3$:(à.21,(&=1<
3UREOHP\SU]HVWU]HJDQLDUHNRPHQGDFMLEDQFDVVXUDQFH
%HVWEDQFDVVXUDQFHSUDFWLFHVDQGGLIILFXOWLHVLQIXOILOOLQJLW 6áRZDNOXF]RZH SURGXNWXEH]SLHF]HQLRZ\EDQN]DNáDGXEH]SLHF]HĔVSU]HGDĪNOLHQW .H\ZRUGV EDQFDVVXUDQFHEDQNLQVXUDQFHFRPSDQ\VDOHVFXVWRPHU :VWĊS .RQLHF;;ZLHNXFKDUDNWHU\]RZDáVLĊG\QDPLF]Q\PL]PLDQDPLZJRVSRGDUFH NUDMyZUR]ZLQLĊW\FK/LEHUDOL]DFMDLGHUHJXODFMDU\QNyZILQDQVRZ\FKUR]V]HU]\á\ PRĪOLZRĞFLG]LDáDQLDEDQNyZLWRZDU]\VWZXEH]SLHF]HQLRZ\FK:\QLNLHPLQWHJUDFML VHNWRUDEDQNRZHJR]XEH]SLHF]HQLRZ\PVąZáDĞQLHSURGXNW\XEH]SLHF]HQLRZHW\SX EDQFDVVXUDQFH GDOHM EDQFDVVXUDQFH >0HVV\DV]+DQGVFKNHV@7HPDW Z\PDJD SRGMĊFLD ]H Z]JOĊGX QD WR LĪ U\QHN EDQFDVVXUDQFH Z 3ROVFH UR]ZLMD VLĊ G\QDPLF]QLH QDWRPLDVW EDQNL PDMą WUXGQRĞFL ] SU]HVWU]HJDQLHP
QDM-Z\ĪV]\FK VWDQGDUGyZ Z ]DNUHVLH VSU]HGDĪ\ SURGXNWyZ EDQFDVVXUDQFH >$QHNV GR UDSRUWX«@
&HOHP QLQLHMV]HM SXEOLNDFML MHVW SU]HGVWDZLHQLH RJyOQ\FK ]DVDG ZSURZDG]DQLD LRIHURZDQLDSU]H]EDQNLSURGXNWyZEDQFDVVXUDQFHRUD]QDMF]ĊĞFLHMZ\VWĊSXMąF\FK QLHSUDZLGáRZRĞFLZ]DNUHVLHRIHURZDQLDRUD]NRQVWUXNFMLW\FKSURGXNWyZ
=JRGQLH]UDSRUWHP3ROVNLHML]E\8EH]SLHF]HĔ>8EH]SLHF]HQLDZOLF]EDFKU@ QDNRQLHFU
áąF]QDZDUWRĞüDNW\ZyZNUDMRZ\FK]DNáDGyZXEH]SLHF]HĔSU]HNUDF]DáDPOG]á7RRSRQDGZLĊFHM QLĪURNZF]HĞQLHM6NXPXORZDQ\URF]Q\ZVNDĨQLNZ]URVWXZODWDFK±ZREV]DU]HEDQFDVVXUDQFH GOD 3ROVNL Z\QRVL RN ± GDQH ]DF]HUSQLĊWH ] ZDUV]WDWyZ Ä 1LH MDVQRĞFL SUDZQH QD SROVNLP U\QNX´ :DUV]DZD± U
3$:(à.21,(&=1<
3ROVNLH SUDZR QLH GHILQLXMH SRMĊFLD EDQFDVVXUDQFH >0DĞQLDN @ GODWHJR ZQLQLHMV]HMSXEOLNDFMLSU]H]SURGXNWEDQFDVVXUDQFHMHVWUR]XPLDQ\SURGXNWNWyU\ VSHáQLDáąF]QLHQDVWĊSXMąFHZDUXQNL • PDFKDUDNWHU\VW\NĊSURGXNWXXEH]SLHF]HQLRZHJR • MHVWVSU]HGDZDQ\ZHVSyá]LQQ\PLSURGXNWHPEDQNRZ\P QDMF]ĊĞFLHM]NUH-G\WHPPRĪHE\üWRUyZQLHĪSURGXNWGHSR]\WRZ\RV]F]ĊGQRĞFLRZ\ • EDQNMHVWSRGPLRWHPXEH]SLHF]DMąF\POXESRĞUHGQLNLHPZG\VWU\EXFMLSURGXN-WXRFKDUDNWHU]HXEH]SLHF]HQLRZ\POXEMDNRSRĞUHGQLNG\VWU\EXXMHSURGXNW SU]H]SRĞUHGQLNyZ]NWyU\PLZVSyáSUDFXMH 'ODEDQNyZRUD]WRZDU]\VWZXEH]SLHF]HQLRZ\FKEDQFDVVXUDQFHVWDQRZLV]DQ-VĊ ]ZLĊNV]HQLD SU]\FKRGyZ QDWRPLDVW GOD NOLHQWyZ PRĪH R]QDF]Dü QLĪV]\ NRV]W SRGZ\ĪV]RQą MDNRĞü XVáXJ L Z\JRGQ\ GRVWĊS GR SURGXNWyZ U\QNX ILQDQVRZHJR XEH]SLHF]HQLRZHJR L NDSLWDáRZHJR Z MHGQ\P PLHMVFX L F]DVLH >*U\JXWLV @ :RSLQLLDXWRUDFHOHPSURGXNWyZEDQFDVVXUDQFHSRZLQQRE\ü]DSHZQLHQLHNOLHQWRP XĪ\WHF]QHMRFKURQ\XEH]SLHF]HQLRZHMDEDQNRZLNRU]\ĞFLILQDQVRZHM
