Hannover Re - The somewhat different reinsurer. Dr. Klaus Miller Member of the Executive Board
|
|
- Kevin Hawkins
- 8 years ago
- Views:
Transcription
1 Hannover Re - The somewhat different reinsurer Dr. Klaus Miller Member of the Executive Board Barclays Capital, Global Financial Services Conference New York, 11 September 212
2 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Agenda Good start into 212 Our strategy 1. Our mission: Growing Hannover Re profitably 2. We have ambitious profit and growth targets 3. We manage risks actively 4. We are a preferred business partner 5. We strive for a stable investment income Outlook
3 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Favourable results of Hannover Re's business 1H/212 strong results largely unaffected by one-off effects Favourable R/Iconditions Benign major losses Volatile capital markets Premium increase in non-life reinsurance (+15.1%) Accelerated growth in life and health reinsurance (+12.4%) Net major losses of EUR m. below budget Net investment income up by 5.4%; RoI at 3.8% Results of inflation swaps and ModCo derivatives largely neutral at 1H/212 but volatile quarterly Increase in assets under own management to EUR 3.3 bn. mainly resulting from positive cash flow 1H/212 results GWP +14.% NPE +13.1% Net income EUR 45 m. EPS EUR 3.36 RoE 15.5% Shareholders' equity +1.1% BVPS EUR
4 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Dedicated to a clear strategy 2. We have ambitious profit and growth targets 3. We manage risks actively 1. Growing Hannover Re profitably 4. We are a preferred business partner 5. We strive for a stable investment income 2
5 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Our mission is to grow Hannover Re profitably Within the last years we strengthened our position continuously Premium ranking 211 in m. USD Rank Group Country GWP NPW 1 Munich Re D 33,719 32,274 2 Swiss Re CH 28,664 22,868 3 Hannover Re D 15,664 13,921 4 Berkshire Hathaway Inc. USA 15, 15, 5 Lloyd's 2) GB 13,621 1,15 6 SCOR F 9,845 8,891 7 RGA Re USA 7,74 7,736 8 China Re RC 6,179 5,94 9 PartnerRe BDA 4,621 4,474 1 Korean Re ROK 4,551 3,43 11 Everest Re BDA 4,286 4,19 12 Transatlantic Re USA 4,35 3,86 13 MAPFRE RE E 3,47 2, London Re CDN 3,117 3,57 15 Assicurazioni Generali I 2,674 2,674 1) Source: A.M. Best (September 212) 1) Net premium earned 2) Reinsurance only 3
6 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We have grown our non-life business profitably 5-year CAGR +7.7% Gross written premium 6,339 5,747 5,19 4,988 37% 39% 6,826 in m. EUR Cornerstones of our non-life approach Central underwriting combined with local talent is the key to our success Secures U/W discipline Lean, efficient infrastructure 44% Selective growth 45% 44% We only grow our market share in "hard" markets % 61% 56% We have no premium-growth targets, only for earnings 55% 56% Distribution through brokers 1. No appetite for acquisitions e Our cycle management gets us all the business we want 4
7 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We have strengthened our position in life/health 5-year CAGR +12.3% Gross written premium in m. EUR Cornerstones of our life/health approach ,529 5,9 5,27 We focus on biometric risk and financing 1 key markets = 87% of our business; 5 main clients = 8% of our portfolio ,83 3,134 37% 39% Sophisticated state-of-the-art Client 44% Relationship 45% Management (CRM) 44% Ability to differentiate between value-creating and value-destroying clients % 61% 56% We create long-term win-win situations (don't play zero-sum games) 55% 56% We do consider acquisitions But only if strategic fit/complement e No strategic prices 5
8 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We developed our business and improved diversification Gross written premium in m. EUR 12, , ,32 26% 44% 25% ,135 6% 3,67 11% 89% 75% 74% 56% 94% Non-life reinsurance Life and health reinsurance 6
9 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We seek to be one of the most profitable reinsurer Our minimum target is 75 bps above risk free Company RoE Rank RoE Rank RoE Rank RoE Rank RoE Rank avg. RoE Rank Hannover Re 23.1% 1 (4.1%) % % % % 1 Peer 1, Germany, composite Peer 2, Switzerland, composite Peer 3, France, composite Peer 4, Bermuda, composite Peer 5, US, non-life Peer 6, Bermuda, non-life Peer 7, Bermuda, non-life Peer 8, US, life and health Peer 9, US, non-life 14.9% 5 6.5% % 5 1.7% 5 3.1% 6 9.4% % 7 (3.3%) 8 2.3% 1 3.6% 1 9.6% 3 5.1% % 6 8.9% 1 1.2% 6 1.1% 6 7.5% 4 1.1% % 3 1.1% % % 4 (7.6%) 1 9.7% 5 1.8% 8 4.8% 5 9.9% 7 7.1% 8 4.9% 5 7.5% 8 22.% 2 7.3% 2 9.3% % 2.2% 7 1.7% % 4 (.4%) % 3 9.9% 7 (1.3%) 8 7.7% 7 1.3% 9 6.5% % % 3 1.7% 2 1.6% 3 3.6% 1 (31.8%) 1 2.7% 9 5.8% 9 (4.4%) 9 (4.8%) 1 List shows the Top 1 of the Global Reinsurance Index (GloRe) with more than 5% reinsurance business Data based on company data, own calculation 7
10 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Accelerated increase in book value per share Book value per share, paid dividends in EUR 5 1y CAGR: 1.% 5y CAGR: 12.6% Book value per share Paid dividends (cumulative since 1994) US GAAP, as from 24 IFRS As at 31 December 8
11 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Selective growth Premium growth driven by profitability Different lines with different cycles 2 % 18 % 16 % 14 % 12 % 1 % 8 % 6 % 4 % GWP Profitability Latin America + Credit & Surety + Aviation +/- Motor Germany +/- US Casualty - Marine +/- US Cat +/- 2 % %
