Achmea Investor Presentation
|
|
- Andrew Manning
- 8 years ago
- Views:
Transcription
1 Achmea Investor Presentation The leading Dutch insurance company with strong brands, multi-channel distribution strategy, well-diversified product range and conservative investment profile November 2013
2 CONTENTS Introduction Achmea overview Strategic agenda Key investment considerations Recent results Wrap-up Appendices 2
3 Introduction Achmea Overview ACHMEA OVERVIEW - strong brands, diversified products, focus on insurance Largest Dutch insurer A strong and solid insurance group with mutual roots Market leader in Dutch insurance: Property & Casualty, Income Protection, Health, Pension & Life insurance Distribution mainly through direct & banking channels and well positioned for future market developments Strong market position with power brands Interpolis, Centraal Beheer Achmea and Zilveren Kruis Achmea A+ IFSR, A- senior unsecured debt (S&P) Earned premiums by segment in H /12/ Total: 22.4 billion Pension & Life Non-life 13% 16% 13% 6% 1% 29% Turkey Greece Slovakia International Health 66% 5% 22% 29% Ireland Russia Other 3
4 Introduction Achmea Overview COOPERATIVE IDENTITY The strength of our identity and our story We continue to build on our foundation of unity. Insurance stands for solidarity in society. We want our customers to continue to experience that we are a cooperative insurer. 4
5 Introduction Achmea Overview ACHMEA HISTORY Expansion Focus: optimization and innovation A group of Dutch mutual insurers form the Coöperatieve Vereniging Centraal Beheer Centraal Beheer and Avéro Insurance merge to AVCB Achmea acquires Interamerican Greece Achmea acquires 80% of Eureko Sigorta; Achmea and Agis merge Achmea creates InShared The history of Achmea* begins in Achlum, the Netherlands The first Dutch direct writer FBTO is founded Achmea founded out of AVCB and Zilveren Kruis Achmea merges with Interpolis; Rabobank becomes second largest shareholder Achmea acquires Oranta in Russia Achmea merges with DFZ and acquires Independer.nl Eureko acquired first international activities : Divestment operating companies Belgium, France, Poland, Romania Bulgaria * Eureko was the former name of the parent company of Achmea and its European subsidiaries. 5
6 Introduction Achmea Overview OWNERSHIP STRUCTURE - stability through two major cooperative shareholders Achmea Association 65.3% Rabobank Netherlands 29.2% Other 5.5% Preference shareholders 100% Ordinary shares 94.5% Achmea subholding 5.5% The mission of Achmea Association is to support the continuity of Achmea and to look after the collective interests of customers 6
7 Introduction Achmea Overview ACHMEA S STRONG ALLIANCE WITH RABOBANK Commercial Commercial alliance through the banking channel. Approximately 98% of insurance products sold via the Rabobank channel are Achmea insurance products Exclusive distribution of Interpolis products through Rabobank branches Greenfield operation in Australia in cooperation with Rabobank started in 2013, with a possible extension to other growth markets. Focus is on non-life, mainly agricultural sector such as live stock, machinery, crop insurance etc. Rabobank customers with Interpolis products 30/06/ % Governance Rabobank has a nomination vote on the supervisory board of Achmea. Furthermore Rabobank and Achmea share two common supervisory board members 22% Capital Rabobank has historically supported Achmea with capital, as and when necessary Private Wholesale Source: Achmea data June
8 Introduction Strategic agenda CLEAR LONG-TERM STRATEGIC CHOICES FOR DUTCH PORTFOLIO Channel Banking distribution Direct distribution Broker distribution Brand Product Group Property & Casualty Health Income Protection Pension - standardised Life - standardised Core proposition: strengthen Develop to core proposition Increase scale to core proposition Banking products Pension not standardised Life not standardised Complementary to insurance products Separate and manage internally or externally Our international strategy is based on these strategic choices 8
9 CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 9
10 In billion Key investment considerations Dominant player in major insurance market THE NETHERLANDS major insurance market within Eurozone European Non-life market (incl. health) 31/12/2011 DE FR UK NL IT ES CH Growth outlook (% change yoy) European Pension and Life assets 31/12/2011 Netherlands CDS remains low 0 (2) (4) (1,25) 0,75 (6) '13E 14E Source: Bloomberg, Life and Non-life market: Insurance Europe, Pension market: Towers Watson Global Pension Assets Study 2013 *Pension market Netherlands per : DNB 10
11 Key investment considerations Dominant player in major insurance market LEADING POSITIONS IN OUR CORE MARKETS Market share per * Property & Casualty #1 Delta Lloyd a.s.r. Atradius SNS ING Other Reaal Health #1 VGZ CZ Menzis Other Income Protection #2 a.s.r. ING De Goudse Delta Lloyd Aegon Other Pensions #4 ING Aegon SNS Reaal Delta Lloyd a.s.r. Other Individual Life #2 ING SNS Reaal a.s.r. Delta Lloyd Aegon Other *Pensions based on % recurring premiums, all other segments based on % GWP Source: DNB October 2013 (Property & Casualty, Income Protection, Individual life), Achmea (Pensions, Health) 11
12 CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 12
13 Key investment considerations Well positioned with strong brands WELL DIVERSIFIED DISTRIBUTION NETWORK OF ACHMEA Non-life 31/12/2011 Well diversified distribution network consisting of banking, direct and intermediary channel Share of controlled distribution (direct and banking channel) among product lines is highest in health insurance (~97%) Banking distribution of insurance products uses Rabobank channel in the Netherlands Health Pension & Life 31/12/ /12/
14 Key investment considerations Well positioned with strong brands AROUND HALF OF ALL DUTCH PEOPLE ARE ACHMEA CUSTOMERS Retail customers Wholesale customers 14 14
15 Brand loyalty Key investment considerations Well positioned with strong brands BRAND POWER Property & Casualty Health Individual life Brand strength Achmea Competitor Source: Achmea brandpower research, Property & Casualty (July 2013), Health (Dec 2012), Individual Life (Dec 2012) 15
