Results as at June 30 th, 2016 Cattolica Assicurazioni Group. Verona, August 5 th, 2016

Transcription

1 Results as at June 30 th, 2016 Cattolica Assicurazioni Group Verona, August 5 th, 2016

2 Agenda Results as at June 30 th, 2016 P&C Business Performance Life Business Performance Investments 2

3 Results as at June 30 th, 2016 IAS/IFRS Results Δ % Total Direct Premiums 3,197 2, % P&C Direct Premiums 1, % 1 Life Direct Premiums 2,164 1, % 2 Combined Ratio 93.4% 92.5% -0.9 pps Consolidated Shareholders Equity 2,159 2, % 3 Solvency II Ratio 1.90x 1.88x -1.1% 4 Consolidated Net Result % Group s Net Result % (1) Including Investments contracts. (2) On retained business. (3) As at December 31st ( 4 ) As at March 31st

4 Consolidated Income Statement Group Companies contribution to the consolidated result Normalised Impairments P&C insurance companies Life insurance companies Non-insurance companies IAS/IFRS Consolidated Result IAS/IFRS Group s Result

5 Trend of Relevant Bank Holdings Cassa di Risparmio di San Miniato 100 Price per Share ( ) 150 Investment Value ( ) Banca Popolare di Vicenza Price per Share ( ) 100 Investment Value ( ) 50 Veneto Banca 100 Price per Share ( ) Investment Value ( ) mln FY2014 FY mln Acquisition value FY mln ,03 Acqusition value FY ,0 10,0 0,0-10,0 50,0 0,0-50,0 50,0 0,0-50,0 ( 1 ) The figure shows, as compared with FY2015, the impairment written on the holding in for about 35 mln and the effects of the change in the AFS reserve of the bank as well as other effects on the Shareholders equity for about 2 mln. 5

6 Shareholders Equity Group s Shareholders Equity Cattolica holds approximately 2.5% of its share capital Group s Shareholders Equity 1 ( 1 ) It includes the changes in shadow accounting (net of tax). 6

7 Group s Solvency II Ratio Standard Formula Solvency II Ratio as at Solvency II Ratio 1.88x 2,079 Tier 2 e Tier 3 1 6% 1,105 Tier % 974 Eligible own funds Solvency Capital Requirement (SCR) Excess capital ( 1 ) Tier 3 eligible own funds (net prepaid income taxes) equal to about 0.6% of total own eligible funds. ( 2 ) Tier 1 unrestricted eligible own funds (share capital and capital buffers ) equal to about 90% of total eligible own funds. 7

8 Agenda Results as at June 30 th, 2016 P&C Business Performance Life Business Performance Investments 8

9 P&C Premiums Group s P&C Premiums 1, % / -3.5% % Market 1Q2016/ 1Q % P&C Premiums Breakdown by Class Motor TPL. 48.4% Land vehicles hulls 6.7% Accident & Injury 9.6% Other damage to assets 12.3% General TPL 8.5% Motor % -4.8% Other 5.7% Health 3.0% Fire and natural forces 5.8% P&C Premiums Breakdown by Channel Banks 3.2% Brokers 2.3% Other channels 1.7% Non Motor % +1.6% Angencies 92.8% ( 1 ) Source: ANIA Trends premi trimestrali danni. Anno II n.5 (May 2016). 9

10 P&C: Technical Ratios Combined Ratio 1 Claims Ratio % 92.5% 67.2% 64.9% Expense Ratio % 25.5% G&A 6.7% 6.8% Commissions 18.2% 18.7% ( 1 ) On retained business. 10

