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1 0 Financial Presentation London, 7 October 2010
2 1 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION
3 GROWTH STRATEGIES 2 DEVELOPMENT OF: AGENCIES NETWORK AFFINITY GROUPS FOCUS ON TECHNICAL RESULT LOW RISK INVESTMENT PORTFOLIO TAKE ADVANTAGE OF REAL ESTATE OPPORTUNITIES REDUCTION OF EXPENSE RATIO IN THE MEDIUM TERM SOLVENCY MARGIN SELF-FINANCING AND MAINTENANCE OF SOLVENCY RATIO AT ACTUAL LEVEL AVERAGE DIVIDEND PAY-OUT OVER 20%
4 3 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION
5 SHAREHOLDERS STRUCTURE % YAFA HOLDING BV (Carlo Acutis) 82% VITTORIA CAPITAL NV 12% MÜNCHENER GROUP 51.81% VITTORIA ASSICURAZIONI SPA REAL ESTATE PRIVATE EQUITY 18.75% YAM INVEST N.V.
6 SHAREHOLDERS VITTORIA CAPITAL N.V. 5 % ON CAPITAL 1. YAFA HOLDING B.V.- Netherland (Carlo Acutis) 82% 2. MÜNCHENER RÜCK GROUP Germany 12% Münchener Rückversicherungs Gesellschaft 10% Victoria Düsseldorf 2% 3. Other 6% Total 100%
7 6 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION
8 NON-LIFE PREMIUM VOLUME 7 Expected 2010 volume increase due to the opening of new agencies (+30 in 2010) 2009 Volumes higher than market average (+5% vs -1.9%) and 32 new agencies opened Slowdown in 2009 Non Motor volumes caused by the market crisis, especially in Credit Protection Insurance subject to a more restrictive underwriting policy Target: families and small / medium enterprises Focus and specialization on Affinity Groups Non Motor Other Motor MTPL % % % % % +5.0% % -2.4% % +12.1% % +18.4% FCT 2010 /ML
9 TOTAL NON-LIFE COMBINED RATIO Combined ratio not yet on target (97.5% in a normalized economic context) Reduction of 2010 Loss Ratio influenced by the expected returns from the new agencies and from the forecast market recovery 2009 Loss Ratio increase due to Motor lines of business (impacted by the economic crisis) Total Cost Ratio Loss Ratio FCT 2010
10 MOTOR COMBINED RATIO 9 Expected 2010 Combined Ratio falls back in line with prior years after the 2009 peak (caused by an increased claims frequency in Motor direct warranties) 2009 Loss Ratio impacted by the average premium reduction although less than market average Total Cost Ratio Loss Ratio FCT 2010
11 NON MOTOR COMBINED RATIO 10 Loss Ratio improvement coming from portfolio pruning and technical profitability recovery actions, especially in the Property line of business Increase in total cost due to the opening of new agencies and to expected volume development in Non Motor Total Cost Ratio Loss Ratio FCT 2010
12 11 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION
13 LIFE GROSS WRITTEN PREMIUM 12 Significant increase in premium, mostly resulting from the agents network within positive market trends in life sector The forecast growth in single premium is mostly due to profit participation policies with retail customers % % % % Annual premium % % Single premium % +26.2% +35.9% FCT 2010 /ML
14 CLAIMS MATURITIES - SURRENDERS 13 Surrenders 2009 and 2010 below market average (57% vs 27% of Vittoria) Surrenders Maturities (*) Claims FCT 2010 /ML (*) net of amounts payable to policy holders
15 GROSS RETURN OF POLICIES LINKED TO SEGREGATED FUNDS vs GOVERNMENT BONDS 14 Segregated fund s gross returns are all above average Government Bonds gross return 5.12% 5.14% 5.08% 5.00% 4.91% 4.78% 4.90% "Valore crescente" 4.40% 4.50% 4.23% "Rend. Mensile" "Liquinvest" 3.80% Government bonds (*) 3.50% (*) Rendistato index
16 15 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION
17 EMPLOYEES 16 Increase in employees to support premium development and the increasing demands arising from new laws requirements (compliance, risk management, etc.) Underwriting and claim settlement areas register the major increase Headquarters On out-sites FCT 2010
18 SALES STRUCTURE 17 Targets in Agencies/Sub-agencies opening met Sub- Agencies Agencies FCT 2010
19 18 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION
20 INVESTMENT PORTFOLIO 19 (Statutory Financial Statements) Stable investment portfolio with a low risk profile Core investments in Government bonds Additional returns obtained through satellite investments (real estate, private equity, YAM Invest NV) Financial returns affected by decrease in interest rates DESCRIPTION INVESTMENTS & LIQUID FUNDS BUILDINGS & REAL ESTATE 9.4% 11.2% 11.0% STRATEGIC EQUITY INVESTMENTS 4.1% 3.4% 3.5% PRIVATE EQUITY 1.3% 1.8% 1.9% BONDS 81.3% 79.6% 79.9% LOAN 0.8% 1.0% 0.9% LIQUID FUNDS 3.1% 3.0% 2.8%
21 MAIN REAL ESTATE PROJECTS 20 Projects SQM (100%) Completion date Focus on residential developments in Italy Milano Area Portello - Residential 51, Milano Area Portello - Commercial - building A 11, Milano Area Portello - Commercial - building C 8, Total Portello 72,055 Peschiera Borromeo lot 3 25, Peschiera Borromeo lot 4 15, Total Peschiera 40,832 San Donato Mil.se 21, Peschiera Borromeo: lot 4 completed: 87% of preliminary and notary deeds of sale (as of August 2010) San Donato Milanese: 64% of preliminary deeds of sale (as of August 2010) Area Portello Residential: 10% of estimated market value on sale (as of August 2010) Other projects 111,232 Total projects 245,667 Portello project - building B- relating to the new Company s premises is excluded, but construction is in line with plans (investment: 82 /ML 19,186 SQM)
22 PRIVATE EQUITY % White Finance S.A. VITTORIA ASSICURAZIONI SPA 29.0% 32.13% Laumor Holdings S.a.r.l. GIMA Finance S.A. Maximum planned exposure: 40 ML Contribution to consolidated profit is slowed down by financial market crisis 25.9% Yarpa spa 10% LBO France
23 YAM INVEST N.V. 22 VITTORIA ASSICURAZIONI SPA 18.75% YAM INVEST N.V. Liquid funds available as of June 2010: ML, mainly invested in French and German Government bonds and bank deposits Main investments: Corporate 19.5 ML (Helse, Time) Real Estate Poland 28.8 ML Investments are on going: contribution to consolidated results is expected in the medium term Vittoria s book value as at 30 June 2010: Consolidated 65.6 ML Statutory 6.6 ML
24 23 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION
25 SOLVENCY I RATIO 24 Steady increase of net equity Solvency ratio over market listed peers level Solvency I required Consolidated equity adjusted for Solvency I purposes SOLVENCY I RATIO (Consolidated Accounts) 276% 276% 254%
26 DIVIDEND POLICY 25 In 2008 bonus capital increase (1:1). 11,180 11,184 4,200 4,500 4,872 5, Dividends paid /000
27 GROUP EMBEDDED VALUE 26 VS MARKET PRICE /ML Embedded Value increase Value in force on total portfolio Consolidated net equity Market capitalization under Embedded Value EV per share Market price
28 CONSOLIDATED NET ROE ROE considers Real Estate contribution and a still unstable financial context 2009 ROE influenced by: on-going investments in Real Estate returns on Private Equity and Yam Invest NV impacted by the market turmoil Bonds yield impacted by decrease of interest rates Shareholders equity net of unrealised gain / losses FCT 2010
29 CONSOLIDATED NET PROFIT 28 /ML Forecast net result (Local GAAPs) 37,939 24,289 24,951 Dividends from Group Companies (written-off in the Consolidated Accounts) (24,903) (3,979) (1,284) Italian Real Estate Companies 713 (952) 4,635 YAM Invest N.V. 1, (450) Private Equity (196) (786) (1,300) Other Companies IFRS adjustments 4,719 (1,730) 1,000 Consolidated Net Result 20,171 16,923 27,552 CONSOLIDATED ROE
30 LEGENDA 29 PREMIUM WRITTEN PREMIUM DIRECT BUSINESS LOSS RATIO RETAINED BUSINESS INCURRED CLAIMS / EARNED PREMIUM TOTAL COST RATIO ADMINISTRATION EXPENSES + INTANGIBLE ASSET AMORTISATION + OTHER TECHNICAL CHARGES/ EARNED PREMIUMS COMBINED RATIO RETAINED BUSINESS (INCURRED CLAIMS + ADMINISTRATION EXPENSES + INTANGIBLE ASSET AMORTISATION + OTHER TECHNICAL CHARGES) / EARNED PREMIUM CONSOLIDATED ROE CONSOLIDATED NET PROFIT FOR THE YEAR / CONSOLIDATED AVERAGE SHAREHOLDERS EQUITY (CONSOLIDATED OPENING SHAREHOLDERS EQUITY + CONSOLIDATED CLOSING SHAREHOLDERS EQUITY / 2). EQUITY IS NET OF RESERVES FOR UNREALISED GAINS / LOSSES CAGR (Compound Annual Growth Rate) (START VALUE / FINISH VALUE) ^(1/NUMBER OF YEARS CONSIDERED) - 1 VIF (VALUE-IN-FORCE): PRESENT VALUE OF EXPECTED FUTURE EARNINGS ARISING FROM THE EXISTING PORTFOLIO ADJUSTED OF ANNUAL CASH FLOWS OF CAPITAL RENDISTATO: AVERAGE MONTHLY GROSS YIELD OF GOVERNMENT BONDS SUBJECT TO TAXATION
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