Preliminary results Frankfurt - February 23, 2011

Transcription

1 Preliminary results 2010 Frankfurt - February 23, 2011

2 Agenda Highlights 2010 Dr. Uwe Schroeder-Wildberg, CEO Preliminary results 2010 Reinhard Loose, CFO Strategy, market developments, outlook and summary Dr. Uwe Schroeder-Wildberg, CEO Questions & Answers Page 2 MLP Analyst Conference, Frankfurt - February 23, 2011

3 Preliminary results 2010 Highlights Dr. Uwe Schroeder-Wildberg, CEO Frankfurt - February 23, 2011

4 Overview Financial Year 2010 MLP concluded the financial year with significant earnings growth EBIT increased by 11%, Group net profit rose by 41% Successful efficiency management: cost savings target once again clearly exceeded MLP continues to benefit from its holistic approach and achieved growth particularly in wealth management and health insurance Assets under Management continued to grow reaching new record high of 19.8 billion Executive Board proposes a dividend of 30 cents per share (2009: 25 cents) Page 4 MLP Analyst Conference, Frankfurt - February 23, 2011

5 Financial crisis leaves far-reaching after-effects Personal stance towards financial investments has changed since the start of the financial crisis [in %] Total 29 Self-employed 37 Net household income > EUR 3, Source: Forsa survey commissioned by Allianz Deutschland AG, December 2010, Base: 1,003 respondents Page 5 MLP Analyst Conference, Frankfurt - February 23, 2011

6 Old-age provision business remains difficult Market development New business: old-age provision (recurring premiums) in the market [in billion] [ billion] Source: GDV (German Insurance Association), own calculations (premium sum new business: recurring premiums x duration) Page 6 MLP Analyst Conference, Frankfurt - February 23, 2011

7 Earnings situation improved significantly Total revenue million -2% EBIT Group net profit 47.0 million 34.1 million +11% +41% EPS (diluted) % Page 7 MLP Analyst Conference, Frankfurt - February 23, 2011

8 Dividend increases to 30 cents per share Dividend per share [in cents] [Cent] Total dividend sum 32.4m Page 8 MLP Analyst Conference, Frankfurt - February 23, 2011

9 Preliminary results 2010 Reinhard Loose, CFO Frankfurt - February 23, 2010

10 Stable revenue from commissions and fees Total revenue 2010 [in million] Revenue Revenue - Commissions and fees Interest income Other revenue Page 10 MLP Analyst Conference, Frankfurt - February 23, 2011

11 Q4: Total revenue declined by 7% Total revenue Q [in million] Revenue Revenue - Commissions and fees Interest income Other revenue Q Q Page 11 MLP Analyst Conference, Frankfurt - February 23, 2011

12 Very positive development in health insurance Revenue - commissions and fees [in million] Q Q in % in % Old-age provision Wealth management Health insurance Non-life insurance Loans and mortgages* Other commissions and fees * excluding MLP Hyp Page 12 MLP Analyst Conference, Frankfurt - February 23, 2011

13 Share of wealth management increased to 17% Revenue commissions and fees, 2010: million [in %] 2.6 (2.7) 0.8 (0.9) 5.9 (5.6) 13.0 (9.8) 16.6 (15.2) Old-age provision Wealth management Health insurance Non-life insurance Loans and mortgages* Other commissions and fees 61.1 (65.9) * excluding MLP Hyp Page 13 MLP Analyst Conference, Frankfurt - February 23, 2011

14 Net profit increased by 41% Income statement [in million] Total revenue EBIT Finance cost EBT Taxes Net profit continuing operations Net profit discontinued operations Group net profit EPS in (diluted) Q Q EBIT increased by 11% Net profit reached 34.1m EPS +41% Page 14 MLP Analyst Conference, Frankfurt - February 23, 2011

15 Cost-cutting target again clearly exceeded Development of fixed costs* [in million] (reported) Personnel D&A Other operating expenses 2010 (reported) * Personnel, D&A, other operating expenses Page 15 MLP Analyst Conference, Frankfurt - February 23, 2011

16 Strong equity base and liquidity MLP Group selected balance sheet items [in million] 31/12/ /12/2010 Intangible assets Financial investments Cash and cash equivalents Liquid funds 223m Other receivables and other assets Shareholders equity Equity ratio % % Equity ratio 28.5% Other liabilities Total 1, ,505.4 Page 16 MLP Analyst Conference, Frankfurt - February 23, 2011

17 34,000 new clients gained in 2010 New clients Consultants 35,000 34,500 34,000 2,500 2,383 2,273 30,000 2,000 25,000 1,500 20, ,000 31/12/ /12/2010 Page 17 MLP Analyst Conference, Frankfurt - February 23, 2011

18 Market share for recurring premiums at previous year s level Market share old-age provision Market share - recurring premiums* [in %] [%] Source: GDV (German Insurance Association), own calculations / *preliminary market figures Page 18 MLP Analyst Conference, Frankfurt - February 23, 2011