11 P&C: Motor T.P.L. Technical Ratios Motor Premiums and Policies compared with FY2015 Motor T.P.L. policies Average Cost of Motor T.P.L. Paid Claims Claims Settlement Rate AS AT JUNE /2015 Average Cost( ) Claims Settlement Rate Average Cost( ) Claims Settlement Rate Average Cost( ) Card G (*) 72.2% 1, % 1, % No Card (*) 40.1% 1, % 1, % Card G e No Card 64.4% 1, % 1, % +1.7% +52,772 units (*) Claims directly managed by the network. Card G claims show a lower causality or incident seriousness compared to No Card claims. Motor T.P.L. Frequency Trend 1 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% -2.6% 2 5.7% Cattolica Group (excluding IBNR) Market (excluding IBNR) 5.0% 4.9% 4.7% 4.7% 4.7% As at July ( 1 ) FATA excluded. ( 2 ) Source: ANIA Relazione Mercato Assicurativo. 11

12 P&C Premiums Trends Compared to Market Total of Non Motor Classes 4.0% Combined Ratio of Non Motor 2-2.4% -2.3% Cattolica Group Δ1 Y Cattolica Group Δ 2 Y Market Δ 2Y General T.P.L. 3.9% % 89.5% 91.1% -0.8% -3.0% Cattolica Group Δ 1Y Cattolica Group Δ 2Y Market Δ 2Y 1 Health 6.7% -10.9% -17.4% Cattolica Group Δ 1Y Cattolica Group Δ 2Y Market Δ 2Y 1 Accident & Injury 11.8% 2.0% -0.8% Cattolica Group Δ 1Y Cattolica Group Δ 2Y Market Δ 2Y 1 FY2014 FY2015 ( 1 ) Source: ANIA: Rilevazione trimestrale dei premi del lavoro diretto Italiano dei rami danni IQ 2016 (May 2016). ( 2 ) On retained business, including FATA. 12

13 Agenda Results as at June 30 th, 2016 P&C Business Performance Life Business Performance Investments 13

14 Life Premiums Life Premiums % % Market 2,164 / 1Q2016/ 1Q , % -5.2% Life Premiums by Class 1, % 1, % % Traditional products Linked products Pension funds Life Premiums by Class Life Premiums by Channel Class III & VI 23.5% Class III & VI 22.5% 1, % +1.8% 1, % -10.9% Class I, IV & V 76.5% Class I, IV & V 77.5% Own channels 2 Banks 3 Brokers 4 Other channels ( 1 ) Source: ANIA Trends newsletter dell'ufficio studi. Anno XII n.6 (July 2016). ( 2 ) Agents and Pension Advisors. ( 3 ) Including Financial Advisors. ( 4 ) Including Cattolica Life. 14

15 Life New Business Life New Business Life New Business by Channel 1,971 Additional payments 475 % / % Market / 1 Agents 11.5% Brokers 1, % -10.1% -11.4% 1.1% Other channels 1.7% New business 1,496 Banks 85.7% % ( 1 ) Source: ANIA Trends life new business. Anno XII n.6 (August 2016). 15

16 Life Net Premiums Net Inflows Classes I & V 1,655 Class V 9% Class I 91% 26% 6% 68% -1,173 Redemptions Claims Maturities 482 Class V 10% Class I 90% Redemptions Claims Maturities -1,035 Gross premiums Total costs Net inflows Gross premiums Total costs Net inflows 1,182 35% 11% 54% 147 Net Inflows Class III % 16% 10% -104 Redemptions Claims Maturities % 5% 3% -165 Redemptions Claims Maturities 103 Gross premiums Total costs Net inflows Gross premiums Total costs Net inflows 16

17 Life net bancassurance premiums with BPVi Berica Vita % 6% Redemptions Claims Maturities 69 Redemptions Claims 78% 47% 21% 32% Maturities Gross premiums Total costs Net inflows Gross premiums Total costs Net inflows Cattolica Life % 20% 5% -68 Redemptions Claims Maturities % 4% 2% -116 Redemptions Claims Maturities -102 Gross premiums Total costs Net inflows Gross premiums Total costs Net inflows 17

18 Agenda Results as at June 30 th, 2016 P&C Business Performance Life Business Performance Investments 18

19 Investments Result Equity 3.2% Real estate 5.5% Credit risk 24.1% Gov. Bonds and Liquidity 67.2% Net interests and coupons Gains and losses1 Investment costs Result before impairments Impairments & write-downs IFRS Result as at ( 1 ) ncluding realised gains and mark-to-market profits on investments, different from impairments and depreciation on property. 19

