Mirae Asset Life Insurance

Transcription

1 Mirae Asset Life Insurance Investor Relations 2017

2 BUILDING ON PRINCIPLES Total Assets Shareholder s Equity Employees 1,014 Headquarter 1988 Mar Establishment 2005 Jun Acquired by Mirae Asset Group Nov Dec First to open financial consulting center in Korea First to be authorized as retirement pension provider in Korea First to establish Retirement Research Institute in Korea 2006 Jul First to sell mutual funds through insurance FCs in Korea 2007 Sep First to provide trust services in Korea 2009 Feb Recognized as a superior retirement plan provider 2010 Jun First to establish smart mobile insurance system in Korea 2011 Oct First to be authorized by ISO for Education System for Retirement Pension Plan Experts 2012 Apr Recognized as the Top Call Center by KSQI 2013 Dec Top new products award by FSS for Variable Insurance 2014 Apr First to provide variable insurance products through online channel in Korea 2015 Jul Listed on Korea Stock Exchange (KOSPI) Market 2016 Mar Grand award for retirement pension plans (Maeil Economy) Sep Dec 28.0 tn KRW 1.8 tn KRW The best retirement planner award (Hankyung) First to provide mobile financial open market service iall 2017 May Acquired PCA Life Korea (As of Mar. 2017) 56, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul,... Not an offer for sale, or solicitation of any offer to buy any securities. Any investment decision must be made solely based on the information contained in the prospectus. The forward-looking statements, based on our current expectations or estimates, involve substantial risks and uncertainties and speak only as of the date of this presentation. Mirae Asset Life Insurance Co., Ltd

3 Shareholder Structure (End of 2016) Etc. 47.0% Treasury Stock 1.2% 5.7% ESOP Mirae Asset Life Total Assets (tn KRW) % Mirae Asset Daewoo 19.9% Mirae Asset Capital 19.0% Other Related Parties & Group Affiliates Shareholders Shares % Stake Mirae Asset Daewoo 28,843, % Mirae Asset Capital 27,601, % Mirae Asset Global Investment 8,958, % Mirae Asset Fund Service 771, % Mirae Asset Consulting 155, % Other Related Parties 589, % Major Shareholders & Related Parties 66,920, % ESOP 8,308, % Treasury Stock 1,700, % Etc. 68,250, % Total Floating Shares (KRX KOSPI) 145,180, % CPS : 21,126,760 shares (Portfolio C) Total Assets : Unconsolidated basis 3

4 Why Mirae Asset Life? Value-Base 1 Protections Fee-Biz Stability Profitability Negative Spread 2 3 4

5 Insurance Results Insurance & Fee-Biz Results The new business from insurance and fee-biz sector including variable annuity and VUL grew up together due to the Two-Track strategy. Protections Savings Variables Protections Savings Variables +40.7% % % 32.6% 51.9% 60.1% 16.2% 4.0% 51.2% 44.1% 28.4% Variables : Varable Accuity + VUL (Variable Universal Life) 5

6 Fee-Biz : Variable Insurance Insurance & Fee-Biz Results Variable insurance APE is constantly growing due to our good brand power, differentiated fund line-ups and quality consulting services % +4.1% -0.3% ,972 5,790 6, Variable APE : Variable Life + Variable Annuity + VUL (Variable Universal Life) 6

7 Fee-Biz : Retirement Pension Insurance & Fee-Biz Results The reserves and commission income continue to grow up together. We are gaining solid reputation in the retirement pension market with our differentiated competence in managing pension businesses % +39.9% 3, ,487 2, Retirement Pension Reserves : Asset management basis 7

8 Business Efficiency Business Efficiency Expense ratio increased due to the growth in the insurance sales. Loss ratio increased due to accounting principle change in the unpaid suicide insurance benefit and, the temporary bumping up of IBNR. (Excluding the unpaid benefits and IBNR, Loss ratio is 87.0% on the regular basis.) +0.8%p +8.8%p 13th 25th 60th 15.2% 16.0% 92.0% 87.2% 96.0% % '15 '16 '17 '15 '16 '17 '15 '16 '17 Expense Ratio = Actual Expenses / Premium Income Loss Ratio = Claims Paid / Risk Premium Due to the regulation change in the accounting principle of the overdue suicide claims, the unpaid suicide insurance benefit is to be accounted to the mortality margin from other profit & loss starting from this quarter. 8

