Cattolica Group: Strategic Opportunities and Capital Management

Size: px
Start display at page:

Download "Cattolica Group: Strategic Opportunities and Capital Management"

Transcription

1 Giulio Fezzi - Chief Financial Officer and IR Manager Andrea Battista - General Manager Duomo Assicurazioni and IR UBS The Italian Financial Services Conference 2006 Capital allocation and strategic opportunities for Italian Financials : Strategic Opportunities and Capital Management Milan, 2 nd February

2 Agenda n at a glance n Strategic framework and strategy implementation n Capital and risk management n Business growth and value creation n Attachments 2

3 Agenda n at a glance n Strategic framework and strategy implementation n Capital and risk management n Business growth and value creation n Attachments 3

4 n The Parent Company is a co-operative legal-entity structure, operating in the life and non-life insurance businesses in Italy n Today the Group consists of 22 companies, including 14 insurance companies n Insurance subsidiaries of the Parent Company, include: 8 life insurance companies (Duomo Previdenza, Risparmio & Previdenza, BPV Vita, Lombarda Vita, Eurosav, Axa-Cattolica Previdenza in Azienda, San Miniato Previdenza, Persona Life) 5 non-life insurance companies (Il Duomo Assicurazioni, ABC Assicura, Cattolica Aziende, Tua Assicurazioni, UniOne Assicurazioni) n Other Group companies consist of two real-estate companies, four service companies, one asset management company and one retail-brokerage (Fas) company 4

5 Evolution HISTORICAL PHASES brands and companies BIRTH CONS. GROUP DEVELOPMENT Listing Premiums (Euro mln) 373 2,768 3,731 4,803 (1) (1) Planned 5

6 Group Market Share trend Group Market Share ( ; Italian direct business) % 4.5% 4.5% 4.5% 4.3% 4.2% 4.0% 4.0% 3.8% Non-life Life Total market share 7 FonSAI Generali Allianz Unipol Toro R. Mutua Cattolica Zurich Axa Italia Sara 6 6 Non-life Life Total Generali Allianz AIP Unipol Poste V. Cattolica Aviva FonSAI MPS Mediolan. Generali Allianz Unipol FonSAI AIP Cattolica Poste V. Aviva Toro MPS 5 th traditional insurance Italian Group Sources: Estimates on reports and ANIA data 6

7 Business mix: and the Market MARKET CATTOLICA GROUP Total Non-Life 32.1% Total Non-Life 27.2% Life 67.9% Life 72.8% Non-Life Motor TPL 52.8% Non-Life Motor TPL 60.2% Other 47.2% Other 39.8% Life Index and Unit 36.1% Life Index and Unit 48.9% Traditional 63.9% Traditional 51.1% Source: Isvap data direct business premiums 7

8 Agenda n at a glance n Strategic framework and strategy implementation n Capital and risk management n Business growth and value creation n Attachments 8

9 Mission and strategic objectives continued MISSION Strategic objectives sul core business assicurativo, focus on insurance core business, consolidating proseguendo nel consolidamento dei business current businesses and implementing new growth attuali ed avviando nuovi percorsi di crescita strategies through flexible development methods Organic Crescita External Crescita organica growth per growth linee esterne Architettura Focus industriale integrated, focalizzata, open Industrial integrata e architecture aperta STRATEGIC PATHS Develop current business Develop new markets, products, channels Consolidate the insurance business model Strengthen controllership Accelerate development Service centralisation and cost optimization Integrated development of financial services 9

10 Details on strategy and key assumptions n Consolidation of organization structure, insurance brands and corporate culture with a focused, integrated and open business architecture - Strengthening parent company controls by controlling strategic processes using improved support tools (planning and control, Internal Audit, Organization & HR, new Program Management structure, Group Finance) - Insurance business model consolidation with reorganization of technical areas, enabled by the new, enhanced non - life platform - Integrated development of financial and asset management - Completing integration of operating processes and procedures n Organic growth: research and development of internal growth initiatives, building on the existing business strengths - Expansion of existing businesses, through distribution channel development and diversification - Identification and entrance into new markets, products and channels: implementation and finalization of new initiatives like Tua Assicurazioni and Axa Cattolica Previdenza in Azienda - Assure the development of non-life bancassurance distribution - Reentry/development of multi- mandatory agent distribution: from Eurosav to Persona Life - Nurture the innovation culture as a growth driver for testing new products and market segments: Pension Center of Excellence, new health product development - from simple to LTC coverage n External growth - Formalized process for screening and developing proposals for potential acquisitions (Corporate Development team) July 2005 UniOne acquisition 10

11 Internal Reorganization: the path to a focused, integrated, open business architecture Current Status Financial Services Centralized Treasury services Group Asset Management Real Estate Management Company Integrated financial product distribution Central Management Group Risk Management and ALM Group Planning and Control Group Internal Audit Group Organization & HR Group Actuarial Control Group Reinsurance Group Corporate Development structure and Group integration Insurance Business Specific focus on insurance life and non-life business Centralized claims management Centralized purchasing department (Co.CeA) IT Service Company (new processes) Centralized Administrative Services Operational services 11

12 Organic growth: multi-channel development CHANNELS Tied agents Banks Brokers Other channels BUSINESS/SERVICE LINES Non-Life Life Financial services and asset management Agency network development Product and channel innovation (TUA) Retail segment Selective corporate expansion Focus on profitability Penetration on preferred segments Social security FAs working inside agencies: Cattolica Investimenti SIM Cross-selling at sales outlets Private retail segment Standard products JV with BPVN and other business/ partnerships agreements (OnLine Division) Flexible confirmation of the JV model Protection/development of strategic commercial contracts Product and segment innovation Banking partnerships to increase multi-bank financial products with specific proprietary brands Focus and selection of middle size, highcontribution brokers Re-launch of Cattolica Aziende Axa- Cattolica Middle company segment (B2B2E) Expansion of parent company units for direct assumption of corporate risks Direct channel for corporate contracts Development of preferred multimandatory distribution Development of Cattolica Investimenti SIM model Institutional Asset management: Verona Gestioni SGR 12

13 Agencies network development Agency network development ( ; no. agencies) 974 1,024 1, ,1% Proprietary agency network 1,523 1, % 1, E Multi-mandatory agency network (number of agencies) 138 Eurosav multi-mandatory agencies as at 31 December 2005, which will sell non-life products starting in

14 Bancassurance consolidation December 2005 Renewal until 2010 of Cattolica and Banca Lombarda agreement Business and commercial agreement insurance products will continue to be sold via the 796 bank branches and 578 Financial advisors of Banca Lombarda Confirmation of Lombarda Vita activity: the jointventure founded in 2000, 50.1% owned by Cattolica and 49.9 by Banca Lombarda bank branches distribution: 2,885 branches Market share of 9.3% in Italy (11.4%) (6.6%) (6.0%) 11 Non-life bancassurance - During 2006 a new jointventure with Banca Lombarda Group will be set up for the sale of non-life products through the bank partner s distribution network 14

