Profits/Losses of Insurance Companies and Pension Funds
Commentary | Contents |
In January to June insurance companies (CZ-NACE 66.01 and 66.03) made pre-tax profits amounting to CZK 3,1 billion, which translates into an increase of 19,5% compared to the corresponding period of the previous year.
In the first half-year of 2003 gross premiums written stood at CZK 54,1 billion, accounting for 27,9% of total revenues and growing by 11,8% year-on-year. Insurance claims paid amounted to CZK 30,1 billion, making up 15,8% of total expenses of the insurance companies. Costs of these insurance claims were up by 53,8% year-on-year. Over the period of January to June total technical provisions for life insurance increased by CZK 12,4 billion to CZK 123,1 billion.
In the first half-year of 2003 all of the 40 insurance companies employed a total of 15 428 employees (actual persons) on average, i.e., by 0,5% less that in the first two quarters of 2002. In terms of full-time equivalent (fte) persons, the average registered number of employees was 15 315; the employment thus fell by 0,4%. The average monthly wage (related to the fte persons) was 26 657 CZK, falling by 0,3% on the first half-year of 2002.
Pension funds (CZ-NACE 66.02) made their first half-year gross profits amounting to CZK 1,6 billion (an increase of 30,9% year-on-year). Total expenses of all of the 13 active pension funds reached CZK 1,1 billion, falling by 33,7% year-on-year. Total revenues decreased by 6,6% year-on-year to CZK 2,7 billion. Financial expenses were 35,6% of total expenses and financial revenues accounted for 98,9% of total revenues.
(A methodical change in the bookkeeping system of pension funds was made in 2002 – gross premium written (contributions receivable) and expenses on insurance claims (pensions payable) were excluded from revenues and expenses. For this reason the total and financial revenues and expenses for 2001 and 2002 are not comparable.)
The first half-year of 2003 saw total technical provisions of pension funds growing by CZK 6,8 billion to CZK 70,5 billion as at 30 June. Contributions received from members and employers (excluding government contributions) stood at CZK 8,5 billion, increasing by 19,9% year-on-year. Government contributions increased by 3,1% on the first two quarters of 2002 and amounted to CZK 1,5 billion. Supplementary pension insurance benefits paid stood at CZK 3,9 billion, which is a year-on-year increase of 27,3%.
There were 2 649 984 active supplementary pension insurance policy holders (members of pension schemes) in total on 30 June 2003. The number increased by 63 477 persons (2,5%) year-on-year. Of the total, 2 582 710 persons received state contributions. The number of pension recipients increased by 5 024 year-on-year to 12 682 persons.
All of the pension funds employed a total of 484 actual persons on average in the first half-year of 2003, by 14,0% less than in the same period of 2002. This employment in terms of full-time equivalent stood at 476 persons and fell by 13,5% year-on-year. The average monthly wage related to fte persons amounted to 33 438 CZK and was up by 18,6% year-on-year.