16 Key investment considerations Well positioned with strong brands HIGH CUSTOMER SATISFACTION P&C Retail P&C Wholesale Income Protection Centraal Beheer Achmea 7,8 Aegon 7,8 ABN Amro 7,8 Interpolis 7,7 Centraal Beheer Achmea Interpolis Avéro Achmea 7,5 7,4 7,3 Centraal Beheer Achmea Generali 7,2 7,2 FBTO 7,7 ASR 7,7 ASR 7,3 De Goudse 7,2 Generali 7,7 Generali 7,3 Avéro Achmea 7,1 Delta Lloyd 7,6 SNS Reaal 7,6 Avéro Achmea 7,5 Nationale Nederlanden 7,3 Aegon De Goudse ABN Amro 7,3 7,2 7,1 De Amersfoortse Interpolis 7,1 7,0 Ø 7,7 Ø 7,3 Ø 7,1 Health Individual Life Pensions Pro Life OZF Achmea Univé FBTO 8,1 7,9 7,8 7,7 Centraal Beheer Achmea Interpolis Cardiff Delta Lloyd FBTO 7,4 7,4 7,3 7,3 7,3 Centraal Beheer Achmea Interpolis Delta Lloyd 7,2 7,0 6,5 Agis Avéro Achmea 7,6 7,6 De Amersfoortse 7,6 Interpolis 7,5 VGZ 7,5 Zilveren Kruis Achmea 7,4 Generali Avéro Achmea ABN Amro 7,1 6,9 6,9 Nationale Nederlanden 6,5 SNS Reaal 6,5 Allianz 6,4 Aegon 6,2 Avéro Achmea ASR Aegon Generali 6,4 6,4 6,4 6,0 Ø 7,7 Ø 7,1 Ø 6,5 Source: Verbond van Verzekeraars, Customer Satisfaction Research
17 CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 17
18 Key investment considerations Robust capital and solvency position HIGH QUALITY OF CAPITAL AND LOW LEVERAGE Composition of equity 30/06/ Total: 9.8 billion Debt leverage 45% 40% 35% Maximum level 30% 25% 20% 15% 10% 5% 22% 23% 22% 21% 21% 22% 27% 0% Dec 11 Mar 12 Jun 12 Sep 12 dec-12 mrt-13 jun-13 Capital structure 30/06/ Total: 11.1 billion Capital allocation 30/06/ Total: 11.1 billion 12% 13% 75% Core capital Hybrid capital Debt 18
19 Key investment considerations Robust capital and solvency position SOLID SOLVENCY I POSITION Solvency I 19
20 Key investment considerations Robust capital and solvency position STRONG SOLVENCY POSITION COMPARED TO EUROPEAN PEERS Solvency I (IGD) at 30/06/2013 ING EurAsia 257% Achmea excl. Health Aegon (NL) Axa Achmea 234% 220% 218% 204% Delta Lloyd Aviva Allianz SNS Reaal 184% 180% 177% 172% Generali 139% CNP Assurances 116% 0% 50% 100% 150% 200% 250% 300% 20
21 Key investment considerations Robust capital and solvency position STRONG SOLVENCY POSITION UNDER ALL REGIMES Solvency I (IGD) Solvency II* (Partial Internal Model) 30/06/ in billion 31/12/ in billion 204% 183% Available capital 8.2 Surplus 4.2 Required capital 4.0 Available Capital Free surplus 3.5 SCR level MCR level 4.2 Solvency II framework is still evolving; parameter changes (e.g. interest rate assumptions) make yearly comparison of full year run outcomes difficult Assumptions in our 2012 model are set conservative. Most recent proposals on the treatment of long-term guarantees will result in a significant increase in solvency levels for the life entities compared to the current full year run outcomes *excl. D&A: banks, IORP s, Non-EEA 21
22 Key investment considerations Robust capital and solvency position SOLVENCY II FRAMEWORK IS EVOLVING Full-year run 2012 Assumptions Full-year run 2013 Assumptions based on most recent proposals Adjustment discount rate for credit risk 35 bps 10 bps Discount rate: last liquid point 30 years 20 years Convergence period to UFR 40 years 40 years Countercyclical premium (CCP) 50 bps - Volatility adjustment - 50 bps Equity dampener +5% T.b.d. Parameter changes give mere indication of outcomes of 2012 impact studies Based on the outcomes of the long-term guarantee assessment (LTGA) proposals have been drafted for the handling of long term guarantees in 2013, which supports finalising the Omnibus II directive in December Due to the delayed introduction of Solvency II, the Dutch government decided to implement additional regulation for Life insurers per 1 January The Theoretic Solvency Criterion (TSC) requires Dutch Life insures to test the effect of Solvency II shocks on the Solvency I balance sheet ( Solvency 1.5 ). This could have an impact on dividend payouts, if available capital is below TSC
23 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Key investment considerations Robust capital and solvency position STABLE CREDIT RATING Credit rating insurance entities AA AA- A+ A A- BBB+ BBB BBB- AEGON NL Delta Lloyd ING Insurance* Achmea The ratings predominantly reflect our view of the group's strong business risk profile and very strong financial risk profile, based on its leading Dutch insurance franchise and very strong capital and earnings. The Achmea group has a strong competitive position, in our view, stemming from its leadership within the Dutch insurance market. Achmea was the only Dutch insurer not to be downgraded during the crisis Current Group S&P rating is A- with a stable outlook, the rating for our insurance entities is A+ also with a stable outlook. In our opinion the group has very strong capital and earnings. S&P credit rating report May 27, 2013 * Counterparty credit rating / ING-V core subsidiaries rated A+ 23
24 CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 24
25 Key investment considerations Conservative investment profile CONSERVATIVE INVESTMENT PORTFOLIO Total investment portfolio 30/06/ Total: 42.6 billion Fixed-income Deposits Derivatives Equities Alternatives Real estate 7% 5% 3% 2% 3% 80% Total government bond* exposure 19.5 billion, which is 58% of our fixed-income portfolio Shift of 2,8 billion (since 2012) from Dutch, German and French government bonds to investment-grade corporate bonds Exposure to GIIPS countries 615 million (1.8% of fixed-income portfolio) Fixed-income by type 30/06/ Total: 33.8 billion Government* Loans and mortgages 23% 1% 1% Asset-backed bonds Covered bonds Corporate bonds Convertible bonds 6% 2% 9% 58% Fixed-income funds * Including government related and government guaranteed bonds 25
26 Key investment considerations Conservative investment profile ACHMEA HAS A HIGH QUALITY (AA/AAA) INVESTMENT PORTFOLIO Achmea International peers 30/06/ /12/2012 Investments by type 5% 5% 6% 7% 10% 32% 8% 27% 30/06/ /12/2012 Fixed-income by rating 14% 22% 6%1% 41% 16% Compared with international peers Achmea invests more in fixed-income and less in real-estate. Achmea invests more than half of the portfolio in government bonds with a very high quality (AA or AAA) Achmea has shifted to more conservative credits or corporate bonds with high seniority and short maturities compared to opportunistic credit of competitors Source: Achmea, Insurance Collateral Survey, BNY Mellon/Insurance Risk/Ernst & Young, December
27 Key investment considerations Conservative investment profile SOVEREIGN GOVERNMENT EXPOSURE Total governments bonds (including government related and government guaranteed bonds) amounts to 19.5 billion Predominantly Dutch and German. Due to low interest rates on these bonds, part is shifted to conservative credits Very low exposure to GIIPS countries Government bonds 30/06/ Total: 19.5 billion Top 5 sovereign exposure Specification of GIIPS exposure Country mln Country mln The Netherlands 10,169 Germany 3,544 France 1,525 European Gov. Institutions 868 Ireland* 524 Greece* 10 Ireland* 524 Italy 31 Portugal 24 Spain 26 * Our exposure to Greece and Ireland relates exclusively to our business activities there 27
