Presentation of Cattolica Group

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1 Ezio Paolo Reggia General Manager Kepler Equities ITALIAN FINANCIAL CEO CONFERENCE Milan, September 28th 2004 Presentation of Cattolica Group 1

2 Agenda Group Profile Business Strategy First Half 2004 Results Attachments 2

3 Agenda Group Profile Business Strategy First Half 2004 Results Attachments 3

4 Cattolica Group The Parent Company was founded in 1896 with co-operative legal-entity structure, operating in life and non-life businesses Today the Group is made by 20 companies, among which there are 12 insurance companies The focus on insurance business is guaranteed, other than by the Parent Company, by: 7 companies operating in life business Duomo Previdenza Risparmio & Previdenza BPV Vita Lombarda Vita 4 companies operating in non-life business Il Duomo Assicurazioni Cattolica Aziende Verona Assicurazioni Eurosav Axa-Cattolica Prev. in Azienda San Miniato Previdenza Tua Assicurazioni Group Profile The Group not insurance companies are two real-estate companies, four service companies, one asset management company and one retail-brokerage (Fas) company 4

5 Business overview Group Profile Multispecialist business, focused on different market segments Multichannel distribution network Main results: 31% Five Year CAGR in consolidated gross written premiums versus a 12% of the market 4.31% market share in 2003 (4.0% Non-Life; 4.5% Life) 7 th Italian Group (7 th Non-Life; 6 th Life) 5 th insurance Group strong bottom-line results (48% Five Years CAGR in Net Consolidated Result vs. Mkt 17%) and constant increase in dividends distributed 9.6% growth in 2003 embedded value with respect to the 2002 figure At the end of 2003, A.M. BEST Co. has affirmed the A (Excellent) financial strength rating of Cattolica (outlook stable) 5

6 Cattolica Group Structure Group Profile Data as at June 30th Duomo Assicurazioni Verona Assicurazioni 2 Cattolica Aziende Tua Tua Assicurazioni 100 Tua Tua Retail Non-life insurance Life insurance Other Services Duomo Previdenza Risparmio&Previdenza San San Miniato Previdenza BPV BPV Vita Vita Lombarda Vita Vita Eurosav Axa AxaCattolica Previdenza In In Azienda Cattolica Investimenti SIM SIM dica Verona Gestioni SGR SGR Cattolica Immobiliare Nuova San San Zeno Immobiliare Verona Servizi Prisma Sources: Consolidated Interim Report as at June 30th 2004 Internal Analyses 6

7 Multispecialist business focused on different market segments Group Profile CHANNEL Agents Brokers Banks R I S P A R M I O & B A N C A S S U R A N C E A S S U R A N C E Retail CLIENT SEGMENT Corporate 7

8 Cattolica Group has more than doubled Italian market growth in volumes both in life and in non-life businesses Group Profile Consolidated Gross Premiums Written direct & indirect business (Euro mln) CAGR Catt. MKT 99/03 99/03 1, % 2, % + 14% 3, % +7% 3, % + 14% 4, % 32% 12% 15% Life Non-Life % + 44% % % +10% % 7% % Breakdown Life Non-Life % 73% 69% 66% 67% 36% 27% 31% 34% 33% Sources: Consolidated Annual Report 2003, ANIA, ISVAP, McKinsey & Co, A.T. Kearney Internal Analyses 8

9 Breakdown of business by distribution channel Group Profile LIFE 2003 NON-LIFE 2003 New Business (*) (*) Weight Premiums Weight Agencies % 1, % Bank branches 2, % % FAs % - - Brokers % Other % % Total 2, % 1, % (*) Premiums - direct business (Euro mln) Sources: Consolidated Annual Report 2003 Internal Analyses 9

10 Trend of multichannel distribution network Group Profile Agencies FAs Bank Branches (no.) CAGR 99/03 18% (no.) CAGR 99/03 38% (no.) CAGR 99/03 10% 3,053 2,653 2,717 2,748 2, ,024 1, , Sources: Consolidated Annual Report 2003 Internal Analyses 10

11 Business mix: Cattolica Group versus Market Total MARKET CATTOLICA GROUP Non-Life 35.3% Total Group Profile Non-Life 32.6% Life 64.7% Life 67.4% Non-Life Motor 51.5% Non-Life Motor 60.8% Others 48.5% Others 39.2% Life Index e Unit 42.3% Life Index e Unit 53.8% Traditional 57.7% Traditional 46.2% Sources: Consolidated Annual Report 2003, ANIA - Internal Analyses 11

