Results as at December 31 st, 2015 Cattolica Assicurazioni Group. Verona, March 10 th, 2016

Transcription

1 Results as at December 31 st, 2015 Cattolica Assicurazioni Group Verona, March 10 th, 2016

2 Agenda Results as at December 31 st, 2015 P&C Business Performance Life Business Performance Investments 2

3 Results as at December 31 st, 2015 including FATA mln mln excluding FATA 1 Δ % Δ % Total Direct Premiums 5,622 5, % 5,464 5, % P&C Direct Premiums 1,853 2, % 1,695 1, % Life Direct Premiums 2 3,769 3, % 3,769 3, % Combined Ratio % 91.5% % 89.8% -1.7 pps Shareholders Equity (Cons.) 2,188 2, % 4 Solvency I Ratio Consolidated Net Result % Group s Net Result % Dividend per share ( ) ( 1 ) FATA s contribution refers to the period between July and December ( 2 ) Including investment contracts. ( 3 ) Retained business. ( 4 ) Before Parent Company s dividend distribution, post distribution it would be equal to 1.90 as at December 31 st, 2014 and equal to 1.89 as at December 31 st

4 Consolidated Income Statement mln Group Companies contribution to consolidated result FY 2014 FY 2015 Realised Normalised Impairments1 gains 1 One-off taxation FY 2015 P&C Insurance Companies Life Insurance Companies Non-Insurance Companies IAS/IFRS Consolidated Result IAS/IFRS Group s Result ( 1 ) Net of tax and shadow accounting. 4

5 Trend of Relevant Bank Holdings Cassa di Risparmio di San Miniato ITA GAAP Investment ( mln) 100 Price per Share ( ) 0 Investment Value 200 ( mln) Banca Popolare di Vicenza -50 mln Q ITA GAAP Investment ( mln) 100 Price per Share ( ) Investment Value ( mln) 50 Veneto Banca ITA GAAP Investment ( mln) 100 Price per Share 40 ( ) 0 Investment Value 20( mln) mln Acquisition cost 3Q mln Acquisition cost 3Q

6 Shareholders Equity mln Group s Shareholders Equity 82 2,188 2,159 1, Cattolica holds approximately 2.2% of its share capital 1,912 Group s Shareholders Equity Shareholders' Equity result Cattolica & minorities dividends Change in AFS 1 reserve Own shares and other items Shareholders' Equity ( 1 ) Including changes in shadow accounting (net of tax). 6

7 Group s Solvency I Ratio Ratio: Available capital / Required margin Intitial Ratio as at before Parent Company s dividend Parent Company s dividend Change in required margins Result of the period and changes in AFS reserve 0.14 Third parties capital 0.01 Minorities dividend Ratio as at before Parent Company s dividend Parent Company s dividend Ratio as at post Parent Company s dividend

8 Solvency I Ratio Trend Available Capital mln 1,782 1,846 Solvency I Ratio 1,082 1,203 1,317 Post dividend / mln Minimum Required Margin Excess capital: 871 mn (1x regulatory min) ( 1 ) After the application of the anti crisis decrees. 8

10 P&C Premiums P&C Premiums mln CATTOLICA GROUP (including FATA) % / % Market Sept2015/Sept CATTOLICA GROUP (excluding FATA) % / 1,853 2, % -2.3% 1,695 1, % Motor 1,033 1, % -5.4% Motor % Non Motor % +1.9% Non Motor % P&C Premiums Breakdown by Class T.P.L. - Land motor vehicles 48.9% Land vehicles hulls 6.5% Accident and injury 10.0% Others 5.6% Health 3.4% Other damage to assets 10.8% General T.P.L. 8.8% Fire and natural forces 6.0% P&C Premiums Breakdown by Channel Agecies 92.0% Banks 3.1% Brokers 2.7% Other channels 2.2% ( 1 ) Source: ANIA Trends XI n.10 (December 2015). 10

11 P&C: Technical Ratios Combined Ratio 1 Claims Ratio % 91.5% 66.6% 64.4% Expense Ratio 1 G&A 24.0% 6.4% 25.5% 6.8% Commissions 17.6% 18.7% ( 1 ) Retained business, FATA incuded. 11

