RESULTS PRESENTATION. January to September 2012 GRUPO CATALANA OCCIDENTE,S.A. AND SUBSIDIARIES

Transcription

1 RESULTS PRESENTATION January to September 2012 GRUPO CATALANA OCCIDENTE,S.A. AND SUBSIDIARIES Sant Cugat del Vallés, 26th. October 2012 Mr. Francisco José Arregui, General Manager Mr. Carlos González, CFO

2 AGENDA KEY ASPECTS OF THE PERIOD RESULTS FROM JANUARY TO SEPTEMBER GRUPO CATALANA OCCIDENTE s SHARE 04 OUTLOOK 05ANNEX

3 01 KEY ASPECTS OF THE PERIOD

4 01 KEY ASPECTS OF THE PERIOD Assessment of the period Uncertain economic environment and volatile financial markets Maintenance of premiums Sustainability of Traditional business results Credit insurance results of EUR 83.8 million Improvement on Long-Term capital and Excess of Solvency 6.48% increase of stake in Atradius Acquisition of 49% of Groupama Seguros (now Plus Ultra) Positive valuation thanks to the soundness of the business 4

5 01 KEY ASPECTS OF THE PERIOD Key figures (million of euros) TURNOVER 9M M 2012 % Chg Traditional Business 1, , % Credit Insurance Business 1, , % INSURANCE TURNOVER 2, , % (million of euros) RESULTS 9M M 2012 % Chg Recurrent Result from Traditional Business % Recurrent Result from Credit Insurance Business % Non Recurring Result CONSOLIDATED RESULT % ATTRIBUTABLE RESULT % More detail in Annex 5

6 01 KEY ASPECTS OF THE PERIOD Key figures Business diversification Geographical diversification 19.1% 13.6% 4.7% 3.7% 3.8% 11.6% 63.5% 3.2% 2.8% 48.0% 7.6% 8.2% 5.0% 3.8% 1.4% Credit Insurance Life, Contributions to PP and MF Multirisk Auto Other Non-Life Spain Rest U.E. Germany France Netherland Italy United Kingdom Asia Pacific America Rest of countries 6

7 01 KEY ASPECTS OF THE PERIOD Key figures Business diversification Geographical diversification 19.1% 13.6% 4.7% 3.7% 3.8% 11.6% 63.5% 3.2% 2.8% 48.0% 7.6% 8.2% Considering retained business 34.1% Credit Insurance Life, Contributions to PP and MF Multirisk Auto Other Non-Life Spain Rest U.E. Germany France Netherland 5.0% 3.8% 1.4% Outside Europe 10.2% Italy United Kingdom Asia Pacific America Rest of countries 7

8 01 KEY ASPECTS OF THE PERIOD Key figures (million euros) KEY FIGURES 12M M 2012 % Chg Long-Term Capital 1, , % Funds Under Management 7, , % Excess of Solvency I 1, , % As % of capital required 489.7% 483.8% Surplus of Technical Provisions 1, , % More detail in Annex Solid financial structure 8

9 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Increase of the stake in Atradius 2010: acquisition of the 35.8% to Foreign minority shareholders: 26.66% GCO 9.11% INOC, SA 2011: partial exercise of the call option 2.63% 40 M ( /share) Economic stake 76.72% 26th. April 2012: exercise of the call option: 6.48 % 99.8 M Economic stake: 83.20% Total investment: 1,093.8 M CCS Consorcio de Compensación de Seguros GES Ges Seguros y Reaseguros NAC Nacional de Reaseguros ESP España, SA Compañía Nacional de Seguros GCO Grupo Catalana Occidente CCS 9.88% GES NAC NAC ESP ESP 3.50% 7.78% 5.00% Grupo Crédito y Caución, SL 64.23% 56.71% 73.84% 100% INOC, SA GCO ATRADIUS, NV 35.77% Crédito y Caución 9

10 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Acquisition of Groupama Seguros 19 th June: announcement of the acquisition of Groupama s subsidiary in Spain: 49.0% Grupo Catalana Occidente 51.0% INOC, SA Valuation of 404.5M Acquisition of a call option to INOC, SA: 3 years Price: same as previous transaction capitalized to Euribor 3M b.p. substracting the dividends paid out during such period Premium of 27.5 M 28 th. September: Effective closing of the transaction after obtaining regulatory approvals Change name to Plus Ultra More information in the presentation of the 20th June: Groupama Seguros acquisition and in Annexes 10