12 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Hannover Re remains the absolute cost leader Our overhead ratio is less than half of the industry average Administrative expense ratio 1) 7.4% Lean, efficient infrastructure with no non-life underwriting authority in USA High exposure to broker biz in non-life to be able to execute strict cycle management No unbundled services Lead positions only in carefully selected areas 3.1% 3.2% 3.1% 3.2% 2.8% 2.6% No attempt to offer everything to everyone, but rather concentrate on market segments in which we have a particular expertise Be competitive e Peer average 211 Own calculation 1) Administrative expenses + other technical expenses (in % of net premium earned) 2) Munich Re, SCOR, Swiss Re, Transatlantic Re, PartnerRe, Everest Re 2) Have a better choice of business and better access to niches Be profitable 1
13 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We manage risks actively Our capital model is the cornerstone of Hannover Re We manage our risk exposure to achieve a positive net income with a probability of 9% We ensure that the probability of an economic as well as IFRS capital loss does not exceed.3% We ensure that our reserving level is conservative Use of retrocession Conservative reserving Stringent U/W discipline 11
14 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Capital allocation follows internal model requirements......as well as management decisions The target capital to be allocated includes IFRS equity, hybrid capital and valuation reserves (economic valuation differences to IFRS valuation) According to the risk profiles of the underlying business our internal capital model defines the capital allocation: Approximation: 5% non-life U/W / 25% life and health U/W / 25% asset management The allocated capital earns minimum the risk-free return The Minimum Return on Capital (MRC) in excess of risk free is a weighted average of requirements on IFRS-equity, hybrid capital and valuation reserves Targets are calculated based on allocated capital and MRC in relation to an underlying business: For non-life and life and health U/W: GWP capital margin above risk free For asset management: AuM RoI above risk free The target C/R translates our economic targets into the IFRS accounting world At a target C/R of ~98.% non-life U/W contributes to achieve our economic targets Target C/R = (NPE + economic revaluation minimum return on economic capital) / NPE 12
15 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Exposure management supported by capital management Risk budget allocated to NatCat* as % of economic capital 3% 25% 2% Internal capital model sets the tone Stringent allocation of capital to NatCat exposed business is key to reduce volatility of earnings Well established retrocession strategy and efficient NatCat management led to lower net major losses in % 1% * on a stand-alone basis, i.e. before diversification with other risks 13
16 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Diversification reduces capital requirements by a third Capitalisation ratio 16% Risk capital for the 99.97% VaR (according to economic capital model) in m. EUR 9. 8, , ,48 2,563 32% diversification 5. 2, ,48 5,485 Effective capital requirement 1. Non-life reinsurance Life and health reinsurance As at December 211 The risk categories have been adapted to the Solvency II requirements Calculation according to economic valuation principles Assets Credit Operational HR Group required capital HR Group available economic capital 14
17 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Diversification reduces capital requirements by 5% Non-life business group Risk capital for the 99.5% VaR (according to economic capital model) in m. EUR , ,644 5% diversification ,645 Effective capital requirement North America Germany Marine Aviation Credit, surety & pol. risks Structured R/I & ILS UK, London market & direct Global treaty Gobal cat. XL Global facultative Total non-life R/I As at December 211 Calculation according to economic valuation principles 15
18 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Mutual beneficial relationships with our customers loyal and long-term oriented, consistent approach to CRM Preferred business partner USA: Flaspöhler surveys 21 / 211 Strategic approach to enhance our clients' commercial success through the services we provide We add value to both contracting parties with our broad scope of standard or tailored solutions Among the top three according to brokers and clients Germany: Imug Survey Germany 21 96% of our customers have a positive or very positive impression of Hannover Re. CRM Strategy Account executives concept Training for clients Client feedback Austria and Switzerland: Imug Survey and 97 points by clients from Switzerland and Austria (on an ascending scale from - 1) Credit, Surety and Political Risks: Hagstotz survey 211 Overall customer satisfaction at "very high level" 16
19 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Unique group structure supports our business model Majority owner, but operational and financial independence Talanx AG* Free float 5.2% 49.8% 63.7% 8 German mutuals 36.2% >1 subsidiaries, branch/rep. offices in ~2 countries German business International business * 1% owned by HDI V.a.G. 17
20 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Our rating makes us a strong partner Standard & Poor's A.M. Best Insurance Day LOGO AA- "Very strong" Outlook: stable (19 June 212) A+ "Superior" Outlook: stable (5 September 212) Reinsurer of the year 212 (5 September 212) Being a highly-rated counterpart is a major ingredient of the recipe 18