28 CONTENTS Introduction Key investment considerations Recent results Group Segments Wrap-up Appendices 28
29 Recent results Group KEY MILESTONE IN RECENT YEARS focus: optimization and innovation Active portfolio management Merger with De Friesland Zorgverzekeraar, acquisition of Independer and the sale of Achmea Vitale Commercial position strengthened through acquisition of niche player Friesland Bank Assurantiën and Onderlinge Verzekeringen Overheid Sale of Avéro Belgium, Império France, Eureko Romania and Interamerican Bulgaria Operational improvements Agis and Achmea Health integrated Closed life book managed in separate organizational entity Investments in strengthening commercial capabilities and cooperation with Independer.nl Increasing scale through consolidation (of De Friesland Zorgverzekeraar) Cost reduction by improved efficiencies and streamlining the organization Strong financial position maintained Maintained Standard & Poor s A+ rating with a stable outlook for our insurance entities Group capital structure further strengthened with issue of 500 million subordinated notes, successful cash tender offer for 133 million percent capital securities and early redemption of 225 million percent capital securities in first half of 2013 Funding of Achmea Bank supported by placement of 1.3 billion of securities, including set up of new unsecured debt issuance programme June 2013 Solvency (IGD) stable at 204% Successful placement of Mortgage Securitisation (DMPL XI) at the end of July
30 Recent results Group : KEY PERFORMANCE TRENDS Profit Gross written premiums Solvency ratio (IGD) Gross operating expenses 30
31 Recent results Group H1 2013: ACHMEA POSTS NET PROFIT OF 123 MILLION KEY FIGURES (IN MLN) H H Net profit Profit before tax Gross written premiums* 17,615 18,138 Gross operating expenses 1,347 1,346 Result realised in challenging economic and insurance market conditions All insurance segments contributed to profit Gross written premiums down 3%, mainly in Health Netherlands and Pension & Life Netherlands KEY FIGURES (IN MLN) 30/06/ /12/2012 Total equity 9,763 10,483 Gross operating expenses stable despite increased pension charges, investments in compliance with new regulations and ongoing complexity reduction Solvency insurance entities (IGD) S&P rating insurance entities 204% 212% A+ (stable) A+ (stable) Robust capital position maintained, solid solvency (IGD) of 204% * Comparative figures H adjusted according to changes in presentation of gross written premiums Health 31
32 Claims ratio Expense ratio Recent results Segments NON-LIFE NETHERLANDS Solid performance with a combined ratio of 97.0% Property & Casualty performed well, despite three major fire claims ( 44 million) Various actions taken in Income Protection (WGA) resulted in improved claims ratio Profit before tax Property & Casualty Income Protection From 82 million to 177 million 93.1% 90.2% 111.5% 132.0% Gross written premiums From 2,014 million to 2,026 million 32
33 Claims ratio Expense ratio Recent results Segments HEALTH NETHERLANDS Stable operational performance, lower profit contribution to the Group Healthcare premiums for customers kept stable despite rising healthcare costs Customers consciously selecting higher own risk levels (Basic Health) and reducing supplementary health coverage Profit before tax From 197 million to 152 million Basic Health Supplementary Health 98.8% 97.6% 95.4% 92.2% Of which Basic Health From 135 million to 118 million Gross written premiums From 13,607 million to 13,249 million 33
34 Recent results Segments PENSION & LIFE NETHERLANDS Profitability decreased, primarily due to fair value changes related to guarantees and lower investment income Gross operating expenses decreased due to continued focus on cost reductions Rapidly changing market with customers increasingly opting for bank savings products in preference to life insurance for asset accumulation and transition in pension products Separated closed life book organization further streamlined Profit before tax Value of New Business (VNB) New business (APE) From 138 million to 62 million From -7 million to -10 million From 42 million to 40 million 34
35 Recent results Segments INTERNATIONAL AND NON-INSURANCE ACTIVITIES International Focus on improving operational performance and cost savings resulted in profit of 3 million In Turkey, Eureko Sigorta underwrote biggest insurance contract ever for motorway project In Greece, continuing success of Anytime contributed significantly to growth of market share Banking Netherlands Other Banking profit of 1 million impacted by one-off expenses Strong Tier 1 ratios at Achmea Bank (14.8%) and Staalbankiers (15.9%) Achmea Hypotheekbank successfully issued 800 million Senior Unsecured Notes and 781 million of Mortgage Securitisation (DMPL XI) Assets under Management at Syntrus Achmea increased further to 67 billion (year-end 2012: 64 billion) 35
36 CONTENTS Introduction Investment highlights Recent results Wrap-up Summary investment highlights Appendices 36
37 Wrap-up Summary investment highlights SUMMARY INVESTMENT HIGHLIGHTS Dominant player in major insurance market Largest Dutch insurer: high market shares in all segments The Netherlands is a core European country and a major insurance market Well positioned with strong brands Strong brands, high customer satisfaction Well diversified distribution network Robust capital and solvency position High quality of capital and low leverage Strong and stable Solvency I position of 204% (IGD) Strong and stable credit rating (during the crisis) Conservative investment profile Majority (80%) is invested in fixed-income, of which 77% is rated AA or higher Low asset risk compared to peers 37
38 CONTENTS Introduction Key investment considerations Recent results Wrap-up Appendices 38
39 Key investment considerations Robust capital and solvency position GOOD ACCES TO CAPITAL MARKETS Achmea outstanding securities Issuer Date issued Type Coupon (%) Coupon Type Maturity Currency Amt outst. (mln) Achmea BV 24/06/2005 Subordinated FLOATING Perp NC Jun 15 EUR 367 Achmea BV 01/11/2006 Subordinated FIXED Perp NC Nov 14 EUR 600 Achmea BV 16/06/2009 Senior FIXED 16/06/2014 EUR 750 Achmea BV 19/06/2013 Senior FIXED 19/06/2019 CHF 200 Achmea BV 04/04/2013 Subordinated FLOATING 04/04/2043 EUR 500 Achmea Mortgage Bank 26/02/2007 Covered FIXED 26/02/2014 EUR 1500 Achmea Mortgage Bank 22/08/2007 Covered FIXED 22/08/2017 CHF 200 Achmea Mortgage Bank 03/11/2009 GGB FIXED 03/11/2014 USD 950 Achmea Mortgage Bank 03/11/2009 GGB FLOATING 03/11/2014 USD 500 Achmea Mortgage Bank 08/11/2012 Senior FIXED 08/02/2016 EUR 500 Achmea Mortgage Bank 23/01/2013 Senior FLOATING 23/01/2015 EUR 300 Achmea Mortgage Bank 23/01/2013 Senior FIXED 23/01/2018 EUR
