Bank of Cyprus Credit Ratings and Financial Position
•
Profitable Non-Life Insurance business - valuable and sustainable contribution to the Group
€ mn
Genikes
Insurance
1Q2022 Adjusted Income Statement; Transition to IFRS 17³ from IFRS 4
1Q2023
1Q2022
(IFRS 17)
yoy%
Net Insurance result
4.8
5.1
-6%
Other operating costs (non-
(0.7)
(0.7)
10%
5.1
attributable)
3.2
1.4
(6.5)
3.2
Revaluation gains/(losses) on
investments
0.3
(0.9)
PAT-contribution to the Group1
4.2
3.2
30%
Gross written premium (GWP)
15.7
13.6
16%
PAT1
IFRS 4
1
Net insurance
result under
IFRS 17
Attributable
expenses
Removal of
IFRS 4 and other
reclassifications
PAT
IFRS 17
Net insurance result down 6% yoy mainly driven by the impact of interest rate
movements on insurance liabilities
•
PAT¹ up 30% yoy mainly due to increased revaluation gains on investments compared
to volatile market conditions in 1Q2022
•
•
GWP up 16% yoy due to increased new and renewal business, reflecting continuous
focus on business growth
Solvency ratio at 182% as at 31 March 2023
6%
Contribution
to non-NII
IFRS 17 vs. IFRS 4 accounting changes
.
Discounting and assumptions changes on the valuation of insurance contract
assets and liabilities
Directly attributable expenses part of net insurance result
4%
14%
Contribution
Market
to the
share²
1)
Group's PAT
2)
As at 31 December 2022
Contribution to the Group: Adjusted to exclude intercompany transactions between insurance companies
and the Bank
3) For further information on the transition to IFRS 17 refer to section F9 of the press release
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