15 Non-Life Bancassurance development A strategic opportunity in Italian Market In Italy Bancassurance business in the non-life sector is poorly developed, with a share of just 1%, whilst market share turns out higher in other European countries: in Germany it is 5%, in the Netherlands and France it is 8% Non-Life Bancassurance development: maximise competitive advantage and optimise the combination of Life Bancassurance experiences and Non-Life technical skills Mission: Meet the increasing demand for Non-Life insurance from the family segment Use the commercial and operative synergies between the insurance and banking partners Guarantee customers consultancy services suitable to different needs In first months 2006 start-up of the new 50/50 JV with the Group Banco Popolare di Verona e Novara Extend Non-Life Insurance activities to other Banking Groups Consolidate the operations of the Cattolica Online Division (development of the agreement with ICCREA) Products: Motor TPL, fire, theft, simple general TPL, injury and health Target: Bank retail customers Assistance: dedicated call center Claims settlement managed directly by Cattolica structure 15

16 UniOne acquisition Restructuring and Integration process n n n n n UniOne history Relative young company, born in 1984, from 2000 in Generali Group Agency network focused on P&C business, based most of them in middle and south Italy Motor Transportation business is 86% of total premiums Claims settlement network complementary to existing Cattolica network High potential in life business which is a recent start-up Ongoing process: activities integration at Group level with utilization of services from the Parent Company End 2005 UniOne Vita integration into Duomo Previdenza and following multimandatory agencies branch of business transfer from Eurosav to UniOne Vita Persona Life birth: UniOne Vita new denomination; the 100% first Group company dedicated to multi-mandatory agency network 16

17 Persona Life: development towards preferred multimandatory pole 100% Persona Life birth Branch of business transfer 100% 99.9% 100% TARGET Branch of business Multimandatory agents 100% Set up a Cattolica Group Pole for preferred multimandatory distribution Branch of (see business the French experience) transfer Branch of business transfer Persona Life Mission first dedicated company for the multi-mandatory agency network in line with the preferred multi-mandatory model Progressively concentrate Group agents in the new specialised multimandatory pole Target: Main focus on central-southern Italian market Products: Innovative and flexible life products portfolio. In 2006 non-life products distribution will be implemented Cross selling towards non-life products Completed process Ongoing process 17

18 Agenda n at a glance n Strategic framework and strategy implementation n Capital and risk management n Business growth and value creation n Attachments 18

19 Rating on Cattolica: excellent risk-adjusted capitalisation A Aq Api NOTE Excellent Stable outlook NOTE Strong Quantitative Insurer Financial Strength NOTE Strong Public Information The rating reflects Cattolica s prospective excellent riskadjusted capitalisation, excellent operating performance and distinctive business position in the Italian Market The rating reflects very strong capitalisation and strong earnings. The rating reflects strong capacity to meet policyholder and contract obligations. Risk factors are moderate, and their impact of any adverse business and economic factors is expected to be small 19

20 towards a integrated internal risk control system attitude Cattolica has acknowledged the existing European Union and Isvap regulations and is starting to develop its own risk capital model in order to: identify and reduce absorption of capital, required by its insurance, financial and operational activities achieve more efficient use of excess capital Objectives: Implementation of an adequate and integrated internal organisational structure for the development of quantitative models to evaluate and measure risks at all levels - Market risk -Credit risk - Liquidity risk Insurance business risks Financial risks Integrated risk management control system - Legal risks - Reputation risk - Operational risks Operational risks - Underwriting - Technical provisions 20

21 Proactive Risk Management Process Well-established, Well-established, comprehensive,coordinated comprehensive,coordinated process process across across the the financial financial organisation organisation Proactive risk management based upon three main principles: Disciplined Disciplined approach approach to to assessing assessing and and prioritizing prioritizing risk risk and and return return tradeoffs tradeoffs Limited Limited Portfolio Portfolio Risk Risk 1. Well diversified by asset type,sector and issuer 1. Well diversified by asset type,sector and issuer 2. Conservative, liquid, high quality portfolio with a 3.3%* allocation to 2. Conservative, liquid, high quality portfolio with a 3.3%* allocation to non-investment grade bonds non-investment grade bonds 3. Equity securities limited to 0.91%* of class C investment 3. Equity securities limited to 0.91%* of class C investment * End 2004 Current risk management priorities: Better Better interest interest rate rate risk risk management management and and improved improved product product level level risk risk return return decisions decisions by by developing developing a a flexible flexible financial financial database database covering covering class class C and and class class D portfolios portfolios Selection Selection of of new new risk risk management/investments management/investments technology technology platform platform Implementation Implementation of of ALM ALM for for non-life non-life business business 21

22 Risk Management map Risks Market risk Default risk Counterparty risk Liquidity risk Risk management Investment guidelines : document approved by the Board of Directors which defines the guidelines for the investment of assets guaranteeing the technical reserves and of net shareholders equity Finance Committee and ALM Committee held once a month Formal Process for selecting external asset managers Ongoing monitoring of compliance with investment guidelines by the asset managers and Implementation of strategies decided by the Finance and ALM Committees monitored on an ongoing basis Broad portfolio diversification focused primarily in highly rated bonds in compliance with limits defined in the Investment guidelines (maximum investment in a single issuer - 5% of total investments) Investment reporting broken down by rating and sectors to monitor risk Management of fallen angels : FINCO proposes the retention or sale of the position to the Board of Directors which retains the final decision and approval authority Selection of market counterparties regulated by the Investment guidelines - approval of Board of Directors required Diversification of market counterparties Broadly diversified investments Highly rated bonds preferred Criteria set in the Investment guidelines 22

23 Investment Management Tied to Risk Management and ALM Investment Management closely aligned with the Risk Management and ALM processes Management of Interest Rate Risk is an ongoing process 1 year earning at risk projection 5 year confidence interval of earnings Annual cash flow testing Liquidity Management is a core issue Liquidity is managed at group level in order to ensure maximum flexibility High yield investments are limited in order to limit liquidity and credit default risk (in accordance to Investment Guidelines) Internal stress tests show Cattolica has ample liquidity to comfortably manage through a severe stress scenario Risk is measured and communicated regularly is a core issue Senior management is constantly informed of risks Communication occurs at the Asset Liability Management Committee (ALCO) and Finance Committee (FINCO) levels Reporting 23

24 Agenda n at a glance n Strategic framework and strategy implementation n Capital and risk management n Business growth and value creation n Attachments 24

25 Growth and Value Performance Index focused on growth and value performance Index=Group net profit growth rate/ Consolidated premiums growth rate ( E) Focus on Value BUSINESS PLAN Listing Business Plan estimates a balanced mix of growth and value for the next 3 years Focus on Growth Index value = More focus on VALUE in combination with positive growth 25

26 Development of consolidated premiums Gross Consolidated Premiums 2004 Result 2007 Target Direct and indirect business ( ; Euro mn) CAGR 99/04 CAGR 04/07 4, % 4,617 26% MKT 10% 5,510 6% 3,731 2,768 3,351 2,298 2,464 2, % 3,197 28% MKT 13% 3,499 3% 1,442 2,012 Life Non-life (*) ,053 1,267 1, % ** ** 1,420 22% MKT 6% 2,010 12% E Breakdown Life 64% 73% 69% 66% 67% 69% 64% Non-life 36% 27% 31% 34% 33% 31% 36% Change % 2004/ 2003 Note: Business Plan Italian GAAP (*) With the inclusion of indirect business (**) Only direct business 26

