Wüstenrot & Württembergische AG, Stuttgart

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1 Wüstenrot & Württembergische AG, Stuttgart Dr. Jan Martin Wicke, CFO 26 April 2013 Berenberg Roadshow Frankfurt

2 Agenda 1. Who we are 2. External challenges 3. New strategy: "W&W 2015" 4. Financial results 5. Outlook 6. Why invest in W&W shares? page 2

3 Who we are Our roots Foundations of sound expertise Established in 1828, Württembergische Privat- Feuer-Versicherungsgesellschaft is the oldest private property insurance in southern Germany. In 1833, Allgemeine Rentenanstalt, the first pension insurance in Germany, was established. In 1991, both companies formed the Württembergische Insurance Group. Founded 1921, Wüstenrot was Germany s first home loan and savings bank. In 1999, merger between Wüstenrot & Württembergische. With its two well established, strong brands "Wüstenrot" and "Württembergische", the W&W Group is a specialized one-stop shop for financial planning for retail clients and small/medium commercial customers in Germany and the Czech Republic: Mobile sales force of about 6,000 tied agents 10,000 employees, 450 trainees 6 million customers No 2 in German home loan savings No 9 in German property/casualty insurance No 12 in German life insurance page 3

4 Who we are Our strengths W&W is close to the customer Product range Customer potential Distribution channels Products of Württembergische Lebensversicherung Products of Wüstenrot Bausparkasse Products of Württembergische Versicherung Products of Wüstenrot Bank and Asset Management Potential access to 40 m private and commercial customers in Germany 3,000 tied agents Wüstenrot 3,000 tied agents Württembergische Direct distribution channel 5,000 brokers Financial services providers Banks Insurances Our customer potential, our business model and our independence form a strong basis for successful future development. page 4

5 Who we are Our strengths Diversified business model Business segments of the W&W Group Banking products and mortgage lending Life and health insurance Property and casualty insurance Others Württembergische Lebensversicherung AG Wüstenrot Bausparkasse AG Wüstenrot Bank AG Pfandbriefbank ARA Pensionskasse AG Karlsruher Lebensversicherung AG Württembergische Versicherung AG Service entities Czech Republic W&W companies Württembergische Krankenversicherung AG With its strong pillars, W&W Group s business model is well diversified to face challenging market conditions. page 5

6 Who we are How we earn money Risk profile 3,9 % 0,3 % 44,1 % 40,9 % 10,8 % Credit risk Insurance risk Market risk Operational risk Behavioural risk Credit risk: Strong track record in underwriting retail mortgages P/C insurance risk: Long term combined ratio target < 96 % Market risk: Unavoidable in particular in building society and life insurance Behavioural risk of customers: Strong track record in managing these risks Operational risk: Strong internal control system in order to minimize operational risk Liquidity risk: Particularly low due to regular premium income Well diversified business model; systematic approach in managing risk diversification page 6

7 Agenda 1. Who we are 2. External challenges 3. New strategy: "W&W 2015" 4. Financial results 5. Outlook 6. Why invest in W&W shares? page 7

8 External challenges Challenges by capital markets and increasing regulation Capital markets: In order to meet interest guarantees given to our customers, we are invested in bonds to a large extent Low interest rates create a challenging environment for asset management Volatile credit spreads lead to higher risk capital requirements Interest rates 10y Swap in % in % Euro crisis Regulation: W&W has to comply with increasing regulatory requirements from banking and insurance supervision alike (Basel III and Solvency II) Implementation of the new regulatory measures is both costly and absorbing work capacity Capital requirements will rise significantly for banks and life insurers The new strategy programme "W&W 2015" is designed to manage these challenges. W&W will keep its financial stability. Greece page 8

9 External challenges New regulatory capital requirements: A closer look Solvency II relevant for insurances: Basel III relevant for banks*: Higher capital requirements due to new calculation methods Mandatory enforcement of Solvency II, according to current Solvency II schedules, from 2016 onwards (enforcement of parts in 2014 likely) Impacts P/C: no material changes expected Impacts L/H: significant increase in required capital expected 14% 12% 10% 8% 6% 4% 2% 0% % % 4.0% 8.0! % % +62.5% % % % % % % 13.0% 2.0% Supplementary capital +175% Core capital For the same business, financial institutions are required to hold significantly more underlying capital. * including countercyclical buffer but without any systemic buffer according to CRD IV / CRR. page 9