12 Market share trend Group Profile Group Market Share ( ; Italian direct business) 4.49% 4.46% 4.31% 4.23% 7 Ranking among Italian Insurance Groups (*) ( ; Italian direct business) Fifth Italian Group considering only original insurers % 3.85% Non-Life Life Total Non-Life Life Total Non-Life Life MS Total FonSAI Generali Allianz Unipol+W. Toro R. Mutua Cattolica Axa Italia Zurich Sara Generali Allianz SPV+Fid. Generali Allianz FonSAI Unipol+W. Unipol+W. Poste Vita SPV+Fid. Cattolica Toro Toro Cattolica Aviva Poste Vita MPS Aviva Mediolan, MPS FonSAI Generali Allianz Unipol+W. Toro R. Mutua Cattolica Zurich Axa Italia Sara Generali Allianz SPV+Fid. Generali Allianz FonSAI Unipol+W. Unipol+W. Poste Vita SPV+Fid. Cattolica Poste Vita Aviva Cattolica MPS Aviva Fineco Vita Toro Mediolan, MPS (*) Merger between Unipol and Winterthur (Unipol+W.), and between San Paolo Vita and Fideuram (SPV+Fid.) are considered for 2002 and 2003 Sources: Consolidated Annual Report 2003, ANIA - Internal Analyses 12

13 : Main groups comparison Group Profile COMPETITORS VS CATTOLICA - LIFE AND NON-LIFE (Total Italian direct premiums; 2003 ANIA Group aggregates; ) Generali vs Cattolica RAS/Allianz vs Cattolica REDUCTION 8.8 x 5.6 x 5.8 x 5.3 x 4.7 x FonSAI vs Cattolica 4.2 x 3.2 x 3.8 x 3.8 x 3.4 x Unipol vs Cattolica 3.8 x 2.5 x 2.9 x 2.6 x 2.2 x 3.1 x 2.0 x 2.3 x 2.3 x 2.1 x INVERSION Toro vs Cattolica 1.4 x 0.9 x 0.9 x 0.8 x 0.6 x Reale M. vs Cattolica 1.0 x 0.7 x 0.7 x 0.6 x 0.5 x Sources: ANIA, Premi del lavoro diretti italiano different fiscal years Internal analysys 13

14 Growth in volumes has been performed in combination with strong bottom-line results Group Profile Net profit of the Group ( ; Euro mln) CAGR Catt. 99/03 MKT 99/ % 17% % % +5% + 24% 1994 Result ( 10 mln) Sources: Consolidated Annual Report 2003, ANIA Internal Analyses 14

15 assuring a constant increase in dividends distributed Group Profile Dividend per share ( ; Euro) Extraordinary dividend Assignment of one new ordinary share for every ten shares CAGR 99/ % Other Indicators Pay-out (Euro mln) (ord.) (incl.extraord.) Dividend yield % 3.60% 4.59% 3.50% Sources: Cattolica Individual Annual Report 2003 Internal Analyses 15

16 Embedded Value as at December 2003 Group Profile Embedded Value (as at December 31st 2003; Euro mln) , (165.5) Net equity DAC, goodwill and other U.C.G. N.A.V. Life business in force Embedded Value Sources: Internal calculations 16

17 Agenda Group Profile Business Strategy First Half 2004 Results Attachments 17

18 Main Strategic guidelines and evolutive trends in Italian insurance market Business Strategy Strategic elements and guidelines Integration (M&A) processes and rationalization and concentration in holding structures Volatile expectations on financial markets recovery, with impact on investment results and financial management issues Progressive improvement in technical management, through cost reduction policies and strict portfolio selection Focus on expected profitability of Life products Strengthening of proprietary channels (agents and Fas) and consolidation of new distribution models Strong focus on product innovation with careful customer base segmentation Customers: quest for simplicity and transparency and greater demand for advice Evolutive trends (in volumes) Slow-down of the growth rate in Life business Control on claims and strengthening of anti-fraud systems with consequent possible reduction in tariff dynamics in Motor TPL Growth in Non-Life business other than Motor TPL with an increasing focus on customer segments Sources: Prometeia, Le assicurazioni quotate, Strumenti di valutazione December 2003 Internal Analyses 18