11 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Strategic fit Catalana Occidente Group takes this opportunity to: Become one of the market leaders reaching a market share of 5% Strengthen the dimension in certain lines Reinforce the commitment to the channel intermediaries Increase the weight of traditional business: providing stability to results 11

12 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Solid experience integrating companies (*)4,010 3,333 3,160 2,972 3,067 1,730 1,862 1,936 2, ,117 1,298 1, (million of euros) (*) Proforma data based on year-end

13 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Premium growth Business diversification 4,009.9 M +30.8% 64.8% 3,066.7 M 17.5% Traditional Business Weight 35.2% 10.3% 18.5% 18.4% GCO PlusUltra Seguros Proforma Multrrisk Life Traditional Business Credit Insurance Business 10,4% Other Non Life Auto Credit Insurance 13

14 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Improvement of the competitive position on the Spanish market: Nº Company Premiums Market share 1 Mapfre 8, % 2 Caixa 5, % 3 Mutua Madrileña 3, % 4 Zurich 3, % 5 Allianz 3, % 6 Santander 2, % 7 AXA 2, % 8 Caser 2, % 9 Generali 2, % 10 Grupo Catalana Occidente 2, % Nº Company Premiums Market share 1 Mapfre 8, % 2 Caixa 5, % 3 Mutua Madrileña 3, % 4 Zurich 3, % 5 Allianz 3, % 6 GCO + PlusUltra 2, % 7 Santander 2, % 8 AXA 2, % 9 Caser 2, % 10 Generali 2, % Source: ICEA Datos del negocio en España

15 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Improvement of the competitive position on the Spanish market: + Market Segment Nº Premiums Nº Premiums Share Market Share 10 6 Total 2, ,4% 2, % Multirisk ,6% % Auto ,4% % Other Non Life Liability Other industrial damage Accidents Source: ICEA. Datos del negocio en España ejercicio Premiums in million euros 15

16 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Increase and complement the geographical presence Aproximated market share based on ICEA 2011 Data for the spanish business 16

17 02 RESULTS FROM JANUARY TO SEPTEMBER

18 02 RESULTS FROM JANUARY TO SEPTEMBER Agenda Income Statement Balance Sheet 18

19 02 RESULTS FROM JANUARY TO SEPTEMBER Agenda Traditional business Credit insurance business Non Recurring Result Financial result 19

20 02 RESULTS FROM JANUARY TO SEPTEMBER Traditional business (million of euros) PREMIUMS 9M M 2012 Change % Chg Multirisk % Other Non Life % Auto % Life % Regular Premiums % Single Premiums % Traditional Business 1, , % Contributions to pension plans % Contributions to mutual funds

21 02 RESULTS FROM JANUARY TO SEPTEMBER Traditional business (million of euros) RESULTS BY BUSINESS LINE 9M M 2012 % Chg Net Technical result after expenses Multirisk % Other Non Life % Auto % Life % Net technical result after expenses % Financial result % Result Non Technical Account % Tax % Recurrent result from traditional business % 21

22 02 RESULTS FROM JANUARY TO SEPTEMBER Traditional business COMBINED RATIO 9M M 2012 Change Multirisk 87.7% 85.7% -2.0 Underwriting cost 53.4% 50.8% -2.6 Commissions 19.6% 19.5% 0.0 Expenses 14.7% 15.4% 0.7 Other Non-Life 81.9% 81.6% -0.3 Underwriting cost 37.9% 36.8% -1.1 Commissions 18.6% 17.7% -0.9 Expenses 25.4% 27.1% 1.7 Auto 92.9% 93.6% 0.7 Underwriting cost 63.2% 63.6% 0.4 Commissions 12.1% 11.9% -0.1 Expenses 17.7% 18.0% 0.4 Traditional business 88.3% 87.6% -0.7 Underwriting cost 53.5% 52.2% -1.2 Commissions 16.5% 16.4% -0.2 Expenses 18.3% 19.0%

23 02 RESULTS FROM JANUARY TO SEPTEMBER Agenda Traditional business Credit insurance business Non Recurring Result Financial result 23

24 02 RESULTS FROM JANUARY TO SEPTEMBER Credit insurance business REVENUES 9M M 2012 Change (million of euros) % Chg Credit insurance % Bonding % Acepted Reinsurance % Credit Insurance Premiums 1, , % Information income % Insurance turnover 1, , % Income from complimentary activities % Credit insurance revenues 1, , % 24

