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AMSTELVEEN - Insurer Vivat, the company behind brands like Reaal and Zwitserleven, has fallen into the red last year. The loss was caused by an extra provision that the company had to take. The underlying result, where one-off windfalls and setbacks were filtered out, did show an improvement.
Under the line, Vivat was 98 million euro short, against a profit of 168 million euro in 2016. But the underlying profit increased from 161 million to 168 million euro. The insurance business benefited from higher income from premiums and significant cost savings that have been made in recent times.
Vivat did see the capital buffer, calculated according to the European standard (Solvency II), shrinking from 175 to 162 percent. This kept the company well above the target that it itself uses for solvency. Topman Ron van Oijen spoke of "an important year" for Vivat, which after a radical restructuring could shift attention to growth.
Customer satisfaction
Staff costs have been reduced by almost a quarter in recent years. That was at the expense of about 1200 jobs. At the same time, Vivat has invested a great deal in digitization and improvement of services. That translated according to the company last year in a further improvement of customer satisfaction.
Vivat is the former insurance arm of SNS Reaal, the financial group that had to be rescued by the Dutch state from ruin over five years ago. The company is now owned by the Chinese concern Anbang, which is currently under a magnifying glass in its own country with regulators for alleged malpractice.
https://www.telegraaf.nl/financieel/1757290/verlies-moederbedrijf-reaal-en-zwitserleven
AMSTELVEEN - Insurer Vivat, the company behind brands like Reaal and Zwitserleven, has fallen into the red last year. The loss was caused by an extra provision that the company had to take. The underlying result, where one-off windfalls and setbacks were filtered out, did show an improvement.
Under the line, Vivat was 98 million euro short, against a profit of 168 million euro in 2016. But the underlying profit increased from 161 million to 168 million euro. The insurance business benefited from higher income from premiums and significant cost savings that have been made in recent times.
Vivat did see the capital buffer, calculated according to the European standard (Solvency II), shrinking from 175 to 162 percent. This kept the company well above the target that it itself uses for solvency. Topman Ron van Oijen spoke of "an important year" for Vivat, which after a radical restructuring could shift attention to growth.
Customer satisfaction
Staff costs have been reduced by almost a quarter in recent years. That was at the expense of about 1200 jobs. At the same time, Vivat has invested a great deal in digitization and improvement of services. That translated according to the company last year in a further improvement of customer satisfaction.
Vivat is the former insurance arm of SNS Reaal, the financial group that had to be rescued by the Dutch state from ruin over five years ago. The company is now owned by the Chinese concern Anbang, which is currently under a magnifying glass in its own country with regulators for alleged malpractice.
https://www.telegraaf.nl/financieel/1757290/verlies-moederbedrijf-reaal-en-zwitserleven