19 The market is awarding the non-life business in terms of multiples granted to companies Business Strategy 3,0 European Market Multiples Price/ Life Embedded Value Price/ Non-life Net Asset Value 2,5 2,0 1,5 Non-life 1,25x 1,0 0,5 Life 1,05x 0, /04 Sources: McKinsey IER Internal Analyses 19

20 Mission Business Strategy Mission Strategic Objectives Strategic focus on the core business Consolidation of existing businesses Development of new initiatives and strategic alliances In order to achieve: Full activation of intercompany synergies Maximisation of traditional networks commercial leverage Sound Capital Structure Strong coverage/ consolidation of banking partnerships excellence in customer relationship with an offering of complete, customised and competitive services permanent value creation for shareholders and stakeholders satisfactory risk/ return trade-off with steady development of future profits, featuring limited volatility to the benefit of capital robustness, with an attractive payout promotion of the ethical values that the Group has historically championed Strategy based on difference to capture new market share Enhancement of technical Risk Management capabilities Confirmation of multichannel sales approach Sources: Strategic Plan , Sustainability Report 2003 Internal Analyses 20

21 Multi channel approach by product lines Business Strategy Channels Agents Banks New Channels Product Lines Guidelines Non-Life Life New Ventures Maximum customisation of Motor TPL tariff Maximum active and passive selection of customers Adequate profit margins from all channels Reduction of time-to-market Ability to innovate products Retention of outgoing capital Strong specialisation Competitive advantage Flexibility Mainly retail with selective approach to corporate risk Focus on profitability rather than merely on volume Pension products still low today but potentially attractive Volumes growing but potential still high High degree of standardisation, with greater financial content or guaranteed minimum return TUA: innovative model similar to franchised selling Brokers: AXA Cattolica Previdenza in Azienda s network, focused on employee benefits Fas: channel for sale of third parties financial products (partner banks, Vegagest) 21

22 Growth in premiums written by agencies network is the result of the increase in number of agencies and related productivity AGENTS Business Strategy Consolidated Premiums Group Agencies Network ( ; Euro mln) 1,513 1,397 CAGR 00/03 17% 1, agencies in three years ,070 agencies at the end of IIQ04 No. of Agencies % Premiums/ Agencies (Euro mln) % 22

23 Motor: a successful strategy AGENTS Business Strategy Description Since 1994 driver-customised tariffs: unique in Italy and pricing defined by a team of dedicated actuaries (using some 20 parameters) In 2003 Motor premium growth % with 1,685,000 policies and 1,055,000 clients Duomo s Motor TPL portfolio entirely renewed and aligned with that of Cattolica: 487,000 new Motor policies at December 31st 2003 Centralised systematic vetting of all new policies/risk certifications and dedicated department against fraud Autotutor : newservicetoassistthe customer directly on the place of accident. Consolidated Premiums Motor (Euro mln) CAGR 99/ %

24 Guidelines for bancassurance business BANKS Business Strategy Long Term growth of bank branches Good level of productivity per branch Defence of margin : stability of average gross margin balanced mix linked vs. traditional reduction of average financial guarantee Cost reduction through integration and economies of scale: 20 bp(*) (*) Other administrative expenses/average life technical reserves, as at December

25 Equity Interests in Banks (bancassurance partners) BANKS Business Strategy 3.15% Banca Lombarda 7.78% Banca di Cividale S.p.A. 6.62% Banca Regionale Europea SpA 16.76% Cassa di Risparmio di Fabriano e Cupramontana SpA 6.38% Banca di Valle Camonica SpA 24.72% Cassa di Risparmio di S. Miniato 1.00% Credito Bergamasco SpA As at september 2004 Joint-ventures with banks New evolutions in bancassurance partnerships: maintaining business relationships selective reduction of capital employment 25

26 Bancassurance Life business BANKS Business Strategy Bancassurance Bancassurance Life Premiums (Euro mln) CAGR 98/ % Market Share by Italian Region (no. of banking branches) Agencies and other channels 2,646 branches as at ,389 2,043 2,170 1, Premiums/ branch (Eur 000) <5% 5%-10% > 10% 26