21 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Numerous benefits of an above-average rating coupled with our CRM-approach We have a better showing of business than the average player Not excluded from virtually any business/access to all lines of business We enjoy a highly diversified, high quality book of business We are on virtually all broker lists, with cedents often demanding specific R/Is We get very high allocations when we quote for business >9% vs. some 5% for a Bermuda start-up We create lower capital charges for our cedents "AA" range S&P capital charge on reinsurance recoverables =.8% ("A" = 1.4%, BBB = 3.1%) As an above-average rated R/I, we "minimise" our cedents' cost of capital Our cost of financing in the capital markets is lower Hybrid bonds trade at tighter spreads Better conditions for LoCs and credit lines We might not (yet) get paid extra for our better rating on a contract level, but other advantages are significant 19
22 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We aim for stable investment income Main facts of our approach Our risk taking is weighted towards reinsurance rather than investment risks The structure of our investments is guided by the requirements of our technical liabilities We have a prudent investment philosophy Our portfolio is guided by basic principles of broad diversification across a wide variety of asset classes and issuers We strive for risk-free interest rates plus the cost of capital 2
23 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Constant positive operating cash flow supports asset growth Assets under own management increased by 5% in 5 years Operating cash flow in m. EUR Assets under own management in m. EUR 3. 2, ,411 28,341 3, , , , , , , H/212 Q1 Q2 Q3 Q4 21
24 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Net investment income has grown by 9 % (CAGR4y) 6 Net investment income in m. EUR Ordinary investment income grew significantly since 29 despite deteriorating yields; supported by increase in assets Target yield of 3.5% outperformed despite high cash flow being invested at lower rates H/28 1H/29 1H/21 1H/211 1H/212 Net investment income excl. funds withheld Funds withheld 22
25 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Solid and relatively high quality fixed income portfolio in the light of unstable capital market environment No material exposure in Southern Europe and Ireland Fixed-income book diversified per rating, country, region and issuer Fixed-income book by rating Fixed-income book by country BBB 13% <BBB 3% AAA 32% Australia 8% Asia 5% Rest of world 7% Germany 2% A 22% AA 31% USA 24% Rest of Europe 16% UK 9% France 7% GIIPS 4% Total fixed-income book: EUR 27.3 bn. Values as at 3 June
26 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Due to asset-liability matching 3.6 % exposure in GIPPS Major part in corporates and covereds Total investment in GIPPS in % Semi-/Govermentals in GIPPS in m. EUR Governments 13 Semi- Govermentals <1 Portugal 17 Ireland 27 Covereds 51 Corporates 35 Spain 89 Greece Italy 17 EUR 1.1 bn. EUR 151 m. Economic view based on market value as at 3 June
27 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Continuously reduced share of bank exposure Unchanged focus on conservative title selection Corporate sector allocation in m. EUR 9,936 by currencies 2,982 8,6 17% Others 31% 6% GBP 6,288 32% 33% USD 5,11 39% 44% 69% 44% EUR 61% 56% 68% 3 Jun Jun 12 Non Banks Banks Economic view based on market value as at 3 June
28 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Guidance for 212 Hannover Re Group Gross written premium (GWP) 1).~ +5% - +7% Non-life reinsurance 1)......~ +5% - +7% Life and health reinsurance 1)2)....~ +5% - +7% Return on investment 3) ~ 3.5% Dividend pay-out ratio 4).. 35% - 4% 1) At unchanged f/x rates 2) Organic growth 3) Subject to no major distortions in capital markets; excluding effects from inflation swaps 4) Related to group net income according to IFRS 26
29 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Our Investor Relations team Hannover Rückversicherung AG Karl-Wiechert-Allee Hannover, Germany Karl Steinle Julia Hartmann General Manager IR Manager Corporate Communications Corporate Communications karl.steinle@hannover-re.com julia.hartmann@hannover-re.com Louise Camilleri-Wolter Deputy IR Manager Corporate Communications louise.camilleri-wolter@hannover-re.com
30 Facts & figures 1. Our mission 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Disclaimer This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors should seek independent professional advice and perform their own analysis regarding the appropriateness of investing in any of our securities. While Hannover Re has endeavoured to include in this presentation information it believes to be reliable, complete and up-to-date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such information. Some of the statements in this presentation may be forward-looking statements or statements of future expectations based on currently available information. Such statements naturally are subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. This presentation serves information purposes only and does not constitute or form part of an offer or solicitation to acquire, subscribe to or dispose of, any of the securities of Hannover Re. Hannover Rückversicherung AG. All rights reserved. Hannover Re is the registered service mark of Hannover Rückversicherung AG.
