Ageas s achievements since M results Ageas s Vision 2015

Transcription

1

2 6M results 2012 Ageas s Vision

3 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 Selective investments in Life & Non-Life business aimed at strengthening and growing the business in challenging market conditions Preserve sound capital position even in turbulent times, with balanced use of capital Simplification of the group structure Progressively seeking sustainable solutions for legacy issues 2

4 Company changed name into Ageas in April 2010, a global rollout since 3

5 Progressive increasing brand awareness since introduction new name Belgium : Increasing awareness among consumers UK : significantly up among Hong Kong : significantly up brokers among consumers 62% AG Insurance consumers 70% 84% Brokers/Business partners 96% 56% 44% Consumers Nov 2010 Nov 2011 Nov 2010 Nov 2011 Nov 2010 Nov 2011 Source: Corporate Reputation Monitor Measurement

6 Streamlining of portfolio and strengthening of partnerships 06/10/09 Sale Luxembourg Non-Life 28/10/09 Discontinue Russia Life 26/07/10 Sale Turkish Life Insurance 16/09/10 Sale Ukraine Life Divestments 23/06/11 Sale reinsurance liabilities Intreinco 03/10/11 Sale Germany Life Insurance /09/09 UK : Tesco Non-Life 09/11/09 partnership Thailand : strengthen ties 17/09/09 with Muang Thai 02/07/10 Italy : Ageas & BNP UK : Paribas Assurance Non- Acquisition Life partnership/ stake in Kwik Fit FS UBI Assicurazioni 18/02/11 Turkey : acquisition stake AKSigorta (31% Non-Life) 24/03/11 08/06/11 Luxembourg : Life partnership Partnerships & Strengthening UK : Acquisition Castle Cover Mid July 12 Turkey : Increase stake AKSigorta (from 31% to 36%) 5

7 Strong local partners helped as well to strengthen market positions UK # 9 Non-Life # 4 Personal lines intermediary UK Belgium # 1 Life # 2 Non-Life Belgium Luxembourg # 2 in FOS market China # 7 in Life France # 10 IFA market Portugal Portugal # 1 in Life Malaysia #1 Life &Non Life Italy Italy # 1 Bancassurance Turkey # 3 Non-Life India # 21 Life Malaysia Thailand # 2 Life, # 6 Non-Life 6

8 Selective investments & organic growth resulted in increasing inflows In EUR mio 14,562 2,970 Inflows Life/ Non-Life Inflows per segment In EUR mio 17,219 17,219 18% 18% 4,891 14,562 6,157 3,292 Non-Life 4,033 2,849 Asia CEU Life 955 2,034 UK 11,592 12,328 Belgium 6,282 6,179 FY 2008 FY 2011 FY 2008 FY 2011 Life inflows per segment Non-Life inflows per segment In EUR mio In EUR mio 4,891 12,328 11,592 6% % 630 2,955 5,550 2,970 Asia Asia ,983 3,819 CEU 214 CEU 2,219 UK 954 UK 1 51 Belgium Belgium 4,817 4,508 1,465 1,671 FY 2008 FY 2011 FY 2008 FY

9 Preservation of sound capital position in turbulent financial markets In EUR bn 231% 227% 207% 211% 202% M 2012 Total available capital Required Regulatory minimum Excess Capital 8

10 Ageas strives for a balanced use of cash Invest in Businesses Organic growth Selective acquisitions Create new partnerships May 2009 August 2012: +/- EUR 740 mio Return to shareholders Dividend id d payment Share buy back +/- EUR 850 mio Return to debtholders Redemption of Debt (EMTN) +/- EUR 740 mio +/- EUR 450 mio UK (Tesco, KFIS, Castle Cover) +/- EUR 190 mio CEU (Italy, Turkey) +/- EUR 100 mio Asia (India, HK) +/- EUR 600 mio constant t dividend id d over 2009, 2010 & 2011 EUR 250 mio share buy-back finalized early EUR 200 mio Share buy-back announced August 2012 Going forward : Lower growth in capital intense savings business Increased proportion of Non-Life & fee related business +/- EUR 740 mio EMTN programme redeemed (30/06/2012) 9

11 A continued strive for simplification of the legal structure Fortis Reduction of number of legal entities Fortis NV 50% 50% Fortis Brussels Fortis SA/NV 50% 50% Fortis Utrecht N.V. Creation of one top- holding reduces complexity of governance ageas SA/NV Dutch permanent establishment Fortis Insurance N.V. Ageas Insurance International N.V. 44.7% Fortis Insurance Belgium Fortis Insurance International N.V. Ageas UK Ltd 44.7% Various legal entities part of Ageas Asia Various legal entities part of Cont. Europe 75% AG Insurance SA/NV Royal Park Investments UK Asia CEU Royal Park Investments 10

12 Progressively seeking sustainable solutions for legacy issues Settlement of CASHES with BNP Paribas Solution for Tier 1 BNP Paribas Financial Legacy More comfort on prospects p for RPI (vs. June 09) Finding solutions for other files remains high on agenda Legal Legacy Outcome of some court cases was positive Outcome of some other cases was not in our favour, but we appealed Agreement with ABN AMRO to settle FCC & MCS and counterclaims with Dutch State Continued defence against litigation risk with respect to former Fortis shareholders 11

13 6M results 2012 Ageas s Vision

14 Highlights 6M 12* Significant improvement in Insurance results across all segments Insurance net profit of EUR 303 mio Group combined ratio at 98.3% (vs.100.1%) Q2 combined ratio outstanding at 94.7% Inflows at EUR 10.8 bn (+20%) Life FuM at EUR 65.8 bn (+2% scope-on-scope) p Group net result di driven by Insurance results & substantial progress in solving legacy issues Group net profit of EUR 305 mio General Account net result of EUR 2 mio Including one-off impact from agreements with BNP P & ABN AMRO and Dutch State Shareholders equity up Solvency strong Shareholders equity at EUR 3.69 per share, +14% Insurance solvency at 211%, Group solvency at 248% Net cash position General Account at EUR 1.5 bn * All figures compared to 6M 11 unless mentioned otherwise 13

15 6M results 2012 Ageas s Vision

16 Vision 2015 Outcome of the exercise 15

17 5 strategic choices To focus on our insurance capabilities To be where our customers want us to be di partners To commit to our partners and their customers ifi d To have a diversified product offering gro th Europe and Asia To capture growth in mature and emerging markets in 16

18 4 targets To balance our portfolio between Life and Non-Life towards 60/40 in terms of inflows (from 72/28 end 2011) To be efficient in Non-Life with a combined ratio structurally below 100% (from 101% end 2011); To increase our Return On Equity in Insurance to a minimum of 11% (from 7% corrected for all exceptionals end 2011); To deploy at least 25% of our capital in emerging markets in Europe and Asia (from 15% end 2011) 17

19 6 values 18

20 Conclusions Our 2009 ambitions have been largely reached Clear strategic choices are made for the next 3 years aiming to x become less dependent on investment income x Increase relative proportion of capital invested in high growth markets x Reap benefits of the diversification in our product & distribution mix 19

21 Stock Performance 20

22 Ageas Club Periodic Financial Information I 6M 12 Results I 6 August

23 Disclaimer Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided d for illustrativei purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport p tobeindicativeoftheresultsof operations or financial condition that may be achieved in the future. 22

24 Your Ageas s contacts Investor Relations [email protected] Media [email protected] Website: 23