40 Appendices Real estate exposure REAL ESTATE EXPOSURE Total real estate portfolio amounts to 1.4 billion, of which 0.3 billion in indirect real estate Well-diversified portfolio with stakes in residential, office, retail and other real estate assets With the Dutch real estate market, and in particular the office market, under sustained pressure, we perform frequent valuations to give us a clear view of the value of our portfolio in these turbulent market conditions. Real estate portfolio 30/06/ Total: 1.4 billion Specification of direct real estate 30/06/ Total: 1.1 billion Type mln % Residential Offices Retail Other 60 5 Total 1,
41 Key investment considerations Robust capital and solvency position SENSITIVITIES Interest rate shocks In million Date Available capital Effect interest rate shock -1% Effect interest rate shock -0.4% Effect interest rate shock 0.4% Effect interest rate shock 1% , , Equity and property risk In million Asset class Effect -10% change of market value on total equity Effect -10% change of market value on solvency Equities -2% -4% Real estate -1% -3% 41 41
42 Appendices Development of equity H DEVELOPMENT OF EQUITY H , , Total equity 31/12/2012 Net profit Dividends and coupons to holders of equity instruments Redemption and repurchase of equity instruments Revaluation of equity and fixedincome portfolio FX reserves Post-employment benefits Total equity 30/06/
43 Interest rate percentage Appendices Development curves DEVELOPMENTS CURVES Swap excl UFR ECB AAA incl UFR Achmea curve (Swap+UFR+25bp) Full Year Run 43 Duration 43
44 CONSERVATIVE INVESTMENT PROFILE COMPARED TO PEERS Investments by type Fixed-income by type Source: BNP Paribas Insurance Review H
45 CONTACT DETAILS For further information, please contact Achmea Investor Relations Gül Poslu Manager Investor Relations +31 (0) Bastiaan Postma Manager Investor Relations +31 (0) Internet:
46 Disclaimer DISCLAIMER The information and the opinions in this presentation have been prepared by Achmea B.V. (the "Company" or Achmea") solely for use at a meeting regarding a proposed offering (the "Offering") of Notes of the Company (the "Notes"). This presentation and its contents are strictly confidential, are intended only for use by the recipient for information purposes only and may not be reproduced in any form or further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation does not constitute or form part of, and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for, Notes in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Any purchase of the Notes in the Offering should be made solely on the basis of the Base Prospectus and Final Terms to be prepared in connection with the Offering. This presentation is the sole responsibility of the Company and has not been approved by any regulatory authority. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, expressed or implied, is or will be made by the Company, Barclays, Citibank, HSBC, Rabobank and Unicredit or any other investment bank involved with the Offering or their respective affiliates, advisors or representatives or any other person as to, and no reliance should be placed on, the truth, fairness, accuracy, completeness or correctness of the information or the opinions contained herein (and whether any information has been omitted from the presentation). Each of Barclays, Citibank, HSBC, Rabobank and Unicredit and any other investment bank involved with the Offering and, to the extent permitted by law, the Company and each of their respective directors, officers, employees, affiliates, advisors and representatives disclaims all liability whatsoever (in negligence or otherwise) for any loss however arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection with this presentation. To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. This presentation and any materials distributed in connection with this presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"), or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold within the United States, or to, or for the account or benefit of, U.S. persons as defined in Regulation S under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. Achmea does not intend to register any portion of the Offering in the United States or conduct a public offering of securities in the United States. The distribution of this presentation and other information in connection with the Offering in certain jurisdictions may be restricted by law and persons into whose possession this presentation or any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This presentation and any materials distributed in connection with this presentation include "forwardlooking statements". These statements contain the words "anticipate", will, "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company s financial position, prospects, growth, business strategy, plans and objectives of management for future operations (including statements relating to, among others, expected market growth, future market share, relations with the Company's shareholders, the impact of regulatory and other related developments, demographic changes, political and economic developments, competition, branch and/or sales network growth, funding plans, interest rates, net interest margin and other financial measures, product development, information technology and potential restructurings and reorganisations) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, including, without limitation, the risks and uncertainties to be set forth in the Prospectus, that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual financial position, prospects, growth, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's financial position, prospects, growth, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake and expressly disclaims any obligation to review or confirm or to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any events that occur or conditions or circumstances that arise after the date of this presentation. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. This presentation is made to and is directed only at persons who (i) if in the European Economic Area, are persons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ( Qualified Investors ); and (ii) if in the United Kingdom, are (a) persons who have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order ) or (b) high net worth entities as defined in the Financial Promotion Order or (iii) other persons to whom it may otherwise lawfully be communicated falling within Article 49(2)(a) to (e) of the Financial Promotion Order or Article 43 of the Financial Promotion Order (all such persons in (i), (ii) and (ii) above together being referred to as relevant persons ). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Any investment or investment activity to which this presentation relates is available only to and will only be engaged in with such persons. Each of Barclays, Citibank, HSBC, Rabobank and Unicredit, and their respective affiliates are acting for the Company and no one else in connection with the matters referred to in this presentation and will not regard any other person as their respective clients in relation to such matters and will not be responsible to any other person for providing the protections afforded to their respective clients, or for providing advice in relation to such matters. 46
Achmea Investor Presentation
Achmea Investor Presentation The leading Dutch insurance company with strong brands, multi-channel distribution strategy, well-diversified product range and conservative investment profile January 27,
More informationstrategy, well diversified product range and a conservative investment profile March 2013
Achmea Investor Presentation ti The leading Dutch insurance Company with strong brands, multi-channel distribution strategy, well diversified product range and a conservative investment profile March 2013
More informationEureko Group Presentation
Eureko Group Presentation Well-positioned and focused Dutch insurer with growth potential in Central and Eastern Europe Gerard van Olphen Chief Financial Officer October 2006 1 Disclaimer This document
More informationAnnual results 2013. A solid foundation for Acceleration & Innovation Willem van Duin Chairman of the Executive Board
Annual results 2013 A solid foundation for Acceleration & Innovation Willem van Duin Chairman of the Executive Board Huub Arendse Chief Financial Officer 4 March 2014 Contents General overview Group results
More informationAcceleration & Innovation on track
Acceleration & Innovation on track Interim Results 2014 Willem van Duin Chairman of the Executive Board Huub Arendse Chief Financial Officer 14 August 2014 Contents General overview Group results Acceleration
More informationNN GROUP FINANCIAL SUPPLEMENT 1Q2016
NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are
More informationNN Group N.V. 30 June 2015 Condensed consolidated interim financial information
Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim
More informationAchmea Bank update Strategy for growth. 26 May 2016 Ronald Buwalda Leiden
Achmea Bank update Strategy for growth 26 May 2016 Ronald Buwalda Leiden Key messages A solid pillar of the retirement services strategy and a good investment opportunity Achmea Bank is strategically anchored
More informationKey performance indicators
The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs
More informationExecution in a digital world. 19 may 2015 Willem van Duin Leiden, The Netherlands
Execution in a digital world 19 may 2015 Willem van Duin Leiden, The Netherlands 1 Contents Introduction Achmea Trends shaping the sector Why go digital? Our motives Our approach 2 Acceleration & Innovation
More informationAchmea B.V. Affirmed At 'A-' After Insurance Criteria Change; Core Subsidiaries Affirmed At 'A+'; Outlook Stable
Research Update: Achmea B.V. Affirmed At 'A-' After Insurance Criteria Change; Core Subsidiaries Affirmed At 'A+'; Outlook Stable Primary Credit Analyst: Simon Marshall, London (44) 20-7176-7080; simon.marshall@standardandpoors.com
More informationFinancial strategy supports strategic transformation
Financial strategy supports strategic transformation Analyst & Investor Conference, London June 19, 2013 Darryl Button Chief Financial Officer aegon.com Today s topics Financial strategy framework Strong
More information& Embedded value 2009
First quarter 2010 results & Embedded value 2009 Jan Nooitgedagt, CFO Analyst & Investor presentation May 12, 2010 Key messages o Further improvement of underlying earnings o Continued execution of strategy
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationAchmea Group. Table Of Contents
January 26, 2012 Achmea Group Primary Credit Analyst: Nigel Bond, London (44) 20-7176-7063; nigel_bond@standardandpoors.com Secondary Contact: Simon Ashworth, London (44) 207176 7243; Simon_Ashworth@standardandpoors.com
More informationNN GROUP FINANCIAL SUPPLEMENT 4Q2014
NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Rounding could
More informationHow To Report A Half Year Financial Results For Ahemmea
Press Release 14 august 2014 - Achmea Interim Results 2014 Acceleration & Innovation change programme on track Operational result increases to 142 million Write-down of goodwill and reorganisation expenses
More informationACCELERATING THE TRANSFORMATION
Paris, September 12, 2011 ACCELERATING THE TRANSFORMATION SOCIETE GENERALE: THE HARD FACTS GIIPS: we have a low, declining and manageable sovereign exposure of EUR 4.3 billion Legacy assets: we accelerated
More informationH1 2014 IFRS Results. August 2014
H 4 IFRS Results August 4 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and represent
More informationCentral & Eastern Europe Executing our strategy
Central & Eastern Europe Executing our strategy Analyst & Investor Conference, London June 19, 2013 Gábor Kepecs Management Board Member Chief Executive Officer CEE Michal Biedzki Chief Executive Officer
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationNICKEL MOUNTAIN GROUP AB
Company presentation NICKEL MOUNTAIN GROUP AB «Building a high growth, high return debt management services company» 16 October 2015 NOT FOR REPRODUCTION OR DISTRIBUTION. THE INFORMATION CONTAINED HEREIN
More informationStrong results create solid foundation for an independent future
a.s.r. interim results 2015 Strong results create solid foundation for an independent future Chris Figee Jack Julicher CFO CIO Financial Markets 27 August 2015 Disclaimer Cautionary note regarding forward-looking
More informationFOURTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE STRUCTURED PRODUCTS PROGRAMME FOR THE ISSUANCE OF NOTES ABN AMRO BANK N.V.
