Hannover Re - before and after the crisis. Roland Vogel CFO
|
|
- Hubert Lang
- 8 years ago
- Views:
Transcription
1 Roland Vogel CFO Bank of America Merrill Lynch, 16th Annual Banking & Insurance CEO Conference London, 6 October 211
2 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 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.
3 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Step up in ranking reflects capitalisation on growth opportunities Premium ranking 21 in m. USD Rank Group Country GWP NPW 1 Munich Re D 31,28 n.a. 2 Swiss Re CH 24,756 19,433 3 Hannover Re D 15,147 13,316 * 4 Berkshire Hathaway USA 14,374 13,785 5 Lloyd's GB 12,977 9,762 6 SCOR F 8,872 8,141 7 RGA Re USA 7,21 6,66 Premium ranking 28 in m. USD Rank Group Country GWP NPW 1 Swiss Re CH 29,212 24,296 2 Munich Re D 28,82 27,199 3 Berkshire Hathaway USA 12,827 12,123 4 Hannover Re D 11,446 1,196 5 Lloyd's GB 9,114 6,72 6 SCOR F 8,185 7,5 7 RGA Re USA 5,839 5,349 Source: A.M. Best (September 211 and August 29) n.a. = not available or not applicable * Net premium earned 1
4 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Back on pre-crisis profitability levels Even on after-tax basis, in spite of strong Bermuda competition Company RoE Rank RoE Rank RoE Rank RoE Rank RoE Rank avg. RoE Rank Odyssey Re 28.3% % 1 2.5% % 6 9.2% % 1 Renaissance Re 27.5% % 4 (.4%) % % % 2 Hannover Re 18.7% % 2 (4.1%) % % % 3 PartnerRe 21.8% % 3 1.1% % % % 4 Everest Re 18.2% % 5 (.4%) % 4 9.9% % 5 Munich Re 13.5% % 7 6.5% % 7 1.7% % 6 Transatlantic Re 15.6% % 6 3.1% % 5 9.7% % 7 SCOR 12.7% % 8 8.9% 2 1.2% 8 1.1% % 8 Swiss Re 16.5% % 9 (3.3%) 8 2.3% 1 3.6% 1 6.5% 9 XL Re* 18.5% 5 3.6% 1 (31.8%) 1 2.7% 9 5.8% 9 (.2%) 1 Ranking among shown peer group, based on company data, own calculation * Based on XL Capital group figures We aim to be one of the top 3 R/I in terms of RoE 2
5 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Increase of shareholders' equity by more than 5% since 28 Financial leverage stable despite EUR 5 m. issue in 21 Policyholders' surplus in m. EUR Financial leverage development* in % 6,987 6, ,295 1, ,78 1,377 5,622 1, , , % 37% 41,3% 36,5% 51 35,% 35,2% 2. 3,349 2,83 3,714 4,59 4,325 29% 32,1% H/211 2% H/211 Shareholders' equity Non-controlling interests Hybrid * Hybrid vs. shareholders' equity (incl. non-controlling interests) 3
6 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Optimised risk positioning Record net income despite high burden of major losses in 21 Net (major) losses* vs. net income in m. EUR 1, (127) Net loss Group net income * Claims over EUR 5 m. gross 4
7 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Our 6 major success drivers Diversification Opportunistic and cycle management in non-life R/I Somewhat different in life/health reinsurance Innovation Low administrative expense ratio Conservative asset allocation 5
8 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Continuous increase of life and health R/I share Strong organic growth in 29 plus acquisition of ING Life Re US portfolio Gross written premium in m. EUR EBIT , , ,32 25% 9,317 26% 8,121 39% 1,275 44% 45% % ,67 74% 75% 2,135 11% 56% 55% 61% 6% 94% 89% % 21 Non-life reinsurance Life and health reinsurance Reduction of group volatility due to improved diversification 6
9 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Still well balanced international portfolio despite strong growth of 41% within two years GWP 28 EUR 8,121 m. GWP 21 EUR 11,429 m. Australia Latin 5% America 5% Asia 9% Africa 3% North America 26% Australia Latin 4% America 6% Asia 8% Africa 4% North America 3% Germany 14% Other European countries 2% Great Britain 18% Germany 1% Other European countries 16% Great Britain 21% 7
10 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Sophisticated internal model......for own risk management as well as Solvency II preparation Risk capital for the 99.97% VaR (according to internal risk model) in m. EUR , ,29 2,618 33% diversification 8, , ,95 5,411 Effective capital requirement 1. Non-life reinsurance Life and health reinsurance The risk categories have been adapted to the Solvency II requirements Calculation according to economic valuation principles As at December 21 Assets Credit Operational HR Group required capital HR Group available economic capital 8