Hannover Re - The somewhat different reinsurer. Claude Chèvre Member of the Executive Board
Hannover Re - The somewhat different reinsurer Claude Chèvre Member of the Executive Board UniCredit/Kepler, 1th German Investment Conference Munich, 26 September 212 Facts & figures 212 1. Growing HR
More informationHannover Re - The somewhat different reinsurer. Roland Vogel Chief Financial Officer
Hannover Re - The somewhat different reinsurer Roland Vogel Chief Financial Officer Bank of America Merrill Lynch, 17th Annual Banking & Insurance CEO Conference London, 25 September 212 Facts & figures
More informationHannover Re: The somewhat different reinsurer. Ulrich Wallin, Chief Executive Officer
Hannover Re: The somewhat different reinsurer Ulrich Wallin, Chief Executive Officer Commerzbank, German Investment Seminar New York, 15 January 2013 Facts & figures 1. Our mission 2. Ambitious targets
More informationHannover Re - before and after the crisis. Roland Vogel CFO
Roland Vogel CFO Bank of America Merrill Lynch, 16th Annual Banking & Insurance CEO Conference London, 6 October 211 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I
More informationHannover Re - growth opportunities despite the crisis? Dr. Michael Pickel Member of the Executive Board
Hannover Re - growth opportunities despite the crisis? Dr. Michael Pickel Member of the Executive Board 9th WestLB Deutschland Conference Frankfurt, 16 November 211 HR Group Diversification Opport. & cycle
More informationHowelliott.Com: Aussie Insurance Company
Conference Call on Interim Report 3/2014 Hannover, 5 November 2014 Strong nine-month result Group net income increased by 10.3% Group Gross written premium: EUR 10,704 m. (+1.6%) Net premium earned: EUR
More informationConference Call on Interim Report 3/2015
Conference Call on Interim Report 3/2015 Hannover, 4 November 2015 Strong nine-month result Group net income increased by 13% Group Gross written premium: EUR 12,946 m. (+20.9%) Net premium earned: EUR
More informationConference Call on Interim Report 2/2015
Conference Call on Interim Report 2/2015 Hannover, 5 August 2015 20% increase in net profits 2015 Group net income guidance increased to ~EUR 950 m. Group Gross written premium: EUR 8,587 m. (+21.5%) Net
More informationConference Call on 1 Jan 2011 Non-Life Treaty Renewals
Conference Call on Jan 2 Non-Life Treaty Renewals Hannover, 2 February 2 Important note Unless otherwise stated, the s part of the presentation is based on underwriting-year (U/Y) figures. This basis is
More informationConference Call on Interim Report 2/2014
Conference Call on Interim Report 2/2014 Hannover, 6 August 2014 Favourable results for the first half of 2014 4.9% increase of Group net income; Shareholders' equity up by 8.9% Group Gross written premium:
More informationWelcome to Hannover Re's Analysts' Conference. Annual Results 2014
Welcome to Hannover Re's Analysts' Conference Annual Results 2014 London, 10 March 2015 Record result fuelled by both business groups Group net income increased by 10.1%; dividend proposal of EUR 4.25
More informationConference Call on Interim Report 1/2015
Conference Call on Interim Report 1/2015 Hannover, 6 May 2015 Excellent start to 2015 Remarkable increase in premiums and earnings Group Gross written premium: EUR 4,400 m. (+21.4%) Net premium earned:
More informationHannover Re: the somewhat different reinsurer
Hannover Re: the somewhat different reinsurer January 2013 Content 01 09 Overview 10 19 Hannover Re Group 20 29 Non-life reinsurance 30 36 Life and health reinsurance 37 46 Investment management 47 50
More informationInsights into our evolving strategy
Insights into our evolving strategy Growing Hannover Re Ulrich Wallin CEO 14th International Investors' Day Hannover, 23 June 2011 Agenda 1. Our mission: Growing Hannover Re 2. Our business model 3. Our
More informationConference Call on Interim Report 1/2009
Conference Call on Interim Report 1/2009 Hannover, 5 May 2009 DISCLAIMER This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors
More informationHannover Re: the somewhat different reinsurer
Hannover Re: the somewhat different reinsurer January 2016 Content 01 17 Overview 18 25 Hannover Re Group 26 38 Property & Casualty reinsurance 39 46 Life & Health reinsurance 47 55 Investment management
More informationHannover Re: the somewhat different reinsurer
Hannover Re: the somewhat different reinsurer September 2015 Content 01 14 Overview 15 22 Hannover Re Group 23 35 Property & Casualty reinsurance 36 43 Life & Health reinsurance 44 52 Investment management
More informationERM@Hannover Re Practical experience and key aspects for capital requirements
ERM@Hannover Re Practical experience and key aspects for capital requirements Eberhard Mueller Managing Director Group Risk Management Chief Risk Officer and Chief Actuary JPM Insurance Seminar London,
