Geschäftsentwicklung 2010 Vienna Insurance Group

Transcription

1 Geschäftsentwicklung 2010 Vienna Insurance Group

2 20 th Annual General Meeting VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe Vienna, May 6 th 2011

3 Business development 2010 Vienna Insurance Group

4 Vienna Insurance Group IFRS Key financials 2010 Premiums written totalling about EUR 8.6 billion (+7.2%) in 2010 Strong profit before taxes (PBT) growth of about 15% PBT at EUR 508 million Combined Ratio at 98.4% (despite NatCat losses in CEE) Excellent capitalisation of VIG exceeding capital requirements by more than double 4

5 Milestones 2010 Ukraine: new VIG core market Lithuania: market entry non-life insurance CEE/SEE: 100% take-over of TBIH Turkey: increase of holding in Ray Sigorta by 10% Albania: purchase of 75% + 1 share in Interalbanian, a local non-life insurance company Montenegro: market entry life insurance Macedonia: market entry life insurance 5

6 Geschäftsentwicklung 2010 Vienna Insurance Group

7 Leading market positions in Austria and CEE Top 3 Top 5 Top 10 Austria Estonia 1 Lithuania 1 Czech Republic Croatia Macedonia Slovakia Latvia 1 Hungary Poland 2 Romania Albania Bulgaria Ukraine Georgia Serbia 1 VIG is No. 1 in its core markets, total market share* at 17.6% core markets other VIG markets 1 applicable to life insurance 2 applicable to non-life insurance * 1Q- 3Q 2010 Sources: public market data 7

8 Awards 2010 (selection) Czech Republic: Kooperativa Prague: ranked 4 th in Czech 100 best ranked best financial service firm Kooperativa Prague was voted best insurance company of the year for 3 rd year consecutively Poland: Compensa was awarded Company of the 20 years by the Polish Business Club Benefia received Company of the year award for 2010 by the Polish Business Club Romania: BCR Life 2010: The insurer of the year life insurance Germany: Interrisk: Asscompact Trends voted Interrisk best company for casualty insurance 8

9 Geschäftsentwicklung 2010 Vienna Insurance Group

10 10

11 Premium income

12 Premium income Premiums written by lines of business, IFRS in EUR million /- in % yoy Property/Casualty 4, , % Life 3, , % Health % Vienna Insurance Group 8, , % 12

13 Premium income Premiums written by region, IFRS in EUR million /- in % yoy Austria 4, , % Czech Republic 1, , % Slovakia % Poland % Romania % Remaining markets* % Vienna Insurance Group 8, , % *Remaining markets include: Albania, Baltics, Bulgaria, Croatia, Georgia, Germany, Hungary, Liechtenstein, Macedonia, Serbia, Turkey and Ukraine 13

14 Premium income 2010 (2009) % share by region % share by line of business Austria 47.0% (48.3%) Property/Casualty 50.6% (52.5%) Other countries 53.0 % (51.7%) Health 3.9% (4.0%) Life 45.5% (43.5%) 14

15 Development of premium income Premiums written Allianz Generali Uniqa VIG (2005=100, Source: annual reports, Factset) 15

16 Development of combined ratio 110% 105% Allianz Generali Uniqa VIG 105,3% 100% 98,8% 98,4% 95% 94,3% 96,9% 95,5% 96,4% 96,3% 97,2% 90% (Sources: annual reports) 16

17 Country data

18 VIG Austria 2010 Market leader with steadily growing market share Premiums written EUR 4, million (+4.3% yoy) Total market share % (+0.7% yoy; 1 st place) Development of premiums (EUR million)

19 VIG Czech Republic 2010 Market leader in life insurance segment Premiums written EUR 1, million (+9.6% yoy) Total market share % (2 nd place) Development of premiums (EUR million)

20 VIG Slovakia 2010 Market leader Strong growth in life insurance segment (+2.3% yoy) Premiums written EUR million (+3.1% yoy) Total market share % (1 st place) Development of premiums (EUR million)

21 VIG Poland 2010 Strong growth in non-life insurance segment Total growth rate significantly above market average Premiums written EUR million (+36.4% yoy) Market share non-life % (3 rd place) 50 Development of premiums (non-life) (EUR million)

22 VIG Romania 2010 Strong profit orientation Successful development of BCR Life Significant growth of market share in life insurance segment by 4.4% yoy 136 Premiums written EUR million (-13.0% yoy)* Total market share % (1 st place) Development of premiums (EUR million) * Portfolio adjustments 22