25 02 RESULTS FROM JANUARY TO SEPTEMBER Credit insurance business Evolution of Credit Insurance s Total Potential Exposure % % +3.4% +6.9% +3.7% M07 12M08 12M09 12M10 12M11 6M12 (thousand million of Euros) Selective growth depending on the market: America, Asia & Oceania: rates above 10% Germany: 6% Spain: -7.5% For more details see Annex Expansion in Transport and Electronics and reduction in Construction and Paper 25

26 02 RESULTS FROM JANUARY TO SEPTEMBER Credit insurance business (million of euros) RESULTS 9M M 2012 % Chg Technical Result after expenses % Reinsurance Result % Financial Result % Complimentary activities result Tax % Adjustements % Recurrent result from credit insurance business % 26

27 02 RESULTS FROM JANUARY TO SEPTEMBER Credit insurance business COMBINED RATIO 9M M 2012 Change Crédito y Caución Rest of Atradius Gross Combined Ratio 80.4% 87.8% % 80.4% Technical cost 46.4% 53.3% % 42.4% Commissions & Expenses 34.0% 34.5% % 38.0% Net combined Ratio 80.4% 88.2% % 81.4% Technical cost 48.9% 52.2% % 41.8% Commissions & Expenses 31.5% 36.0% % 39.6% Performance of Net Combined Ratio 84.1% 80.4% 72.5% 75.0% 39.1% 31.5% 30.1% 31.7% 85.8% 85.9% 87.8% 88.2% 34.2% 32.6% 35.9% 36.0% Commissions & Expenses Technical Cost 45.0% 40.8% 44.9% 48.9% 51.6% 53.3% 51.9% 52.2% 12M M 6M 9M M 3M 6M M 27

28 02 RESULTS FROM JANUARY TO SEPTEMBER Agenda Traditional business Credit insurance business Non Recurring Result Financial result 28

29 02 RESULTS FROM JANUARY TO SEPTEMBER Non Recurring Result (million of euros) NON RECURRING RESULT 9M M 2012 Financial Result from Traditional business Financial Result from Credit insurance business Non Recurring Financial Result Non Recurring Results from Traditional business Non Recurring Results from Credit Insurance business Consolidation adjustments NON RECURRING RESULT Figures after tax 29

30 02 RESULTS FROM JANUARY TO SEPTEMBER Agenda Traditional business Credit insurance business Non Recurring Result Financial result 30

31 02 RESULTS FROM JANUARY TO SEPTEMBER Financial result (million of euros) FINANCIAL RESULT 9M M 2012 % Chg Financial income net of expenses % Foreign exchange Subsidiaries Interest paid to Life policyholders % Recurrent Financial Result from Traditional Business % Recurrent Financial Result from Credit Insurance Business (*) % Recurrent Financial Result % Non Recurrent Financial Result FINANCIAL RESULT % (*) Includes consolidation adjustments amounting to 0.1 and 0.6 million of euros in 9M2011 and 9M2012 respectively 31

32 02 RESULTS FROM JANUARY TO SEPTEMBER Agenda Income Statement Balance Sheet 32

33 02 RESULTS FROM JANUARY TO SEPTEMBER Long-Term Capital (million of euros) LONG-TERM CAPITAL AT 12/31/11 1,645.7 EQUITY AT 12/31/11 1,527.6 (+) Consolidated profit (+) Dividends paid (+) Changes in valuation adjustments 34.8 (+) Additional acquisition Atradius NV shares (+) Changes in own shares -0.8 (+) Other changes -4.5 Total movements 34.0 EQUITY AT 09/30/12 1,561.7 Subordinated debt LONG-TERM CAPITAL 09/30/12 1, % 33

34 02 RESULTS FROM JANUARY TO SEPTEMBER Long-Term Capital (million of euros) LONG-TERM CAPITAL AT 12/31/11 1,645.7 EQUITY AT 12/31/11 1,527.6 (+) Consolidated profit (+) Dividends paid (+) Changes in valuation adjustments 34.8 (+) Additional acquisition Atradius NV shares (+) Changes in own shares -0.8 (+) Other changes -4.5 Total movements 34.0 EQUITY AT 09/30/12 1,561.7 Subordinated debt LONG-TERM CAPITAL 09/30/12 1,680.3 Balance sheet does not include capital gains on property: M LONG-TERM CAPITAL (MARKET VALUE) 2,