27 June FOURTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE STRUCTURED PRODUCTS PROGRAMME FOR THE ISSUANCE OF NOTES ABN AMRO BANK N.V. (Registered at Amsterdam, The Netherlands) ABN AMRO Structured
More informationCapital management. Philip Scott, Group Finance Director
Capital management Philip Scott, Group Finance Director Disclaimer This presentation may include oral and written forward-looking statements with respect to certain of Aviva s plans and its current goals
More informationMeasuring performance Update to Insurance Key Performance Indicators
Measuring performance Update to Insurance Key Performance Indicators John Hele Member of Executive Board and CFO of ING Group Madrid 19 September 2008 www.ing.com Agenda Performance Indicators: Background
More informationUpdate following the publication of the Bank of England Stress Test. 16 December 2014
Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress
More informationCommerzbank Well positioned for the upcoming challenges. Commerzbank German Investment Seminar 2012
Commerzbank Well positioned for the upcoming challenges Commerzbank German Investment Seminar 2012 Commerzbank with major achievements in 2011 Op. Profit ( bn) -0,8 FY 09 1,0 FY 10 3,0 9M 11 Operating
More informationCapital Mortgage Series 2007-1
Cover - Page 1 INVESTORS REPORT - Payment Date: 31/10/2011 Capital Mortgage Series 2007-1 Euro 1,736,000,000 Class A1 Asset Backed Floating Rate Notes due January 2007 Euro 644,000,000 Class A2 Asset Backed
More informationArshil Jamal President and Chief Operating Officer Canada Life Capital Corporation
Scotia Capital Financials Summit September 8, 2011 Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Cautionary Note regarding Forward-looking Information This report contains
More informationAchmea Investment Management. 26 May 2016 Jacob de Wit Leiden
Achmea Investment Management 26 May 2016 Jacob de Wit Leiden Key messages Strategic choice of Achmea for Retirement Services with Achmea IM as Asset Manager Centralisation of asset management activities
More informationExecution of strategy
Execution of strategy Alex Wynaendts CEO AEGON Jan Nooitgedagt CFO AEGON Analyst & Investor Conference New York City, 6 & 7 December, 2011 Key messages Strong capital position driven by improved risk profile
More informationCapital Markets Day. 5 June 2014 Leiden the Netherlands
Capital Markets Day 5 June 2014 Leiden the Netherlands Contents ExecuLon in a changing world Willem van Duin, Chairman of the ExecuVve Board Asset Liability Management at Achmea Huub Arendse, Chief Financial
More informationNew Impala Bond Offering: Scottish Widows plc. September 2013
New Impala Bond Offering: Scottish Widows plc September 2013 pg 2 Agenda Performance of the existing Impala bonds: LSE 4.75% and Barclays 14% Floating Rate Notes Brief overview of Scottish Widows plc business
More informationNN Group Insurance International
NN Group Insurance International Robin Spencer, CEO International Insurance Capital Markets Day 19 November 2015 Portfolio of mature and developing international markets Top 3 positions in CEE 1 life insurance
More informationRecommended Offer for Alliance & Leicester. 14 July 2008
Recommended Offer for Alliance & Leicester 4 July 008 Disclaimer This document does not constitute an offer to sell, or an invitation to subscribe for or purchase, any securities or the solicitation of
More informationFirst Quarter 2011 Results Underlying net profit increased 61.6% to EUR 1,492 mln
First Quarter 2011 Results Underlying net profit increased 61.6% to EUR 1,492 mln Jan Hommen CEO Amsterdam 5 May 2011 www.ing.com ING Group posted strong first-quarter results ING Group underlying net
More information<classificatie> Aligning strategy and capital under Solvency II 30 November 2015
Aligning strategy and capital under Solvency II 30 November 2015 29 november 2015 2 Disclaimer This presentation is being supplied to you solely for your information and used at the presentation
More informationGoldman Sachs European Financials Conference Improving growth and profitability in life insurance. Bruno Pfister, Group CEO Berlin, 11 June 2008
Goldman Sachs European Financials Conference Improving growth and profitability in life insurance Bruno Pfister, Group CEO Berlin, 11 June 2008 Agenda 1. Profitable growth: strong delivery since 2003 2.
More informationDEPFA Group. Annual Results 2014 Presentation. 1st April 2015 AUDITED FIGURES
DEPFA Group Annual Results 04 Presentation st April 05 AUDITED FIGURES Disclaimer Annual Results 04 st April 05 This presentation is not an offer or invitation to subscribe for or purchase any securities.
