 31, 2009 4.523.011 2.655.310 4.523.011 2.655.310 137.757 137.756 (275.513) 137.757 137.756 (275.513) 4.660.768 (2.005.458) 2.655.310 4.660.768 (2.005.458) 2.655.310 Teren i construcii / Land and buildings Investiii n curs / Work in progress Total / Total

Asigurri generale / Non-life insurance


Lei Cost / Cost Sold la 1 ianuarie 2009 / Balance at January 1, 2009 Intrri / Additions Ieiri / Disposals Reevaluare 2009 / Re-evaluation 2009 Sold la 31 decembrie 2009 / Balance at December 31, 2009 Amortizare / Depreciation Sold la 1 ianuarie 2009 / Balance at January 1, 2009 Cheltuiala exerciiului / Charge for the year Amortizarea aferent ieirilor / Release on disposals Reevaluare 2009 / Re-evaluation 2009 Sold la 31 decembrie 2009 / Balance at December 31, 2009 Valoare net / Carrying amount La 1 ianuarie 2009 / At January 1, 2009 La 31 decembrie 2009 / At December 31, 2009 918.188 1.125.729 17.651 (2.026.266) 27.496.532 20.990.749 23.494 918.188 1.125.729 17.651 (2.026.266) 27.520.026 20.990.749 28.414.720 443.415 240.800 (7.626.586) 20.990.749 23.494 419.921 443.415 28.438.214 863.336 684.215 (7.626.586) 20.990.749 Teren i construcii / Land and buildings Investiii n curs / Work in progress Total / Total

54

Raport Anual / Annual Report 2009

Valoarea terenurilor i a construciilor utilizate pentru desfurarea activitii proprii la 31 decembrie 2009 este de 100% (99,64% la 31 decembrie 2008) . Ultima reevaluare a imobilizrilor corporale a fost nregistrat la 31 decembrie 2009 conform raportului de evaluare elaborat de un evaluator autorizat independent. Diferena dintre valoarea rezultat n urma reevalurii i valoarea la cost istoric este prezentat ca rezerv de reevaluare, subelement distinct n Capital i rezerve. La 31 decembrie 2009 valoarea net contabil, calculat pe baza costului istoric, a plasamentelor n imobilizri corporale de natura cldirilor i terenurilor este de 6.209.683 Lei (31 decembrie 2008: 6.495.054 Lei). Rezerva din reevaluare aferent mijloacelor fixe cedate a fost transferat n contul surplusului realizat din rezerve de reevaluare, fr ca acest surplus s fi fost distribuit pn la 31 decembrie 2009. Surplusul realizat din rezerva de reevaluare aferent mijloacelor fixe cedate, care a fost anterior deductibil, se impoziteaz n momentul modificrii destinaiei rezervei.

The values for land and buildings for own use are 100% as at December 31, 2009 (99.64% as at December 31, 2008). The last re-evaluation of real estate properties was performed in December 2009. The revaluation is based on a revaluation report of an independent qualified evaluator. The difference between the revaluation result and the net book value determined based on historical cost was recorded as revaluation reserve, a separate item in equity. As at December 31, 2009 the net book value of real estate properties using the historical cost is Lei 6,209,683 (Lei 6,495,054 at December 31, 2008). Re-evaluation reserve for disposed fixed assets is reclassified as gain realized from revaluation reserve part of retained earnings, without being distributed until December 31, 2009. Gains realized from re-evaluation reserve on disposed fixed assets that has been previously deducted are to be taxable when changes occur in reserve utilization.

6. Titluri de participare deinute la filiale din cadrul grupului


Lei S.C. ASIT Real Estate SRL S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Fundaia Allianz pentru Romnia Total 31.12.2009 90.087.140 439.997.700 28.000 530.112.840

6. Investments in subsidiaries
31.12.2008 90.087.140 119.997.700 28.000 210.112.840 Lei S.C. ASIT Real Estate SRL S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Allianz pentru RomniaFoundation Total

La 31 decembrie 2009, Societatea deine n ntregime prile sociale ale S.C. ASIT Real Estate S.R.L., o societate nfiinat n 1999, care presteaz servicii n sectorul imobiliar, cu sediul social n Bucureti, sector 1, str. Cderea Bastiliei nr. 80-84. La 31 decembrie 2009 valoarea capitalurilor proprii ale S.C. ASIT Real Estate a fost de 176.018.959 Lei (258.268.538 Lei la 31 decembrie 2008). Valoarea rezervelor la 31 decembrie 2009 a fost de 82.254.159 Lei (162.146.897 Lei la 31 decembrie 2008) iar pierderea realizat n exerciiul financiar 2009 a fost de 2.356.841 Lei (la 31 decembrie 2008 pierdere nregistrat de 2.655.267 Lei). n cursul anului 2004, Societatea a nfiinat Fundaia Allianz pentru Romnia cu sediul social n Bucureti, sector 1, str. Cderea Bastiliei nr. 80-84. Patrimoniul Fundaiei este de 28.000 Lei, participaia membrului fondator Allianz-iriac Asigurri S.A. Scopul Fundaiei const n iniierea i susinerea de proiecte sociale de integrare socio-profesional a tinerilor i altor categorii sociale defavorizate. n cursul anului 2007, Societatea a nfiinat n calitate de acionar majoritar S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A., cu sediul social n Bucureti, strada Ion Sltineanu nr. 6, etaj 3-4, sector 1, participarea Societii la 31 decembrie 2009 fiind de 99,9999% din capitalul social. n cursul anului 2009 a avut loc majorarea capitalului social al S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. cu suma de 320.000.000 Lei prin conversia creanei aferent mprumului acordat de Allianz-iriac Asigurri S.A. ctre S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A.

As at December 31, 2009 the Company owned 100% of ASIT Real Estate S.R.L., a company established in 1999 which operates in the real estate field, with its social residence in Bucharest, 1st District, 80-84, Cderea Bastiliei Street. As at December 31, 2009 the net asset value of ASIT Real Estate is Lei 176,018,959 (Lei 258,268,538 as at December 31, 2008). The value of capital reserves is Lei 82,254,159 (Lei 162,146,897 as at December 31, 2008) and the loss for fiscal year 2009 was Lei 2,356,841 Lei (the loss, as at December 31, 2008 was Lei 2,655,267). During 2004, the Company set up Allianz pentru Romnia Foundation with a net asset value of Lei 28,000. The social residence of the foundation is in Bucharest, 1st District, 80-84th, Cderea Bastiliei Street. The objective of the Foundation is the development as well as the support of projects addressed to youth and other socially disadvantaged categories. During 2007, the Company set up, as major shareholder, S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A with its social residence in Bucharest, 1st District, 6 In Sltineanu Street, 3rd-4th floor. The Company participation as at December 31, 2009 was 99.9999% of the social capital. During 2009, the social capital of S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. was increased by Lei 320,000,000, by converting the receivable related to the loan given by the Company to S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A.

Note Notes
55

Raport Anual / Annual Report 2009

La 31 decembrie 2009 valoarea capitalurilor proprii ale S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. a fost de 24.438.219 Lei (-291.558.896 Lei la 31 decembrie 2008). S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. nu are constituite rezerve la 31 decembrie 2009 i 31 decembrie 2008. Pierderea realizat n exerciiul financiar 2009 a fost de 4.007.519 Lei (pierdere realizat la 31 decembrie 2008 de 392.289.482 Lei). Reducerea pierderii reportate s-a efectuat pe seama reducerii capitalului social cu suma de 320.000.000 Lei n anul 2009. La 31 decembrie 2009 rezultatele subsidiarei S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. se nscriu n performanele previzionate n planul de dezvoltare pe termen lung, astfel ca managementul Societii, urmare a analizei situaiei existente, nu consider necesar constituirea unui provizion pentru depreciere.

As at December 31, 2009, the net asset value of S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. was Lei 24,438,219 (minus Lei 291,558,896 as at December 31, 2008). The value of capital reserves at December 31, 2009 is zero Lei, the same as at December 31, 2008, and the net loss for fiscal year 2009 was Lei 4,007,519 (Lei 392,289,482 as at December 31, 2008). The decrease in the cumulated net loss derives from offsetting of cumulated loss with decrease in social capital in amount of Lei 320,000,000 in 2009. As at December 31, 2009, the results of S.C. Allianz-Tiriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. are within the long-term development plan parameters. As such, an analysis of this subsidiary was performed by the management of the Company and no provision for extraordinary depreciation was deemed necessary.