11 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Hannover Re is well positioned......to compete in the prevailing non-life market conditions Majority of business written via brokers Flexibility to exercise cycle management Centralised underwriting safeguards underwriting discipline Our U/W tools & margin requirements are based on the CoC allocated Selection of business that achieves our profitability targets We have defended our strong rating Offers a broad cross-section of available business Risk-based solvency regimes such as Solvency II will support the development towards rational buying and writing of reinsurance Growth in developed markets by seizing market opportunities 9
12 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 We are somewhat different in life and health R/I We focus on five areas of business (our "five pillars") 1 key markets = 87% of our business; 5 main clients = 8% of our portfolio Sophisticated state-of-the-art Client Relationship Management (CRM) Concentration on biometric rather than market risk (FOGs* in 21 < EUR 2 m.) We do consider acquisitions But only if strategic fit/complement No strategic prices * FOGs = Financial Options and Guarantees, for further information see Hannover Re s MCEV report 21 Focused, long-term, growth-oriented, win-win approach 1
13 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 ING Life Re acquisition in the middle of the crisis......as well as diversified organic growth worldwide GWP life and health 28 EUR 3,134 m. GWP life and health 21 EUR 5,9 m. Africa 3% France 4% Asia 5% Australia 1% Germany 12% Latin America 6% Other European countries 11% North America 22% United Kingdom 27% Australia 7% Germany 7% Asia 7% Other European countries 8% France 3% Africa 3% Latin America 3% United Kingdom 27% North America 35% 11
14 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Hannover Re: an innovative reinsurer New products/markets Enhanced annuities Energy savings Retakaful Equity substitutes We pioneered securitisations For risk-management purposes ILS The expertise and experience of our underwriters has allowed us to develop leading positions in a variety of specialty markets Our superior market positioning and local knowledge allow us to grow in emerging markets 12
15 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Enhanced annuities: an innovative market 6 Net premium earned +133% in m. EUR
16 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Hannover Re remains the absolute cost leader Our overhead ratio is less than half of the industry average Administrative-expense ratio 1) 7.5% 3.2% 3.1% 3.2% 3.1% 3.2% Peer average 2) 21 Own calculation 1) Administrative expenses + other technical expenses (in % of net premium earned) 2) Munich Re, SCOR, Swiss Re, Transatlantic Re, Partner Re, Everest Re 14
17 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Lowest administrative expense ratio within our peer group* How? Lean, efficient infrastructure with no non-life underwriting authority in USA High exposure to broker biz to be able to execute strict cycle mgmt No unbundled services Lead positions only in carefully selected areas Why? To be competitive To have a better choice of business To have better access to niches To be profitable No attempt to offer everything to everyone, but rather concentrate on market segments in which we have a particular expertise * Munich Re, SCOR, Swiss Re, Transatlantic Re, Partner Re, Everest Re 15
18 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Higher investment volume supports investment income Increased importance of funds withheld Total investments in m. EUR Investment income in m. EUR ,42 29,691 9,227 9,553 33,293 1,786 38,47 37,517 12,636 12, , , , ,815 2,137 22,57 25,411 25, H/ H/21 Assets under own management Net income from assets under own management Funds withheld and contract deposits Income and expenses on funds withheld and contract deposits 16