:SURZDG]HQLHQRZHJRSURGXNWXbancassurance
%DQNL Vą SU]\JRWRZDQH GR ]DU]ąG]DQLD U\]\NLHP Z PRPHQFLH ZSURZDG]DQLD QRZHJRSURGXNWXDZMHJRZSURZDG]HQLH]DDQJDĪRZDQHMHVWNLHURZQLFWZREDQNX >+DUDVLP@:SURZDG]HQLHSU]H]EDQNQRZHJRSURGXNWXZW\PUyZQLHĪEDQ FDVVXUDQFHSRZLQQR]RVWDüSRSU]HG]RQHIRUPDOQ\PSURFHVHPSU]\JRWRZDZF]\P NWyU\SRZLQLHQREHMPRZDü>8FKZDáD.1)@ • DQDOL]Ċ]JRGQRĞFLSURGXNWX]HVWUDWHJLą • LGHQW\ILNDFMĊZV]\VWNLFKLVWRWQ\FKURG]DMyZU\]\ND]ZLą]DQ\FK]SURGXNWHP • XZ]JOĊGQLHQLH SURGXNWX Z VWRVRZDQ\FK PHWRGDFK LGHQW\ILNDFML L SRPLDUX
U\]\ND • XVWDOHQLHOLPLWyZZHZQĊWU]Q\FK]DVDGNVLĊJRZDQLDLUDSRUWRZDQLD • ]DWZLHUG]HQLHZSURZDG]HQLDSURGXNWXSU]H]]DU]ąGEDQNXOXERGSRZLHGQLH NRPLWHW\SRZRáDQHSU]H]]DU]ąGEDQNX 3RQDGWRSURFHVSRZLQLHQREHMPRZDü>+DUDVLP@ • RSUDFRZDQLHSURFHGXURSHUDF\MQ\FKGODSUDFRZQLNyZ]HVSRáyZVSU]HGDĪRZ\FK • GRVWRVRZDQLHQDU]ĊG]LLQIRUPDW\F]Q\FKZW\PPLQGODSRWU]HEVSRU]ąG]DQLD VSUDZR]GDZF]RĞFL • SU]HV]NROHQLHSUDFRZQLNyZEDQNX]DDQJDĪRZDQ\FKZG\VWU\EXFMĊSURGXNWyZ • RNUHĞOHQLHF]\SURGXNWEĊG]LHZSURZDG]DQ\ZFHOXSRSUDZ\GRFKRGRZRĞFL OXERJUDQLF]HQLDU\]\NDEDQNX • RSUDFRZDQLH]DVDGLQIRUPRZDQLDNOLHQWDRNRQVWUXNFMLSURGXNWXSU]\JRWRZD-QLHLQIRUPDFMLGODNOLHQWyZ ZSU]\SDGNXEDQFDVVXUDQFH R]DNUHVLHRFKURQ\ XEH]SLHF]HQLRZHM NRV]WDFK ]ZLą]DQ\FK ] ]DNXSHP SURGXNWX ZDUXQNDFK LNRV]WDFKUH]\JQDFMLRUD]HZHQWXDOQ\PU\]\NXLQZHVW\F\MQ\POXESUDZQ\P
352%/(0<35=(675=(*$1,$5(.20(1'$&-,%$1&$6685$1&( :SU]\SDGNXSURGXNWyZEDQFDVVXUDQFHHOHPHQWSURFHVXZSURZDG]DQLDQRZ\FK SURGXNWyZSRZLQQ\VWDQRZLüZV]F]HJyOQRĞFLDQDOL]\]JRGQRĞFLXUHJXORZDĔ]ZLą]D-Q\FK]GDQ\PURG]DMHPSURGXNWX]SUDZHPRUD]UHNRPHQGDFMDPLGREU\FKSUDNW\N 5HNRPHQGDFMHbancassurance :Z\QLNXZVSyáSUDF\=ZLą]NX%DQNyZ3ROVNLFKSU]HGVWDZLFLHOL3ROVNLHM,]E\ 8EH]SLHF]HQLRZHM 8U]ĊGX 2FKURQ\ .RQNXUHQFML L .RQVXPHQWyZ 0LQLVWHUVWZD )LQDQVyZRUD]8U]ĊGX.RPLVML1DG]RUX)LQDQVRZHJR]RVWDá\RSUDFRZDQHUHNRPHQ-GDFMHGREU\FKSUDNW\NQDSROVNLPU\QNXEDQFDVVXUDQFH3LHUZV]D]QLFKQDMV]HU]HM UHJXOXMHNZHVWLH]ZLą]DQH]XEH]SLHF]HQLDPLSRZLą]DQ\PL]SURGXNWDPLEDQNRZ\PL >5HNRPHQGDFMD=%3 @GUXJDEDUG]LHMV]F]HJyáRZRRGQRVLVLĊGRXEH]SLHF]HĔ ILQDQVRZ\FKSRZLą]DQ\FK]SURGXNWDPLEDQNRZ\PL]DEH]SLHF]RQ\PLKLSRWHF]QLH >5HNRPHQGDFMD=%3@WU]HFLDQDWRPLDVWXZ]JOĊGQLDGREUHSUDNW\NLZ]DNUHVLH XEH]SLHF]HĔ ] HOHPHQWHP LQZHVW\F\MQ\P OXE RV]F]ĊGQRĞFLRZ\P >5HNRPHQGDFMD =%3@