27 Development of Non-Life Bancassurance: start-up of a new jointventure with BPVN BANKS Business Strategy Description Company structure: 50/50% JV with Banco Popolare di Verona e Novara Mission: to satisfy the increasing demand of families for different non-life risk coverage to leverage commercial and operating sinergies between insurance and banking partners To ensure to costumers high levels of tailored advice and consulting service Operative areas: Motor TPL, fire, theft, TPL liabilities, health, accident & casualty Target: retail customer Pioneering opportunity Integration between bancassurance expertise in life business and technical efficiency in non-life business 27

28 Tua Assicurazioni: an innovative driver in the Italian Insurance Industry NEW CHANNELS Business Strategy Description 2006 Target First insurer in Italy which innovates the sales model in the agent channel and customer relationships Agencies (no.) 200 via the offer of a specialised range of insurance and financial products/services able to provide an exhaustive and precise response to customers various needs in the personal line, Clients (no.) 90,000 new products created through deep market research (e.g. focus groups), readdressing the role of agents, focusing solely on commercial and activities based on a franchising logic also thanks to market-oriented operating processes permitting maximum efficiency and the shortest time-to-market Non-Life Premiums Life Premiums (Euro mln) (Euro mln) By now 15 agencies have been activated 28

29 Development of employee-benefit products: Axa-Cattolica Previdenza in Azienda NEW CHANNELS Business Strategy Description Company structure: 50/50% JV with Axa Italia Mission: To develop innovative products and services aimed to small middle size companies in the domestic market, major concentration will be on pension and financial solutions for institutional clients To distribute integrated life & non life solutions in the broker, agents and banks channels with a one stop shop approach To deliver a high quality service to brokers and agents through high process innovation, high tech solutions and creativity Organization: flexible and thin model with strong operational outsourcing policies in order to leverage synergies with the two parent groups Life Premiums Non-Life Premiums Technical Result 2006 Target (Euro mln) (Euro mln) (Euro mln) Premi totali 0,016 Al Authorisation and start-up in H Broker 15 29

30 Cattolica Investimenti SIM NEW CHANNELS Business Strategy Description 2006 Target Mission: To complete the current product range with financial and banking solutions devised directly by banking partners and available to agency network Fas (licenced) (no.) More than 300 To develop the current degree of customer retention To recruit new sales figures at agencies in order to reach new potential customers of insurance products Results (Euro mln) Break even To strengthen the agency image and territorial presence As at H Fas (no.) 70 Net inflows (Eur mln) 32 30

31 Business strategy: global overview Business Strategy Constant growing remuneration to shareholders DIVIDENDS Opportunities for selective external line growth M&A Generated resources R&S New technologies New products New channels EFFICIENCY Investments abilitating the services sharing and economies of scale 31

32 Agenda Group Profile Business Strategy FirstHalf2004Results Attachments 32

33 2004 Half Year Results confirm the positive trend in volumes (especially In Life business) and in net profitability First Half 2004 Results Cattolica Group Consolidated Half Year Results as at June 30 th 2004 Profit & Loss Account (Euro mln) H1 04 H1 03 %Var FY Total Net Premiums Life Net Premiums Non-Life Net Premiums 2,286 2, % 1,659 1, % % 3,921 2,808 1,113 Underwriting Result % 71 Pre-tax profit % Taxes (54) (44) +22.7% 210 (85) Minority interests in earnings (5) (5) - (9) Net Profit for the period % 116 Sources: Consolidated Quarterly Report as at June 30th 2004 Internal Analyses 33

34 Main technical ratios: Non-Life Business First Half 2004 Results NON-LIFE H H FY 2003 Claims ratio (1) 75.79% 77.73% 78.18% G&Aratio (2) 6.71% 5.70% 5.98% Commission ratio (3) Total expense ratio Combined ratio (5) (4) 14.12% 13.83% 20.83% 19.53% 99.28% 99.90% 13.25% 19.23% 98.90% (1) Claims incurred/earned premiums (net of reinsurance) (2) Other administrative expenses/ earned premiums (net of reinsurance) (3) Acquisition expenses and commissions/ earned premiums (net of reinsurance) (4) Operating expenses/ earned premiums (net of reinsurance) (5) Underwriting result/earned premiums (net of reinsurance) 34

35 Main technical ratios: Life Business First Half 2004 Results LIFE G&Aratio (1) Commission ratio Total expense ratio (2) (3) Life underwriting margin (4) H H % 0.75% 3.81% 3.47% 4.49% 4.21% 2.06% 2.19% FY % 3.94% 4.75% 2.08% (1) Other operating expenses/earned premiums (net of reinsurance) (2) Acquisition expenses/earned premiums (net of reinsurance) (3) Operating expenses/ earned premiums (net of reinsurance) (4) Life underwriting result/ earned premiums (net of reinsurance) 35

