Helvetia Group Business Profile
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1 Helvetia Group Business Profile
2 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 Balanced between profitable non-life, fast growing life and cyclical reinsurance Emphasis on strong technical underwriting, conservative asset management and solid capitalization 2
3 Our market positions Strong growth potential due to small market positions Helvetia markets generate volume of US $ 846 billion and represent 18.4% of world market Ambition Helvetia strives to strengthen the current attractive business portfolio in its current markets and to extend its market shares continuously CHF 102 mn CHF 799 mn 34% life 66% non-life $ 273 bn Niche position No. 2* $ 64 bn TOP 5 $ 245 bn TOP 30 $161 bn TOP 20 $ 23 bn TOP 15 CHF 4,110 mn 80% life 20% non-life CHF 290 mn 36% life 64% non-life CHF 428 mn 31% life 69% non-life $ 80 bn TOP 30 CHF 1,223 mn 58% life 42% non-life Source: sigma 3/2012, Swiss Re * After approval of the acquisition of Gan Eurocourtage (FR) by the responsible supervisory bodies 3
4 Our value proposition Top quality supplier and premium «Swiss» brand Mission for customers Strong service culture: individual, personal, competent High-quality distribution network supported by renown cooperation partnerships Large enough to be reliable, small enough to be personal Trusted partner with well-established reputation Not everything for every customer Mission for shareholders Reliable dividend payer generating attractive returns Strive for a better than average growth founded on a stable shareholder base Focus on diversification offering good opportunities for sustainable profitability Make use of adaptable, clear-out structures to keep our costs competitive Not everything for every investor Long term investment, steady and reliable partner 4
5 2011 business configuration (1/2) (in CHF million) By business area By geography Non-life 34% 2,432 Reinsurance 3% 220 ES 6% 428 9% 612 Other insurance units 17% 1, bn IT 7.2 bn Life 63% 4,520 DE 11% % 4,110 CH 5
6 2011 business configuration (2/2) (in CHF million) Life Non-life Deposits Unit-linked 6% 261 4% 200 Group life Liability Transport 10% 253 7% 157 7% 181 Accident/health Individual life 32% 1, bn 58% 2,617 Motor vehicle 38% bn 38% 918 Property 6
7 Our business model Overall focus on customer centricity We focus on the needs of private individuals as well as small and medium-sized enterprises We consistently centre our product development and sales efforts on the needs of our customers Our decentralised and flexible organisation enables us to react quickly to shifts in demand Strong service culture First-class distribution network Superior customer satisfaction & loyalty Focused product development Multi-Channeling approach Our distribution partners Strong tied agents network High quality broker relations Exclusive and renown cooperation partners instead of an own bancassurance solution Strong cross-selling potential abroad (life / non-life) 7
8 Shareholder structure as at % 4.0% Raiffeisen Switzerland 4.0% Vontobel Group Free float Pool members 30.1% Patria Mutual** 61.9% 38.1% Free float * by investor type Free float* by geography Private individuals 23.9% Other institutional investors 55.1% Investors based abroad 36.9% Swiss investors 63.1% Banks and insurers 21.0% * Only registered shareholders ** of which 0.3% are held outside the shareholder pool 8
9 Our strategic ambition Expanding our stable business portfolio in the existing country markets Overall strategic ambition Continuously increase our market shares Placing great value on sensible geographic diversification Balancing the profitable non-life, the fast-growing life and the cyclical reinsurance book 9
10 Our strategic initiatives Strengthen expansion of market positions Expand multi-channeling approach in all country markets Establish «European» life product development step by step Pursue an active M&A strategy Sustainably improve profitability Industrialise the business process and push Group-wide IT bundling Increase life earning power with bundle of local measures, coordinated by the new Groupwide life competence centre Optimise financial structure in accordance with supervisory requirements (SST / Solvency II) Improve customer loyalty in line with needs Optimise CRM approach for managing sales processes Quality management of business processes (EFQM) Enhance brand profile / Group-wide branding concept 10
11 Strategy implementation: Growth+ Development of business volume Performance in half-year 2012 (in CHF million) Selective growth: broadly based in non-life with 2.1% growth, profit-oriented in life 5,505 5,712 6,711 6,755 7,172 Promising acquisitions: continuation of successful M&A strategy by acquisition of the French transport portfolio of Gan Eurocourtage Portfolio transfer of SEV insurance mutual to Helvetia Switzerland Cooperation: Group-wide growth initiative started in order to create synergies in the transport insurance business