: ]DNUHVLH XEH]SLHF]HĔ RFKURQQ\FK SRZLą]DQ\FK ] SURGXNWDPL EDQNRZ\PL SLHUZV]DUHNRPHQGDFMD=%3UHJXOXMHJUXSRZHXPRZ\XEH]SLHF]HQLRZHRIHURZDQH NOLHQWRP EDQNX Z NWyU\FK EDQN Z\VWĊSXMH MDNR XEH]SLHF]DMąF\ D ZLĊF ]DZLHUD XPRZĊXEH]SLHF]HQLDQDUDFKXQHNNOLHQWDEDQNX1DMEDUG]LHMLVWRWQHĨUyGáDU\]\ND Z\VWĊSXMąQDHWDSLHG\VWU\EXFMLSURGXNWyZDZLĊFSURFHVXSU]\JRWRZDZF]HJRMDN UyZQLHĪREVáXJLSRVSU]HGDĪRZHM1DMZDĪQLHMV]HSRVWDQRZLHQLDSLHUZV]HMUHNRPHQ-GDFMLSU]HZLGXMąĪH
• EDQNSRZLQLHQGąĪ\üGRWHJRDE\RFKURQDXEH]SLHF]HQLRZDNWyUąREHMPRZDQL Vą NOLHQFL XZ]JOĊGQLDáD FKDUDNWHU RUD] LVWRWQH FHFK\ SURGXNWX EDQNRZHJR D WDNĪH HZHQWXDOQH SRWU]HE\ NOLHQWyZ Z\QLNDMąFH ] LFK ]RERZLą]DĔ ZREHF EDQNyZ • EDQNMDNRSRGPLRWQHJRFMXMąF\ZDUXQNLXEH]SLHF]HQLD]ILUPDPLXEH]SLHF]H- QLRZ\PLSRZLQLHQG]LDáDüZLQWHUHVLHVZRLFKNOLHQWyZQSXG]LHODüQLH]EĊG-QHJRZVSDUFLDZSURFHVLH]JáDV]DQLDURV]F]HĔF]\ZSU]\SDGNX]DLVWQLHQLD MDNLFKNROZLHNSUREOHPyZZ\QLNDMąF\FK]XPRZ\XEH]SLHF]HQLRZHM • SU]HND]\ZDQDNOLHQWRZLLQIRUPDFMDRZDUXQNDFKRFKURQ\XEH]SLHF]HQLRZHM NWyUąMHVWRQREHMPRZDQ\SRZLQQDE\üSU]HMU]\VWDSHáQDL]UR]XPLDáD • ZFHOXXQLNQLĊFLDVSRUyZ]NOLHQWDPLZVWRVRZDQHMSU]H]EDQNGRNXPHQWDFML XPRZQHMSRZLQQRVLĊ]QDOHĨüRGUĊEQHRĞZLDGF]HQLHZROLNOLHQWDGRW\F]ąFH REMĊFLDJRRFKURQąXEH]SLHF]HQLRZą • EDQNSRZLQLHQGRáRĪ\üQDOHĪ\WHMVWDUDQQRĞFLZFHOXVSUDZG]HQLDSU]HGREMĊ-FLHPNOLHQWDRFKURQąF]\ZRJyOHVSHáQLDRQSRGVWDZRZHNXWHPXZDUXQNL • NOLHQWPDSUDZRGRUH]\JQDFML]RFKURQ\XEH]SLHF]HQLRZHMSU]HGXSá\ZHP RNUHVXXEH]SLHF]HQLD:SU]\SDGNXUH]\JQDFMLEDQNRGSRZLDGDZREHFNOLHQ-WD]D]ZURWNRV]WyZ]DQLHZ\NRU]\VWDQ\RNUHVRFKURQ\%DQNQLHSRZLQLHQ
UMCS
3$:(à.21,(&=1<
SRELHUDü RG NOLHQWD RSáDW PDQLSXODF\MQ\FK ]ZLą]DQ\FK ] RGVWąSLHQLHP RG XPRZ\QLHPQLHMUH]\JQDFMD]RFKURQ\PRĪHSRFLąJQąü]DVREąQSRERZLą]HN GRVWDUF]HQLDSU]H]NOLHQWDLQQHJR]DEH]SLHF]HQLD
: ]DNUHVLH XEH]SLHF]HĔ ILQDQVRZ\FK SRZLą]DQ\FK ] SURGXNWDPL EDQNRZ\PL ]DEH]SLHF]RQ\PLKLSRWHF]QLHGUXJDUHNRPHQGDFMD=%3UHJXOXMHRJyOQH]DVDG\SR-VWĊSRZDQLDEDQNX]DZLHUDMąFHJRZLPLHQLXZáDVQ\PLQDZáDVQ\UDFKXQHNXPRZĊ XEH]SLHF]HQLD ILQDQVRZHJR F]\OL XEH]SLHF]HQLD ]DSHZQLDMąFHJR SRNU\FLH SU]H] XEH]SLHF]\FLHOD VWUDW PDMąWNRZ\FK EDQNX VSRZRGRZDQ\FK ]DMĞFLHP ]GDU]HĔ REMĊ-W\FKRFKURQąXEH]SLHF]HQLRZą]ZLą]DQ\FK]NUHG\WHP]DEH]SLHF]RQąKLSRWHF]QLH 6\WXDFMD SROHJD QD W\P ĪH FKRFLDĪ XEH]SLHF]HQLH GRW\F]\ NRQNUHWQHJR NUHG\WX NUHG\WRELRUF\WREHQHILFMHQWHPHZHQWXDOQHJRRGV]NRGRZDQLDMHVWVDPEDQN±NUH-G\WRGDZFD=GUXJLHMMHGQDNVWURQ\WDNĪHNUHG\WRELRUFDQLHEĊGąFVWURQąXPRZ\ PRĪH RGF]Xü MHM VNXWNL QS UHJUHV ]H VWURQ\ ]DNáDGX XEH]SLHF]HĔ 2NUHĞORQR ĪH VWDQGDUGREHMPLHF]WHU\URG]DMHXPyZXEH]SLHF]HQLRZ\FKNWyUH]RVWDá\X]QDQH]D QDMSRSXODUQLHMV]HZNRQWHNĞFLHNUHG\WyZKLSRWHF]Q\FK • XEH]SLHF]HQLHSRPRVWRZH±XEH]SLHF]HQLHU\]\NDZ]DNUHVLHVSáDW\NUHG\WX KLSRWHF]QHJRZRNUHVLHRGGQLDMHJRZ\SáDW\PDNV\PDOQLHGRGQLDXSUDZR-PRFQLHQLDVLĊZSLVXKLSRWHNLQDU]HF]EDQNXZNVLĊG]HZLHF]\VWHM • XEH]SLHF]HQLHQLVNLHJRZNáDGX EUDNXMąFHJRZNáDGXZáDVQHJR ±XEH]SLHF]HQLH U\]\ND Z ]DNUHVLH VSáDW\ F]ĊĞFL NUHG\WX RGSRZLDGDMąFHM UyĪQLF\ SRPLĊG]\ Z\PDJDQ\PZNáDGHPZáDVQ\PDZNáDGHPZQLHVLRQ\PSU]H]NOLHQWD • XEH]SLHF]HQLH ZDUWRĞFL QLHUXFKRPRĞFL ± XEH]SLHF]HQLH RG XWUDW\ ZDUWRĞFL
QLHUXFKRPRĞFL VWDQRZLąFHM ]DEH]SLHF]HQLH NUHG\WX SU]HG VNXWNLHP VSDGNX ZDUWRĞFLQLHUXFKRPRĞFLJZDUDQWXMąFHEDQNRZLZRNUHVLHXEH]SLHF]HQLD]D-FKRZDQLHDGHNZDWQRĞFLZDUWRĞFLQLHUXFKRPRĞFLVWDQRZLąFHM]DEH]SLHF]HQLH GRNZRW\]DGáXĪHQLD
• XEH]SLHF]HQLH W\WXáX SUDZQHJR ± XEH]SLHF]HQLH RG VNXWNyZ ZDG SUDZQ\FK QLHUXFKRPRĞFLZW\PREFLąĪHĔQLHUXFKRPRĞFLNWyUHQLH]RVWDá\]LGHQW\IL-NRZDQHSU]HG]DZDUFLHPXPRZ\NUHG\WRZHM :UHNRPHQGDFMLXZ\SXNORQH]RVWDá\NZHVWLH]ZLą]DQH]RERZLą]NDPLLQIRUPD-F\MQ\PLEDQNXZREHFNOLHQWyZ'RNXPHQW\XGRVWĊSQLDQHNOLHQWRPPXV]ą]DZLHUDüFR QDMPQLHMQDVWĊSXMąFHLQIRUPDFMH SU]HGPLRWXEH]SLHF]HQLD]DNUHVRFKURQ\XEH]SLHF]H-QLRZHMLQIRUPDFMHRSRGPLRFLHXSUDZQLRQ\PGRRWU]\PDQLDRGV]NRGRZDQLD]XPRZ\ XEH]SLHF]HQLDILQDQVRZHJRLQIRUPDFMHRXSUDZQLHQLX]DNáDGXXEH]SLHF]HĔGRUHJUHVX ZREHFNOLHQWD:GRNXPHQWDFKW\FKSRZLQQ\E\üWDNĪHXZ]JOĊGQLRQHRĞZLDGF]HQLD NRQVXPHQWDQLH]EĊGQHGRSUDZLGáRZHJRZ\NRQ\ZDQLDXPRZ\WDNLHMDNQDSU]\NáDG GRW\F]ąFHXGRVWĊSQLDQLDILUPLHXEH]SLHF]HQLRZHMGDQ\FKREMĊW\FKWDMHPQLFąEDQNRZą 3RQDGWREDQNLSRZLQQ\WDNĪHRSUDFRZDüLZGURĪ\üSURFHV\PRQLWRULQJXSUDNW\N Z ]DNUHVLH REMĊW\P UHNRPHQGDFMą FR SR]ZROL QD Z\NU\ZDQLH RUD] LGHQW\ILNDFMĊ QLHSUDZLGáRZRĞFL
7U]HFLDUHNRPHQGDFMD=%3UHJXOXMH]DVDG\SRVWĊSRZDQLDEDQNyZLXEH]SLHF]\FLHOL Z]DNUHVLHRIHURZDQLDXEH]SLHF]HĔ]HOHPHQWHPLQZHVW\F\MQ\POXERV]F]ĊGQRĞFLRZ\P