7. Stocuri
Lei Materiale consumabile Din care: asigurri generale asigurri de via Materiale de natura obiectelor de inventar Din care: asigurri generale asigurri de via Total 31.12.2009 2.596.039 2.216.899 379.140 5.057 5.057 2.601.096

7. Inventories
31.12.2008 2.324.568 2.067.517 257.051 34.215 34.215 2.358.783 Lei Consumables Thereof: non-life insurance life insurance Inventories Thereof: non-life insurance life insurance Total

8. Rezerve tehnice
Lei Rezerva de prime Partea cedat n reasigurare Rezerva de prime, net de reasigurare Rezerva de daune Partea cedat n reasigurare Rezerva de daune, net de reasigurare Rezerva matematic Partea cedat n reasigurare Rezerva matematic, net de reasigurare Rezerva de participare la beneficii Partea cedat n reasigurare Rezerva de participare la beneficii, net de reasigurare Rezerva de catastrof Partea cedat n reasigurare Rezerva de catastrof, net de reasigurare Total 31.12.2009 631.114.596 (304.226.538) 326.888.058 460.270.315 (201.986.195) 258.284.120 26.695.516 26.695.516 1.180.084 1.180.084 18.157.880 18.157.880 631.205.658

8. Technical reserves
31.12.2008 674.427.412 (337.173.989) 337.253.423 430.237.032 (201.814.450) 228.422.582 21.401.741 21.401.741 542.755 542.755 18.157.880 18.157.880 605.778.381 Lei Premium reserve Ceded premium reserve Net of reinsurance premium reserve Claim reserve Ceded claim reserve Net of reinsurance claim reserve Mathematical reserve Ceded mathematical reserve Net of reinsurance mathematical reserve Policy holder benefit reserve Portion ceded from policy holder benefit reserve Net of reinsurance policy holder benefit reserve Catastrophe reserve Portion ceded from catastrophe reserve Net of reinsurance catastrophe reserve Total

Din care: Asigurri generale


Lei Rezerva de prime Partea cedat n reasigurare Rezerva de prime, net de reasigurare Rezerva de daune Partea cedat n reasigurare Rezerva de daune, net de reasigurare Rezerva de catastrof Partea cedat n reasigurare Rezerva de catstrof, net de reasigurare Total 31.12.2009 607.825.282 (302.686.368) 305.138.914 451.467.066 (201.155.708) 250.311.358 18.157.880 18.157.880 573.608.152 31.12.2008 650.651.834 (335.681.198) 314.970.636 426.423.261 (201.790.206) 224.633.055 18.157.880 18.157.880 557.761.571

Whence: Non-life insurance:


Lei Premium reserve Ceded premium reserve Net of reinsurance premium reserve Claim reserve Ceded claim reserve Net of reinsurance claim reserve Catastrophe reserve Portion ceded from catastrophe reserve Net of reinsurance catastrophe reserve Total

56

Raport Anual / Annual Report 2009

Asigurri de via
Lei Rezerva de prime Partea cedat n reasigurare Rezerva de prime, net de reasigurare Rezerva de daune Partea cedat n reasigurare Rezerva de daune, net de reasigurare Rezerva matematic Partea cedat n reasigurare Rezerva matematic, net de reasigurare Rezerva de participare la beneficii Partea cedat n reasigurare Rezerva de participare la beneficii, net de reasigurare Total 31.12.2009 23.289.314 (1.540.170) 21.749.144 8.803.249 (830.487) 7.972.762 26.695.516 26.695.516 1.180.084 1.180.084 57.597.506 31.12.2008 23.775.578 (1.492.791) 22.282.787 3.813.771 (24.244) 3.789.527 21.401.741 21.401.741 542.755 542.755 48.016.810

Life insurance:
Lei Premium reserve Ceded premium reserve Net of reinsurance premium reserve Claim reserve Ceded claim reserve Net of reinsurance claim reserve Mathematical reserve Ceded mathematical reserve Net of reinsurance mathematical reserve Policyholder benefit reserve Portion ceded from policyholder benefit reserve Net of reinsurance policyholder benefit reserve Total

9. Creane provenite din operaiuni de asigurare direct


Lei Creane aferente activitii de asigurri Din care: asigurri generale asigurri de via Provizion pentru deprecierea creanelor Din care: asigurri generale asigurri de via Creane aferente activitii de asigurri, nete de provizion 31.12.2009 459.138.512 437.226.288 21.912.224 (19.056.174) (19.056.174) 440.082.338

9. Accounts receivable on direct insurance business


31.12.2008 499.915.833 479.378.255 20.537.578 (15.579.505) (15.579.505) 484.336.328 Lei Accounts receivable on insurance business Thereof: non-life insurance life insurance Provision for impairment Thereof: non-life insurance life insurance Accounts receivable on insurance business, net of impairment provision

Pe baza analizei recuperabilitii creanelor provenite din operaiuni de asigurare direct, conducerea Societii a nregistrat la data de 31 decembrie 2009 un provizion pentru deprecierea creanelor din prime de asigurare pentru primele nencasate cu vechime mai mare de 90 zile. Creanele din prime luate n considerare la constituirea provizionului sunt nete de reasigurare.

Based on an analysis carried out on recoverability of receivable from direct insurance business as at December 31, 2009, the Company Management recorded a provision for recoverability of receivable overdue more than 90 days. The receivable taken into account for provision computation is net of reinsurance.

10. Casa i conturi la bnci


Lei

10. Cash on hand and cash equivalents


31.12.2009 n Lei / In Lei n devize / In foreign currencies 95.600 10.219.745 10.315.345 31.12.2008 n Lei / In Lei n devize / In foreign currencies 75.419 14.904.217 14.979.636 Total / Total 344.754 22.599.232 22.943.986 Total / Total 239.111 20.933.919 21.173.030

Numerar n casierie / Cash on hand Conturi la bnci / Cash equivalents Total / Total Lei

143.511 10.714.174 10.857.685

Numerar n casierie / Cash on hand Conturi la bnci / Cash equivalents Total / Total

269.335 7.695.015 7.964.350

Note Notes

Din care / Whence Asigurri generale / Non-life insurance:


Lei n Lei / In Lei Numerar n casierie / Cash on hand Conturi la bnci / Cash equivalents Total / Total 140.238 9.909.500 10.049.738 31.12.2009 n devize / In foreign currencies 94.763 5.022.726 5.117.489 Total / Total 235.001 14.932.226 15.167.227

57

Raport Anual / Annual Report 2009

Asigurri generale / Non-life insurance:


Lei n Lei / In Lei Numerar n casierie / Cash on hand Conturi la bnci / Cash equivalents Total / Total 259.319 7.313.801 7.573.120 31.12.2008 n devize / In foreign currencies 75.361 1.687.595 7.762.956 Total / Total 334.680 9.001.396 9.336.076

Asigurri de via / Life insurance:


Lei n Lei / In Lei Numerar n casierie / Cash on hand Conturi la bnci / Cash equivalents Total / Total Lei n Lei / In Lei Numerar n casierie / Cash on hand Conturi la bnci / Cash equivalents Total / Total 10.016 381.214 391.230 3.273 804.674 807.947 31.12.2008 n devize / In foreign currencies 58 13.216.622 13.216.680 Total / Total 10.074 13.597.836 13.607.910 31.12.2009 n devize / In foreign currencies 837 5.197.019 5.197.856 Total / Total 4.110 6.001.693 6.005.803

11. Cheltuieli de achiziie reportate


Lei Cheltuieli de achiziie reportate asigurri generale Cheltuieli de achiziie reportate asigurri de via Total 31.12.2009 66.206.901 2.510.659 68.717.560

11. Deferred acquisition costs


31.12.2008 67.944.160 3.870.390 71.814.550 Lei Deferred acquisition costs, non-life Deferred acquisition costs, life Total