19 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 RoI-target of 3.5% reflects conservative asset allocation Broad diversification even within the asset classes Tactical Asset Allocation 1) Investment category H/211 Fixed-income securities 79% 89% 87% 84% 87% Governmentals 19% 28% 25% 23% 21% Semi-governmentals 2% 23% 26% 21% 23% Corporates 26% 23% 22% 25% 27% Investment grade 24% 22% 2% 24% 26% Non-investment grade 2% 1% 2% 1% 1% Pfandbriefe, Covered Bonds, ABS 15% 15% 15% 16% 17% Equities 12% 3% 2% 4% 2% Listed 1% < 1% < 1% 2% <1% Private Equity 2% 3% 2% 2% 2% Real Estate / Real Estate Funds < 1% < 1% 1% 2% 2% Others 2% 2% 2% 2% 2% Short-term investments (STI) & cash 6% 6% 8% 8% 7% 2) Total balance sheet values in bn. EUR ) Without outstanding commitments for Private Equity and Alternative Real Estate as well as fixed-income investments of EUR m. (EUR m.) as per 3 June 211 2) Of which Pfandbriefe and Covered bonds = 85% 17
20 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 1H/211: Return on equity of 9.9% despite Q1 losses Q2/211: positive development after high catastrophe burden in Q1 Very high catastrophe burden Strong growth in non-life reinsurance (+8.3%) Result 1H/211 Further growth in life and health reinsurance, but at a lower rate (+3.7%) GWP: +6.4% Stable capital markets Strong increase in net investment income by 22.%, helped by inflation swaps Net major losses of EUR 625 m., EUR 39 m. above 1H budget (EUR 235 m.) NPE: +6.8% Net income: EUR 218 m. EPS: EUR 1.81 EBIT in life and health reinsurance burdened by Australian disability claims and f/x effects RoE (annualised): 9.9% Equity: -4.1% Favourable reinsurance markets EUR +124 m. one-off from tax court ruling Excellent operative cash flow of EUR 1,295 m. BPS: EUR
21 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Updated guidance for 211 After 1H/211 we reiterated our net income target Hannover Re Group Gross written premium (GWP) 1) ~ +7% - +8% Net premium earned (NPE) 1) ~ +7% - +8% Non-life reinsurance (NPE) 1).. ~ +7% - +8% Life and health reinsurance (NPE) 1). ~ +7% - +1% Return on investment 2)3) ~ 3.5% Net income 2) ~ EUR 5 m. Dividend pay-out ratio 4)... 35% - 4% 1) At unchanged f/x rates 2) Subject to no major distortions in capital markets and/or major losses in 2H/211 not exceeding EUR 295 m. 3) Excluding effects from inflation swaps 4) Related to group net income according to IFRS 19
22 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Development of lines of business in and our expectations for 212 Non-life reinsurance 211e 212p Divisions Lines of business Volume 1) Profitability 2) Volume 1) Target markets Specialty lines North America 3) +/- Germany 3) +/- Marine (incl. energy) + Aviation ++ Credit, surety & political risks ++ Structured R/I & ILS +/- UK, London market & direct + Global R/I Global treaty 3) - Global cat. XL - Global facultative +/- 1) In EUR, development in original currencies can be different 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 3) All lines of business except those stated separately 2
23 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Development of lines of business in and our expectations for 212 Life and health reinsurance 211e 212p The five pillars Volume 1) Profitability 2) Volume 1) Financial Solutions ++ New Markets +/- Bancassurance ++ Multinationals + Conventional R/I - 1) In EUR, development in original currencies can be different 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 21
Hannover 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 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. 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. 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 - The somewhat different reinsurer. Dr. Klaus Miller Member of the Executive Board
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 Facts & figures 1. Our mission
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationHANNOVER RUECK SE BEST S CREDIT RATING RATING RATIONALE
HANNOVER RUECK SE 30625 Hannover, Germany Operating Company Non-Life Ultimate Parent: HDI V.a.G. HANNOVER RUECK SE Karl-Wiechert-Allee 50, 30625 Hannover, Germany Web: www.hannover-re.com Tel.: 49-511-5604-0
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 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 information1Q 2015 Financial results
1Q 2015 Financial results Financial analysts meeting April 28 th, 2015 1 1 Highlights 2 Commercial & Risk overview 3 Year-to-date results 4 Appendices 2 1Q 2015 Financial highlights Turnover reaches 670.3