35 02 RESULTS FROM JANUARY TO SEPTEMBER Technical provisions coverage 12M M 2012 Surplus 1,468.2 Surplus 1, % % Assets of Provisions 122.0% % Assets of Provisions Elegible assets 8,098.7 Elegible assets 8,313.5 (million of euros) 35

36 02 RESULTS FROM JANUARY TO SEPTEMBER Solvency margin M , % 1, , % 1,699.5 Spain average (DGS): 260% (2011) Europe average (EIOPA): 206% (2010) Required Capital Available Capital Surplus (million of euros) 36

37 02 RESULTS FROM JANUARY TO SEPTEMBER Investments INVESTMENTS December 2011 (million of euros) 9M 2012 % Chg. % s/ Inv Co. Risk Owned-occupied property % Investment property % Investment in real estate funds % Unrealized capital gains % Total Property 1, , % 15.3% Fixed income 3, , % 51.4% Equities % 7.0% Other investments % 7.9% Total financial instruments 4, , % Cash and Short term deposits 1, % 13.9% Subsidiaries % 4.6% TOTAL INVESTMENTS COMPANY RISK 6, , % 100% Investments on behalf on policyholders % Pension funds and Mututal funds % TOTAL INVESTMENTS POLICYHOLDERS RISK % TOTAL INVESTMENTS AND FUNDS UNDER MANAGEMENT 7, , % For more details see Annex 37

38 03 GRUPO CATALANA OCCIDENTE s SHARE

39 03 GRUPO CATALANA OCCIDENTE s SHARE Share price evolution EVOLUTION % M 2012 TACC GCO IBEX DJ EUROPE STOXX Insuran ! /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/2011 (euros per share) GCO IBEX 35 Dow Jones EUROPE STOXX Insurance Earnings per share 39

40 03 GRUPO CATALANA OCCIDENTE s SHARE Dividends EPS Earning Per Share DPS Dividend per share Pay - out (euros per share) % 24.5% 58.6% 60.2% 33.6% 32.5% % 54.3% 76.0% 47.9% % DIVIDENDS CHARGE TO 2011 RESULTS July 2011 October 2011 February 2012 May 2012 Total dividend per share TOTAL DIVIDEND Dividend against 2011 results Dividend against 2011 results Dividend against 2011 results Complementary to 2011 results ,328,000 DIVIDENDS CHARGE TO RESULTS July 2012 Dividend against 2012 results October 2012 Dividend against 2012 results % vs

41 04 OUTLOOK

42 05 ANNEX

43 05 ANNEX Grupo Catalana Occidente More than 145 years of history An independent Group A pure insurer A portfolio that includes all lines of products 5,811 employees 2011 Turnover: 3,217 M 43

44 05 ANNEX Corporate structure GRUPO CATALANA OCCIDENTE Parent company Seguros Catalana Occidente Tecniseguros Menéndez Pelayo, SICAV 100% 100% 100% Seguros Bilbao Prepersa, AIE Catoc Sicav 99.72% 100% 97.01% Atradius NV (*) S. Órbita Seguros Bilbao Fondos 83.20% 99.72% 99.72% Nortehispana Bilbao Vida Bilbao Hipotecaria 99.78% 99.72% 99.72% Depsa Bilbao Telemark Grupo Crédito y Caución, SL 100% 99.72% 73.84% Catoc Vida Co Capital Ag. Valores Salerno % 100% 100% Cosalud GCO de Servicios Tecnológicos, AIE 100% 99.78% Depsa Servicios y Gestión Legal, SL 100% Catalana de Tall. y Rep , SL 100% Grupo Contact Center AIE 99.78% Inversions Catalana Occident, SA 49.00% PlusUltra Seguros (**) Asitur Asistencia Hercasol Sicav 49.00% 28.54% 71.04% Calboquer Gesiuris 20.00% 26.12% Sersanet 25.00% Fully consolidated companies Equity consolidated associated (*) The Group s economic stake in Atradius NV has increased by 6.48%, reaching 83.20% as a result of the exercise of the call option to INOC, SA (**) On the 28th. September the acquisition of 49% of the stake in Groupama Seguros (now Plus Ultra Seguros) finalized INSURANCE COMPANIES COMPLEMENTARY TO INSURANCE ACTIVITIES INVESTMENT COMPANIES 44