27 Technical profitability Non-life combined ratio trend ( ; %) 2004 Result 2007 Target 104.2% 101.3% 98.5% 100.6% 98.9% 97.5% 94.5% E 27

28 Development of consolidated net profit Consolidated net profit ( Euro mn) 2004 Result 150 CAGR 99/04 42% 2007 Target 176 CAGR 04/07 5,5% % E Group net profit (*) % % 162 6% 28

29 3 rd Q 2005 Key numbers 3,331 2,308 Gross Premiums 18% 3,932 2,849 4,803 3, Technical Result 26.2% Non-life combined ratio 98.02% 96.93% 97.2% 1,023 1,083 1, E* Non-life Life E* Non-life Life E* Net ordinary result Consolidated net result Net profit (1) % % % E* E* E* Legend: Change * Business Plan Italian GAAP Figures in mln (1) Net of taxes and minority interests 29

30 Development of dividend per share Cattolica dividend policy is consistent with the 3-year plan value creation program Dividend per share Dividend 2004 ( ; Euro) 1.35 CAGR 99/ Extraordinary dividend ,4% 17% free share for every 10 Other indicators Pay-out (Euro mln) (**) ,0 Pay-out ratio (*) 71.7% 76.5% 77.1 % (2) 72.4% (3) 78.3% 60.2% Dividend yield (1) n.a. 2.28% 3.60% 4.59% 3.50% % (***) 30% Fonti: (1) Dividend Cattolica yield: Dividend Bilancio per d esercizio share/official2003 price of last Analisi day of interne the year (2) With the inclusion of extraordinary dividend (3) Pay out, net of property transfer (*) Pay-out at Parent Company level (***) Calculated on a price per share of 36 30

31 Cattolica stock performance in Stock performance in comparison with the main indexes PERFORMANCE as at 31 January 2006 Cattolica % Mibtel S&P/MIB MIB INS % % % 01/01/ /01/2006 Cattolica MIB INS. S&P/MIB MIBTEL Change % 01/01/ /01/2006 Source: Bloomberg 31

32 Agenda n at a glance n Strategic framework and strategy implementation n Focus on growth and value creation n Capital Allocation n Attachments 32

33 Focused, integrated, open business architecture Business Architecture Characteristics Financial Services Nuova San Zeno Imm. Central Management Insurance Business Non - life Life Group finance Claims Administrative Back Offices General Services (*) Verona Servizi Operational services Focused: each unit must focus its activities on its own objectives Integrated: common, standardised, optimised, measurable mechanisms of interaction between the various structures Open: organisational framework consolidates existing functions while enabling integration of new businesses (*) Joint control with AXA Italia 33

34 Major initiatives Central management n n n Risk management and ALM - Formalized ALM process for life companies, - Developing ALM model for non-life companies - Establishing Financial Risk management structure Group Services in place Actuarial Control: group-wide guidelines on tariffs Financial Services n Group Finance Dept (2002) n Dedicated Asset Management Company (Verona Gestioni SGR, 2003) n Investment advisory company (Cattolica Investimenti, 2004) n Real Estate Management Company (2002) Operational Services n Claims management - Set up of a centralized function of claims management - Centralized claims call center DiCa handles all claim reporting and manages simple claims Cost Control:centralized purchasing dept. (CoCeA, April 2005) Cattolica It Services (January 2005) Centralized Administrative Services: definition of a Group Administrative Dept. 2006, implementation 2006/

35 Non-life business Premiums (Direct business - Euro mn) 1, % 1,064 1, Growth in agency network 1,333 proprietary agencies 140 Eurosav multi-mandatory agencies New structures for selecting and supporting new agents Special projects Agency segmentation based on performance Service Partners and Club Best agencies Regional and local projects Premiums breakdown by channel Banks 1.3% Broker 1.2% Other 5.2% Premiums growth by channel (Direct business - Euro mn) Agencies + 4.3% Broker + 8.3% Banks + 100% Other % Agents 92.3% Cattolica 2003 Group 35

36 Life business Premiums (Direct business - Euro mn) 2, % 2,849 3,197 Life premiums include investments contracts for an amount of 298 million Cometa pension fund collected 94.4 million premiums. In the first 5 months Cometa registered a 4% (annualized) performance. Subscribers are almost 36, FAs 1.6% Broker 1.3% Other 7.2% Agencies 5.2 % Premiums growth by channel (Direct business - Euro mn) 2, , Banks % FAs + 275% Agencies + 8% Other % Banks 84.7%

37 Life new business premiums Premiums (Euro mn) 2, % 2,170 2, Breakdown by channel (Euro mn) 82 Agents +20.6% Premiums mix by type of product (Euro mn) Banks ,066 2, % Index Unit Traditional 46.3% 11.4% 42.3% 34.1% 17% 12.8% 48.9% FAs/other %

38 Investment Spread over Guaranteed Rates Technical reserves breakdown by financial guarantee Group average yield and average guaranteed rate Traditional products (Euro mn) 3.65% 3.57% 3.62% 3.54% % 10.6% 20% 6, % % + 3.9% % 3.06% 2.98% 2.70% 2.65% % 12.1% 26.4% 5, % Financial guarantee 2003A 2004A 2005E 2006E 2007E <= 2.5% > 2.5% e < 4% >= 4% Group average yield (Segregated funds) Average guaranteed rate (Liabilities) 38

39 Core business: technical performance Non-Life technical result 31 (Euro mn) % Non-life business Premiums stable; focus on profitability with an increase of 72.2% Expense ratio down to 19.21% from 19.54% in 3 rd Q2004 and claims ratio decreases from 76.37% as at 3 rd Q2004 to 75.55% as at 3 rd Q 2005 Life Business: Strong premiums increase (+23.4%); technical result +8.5% Life technical result 59 Combined ratio (Euro mn) % % 96.93% 97.5%

40 Non-technical account Net Investment income (Euro mn) % Financial performance increase despite low interest rates environment Constant increase of ordinary result Lower incidence of extraordinary income deriving from real estate reorganization, even if property assets transfer is still ongoing Net ordinary result (Euro mn) Net extraordinary result (Euro mn) % %

41 Development of consolidated technical results Non-life business (Euro mn) +46% 93 (Euro mn) Total technical result % +148% % (Euro mn) E Life business +9% % % E E Change % CAGR 04/07 Cattolica 2003 Group 41

42 Economic / financial ratios Non-life claims ratio (%) Non-life expense ratio (%) 78.2% 75.2% 72.9% 19.2% 19.8% 20.0% E E Combined ratio (%) Life expense ratio (1) (%) 98.9% 97.5% 0.22% 0.17% 0.20% 94.5% E E (1) Other life administrative expenses / gross average life technical reserves 42

