Bank of Cyprus Credit Ratings and Financial Position
.
Profitable Life Insurance business - valuable and sustainable contribution to the Group
eurolife
1Q2022 Adjusted Income Statement; Transition to IFRS 17³ from IFRS 4
€ mn
1Q2023
1Q2022
(IFRS 17)
yoy%
2.9
Net Insurance result
4.7
6.1
-23%
6.1
(13.2)
Other operating costs (non-
6.4
(0.3)
(0.3)
-20%
attributable)
2.2
Net revaluations profit/(losses) on
1.5
(3.6)
own investments
PAT-contribution to the Group1
5.9
2.2
PAT 1
IFRS 4
163%
Net insurance
result under
IFRS 17
Attributable
expenses
Removal of
IFRS 4 and other
reclassifications
PAT
IFRS 17
1
Gross written premium (GWP)
41.7
37.4
12%
Net Insurance result down 23% yoy reflecting higher claims and higher attributable
expenses due to increased new business, partially offset by lower reinsurance
expenses
.
IFRS 17 vs. IFRS 4 accounting changes
•
Profit is deferred and spread over the insurance contract service period
Assumptions changes on the valuation of insurance contract assets and
liabilities
•
PAT¹ up 163% yoy mainly driven by increased net revaluation gains on own
investments compared to volatile market conditions in 1Q2022
GWP up 12% yoy due to increased new business, reflecting continuous focus on
business growth
Solvency ratio at 201% at 31 March 2023
7%
Contribution
to non-NII
•
Directly attributable expenses (including premium tax) part of net insurance
result
6%
27%
Contribution
Market
to the
share²
1)
Group's PAT
Contribution to the Group: Adjusted to exclude intercompany transactions between insurance companies
and the Bank
2)
As at 31 December 2022
3)
For further information on the transition to IFRS 17 refer to section F9 of the press release
17View entire presentation