Conference Call 2Q18

Transcription

1 Conference Call 2Q18

2 Consolidated Revenue 2Q18 / 1H18 2Q18 2Q17 Δ 1Q18 Δ 1H18 1H17 Δ Health & Dental 3, , % 3, % 7, , % Auto % % 1, , % Other Property & Casualty % % % Life & Personal Accident % % % Insurance Operating Revenues 4, , % 4, % 9, , % Private Pension % % % Savings Bonds % % % Administrative Service Only % % % Asset Management % % % Other Revenues % % % Other Operating Revenues % % % Total 5, , % 4, % 9, , % 2

3 Consolidated Revenue 1H18 Operating Revenues (% of total) 1H18 1H17 Other Revenues (4.2%) 16.4% 2.3% 3.1% 0.3% 0.3% 0.2% 1.0% 0.2% Other Revenues (4.3%) 2.4% 3.0% 0.3% 0.3% 1.0% 0.2% 0.4% 16.1% R$9.9 billion 76.2% R$8.6 billion 76.2% Insurance Revenues (95.8%) Insurance Revenues (95.7%) Health & Dental Automobile Other Property & Casualty Life & Personal Accident Private Pension Savings Bonds Administrative Services Only Asset Management Other Revenues 3

4 Highlights 2Q18 / 1H18 2Q18 2Q17 Δ 1Q18 Δ 1H18 1H17 Δ Operating Revenues 5, , % 4, % 9, , % Insurance Operating Revenues 4, , % 4, % 9, , % Loss Ratio (%) 77.4% 80.8% 340 BPS 76.4% -100 BPS 76.9% 78.7% 180 BPS Operating Gross Margin (1) (%) 9.8% 6.6% 320 BPS 10.2% -50 BPS 10.0% 8.2% 180 BPS General & Administrative Expenses (1) (%) 8.5% 8.4% -20 BPS 8.0% -60 BPS 8.3% 9.0% 70 BPS Investment Income % % % Net Income % % % ROAE (2) (%) 15.1% 13.5% 170 BPS 14.3% 80 BPS (1) Calculated as ratio of total operating revenues (2) ROAE = Recurring net income (last 12 months) / Average Shareholders Equity 4

5 Health & Dental 3, % 3,808.4 Operating Revenues 6, % 7, % 80.8% +310 BPS 72.8% Loss Ratio (% earned premiums) 81.1% +80 BPS 82.8% 82.7% 82.0% 2Q17 3Q17 4Q17 1Q18 2Q18 1H17 1H18 Gross Margin Members (thousand) +74.7% % , % +7.7% 3,169 3,218 3,225 3,019 2, ,032 1,054 1, ,225 1, ,103 1,098 1,116 1,130 1,144 1,103 1,144 2Q17 3Q17 4Q17 1Q18 2Q18 1H17 1H18 Corporate/Affinity Health SME Health Individual Health ASO (Health) Dental 5

6 Automobile Insurance Operating Revenues % 1, BPS Loss Ratio (% earned premiums) +820 BPS +25.7% , % 62.9% 60.0% 62.0% 60.4% 69.4% 61.2% 2Q17 3Q17 4Q17 1Q18 2Q18 1H17 1H18 Gross Margin Insured Fleet (Vehicles - thousand) % +4.7% -1.4% % ,606 1,498 1,511 1,513 1,583 1,606 1, Q17 3Q17 4Q17 1Q18 2Q18 1H17 1H18 6 (1) Does not consider Other Revenues from the Automobile segment

7 Other Property & Casualty Insurance Operating Revenues 1 Loss Ratio (% earned premiums) +8.6% +12.6% % 27.1% -1,120 BPS 42.6% 35.5% 39.4% -390 BPS 33.7% 37.5% Q17 3Q17 4Q17 1Q18 2Q18 1H17 1H18 Gross Margin Massified Portfolio 1H18 (% of operating revenues) -21.9% 24.3% % R$87 million 33.5% Homeowners (346k homes) Condominium (41k buildings) 42.2% Small Business (44k businesses) 7 (1) Does not consider Other Revenues from Other Property and Casualty segment. 7

8 Life & Personal Accident Insurance Operating Revenues 1 Loss Ratio (% earned premiums) +15.6% % % 47.3% +270 BPS 52.5% 39.4% 42.2% 43.9% +300 BPS 40.9% 2Q17 3Q17 4Q17 1Q18 2Q18 1H17 1H18 Gross Margin % 57.0 Portfolio 1H18 (% of operating revenues) 6.4% 3.7% 4.6% 16.5% % 37.5 R$226 million % Individual Group Life Credit Life Casualty Lump Sum Travel 8 (1) Does not consider Other Revenues from the Life segment

9 9 9 Private Pension Operating Revenues Pension Reserves +21.6% % % % 7.8 2Q17 2Q % % % % H17 1H % 6,573 5, % 2,255 1,951 2, % 2,936 1, % 1,381 1H17 1H18 Traditional PGBL VGBL Traditional PGBL VGBL

10 10 10 Savings Bonds Operating Revenues +1.3% Reserves +5.2% % Q17 2Q18 Gross Margin

11 Asset Management Assets Under Management (R$ billion) Assets Allocation Third Party (% of assets under management) % +9.6% +17.9% % 1.1% R$23.0 billion 48.0% % % 1H17 1H18 Third-Party Proprietary Private Pension Fixed Income and Private DI Equities & Investments Clubs Multi-Strategy Other Operating Revenues % % Q17 2Q18 1H17 1H18 Management Fee Performance Fee 11 11

12 General & Administrative Expenses General & Administrative Expenses General & Administrative Expenses Ratio (% of total revenues) -5.1% BPS 9.0% -18.8% BPS 8.5% % 8.3% 12

13 Investment Portfolio 6.4% Investment Strategy (Ex-pension) 8.0% 0.7% R$9.0 billion 0.7% Investment Allocation (Ex-pension) 0.7% 0.7% 8.4% R$9.0 billion Floating Interest Rate (Selic/CDI) Fixed-rate Other 84.1% Inflation-linked (IPCA) Equities 90.1% Brazilian Government Securities Corporate Debt Equities Other Investment Strategy (Total portfolio) 7.8% 6.5% 1.7% 0.4% Investment Allocation (Total portfolio) 14.4% 1.7% 0.4% 14.3% Floating Interest Rate (Selic/CDI) Inflation-linked (IGPM) Equities R$15.6 billion 69.2% Inflation-linked (IPCA) Fixed-rate Other R$15.6 billion 83.5% Brazilian Government Securities Corporate Debt Equities Other 13

14 Investor Relations This presentation may include declarations which represent forward-looking expectations about events or future results in accordance with Brazilian securities regulation. These declarations are based on certain premises and analyses that are completed by SulAmérica ( Company ), representing exclusively the expectations of management relative to the future of the business and the continued access to resources to finance the business plan of the Company. Further, the real results of the Company and its controlled entities may differ significantly or implicitly from those declarations of expectations about events or future results. Such future considerations, depend, substantially, on changes in market conditions, government regulation, competitive pressures, sector and Brazilian economic performance, among other factors, aside from the risks presented in the reported documents by SulAmérica and are, therefore, subject to change without any prior notice. The information contained in this presentation was not independently verified. No investment decision should be based on the validity, accuracy, or totality of the information contained in this presentation. No advisors to the Company or its affiliates or representatives will have any responsibility for any losses should they occur as a result of the utilization of the content from this presentation. This presentation and its contents are the property of the Company and, therefore, should not be disseminated or reproduced partially or entirely without the consent of SulAmérica.