352%/(0<35=(675=(*$1,$5(.20(1'$&-,%$1&$6685$1&( RUD]REVáXJLNOLHQWyZZUDPDFKW\FKXEH]SLHF]HĔ:UHNRPHQGDFMLSRáRĪRQRQDFLVNQD NZHVWLH]ZLą]DQH]RERZLą]NDPLLQIRUPDF\MQ\PLEDQNXZREHFNOLHQWyZ±SRSU]H]ZVND-]DQLHPLQLPDOQHJR]DNUHVXLQIRUPDFMLNWyUHSRZLQQ\E\üSU]HND]DQHNRQVXPHQWRZL SU]HGREMĊFLHPJRRFKURQąXEH]SLHF]HQLRZą'RW\F]\WRZV]F]HJyOQRĞFLGRNXPHQWyZ ]ZLą]DQ\FK]]DZDUFLHPXPRZ\XEH]SLHF]HQLDRUD]ZDUXQNyZXEH]SLHF]HQLDZNWy-U\FKSRZLQQ\PLĊG]\LQQ\PL]QDMGRZDüVLĊLQIRUPDFMHRNRV]WDFKSRQRV]RQ\FKSU]H] NOLHQWDLVSRVRELHLFKREOLF]DQLDR]DVDGDFKXVWDODQLDZ\VRNRĞFLĞZLDGF]HĔQDOHĪQ\FK NRQVXPHQWRZLRUD]RPRĪOLZRĞFLZ\VWąSLHQLDU\]\ND]ZLą]DQHJR]GDQąLQZHVW\FMą :UHNRPHQGDFMLZVND]XMHVLĊZ\UDĨQLHĪHEDQNSRZLQLHQ]DSHZQLüGRVWĊSGR ZDUXQNyZ XEH]SLHF]HQLD RUD] PDWHULDáyZ LQIRUPDF\MQ\FK SU]HG SRGMĊFLHP SU]H] NOLHQWDGHF\]MLRVNRU]\VWDQLX]RIHUW\
:VND]DQRĪHEDQNLSRZLQQ\GRáRĪ\üQDOHĪ\WHMVWDUDQQRĞFLSU]\RIHURZDQLXGDQHJR URG]DMXXEH]SLHF]HQLDNLHUXMąFVLĊSRWU]HEDPLZLHG]ąLGRĞZLDGF]HQLHPNOLHQWyZ %DQNL]RERZLą]Dá\VLĊWDNĪHGRVSUDZG]DQLDF]\GDQ\NOLHQWVSHáQLDZ\PRJLREMĊFLD RFKURQąSU]HZLG]LDQHZZDUXQNDFKXEH]SLHF]HQLD:SU]\SDGNXVNRU]\VWDQLDSU]H] NOLHQWD ] SUDZD GR UH]\JQDFML ] RFKURQ\ XEH]SLHF]HQLRZHM EDQNL PDMą RERZLą]HN SRLQIRUPRZDQLDJRRZV]HONLFKWHJRNRQVHNZHQFMDFK3RQDGWRZ]DNUHVLHREMĊW\P UHNRPHQGDFMą SRZLQQ\ RSUDFRZDü L ZGURĪ\ü SURFHV\ PRQLWRULQJX SUDNW\N NWyUH SR]ZROąQDZ\NU\ZDQLHRUD]LGHQW\ILNDFMĊHZHQWXDOQ\FKQLHSUDZLGáRZRĞFL
3U]HVWU]HJDQLHUHNRPHQGDFMLZSUDNW\FHEDQNRZHM
: SUDNW\FH EDQNL PDMą WUXGQRĞFL ] GRFKRZDQLHP QDMZ\ĪV]\FK VWDQGDUGyZ Z]DNUHVLHVSU]HGDĪ\SURGXNWyZEDQFDVVXUDQFH1DGRQLRVáH]QDF]HQLHRPDZLDQHJR ]MDZLVNDZVND]XMHPLQG\QDPLNDZ]URVWXOLF]E\VNDUJNLHURZDQ\FKGRU]HF]QLND XEH]SLHF]RQ\FKZ]ZLą]NX]LVWQLHMąF\PPRGHOHPEDQFDVVXUDQFH:RGQLHVLHQLX GRXEH]SLHF]HĔNUHG\WRELRUFyZXEH]SLHF]HĔ]ZLą]DQ\FK]NUHG\WHPXEH]SLHF]HĔ GOD SRVLDGDF]\ UDFKXQNyZ EDQNRZ\FK L NDUW SáDWQLF]\FK RUD] LQQ\FK SURGXNWyZ XEH]SLHF]HQLRZ\FKG\VWU\EXRZDQ\FKSU]H]EDQNLLSRĞUHGQLNyZILQDQVRZ\FKOLF]-EDVNDUJQDSU]HVWU]HQLRVWDWQLFKODWXOHJDáD]ZLHORNURWQLHQLX2LOHZUWDNLH VNDUJLE\á\]DOHGZLHWRZU±Z U±DZUMXĪ =NROHLZSLHUZV]\FKWU]HFKNZDUWDáDFKUGRU]HF]QLNDZSá\QĊáRVNDUJ >$QHNVGRUDSRUWX«@ 'RQDMSRZDĪQLHMV]\FKSUREOHPyZQDOHĪą>3UH]HQWDFMD.1)@ • IDNW\F]QHáąF]HQLHIXQNFMLXEH]SLHF]DMąFHJRLSRĞUHGQLNDXEH]SLHF]HQLRZHJR %DQNZWDNLFKV\WXDFMDFKZ\VWĊSXMHMDNRVWURQDXPRZ\XEH]SLHF]HQLDLMHG- QRF]HĞQLHSRELHUDRG]DNáDGXXEH]SLHF]HĔSURZL]MĊWDNMDNSRĞUHGQLNXEH]-SLHF]HQLRZ\7DNDV\WXDFMDZVND]XMHQDZ\VWĊSRZDQLHNRQIOLNWXLQWHUHVyZ JG\ĪEDQNMDNRXEH]SLHF]DMąF\UHSUH]HQWXMąFXEH]SLHF]RQ\FKNUHG\WRELRUFyZ SRZLQLHQE\ü]DLQWHUHVRZDQ\XVWDQRZLHQLHPUHDOQHMLMDNQDMEDUG]LHMNRU]\VWQHM RFKURQ\XEH]SLHF]HQLRZHMJG\ĪMHVWUyZQLHĪMHMEHQHILFMHQWHP2WU]\PXMąFRG
UMCS
3$:(à.21,(&=1<