12. Capital social


Capitalul social al Societii este reprezentat de 127.905 aciuni (31 decembrie 2008: 127.905 aciuni) n valoare nominal de 521 Lei fiecare (31 decembrie 2008: 521 Lei/aciune). Structura acionariatului la 31 decembrie 2009 i 31 decembrie 2008 este prezentat mai jos:
Lei / Lei Allianz New Europe Holding GmbH Vesanio Trading Limited Ali acionari (mai puin de 5% fiecare) Total 34.761.641 29.639.169 2.237.695 66.638.505

12. Share capital


The share capital of the Company is represented by 127,905 shares (127,905 shares as at December 31, 2008) with a nominal value of Lei 521 each (December 31 2008: Lei 521/share). The shareholders structure as at December 31, 2009 and December 31, 2008 is as follows:

31.12.2009 Procentaj deinut / Percentage 52,16% 44,48% 3,36% 100,00% 31.12.2008 Lei / Lei Allianz New Europe Holding GmbH Vesanio Trading Limited Ali acionari (mai puin de 5% fiecare) Total 34.761.641 29.639.169 2.237.695 66.638.505 Procentaj deinut / Percentage 52,16% 44,48% 3,36% 100,00% Allianz New Europe Holding GmbH Vesanio Trading Limited Other shareholders (less than 5% each) Total Allianz New Europe Holding GmbH Vesanio Trading Limited Other shareholders (less than 5% each) Total

La 31 decembrie 2009 valoarea primelor de emisiune nregistrate este de 321.887.328 Lei (31 decembrie 2008: 321.887.328 Lei). Allianz New Europe Holding GmbH este entitate afiliat a ALLIANZ SE cu sediul social n Germania, Koniginstrasse 28, D-80802, Mnchen. Allianz-iriac Asigurri S.A. mpreun cu toate filialele sale sunt incluse n situaiile financiare consolidate ale Grupului Allianz. Copii ale situaiilor financiare anuale consolidate ale Grupului Allianz pot fi obinute la adresa de internet www.allianz.com.
58

The total amount of issuance premium as at December 31, 2009 is Lei 321,887,328 (December 31, 2008: Lei 321,887,328). Allianz New Europe Holding GmbH is an affiliate entity of Allianz SE with headquarters in Germany, Koniginstrasse 28, D-80802, Munich. Allianz-Tiriac Asigurari S.A. and all its affiliated entities are included in the consolidated financial statements of Allianz Group. A copy of the Allianz Group consolidated financial statement can be found on the internet, at the following address: www.allianz.com.

Raport Anual / Annual Report 2009

13. Rezerve
Lei Rezerve din reevaluarea imobilizrilor corporale Rezerve legale Rezerve din reevaluarea instrumentelor financiare disponibile pentru vnzare Rezerva - diferene curs capital social Rezerva surs proprii de finanare Surplus realizat din rezerve de reevaluare Total 31.12.2009 18.903.184 12.800.583 (822.317) 10.690.379 50.299.600 4.726.441 96.597.870

13. Reserves
31.12.2008 26.445.772 10.377.456 (33.741.648) 10.690.379 50.299.600 4.510.263 68.581.822 Lei Re-evaluation reserve for tangible fixed asset Legal reserves Reserves from re-evaluation of available for sale securities Share capital reserve - foreign exchange gains share Reserves - own financing Surplus realized from re-evaluation reserve Total

Rezerva legal este constituit prin alocarea a 5% din profitul contabil, pn cnd rezerva ajunge la nivelul de 20% din capitalul social. Rezerva legal nu poate fi distribuit acionarilor i nici nu poate fi utilizat pentru acoperirea pierderilor. Societatea poate utiliza celelalte rezerve constituite, n conformitate cu legislaia romneasc. La 31 decembrie 2009 a fost efectuat reevaluarea imobilizrilor corporale prin intermediul unui evaluator autorizat. Diferena ntre valoarea contabil net i valoarea rezultat n urma reevalurii a fost nregistrat prin ajustarea rezervei de reevaluare a imobilizrilor corporale. Rezerva de reevaluare a instrumentelor financiare include diferenele rezultate din evaluarea la valoarea just a instrumentelor financiare disponibile pentru vnzare. n urma analizei scderilor de valoare a acestor instrumente financiare, managementul Societii apreciaz c aceste scderi de valoare sunt temporare i nu consider necesar constituirea unui provizion pentru depreciere, lund n considerare faptul c instrumentele deinute n portofoliu sunt deinute pe termen lung, exist diversificarea portofoliului i a riscului n ceea ce privete emitenii titlurilor deinute iar la data publicrii situaiilor financiare, managementul societii apreciaz ca oportun i probabil c aceste instrumente vor fi deinute pn la scaden. Rezerva surs proprii de finanare include sumele repartizate din profitul net al exerciiilor financiare precedente, n valoare de 50.299.600 Lei, conform Hotrrilor Adunrii Generale a Acionarilor, n vederea majorrii capitalului social al S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A., cota de participare a Allianz-iriac Asigurri n aceast filial fiind de 99,9999%.

Legal reserve is set up by allocating 5% of the current year gross profit until it reaches 20% of the share capital. Legal reserves cannot be allocated to the shareholders, neither be used to cover losses. The company can use the other reserves according to local regulations.

At December 31, 2009, the tangible assets were re-evaluated via an authorized evaluator. The difference in values after revaluation was recorded by adjustments to the re-evaluation reserve for tangible assets.

Reserves from re-evaluation of available for sale financial instruments include unrealized gains or losses due to measurement of available for sale instruments at fair value at balance sheet date. Based on an analysis of short-fall in value of available for sale portfolio, the management of the Company considers that a provision for depreciation is not needed as the decrease in fair value is temporary, instruments are longterm held, and the portfolio is diverse as is the risk related to the issuers. At balance sheet date, the Company Management considers these financial instruments to be long-term holdings and intends to hold them until maturity.

Reserves for own financing represent the amounts allocated from retained earnings, amount of Lei 50,299,600 based on the Shareholders Meeting decision for setting up the affiliated pension company S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. The shared capital of Allianz-iriac Asigurri in this affiliate is 99.9999%.

14. Rezerva matematic (pentru asigurri de via)


Lei Clauza asigurarea pentru afeciuni medicale grave Unit-linked Clauza asigurarea temporar de deces Asigurarea de rent pentru studii i dot pentru cstorie Asigurarea mixt de via Total 31.12.2009 1.141.088 20.986 5.703.746 9.367.339 10.462.357 26.695.516

14. Mathematical reserve (life insurance)


31.12.2008 1.263.350 17.400 5.880.908 7.096.798 7.143.285 21.401.741 Lei Insurance clause for critical illness Unit-linked Insurance clause for term life EDW Other Life Insurance Total

Note Notes
59

Raport Anual / Annual Report 2009

15. Provizioane
n exerciiul financiar ncheiat la 31 decembrie 2009, Societatea a constituit provizioane pentru diverse riscuri i cheltuieli, bazndu-se pe estimri la data bilanului ale costurilor necesare stingerii obligaiilor curente n exerciiile financiare viitoare. Variaia provizioanelor pentru riscuri i cheltuieli s-a nregistrat prin conturi de venituri i cheltuieli. Societatea a constituit provizioane pentru riscuri i cheltuieli dup cum urmeaz:
Lei Provizioane bonusuri performan salariai / Provisions for bonuses for personnel performances Provizioane pentru deprecierea plasamentelor financiare n instrumente derivative / Provision for derivative securities impairment Provizioane pentru alte cheltuieli / Provisions for other expenses Total / Total

15. Provisions
For the fiscal year ended December 31, 2009, the Company calculated provisions for different risks and charges, using estimations at the balance sheet date, of costs that are necessary to pay the current liabilities in the next periods. Change in risk and charges provision was recognized as income or expenses in the current period. The structure and changes in the provisions for risk and charges are as follows:
Diminuri n 2009 / 2009 Decrease 4.624.306 4.166.628 8.790.934 Majorri n 2009 / 2009 Increase 8.925.830 386.629 2.788.117 12.100.576 31.12.2009

31.12.2008

4.624.306 756.033 4.166.628 9.546.967

8.925.830 1.142.662 2.788.117 12.856.609

16. Creane i datorii provenite din operaiuni de reasigurare


Lei Creane din operaiuni de reasigurare asigurri generale Creane din operaiuni de reasigurare asigurri de via Total 31.12.2009 202.594.523 95.236 202.689.759