More informationMagda Salarich Head of Santander Consumer Finance
Magda Salarich Head of Santander Consumer Finance Santander Consumer Finance S.A. ( Santander Consumer Finance ) and Banco Santander, S.A. ("Santander") both caution that this presentation contains forward-looking
More informationRe: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance
September 8, 2015 MS&AD Insurance Group Holdings, Inc. Re: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance Mitsui Sumitomo Insurance
More informationEureko Group. Table Of Contents
March 14, 2011 Eureko Group Primary Credit Analyst: Nigel Bond, London (44) 20-7176-7063; nigel_bond@standardandpoors.com Secondary Contact: Paul Bradley, London (44) 20-7176-7054; paul_bradley@standardandpoors.com
More informationMunich Re Group Turning risk into value
Munich Re Group Dresdner Kleinwort 9th German Investment Seminar New York Nikolaus von Bomhard Chairman of the Board of Management 9 January 2007 A world leading reinsurer with a significant primary insurance
More informationQ3 2014 IFRS Results. November 2014
Q3 4 IFRS Results November 4 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and
More informationPress release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update
Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update Total gross inflow first nine months stable at EUR 11.4 billion Insurance net profit year-to-date of EUR 371 million Group net profit
More informationGjensidige Insurance Group Q4 2008 and preliminary 2008
Gjensidige Insurance Group Q4 2008 and preliminary 2008 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such
More informationNet profit Achmea declines 27% to 344 million
Press Release 4 March 2014 - Achmea annual results 2013 Net profit Achmea declines 27% to 344 million Net result declined due to goodwill impairments for pension services and health insurance Operational
More informationNIBC Bank underlying net profit almost doubles to EUR 42 million in 2014
PRESS RELEASE The Hague, 4 March 2015 NIBC Bank underlying net profit almost doubles to EUR 42 million in 2014 Continued underlying growth driven by strong demand from both corporate and consumer clients
More informationHow To Profit From Trailer Production
Design the future Second quarter results 215 Detlef Borghardt, CEO Wilfried Trepels, CFO August 6, 215 Agenda 1 Market Development 3 2 Financial information 5 3 Outlook 17 2 Truck and trailer market development
More informationDeutsche Bank 2014 Global Financial Services Investor Conference
Connecting Markets East & West Deutsche Bank 2014 Global Financial Services Investor Conference Shigesuke Kashiwagi, CFO Nomura Holdings, Inc. May 28, 2014 Nomura Unique hybrid of retail brokerage/asset
More informationJosé Antonio Álvarez CFO Santander Group
José Antonio Álvarez CFO Santander Group Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements. These forward-looking statements are found in
More information2014 FULL YEAR RESULTS
2014 FULL YEAR RESULTS -3% -8% Financial and Operational Highlights Operational Revenue mntl (1) Ancillary Revenue/Pax Load Factor 29% 16% 13% 22% TRY mn 2.38 4,7 TRY mn 3.08 1,7 TRYm n 569,3 TRYm n 661,9
More informationASR Nederland. Investor presentation
ASR Nederland Investor presentation ASR Nederland July 2009 Agenda Introduction Financials 2008 Ratings Announcement 17 July Appendix ASR Nederland July 2009 2 ASR Nederland is a well-established company
More informationBuilding Bridges with SAS BI-server
Goudgraven in Goudmijn Building Bridges with SAS BI-server May 2006 Michiel Lange Caspar Walboomers 1 2 Aechmea History of 1811 establishment of Onderlinge Brand Assurantie Sociëteit Achlum ( Achlum Mutual
More informationTetragon Financial Group Limited ( TFG )
Tetragon Financial Group Limited ( TFG ) 12 August 2014 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY OF TFG. THIS INFORMATION
More informationBank of America Merrill Lynch 2013 Banking & Financial Services Conference. Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas
Bank of America Merrill Lynch 2013 Banking & Financial Services Conference Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas November 13, 2013 Cautionary statement regarding forward-looking
More informationACHMEA 2011 ANNUAL REPORT
Annual Report 2011 ACHMEA 2011 ANNUAL REPORT. In 2011, Eureko B.V. and Achmea Holding N.V. were merged. We decided to move forward under the Achmea name. Executive Board Statement It has been a tumultuous
More informationHannover Re - before and after the crisis. Roland Vogel CFO
Roland Vogel CFO Bank of America Merrill Lynch, 16th Annual Banking & Insurance CEO Conference London, 6 October 211 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I
More informationMorgan Stanley 10th Annual European Financials Conference. Mark Wilson Chief Executive Officer. March 2014
Morgan Stanley 10th Annual European Financials Conference Mark Wilson Chief Executive Officer March 2014 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed
More informationUBS Global Financials Conference
UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up
More informationInvestor Presentation The Helaba Group. Frankfurt / Main, November 2015
Investor Presentation The Helaba Group Frankfurt / Main, November 2015 Agenda 2 1 Helaba Profile 2 S Group Strategy 3 Business Development & Asset Quality 4 Funding Helaba: Universal bank with strong regional
More informationShare Capital Increase
Share Capital Increase Additional Information Pack Part 2 July 2014 Table of contents Margins and profitability - Interest earning assets decomposition 3 Asset quality - Recovery analysis 4 Capital - Q2
More informationCorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011
CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011 Santiago, Chile, CORPBANCA (NYSE: BCA), a Chilean financial institution offering a wide variety of
More informationResults as at September 30 th 2014 Cattolica Assicurazioni Group
Results as at September 30 th 2014 Cattolica Assicurazioni Group Verona, November 13 th 2014 1 Agenda 3Q 2014 Results Non-Life Business Performance Life Business Performance Investments 2 9M 2014 Results
More informationConference Call on Interim Report 1/2009
Conference Call on Interim Report 1/2009 Hannover, 5 May 2009 DISCLAIMER This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors
More informationHelvetia Group Business Profile
Helvetia Group Business Profile 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
More informationFrequently Asked Questions Q3 2006
Frequently Asked Questions Q3 2006 1. Were there any unusual or one-time items in your Q3 results? CIBC s reported diluted earnings per share (EPS) for the third quarter were $1.86. Our EPS was increased
More informationStrategic and Operational Overview May 11, 2016
Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,
More informationCOMMERZBANK Capital Update - EU Wide Stress Test Results.
COMMERZBANK Capital Update - EU Wide Stress Test Results. COMMERZBANK was subject to the 2011 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Bundesanstalt
More informationHow To Improve Profits At Bmoi
Bank of America Merrill Lynch Banking and Insurance CEO Conference London, 29 September 2009 Good morning. I d like to thank Bank of America Merrill Lynch for letting us speak this morning. Before I talk
More informationAgeas s achievements since 2009. 6M results 2012. Ageas s Vision 2015
6M results 2012 Ageas s Vision 2015 1 An ambitious agenda set in 2009 to reshape the company Rename the company and introduction of a new brand (Ageas) Streamlining portfolio and strengthening of partnerships
More informationB U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference
B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P BMO 2013 Technology and Digital Media Conference Forward-Looking Statements This presentation contains certain statements that
More informationAchmea Group. Table Of Contents. Rationale. Outlook. Base-Case Scenario. Company Description. Business Risk Profile. Financial Risk Profile
Primary Credit Analyst: Tatiana Grineva, London (44) 20-7176-7061; tatiana.grineva@standardandpoors.com Secondary Contact: Simon Ashworth, London (44) 20-7176-7243; simon.ashworth@standardandpoors.com
More informationEUREKO HAS A CLEAR AMBITION: TO BE THE MOST TRUSTED INSURER
EUREKO HAS A CLEAR AMBITION: TO BE THE MOST TRUSTED INSURER It may be ambitious but the foundations are already in place. We started in a small village called Achlum 200 years ago, 1811, as a cooperative.