45 05 ANNEX Profit and Loss Account (million of euros) PROFIT AND LOSS ACCOUNT 9M M 2012 % Chg EXERCISE 2011 Premiums 2, , % 3,066.7 Earned premiums 2, , % 3,068.3 Information income % Insurance turnover 2, , % 3,169.6 Technical cost % 1,931.7 As a % of Insurance turnover 60.3% 61.2% 60.9% Commissions % As a % of Insurance turnover 11.9% 11.7% 11.9% Technical result % As a % of Insurance turnover 26.6% 27.1% 27.1% Expenses % As a % of Insurance turnover 16.7% 18.6% 18.7% Technical result after expenses % As a % of Insurance turnover 9.5% 8.5% 8.4% Financial result Technical Account % 57.0 As a % of Insurance turnover 1.6% 2.0% 1.8% Non Technical Account result As a % of Insurance turnover -0.3% -0.4% 1.8% Complementary activities result As a % of Insurance turnover -0.1% 0.2% -0.3% Result before tax % As a % of Insurance turnover 11.1% 10.2% 9.8% CONSOLIDATED RESULT % RESULT ATTRIBUTABLE TO MINORITY INTERE % 31.7 RESULT ATTRIBUTABLE TO THE PARENT C % As a % of Insurance turnover 7.5% 6.9% 6.6% RECURRING RESULT % NON RECURRING RESULT AND NON TECHN

46 05 ANNEX Results by business line and quarter (million of euros) EARNINGS BY BUSINESS LINE 1T2009 2T2009 3T2009 4T2009 1T2010 2T2010 3T2010 4T2010 1T2011 2T2011 3T2011 4T2011 1T2012 2T2012 3T2012 Net Technical result Multirisk Other Non Life Auto Life Net underwriting result after expenses Financial result Tax Recurrent result from traditional business Recurrent result from Credit Insurance business Non recurring result RESULT AFTER TAX RESULT ATTRIBUTABLE TO MINORITY INTERESTS RESULT ATTRIBUTABLE TO HOLDERS OF THE PARENT Attributable Profit 12M M Attributable Profit12M M Attributable Profit 12M M 46

47 05 ANNEX TPE Evolution and Distribution Country of buyer Which Q 2012 % Chg. % of/ total Denmark, Finland, Norway, Netherlands 40,971 38,371 28,095 24,978 25,200 25, % 5.7% Netherlands, Sweden, Baltic Other 26,512 24,370 18,102 17,814 19,365 20, % 4.6% Austria, Czech Republic, Germany, Germany 77,209 74,156 59,136 60,212 65,608 69, % 15.7% Greece, Hungary, Poland, Slovakia, Switzerland Other 42,001 43,399 25,274 26,874 31,950 34, % 7.9% United Kingdom 44,788 33,755 20,705 23,736 25,988 28, % 6.4% UK, North America, Australia, Asia North America 28,950 27,729 15,691 20,026 22,646 25, % 5.7% Other 69,006 67,279 40,746 48,650 59,826 69, % 15.6% Southern Europe France 57,143 48,334 36,294 36,851 36,391 36, % 8.3% Italy 41,354 38,144 20,023 21,042 24,111 24, % 5.5% Spain & Portugal 195, , , , ,565 95, % 21.7% Belgium & Luxembourg 19,078 16,421 11,763 11,616 11,983 12, % 2.8% Total 642, , , , , , % 100.0% (million of Euros) 47

48 05 ANNEX TPE Evolution and Distribution Industrial Sector T 2012 % Var. % of/ total Durable consumer 73,787 72,944 49,679 50,211 51,713 46, % 10.5% Metals 72,566 66,846 39,469 45,232 47,972 54, % 12.4% Electronics 48,187 51,169 32,139 36,064 43,740 48, % 10.9% Construction 93,864 64,198 37,168 32,576 21,850 36, % 8.2% Chemicals 58,354 51,246 37,101 42,210 42,952 48, % 10.9% Transport 38,196 39,959 26,793 28,217 34,145 35, % 8.0% Machines 45,459 40,619 28,807 29,026 30,592 30, % 6.8% Food 63,126 52,747 42,105 40,556 42,566 39, % 8.9% Building Materials 32,639 36,270 22,522 24,858 36,794 20, % 4.7% Services 40,069 28,108 21,497 20,317 21,914 21, % 4.8% Textiles 30,182 23,519 13,982 13,825 13,883 16, % 3.7% Finance 15,719 15,011 11,567 12,142 12,105 11, % 2.6% Agriculture 14,114 17,785 13,759 14,527 16,057 21, % 5.0% Paper 16,104 14,069 9,085 9,135 10,350 11, % 2.5% Total 642, , , , , , % 100.0% (million of Euros) 48