43 Embedded Value as at 31 December 2004 Group Embedded Value 2004 (Euro mn) 194 1,228 1,067 1,034 (33) Shareholders equity Variazione 2004/ Delta Adjustments N.A.V. Value of life Embedded in force Value business ,067 (33) 1, (38) ,177 1, EV/Share ( ) Note: 2004 figure is pre distribution of dividends. 50%Eurosav. All components are net of : taxes, reinsurance, policyholders interests and minorities Sources: Internal Analyses 43

44 Embedded Value Assumptions Variables Discount Rate Life Products Investment Return Solvency Margin Taxation on Profit Assumption 7.25% 4.5% 100% ISVAP Minimum 38.25% 44

45 Transition to IAS IFRS and impacts of first time adoption IAS IFRS application n edited the consolidated six-months report to 30 June 2005 in accordance with Italian GAAP principles and the required prospects attachment in compliance with CONSOB art. 81-bis n n The Group has decided to apply IAS 39 and IFRS 4 as of 1st January 2005, in order to better understand the impacts on consolidated shareholders equity and on consolidated net profit n n All other IAS/IFRS principles were adopted as of 1st January 2004 The prospects resulted to be a complete IAS/IFRS application as far as it regards 1H2005 consolidated net profit and consolidated net shareholders equity Impacts of first time adoption Analysis areas Consolidation area Technical reserves and DAC Financial investments Business combinations Land and buildings Intangible assets Group shareholders equity = The impact on Group shareholders equity will be positive Impacts IAS/IFRS application has an insignificant impact on net profit 45

46 Details on ALM process Objectives Frequency of ALM simulations Interest rate scenarios considered Actions Better management of financial uncertainty: decisions on assets and liabilities are coordinated Definition of strategic asset allocation Identification of opportunities to improve financial results At least Quarterly or: In case of extraordinary operations (mergers, acquisitions, etc.) When required by regulatory Authorities (ISVAP) When required by the Management Level (no deviation from current rates) Increasing (rates rise 0.5% a year for ten years, then level) Cap (rates rise 1% a year for five years, fall 1% a year for five years, then level) Pop-up (rates rise 1% immediately, then level) Decreasing (rates fall 0.5% a year for ten years, then level) Cup (rates decline 1% a year for five years, rise 1% a year for five years, then level) Pop-down (rates fall 1% immediately, then level) Output Reports are sent to on a regular basis to all departments involved Major findings are discussed in the ALM Committee in order to determine strategic alternatives and select those which maximize the financial reward for a given level of risk The Investment Manager and the Actuarial Life Manager are responsible for the implementation of the strategies settled by the ALM Board Alm Committee Composition Deputy General Manager Deputy General Manager (Bancassurance) Life Business Manager Finance & Investment Manager Chief Actuary Administration & Financial Accounts Manager Internal Audit Manager 46

47 IAS/IFRS impact on shareholders equity Net shareholder s equity (Euro mn) 1,209 1,221 1,267 1, % 1,041 1, % 1,163 +5% 1, % IT gaap as at 1st January 2004 IAS/IFRS as at 1 st January 2004 IT gaap as at 1st January 2005 IAS/IFRS as at 1 st January 2005 IT gaap as at 30 th June 2005 IAS/IFRS as at 30th June 2005 IT gaap as at 30th September 2005 IAS/IFRS as at 30 th September

48 IAS/IFRS impact on shareholders equity Net shareholder s equity as at 30th June 2005 (Euro mn) % 1, ,221 IT gaap Tangible and intangible assets Financial assets and liabilities Insurance contracts Other Fiscal effect IAS/IFRS 48

49 IAS/IFRS impact on consolidated net profit and life premiums Consolidated net profit Consolidated life premiums (Euro mn) (Euro mn) 2, % Investment contracts: 298 million 2, % % % 72 IT gaap as at IAS/IFRS as atit gaap as at IAS/IFRS as at IT gaap as at IAS/IFRS as at 31 st December 31 st December 30 th June 30 th June 30 th September 30 th September IT gaap as at 30 th September 2005 IAS/IFRS as at 30 th September

50 Economic/Financial information PREMIUMS (Euro millions) P&C % LIFE P&C +19% LIFE 3 TOTAL TOTAL 207 NET PROFIT (Euro millions) CAPITAL (Euro miilions) (*) 71 ASSETS (**) (Euro millions) 395 ~ 410 ~ 350 (*) Before dividens and reserves pay back (**) Class C investments 50

51 Agency network at the end of September 2005 UniOne network integrated network Number of proprietary agencies Number of proprietary agencies Number of proprietary agencies (with the inclusion of UniONE) % % 48% 188 N: 28 C: 70 S: N: 665 C: 328 S: % % 15% % % 21% N: 693 C: 363 S:

Cattolica Group: Strategy and Results

Cattolica Group: Strategy and Results Giulio Fezzi - Chief Financial Officer and IR Manager Andrea Battista - General Manager Duomo Assicurazioni and IR Borsa Italiana Italian Investor Conference 2006 : Strategy and Results New York, 3-4 April

More information

Cattolica Group: Growth and Value Mix

Cattolica Group: Growth and Value Mix Giorgio Zampieri Group CFO and IR Manager Italian Investment Seminar Dresdner Kleinwort Wasserstein and Borsa Italiana : Growth and Value Mix Frankfurt, 28 September 2005 1 Agenda at a glance Market scenario

More information

Cattolica Group: Strategy and Results

Cattolica Group: Strategy and Results Giulio Fezzi - Chief Financial Officer and IR Manager Borsa Italiana Italian Large and Mid Cap Conference 2006 : Strategy and Results Paris, 16 th May 2006 1 Agenda at a glance Strategic framework and

More information

Presentation of Cattolica Group

Presentation of Cattolica Group Ezio Paolo Reggia General Manager Kepler Equities ITALIAN FINANCIAL CEO CONFERENCE Milan, September 28th 2004 Presentation of Cattolica Group 1 Agenda Group Profile Business Strategy First Half 2004 Results

More information

Results as at September 30 th 2014 Cattolica Assicurazioni Group

Results as at September 30 th 2014 Cattolica Assicurazioni Group Results as at September 30 th 2014 Cattolica Assicurazioni Group Verona, November 13 th 2014 1 Agenda 3Q 2014 Results Non-Life Business Performance Life Business Performance Investments 2 9M 2014 Results

More information

Results as at December 31 st, 2015 Cattolica Assicurazioni Group. Verona, March 10 th, 2016

Results as at December 31 st, 2015 Cattolica Assicurazioni Group. Verona, March 10 th, 2016 Results as at December 31 st, 2015 Cattolica Assicurazioni Group Verona, March 10 th, 2016 Agenda Results as at December 31 st, 2015 P&C Business Performance Life Business Performance Investments 2 Results

More information

Cattolica 2008-2010: Turning Around to Higher Profitability

Cattolica 2008-2010: Turning Around to Higher Profitability Cattolica 2008-2010: Turning Around to Higher Profitability 9th Deutsche Bank Italian Conference Giovan Battista Mazzucchelli General Manager Milan, May 30 2008 2007 and 1Q2008 update 2008-10 Business