More informationQUARTERLY 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 informationConference Call on Interim Report 3/2008. Wilhelm Zeller, CEO Elke A. König, CFO
Conference Call on Interim Report 3/2008 Wilhelm Zeller, CEO Elke A. König, CFO Hannover, 5 November 2008 Highlights Non-Life R/I Life/Health R/I Investments Targets Outlook Appendix DISCLAIMER This presentation
More informationArshil Jamal President and Chief Operating Officer Canada Life Capital Corporation
Scotia Capital Financials Summit September 8, 2011 Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Cautionary Note regarding Forward-looking Information This report contains
More information9M 2014 Results 13 November 2014. Herbert K. Haas, CEO Dr. Immo Querner, CFO
9M 2014 Results 13 November 2014 Herbert K. Haas, CEO Dr. Immo Querner, CFO Agenda I II III IV Group Highlights Segments Investments / Capital Outlook Appendix 9M 2014 Additional Information 2 I 9M 2014
More informationReinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland
Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland Agostino Galvagni, Swiss Re Content Reinsurance and its value proposition Current reinsurance challenges Swiss Re s role in
More informationConference Call on 1 Jan 2008 Non-Life Treaty Renewals
Conference Call on 1 Jan 2008 Non-Life Treaty Renewals Hannover, 5 February 2008 Renewals Outlook Appendix IMPORTANT NOTE Unless otherwise stated, the renewals part of the presentation is based on underwriting-year
More informationAmlin plc. Numis Non-life Insurance Briefing 13 January 2011. Charles Philipps, CEO
Amlin plc Numis Non-life Insurance Briefing 13 January 2011 Charles Philipps, CEO This presentation contains or may contain forward-looking statements. It is important to note that the Company s actual
More informationTalanx generates solid growth in 2014
Talanx generates solid growth in 2014 Gross written premiums up 3.0 percent at EUR 29.0 billion EBIT rises to EUR 1.9 billion (+7.1 percent) Group net income improves by 5.0 percent to EUR 769 million
More informationMaking finance work in a higher capital world Bank of America Merrill Lynch Banking & Insurance CEO Conference
Making finance work in a higher capital world Bank of America Merrill Lynch Banking & Insurance CEO Conference London, 25 September 203 Nikolaus von Bomhard Overview of Munich Re Financial solidity and
More informationAspen Insurance Holdings Limited
Aspen Insurance Holdings Limited Chris O Kane, Chief Executive Officer Julian Cusack, Chief Financial Officer February 2007 Safe Harbor Disclosure This presentation contains non-gaap measures and is for
More informationEquity Investor Presentation November 2006
Equity Investor Presentation November 2006 Important Notice This presentation provides certain information regarding Security Capital Assurance Ltd (SCA). By accepting this presentation, the recipient
More informationUBS Global Financials Conference
UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up
More informationGood start to 2015 Quarterly financial statements as at 31 March 2015
plainpicture/fstop/ralf Hiemisch Good start to 205 7 May 205 Jörg Schneider Torsten Oletzky Torsten Jeworrek Agenda Munich Re (Group) 2 Munich Health 9 Business field ERGO 3 Reinsurance 9 Outlook 28 2
More informationTalanx 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 informationGrowth and profit opportunities in Hannover Re's longevity business. Klaus Miller Member of the Executive Board
Growth and profit opportunities in Hannover Re's longevity business Klaus Miller Member of the Executive Board 14th International Investors' Day Hannover, 23 June 2011 Current status Enhanced annuities
More informationMunich Re Group Turning risk into value
Munich Re Group Dresdner Kleinwort 9th German Investment Seminar New York Nikolaus von Bomhard Chairman of the Board of Management 9 January 2007 A world leading reinsurer with a significant primary insurance
More informationLow rates and heavy regulation how to deliver shareholder returns Bank of America Merrill Lynch Banking & Insurance CEO Conference
Bank of America Merrill Lynch Banking & Insurance CEO Conference London, 2 October 204 Nikolaus von Bomhard Low rates and heavy regulation how to deliver shareholder returns Low interest rates Imbalance
More informationGoldman Sachs European Financials Conference Improving growth and profitability in life insurance. Bruno Pfister, Group CEO Berlin, 11 June 2008
Goldman Sachs European Financials Conference Improving growth and profitability in life insurance Bruno Pfister, Group CEO Berlin, 11 June 2008 Agenda 1. Profitable growth: strong delivery since 2003 2.