23 sversicherung Group Premiums written / PBT; in EUR million Premiums written Strong growth of sversicherung Group* 1, ,9 PBT ,5 1, , , Life insurance fast growing line of business * Not including BCR non-life 23

24 Consolidated profit before tax (PBT) Vienna Insurance Group

25 PBT by lines of business, IFRS in EUR million /- in % yoy Property/Casualty % Life % Health % Vienna Insurance Group % 25

26 PBT by region, IFRS in EUR million /- in % yoy Austria % Czech Republic % Slovakia % Poland % Romania % Remaining markets Vienna Insurance Group % Approximate calculation 26

27 PBT development comparison Allianz Generali Uniqa VIG (2005=100, Source: annual reports, Factset) 27

28 VIG equity development Increase of shareholders equity by 8.7% to more than EUR 5 billion Minimum capital requirements are fulfilled by more than 200% 28

29 Cost cutting programme Cost cutting programme completed Successfully achieved: Increasing efficiency of sales staff Introduction of service centres for Austrian customers Concentration of back-offices Mergers in Croatia, Poland, Slovakia and Belarus etc. Reached until December 2010: Cost reduction of more than EUR 100 million 29

30 Embedded Value

31 Group embedded value 2010 Embedded Value increased anew EUR 4.7 bn EUR 5.1 bn Return on Group Embedded Value EUR million (+9.1%) 2009* 2010 * Adjusted Embedded Value 31

32 Group embedded value 2010 Increase of new business value (NBV, in EUR million) +49.3%

33 Investments

34 Investments at and ~ 55% ~ 3% ~ 57% Anleihen Bonds Aktien Equities Immobilien Real Estate Darlehen Loans Affiliated Beteiligungen Companies Sonstige Others ~ 13% ~ 14% ~ 12% ~ 14% ~ 12% ~ 10% ~ 3% ~ 3% ~ 4% ~ 3% Investments: EUR 25.9 billion EUR 28.2 billion (+8.7%) Investments of the unit- and index-linked life insurance: EUR 4.63 billion EUR 5.48 billion 34

35 PIIGS Government bonds and government guaranteed bonds in EUR million book value Greece* 34 Ireland* 52 Italy 34 Portugal 52 Spain 34 Vienna Insurance Group 206 share of about 0.75% of total investments *Impairments of a total of EUR 21 million included 35

36 VIG Holding (standalone results)

37 VIG-Holding standalone UGB/IFRS in EUR million 2010 Premiums written Technical result 3.79 Financial result according to UGB PBT according to UGB Revaluation of financial result Revaluation of others PBT according to IFRS Total expenses VIG Holding IFRS (without re-insurance commissions, incl. cost of asset management)

38 Dividend

39 Dividend Payout ratio of at least 30% of consolidated profit after tax for the business year 2010 Increase of dividend payment to EUR 1.00 is proposed for the year

40 Current developments

41 Premium income 1Q 2011 Preliminary, unconsolidated premiums written, IFRS in EUR million 1Q Q /- in % yoy Austria 1, , % Other countries 1, , % Vienna Insurance Group 2, , % 41

42 Outlook on result for 2011 IFRS 2011: Low, single-digit premium growth expected PBT growth expected of about 10% Combined ratio of approximately 97% 42

43 Standard & Poor s Rating Standard & Poor s confirms VIGs successful development with the rating of A+ outlook stable 43

44 Agenda: Item 4

45 Milestones in history 1824 Foundation of Wechselseitigen k.u.k. priv. Brandschaden-Versicherungs-Anstalt 1898 Städtische Kaiser Franz Joseph-Jubiläums- Lebens- und Rentenversicherungs-Anstalt 1990 Entry into the insurance market in former Czechoslovakia by acquiring an interest in Kooperativa 1992 Insurance operations are transferred to a stock corporation ( 61a ff VAG), as preparatory step for IPO. Wiener Städtische Wechselseitige remains principal shareholder 1994 IPO, preference shares listed on the Vienna Stock Exchange 2004 Stock split 2005 Wiener Städtische shares join the ATX and are listed on the Prime Market; Capital increase of EUR 1.05 bn; All shares converted into ordinary shares 2006 Introduction of the Vienna Insurance Group umbrella brand 2008 Capital increase of EUR 1.14 billion; Used to acquire sversicherung Group 2010 Implementation of new group structure 45

46 New organisational structure Principal Shareholder etc. 46

47 Thank you for your attention!