More information

LA VIA CATTOLICA CITIGROUP - ANNUAL PAN EUROPEAN SMALL/MID CAP CONFERENCE. Searching for new ways to create value and new value to create

LA VIA CATTOLICA CITIGROUP - ANNUAL PAN EUROPEAN SMALL/MID CAP CONFERENCE. Searching for new ways to create value and new value to create CITIGROUP - ANNUAL PAN EUROPEAN SMALL/MID CAP CONFERENCE LA VIA CATTOLICA Searching for new ways to create value and new value to create London, October 17th 2007 Contents Cattolica: a reshaped Group transformation

More information

A new way to gain competitive advantage in motor business UBS Italian Financial Services Conference 2007 Competing for sustainable returns

A new way to gain competitive advantage in motor business UBS Italian Financial Services Conference 2007 Competing for sustainable returns A new way to gain competitive advantage in motor business UBS Italian Financial Services Conference 2007 Competing for sustainable returns Milan, February 2nd 2007 1 Agenda The strategic scenario The joint-venture

More information

Integration Plan Unipol Fondiaria SAI. Presentation of the joint Business Plan to the financial community

Integration Plan Unipol Fondiaria SAI. Presentation of the joint Business Plan to the financial community Integration Plan Unipol Fondiaria SAI Presentation of the joint Business Plan to the financial community Bologna, December 20th, 2012 Context Today, the Board of Directors of Unipol Assicurazioni, Premafin,

More information

Alleanza Assicurazioni. 2006 First Half Results

Alleanza Assicurazioni. 2006 First Half Results Alleanza Assicurazioni 2006 First Half Results September 5th, 2006 A Member of the Generali Group Disclaimer This presentation is focused on the development of Alleanza s insurance business in 1H2006 We

More information

Assicurazioni Generali Group. Sal Oppenheim 2006 3 rd European Financials Conference

Assicurazioni Generali Group. Sal Oppenheim 2006 3 rd European Financials Conference Assicurazioni Generali Group Sal Oppenheim 2006 3 rd European Financials Conference Mel Carvill - Deputy General Manager, Head of Enterprise Risk Management, Strategic Planning and Corporate Finance March

More information

UNIPOL GROUP PRESENTATION. Figures as at 30 September 2002

UNIPOL GROUP PRESENTATION. Figures as at 30 September 2002 UNIPOL GROUP PRESENTATION Figures as at 30 September 2002 1 2 UNIPOL GROUP PRESENTATION SALES NETWORK FINANCIAL HIGHLIGHTS GROUP SUBSIDIARIES TARGETS UNIPOL GROUP STRUCTURE AS AT 30/09/2002 /2002 UNIPOL

More information

START OF THE BANKING & INSURANCE PARTNERSHIP BETWEEN THE CATTOLICA AND BANCA POPOLARE DI VICENZA GROUPS

START OF THE BANKING & INSURANCE PARTNERSHIP BETWEEN THE CATTOLICA AND BANCA POPOLARE DI VICENZA GROUPS PRESS RELEASE START OF THE BANKING & INSURANCE PARTNERSHIP BETWEEN THE CATTOLICA AND BANCA POPOLARE DI VICENZA GROUPS Signature today of a memorandum of understanding for a long-term business partnership

More information

Unipol Gruppo Finanziario Bancassurance Strategy

Unipol Gruppo Finanziario Bancassurance Strategy UNIPOL GRUPPO FINANZIARIO UBS The Italian Financial Services Conference 2010 Unipol Gruppo Finanziario Bancassurance Strategy 21 January 2010 Carlo Cimbri, General Manager Agenda The Bancassurance scenario

More information

Helvetia Group Business Profile

Helvetia Group Business Profile Helvetia Group Business Profile Who we are Strong value proposition for customers Switzerland 4 th largest insurance group Niche position in selected European markets Focussed on retail and SMU customers

More information

Extract from. Études et Dossiers No. 342. KIDI International Conference 2007

Extract from. Études et Dossiers No. 342. KIDI International Conference 2007 International Association for the Study of Insurance Economics Études et Dossiers Extract from Études et Dossiers No. 342 KIDI International Conference 2007 New Risk Management Environment and Strategy

More information

Montepaschi Vita Annual F orum. Rome, October 12th - Grand Hotel Plaza, via del Corso, 126

Montepaschi Vita Annual F orum. Rome, October 12th - Grand Hotel Plaza, via del Corso, 126 Montepaschi Vita Annual F orum Rome, October 12th - Grand Hotel Plaza, via del Corso, 126 2007 The Paradigms of the Value Insurance companies and banks: complementariness and competition How to produce

More information

Rating Methodology by Sector. Non-life Insurance

Rating Methodology by Sector. Non-life Insurance Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made

More information

GENERALI GROUP 1Q 2016 Results

GENERALI GROUP 1Q 2016 Results GENERALI GROUP 1Q 2016 Results The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area). Agenda 2 I. Profit

More information

AXA s approach to Asset Liability Management. HELVEA Insurance Capital Adequacy and Solvency Day April 28th, 2005

AXA s approach to Asset Liability Management. HELVEA Insurance Capital Adequacy and Solvency Day April 28th, 2005 AXA s approach to Asset Liability Management HELVEA Insurance Capital Adequacy and Solvency Day April 28th, 2005 ALM in AXA has always been based on a long-term view Even though Solvency II framework is

More information

Solvency Management in Life Insurance The company s perspective

Solvency Management in Life Insurance The company s perspective Group Risk IAA Seminar 19 April 2007, Mexico City Uncertainty Exposure Solvency Management in Life Insurance The company s perspective Agenda 1. Key elements of Allianz Risk Management framework 2. Drawbacks

More information

ITALIAN INSURANCE IN FIGURES. Year 2015

ITALIAN INSURANCE IN FIGURES. Year 2015 ITALIAN INSURANCE IN FIGURES Year 2015 The Italian insurance industry gives a significant contribution to the economy and to the society, offering a wide range of services aiming at risk protection: from

More information

Life & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference

Life & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference Life & Protection Scott Ham CEO John Hunter COO Analyst & Investor Conference New York City, December 2010 Key messages Grow profitable new sales Leverage expertise to increase recruiting and expand existing

More information

Key performance indicators

Key performance indicators The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs

More information

NN GROUP FINANCIAL SUPPLEMENT 1Q2016

NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are

More information

Rating Methodology by Sector. Life Insurance

Rating Methodology by Sector. Life Insurance Last Updated: July 1, 2013 Rating Methodology by Sector Life Insurance The following mainly applies to life insurance companies in Japan. The credit ratings of a life insurance company is assessed by focusing

More information

Munich Re Group Merrill Lynch CEO Banking & Insurance Conference

Munich Re Group Merrill Lynch CEO Banking & Insurance Conference Merrill Lynch CEO Banking & Insurance Conference Growth Opportunities Post Crisis? i Nikolaus von Bomhard Chairman of the Board of Management 8 October 2008 Agenda Munich Re well positioned during capital

More information

up to 1 year 2,391 3.27 1 to 5 years 3,441 4.70 6 to 10 years 3,554 4.86 11 to 20 years 1,531 2.09 over 20 years 62,226 85.08 TOTAL 73,143 100.