]DNáDGXXEH]SLHF]HĔSURZL]MĊ]W\WXáXSR]\VNDQLDQRZ\FKXEH]SLHF]RQ\FK G]LDáD Z LQWHUHVLH XEH]SLHF]\FLHOD L ]ZLĊNV]D SU]\SLV VNáDGNL XEH]SLHF]H-QLRZHM3UDNW\NDEXG]LMHV]F]HZLĊNV]HZąWSOLZRĞFLZSU]\SDGNXSRZLą]DĔ NDSLWDáRZ\FKEąGĨRUJDQL]DF\MQ\FKSRPLĊG]\EDQNLHPDXEH]SLHF]\FLHOHP • Z\VRNRĞüSURZL]ML3U]\SDGNLZNWyU\FKZ\QDJURG]HQLHEDQNXNLONDNURWQLH
SU]HNUDF]D NRV]W\ ]ZLą]DQH ] RIHURZDQLHP SURGXNWX VWRMą Z VSU]HF]QRĞFL ]NRQLHF]QRĞFLąEXGRZDQLD]DXIDQLDNOLHQWyZGRU\QNXILQDQVRZHJR6SRVyE XVWDODQLDZ\VRNRĞFLSURZL]MLRWU]\P\ZDQHMSU]H]EDQNSRZLQLHQE\üRSLVDQ\ ZXPRZLHGRW\F]ąFHMREVáXJLPLĊG]\EDQNLHPD]DNáDGHPXEH]SLHF]HQLRZ\P • EUDNPRĪOLZRĞFLEH]SRĞUHGQLHJRGRFKRG]HQLDURV]F]HĔSU]H]XEH]SLHF]RQ\FK OXELFKVSDGNRELHUFyZ8EH]SLHF]RQ\PDSUDZRGREH]SRĞUHGQLHJRGRFKRG]HQLD ĞZLDGF]HQLDRG]DNáDGXXEH]SLHF]HĔ>.RGHNVF\ZLOQ\ DUW@ MHGQDNĪH SU]HSLV WHQ SR]ZDOD MHGQRF]HĞQLH VWURQRP XPRZ\ QD Z\áąF]HQLH XSUDZQLHQLD ] F]HJR EDQNL NRU]\VWDMą :yZF]DV W\ONR XEH]SLHF]DMąF\ WM EDQNMHVWXSUDZQLRQ\GRGRFKRG]HQLDZ\SáDW\ĞZLDGF]HQLDLZ\áąF]QLHRG EDQNX]DOHĪ\F]\VNRU]\VWD]WHJRXSUDZQLHQLD3RGREQDV\WXDFMDZ\VWĊSXMH ZSU]\SDGNXXEH]SLHF]HĔQDĪ\FLHNUHG\WRELRUFyZJG]LHQDSRGVWDZLH.RGHNVX F\ZLOQHJR>.RGHNVF\ZLOQ\ DUW@EDQNMHVWZVND]\ZDQ\MDNR SRGPLRWXSUDZQLRQ\GRRWU]\PDQLDĞZLDGF]HQLDXEH]SLHF]HQLRZHJRZUD]LH ĞPLHUFLNUHG\WRELRUF\=MDZLVNRWRSU]\F]\QLDVLĊGRGRGDWNRZHJRSRJáĊELHQLD NRQIOLNWX LQWHUHVyZ Z V\WXDFML Z NWyUHM EDQN MDNR XEH]SLHF]DMąF\ SRELHUD SURZL]MĊ RG ]DNáDGX XEH]SLHF]HĔ ] W\WXáX SR]\VNDQLD NUHG\WRELRUF\ MDNR XEH]SLHF]RQHJR=MHGQHMERZLHPVWURQ\ZLQWHUHVLHNUHG\WRELRUFyZE\áRE\ X]\VNDQLH SU]H] EDQN ĞZLDGF]HQLD XEH]SLHF]HQLRZHJR ] GUXJLHM QDWRPLDVW Z\VRNRĞü SURZL]ML RWU]\P\ZDQHM SU]H] EDQN F]ĊVWR ZLąĪH VLĊ ] SR]LRPHP V]NRGRZRĞFL ] GDQHJR XEH]SLHF]HQLD LP QLĪV]D V]NRGRZRĞü W\P Z\ĪV]H Z\QDJURG]HQLHEDQNX :HIHNFLHEDQNQLHW\ONRQLHPDPRW\ZDFMLGRNR-U]\VWDQLD]]DEH]SLHF]HQLDXVWDQRZLRQHJRZIRUPLHXEH]SLHF]HQLDDOHZUĊF] ZMHJRLQWHUHVLHOHĪ\UH]\JQDFMD]WDNLHMIRUP\]DVSRNRMHQLDVZRLFKURV]F]HĔ • XWUXGQLRQ\GRVWĊSGRWUHĞFLXPRZ\XEH]SLHF]HQLD:SU]\SDGNXNLHG\EDQN MHVWXEH]SLHF]DMąF\PNUHG\WRELRUFD XEH]SLHF]RQ\ SRZLQLHQ]QDüWUHĞüXPRZ\ XEH]SLHF]HQLD,VWQLHMąSU]\SDGNLZNWyU\FKRERZLą]HNGRUĊF]HQLDRJyOQ\FK ZDUXQNyZXEH]SLHF]HQLDSU]H]]DNáDGXEH]SLHF]HĔGRW\F]\Z\áąF]QLHXEH]-SLHF]DMąFHJR EDQNX DQLHXEH]SLHF]RQHJR NUHG\WRELRUF\ • RJUDQLF]HQLHVZRERG\Z\ERUX]DNáDGXXEH]SLHF]HĔ:SUDNW\FHZ\VWĊSXMą