More informationManaging weather risk with financial market tools
Managing weather risk with financial market tools Weather events don t have to be catastrophic to hurt your business Energy Risk Central & Eastern Europe Warsaw 10 November 2011 Stuart Brown, Swiss Re
More informationMorgan Stanley European Financials Conference. Herbert K. Haas, CEO London, 25 March 2014
Morgan Stanley European Financials Conference Herbert K. Haas, CEO London, 5 March 04 Talanx - Key Investment Highlights Global insurance group with leading market positions and strong German roots Leading
More informationBUILDING FRANCHISE VALUE IN AN UNCERTAIN WORLD Bank of America Merrill Lynch Banking & Insurance CEO Conference
BUILDING FRANCHISE VALUE IN AN UNCERTAIN WORLD London, 26 September 202 Jörg Schneider Munich Re highlights Munich Re delivering solid long-term shareholder returns during years of volatile macroeconomic
More informationStrong balance sheet Strong returns Morgan Stanley 10 th Annual European Financials Conference 2014. London, 27 March 2014. Jörg Schneider, CFO
Strong balance sheet Strong returns Morgan Stanley 10 th Annual London, 27 March 2014 Jörg Schneider, CFO Agenda 1 Building on a good track record 3 2 Sound capitalisation providing flexibility 8 3 Business
More informationTHE REINSURANCE PRINCIPLES
THE REINSURANCE PRINCIPLES Contents 1. Concepts of Insurance and Reinsurance 2. Functions of Reinsurance 3. Types & structures of Reinsurance 4. Introduction to Pricing 5. Introduction to Portfolio Strategy
More informationHelvetia 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 informationDelivering strong capital returns Bank of America Merrill Lynch 20th Annual Banking, Insurance & Diversified Financials CEO Conference
plainpicture/fstop/ralf Hiemisch Delivering strong capital returns Bank of America Merrill Lynch 20th Annual Banking, Insurance & Diversified Financials CEO Conference London, 29 September 205 Jörg Schneider
More informationAllianz Roadshow USA November 2000
Investor Relations Allianz Roadshow USA November 2000 AV Medienzentrale 10.00 I. Introduction Who are we? Henning Schulte-Noelle Chairman and CEO Paul Achleitner Finance Joachim Faber Asset Management
More informationplainpicture/fstop/ralf Hiemisch Annual guidance raised after strong half-year performance Quarterly financial statements as at 30 June 2015
plainpicture/fstop/ralf Hiemisch Annual guidance raised after strong half-year performance Munich, 6 August 2015 Agenda Introduction Nikolaus von Bomhard 2 Munich Re (Group) Jörg Schneider 6 Business field
More informationMunich 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 informationStrategic positioning in a competitive market
Strategic positioning in a competitive market Initiatives for long-term success Ulrich Wallin, Chief Executive Officer 18th International Investors' Day Frankfurt, 14 October 2015 Market overview Positioning
More informationInsurance and Social Protection Area
Insurance and Social Protection Area July 2015 1. Presentation This is the eleventh edition of the Ranking of the largest European Non-Life insurance groups published by FUNDACIÓN MAPFRE, for 2014 on this
More informationGOOD START TO THE YEAR 2013 Goldman Sachs Seventeenth Annual European Financials Conference
GOOD START TO THE YEAR 203 Goldman Sachs Seventeenth Annual European Financials Conference Brussels, June 203 Nikolaus von Bomhard Reliable business strategy contributing to attractive shareholder return
More informationSociété Générale Premium Review Conference
Paris, France Albert Benchimol, Executive Vice President & Chief Financial Officer 2 PartnerRe Safe Harbor Forward-looking statements contained in this presentation are based on the Company's assumptions
More informationInnovation Translating ideas into business
Image: David Malan / Getty Images Innovation Translating ideas into business Monte Carlo, 13 September 2015 Torsten Jeworrek, Thomas Blunck Agenda 1 Global reinsurance landscape Torsten Jeworrek 2 Munich
More informationRe: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance
September 8, 2015 MS&AD Insurance Group Holdings, Inc. Re: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance Mitsui Sumitomo Insurance
More informationGENERALI 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 informationAudiocast for Q2 2015. Jörg Schneider, CFO of Munich Re (Group) Ladies and Gentlemen,
Audiocast for Q2 2015 Jörg Schneider, CFO of Munich Re (Group) Ladies and Gentlemen, Welcome to the presentation of our Q2 results. My name is Jörg Schneider, and I am the CFO of Munich Re. As usual, I
More informationQBE INSURANCE GROUP LIMITED. JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004. Presenter: Neil Drabsch, CFO
QBE INSURANCE GROUP LIMITED JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004 Presenter: Neil Drabsch, CFO 1 Company overview QBE is an Australian-based general insurance and reinsurance
More informationFormation of Amlin Bermuda and rights issue to raise 215 million (net) November 2005
Formation of Amlin Bermuda and rights issue to raise 215 million (net) November 2005 Important notice This document, which is personal to the recipient and has been issued by Amlin (the Company ), comprises
More informationCapital 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 informationStrong results create solid foundation for an independent future
a.s.r. interim results 2015 Strong results create solid foundation for an independent future Chris Figee Jack Julicher CFO CIO Financial Markets 27 August 2015 Disclaimer Cautionary note regarding forward-looking
More informationInsurance and Social Protection Area May 2014