36 Breakdown of business by distribution channel First Half 2004 Results LIFE H NON-LIFE H New Business (*) (*) Weight Premiums Weight Agencies Bank branches FAs Brokers % % 1, % % % % Other % % Total 1, % % (*) Premiums - direct business (Euro mln) Sources: Consolidated Annual Report 2003 Internal Analyses 36

37 Agenda Group Profile Business Strategy First Half 2004 Results Attachments 37

38 Life Embedded Value Attachments +62 mln +15.2% Business in force N.A.V Euro mln Net of capital cost, taxes, policyholders and minorities 38

39 Embedded Value Assumptions Attachments Assumptions Discount Rate Premium risk Average Life Products Investment return % 3% 5% % 2.75% 4.5% Solvency margin Taxation on profit 100% ISVAP Minimum 37% 37.25% 38.25% ISVAP Italian Insurance Surveillance Body 39

40 Life new business value Attachments New Business Value Constant growth of new business value Euro mln Net of capital cost, taxes, policyholders and minorities 40

41 Cars: Key Indicators Attachments Parent Company H H % Change Claims frequency N. Reported claims 9.0% 9.0% - 34,945 34, % Speed in claims settlement Current year 43.2% 36.3% 19.0% Average claim settled Current year Previous years 1,144 1, % 5,107 4, % Sources: Internal Analyses 41

42 Trucks: Key Indicators Attachments Parent Company H H % Change % Change Claims frequency N. Reported claims 20.0% 20.0% - 15,830 15, % Speed in claims settlement Current year 47.0% 39.5% 19.0% Average claim settled Current year Previous years 1,213 1, % 3,880 3, % Sources: Internal Analyses 42

43 Motorcycles: Key Indicators Attachments Parent Company H H % Change Claims frequency N. Reported claims 4.0% 4.0% - 3,208 3, % Speed in claims settlement Current year 40.8% 34.3% 19.0% Average claim settled Current year Previous years % 3,779 3, % Sources: Internal Analyses 43

44 Bancassurance Life Business - Premiums Attachments Premiums (*) Bank branches (no.) Premiums/branch ( 000) ,789 2,043 2,170 2,389 1,517 2,066 2,653 2,717 2,748 3, Change% Premiums (*) % Gross technical provisions (*) 1,508 2, % Net Profit (*) % Change% Premiums (*) 966 1, % Gross technical provisions (*) 1,601 2, % Net Profit (*) % *Figures in mln/euro 44

45 DISCLAIMER This document has been prepared by Cattolica Assicurazioni based on data from internal sources (year-end financial statements, consolidated group financial statements, internal reporting and other company documentation, etc.) for the sole purpose of providing information on the group s results and future operating strategies. Given this, it can in no way be used as a basis for possible investment decisions. It is not a solicitation to buy or sell shares. No part of the document can be taken to be the cause of or reason for agreements or commitments of any type or kind whatsoever, nor can it be relied upon for agreements and commitments.information contained in the document concerning forecasts has been prepared according to various assumptions and/or elements that might ultimately materialise differently to present expectations. Results might therefore change. Cattolica therefore in no way provides any guarantee, either explicit or tacit, as regards the integrity or accuracy of the information or opinions contained in the document, nor can any degree of reliability be attributed to the same, inasmuch as it has not been subjected to independent verification. Responsibility for use of the information and opinions contained in the document lies solely with the user. In any case Cattolica, within legally admissible limits, will not consider itself liable for any damages, direct or indirect, that third parties might claim due to utilisation of incomplete or inaccurate information. For any further information concerning Cattolica Assicurazioni and its related group, reference must be made exclusively to the information given in the annual, quarterly, and interim reports and financial statements. The full versions of these documents, which constitute the factual basis and proof for all legal purposes, are lodged at the company s registered offices and are available to anyone requesting them. Reproduction or full or partial publication and distribution of the information contained herein to third parties is prohibited. Acceptance of the present document automatically signifies recognition of the aforesaid constraints. 45

46 Ezio Paolo Reggia General Manager Kepler Equities ITALIAN FINANCIAL CEO CONFERENCE Milan, September 28th 2004 Presentation of Cattolica Group 46

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