More informationElectricity Supply Board
Electricity Supply Board Investor Presentation 2012 Interim Results December 2012 Disclaimer Forward looking statements: This presentation contains certain forward-looking statements with respect to ESB
More informationSAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013
SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%
More informationNord Gold N.V. Separation. December 5, 2011. London
Nord Gold N.V. Separation December 5, 2011. London Disclaimer Page 2 NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, THE RUSSIAN FEDERATION OR ANY JURISDICTION WHERE TO DO SO WOULD VIOLATE
More informationGo Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015
Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables
More informationQUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011
QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER Media telephone conference 8 November Agenda Overview Financial highlights Jörg Schneider 2 Munich Re (Group) Jörg Schneider 4 Torsten Oletzky 13 Torsten
More informationAegon reports first quarter 2015 results
The Hague May 13, 2015 Aegon reports first quarter 2015 results o Earnings impacted by adverse claims experience Underlying earnings decrease to EUR 469 million as fee business growth and the stronger
More informationIntroducing SIR/GVV: the new Belgian REIT status
Introducing SIR/GVV: the new Belgian REIT status July 2014 1 Disclaimer This presentation (the Presentation) has been prepared by members of the working group (the Company) in connection with the adoption
More informationASR Nederland NV Assigned 'BBB+' Rating; Ratings On Core Insurance Operations Affirmed; Outlook Stable
Research Update: ASR Nederland NV Assigned 'BBB+' Rating; Ratings On Core Insurance Operations Affirmed; Primary Credit Analyst: Oliver Herbert, London (44) 20-7176-7054; oliver.herbert@standardandpoors.com
More informationHowelliott.Com: Aussie Insurance Company
Conference Call on Interim Report 3/2014 Hannover, 5 November 2014 Strong nine-month result Group net income increased by 10.3% Group Gross written premium: EUR 10,704 m. (+1.6%) Net premium earned: EUR
More information9M2015 GMPS Results. Fabrizio Viola CEO & General Manager
9M2015 GMPS Results Fabrizio Viola CEO & General Manager 6 th November 2015 Results Highlights CET1 ratio fully loaded at 11.7% (approx. +100bps vs. Jun-15 proforma * ) and CET1 transitional at 12% (+67bps
More informationINDEX. Page. Directory 3. Important Notice 4. Background 6. The Waratah Structure 8. Summary of Terms 8. The Issuer 9. Commercial Paper Notes 9
A$5,000,000,000 Asset Backed Commercial Paper Programme Servicing Agent & Sponsor Dealers Commonwealth Bank of Australia Macquarie Bank Limited Westpac Banking Corporation August 2009 INDEX Page Directory
More informationMUTUAL OF OMAHA Investor Presentation July 2014
MUTUAL OF OMAHA Investor Presentation July 2014 Forward-Looking Statements This document contains certain forward-looking statements about Mutual of Omaha Insurance Company ( Mutual of Omaha ) and certain
More informationFinancial Services CNH Industrial Capital. Oddone Incisa
CNH Industrial Capital Oddone Incisa Integrated and Diversified across Regions and Asset Classes by Region ($ billion) Managed Portfolio $26.9 billion (YE 2013) by Segment 13.3 1.1 8.2 49% 4% NAFTA 31%
More informationNN Group Company profile. February 2015
NN Group Company profile February 2015 Leading Dutch insurer with strong businesses in European insurance, investment management and Japan Geographical reach Some facts and figures The Netherlands Leading
More informationSecuring flexible financing
Securing flexible financing Markus Coenen Head of Group Finance, RWE AG RWE Credit Day London, 9 October 2012 2012 in financial terms so far H1 2012 operating performance: EBITDA +9%, operating result
More informationOpportunities in an improving macro environment
Opportunities in an improving macro environment Jaime Sáenz de Tejada, Head of Spain and Portugal SG Premium Review Conference December 4th, 2013 1 Disclaimer This document is only provided for information
More informationLondon Stock Exchange Symbol: PLUS
London Stock Exchange Symbol: PLUS 1 Disclaimer The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe
More informationOrganic Growth and Strategic Acquisitions. Delivered record 66 million of validated cost savings to our customers
2014 Preliminary Results For the year ended 31 December 2014 Organic Growth and Strategic Acquisitions Delivered record 66 million of validated cost savings to our customers Agenda Overview Financial highlights
More informationSecond Quarter 2015 Trading Update. 28 September 2015
Second Quarter 2015 Trading Update 28 September 2015 Disclaimer This communication and the information contained herein has been approved by the Board of Directors of Eurobank Ergasias S.A. ( Eurobank
More informationINVESTOR CALL RESULTS OF THE FISCAL YEAR 2014/15
INVESTOR CALL RESULTS OF THE FISCAL AR 2014/15 Mannheim, 13 May 2015 Oliver Windholz CEO Helmut Fischer CFO Disclaimer 2015 PHOENIX Pharmahandel GmbH & Co KG This document has been prepared by PHOENIX
More informationSpectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market
Market capitalization $b Spectrum Insights Damien Wood, Principal JUNE 9, 2015 Corporate bonds often provides investors with an income stream that is above deposit rates, but less risky than dividends
More informationISBANK EARNINGS PRESENTATION 2016 Q1
ISBANK EARNINGS PRESENTATION 2016 Q1 2016 Q1 Recent Developments in the Economy Binler Global Outlook Main Indicators of Turkey US EA Moderate expansion in the US economy Solid labor market data Still
More informationResearch Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable
March 1, 2012 Research Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable Primary Credit Analysts: Alexandre Birry, London 44 (0)
More informationDMITRI MOSOLOV, HOME CREDIT & FINANCE BANK FIRST CREDIT CARD RECEIVABLES SECURITISATION IN RUSSIA
DMITRI MOSOLOV, HOME CREDIT & FINANCE BANK FIRST CREDIT CARD RECEIVABLES SECURITISATION IN RUSSIA Neither this presentation nor any of the information contained therein constitutes an offer to sell or
More informationEureko has a clear ambition: to be the most trusted insurer.
Eureko has a clear ambition: to be the most trusted insurer. It is a high ambition but the foundations are already in place. Started in 1811 as a cooperative to provide mutual insurance at a reasonable
More information