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 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 informationMunich Re Group Changing gear
Changing gear Dresdner Kleinwort 10th German Investment Seminar New York Jörg Schneider Member of the Board of Management 16 January 2008 Successful business model Serving one growing and converging global
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 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 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 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 informationQ1/2015 Results VTG AG Connecting worlds. Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO May 21, 2015
Q1/2015 Results VTG AG Connecting worlds Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO May 21, 2015 Table of content 1 Discussion of Q1/2015 2 Outlook FY 2015 3 Questions & Answers 4 Financial Calendar
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 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 informationGlobal Life. Source of earnings Briefing document
Global Life Source of earnings Briefing document Background and main changes to approach SOURCE OF EARNINGS What is the purpose of source of earnings? Sources of Earnings (SoE) reporting presents the key
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 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 informationFor 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 informationParis Orléans. Full year 2013/2014 results presentation
Paris Orléans Full year 2013/2014 results presentation 25 June 2014 Contents Sections 1 Highlights of 2013/2014 2 2 Business review 4 3 Financial review 9 Appendices 23 1 1. Highlights of 2013/2014 1.
More informationQuarterly result of 738m Profit guidance for 2014 to be exceeded slightly
Munich, 06 November Quarterly result of 738m Profit guidance for to be exceeded slightly Contact Media Relations Munich, Johanna Weber Tel.: +49 (89) 3891-2695 Fax: +49 (89) 3891-72695 jweber@munichre.com
More informationAgreement to Acquire a World Leading Specialty Insurer, HCC Insurance Holdings, Inc.
(English Translation) June 10, 2015 Tokio Marine Holdings, Inc. Agreement to Acquire a World Leading Specialty Insurer, HCC Insurance Holdings, Inc. Tokio Marine Holdings, Inc. ( TMHD )(President: Tsuyoshi
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 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 informationNordex SE Conference Call Q1 2015
Nordex SE Conference Call Q1 2015 Hamburg 13 May 2015 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress and order intake Dr. Jürgen Zeschky 3. Financials Q1 2015 Bernard Schäferbarthold 4.
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 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 informationSCOR inform - April 2012. Life (re)insurance under Solvency II
SCOR inform - April 2012 Life (re)insurance under Solvency II Life (re)insurance under Solvency II Author Thorsten Keil SCOR Global Life Cologne Editor Bérangère Mainguy Tel: +33 (0)1 58 44 70 00 Fax:
More informationAegon reports. Q1 2015 Results. The Hague May 13, 2015
Aegon reports Q1 2015 Results The Hague May 13, 2015 Alex Wynaendts CEO Darryl Button CFO Earnings impacted by adverse claims experience Underlying earnings impacted by adverse claims experience and low
More informationPERFORMANCE AND RESULTS
016 PERFORMANCE AND RESULTS Quarterly Statement as at 31 March 2016 THE TALANX GROUP AT A GLANCE GROUP KEY FIGURES UNIT 2016 2015 +/ % Gross written premiums 8,995 9,440 4.7 by region Germany % 36 37 1.0
More informationSAGICOR GENERAL INSURANCE INC. BEST'S CREDIT RATINGS RATING RATIONALE
Operating Company Non-Life Ultimate Parent: Sagicor Financial Corporation SAGICOR GENERAL INSURANCE INC. Beckwith Place, Lower Broad Street, Bridgetown, Barbados Haggatt Hall, St. Michael, Barbados Web:
More informationMARKEL INTERNATIONAL INSURANCE COMPANY LIMITED
MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED London EC3A 2EA, United Kingdom A Operating Company Non-Life Ultimate Parent: Markel Corporation MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED The Markel