EUROPEAN NON-LIFE INSURANCE GROUPS' RANKING 2013 Insurance and Social Protection Area May 2014 Table of Contents: 1. Presentation 2. Comments about the ranking 3. Methodological aspects The information
More informationNN 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 informationSCOR GROUP. Société Générale conférence The premium review Victor Peignet, CEO SCOR Global P&C
SCOR GROUP SCOR enlarges its footprint in the global reinsurance market with the acquisition of Transamerica Re and is well positioned for the January 2012 renewals, holding its course in this testing
More informationAllianz 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 informationCredit Opinion: Munich Reinsurance Company
Credit Opinion: Munich Reinsurance Company Global Credit Research - 11 Jun 2015 Munich, Germany Ratings Category Rating Outlook Insurance Financial Strength Subordinate Junior Subordinate Moody's Rating
More informationDeutsche Rueckversicherung AG
Primary Credit Analyst: Jean Paul Huby Klein, Frankfurt (49) 69-33-999-198; jeanpaul.hubyklein@standardandpoors.com Secondary Contact: Christian Badorff, Frankfurt (49) 69-33-999-199; christian.badorff@standardandpoors.com
More informationGjensidige in brief. Attractive position in Nordic GI. Balanced retail portfolio. Private and SME exposure 80 % direct distribution
1 Gjensidige in brief Attractive position in Nordic GI Balanced retail portfolio Accident & Health 21% Motor 33% Property 36% 200 years history Earned premiums : NOK bn 19 Equity: NOK bn 26 Market cap:
More informationKey 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 informationThe Munich Re Group American Re Reserve Review Outcome. Telephone conference for analysts and investors. Nikolaus von Bomhard Jörg Schneider
Reserve Review Outcome Telephone conference for analysts and investors Nikolaus von Bomhard Jörg Schneider 19 July 25 Put an end to the uncertainty in 's reserves reserve strengthening by US$ 1.6bn ( 1.3bn),
More informationRanking of the Largest European Insurance Groups 2012. Total, Life and Non-Life
Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European
More informationFinancial strategy supports strategic transformation
Financial strategy supports strategic transformation Analyst & Investor Conference, London June 19, 2013 Darryl Button Chief Financial Officer aegon.com Today s topics Financial strategy framework Strong
More informationPress release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update
Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update Total gross inflow first nine months stable at EUR 11.4 billion Insurance net profit year-to-date of EUR 371 million Group net profit
More informationSCOR GROUP 2013 results. SCOR posts record net income of EUR 549 million and an ROE of 11.5% in 2013, and proposes a dividend of EUR 1.
SCOR GROUP 2013 results SCOR posts record net income of EUR 549 million and an ROE of 11.5% in 2013, and proposes a dividend of EUR 1.30 per share Notice Certain statements contained in this presentation
More informationPRESS RELEASE 9M results Ageas UK, 6 November 2013
PRESS RELEASE 9M results Ageas UK, 6 November 2013 Ageas UK delivers good result in tough conditions Executive Summary Continued growth in net profit Net profit up 5.6% to GBP 73.7 million (9M 2012: GBP
More informationNews from The Chubb Corporation
News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 Chubb Reports Fourth Quarter Net Income per Share of $2.35;
More informationSAP Debt Investor Presentation Second Quarter 2014 Update Call Walldorf, Germany Thursday, July 24, 2014
SAP Debt Investor Presentation Second Quarter 2014 Update Call Walldorf, Germany Thursday, July 24, 2014 Safe Harbor Statement Any statements contained in this document that are not historical facts are
More informationMAPFRE in 2014. Antonio Huertas. Presentation of Annual Results February 11, 2015. MAPFRE Chairman & CEO
MAPFRE in 2014 Presentation of Annual Results February 11, 2015 Antonio Huertas MAPFRE Chairman & CEO 2014 Results MAPFRE's results are excellent: 845 million euros in profits 2013 2014 % Consolidated
More informationLongevity risk transfer. Cord-Roland Rinke, L&H Asia and Longevity
Cord-Roland Rinke, L&H Asia and Longevity IAA Colloquium 2015 Oslo, 9 June 2015 Introduction Longevity risks RPAT Derivatives Wrap up Disclaimer This presentation does not address the investment objectives
More informationElectricity Supply Board
Electricity Supply Board Investor Presentation 2012 Interim Results December 2012 Disclaimer Forward looking statements: This presentation contains certain forward-looking statements with respect to ESB
More informationUnderwriting result improved on reduced operating expenses and despite lower growth
UNIQA Insurance Group AG 1Q14 IFRS Results Underwriting result improved on reduced operating expenses and despite lower growth 23 May 2014 Andreas Brandstetter, CEO Hannes Bogner, CFO Kurt Svoboda, CRO
More informationPRESS RELEASE Full year results Ageas UK, 12 February 2015
PRESS RELEASE Full year results Ageas UK, 12 February 2015 Ageas UK delivers profitable performance in 2014 Executive Summary Profitable performance despite challenging market conditions and first quarter
More informationPresentation at Bank of America Merrill Lynch Banking & Insurance Conference
Presentation at Bank of America Merrill Lynch Banking & Insurance Conference Brady W. Dougan, Chief Executive Officer Credit Suisse London, September 29, 2010 Cautionary statement Cautionary statement
More informationRemarks by George Quinn (slides 2 to 12), Chief Financial Officer of Zurich Insurance Group.