up to 1 year 2,391 3.27 1 to 5 years 3,441 4.70 6 to 10 years 3,554 4.86 11 to 20 years 1,531 2.09 over 20 years 62,226 85.08 TOTAL 73,143 100. SECTION 2 RISKS OF INSURANCE COMPANIES 2.1 INSURANCE RISKS QUALITATIVE AND QUANTITATIVE INFORMATION Life business The typical risks of the life insurance portfolio (managed by Intesa Sanpaolo Vita, Intesa

More information

Rating Methodology by Sector. Non-life Insurance

Rating Methodology by Sector. Non-life Insurance Last updated: July 1, 2013 Rating Methodology by Sector Non-life Insurance The following mainly applies to non-life insurance companies in Japan. When determining the credit rating of a non-life insurance

More information

Rating Methodology by Sector. Life Insurance

Rating Methodology by Sector. Life Insurance Last Updated: March 26, 2012 Rating Methodology by Sector Life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made to

More information

International Financial Reporting for Insurers: IFRS and U.S. GAAP September 2009 Session 25: Solvency II vs. IFRS

International Financial Reporting for Insurers: IFRS and U.S. GAAP September 2009 Session 25: Solvency II vs. IFRS International Financial Reporting for Insurers: IFRS and U.S. GAAP September 2009 Session 25: Solvency II vs. IFRS Simon Walpole Solvency II Simon Walpole Solvency II Agenda Introduction to Solvency II

More information

Contents. About the author. Introduction

Contents. About the author. Introduction Contents About the author Introduction 1 Retail banks Overview: bank credit analysis and copulas Bank risks Bank risks and returns: the profitability, liquidity and solvency trade-off Credit risk Liquidity

More information

Carige s project: history and results. The The 2005-2007 Business Plan Plan. The adoption of IAS and 1H 2005 results. Carige share performance -1-

Carige s project: history and results. The The 2005-2007 Business Plan Plan. The adoption of IAS and 1H 2005 results. Carige share performance -1- Carige s project: history and results The The 2005-2007 Business Plan Plan The adoption of IAS and 1H 2005 results Carige share performance -1- Future evolution Independence through growth 1990-1998 1999-2003

More information

SulAmérica. UBS Global Healthcare Services Conference February 11-13, 2008 New York

SulAmérica. UBS Global Healthcare Services Conference February 11-13, 2008 New York SulAmérica UBS Global Healthcare Services Conference February 11-13, 2008 New York Disclaimer The material that follows is a presentation of general background information about Sul América S.A. ( SulAmérica

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

Interim Management Report as of March 31 st, 2008

Interim Management Report as of March 31 st, 2008 Interim Management Report as of March 31 st, 2008 Approved by the Board of Directors on May 13 th, 2008 1 Contents Directors and Officers 5 Introduction 7 Group Structure 9 Consolidated accounting schedules

More information

Claims Paying Ability Ratings for General Insurance Companies

Claims Paying Ability Ratings for General Insurance Companies Claims Paying Ability Ratings for General Insurance Companies ICRA's Claims Paying Ability Ratings (CPRs) for general insurance companies are opinions on their ability to honour policy-holder claims and

More information

Financial Outlook* Michael Bell Executive Vice President and Chief Financial Officer CIGNA Corporation

Financial Outlook* Michael Bell Executive Vice President and Chief Financial Officer CIGNA Corporation Financial Outlook* Michael Bell Executive Vice President and Chief Financial Officer CIGNA Corporation *Information presented as of November 21, 2008 Agenda 2008 & 2009 Financial Outlook Critical Success

More information

NN GROUP FINANCIAL SUPPLEMENT 4Q2014

NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Rounding could

More information

The attractions of Spain as an insurance market

The attractions of Spain as an insurance market The attractions of Spain as an insurance market Domingo Sugranyes, Executive Vice Chairman and CEO Goldman Sachs European Financials Conference Navigating the Sea of Change Puerto Banus, Spain, 8 June

More information

SOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 2a: Capital Market Drives Investment Strategy.

SOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 2a: Capital Market Drives Investment Strategy. SOA Annual Symposium Shanghai November 5-6, 2012 Shanghai, China Session 2a: Capital Market Drives Investment Strategy Genghui Wu Capital Market Drives Investment Strategy Genghui Wu FSA, CFA, FRM, MAAA

More information

Frankfurt, June 5th 2009. Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO

Frankfurt, June 5th 2009. Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO Frankfurt, June 5th 2009 Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO Disclaimer This presentation has been prepared by Banco Popular solely for purposes of information. It may

More information

Year Ended December 31, 2011

Year Ended December 31, 2011 Cigna Reports Full Results Projects Strong Business Growth for 2012 BLOOMFIELD, Conn., February 02, 2012 - Cigna Corporation (NYSE: CI) today reported fourth quarter and full year results that included

More information

BNP Paribas. Italy : a New Home Market in Europe. Philippe Bordenave. Chief Financial Officer

BNP Paribas. Italy : a New Home Market in Europe. Philippe Bordenave. Chief Financial Officer BNP Paribas Italy : a New Home Market in Europe Philippe Bordenave Chief Financial Officer June 9 th 2006 1 Disclaimer Some information contained in this presentation and other information or material

More information

Allianz Malaysia Berhad (12428-W) Financial Results 4Q 2015. Analyst Briefing 29 February 2016

Allianz Malaysia Berhad (12428-W) Financial Results 4Q 2015. Analyst Briefing 29 February 2016 Allianz Malaysia Berhad (12428-W) Financial Results 4Q 2015 Analyst Briefing 29 February 2016 1 AMB Group Results Allianz Malaysia Berhad (12428-W) Resilient Growth Operating revenue Group operating revenue

More information

Banca Popolare di Verona

Banca Popolare di Verona Banca Popolare di Verona Fabio Innocenzi, CEO Merrill Lynch Midcap Financial Conference London (UK), 12 December 2001 Brief Standalone Profile of BPV Merger between BPV and BPN BPV Group Structure Corporate

More information

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.