More informationQ2 2014 SHAREHOLDERS REPORT SUN LIFE FINANCIAL INC. For the period ended June 30, 2014. sunlife.com
Q2 2014 SHAREHOLDERS REPORT SUN LIFE FINANCIAL INC. For the period ended June 30, 2014 sunlife.com CANADIAN RESIDENTS PARTICIPATING IN THE SHARE ACCOUNT Shareholders holding shares in the Canadian Share
More informationFinancial Outlook: Prepared for all demand scenarios Investor Day 2011
Financial Outlook: Prepared for all demand scenarios Investor Day 2011 Stephan Gemkow Member of the Executive Board and CFO Zurich, September 21 st, 2011 0 Growth expectations have been revised downwards
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 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 informationMunich Re Group. Telephone conference for analysts and investors
Acquisition of The Midland Company Telephone conference for analysts and investors Torsten Jeworrek Jörg Schneider 17 October 2007 Agenda 7 Financial impact 14 Summary 17 19 2 Agenda 7 Financial impact
More informationAnalyst Conference Call Q3 2006
THE INTERNATIONAL PROPERTY SPECIALIST Analyst Conference Call Q3 2006 13 November 2006 Group Facts and Figures Q3 2006 1 Group P&L Q3 2006 Q3 2006 Q2 2006 Q3 2005 mn mn mn Net interest income 97 102 93
More informationStability and reliability
Allianz Life Insurance Company of North America Stability and reliability Our investment management philosophy Page 1 of 8 True to our promises Message from Walter White President and Chief Executive Officer
More information2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6
2 N D Q U A R T E R 2 1 6 O s l o, 1 8 J u l y 2 1 6 Agenda Per A Sørlie, President & CEO Highlights Business areas Outlook Per Bjarne Lyngstad, CFO Financial performance 2 Highlights 2 nd quarter 216
More informationA M Best s Rating Report. United Insurance Company Limited Bridgetown, Barbados. Revision Date: August 23, 2013
A M Best s Rating Report United Insurance Company Limited Bridgetown, Barbados Revision Date: August 23, 2013 United Insurance Co. Ltd. has a Rating of A- (Excellent) Operating Company Non-Life Ultimate
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 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 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 informationASPEN INSURANCE HOLDINGS LIMITED REPORTS SECOND QUARTER 2006 EARNINGS. Net profit of $101.8 million for three months ended June 30, 2006
FOR IMMEDIATE RELEASE Investor Contact: Aspen Insurance Holdings Limited T 441-297-9382 Noah Fields, Head of Investor Relations Julian Cusack, Chief Financial Officer European Press Contact: The Maitland
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 information2013 Year End Results
2013 Year End Results 1.2 00 200 Why Invest in Aksigorta 2 1 Great Potential in TR NL Insurance Market Great Potential in Akbank 2 Turkey has 1,1 NL insurance penetration while peer economies have 2-3
More information15 April 2015 Kurt Svoboda, CFRO. UNIQA Insurance Group AG Economic Capital and Embedded Value 2014
15 April 2015 Kurt Svoboda, CFRO UNIQA Insurance Group AG Economic Capital and Embedded Value 2014 Economic Capital Embedded Value Sensitivities and other analysis Appendix Assumptions Glossary & Disclaimer
More informationAllianz 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 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 informationDelivering sustainable global growth
Delivering sustainable global growth Driving profits by growing third party assets Keith Skeoch CEO, Standard Life Investments This presentation may contain certain forward-looking statements with respect
More informationOPPORTUNITIES AND CHALLENGES ON THE
OPPORTUNITIES AND CHALLENGES ON THE ROAD TO RECOVERY Madrid, 0 June 200 Jörg Schneider Munich Re (Group) Integrated business model A leading global (re)insurer Munich Re Premium breakdown by segment (consolidated)
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 informationAmerican International Group, Inc. Financial Supplement Fourth Quarter 2005
Financial Supplement Fourth Quarter 2005 This report should be read in conjunction with AIG's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission.
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 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 information