16. Accounts receivable and payable from reinsurance business


31.12.2008 264.708.892 1.470.467 266.179.359 Lei Accounts receivables from reinsurance, non-life Accounts receivables from reinsurance, life Total

Lei Datorii din operaiuni de reasigurare asigurri generale Datorii din operaiuni de reasigurare asigurri de via Total

31.12.2009 473.377.731 356.868 473.734.599

31.12.2008 541.356.913 2.608.371 543.965.284

Lei Accounts payable for reinsurance, non-life Accounts payable for reinsurance, life Total

17. Alte datorii, inclusiv datorii fiscale i datorii pentru asigurri sociale
Lei Datorii ctre i n numele personalului Comisioane neexigibile-intermediari Comisioane exigibile-intermediari Datorii privind impozitul pe profit Furnizori Garanii Creditori diveri Alte datorii Total 31.12.2009 7.821.302 45.546.719 18.409.985 470.427 7.281.361 2.847.537 21.725.873 3.328.496 107.431.700

17. Other payables, including fiscal and social charges payables


31.12.2008 7.885.554 48.605.109 17.607.991 2.651.540 7.819.957 2.614.838 26.943.960 2.672.160 116.801.109 Lei Payables to and on behalf of the employees Commissions not due, intermediaries Commissions due, intermediaries Current income tax Suppliers Guarantees Other creditors Other payables Total

60

Raport Anual / Annual Report 2009

18. Venituri n avans


Lei Venituri nregistrate n avans din prime Rezerv comision reasigurare Alte venituri n avans Total 31.12.2009 15.584.819 86.220.588 2.223 101.807.630

18. Deferred income


31.12.2008 17.886.925 82.187.935 100.074.860 Lei Deferred premium income Deferred commission income from reinsurance Other deferred income Total

19. Prime ctigate, nete de reasigurare asigurri generale


a) Prime cuvenite nete de asigurare:
Lei Prime brute subscrise / Gross written premiums Variaia rezervei de prim brut / Change in UPR

19. Earned premiums, net of reinsurance non-life insurance


a) Net premiums earned:
Prime brute cuvenite / Earned premiums Prime cedate n reasigurare / Ceded premiums Variaia rezervei de prime cedat n reasigurare / Changes - UPR portion ceded Prime nete cedate / Ceded earned premiums Prime nete cuvenite / Net premiums earned 2009

Rspundere civil i carte verde / Third party liability and green card Casco / Motor-Hull Bunuri / Property Asigurri de credite / Financial risk Altele / Other Total

230.465.259 717.812.565 189.703.336 4.382.854 55.886.641 1.198.250.655 Prime brute subscrise / Gross written premiums

18.529.394 (32.833.016 ) (8.786.055) (4.076.620) (15.660.255) (42.826.552) Variaia rezervei de prim brut / Change in UPR

211.935.865 750.645.581 198.489.391 8.459.474 71.546.896 1.241.077.207 Prime brute cuvenite / Earned premiums

85.366.171 359.284.584 140.510.942 2.093.531 24.805.539 612.060.767 Prime cedate n reasigurare / Ceded premiums

3.909.605 (16.476.580) (8.885.861) (1.209.261) (10.332.734) (32.994.831) Variaia rezervei de prime cedat n reasigurare / Changes - UPR portion ceded

81.456.566 375.761.164 149.396.803 3.302.792 35.138.273 645.055.598 Prime nete cedate / Ceded earned premiums

130.479.299 374.884.417 49.092.588 5.156.682 36.408.623 596.021.609 Prime nete cuvenite / Net premiums earned 2008

Lei

Rspundere civil i carte verde / Third party liability and green card Casco / Motor-Hull Bunuri / Property Asigurri de credite / Financial risk Altele / Other Total

197.525.734 786.950.298 214.932.893 7.007.419 72.388.787 1.278.805.131

11.669.330 36.803.541 13.580.084 (4.826.075) 24.334.755 81.561.635

185.856.404 750.146.757 201.352.809 11.833.494 48.054.032 1.197.243.496

76.810.656 394.503.667 170.132.279 1.017.311 28.021.063 670.484.976

4.437.901 18.441.201 9.962.741 (2.339.374) 13.319.386 43.821.855

72.372.755 376.062.466 160.169.538 3.356.685 14.701.677 626.663.121

113.483.649 374.084.291 41.183.271 8.476.809 33.352.355 570.580.375

Valoarea primelor brute subscrise din acceptri n reasigurare n 2009 a fost de 994.205 Lei (2008: 981.958 Lei), reprezentnd 0,08% din volumul primelor brute subscrise. b) Prime brute ncasate:
Lei Rspundere civil i carte verde Casco Bunuri Asigurri de credite Altele Total 2009 223.710.777 771.783.614 194.837.343 4.068.060 58.299.724 1.252.699.518

In 2009, gross written premiums from inward reinsurance contracts were Lei 994,205 (2008: Lei 981,958) representing 0.08% of the gross written premiums.
Note Notes

b) Collected premiums:
2008 190.228.667 764.425.419 201.550.607 5.309.958 72.784.210 1.234.298.861 Lei Third party liability and green card Motor-Hull Property Financial risk Other Total

61

Raport Anual / Annual Report 2009

20. Prime ctigate, nete de reasigurare asigurri de via


a) Prime subscrise nete de reasigurare:
Lei

20. Earned premiums, net of reinsurance life insurance


a) Written premiums, net of reinsurance:
Prime brute subscrise / Gross written premiums Prime cedate / Ceded premiums Prime brute, nete de reasigurare / Written premiums, net of reinsurance 2009

Unit-linked / Unit-linked Clauza deces i invaliditate permanent din accident / Accidental Death and permanent Disability Clauza asigurare temporar de deces / Term Life Clauza spitalizare din accident / Hospitalization Clauza intervenii chirurgicale din accident / Surgical Interventions Clauza asigurarea pentru afeciuni medicale grave / Critical illness Clauza asigurarea de scutire de plat a primelor n caz de invaliditate permanent total / Waiver of premium Asigurarea de rent pentru studii i dot pentru cstorie / EDW Asigurarea mixt de via / Life insurance Clauza de indexare / YRT Altele / Others Total / Total Lei

48.078.393 4.665.543 10.605.304 2.923.645 1.835.258 799.165 397.840 3.813.488 7.148.396 93.637 7.270.938 87.631.607 Prime brute subscrise / Gross written premiums

464.969 1.111.161 3.735.321 136.452 31.903 1.370 28.574 467 5.510.217 Prime cedate / Ceded premiums

47.613.424 3.554.382 6.869.983 2.923.645 1.835.258 662.713 365.937 3.812.118 7.119.822 93.637 7.270.471 82.121.390 Prime brute, nete de reasigurare / Written premiums, net of reinsurance 2008

Unit-linked / Unit-linked Clauza deces i invaliditate permanent din accident / Accidental Death and permanent Disability Clauza asigurare temporar de deces / Term Life Clauza spitalizare din accident / Hospitalization Clauza intervenii chirurgicale din accident / Surgical Interventions Clauza asigurarea pentru afeciuni medicale grave / Critical illness Clauza asigurarea de scutire de plat a primelor n caz de invaliditate permanent total / Waiver of premium Asigurarea de rent pentru studii i dot pentru cstorie / EDW Asigurarea mixt de via / Life insurance Clauza de indexare / YRT Altele / Others Total / Total

65.472.616 4.219.699 10.318.247 3.486.126 2.033.781 1.053.302 455.936 4.228.784 6.622.210 97.734 7.589.287 105.577.722

506.261 801.544 2.143.234 388.232 27.794 645 31.363 219 3.899.292

64.966.355 3.418.155 8.175.013 3.486.126 2.033.781 665.070 428.142 4.228.139 6.590.847 97.734 7.589.068 101.678.430

Primele brute subscrise provin din polie de asigurare ncheiate pe teritoriul Romniei. b) Primele brute subscrise au fost realizate din contracte de asigurri de via individuale i pe grupuri de persoane asigurate, dup cum urmeaz:
Lei Polie individuale Polie de grup Total 31.12.2009 71.745.299 15.886.308 87.631.607