10 Agenda 1. Who we are 2. External challenges 3. New strategy: "W&W 2015" 4. Financial results 5. Outlook 6. Why invest in W&W shares? page 10

11 New strategy: "W&W 2015" W&W meets the challenge by setting up a new strategy programme Being a reliable partner in financial services is the top priority of W&W Being a one-stop shop for financial planning and a reliable financial services provider is characteristic of all business activities of the W&W Group. W&W will remain a reliable partner in the future proactive steps are taken now. "New reality" for financial services providers The Measures are developed to improve efficiency in financial services, to actively manage risk-reward profiles of existing business and the product portfolio "W&W 2015" secures economic success Earnings increase Risk reduction Efficiency improvement and cost reduction strategy programme and ongoing businesses are designed to protect the good reputation of the group. page 11

12 New strategy: "W&W 2015" "W&W 2015" comprises seven areas for action Area for action Description 1 Quick-win measures Implementation of first ad-hoc measures: Sophisticated hiring freeze, restrictions on contracting external service providers, and optimization of purchasing Business model for BausparBank Cost programme Portfolio management Asset allocation Resources/IT Capital optimization Adaptation of business model to the changed economic environment This will be achieved through simplification of products, modification of the operating model, and focusing on bank functions Significant reduction of overall cost structure All types of functions and costs are affected: Control functions, production and service functions, sales, and non-personnel costs Guiding principles: Avoid, reduce costs, simplify Advanced management of the portfolio based on value Further reduction of high-interest tariffs in building savings and life insurance Earnings stabilization through an optimized investment portfolio and definition of possible courses of action in the low-interest environment Improvement of efficiency and effectiveness in the project execution through holistic optimization approach and reduction of costs of day-to-day business Optimization of the risk capital requirements and the risk capital structure, e.g., through RWA reduction, hedging strategies, and equity increase page 12

13 New strategy: "W&W 2015" Conclusion Like all financial services providers, W&W has to face up to the new reality. The groupwide "W&W 2015" programme is the response to the new reality. "W&W 2015" strengthens earning capacity as well as capital base and manages risk capital requirements accordingly. The strategy programme "W&W 2015" is our answer to the new reality, guaranteeing a prosperous future of the whole group. page 13

14 Agenda 1. Who we are 2. External challenges 3. New strategy: "W&W 2015" 4. Financial results 5. Outlook 6. Why invest in W&W shares? page 14

15 Financial results Key figures of the W&W Group - IFRS 2012/2011, German market Comments Home loan savings contracts (B) (vs.104.3) bn Savings (B) 17.5 (vs.17.6) bn Gross premiums (L/H) 2.5 (vs. 2.4) bn Gross premiums (P/C) 1.5 (vs.1.38) bn Assets under managemt.(group) 30.5 (vs. 27.9) bn Growth in new business of home loan savings contracts Growth in life single premiums Growth in p/c new business, mainly caused by good results in motor insurance Loans sligthly decreased due to focus on more profitable business W&W achieved 235,2 m net profit, which is slightly below target of 250 m, but highest net profit in history Group net profit in m Targets Cost reduction by 140 m each year starting from 2016* ,1 179, , net profit will reach 125 m; guidance for 2014 is 180 m , Sales growth will be in line with market * compared to prior plannings without W&W 2015 page 15

16 W&W at a glance Highlights 2012 W&W strategy New efficiency programme "W&W 2015" launched in order to cope with low interest rates, tougher competition and increasing regulatory requirements Business environment New business Earnings Low domestic interest rates are a challenge for the whole financial industry Best new home loan savings business ever (net %) L/H shows a slight increase in new business (+ 6.4 %) New business in P/C clearly above market ( %), driven by motor insurance ( %) W&W achieves 235,2 m (vs 192 m) net profit, which is slightly below target, but the highest net profit in history Risk assessment Guidance W&W has a sound capitalization with a solvency ratio of 133,2 % (financial conglomerate) Risk diversification is a strategic key success factor Cost reduction by 140 m each year starting from 2016* 2013 net profit will reach 125 m; guidance for 2014 is 180 m Sales growth will be in line with market * compared to prior plannings without W&W 2015 page 16

17 Financial results Strong performance of W&W segments (IFRS as of 31 December 2012) Others/ consolidation 15 % m Banking products and mortgage lending 23 % 54.4 m Property and casualty insurance 42 % 99.0 m 47.0 m Life and health insurance 20 % The performance of all major business segments totals 235,2 m. page 17