19 Market share further increased Market share Wealth management Assets under Management [in bn] Market MLP [in bn] % +13% 1, ,706.1 [in bn] 1, % % Source: BVI, own calculations Page 19 MLP Analyst Conference, Frankfurt - February 23, 2011

20 Preliminary results 2010 Strategy and market developments Dr. Uwe Schroeder-Wildberg, CEO Frankfurt - February 23, 2011

21 MLP a broad-based consulting house Private clients Institutional clients Rating MLP Finanzdienstleistungen Feri Family Trust ZSH MLP Finanzdienstleistungen (Corporate pension business, corporate clients) TPC Feri Institutional Advisors Feri EuroRating Services Independent product and investment research Page 21 MLP Analyst Conference, Frankfurt - February 23, 2011

22 Unique investment universe Portfolio in wealth management for MLP clients Wealth management Strategic asset management Modular wealth management Strategic wealth management Individual wealth management Special topics Feri HNWI business (assets above 5 m) Foundations Liquidity management Finance pilot Current account Credit cards AXA Reinvestment account Overnight money ZinsPlus OP Basis Fund I Deposit account Fixed deposits Asset concepts conservative balanced dynamic X of the Best conservative Ethna Global D. FI Alpha Fixed Income Global Sauren Global Defensive MLP absolute return I / II Selected Investment Funds Specialities Other investment funds Asset managers X of the Best balanced Carmignac Patrimoine Ethna Active E. Sauren Global Balanced X of the Best dynamic Carmignac Investissement FMM Funds Sauren Global Opportunities titan portfolio (Funds list) best select participations currency account online portfolio account capital-forming benefits Page 22 MLP Analyst Conference, Frankfurt - February 23, 2011

23 MLP has firmly established itself in wealth management AuM: MLP compared to selected German private banks Company HSBC Trinkaus Sal. Oppenheim BHF-Bank Metzler M.M. Warburg Berenberg Hauck & Aufhäuser MLP Bankhaus Lampe Merck Finck Managed assets 99 billion 68 billion 43 billion 37 billion 32 billion 22 billion 20 billion 19.8 billion 14 billion 10 billion Source: Financial Times Deutschland, 08/11/2010, own data Page 23 MLP Analyst Conference, Frankfurt - February 23, 2011

24 High consulting demand from institutional clients Feri Institutional Advisors Asset Allocation Selection of the right investment classes and protection systems/mechanisms within the framework of asset allocation is becoming increasingly important Manager Selection Growing need with respect to manager selection services (particularly selection of risk investments and alternative investments such as property, but also themes/niche themes such as infrastructure) Risk Overlay Increasing demand with respect to the implementation of intelligent risk-overlay systems which allow shortterm protection of individual asset classes whilst also enabling rapid re-entry. Page 24 MLP Analyst Conference, Frankfurt - February 23, 2011

25 MLP will benefit from tighter regulations Regulations Increases Advantages MLP Insurance Mediation Directive MiFID German Insurance Act Investor Protection Act Further regulations to increase customer protection Information Documentation Education Supervision Banking license Insurance broker High quality education (Corporate University) MLP benefits from its early alignment to the new requirements and calls for even higher quality standards Page 25 MLP Analyst Conference, Frankfurt - February 23, 2011

26 Demanding market environment Change in German GDP [in %] Positive market environment for wealth management and health insurance will continue Further development in the old-age provision market uncertain e Source: Annual economic report Page 26 MLP Analyst Conference, Frankfurt - February 23, 2011

27 Target 2012: Increase EBIT margin to 15% MLP Group Operating EBIT margin* [in %] e * Before acquisitions and one-offs Page 27 MLP Analyst Conference, Frankfurt - February 23, 2011

28 Further cost savings of 20 million Outlook Fixed costs [in million] e Further reduction of fixed costs by the end of 2012 amounting to 20m Focus: administrative expenses, reduction of IT complexity Page 28 MLP Analyst Conference, Frankfurt - February 23, 2011

29 Growth expected in wealth management and health insurance Outlook Revenue old-age provision Revenue wealth management Revenue health insurance Further growth in wealth management and health insurance expected in 2011 and 2012 Outlook for old-age provision remains uncertain from a current perspective, stable revenues in 2011 and a slight increase in the following year Page 29 MLP Analyst Conference, Frankfurt - February 23, 2011

30 Summary MLP performed well in 2010 and concluded the year with a considerable increase in earnings As in 2010, MLP will also benefit in 2011 from the new breadth in the business model 2011 will not be an easy year. However, even these demanding framework conditions offer many opportunities which MLP will utilise Goal for 2012: Increase in the operating EBIT margin to 15% Page 30 MLP Analyst Conference, Frankfurt - February 23, 2011

31 Preliminary results 2010 Questions & Answers Frankfurt - February 23, 2011