49 05 ANNEX Balance sheet ASSETS December 2011 (million of euros) 9M 2012 % Chg Intagible assets and property, plant and equipment % Investments 6, , % Property investments % Financial investments 5, , % Cash and short-term deposits % Reinsurer's share of technical provisions 1, , % Other assets 1, , % Deferred tax % Receivables % Other assets % TOTAL ASSETS 9, , % EQUITY AND LIABILITIES December M 2012 % Chg Long-Term Capital 1, , % Equity 1, , % Parent Compay 1, , % Minority interest % Subordinated debt % Technical provisions 6, , % Other liabilities , % Other provisions % Diposits received for outward reinsurance % Deferred tax liabilities % Payables % Other liabilities % TOTAL EQUITY AND LIABILITIES 9, , % 49

50 05 ANNEX Investments - Fixed income portfolio detail 30/09/2012 Tipology Rating (*) Country Sector AAA 15.1% 1.7% 47.3% Corporate Fixed Income 1,701.8 AA 17.4% Spain 43.1% 27.3% 1.7% A 19.8% 41.3% 52.7% Public Fixed income 1,896.0 BBB 43.9% Rest of Europe 48.0% 4.7% 10.8% (million of euros) Menor y No Rating 3.8% Total fixed income portfolio: 3,597.8 M (*)DuringthemonthofOctober,Standard & Poor's has downgraded the rating of the Kingdom of Spain and, consequently, of Spanish companies causing a deterioration in the credit quality of the Group's investment portfolio United States 5.7% Rest 3.2% Basic materials Utility and Energy Energy Industrial Financial 9.2% 0.2% Non-Cyclical Consumer Communications Cyclical Consumer 50

51 05 ANNEX Plus Ultra Seguros PROFIT AND LOSS ACCOUNT December 2010 (million of euros) December % Chg Premiums % Earned premiums % Information income Insurance turover % Technical cost % As a % of Insurance turnover 73.0% 73.2% Comissions % As a % of Insurance turnover 14.3% 13.8% Technical result % As a % of Insurance turnover 12.7% 13.0% Expenses % As a % of Insurance turnover 12.9% 13.4% Technical result after expenses % As a % of Insurance turnover -0.1% -0.4% Financial result % As a % of Insurance turnover 5.9% 4.1% Result from Complimentary activities and Non technical As a % of Insurance turnover 0.1% -1.1% Result before tax % As a % of Insurance turnover 5.9% 2.6% CONSOLIDATED RESULT % As a % of Insurance turnover 4.2% 1.6% RECURRENT RESULT % NON RECURRING RESULT Business diversification Other Non Life 18,4 Multirisk 29,3 Life 15,4 Auto 36,8 Distribution diversification Banks 13.06% Other 11.25% Internet 1.38% Agents Brokers 41.61% 51

52 05 ANNEX Plus Ultra Seguros (million of euros) ASSETS December 2010 December 2011 % Chg Intangible assets and property,plant and equipment % Investments 1, , % Property investments % Financial investments 1, , % Cash and short-term deposits % Loans and Receivables % Reinsurer's share of technical provisions % Other assets % Deferred tax % Other as s ets % Accrual adjustments % TOTAL ASSETS 2, , % EQUITY AND LIABILITIES December 2010 December 2011 % Chg Long-Term Capital % Equity % Parent Company % Minority interes ts Subordinated debt Technical provisions 1, , % Other liabilities % Other provisions % Diposits received for outward reinsurance % Deferred tax liabilities % Other liabilities % Accrual adjustments % TOTAL EQUITY AND LIABILITIES 2, , % 52

53 DISCLAIMER This presentation includes oral and written forward-looking statements with respect to certain plans and current goals and expectations relating to the Company s future financial condition, performance and results. These forward-looking statements represent a simple forecast whose formulation does not represent a guarantee with respect to the future performance of the Company. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which may be beyond the Company s control such as general economic conditions, performance of financial markets, the frequency and severity of insured loss events, mortality and morbidity levels and trends, persistency levels, interest rate levels, currency exchange rates, general competitive factors, changes in laws and regulations, changes in the policies of governments or regulatory authorities. The Company undertakes no obligation to update the forward-looking statements made in this presentation or any other forward-looking statements. The information contained in this statement must be taken in mind by all personas and entities who may have to take decisions or formulate or divulge opinions related to the shares issued by the company and, in particular, by analysts and investors handling this document. 53

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