18 Financials Key figures of W&W segments (IFRS as of 31 December 2012) Building society Life/Health New home loan savings, gross New home loan savings, net bn bn bn bn % % Total new premiums Single premiums life Regular premiums life New premiums health m m m 17.6 m m m m 17.5 m % % % % Gross premiums m m % Banking P/C New mortgages (Bank only) 3.6 bn 3.9 bn % New premiums m m % Total new mortgages (W&W group) 5.22 bn 5.92 bn % Gross premiums bn bn % page 18

19 Agenda 1. Who we are 2. External challenges 3. New strategy: "W&W 2015" 4. Financial results 5. Outlook 6. Why invest in W&W shares? page 19

20 Outlook Outlook 2013/2014 W&W Group Cost reduction by 140 m each year starting from 2016* 2013 net profit will reach 125 m; guidance for 2014 is 180 m Banking products and mortgage lending segment Net profit 2013 will remain below the level of 2012, which was 54.4 m. In 2014, net profit will rise above the level of Sales growth will be in line with market Sales growth will be in line with market Life and health segment Property and casualty segment Net profit 2013 will remain at the level of 2012 level, which was 47.0 m. In 2014, net profit will remain slightly below the high 2012-level. Sales growth will be in line with market Net profit 2013 will be below the 2012 level, which was 99.0 m. In 2014, net profit will rise again. Sales growth will be in line with market * compared to prior plannings without W&W 2015 page 20

21 Agenda 1. Who we are 2. External challenges 3. New strategy: "W&W 2015" 4. Financial results 5. Outlook 6. Why invest in W&W shares? page 21

22 Why invest in W&W shares? Growth potential of W&W share price W&W's main shareholders Competitive and unique business model Strong reputation New strategy W&W 2015 meets market challenges Sound expertise and innovative solutions for customers % Wüstenrot Holding % Freefloat 8.78 % Horus 7.54 % Unicredit Low share price High net asset value Strong market position Growth potential based on strong sales channels and products Financial strength Sound provider of debt capital A strong market position, a diversified earnings mix and a clear finance strategy are just a few of the many reasons to invest in W&W. page 22

23 Thank you for your kind attention! For further information please contact: Dr. Jan Martin Wicke Chief Financial Officer Gutenbergstraße Stuttgart phone: Investor Relations internet: ww-ag.com phone: page 23

24 Disclaimer This presentation and the information contained herein, as well as any additional documents and explanations (together the material ), are issued by Wüstenrot & Württembergische AG ( W&W ). This presentation contains certain forward-looking statements and forecasts reflecting W&W management s current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding W&W s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where W&W participates or is seeking to participate. The W&W Group s ability to achieve its projected results is dependent on many factors which are outside management s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. The following important factors could cause the Group s actual results to differ materially from those projected or implied in any forward-looking statements: the impact of regulatory decisions and changes in the regulatory environment; the impact of political and economic developments in Germany and other countries in which the Group operates; the impact of fluctuations in currency exchange and interest rates; and the Group s ability to achieve the expected return on the investments and capital expenditures it has made in Germany and in foreign countries. The foregoing factors should not be construed as exhaustive. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forwardlooking statements as a prediction of actual results. All forward-looking statements included herein are based on information available to W&W as of the date hereof. W&W undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to W&W or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The material is provided to you for informational purposes only, and W&W is not soliciting any action based upon it. The material is not intended as, shall not be construed as and does not constitute, an offer or solicitation for the purchase or sale of any security or other financial instrument or financial service of W&W or of any other entity. Any offer of securities, other financial instruments or financial services would be made pursuant to offering materials to which prospective investors would be referred. Any information contained in the material does not purport to be complete and is subject to the same qualifications and assumptions, and should be considered by investors only in light of the same warnings, lack of assurances and representations and other precautionary matters, as disclosed in the definitive offering materials. The information herein supersedes any prior versions hereof and will be deemed to be superseded by any subsequent versions, including any offering materials. W&W is not obliged to update or periodically review the material. All information in the material is expressed as at the date indicated in the material and is subject to changes at any time without the necessity of prior notice or other publication of such changes to be given. The material is intended for the information of W&W s institutional clients only. The information contained in the material should not be relied on by any person. In the United Kingdom this communication is being issued only to, and is directed only at, intermediate customers and market counterparties for the purposes of the Financial Services Authority s Rules ("relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. To the extent that this communication can be interpreted as relating to any investment or investment activity then such investment or activity is available only to relevant persons and will be engaged in only with relevant persons. page 24

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