The gross written premiums come from the insurance policies subscribed on Romanian territory. b) Gross written premium coming from individual life insurance contracts and group life insurance, as follows:

31.12.2008 89.926.720 15.651.002 105.577.722

Lei Individual policies Group policies Total

c) Contractele de asigurare ncheiate pe segmentul asigurrilor de via stipuleaz posibilitatea achitrii primei n rate sau integral i anticipat la semnarea contractului. Primele brute subscrise pe cele dou modaliti de ncasare sunt dup cum urmeaz:
Lei Polie cu prim unic Polie cu prim ealonat Total 31.12.2009 4.420.618 83.210.989 87.631.607

c) The life insurance policies stipulate the possibility of making payments based on installments or on the whole amount to be paid in advance at the inception of the contract. Gross written premium, concluded with the two above mentioned options, are as follows:
31.12.2008 15.591.120 89.986.602 105.577.722 Lei Single premium Payments based on installments Total

62

Raport Anual / Annual Report 2009

d) Contractele de asigurri de via ncheiate au prevederi privind participarea contractanilor la beneficii sau componenta investiional, potrivit creia, prima este investit n plasamente financiare al cror risc este suportat de contractant. Structura primelor brute subscrise este:
Lei Prime de contract fr participare la beneficii Prime de contract cu participare la beneficii Prime investiionale unde riscul din plasamente este suportat de ctre asigurat Total 31.12.2009 28.591.331 10.961.883 48.078.393 87.631.607

d) Life insurance policies offer the policyholder the option to participate or not to benefits, or, as an alternative, unitlinked products when the investment risk is transferred to the policyholder. The gross written premiums in 2009, considering the above mentioned criteria, are as follows:
31.12.2008 28.967.082 10.850.994 65.759.646 105.577.722 Lei Without benefit policies Benefit policies Unit-linked products Total

21. Daune ntmplate nete de reasigurare - asigurri generale


Lei Daune brute pltite / Gross claims paid Daune cedate n reasigurare / Claims ceded

21. Claims incurred, net of reinsurance - non-life insurance


Variaia rezervei de daun / Change in claims reserve Variaia rezervei de daun cedat n reasigurare / Change in claims reserve ceded Daune ntmplate nete de reasigurare / Net claims 2009

Rspundere civil i carte verde / Third party liability and green card Casco / Motor-Hull Bunuri / Property Asigurri de credite / Financial risk Altele / Other Total / Total

154.751.451 654.767.055 59.534.886 6.197.917 66.124.237 941.375.546

65.529.823 327.691.058 43.622.532 1.609.147 58.053.996 496.506.556

64.389.186 (27.210.009) (5.801.791) (914.041) (5.419.540) 25.043.805

25.847.327 (15.507.490) (8.227.150) (320.371) (2.380.263) (587.947)

127.763.487 315.373.478 18.337.713 3.995.100 5.030.964 470.500.742

Lei

Daune brute pltite / Gross claims paid

Daune cedate n reasigurare / Claims ceded

Variaia rezervei de daun / Change in claims reserve

Variaia rezervei de daun cedat n reasigurare / Change in claims reserve ceded

Daune ntmplate nete de reasigurare / Net claims 2008

Rspundere civil i carte verde / Third party liability and green card Casco / Motor-Hull Bunuri / Property Asigurri de credite / Financial risk Altele / Other Total / Total

139.437.651 597.007.986 35.700.682 (25.197.202) 10.099.770 757.048.887

59.743.709 300.457.803 24.595.675 (10.165.883) 2.431.928 377.063.232

14.350.749 (2.867.449) 12.691.595 (5.296.747) 7.169.802 26.047.950

3.005.741 5.959.329 11.431.965 (1.805.404) 2.966.629 21.558.260

91.038.950 287.723.405 12.364.637 (18.522.662) 11.871.015 384.475.345

Not: n 2008 suma veniturilor din regrese a fost inclus n cheltuielile cu daunele (venituri din regres brute 85.641.366 lei, partea aferent cedrii n reasigurare n sum de 37.030.241 lei, impactul n daunele nete de reasigurare fiind de 48.611.095 lei). n anul 2009 veniturile din regrese, precum i partea aferent cedrilor n reasigurare a recuperrilor din regrese au fost raportate n categoria alte venituri tehnice.

Note: In 2008 the net claims result was affected by recoveries from salvage and subrogation with ammount of Lei 48.611.095 as follows: gross claims paid are diminished with ammount of Lei 85.641.366 representing income recoveries from salvage and subrogation and ceded part in reinsurance from recoveries reported in claims ceded is Lei 37.030.241. In 2009 recoveries from salvage and subrogation, both gross and ceded are reported as other technical income.

La 31 decembrie 2009 situaia pe clase de asigurri a creanelor din aciuni de recuperare sau de subrogare este urmtoarea:
Lei

As at December 31, 2009 receivable from recoveries is as follows:

Valoare brut creane / Receivable from recoveries

Provizion pentru deprecierea creanelor / Provision for overdue receivable

Valoare creane net de provizion / Receivable net of provision 31.12.2009

Note Notes

Rspundere civil i carte verde / Third party liability and green card Casco / Motor-Hull Bunuri / Property Asigurri de credite / Financial risk Altele / Other Total / Total

247.537 6.042.319 200.364 34.043.984 2.045 40.536.249

56.329 1.364.326 47.010 17.986.716 1.431 19.455.812

191.208 4.677.993 153.354 16.057.268 614 21.080.437

63

Raport Anual / Annual Report 2009


Lei Valoare brut creane / Receivable from recoveries Provizion pentru deprecierea creanelor / Provision for overdue receivable Valoare creane net de provizion / Receivable net of provision 31.12.2008 Rspundere civil i carte verde / Third party liability and green card Casco / Motor-Hull Bunuri / Property Asigurri de credite / Financial risk Altele / Other Total / Total 185.007 8.931.705 353.715 33.202.769 103.496 42.776.692 44.339 2.108.276 62.572 13.947.694 89.342 16.252.223 140.668 6.823.429 291.143 19.255.075 14.154 26.524.469

22. Daune ntmplate nete de reasigurare - asigurri de via


Lei Daune brute pltite / Gross claims paid 36.367.144 450.945 2.834.208 351.237 918.171 647.946 965.514 1.232.917 1.023.319 44.791.401 Daune cedate n reasigurare / Claims ceded 294.313 21.089 354.446 669.848

22. Claims incurred, net of reinsurance - life insurance


2009 Variaia rezervei de daun / Change in claims reserve (86.615) 251.847 4.187.058 123.769 87.885 188.087 26.430 7.534 (26.153) (149) 233.811 4.993.504 Variaia rezervei de daun cedat n reasigurare / Change in claims reserve ceded (2.846) 809.362 806.516 Daune ntmplate nete de reasigurare / Net claims 35.989.062 681.703 6.211.904 475.006 1.006.056 481.587 26.430 973.048 1.206.764 (149) 1.257.130 48.308.541 2008

Unit linked / Unit linked Clauza deces i invaliditate permanent din accident / Accidental Death and permanent Disability Clauza asigurare temporar de deces / Term Life Clauza spitalizare din accident / Hospitalization Clauza intervenii chirurgicale din accident / Surgical Interventions Clauza asigurarea pentru afeciuni medicale grave / Critical Illness Clauza asigurarea de scutire de plat a primelor n caz de invaliditate permanent total / Waiver Of Premium Asigurarea de rent pentru studii i dot pentru cstorie / EDW Asigurarea mixt de via / Life insurance Clauza de indexare / YRT Altele / Others Total / Total

Lei

Daune brute pltite / Gross claims paid 30.448.165 214.606 2.601.893 264.149 794.805 382.914 314.703 1.837.144 896.330 37.754.709

Daune cedate n reasigurare / Claims ceded 111.280 111.280

Variaia rezervei de daun / Change in claims reserve 548.641 267.595 236.302 113.945 83.083 (2.591) (5.048) 33.785 (589) 121.633 1.396.756

Variaia rezervei de daun cedat n reasigurare / Change in claims reserve ceded 8.486 (16.566) 338 (20.835) (12.748) (7.425) (5.774) (939) (12.210) (67.673)