12 P&C: Motor T.P.L. Technical Ratios Motor Premiums and Policies compared with Average Cost of Motor T.P.L. Paid Claims 1 Claims Settlement Rate AS AT DECEMBER /2014 Claims Claims Average Average Settlement Settlement Cost ( ) Cost ( ) Rate Rate Average Cost ( ) Card G (*) 83.1% 1, % 1, % Motor T.P.L. policies No Card (*) 55.5% 2, % 2, % Card G & No Card 76.9% 1, % 1, % (*) Claims directly managed by the network. Card G claims show a lower causality or incident seriousness compared to No Card claims. +5.4% Motor T.P.L. Frequency Trend units Average Motor premium 8.2% 7.7% 7.6% 7.7% 7.8% 7.4% 7.1% 6.7% 6.5% 5.9% 5.7% 5.5% 5.5% 5.7% -8.6% Cattolica Group (excluding IBNR) Market (excluding IBNR) 2 5.0% 4.9% 4.7% 4.7% ( 1 ) FATA excluded. ( 2 ) Source: ANIA Relazione Mercato Assicurativo untill 2014; December 2015 estimated on the base of ANIA statistica rapida as at 9M

13 P&C Premiums Trends Compared to Market (excluding FATA) Total Non Motor 3.4% 3.0% Combined Ratio of Non Motor 2-2.2% Cattolica Group 1Y Cattolica Group 2Y Market 2Y % General T.P.L. 1.2% 2.1% 89.5% -2.5% Cattolica Group 1Y Cattolica Group 2Y Market 2Y Health 4.4% 1-8.4% -16.5% Cattolica Group 1Y Cattolica Group 2Y Market 2Y 1 Accident & Injury 34.6% 4.7% 0.5% Cattolica Group 1Y Cattolica Group 2Y Market 2Y 1 ( 1 ) Source: ANIA: Rilevazione trimestrale dei premi del lavoro diretto Italiano dei rami danni as at 9M2015. ( 2 ) Retained business, FATA included. 13

15 Life Premiums Life Premiums mln % Market mln % Sept2015/ / Sept ,769 3, % +4.5% Life Premiums by Class 3, % 2, % % Traditional products Linked products Pension funds Life Premiums by Class Life Premiums by Channel Class III and VI 13.6% Class III and VI 24.2% mln -2.2% -4.5% 2,781 2, % -22.8% Class I and V 86.4% Class I and V 75.8% Own channels 2 Banks 3 Brokers 4 Other channels ( 1 ) Source: ANIA Trends XII n.2 (February 2016). ( 2 ) Agencies & Pension Advisors. ( 3 ) Including Financial Advisors. ( 4 ) Including Cattolica Life. 15

16 Life New Business Life New Business mln 3,448 % 15/ % Market Dec2015/ Dec Life New Business by Channel 3, % +7.2% Additional payments % Agents 8.7% Brokers 1.2% Other channels 2.9% New business 2,632 2, % Banks 87.2% ( 1 ) Source: ANIA Trends XII n.2 (February 2016). 16

17 Life Net Premiums Net Cash Flows Classes I and V mln 3,255 Class V 13% Class I 87% ,705 36% 5% 59% -1,934 Redemptions Claims Maturities 1,321 Class V 9% Class I 91% 29% 6% 65% -2,105 Redemptions Claims Maturities 600 Gross Premiums Total costs Net Cash Flows Gross Premiums Total costs Net Cash Flows Net Cash Flows Class III mln % 5% 78% -798 Redemptions Claims Maturities -422 Gross Premiums Total costs Net Cash Flows % 6% 32% -276 Redemptions Claims Maturities 440 Gross Premiums Total costs Net Cash Flows 17

19 Investments Result mln Equity 2.5% Real Estate 6.7% Credit Risk 23.8% Gov. Bonds & Liquidity 67.0% Net interests & coupons 1 Gains and losses Investment costs Result before impairments Impairments 2 IFRS result as at IFRS result as at ( 1 ) Including realised gains and mark-to-market profits on investments, different from impairments and depreciation on property. ( 2 ) Gross of tax and of shadow accounting. 19

20 Investments Result P&C mln Equity 3,0% Real Estate 7.9% Credit Risk 23.8% Gov. Bonds & Liquidity 65.3% Net interests & coupons 1 Gains and losses Investment costs Result before impairments Impairments 2 IFRS result as at IFRS result as at ( 1 ) Including realised gains/losses. ( 2 ) Gross of tax. 20