12 Recent acquisitions 2010 Alba & Phenix 2012 SEVV 2009 CEAT 2012 Gan Eurocourtage 2008 Chiara Vita 2008 Padana 2012 Chiara Ass. Chiara Vita 25% increase (CHF 170 mn) in Swiss non-life book Strengthens distribution in high profitable market Improves visibility in Western Switzerland Increases efficiency through cost synergies Successful integration / rebranding in 2011 Business volume of CHF 20.5 mn 4% growth in regular premiums in single life business Opening up new customer segments for life and non-life 50% increase (EUR 30 mn) in transport business Complements product range / strengthens distribution network Successful integration / rebranding in % growth (EUR 150 mn) No. 2 in French transport insurance market Complement product range in hull business Transfer of experts and know-how as well as innovational strength Multiplication of Italian life business (EUR 320 mn) Gives us access to bank distribution in Italy Exclusive cooperation with Banco di Desio > 160 points of sale 13% increase (EUR 40 mn) in Italian non-life Exclusive ENI-Worksite marketing distribution 22 «Insurance corners» in place Fast growing non-life insurer (EUR 32 mn, no motor business) Access to a banking distribution network of over 1100 branches 12
13 Strategy implementation: Profitability+ Development of administration cost ratio non-life Performance in half-year 2012 (net in %) Solid results in life and non-life business Non-life: combined ratio within target range, cost ratio reduced to 27.3%, administration cost ratio to 7.8% Life: stable margin between current earnings and guarantees Strong balance sheet: with CHF 3.5 bn equity (without preferred securities) strong capital position even under solvency I and SST Rating: «A-» with outlook stable HY 12 13
14 Strategy implementation: M&A France Facts Tripling of premium volume Marked expansion of cargo and shipping insurance business Repositioning in the complementary hull business Number two in the French transport insurance market (previously number five) Market share more than doubled from 7.2% to 19.5% Gross premiums volume France Business-split of acquired volume (in EUR million) Pro 2012 forma Helvetia FR Gan Eurocourtage FR 9% 16% 7% 6% EUR 150 mn 17% 23% 23% Cargo Hauliers & logisticans Ship owners Pleasure craft Ports Fishing vessels Inland craft 14
15 Financial objectives Growth objectives Profitability objectives Organic growth above the market average 94-96% combined ratio (NL) % new business margin* (L) Cost objectives Further improvement of cost efficiency Capital objectives Solvency I > 175% Rating class: A Return on equity 10-12% Payout ratio 30-50% * on basis of PVNBP 15
16 Key figures (1/2) After tax profit (in CHF million) Business volume (in CHF million) Our focus Profitable growth ,711 6,755 7,172 HY: 163 HY: 4, ) Net combined ratio (NL) (in %) Value of new business (L) (in CHF million) Our focus Strong technical results Profitability and efficiency enhancement HY: 93.1 HY: ) ) New reserving method in place for major claims incurred but not yet reported. The prior-year figures have been adjusted accordingly. 16
17 Key figures (2/2) Shareholders' equity (in CHF million) Solvency I (in %) Our focus Financial strength 3,208 3,158 3, HY: 3,461 HY: ) 2009 Payout ratio / Dividend yield Dividend ) Our focus (in %) (per share in CHF) Sustained dividend policy ) New reserving method in place for major claims incurred but not yet reported. The prior-year figures have been adjusted accordingly. 17
18 Q&A
19 Cautionary statement regarding forward-looking statements This document was prepared by Helvetia Group and may not be copied, altered, offered, sold or otherwise distributed to anybody by the recipient without the consent of Helvetia Group. Although all reasonable effort has been made to ensure that the facts stated herein are correct and the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to and an overview of the business of Helvetia Group. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed as accurate by Helvetia Group. Neither Helvetia Group nor any of its directors, officers, employees and advisors nor any other person is liable in any way for any loss howsoever arising directly or indirectly from the use of this information. The facts and information contained in this document are as up to date as is reasonably possible but may be subject to revision in the future. Neither Helvetia Group nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document. This document may contain projections or other forward-looking statements related to Helvetia Group which by their very nature involve inherent risks and uncertainties, both general and specific, and there is a risk that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These include: (1) changes in general economic conditions, in particular in the markets in which we operate; (2) the performance of financial markets; (3) changes in interest rates; (4) changes in currency exchange rates; (5) changes in laws and regulations, including accounting policies or practices; (6) risks associated with implementing our business strategies; (7) the frequency, magnitude and general development of insured events; (8) mortality and morbidity rates; (9) policy renewal and lapse rates. We caution you that the foregoing list of important factors is not exhaustive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties. All forward-looking statements are based on information available to Helvetia Group on the date of its publication and Helvetia Group assumes no obligation to update such statements unless otherwise required by applicable law. This document does not constitute an offer or a solicitation to exchange, buy or subscribe to securities, nor does it constitute an offering circular as defined by Art. 652a of the Swiss Code of Obligations or a listing prospectus as defined by the listing rules of the SIX Swiss Exchange. Should Helvetia Group in the future make one or more capital increases, investors should make their decision to buy or to subscribe for new shares or other securities solely based on the relevant offering circular. 19
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