Daune ntmplate nete de reasigurare / Net claims 30.877.040 498.767 2.837.857 398.929 890.636 387.748 726 314.703 1.870.929 350 1.030.173 39.107.858

Unit linked / Unit linked Clauza deces i invaliditate permanent din accident / Accidental Death and permanent Disability Clauza asigurare temporar de deces / Term Life Clauza spitalizare din accident / Hospitalization Clauza intervenii chirurgicale din accident / Surgical Interventions Clauza asigurarea pentru afeciuni medicale grave / Critical Illness Clauza asigurarea de scutire de plat a primelor n caz de invaliditate permanent total / Waiver of Premium Asigurarea de rent pentru studii i dot pentru cstorie / EDW Asigurarea mixt de via / Life insurance Clauza de indexare / YRT Altele / Others Total / Total

64

Raport Anual / Annual Report 2009

23. Comisioane i cheltuieli


Asigurri generale
Lei Comisioane i cheltuieli de achiziie Variaia sumei cheltuielilor de achiziie reportate 2009 227.723.414 1.547.978 229.271.392 Cheltuieli administrative Comisioane primite de la reasigurtori Total 108.128.223 164.663.158 172.736.457

23. Commissions and expenses


Non-life insurance
2008 235.784.269 (10.528.709) 225.255.560 97.669.567 153.625.596 169.299.531 Administrative expenses Reinsurance commissions Total Lei Commissions and acquisition costs Change in deferred acquisition costs

Comisioanele de achiziie i variaia cheltuielilor de achiziie reportate pot fi mprite pe tipuri de asigurri, dup cum urmeaz:
Lei Rspundere civil i carte verde Casco Bunuri Altele Total cheltuieli cu comisioanele Alte cheltuieli de achiziie Total 2009 26.774.350 71.432.763 26.046.390 6.760.070 131.013.573 96.709.841 227.723.414

The breakdown per lines of the commission expenses for intermediaries in direct insurance is as follows:
2008 21.474.894 74.943.059 27.855.211 7.512.051 131.785.215 103.999.054 235.784.269 Lei Third party liability and green card Motor-Hull Property Other Total commissions expenses Other acquisition costs Total

Asigurri de via
Lei Cheltuieli de achiziie Variaia sumei cheltuielilor de achiziie reportate Cheltuieli administrative Comisioane aferente reasigurrilor Total 2009 28.482.681 342.631 7.335.295 (2.018.166) 34.142.441 2008 33.796.585 (492.824) 7.282.609 (1.306.585) 39.279.785

Life insurance
Lei Acquisition costs Change in deferred acquisition costs Administrative expenses Reinsurance commissions Total

24. Venituri din plasamente (asigurri de via)


Lei Venituri din plasamente aferente asigurrilor de via legate de investiii Venituri din depozite pe termen scurt i conturi bancare Venituri din alte imobilizri financiare Total 2009 76.144.804 1.923.059 5.741.354 83.809.217

24. Investment income (life insurance)


2008 57.653.190 1.798.835 2.558.109 62.010.134 Lei Income from UL investments Income from deposits Income from other financial assets Total

25. Cheltuieli de administrare


Lei Cheltuieli administrative, asigurri generale Cheltuieli administrative, asigurri via Total 31.12.2009 108.128.223 7.335.295 115.463.518

25. Administrative expenses


31.12.2008 97.669.567 7.282.609 104.952.176 Lei Administrative expenses, non-life Administrative expenses, life Total

Note Notes

Cheltuielile administrative includ cheltuieli cu contractele de servicii, cheltuieli cu impozite i taxe, cheltuieli cu amortizarea mijloacelor fixe, cheltuieli cu chirii i cheltuieli cu personalul. Cheltuielile sunt alocate ntre segmente pe baza cheilor de alocare definite pentru fiecare activitate sau department. n anul 2009, onorariile pltite auditorilor financiari pentru auditul situaiilor financiare anuale a fost de 489.729 Lei (447.212 Lei n 2008).

Administrative expenses include expenses for service agreements, expenses with taxes, depreciation of fixed asset, rental expenses, and employment costs. Costs are distributed between segments based on cost center distribution key assigned to each cost incurred. In 2009 the audit fees for financial statements amounted to Lei 489,729 (Lei 447,212 in 2008).

65

Raport Anual / Annual Report 2009

26. Reconcilierea rezultatului contabil al exerciiului cu rezultatul fiscal


Lei Profit brut contabil (+) Cheltuieli nedeductibile (+) Elemente similare veniturilor (-) Deduceri din profit - rezerve constituite conform legii (-) Venituri neimpozabile i alte deduceri Profit impozabil Impozit pe profit (16%) Efectul elementelor supuse unei alte cote de impozitare (+) Impozit pe profit suplimentar provenit din rectificarea anilor fiscali 2006 si 2007 (-) Cheltuieli de sponsorizare Impozit pe profit 2.290.527 162.438 10.168.520 31.12.2009 39.819.318 23.059.785 840.885 1.849.601 11.617.695 50.252.692 8.040.431

26. Reconciliation between accounting and fiscal result


31.12.2008 35.229.897 52.698.049 1.764.602 6.969.634 79.193.710 12.670.994 Lei Gross accounting result (+) Non-deductible expenses (+) Items similar to Income (-) Income deduct - reserves according to law (-) Non taxable income Taxable result Income tax (16%) Effect of items subject to different tax charges 420.356 12.250.638 (+) Tax on profit established by fiscal authorities decision (-) Sponsorship expenses Income tax

Urmare a ajustrii rezultatului reportat pentru corectarea erorilor contabile, au fost depuse la autoritile fiscale cereri de redeschidere a perioadei fiscale 2005-2007. n cursul lunii noiembrie 2009 a fost nregistrat i pltit impozit pe profit datorat, aferent anului 2007.

Due to the adjustment on previous year result in financial year 2008 fiscal statement were filed to the fiscal authorities for the financial years 2005-2007. In November 2009, an additional tax on income in amount of Lei 2,290,527 was paid for fiscal year 2007.

27. Informaii despre salariai


Numrul mediu al angajailor pentru exerciiul financiar ncheiat la 31 decembrie 2009 a fost 2.107 (2.104 pentru exerciiul financiar ncheiat la 31 decembrie 2008). Salariile aferente exerciiului financiar 2009 au fost de 79.936.867 Lei (80.395.416 Lei aferente exerciiului financiar 2008), respectiv pentru asigurri generale 69.340.248 Lei i pentru asigurri de via 10.596.619 Lei, iar cheltuielile cu asigurrile sociale i alte cheltuieli cu salariaii de 28.323.811 Lei (27.384.582 Lei aferente exerciiului financiar 2008), respectiv pentru asigurri generale 24.992.507 Lei i pentru asigurri de via 3.331.304 Lei. Suma indemnizaiilor acordate n exerciiul financiar 2009 personalului de conducere ale companiei a fost de 4.342.867 Lei (2008: 5.691.603 Lei). Numrul mediu al angajailor, pe categorii, a fost:
2009 Management Personal operativ Personal administrativ Total 6 1.590 511 2.107

27. Information related to the employees


The average number of employees for the year ended December 31, 2009 was 2,107 (2,104 for 2008). The salaries and wages related to the financial year 2009 amounted to Lei 79,936,867 (2008: Lei 80,395,416), whence Lei 69,340,248 for non-life and Lei 10,596,619 for life; social security related expenses amounted Lei 28,323,811 (2008: Lei 27,384,582) whence Lei 24,992,507 for non-life and Lei 3,331,304 for life.

