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English to Estonian: President and CEO General field: Bus/Financial Detailed field: Finance (general)
Source text - English President and CEO:
Our consolidated earnings before tax improved in the second quarter by EUR 55 million to EUR 177 million. Strong growth in income reported by Banking and Non-life Insurance and controlling costs at the level a year ago lay behind these all-time high quarterly results.
Demand for loans within Banking remained sluggish. Growth in the loan portfolio remained weak and, as a result of fiercer competition, the average corporate loan portfolio margin decreased by a few basis points. Income from Banking increased as a result of higher net interest income and net trading income. The quality of the loan portfolio remained good and impairment losses on receivables were low.
Insurance premium revenue continued to grow vigorously within Non-life Insurance. The balance on technical account improved as claims incurred increased more slowly than insurance premium revenue as a result of favourable developments in frequency claims and of changes related to prior years' claims. A reduction in the main refinancing rate performed by the ECB, a negative deposit rate and the ECB's exceptional liquidity-provided operations sent market interest rates to a record low level. As a result of lower interest rates, return on investment a fair value was good but the low interest rates will present challenges to reinvestment.
As a result of exceptionally low interest rates, the Group decided to reduce the Non-life Insurance discount rate, which will affect third-quarter earnings.
Assets under management by Asset Management increased and Asset Management earnings before tax improved as a result of higher net commissions and fees.
Major uncertainty is still associated with the operating environment due to the Ukraine crisis and related sanctions.
Outlook towards the end of 2014
In Banking, the loan portfolio is expected to be at the same level as in 2013. Due to the operating environment, corporate investments are expected to remain below their normal level. The greatest uncertainties related to Banking's financial performance are associated with volume developments and future impairment loss on the loan portfolio. Banking earnings before tax in 2014 are expected to be at the same level as or higher than in 2013.
Insurance premium revenue is expected to increase at a rate above the market average. It is estimated that the Non-life Insurance operating combined ratio for the full year will vary between 87 and 91%, if the number of large claims is not much higher than in 2013. Expected investment returns are largely dependent on developments in the investment environment. The most significant uncertainties related to Non-life Insurance's financial performance pertain to developments in bond and capital markets and to the effect of large claims on claims expenditure. Non-life Insurance earnings before tax in 2014 are expected to be higher than in 2013.
Translation - Estonian President ja tegevjuht:
Meie teise kvartali konsolideeritud brutotulu paranes 55 miljoni euro võrra tõustes 177 miljoni euroni. Panganduse ja kahjukindlustuse teade suurest tulude kasvust ja kulude vähenemisest võrreldes eelmise aastaga seljatas kõigi aegade kõrgeimad kvartalitulemused.
Laenunõudlus panganduses jäi loiuks. Laenuportfelli kasv püsis nõrgal tasemel ja tiheda konkurentsi tulemusena vähenes keskmine ettevõtete laenuportfelli tasuvus mõne baaspunkti võrra. Panganduse tulu kasvas tänu kõrgemale puhas intressitulule ja puhas finantstulule. Laenuportfelli kvaliteet jäi heaks ning debitoorse võla väärtuse langus oli madal.
Kahjukindlustuses jätkus jõudsalt teenitud preemiatest saadud tulude kasv. Kindlustustehnilise aruande tasakaal paranes, kuna kindlustusnõuded vähenesid võrreldes laekunud kindlustuspreemiatega tänu varasemate aastate nõuetega seotud soodsatele arengutele kindlustuskahjude sageduse ja muutuste osas. Euroopa Keskpanga poolt rakendatud peamise refinantseerimismäära vähendamine, negatiivne deposiidimäär ja Euroopa Keskpanga erandlikud likviidsust tagavad tehingud viisid turuintressimäärad rekordiliselt madalale tasemele. Madalamate intressimäärade tulemusena oli investeeringutasuvuse õiglane väärtus hea, kuid madalad intressimäärad muudavad refinantseerimise keeruliseks.
Erakordselt madalate intressimäärade tõttu, otsustas Grupp vähendada kahjukindlustuse diskontomäära, mis mõjutab kolmanda kvartali puhaskasumit.
Varahalduri pool hallatavad varad suurenesid ning varahalduri brutotulu paranes tänu kõrgematele neto komisjoni- ja teenustasudele.
Tänu Ukraina kriisile ja sellega seotud sanktsioonidele valitseb peamine ebakindlus endiselt tegevuskeskkonna suhtes.
Väljavaade 2014 aasta lõpuni
Panganduses prognoositakse laenuportfelli jäämist 2013. aasta tasemele. Tegevuskeskkonnast mõjutatuna jäävad ettevõtete investeeringud eeldatavasti allapoole normaalset taset Suurim ebakindlus panganduse finantsnäitajate suhtes valitseb mahtude kasvu ja laenuportfellide tuleviku väärtuse languse osas. Ennustuste kohaselt jääb panga 2014. aasta brutokasum 2013. aasta tasemele või ületab selle.
Kindlustuspreemia tulu tõusu prognoositakse turu keskmisest kõrgemaks. Hinnanguliselt varieerub kahjukindlustuse kombineeritud suhe kogu aasta kohta 87-91% juhul, kui suurte kahjunõuete arv ei ületa oluliselt 2013.aastat. Oodatud investeeringutulu sõltub suurel määral investeerimiskeskkonna arengust. Kõige märkimisväärsem ebakindlus kahjukindlustuse finantsnäitajate suhtes puudutab võlakirjade ja kapitaliturgude arengut ning suurte kahjunõuete mõju kahjunõuete kulukontole. Kahjukindlustuse brutokasum 2014.aastal on eeldatavasti suurem kui 2013.aastal.
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Graduate diploma - Tallinn 44. Secondary School
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Years of experience: 23. Registered at ProZ.com: Feb 2016.
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