Q1 Results 2015 Remarks by George Quinn (slides 2 to 12), Chief Financial Officer of Zurich Insurance Group. May 7, 2015 Slide 2: Key highlights Good morning or good afternoon. My name is George Quinn
More informationMunich Re Group Acquisition of The Hartford Steam Boiler Group. Peter Röder Jörg Schneider
Acquisition of The Hartford Steam Boiler Group Peter Röder Jörg Schneider 22 December 2008 Agenda Transaction highlights 3 5 10 Transaction terms and financial impact 19 Summary 23 2 Transaction highlights
More informationSchroders Insurance-Linked Securities
May 2014 For professional investors or advisers only. Not suitable for retail clients. Schroders Insurance-Linked Securities Advised by Secquaero Advisors AG Schroders Insurance-Linked Securities 1 Why
More informationVFB Dag van de tips 10 October 2015 Bart De Smet, CEO
VFB Dag van de tips 10 October 2015 Bart De Smet, CEO 2 PART 1 HAVE DONE Achievements Vision 2015 PART 2 SEE Challenges for the Insurance sector PART 3 WILL DO Our Strategy going forward 3 PART 1 HAVE
More informationAsset Liability Management at Munich Reinsurance Company
Asset Liability Management at Munich Reinsurance Company Helsinki, 17 th November 2004 Bernhard Kaufmann and Jochen Mayer Agenda ALM: Governance and Management The Munich Re ALM-Model: ALM on Macro Level
More informationQuarterly statement as at 31 March 2016
Source: Shutterstock [M] 10 May 2016 Jörg Schneider Agenda 1 Munich Re (Group) 2 2 ERGO 7 Munich Health 3 13 Reinsurance 4 15 Outlook 5 22 6 Backup 24 2 Munich Re (Group) Financial highlights Q1 2016 Q1
More informationH1 2015 Results. 12 August 2015
H1 2015 Results Agenda Agenda H1 2015 at a glance Building industry outlook 2015 Outlook 2015 2 Stable operating margins Group net sales increase of 20.1% to CHF 1 308 million In local currencies, net
More informationSpecialty Insurance Where Are We Headed?
2013 PLUS D&O Symposium Specialty Insurance Where Are We Headed? David Cash Endurance Specialty New York - February 6-7, 2013 Keynote Outline 1. Who are the Specialty Companies? 2. Economic drivers for
More informationAmlin AG, Core Subsidiary Of U.K.-Based Amlin Group, Affirmed At 'A' After Insurance Criteria Change; Outlook Stable
Research Update: Amlin AG, Core Subsidiary Of U.K.-Based Amlin Group, Affirmed At 'A' After Insurance Criteria Change; Outlook Stable Primary Credit Analyst: Dina Patel, London (44) 20-7176-8409; dina.patel@standardandpoors.com
More informationQ1 Trading Update, FY 2011
ARYZTA AG Q1 Trading Update, FY 2011 29 November 2010 Forward Looking Statement This document contains forward looking statements which reflect management s current views and estimates. The forward looking
More informationIntegrating Automotive and Financial Services
Integrating Automotive and Financial Services Frank Witter, CEO Volkswagen Financial Services AG Frank Fiedler, CFO Volkswagen Financial Services AG Ehra-Lessien, 11 March 2009 Agenda Financial Services
More informationDZ Bank Equity Conference. Dr Immo Querner, CFO 17 November 2014
DZ Bank Equity Conference Dr Immo Querner, CFO 17 November 2014 Talanx - Key Investment Highlights Global insurance group with leading market positions and strong German roots Leading and successful B2B
More informationfinancial supplement 31 december 2009 Contact: Jonathan Creagh-Coen Telephone: +44 (0) 207 264 4066 Email: jcc@lancashiregroup.com
financial supplement 31 december 2009 Contact: Jonathan Creagh-Coen Telephone: +44 (0) 207 264 4066 Email: jcc@lancashiregroup.com NOTE REGARDING FORWARD-LOOKING STATEMENTS: CERTAIN STATEMENTS AND INDICATIVE
More informationHow To Profit From A Strong Performance
Rising dividend after good results 5 February 205 Torsten Jeworrek Jörg Schneider Munich Re (Group) Financial highlights Q4 204 Good annual profit of 3.2bn Dividend increasing to 7.75 per share Munich
More informationFINANCIAL RESULTS FULL YEAR ENDED 30 JUNE 2015
ABN 60 090 739 923 FINANCIAL RESULTS FULL YEAR ENDED 30 JUNE 2015 21 AUGUST 2015 Mike Wilkins, Managing Director and Chief Executive Officer Nick Hawkins, Chief Financial Officer FY15 Results 21 August
More informationWhat Information Can I Expect From a Presentation by Swiss Life?
Investors Day 2007 Achievements and new targets Rolf Dörig, Group CEO Zurich, 4 December 2007 Investors Day 2007: Highlights Recently announced achievements 4 September Confirmed 1 bn net profit in 2007
More informationNN 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 informationThis presentation contains forward-looking statements (made pursuant to the safe harbour provisions of the Private
Safe Harbour Statement This presentation contains forward-looking statements (made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995). By their nature, forward-looking
More informationTHE DEVELOPING INSURANCE MARKET IN BRAZIL
THE DEVELOPING INSURANCE MARKET IN BRAZIL Risk Management and Transfer for South American Risks Commercial Risk Europe in association with IGREA and APOGERIS Bruno Laval Regional Manager Iberia & Latin
More informationNews from The Chubb Corporation
News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports Second Quarter Net Income
More information