The amount of Lei 4,342,867 was booked as paid management compensation in 2009 (2008: Lei 5,691,603). The average number of employees per category was as follows:
2008 6 1.427 671 2.104 Management Operative personnel Administrative personnel Total

28. Pri afiliate


Societatea presteaz servicii unor societi, pri afiliate, conform unor condiii comerciale uzuale i beneficiaz de servicii din partea acestor societi n condiii similare. Managementul societii consider c societile pe care acionarii cu influen semnificativ (Vesanio Trading Limited) le controleaz sau au o influen semnificativ, nu sunt societi legate ale S.C. Allianz-iriac Asigurri S.A., conform definiiei menionate n Ordinul 3129/2005 i Ordinul 7/2007 emis de Comisia de Supraveghere a Asigurrilor cu privire la societile legate. Tranzaciile comerciale derulate n baza nelegerilor i contractelor ncheiate de Societate cu administratorii i alte pri afiliate administratorilor se pot clasifica astfel:

28. Related parties


The Company provides services to related parties under normal commercial terms and receives services from these companies on similar terms. Company Management does not consider as related parties the companies where the shareholders exercise significant influence (Vesanio Trading Limited) or have control (or have significant influence) pursuant to the definition under Order 3129/2005 and Order 7/2007 issued by Insurance Supervisory Commission. At the year-end, the aggregate amounts outstanding under transactions, arrangements and agreements entered into by the Company with its administrators or other affiliated parties were:

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a) tranzacii n domeniul asigurrilor privind emiterea de contracte de asigurare n care prile afiliate au calitatea de contractant/asigurat: Prime subscrise
2009 S.C. ASIT Real Estate S.R.L. S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Total 207.622 32.314 239.936

a) transactions related to insurance business where related parties are policyholders/insured persons: Written premiums
2008 398.976 24.514 423.490 S.C. ASIT Real Estate S.R.L. S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Total

b) pli de despgubiri din asigurare ctre prile afiliate n calitatea de contractant/asigurat: Daune pltite
2009 S.C. ASIT Real Estate S.R.L. S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Total 54.762 54.762

b) claims payments where related parties are policyholders/ insured persons: Claims paid
2008 S.C. ASIT Real Estate S.R.L. S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Total

c) activiti de cedare n reasigurare n cadrul grupului:


Lei Prime cedate Daune recuperate Comisioane ncasate Total 31.12.2009 (70.308.053) 11.360.912 18.473.451 (40.473.690)

c) ceded reinsurance to Group entities:


31.12.2008 (69.622.592) 16.090.450 6.483.754 (47.048.388) Lei Ceded premiums Recoveries from claims ceded Reinsurance commissions received Total

Allianz SE Mnchen non-via / Allianz SE Munich non-life

d) contracte de nchiriere cu S.C. ASIT Real Estate S.R.L., n calitate de locatar:


Lei Cheltuieli cu chiria Cheltuieli cu utilitile Total 31.12.2009 12.057.463 63.597 12.121.060

d) transactions with S.C. ASIT Real Estate S.R.L. for rental contracts signed:
31.12.2008 10.749.401 692.290 11.441.691 Lei Rental expenses Utilities expenses Total

S.C. ASIT Real Estate S.R.L.

e) finanare acordat filialelor : Creane


Lei S.C. ASIT Real Estate S.R.L. S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Total 31.12.2009 21.374.624 21.374.624

e) accounts receivable from affiliates for inter-company loan: Receivables


31.12.2008 4.730.212 320.000.000 324.730.212 Lei S.C. ASIT Real Estate S.R.L. S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Total

f) venituri din dobnzi aferente finanrii:


Lei S.C. ASIT Real Estate S.R.L. S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Total 2009 944.412 944.412

f) interest Income from the intercompany loan:


2008 2.244.360 8.886.519 11.130.879 Lei S.C. ASIT Real Estate S.R.L.

Note Notes

S.C. Allianz-iriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Total

g) venituri din vnzri imobile i terenuri:


Lei S.C. ASIT Real Estate S.R.L. Total 2009 -

g) income from land and building sales:


2008 2.961.796 2.961.796 Lei S.C. ASIT Real Estate S.R.L. Total

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h) alte servicii:
Lei Allianz SE Mnchen Total 2009 11.683 11.683

h) other services:
2008 68.484 68.484 Lei Allianz SE Munich Total

i) alte cheltuieli - furnizor Allianz SE:


Lei Servicii training i consultan Cheltuieli personal Alte cheltuieli Total 2009 907.456 41.495 41.386 990.337

i) other expenses (Allianz SE as provider):


2008 185.370 31.972 270.393 487.735 Lei Training and consultancy Expenses with personnel Other expenses Total

29. Repartizarea profitului


Repartizarea profitului net n sum de 29.650.798 Lei la 31 decembrie 2009 (31 decembrie 2008: 22.979.259 Lei) este urmtoarea:
Lei Profit net Rezerve legale Dividende Rezerve privind alte surse de finanare Profit nerepartizat 31.12.2009 29.650.798 1.849.601 27.801.197

29. Profit distribution


Net profit distribution in amount of Lei 29,650,798 as at December 31, 2009 (December 31, 2008: Lei 22,979,259) was as follows:
31.12.2008 22.979.259 1.764.602 21.214.657 Lei Net profit Legal reserves Dividends Reserves from other financing sources Retained earnings

nregistrarea repartizrii profitului se efectueaz n baza aprobrii Adunrii Generale a Acionarilor. La 31 decembrie 2009 s-a repartizat un procent de 5% din profitul contabil la care s-au aplicat ajustrile fiscale n sum de 1.849.601 Lei la rezerva legal.

Profit distribution is recorded based on the approval of the Companys Shareholders Meeting. At December 31, 2009, an amount of Lei 1,849,601 was distributed to the legal reserve representing 5% of the accounting profit. The amount distributed to the legal reserve is not taxable. Currently, the legal reserve stands at 19.21% out of the social capital and bears an outstanding contribution in the future period of Lei 527,118 until the level of the legal reserve will reach the level of 20% out of the social capital.

30. Numerar i echivalente de numerar


Asigurri generale / Non-life insurance
Lei Numerar n casierie Conturi curente la bnci Depozite la bnci cu scadena pn la 3 luni Total 31.12.2009 235.002 14.932.225 89.496.617 104.663.844

30. Cash and cash equivalents

31.12.2008 334.680 9.001.396 52.657.957 61.994.033

Lei Cash on hand Current accounts with banks Short term deposits (up to 3 months) Total

Asigurri de via / Life insurance


Lei Numerar n casierie Conturi curente la bnci Depozite la bnci cu scadena pn la 3 luni Total 31.12.2009 4.110 6.001.693 28.313.923 34.319.726 31.12.2008 10.074 13.597.836 14.042.667 27.650.577 Lei Cash on hand Current accounts with banks Short term deposits (up to 3 months) Total

31. Managementul riscului


Prin natura activitilor efectuate, Societatea este expus unor riscuri variate, care includ: riscul aferent activitii de asigurare, riscul mediului economic, riscul de rat a dobnzii i riscul de
68

31.

Risk Management

By the nature of its activities, the Company is subject to various risks, among which: insurance risk, market risk, interest rate risk and liquidity risk. The management is taking measures against

Raport Anual / Annual Report 2009

lichiditate. Conducerea urmrete reducerea efectelor potenial adverse, asociate acestor factori de risc, asupra performanei financiare a Societii. Riscul aferent activitii de asigurare La subscrierea primelor, Societatea i asum un risc tehnic, respectiv riscul ca societatea s suporte daune aferente primei subscrise. Concentrarea riscului tehnic ar putea rezulta n pierderi semnificative pentru Societate n cazul n care un eveniment sau o serie de evenimente ar afecta un ntreg tip de polie sau ara ca atare. Societatea reduce riscul tehnic printr-o evaluare atent a clienilor, limite de expunere bine stabilite, programe de reasigurare i aplicarea unei politici de provizionare prudent cu privire la asigurarea daunelor, att raportate, ct i neraportate. Riscul aferent mediului de afaceri Procesul de ajustare a valorilor n funcie de risc, care a avut loc pe pieele financiare internaionale n ultimii ani, a afectat performana acestora, inclusiv piaa financiar-bancar din Romnia, conducnd la o incertitudine crescut cu privire la evoluia economic n viitor. Identificarea i evaluarea investiiilor influenate de o pia de creditare lipsit de lichiditi, analiza respectrii contractelor de creditare i a altor obligaii contractuale, evaluarea incertitudinilor semnificative, inclusiv a incertitudinilor legate de capacitatea Societii de a continua s functioneze pentru o perioad rezonabil de timp, toate acestea ridic la rndul lor alte provocri. Debitorii Societii pot fi de asemenea afectai de situaii de criz de lichiditate care le-ar putea afecta capacitatea de a-i onora datoriile curente. Deteriorarea condiiilor de operare a creditorilor afecteaz i gestionarea previziunilor de flux de numerar i analiza de depreciere a activelor financiare i nefinanciare. n msura n care informaiile sunt disponibile, conducerea a reflectat estimri revizuite ale fluxurilor viitoare de numerar n politica sa de depreciere. Preocuprile actuale privind posibilitatea ca deteriorarea condiiilor financiare s contribuie ntr-o etap ulterioar la o diminuare suplimentar a ncrederii, au determinat depunerea unor eforturi coordonate din partea guvernelor i a Bncilor Centrale n vederea adoptrii unor msuri speciale avnd drept scop contracararea aversiunii tot mai mari fa de risc i restabilirea unor condiii normale de funcionare a pieei. Conducerea Societii nu poate estima evenimentele care ar putea avea un efect asupra mediului economic din Romnia i ulterior ce efect ar putea avea asupra acestor situaii financiare. Conducerea nu poate estima credibil efectele asupra situaiilor financiare ale Societii rezultate din deteriorarea lichiditii pieei financiare, deprecierea activelor financiare influenate de condiii de pia nelichide i volatilitatea ridicat a monedei naionale i a pieelor financiare. Conducerea Societii crede c ia toate msurile necesare pentru a sprijini creterea actvitii Societii n condiiile de pia curente prin: pregtirea unor strategii de gestionare a crizei de lichiditate i stabilirea unor msuri, mpreun cu Grupul Allianz, pentru a ntmpina eventuale crize de lichiditate; monitorizarea constant a lichiditii; previzionri ale lichiditii curente; monitorizarea zilnic a fluxurilor de trezorerie i evaluarea