More information

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011 QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER Media telephone conference 8 November Agenda Overview Financial highlights Jörg Schneider 2 Munich Re (Group) Jörg Schneider 4 Torsten Oletzky 13 Torsten

More information

Morgan Stanley 10th Annual European Financials Conference. Mark Wilson Chief Executive Officer. March 2014

Morgan Stanley 10th Annual European Financials Conference. Mark Wilson Chief Executive Officer. March 2014 Morgan Stanley 10th Annual European Financials Conference Mark Wilson Chief Executive Officer March 2014 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed

More information

Life Insurance: Focus on Quality Providers

Life Insurance: Focus on Quality Providers Life Insurance: Focus on Quality Providers 34 th Annual AIFA Conference March 2009 Peter Rubenovitch Senior Executive Vice President and Chief Financial Officer Legal Disclaimer Caution Regarding Forward-Looking

More information

Central & Eastern Europe Executing our strategy

Central & Eastern Europe Executing our strategy Central & Eastern Europe Executing our strategy Analyst & Investor Conference, London June 19, 2013 Gábor Kepecs Management Board Member Chief Executive Officer CEE Michal Biedzki Chief Executive Officer

More information

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015

More information

Zurich s approach to Enterprise Risk Management. John Scott Chief Risk Officer Zurich Global Corporate

Zurich s approach to Enterprise Risk Management. John Scott Chief Risk Officer Zurich Global Corporate Zurich s approach to Enterprise Risk Management John Scott Chief Risk Officer Zurich Global Corporate Agenda 1. The risks we face 2. Strategy risk and risk tolerance 3. Zurich s ERM framework 4. Capital

More information

Gjensidige Insurance Group Q4 2008 and preliminary 2008

Gjensidige Insurance Group Q4 2008 and preliminary 2008 Gjensidige Insurance Group Q4 2008 and preliminary 2008 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such

More information

Q2 and H1 2014 results. Investor presentation. Follow us on Twitter: @TrygIR

Q2 and H1 2014 results. Investor presentation. Follow us on Twitter: @TrygIR Q2 and H1 2014 results Investor presentation Follow us on Twitter: @TrygIR Contents Highlights Q2 2014 3 Premiums and portfolio 9 Claims 14 Investment and capitalisation 19 For new investors 23 Appendix

More information

Talanx posts a pleasing first quarter

Talanx posts a pleasing first quarter Talanx posts a pleasing first quarter Gross written premiums up 12.2 percent in first quarter at EUR 9.4 (8.4) billion EBIT improves by 16.1 percent to EUR 643 (554) million Group net income rises 16.2

More information

Asian Non Life Markets - Challenges and opportunities

Asian Non Life Markets - Challenges and opportunities Investor Day 2012 Asian Non Life Markets - Challenges and opportunities Gary Crist CEO Ageas Asia INVESTOR DAY 2012 Asian Non-Life Markets Challenges and Opportunities Conclusions China South Korea Taiwan

More information

Presentation of consolidated results as at 31 March 2015. Carlo Cimbri CEO

Presentation of consolidated results as at 31 March 2015. Carlo Cimbri CEO Presentation of consolidated results as at 31 March 2015 Carlo Cimbri CEO Bologna, 8 May 2015 Consolidated results Insurance business Non-Life insurance business Life insurance business Agenda Banking

More information

Capital management. Philip Scott, Group Finance Director

Capital management. Philip Scott, Group Finance Director Capital management Philip Scott, Group Finance Director Disclaimer This presentation may include oral and written forward-looking statements with respect to certain of Aviva s plans and its current goals

More information

Company Presentation

Company Presentation Company Presentation Business overview AGENDA Unipol - Fondiaria-SAI Integration Plan* 1Q13 Results *Extract from presentation of 20th December 2012 ABOUT US Unipol Group operates as a leader in the Italian

More information

Embedded Value Report

Embedded Value Report Embedded Value Report 2012 ACHMEA EMBEDDED VALUE REPORT 2012 Contents Management summary 3 Introduction 4 Embedded Value Results 5 Value Added by New Business 6 Analysis of Change 7 Sensitivities 9 Impact

More information

Allianz an opportunity

Allianz an opportunity Jay Ralph, Member of the Board of Management Allianz an opportunity Commerzbank German Investment Seminar New York, January 2011 Agenda 1 Allianz at a glance 2 Business operations in the US 3 Summary and

More information

Sustained leadership in life insurance. September 2011

Sustained leadership in life insurance. September 2011 Sustained leadership in life insurance September 2011 Agenda Industry overview and outlook Recent market developments ICICI Prudential: Strategic elements Performance snapshot 2 Agenda Industry overview

More information

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013 SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%

More information

Allianz Popular: a new platform in the asset gathering space in Spain. 24 th March 2011

Allianz Popular: a new platform in the asset gathering space in Spain. 24 th March 2011 Allianz Popular: a new platform in the asset gathering space in Spain 24 th March 2011 Disclaimer This presentation has been prepared by Banco Popular solely for purposes of information. It may contain

More information

Presentation of consolidated results as at 31 March 2014. Carlo Cimbri CEO Bologna, 15 May 2014

Presentation of consolidated results as at 31 March 2014. Carlo Cimbri CEO Bologna, 15 May 2014 Presentation of consolidated results as at 31 March 2014 Carlo Cimbri CEO Bologna, 15 May 2014 Consolidated results Insurance business Non-Life insurance business Life insurance business Agenda Banking

More information

Financial Presentation

Financial Presentation 0 Financial Presentation London, 7 October 2010 1 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION GROWTH STRATEGIES

More information

Leadership in life insurance. April 2015

Leadership in life insurance. April 2015 Leadership in life insurance April 2015 Agenda Industry overview and outlook Company strategy and performance Embedded value results 2 Agenda Industry overview and outlook Company strategy and performance

More information

Allianz - Acquisition of Yapi Kredi Sigorta

Allianz - Acquisition of Yapi Kredi Sigorta Allianz - Acquisition of Yapi Kredi Sigorta Dieter Wemmer, Chief Financial Officer Conference call March 27, 2013 Transaction overview Allianz and Yapi Kredi Bank enter into a long-term partnership: Allianz

More information

For personal use only

For personal use only GROUP HIGHLIGHTS 1H12 1H11 % Premium revenue $554.4m $495.0m 12.0 Total policyholders 457,768 430,582 6.3 Net underwriting profit $42.7m $40.9m 4.5 Net investment income $12.4m $18.6m (33.2) Net profit

More information

BANCA CARIGE SPA Cassa di Risparmio di Genova e Imperia BANCA CARIGE SPA

BANCA CARIGE SPA Cassa di Risparmio di Genova e Imperia BANCA CARIGE SPA BANCA CARIGE SPA BANCA CARIGE SPA Cassa di Risparmio di Genova e Imperia HSBC Italian Banks Conference London, 19 th January 2006-1- Agenda Carige s background The Strategic Plan 2005 first results The

More information

NN Group Insurance International

NN Group Insurance International NN Group Insurance International Robin Spencer, CEO International Insurance Capital Markets Day 19 November 2015 Portfolio of mature and developing international markets Top 3 positions in CEE 1 life insurance

More information

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

Allianz Insurance UK. Jon Dye CEO Allianz Insurance UK. Inside Allianz Series London, June 19, 2015

Allianz Insurance UK. Jon Dye CEO Allianz Insurance UK. Inside Allianz Series London, June 19, 2015 Allianz Insurance UK Jon Dye CEO Allianz Insurance UK Inside Allianz Series London, June 19, 2015 Allianz Insurance UK UK at a glance Key data 2014 Population: 64.5mn GDP (GBP): 1,758bn GDP growth: 2.6%

More information

Aviva General Insurance Digital, analytics and opportunities to grow underwriting profits

Aviva General Insurance Digital, analytics and opportunities to grow underwriting profits Aviva General Insurance Digital, analytics and opportunities to grow underwriting profits Maurice Tulloch Chairman Global, General Insurance and CEO, UK&I GI 49 Aviva General Insurance at a glance Cash