9 General Account Asset Management Diversifying domestic and overseas portfolios based on risk management. Overcoming negative spread as well as low interest and growth rate by global distribution in the long term basis. Oversea Securities 22.8% Bonds 45.4% Real Estate 0.1% Equity 0.7% tn KRW AUM Yield Rate 3.5% Cash 0.9% Loans 13.3% Beneficiary Certificates 16.8% KP 8% Real Estate 13% US Treasury 15% Equity Others 1% 6% tn KRW Global Bonds 13% US IG 44% Overseas : Overseas Securities + Beneficiary Certificates which are invested in the overseas-underlying assets marked in KRW 9

10 Alternative Investments Asset Management Experienced in-house experts for the alternative investment to meet unexpected market changes. Expanding long term assets for gains from dividends and rents Mirae Asset Tower (Pudong, Shanghai) Four Seasons Hotel (Seoul, Korea) Rochavera Towers Faria Lima Towers (Sao Paulo) 225 West Wacker (Chicago) Four Seasons Hotel (Sydney) K St. Bldg. (Washington DC) Fairmont Orchid (Hawaii) Fairmont (San Francisco) Cologne City Hall (Germany) Hyatt Regency Waikiki (Hawaii) State Street (Boston) 200 Liberty Street (Manhattan) 10

11 Variable Account Asset Management Solid competence in asset management and well-organized fund line-ups in the variable insurance products enabled long-term stable growth. With risk-avoiding trends of customers, MVP fund is recording high growth rate. Overseas Overseas 30% tn KRW Domestic 38% Mirae Asset Life Industry Average 15.4% 11.3% 8.8% 9.5% 9.3% % Domestic & Overseas 32% 5.6% % 38% Domestic & Overseas includes the overseas mixed funds classified as Domestic & Overseas under KLIA standard, which actually comprise overseas positions. MVP (Miraeasset Variable Portfolio) : Mirae Asset Life s exclusive portfolio strategy that in-house experts manage flexible accounts directly for maximizing yield rate of customers accounts in the long term basis. MVP60 : Number means stock position of the fund KLIA : Korea Life Insurance Association 11

12 Breakdown of Reserves Financial Stability Reserve proportion for floating rate is increasing continuously. Managing industry-lowest standard interest rate to reduce reserves for high-guarantee fixed rate. Floating Rate Fixed Rate 3% & Up 6% & Up 39.6% 37.7% 37.1% 40% 38% 37% 50% 19.9% 18.0% 16.7% 60% 62% 63% 12

13 Asset-Liability Interest & Duration Gap Financial Stability The asset-liability interest gap is being improved in the long term basis due to global asset distribution and industry-lowest crediting rate. Weighing priorities on ALM based duration match-up for long-term financial stability and soundness. Crediting Rate for Reserves Yield Rate of Assets Asset Duration Liability Duration Adjusted Gap % 4.09% -43bp -13bp 3.90% 3.87% 3.93% -26bp % Asset-Liability Interest Gap : Volume-based adjusted & average basis Asset-Liability Duration Gap : FSS standard basis Adjusted Gap = Asset Duration Liability Duration * (Interest Bearing Liabilities / Interest Bearing Assets) 13

14 RBC Ratio & Liabilities Financial Stability Maintaining RBC Ratio higher than market standard. Preparing for IFRS 17 proactively by lowering both of high-guarantee fixed rate reserves and minimum guarantee of the floating rate reserves Market Standard 200% 317% 269% 221% Total Reserves General Separate 23% 39% 38% Fixed Rates Floating Rates Regulatory Requirement 100% Minimum Guarantee Interest Rate Proportion of the Floating Rate Reserves 67% 21% 12% Minimum Guarantee : 2.5% and below ~3.0% 3% over 14

15 Condensed Financial Statements Constant pursuit of profitability and long-term stability under Two-Track strategy. Avoiding market interest rate competition for business value-up of our own. (bn KRW) Category YoY Premium Income % APE % Protection APE % Variable APE % EBT % NI Separate % Consolidated % Total Assets 28,024 27, % AUM 17,234 16, % Total Equity 1,844 1, % RBC Ratio 220.9% 268.9% -48.0%p Premium Income : Excluding retirement insurance and annuities AUM : Excluding assets in the separate account and non-amortized new business expenses 15

16 Memo Contact IR : YJ@miraeasset.com / Tel :