potential adverse effects that these risks would determine to the Companys financial position. Insurance risk In the underwriting process, the Company takes on a technical risk which represents the claim risk incurred in respect to the business written. The concentration of technical risk could result in a material loss for the Company if an event or series of events were to affect a whole policy type, or the Country itself. The Company minimizes its technical risk by carefully assessing its customers, by establishing exposure limits, by extensive reinsurance programs and by applying a prudent provisioning policy in respect to claims, both reported and not reported. Business environment risk The process of risk repricing during recent years in the international financial markets affected the performance of those markets, including the Romanian financial and banking market, and fostered heightened uncertainty with regard to economic developments going forward. The determination of compliance with debt agreement and other contract covenants, and the evaluation of significant uncertainties, including uncertainties associated with an entitys ability to continue as a going concern for a reasonable period of time, bring their own challenges. The debtors of the Company may also be affected by the lower liquidity situation which could in turn impact their ability to repay their outstanding loans. Deteriorating operating conditions for borrowers will also have an impact on the management cash flow forecasts and assessment of the impairment of financial and non-financial assets. To the extent that information is available, management has reflected revised estimates of expected future cash flows in its impairment assessment. Such ongoing fears that the deteriorating financial conditions could contribute, at a later stage to a further retrenchment in confidence, prompted a coordinated effort of governments and central banks to adopt special measures aimed at countering a vicious circle of growing risk aversion and to helping minimising the effects of the financial crisis and finally restoring normal market functioning. Management is unable to predict all developments which could have an impact on the Romanian banking sector and consequently what effect, if any, they could have on these financial statements. Management is unable to reliably estimate the effects on the Companys financial statements of any further deterioration in the liquidity of the financial markets, devaluation of financial assets influenced by the illiquid credit market conditions and the increased volatility in the currency and equity markets. Management believes it is taking all the necessary measures to support the sustainability and growth of the Companys business in the current circumstances by: preparing strategies on liquidity crisis management and establishing specific measures, together with Allianz Group, to address potential liquidity needs; constantly monitoring its liquidity position and exposure towards counterparties; forecasting on short and medium-term basis its net liquidity position; monitoring incoming and outgoing cash flows on a daily basis

Note Notes
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efectelor asupra creditorilor si, a acesului limitat la fonduri i posibilitatea de cretere a operaiunilor in Romnia. Riscul de lichiditate Politica Societii cu privire la lichiditi este de a menine suficiente resurse lichide pentru a-i ndeplini obligaiile pe msur ce acestea devin scadente. Coeficientul de lichiditate este monitorizat permanent i este mai mare dect 1. Riscul aferent dobnzii Societatea are un volum semnificativ de active care genereaz venit din dobnzi. Societatea compenseaz viitoarele ncasri din aceste active cu obligaiile sale de asigurare. Riscul de credit Riscul de credit reprezint o pierdere contabil care ar fi recunoscut n cazul n care prile contractante nu i-ar ndeplini obligaiile. Pentru a controla expunerea la riscul de credit, Societatea efectueaz n permanen evaluri de credit ale situaiei financiare a prilor contractante. Societatea este expus riscului de credit aferent instrumentelor financiare ce decurge din posibila nendeplinire a obligaiilor de plat de ctre partenerii contractani. Cu toate acestea, conducerea nu anticipeaz pierderi semnificative, altele dect cele nregistrate n situaiile financiare. Riscul aferent cursului de schimb valutar Societatea este expus riscului valutar n urma tranzaciilor n valute strine. Pentru a se evita pierderile ce decurg din micri cu impact negativ n cursul de schimb valutar, Societatea aplic n prezent o politic de diversificare a portofoliului su de valute. Riscul aferent impozitrii De la 1 ianuarie 2007, urmare a aderrii Romniei la Uniunea European, Societatea a trebuit s se supun reglementrilor Uniunii Europene, i n consecin s-a pregtit pentru aplicarea schimbrilor aduse de legislaia european. Societatea a implementat aceste schimbri, dar modul de implementare al acestora rmne deschis auditului fiscal timp de 5 ani. Interpretarea textelor i implementarea practic a procedurilor noilor reglementri fiscale aplicabile, ar putea varia i exist riscul ca n anumite situaii autoritile fiscale s adopte o poziie diferit fa de cea a Societii. n plus, Guvernul Romniei deine un numr de agenii autorizate s efectueze auditul (controlul) companiilor care opereaz pe teritoriul Romniei. Aceste controale sunt similare auditurilor fiscale din alte ri, i pot acoperi nu numai aspecte fiscale dar i alte aspecte legale i regulatorii care prezint interes pentru aceste agenii. Este posibil ca Societatea s continue s fie supus controalelor fiscale pe msura emiterii unor noi reglementri fiscale.

and assessing the effects on its borrowers of the limited access to funding and the sustainability of growing businesses in Romania. Liquidity risk The Companys policy on liquidity is to maintain sufficient liquidities to meet its obligations as they fall due. The liquidity ratio is permanently monitored and is higher than 1. Interest rate risk The Company has a significant amount of assets that yield an interest income. The Company matches the future receipts from these assets with its insurance liabilities. Credit risk The credit risk represents the accounting loss that would be recognized if the counter-parties failed to perform as contracted. To control the exposure to credit risk, the Company performs ongoing credit evaluations of the financial condition of these counter-parties. The Company is exposed to credit risk from financial instruments with respect to the possible default of counterparties. Nevertheless, the management does not expect any significant losses to arise, other than those provided for in the financial statements. Foreign exchange risk The Company is exposed to currency risk through its transactions in foreign currencies. In order to avoid losses arising from adverse movements in the exchange rates, the Company is currently pursuing a policy of diversifying its portfolio of currencies. Taxation risk Starting with January 1, 2007, as Romania became member state of the European Union, the Company had to adopt the European Union regulation and made preparations for the implementation of the changes required by the European legislation. The Company had implemented these changes, but these implementations could be subject to fiscal audit for five years onwards. The interpretation of new fiscal legal requirements and procedures may vary and therefore there is a risk that under certain circumstances fiscal authorities would adopt a different interpretation than the one the Company applied. Additionally, the Romanian Government has created multiple agencies that are authorized to audit (control) the companies that operate in Romania. These audit missions are similar to the fiscal audits in other countries and they can focus not only on fiscal related issues, but also on other regulatory issues that might be of an interest to authorities. It is possible that the Company will be subject to such an audit as new regulations will be published.

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Allianz-iriac Asigurri S.A. Str. Cderea Bastiliei nr. 80-84 sector 1, 010616 Bucureti, Romnia Tel: 021.208 22 22 Fax: 021.208 22 11 www.allianztiriac.com