More information

Business overview. 2013 2015 Plan. 9M13 Results. Exchange offer. Appendix

Business overview. 2013 2015 Plan. 9M13 Results. Exchange offer. Appendix Group Presentation Business overview AGENDA 2013 2015 Plan 9M13 Results Exchange offer Appendix OVER 50 YEARS OF EXPERIENCE 1963 70 s- 80 s Mid- 90 s Early 00 s Late 00 s 2010-11 The Compagnia Assicuratrice

More information

The Italian Insurance Market

The Italian Insurance Market www.pwc.com/it September 2015 The Italian Insurance Market (2014 figures+ 3M15 overview) Agenda Page 1 Italian insurance market snapshots 1 2 Italian life insurance market 7 3 Italian nonlife insurance

More information

Norwegian insurance market and. Gjensidige s ambitions. December 1, 2008

Norwegian insurance market and. Gjensidige s ambitions. December 1, 2008 Norwegian insurance market and Gjensidige s ambitions Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such information

More information

Morgan Stanley Financials Conference

Morgan Stanley Financials Conference Morgan Stanley Financials Conference June 11, 2014 George R. Aylward President and Chief Executive Officer Important Disclosures This presentation contains statements that are, or may be considered to

More information

CONSOLIDATED RESULTS AS AT 30 JUNE 2012

CONSOLIDATED RESULTS AS AT 30 JUNE 2012 CONSOLIDATED RESULTS AS AT 30 JUNE 2012 THE IMPLEMENTATION OF THE PROJECT TO SIMPLIFY THE GROUP CORPORATE STRUCTURE CONTINUES, WITH POSITIVE EFFECTS ON CAPITAL AND SYNERGIES FURTHER IMPROVEMENT IN THE

More information

Luigi Lubelli Finance Director

Luigi Lubelli Finance Director Luigi Lubelli Finance Director SG Conference "The Premium Review" Paris Palais Brongniart 5 th December 2007 A snapshot of An overview of the acquisition of Commerce Brief summary of 9 months 2007 results

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

Pohjola Group. 31 March 2008

Pohjola Group. 31 March 2008 Pohjola Group 31 March 2008 Group business structure Strategy Interim report 31 March 2008 Pohjola Group Banking and Investment Services Non-life Insurance Acquisition synergies Prospects for 2008 Dividend

More information

Making progress towards our objectives

Making progress towards our objectives Making progress towards our objectives Scotiabank Financials Summit 2013 Donald A. Guloien President and Chief Executive Officer September 5, 2013 Caution regarding forward-looking statements This presentation

More information

Unipol Gruppo Finanziario. 2010 2012 Business Plan

Unipol Gruppo Finanziario. 2010 2012 Business Plan Unipol Gruppo Finanziario 2010 2012 Business Plan Agenda 1 2 Guidelines and 2012 key targets Non-Life business 3 Life business 4 Banking business 5 Investment management 6 Consolidated results and Solvency

More information

Asset Liability Management and Investment Seminar May 2012. Session1: Asset Allocation for Insurance Company Liability Driven Investment.

Asset Liability Management and Investment Seminar May 2012. Session1: Asset Allocation for Insurance Company Liability Driven Investment. Asset Liability and Investment Seminar May 2012 Session1: Asset Allocation for Insurance Company Liability Driven Investment Genghui Wu Asset Liability Liability Driven Investment Genghui Wu FSA, CFA,

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

Aegon / Transamerica: The Implications of Living to 100 and Beyond

Aegon / Transamerica: The Implications of Living to 100 and Beyond Aegon / Transamerica: The Implications of Living to 100 and Beyond Boca Raton, FL March 3, 2014 David Hopewell CFO Individual Savings & Retirement Transamerica Significant opportunities in the variable

More information

V.I.G. a model expansion. Adopting to a changing environment. Distribution is key in insurance. Exploiting potential going forward

V.I.G. a model expansion. Adopting to a changing environment. Distribution is key in insurance. Exploiting potential going forward V.I.G. Getting in shape for economic recovery in CEE RCB Institutional Investors Conference, Zürs -15 April 2010 Contents A 2 A B C D V.I.G. a model expansion Adopting to a changing environment Distribution

More information

Drillisch AG Company Presentation. August 2014

Drillisch AG Company Presentation. August 2014 Drillisch AG Company Presentation August 2014 Part 1: A Successful H1-2014 Part 2: Drillisch MBA MVNO Agreement Part 3: Guidance and Outlook Page 2 Agenda Highlights H1-2014 Trends in the Mobile Communications

More information

PRESS RELEASE RESULTS FOR THE FIRST HALF OF THE YEAR CONSOLIDATE THE PROGRESS MADE BY THE UNIPOL GROUP

PRESS RELEASE RESULTS FOR THE FIRST HALF OF THE YEAR CONSOLIDATE THE PROGRESS MADE BY THE UNIPOL GROUP PRESS RELEASE RESULTS FOR THE FIRST HALF OF THE YEAR CONSOLIDATE THE PROGRESS MADE BY THE UNIPOL GROUP Net consolidated profit 57m 1 ( 76m excluding the effects of the considerable increase in IRAP rates),

More information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim

More information

Sumitomo Trust & Banking. Information Meeting on Financial Results for 1HFY2004

Sumitomo Trust & Banking. Information Meeting on Financial Results for 1HFY2004 Sumitomo Trust & Banking Co., Co., Ltd. Information Meeting on Financial Results for 1HFY24 December 1, 24 The quality trust bank 1 Aiming to become the quality trust bank The quality trust bank Trust

More information

Jose Rodicio, ASA, CFA, FRM Deputy Chief Insurance Risk Officer ING Latin America Atlanta Actuarial Club March 26, 2009

Jose Rodicio, ASA, CFA, FRM Deputy Chief Insurance Risk Officer ING Latin America Atlanta Actuarial Club March 26, 2009 Enterprise Risk Management and Economic Capital at ING A practical approach Jose Rodicio, ASA, CFA, FRM Deputy Chief Insurance Risk Officer ING Latin America Atlanta Actuarial Club March 26, 2009 Agenda

More information

Embedded Value 2014 Report

Embedded Value 2014 Report Embedded Value 2014 Report Manulife Financial Corporation Page 1 of 13 Background: Consistent with our objective of providing useful information to investors about our Company, and as noted in our 2014

More information

Measuring performance Update to Insurance Key Performance Indicators

Measuring performance Update to Insurance Key Performance Indicators Measuring performance Update to Insurance Key Performance Indicators John Hele Member of Executive Board and CFO of ING Group Madrid 19 September 2008 www.ing.com Agenda Performance Indicators: Background

More information

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations General Management s Discussion and Analysis of Financial Condition and

More information

Borsa Italiana London Stock Exchange Group. Star Conference 2014. London, 2-3 October 2014. Vittoria Assicurazioni

Borsa Italiana London Stock Exchange Group. Star Conference 2014. London, 2-3 October 2014. Vittoria Assicurazioni 0 Borsa Italiana London Stock Exchange Group Star Conference 2014 London, 2-3 October 2014 1 FOLLOW-UP PLAN 2009 2013 STRATEGY SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS INVESTMENTS FINANCIAL

More information