21 Investments Result Life mln Equity 2.4% Real Estate 6.4% Credit Risk 23.8% Gov. Bonds & Liquidity 67.4% Net interests & coupons Gains and losses Investment costs Result before impairments Impairments IFRS result as at IFRS result as at ( 1 ) Including realised gains/losses. ( 2 ) Including other expenses on investments not attributable directly to the life business for about 2 mln. ( 3 ) Gross of tax. 21

22 Group Asset Allocation Investments Breakdown Trend 1 16,867 mln Short term Gov. Bonds 8.3% Real Estate 3.7% Liquidity 0.9% Equity 2.9% Credit Risk 17.7% Short term Gov. Bonds 7.9% 17,934 mln Real Estate 3.5% Liquidity 0.5% Equity 2.6% Credit Risk 17.9% Long term Gov. Bonds 66.5% Long term Gov. Bonds 67.6% Sustainable yield 2 : 3.00% ( 1 ) Class C assets (excluding subsidiaries) as at December 31 sy IAS Financials. ( 2 ) Sustainable yield: weighted average of the historical value of the sustainable yields of the positions. Bonds: actual coupon + pro rata trading discount ; Equity: expected dividend yield. 22

23 Group Investment Trend and Bond Rating Classes P&C P&C Investment Breakdown Trend 1 Long term Gov. Bonds 63.0% 3,402 mln Short term Gov. Bonds 10.4% Real Estate 6.6% Liquidity 0.7% Equity 3.8% Credit Risk 15.5% Bonds Breakdown by Region Italy 83.6% Spain 3.5% Ireland 0.6% Others 12.3% Bonds Rating Breakdown 3,586 mln Short term Gov. Bonds 16.0% Real Estate 6.6% Liquidity 0.3% Equity 4.6% <BBB and NR 9.0% A 2.1% AA 1.0% AAA 0.5% Long term Gov. Bonds 55.0% Credit Risk 17.5% BBB 87.4% Sustainable yield 2 : 2.17% ( 1 ) Class C assets (excluding subsidiaries) as at December 31 st IAS Financials. ( 2 ) Sustainable yield: weighted average of the historical value of the sustainable yields of the positions. Bonds: actual coupon + pro rata trading discount ; Equity: expected dividend yield. 23

24 Group Investment Trend and Bond Rating Classes Life Life Investment Breakdown Trend 1 13,465 mln Short term Gov. Bonds 7.8% Real Estate 2.9% Liquidity 0.9% Equity 2.7% Credit Risk 18.2% Bonds Breakdown by Region Spain 1.9% Ireland 1.2% Others 8.8% Long term Gov. Bonds 67.5% Italy 88.1% Bonds Rating Breakdown 14,348 mln Short term Gov. Bonds 5.9% Real Estate 2.7% Liquidity 0.5% Equity 2.1% Credit Risk 18.0% <BBB and NR 8.6% A 1.4% AA 0.4% AAA 0.2% Long term Gov. Bonds 70.8% BBB 89.4% Sustainable yield 2 : 3.22% ( 1 ) Class C assets (excluding subsidiaries) as at December 31 st IAS Financials. ( 2 ) Sustainable yield: weighted average of the historical value of the sustainable yields of the positions. Bonds: actual coupon + pro rata trading discount ; Equity: expected dividend yield. 24

25 Performance and Minimum Guaranteed Technical Reserve Breakdown for Minimum Guaranteed (Segregated Funds) Yield v.s. Minimum Guaranteed (2015) 1.7% 3.3% +202pps 29.9% 65.1% 12, % 1.8% 3.2% 9M % 69.1% 12, % 3.4% 1H % 72.9% 11, % 3.5% 1Q % 77.6% 11, % 3.7% 1.50% 12,3% 82.0% 11, % 3.7% 9M % 84.8% 11, % 4.1% 1H % 86.5% 10,835 1% 1% < 1% 2.5% < 2,5% 2.5% < < 4% 4% Group Average yield (segregated funds) Average guaranteed rate (liabilities) 25

26 Available for Sale Reserve Trend mln Gross of shadow and taxes Net of shadow and taxes 1,260 1,269 1, March 4th,

27 APPENDICE 27

28 Glossary Ratio Formula Claims Ratio Net claims costs / Net premiums (retained business) Expense Ratio (P&C) Operating expenses / Net premiums (retained business) Combined Ratio (1-(Technical result / Net premiums )) (retained business) 28

29 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. 29