20 Investments Result P&C Equity 5.9% Real estate 7.9% Credit risk 26.9% Gov. Bonds and Liquidity 59,3% Net interest and coupons Gains and losses 1 Investments costs Result before impairments Impairments & write-downs IFRS Result as at ( 1 ) Including realised gains/losses. 20

21 Investments Result Life Equity 2.7% Real estate 5.0% Credit risk 23.6% Gov. Bonds and Liquidity 68.7% 1 Net interests and coupons 1 Gains and losses Investment 2 costs Result before impairments Impairments & Write-downs IFRS Result as at ( 1 ) Including realised gains/losses. ( 2 ) Including other expenses on investments not attributable directly to the life business for about 1 mln.. 21

22 Group s Asset Allocation Trend Investments Breakdown 1 17,303 mln Short term Gov. Bonds 6.6% Real estate 3.5% Liquidity 0.6% Equity 2.7% Credit risk18.3% mln Short term Gov. Bonds 8.1% Real estate 4.0% Liquidity 0.3% Equity 2.5% Credit risk17.9% Long term Gov. Bonds 68.3% Long term Gov. Bonds 67.2% Sustainable yield 2 : 2.87% ( 1 ) Class C assets (excluding subsidiaries) as at June 30 th. 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 s Asset Allocation Trend and Bond Rating Classes P&C P&C Investment Breakdown Trend 1 Long term Gov. Bonds 64.9% 3,451 mln Short term Gov. Bonds 6,7% Real estate 6,4% Liquidity 0,6% Equity 4,5% Credit Risk16,9% Bonds Breakdown by Region Italiy 83.9% Spain 3.1% Ireland 0.4% Other 12.6% Bonds Breakdown by Rating 3,675 mln Short term Gov. Bonds 10,3% Real estate 9,1% Liquidity 0,4% Equity 4,3% <BBB e NR 9.4% A 1.7% AA 0.4% AAA 0.6% Long term Gov. Bonds 58.9% Credit Risk 17,0% BBB 87.9% Sustainable yield 2 : 2.01% ( 1 ) Class C assets (excluding subsidiaries) as at June 30 th. 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 s Asset Allocation Trend and Bond Rating Classes Life Life Investment Breakdown Trend 1 13,852 mln Short term Gov. Bonds 6.5% Real estate 2.8% Liquidity 0.6% Equity 2.2% Credit risk18.7% Bonds Breakdown by Region Spain 1.7% Ireland 1.1% Other 9.0% Long term Gov. Bonds 69.2% Italy 88.2% Bonds Breakdown by Rating 14,594 mln Short term Gov. Bonds 7.6% Real estate 2.7% Liquidity 0.3% Equity 2.1% Credit risk18.1% <BBB e NR 8.2% A 1.5% AA 0.4% AAA 0.3% Long term Gov. Bonds 69.2% BBB 89.6% Sustainable yield 2 : 3.10% ( 1 ) Class C assets (excluding subsidiaries) as at June 30 th. 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 Composizione Riserve Tecniche per Minimo Garantito (Gestioni Separate) Yield v.s. Minimum Guaranteed (2016) 1.6% 3.1% +217pps 37.5% 57.8% 12, % 3.2% 3.45% 1Q % 60.8% 12, % 3.3% FY % 65.1% 12, % 3.2% 9M % 69.1% 12, % 3.4% 21.8% 72.9% 11, % 3.5% 1Q % 77.6% 11, % 3.7% 1.28% FY % 82.0% 11, % 3.7% 9M % 84.8% 11, % 4.1% 1H % 86.5% 10,835 1% 1% < 1 2,5% 2,5% < < 4% 4% Average yield (Segregated Funds) Average guaranteed rate (Liabilities) 25

26 Available for Sale Reserve Trend Gross of shadow and taxes Net of shadow and taxes 1,260 1,269 1,317 1, FY2011 FY2012 FY2013 FY2014 FY

27 APPENDIX 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