V\WXDFMH Z NWyU\FK EDQN X]DOHĪQLD XG]LHOHQLH NUHG\WX RG ]DZDUFLD SU]H] NOLHQWDXPRZ\XEH]SLHF]HQLD]HZVND]DQ\P]DNáDGHPXEH]SLHF]HĔDOERRG SU]\VWąSLHQLDZFKDUDNWHU]HXEH]SLHF]RQHJRGRXPRZ\XEH]SLHF]HQLD]DZDUWHM SU]H]EDQN.OLHQWFKFąF\]DZU]HüXPRZĊNUHG\WXMHVW]PXV]RQ\VNRU]\VWDü ]RFKURQ\XEH]SLHF]HQLRZHMNWyUDPRĪHE\üQLHGRSDVRZDQDGRMHJRSRWU]HE OXEQLHPDPRĪOLZRĞFLVNRU]\VWDQLD]XEH]SLHF]HQLDRDQDORJLF]Q\P]DNUHVLH RFKURQ\RIHURZDQHJRSU]H]LQQHJRXEH]SLHF]\FLHOD
UMCS
352%/(0<35=(675=(*$1,$5(.20(1'$&-,%$1&$6685$1&( • UHJUHV%UDNQDOHĪ\WHJRSRLQIRUPRZDQLDNUHG\WRELRUFyZVNXWNXMHZ\VWąSLHQLHP SRLFKVWURQLHEáĊGQHJRSU]HNRQDQLDĪHILQDQVXMąFVNáDGNĊXEH]SLHF]HQLRZą XZDOQLDMąVLĊRGVNXWNyZU\]\NDREMĊWHJRXPRZąXEH]SLHF]HQLRZą=GDU]DMąVLĊ V\WXDFMHZNWyU\FK]DNáDGXEH]SLHF]HĔSRZ\SáDFLHRGV]NRGRZDQLDQDU]HF] EDQNXZ\VWĊSXMHGRNUHG\WRELRUF\]URV]F]HQLHPUHJUHVRZ\P'RW\F]\WRXPyZ XEH]SLHF]HQLDZNWyU\FKEDQNZ\VWĊSXMHMDNRXEH]SLHF]RQ\LXSUDZQLRQ\GR RWU]\PDQLDĞZLDGF]HQLDXEH]SLHF]HQLRZHJR-HGQDNWRNUHG\WRELRUFDNWyU\QLHE\á ZWDNLHMV\WXDFMLVWURQąXPRZ\IDNW\F]QLHILQDQVRZDáVNáDGNĊXEH]SLHF]HQLRZą =DNRĔF]HQLH :NRQWHNĞFLHQDMF]ĊĞFLHMZ\VWĊSXMąF\FKQLHSUDZLGáRZRĞFLZSURFHVLHG\VWU\EXFML SU]H]EDQNLSURGXNWyZXEH]SLHF]HQLRZ\FKWU]HEDZáDĞFLZLHUR]JUDQLF]\üIXQNFMHMDNLH EDQNPRĪHSHáQLüSU]\]DSHZQLHQLXNUHG\WRELRUFRPRFKURQ\XEH]SLHF]HQLRZHM=DJDG-QLHQLHWRMHVWV]F]HJyOQLHLVWRWQH]SXQNWXZLG]HQLDSU]\V]áHMUHSXWDFMLEDQNX8WUDWDWDN ZDĪQHMZG]LDáDOQRĞFLEDQNRZHMUHSXWDFMLPRĪHVLĊEH]SRĞUHGQLRSU]HáRĪ\üQDZ\PLHUQH VWUDW\ILQDQVRZH%DQNMHVWERZLHPQDUDĪRQ\QDNDU\ILQDQVRZHZZ\QLNXSU]HJUDQ\FK SURFHVyZVąGRZ\FKRGV]NRGRZDQLDGODNOLHQWyZ8WUDWDUHSXWDFMLPRĪHVNXWNRZDüRG-ZUyFHQLHPVLĊNOLHQWyZRGEDQNXUyZQLHĪW\FKNWyU]\QLHNRU]\VWDOL]SURGXNWyZEDQ FDVVXUDQFH=GDU]HQLDWHZSá\ZDMąQLHNRU]\VWQLHQDSU]\V]áąV\WXDFMĊILQDQVRZąEDQNX %DQNLSRZLQQ\ZSURZDG]LüPRQLWRULQJJáyZQ\FKSURFHVyZ]ZLą]DQ\FK]RIH-URZDQLHP SURGXNWyZ EDQFDVVXUDQFH FHOHP ]DSHZQLHQLD ]JRGQRĞFL SURGXNWyZ RIHURZDQ\FKNOLHQWRP]Z\PRJDPLSU]HSLVyZSUDZDLGREU\PLSUDNW\NDPL(IHN-WHPPRQLWRULQJXSRZLQQDE\üLGHQW\ILNDFMDSUREOHPyZ]ZLą]DQ\FK]HVSU]HGDĪą IXQNFMRQRZDQLHPLREVáXJąSURGXNWyZRUD]SURFHVQDSUDZF]\ZFHOXRJUDQLF]HQLD OXEHOLPLQDFMLVWRVRZDQLD]á\FKSUDNW\N
