F.33. Related parties
This chapter contains information about all important transactions with related parties excluding those which are described in other parts of the notes.
F.33.1. Identity of related parties
As at 31 December 2016, CZI Holdings N.V. is the sole shareholder of the Parent Company.
The ultimate parent company is Assicurazioni Generali S.p.A.
The Group is related to its parent companies which are CZI Holdings N.V. and Assicurazioni Generali S.p.A. and to companies controlled by them.
The key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly.
The key management personnel of the Group and its parent, their close family members and other parties which are controlled, jointly controlled or significantly influenced by such individuals and entities in which such individuals hold significant voting power are also considered related parties.
Key management personnel of the Group comprise the members of the Board of Directors and the Supervisory Board.
In considering each possible related party relationship, attention is directed to the substance of the relationship and not merely the legal form.
F.33.2. Transactions with key management personnel of the Group
| For the year ended 31 December 2016 | Board of Directors | Supervisory Board | ||
|---|---|---|---|---|
| (CZK million) | Related to the board membership | Related to employment contract | Related to the board membership | Related to employment contract |
| Short-term benefitsprovided by the Group | 108 | 1 | – | – |
| State-defined contribution pension plan | 2 | – | – | – |
| For the year ended 31 December 2015 | Board of Directors | Supervisory Board | ||
|---|---|---|---|---|
| (CZK million) | Related to the board membership | Related to employment contract | Related to the board membership | Related to employment contract |
| Short-term benefits provided by the Group | 51 | 21 | – | – |
| State-defined contribution pension plan | 1 | – | – | – |
XLS
Short-term employee benefits include wages, salaries and social security contributions, allowances provided for membership in the statutory bodies, bonuses and non-monetary benefits such as medical care and cars.
During the reporting period 2016 termination benefits to key management personnel of the Group amounting to CZK 16 million were paid. During the reporting period 2015, termination benefits to key management personnel of the Group amounting to CZK 13.9 million were paid.
As at 31 December 2016 and 31 December 2015, the members of the statutory bodies held no shares in the Parent Company.
F.33.3. Related party transactions
The Group had no material transactions with the ultimate parent company Generali Assicurazzioni in either 2016 or 2015.
The dividend declared and paid to the sole shareholder is disclosed in the note F.9.1.
- Group 1 – CZI Holdings, N.V., the Parent Company’s shareholder
- Group 2 – Entities in the Generali Group
- Group 3 – other related parties
Following tables don’t include currency gains and losses:
| 31.12.2015 (CZK million) | Notes | Group 1 | Group 2 | Group 3 |
|---|---|---|---|---|
| Receivables from insurance and reinsurance business | i | – | 1,721 | – |
| Reinsurance assets | ii | – | 8,725 | – |
| Other financial assets | – | – | – | |
| Other assets | – | 779 | 7 | |
| Total assets | – | 11,225 | 7 | |
| Payables from insurance and reinsurance business | iii | – | 5,623 | – |
| Technical provisions | – | 299 | – | |
| Other financial liabilities | iv | – | 944 | – |
| Other liabilities | – | 559 | 3 | |
| Total liabilities | – | 7,425 | 3 |
- The balances with companies in Group 2 mainly comprise receivables from reinsurance from GP Reinsurance EAD, Bulgaria (GP RE) amounting to CZK 1,513 million and from Generali Pojišťovna a.s. amounting to CZK 120 million.
- The balances with companies in Group 2 comprise technical provisions ceded to GP RE amounting to CZK 8,514 million.
- The balances with companies in Group 2 comprise liabilities from reinsurance to GP RE amounting to CZK 5,414 million.
- The balances with companies in Group 2 comprise the loan provided by Generali CEE Holding B.V. to City Empiria a.s. amounting to CZK 784 million.
| (CZK million) | Notes | Group 1 | Group 2 | Group 3 |
|---|---|---|---|---|
| Receivables from insurance and reinsurance business | i | – | 1,737 | – |
| Reinsurance assets | ii | – | 8,718 | – |
| Other financial assets | – | 30 | – | |
| Other assets | iii | – | 1,160 | – |
| Total assets | – | 11,645 | – | |
| Payables from insurance and reinsurance business | iv | – | 5,508 | – |
| Technical provisions | – | 257 | – | |
| Other financial liabilities | v | – | 1,052 | – |
| Other liabilities | – | 577 | – | |
| Total liabilities | – | 7,395 | – |
- The balances with companies in Group 2 mainly comprise receivables from reinsurance from GP Reinsurance EAD, Bulgaria (GP RE) amounting to CZK 1,493 million and from Generali Pojišťovna a.s. amounting to CZK 167 million
- The balances with companies in Group 2 comprise technical provisions ceded to GP RE amounting to CZK 8,583 million.
- The balances with companies in Group 2 include receivable towards Generali Towarzystwo Ubezpieczen S.A. amounting to CZK 506 million and receivable towards Generali Infrastructure Services s.c.a.r.l. amounting to CZK 502 million.
- The balances with companies in Group 2 comprise liabilities from reinsurance to GP RE amounting to CZK 5,332 million and to Generali Pojišťovna a.s. amounting to CZK 118 million.
- The balances with companies in Group 2 comprise the loan provided by Generali CEE Holding B.V. to City Empiria a.s. amounting to CZK 892 million.
| 2016 (CZK million) | Notes | Group 1 | Group 2 | Group 3 |
|---|---|---|---|---|
| Income from insurance and reinsurance business | i | – | 6,263 | – |
| Income from financial activities | – | 1 | – | |
| Other income | – | 71 | – | |
| Total income | – | 6,335 | – | |
| Expenses from insurance and reinsurance business | ii | – | (9,456) | – |
| Expenses from financial activities | – | (226) | – | |
| Other expenses | – | (112) | (4) | |
| Total expenses | – | (9,794) | (4) |
- The balances in Group 2 include transactions from reinsurance with GP RE amounting to CZK 5,762 million (commission and claims paid by GP RE).
- The balances in Group 2 include the ceded earned premium to GP RE amounting to CZK 9,034 million.
| 2015 (CZK million) | Notes | Group 1 | Group 2 | Group 3 |
|---|---|---|---|---|
| Income from insurance and reinsurance business | i | – | 8,365 | – |
| Income from financial activities | – | 13 | – | |
| Other income | ii | 954 | 172 | – |
| Total income | 954 | 8,550 | – | |
| Expenses from insurance and reinsurance business | iii | – | (10,897) | – |
| Expenses from financial activities | – | (222) | – | |
| Other expenses | – | (88) | – | |
| Total expenses | – | (11,206) | – |
- The balances in Group 2 include transactions from reinsurance with GP RE amounting to CZK 7,867 million (commission and claims paid by GP RE).
- Group 2 includes transactions with investments with CZI Holdings N.V. amounting to CZK 954 million.
- The balances in Group 2 include the ceded earned premium to GP RE amounting to CZK 10,276 million.