1LHVSHáQLHQLH SU]H] EDQNL VWDQGDUGyZ Z ]DNUHVLH SURGXNWyZ EDQFDVVXUDQFH VNXWNXMH URVQąFą OLF]Eą VNDUJ NOLHQWyZ NWyU]\ F]ĊVWR NLHUXMą VZRMH URV]F]HQLD GR EDQNyZZNWyU\FKQDE\OLSUDZDXEH]SLHF]HQLRZH5RV]F]HQLDPDMąQDMF]ĊĞFLHMFKD-UDNWHURGV]NRGRZDZF]\:W\PNRQWHNĞFLH]DVDGQHZ\GDMHVLĊSU]HSURZDG]HQLHSU]H] EDQNEDGDĔSRGNąWHPRFHQ\ĞZLDGRPRĞFLNOLHQWyZQDE\ZDMąF\FKSURGXNW\XEH]-SLHF]HQLRZHRUD]GRNRQDQLHRFHQ\]DVDGQRĞFLRIHURZDQLDW\FKSURGXNWyZNOLHQWRP %LEOLRJUDILD $QHNVGRUDSRUWXU]HF]QLNDXEH]SLHF]RQ\FK]USW3RGVWDZRZHSUREOHP\EDQFDVVXUDQFH Z3ROVFH±VNDUJL]]DNUHVXEDQFDVVXUDQFHZQLHVLRQHZU *U\JXWLV-%DQFDVVXUDQFH±HXURSHMVNLWUHQGQDSROVNLPU\QNXILQDQVRZ\P9,,,.RQIHUHQFMD 1DXNRZD 0áRG\FK (NRQRPLVWyZ Ä8QLILNDFMD JRVSRGDUHN HXURSHMVNLFK V]DQVH L ]DJURĪHQLD´ '\PDF]HZR±ZU]HĞQLDU
3$:(à.21,(&=1< +DUDVLP-:SURZDG]DQLHQRZ\FKSURGXNWyZGRRIHUW\EDQNXVNLHURZDQHMGRNOLHQWyZLQG\ZL GXDOQ\FKÄ%DQNL.UHG\W´OLSLHF 0DĞQLDN'3RGVWDZ\SUDZQHIXQNFMRQRZDQLDEDQFDVVXUDQFH :ROWHUV.OXZHU3ROVND/(;GOD %DQNyZ 0HVV\DV]+DQGVFKNH$%DQFDVVXUDQFH±ZVSyáSUDFDF]\NRQNXUHQFMD Ä%DQNL.UHG\W´NZLH-FLHĔ 3UH]HQWDFMD.RPLVML1DG]RUX)LQDQVRZHJRSW%DQFDVVXUDQFH±TXRYDGLV"SU]HGVWDZLRQDQD,9 .RQJUHVLH%DQFDVVXUDQFH-y]HIyZ±SDĨG]LHUQLNDU 5DSRUW3ROVNLHML]E\8EH]SLHF]HĔ 8EH]SLHF]HQLDZOLF]EDFKU 5HNRPHQGDFMD=ZLą]NX%DQNyZ3ROVNLFK]GQLDJUXGQLDUGRW\F]ąFDGREU\FKSUDNW\N Z ]DNUHVLH XEH]SLHF]HĔ ILQDQVRZ\FK SRZLą]DQ\FK ] SURGXNWDPL EDQNRZ\PL ]DEH]SLHF]RQ\PL KLSRWHF]QLH 5HNRPHQGDFMD=ZLą]NX%DQNyZ3ROVNLFK]GQLDNZLHWQLD UGRW\F]ąFDGREU\FKSUDNW\N QDSROVNLPU\QNXEDQFDVVXUDQFHZ]DNUHVLHXEH]SLHF]HĔRFKURQQ\FKSRZLą]DQ\FK]SURGXNWDPL EDQNRZ\PL 5HNRPHQGDFMD=ZLą]NX%DQNyZ3ROVNLFK]GQLDOLSFDUGRW\F]ąFDGREU\FKSUDNW\NQD SROVNLPU\QNXEDQFDVVXUDQFHZ]DNUHVLHXEH]SLHF]HĔ]HOHPHQWHPLQZHVW\F\MQ\POXERV]F]ĊG-QRĞFLRZ\P 8FKZDáD1U.1)]GQLDSDĨG]LHUQLNDUZVSUDZLHV]F]HJyáRZ\FK]DVDGIXQN-FMRQRZDQLDV\VWHPX]DU]ąG]DQLDU\]\NLHPLV\VWHPXNRQWUROLZHZQĊWU]QHMRUD]V]F]HJyáRZ\FK ZDUXQNyZ V]DFRZDQLD SU]H] EDQNL NDSLWDáX ZHZQĊWU]QHJR L GRNRQ\ZDQLD SU]HJOąGyZ SURFHVX V]DFRZDQLDLXWU]\P\ZDQLDNDSLWDáXZHZQĊWU]QHJRRUD]]DVDGXVWDODQLDSROLW\NL]PLHQQ\FKVNáDG-QLNyZZ\QDJURG]HĔRVyE]DMPXMąF\FKVWDQRZLVNDNLHURZQLF]HZEDQNX ']8U].1) 8VWDZD]GQLD U.RGHNVF\ZLOQ\ ']8 1USR] ]SyĨ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
)RU WKH SXUSRVHV RI WKLV SXEOLFDWLRQ XQGHU EDQFDVVXUDQFH SURGXFW LV XQGHUVWRRG D SURGXFW WKDW PHHWVWKHIROORZLQJFRQGLWLRQV • KDVWKHFKDUDFWHULVWLFVRIDQLQVXUDQFHSURGXFW • LVVROGWRJHWKHUZLWKRWKHUEDQNLQJSURGXFW XVXDOO\DORDQLWFDQDOVREHDGHSRVLWVDYLQJSURGXFW •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
