Results as at December 31 st 2014 Cattolica Assicurazioni Group

Transcription

1 Results as at December 3 st 204 Cattolica Assicurazioni Group Verona, March 8 th 205

2 Agenda FY 204 Results P&C Business Performance Life Business Performance Investments 2

3 FY 204 Results excluding FATA including FATA FY203 FY204 % FY203 FY204 % Total direct premiums 4,37 5, % 4,37 5, % P&C direct premiums,75, %,75, % Life direct premiums 2,656 3, % 2,656 3, % Combined ratio % 9.5% -2.0 pps 93.5% 9.5% -2.0 pps Shareholders Equity (Cons.),56 2, % Solvency I Ratio pps Consolidated Net Result % % Group s Net Result ,0% % Dividend per share ( ) 4 0,45 on 56,8 mln sh. 0,35 on 74,3 mln sh. Including investment contracts. 2 Retained business. 3 Before Parent Company s dividend distribution, post distribution it would be equal to.62 as at and equal to,90 as at dividend payed on 56,793,046 shares, 204 dividend will be payed on 74,293,926 shares. mln 3

4 Consolidated Income Statement as at December 3 st 204 Group Companies contribution to consolidated result Normalised Realised gains impairments One-off taxation Final balance Normalised Impairments Final balance P&C Insurance Companies Life Insurance Companies Non-Insurance Companies IAS/IFRS Consolidated Result IAS/IFRS Group s Result million 4

5 Shareholders Equity ,88,963 Group s Shareholders Equity,56 07 Group s Shareholders Equity,334-5 Shareholders Equity FY Cattolica & minorities dividends FY204 Result Capital Increase Changes in AFS reserve Other 2 Shareholders Equity FY204 It includes about 458 mln of changes in shadow accounting (net of taxes). 2 Mostly Ias reversal of additional provisions (not relevant in the calculation of Solvency I ratio), buy-back and third party s capital. millioni 5

6 Group s Solvency I ratio Ratio: Available capital/required margin from Ititial Ratio as at FY203 before Parent Company s dividend Parent Company s dividend Initial Ratio as at FY203 post Parent Company s dividend.62 FATA s Acquisition Variation of required margins Result of the period and changes in AFS reserve 0. Ratio as at FY204 before Parent Company and minorities dividend.46 Share Capital Increase 0.5 Ratio as at FY204 before Parent Company and minorities dividend post Capital Increase.97 Minorities dividend Ratio as at FY204 post minorities dividend Parent Company s dividend Ratio as at FY204 post Parent Company s dividend.90 6

7 Solvency I ratio trend Available Capital ( mln),782 Solvency I Ratio,050,082,203,37 Post dividend.90 FY 200 FY 20 FY 202 FY 203 FY / Minimum Required Margin ( mln) FY 200 FY 20 FY 202 FY 203 FY Excces Capital : 844 mln (x regulatory min.) FY 200 FY 20 FY 202 FY 203 FY 204 After the application of the anti crisis decrees 7

8 Agenda FY 204 Results P&C Business Performance Life Business Performance Investments 8

9 P&C Premiums P&C PREMIUMS P&C PREMIUMS Non Motor Motor CATTOLICA GROUP (excluding FATA),75, % 204/ % +5.7% -6.% CATTOLICA GROUP (with FATA), ,033 FY203 FY204 FY204 % 204/ % +4.6% +3.4% % Mkt sett % +.2% -6.2% The evolution of P&Cpremiums is characterized by the decrease of motor business by 6.% mainly due to the decrease of the average premium. The number of motor policies as at FY204 grows by 5.5% compared to FY203 (+9,056 compared to FY203); Average motor premium as at FY204 decreases by 2.4% compared to FY203. A strong contribution was offered by Tua Assicurazioni, a company of the Group that operates mainly through non tied agencies, with 236 mln premiums (+5,%) 2. TPL Land motor vehicles 49.7% P&C PREMIUMS BREAKDOWN BY CHANNEL Land FATA included vehicles hulls 6.% Accident & Injury 9.9% FATA included P&C PREMIUMS BREAKDOWN BY CHANNEL Brokers 4.4% Other channels 2.% Banks 2.7% Other damage to asset 9.8% Other classes 5.6% Health 4.0% Fire & natural forces 6.3% TPL General 8.6% Source: Circolare IVASS of Pro-forma data after the merging of Duomo in Tua Assicurazioni on..204 Agencies 90.8% mln 9

10 P&C premiums by class vs market (excluding FATA) P&C Premiums by class mln FY203 FY204 Cumulated changes 2y (Cattolica) Cumulated chang. III Q (Market) TPL Land motor vehicles % -3.3% Land vehicle hulls % -0.8% Total motor % -3.0% Accident and injury % -.0% Health % -3.5% Fire and natural forces % -0.5% Other damage to assets % 8.4% TPL General % -3.6% Sundry financial losses % 0.7% Legal protection %.5% Assistance % 6.7% Other classes % -7.2% Total non motor classes % 0.% Total,75, % -7.6% Source: Circolare IVASS of 7 January 205 for 204 and Circolare Ivass of 4 March 204 for 203 0

11 Group s Agency Network AGENCY NETWORK The agency network s requalification continued during 204, through a policy of dimensional strengthening New openings Rationalisations Fata Assicurazioni Total Number of Agencies, ,49 69,588 Variation of units Tied Agencies FATA AGENCY NETWORK at FY204 The continued development of the agency network reaches,588 units as at December 204 (+66 compared to FY203), also thanks to the acquisition of FATA Assicurazioni. 85 n Agenzie 204/ Excluding FATA agencies, the rationalisation of number of tied agencies continues to 85 units as at December 204 (-26 compared to FY203). FY203 FY204 Non tied agencies are growing reaching 568 units as at December 204.

12 P&C: technical ratios and claims frequency COMBINED RATIO Excluding FATA Including FATA 93.5% 9.5% 9.5% CLAIMS FREQUENCY (Cattolica Group 2, Motor TPL, %) % 204/203 CAGR 07/4 FY203 FY204 FY204 CLAIMS RATIO Excluding FATA Including FATA 68.2% 66.5% 66.6% 9.7% 8.2% 8.8% 7.7% 8.% 7.% 7.5% 6.7% 6.4% 5.7% -0.3 pps 5.5% 5.4% -8.7% 5.% FY203 FY204 FY % 4.9% 4.7% G&A EXPENSE RATIO Excluding FATA Including FATA 23.9% 24.% 24.0% 6.% 6.4% 6.4% % 204/ pps CAGR 07/4-7.7% Commissions 7.8% 7.7% 7.6% FY203 FY204 FY204 Including IBNR Excluding IBNR Annual frequency observed at the year end Retained business. 2 Cattolica + TUA Assicurazioni. 2

13 Agenda FY 204 Results P&C Business Performance Life Business Performance Investments 3

14 Life premiums LIFE PREMIUMS LIFE PREMIUMS BY CLASS % 204/203 % Market Sept % 3, % +32.5% 3,255 2,656 2, % +8.5% FY203 FY204 FY203 FY204 FY203 FY204 FY203 FY204 Traditional products Linked products Pension Funds LIFE PREMIUMS BREAKDOWN BY CHANNEL LIFE PREMIUMS BREAKDOWN BY CHANNEL, % 2,767 Agents & Pension Advisors.8% Other channels 9.% Brokers 5.7% +38.2% % +45.7% FY203 FY204 FY203 FY204 FY203 FY204 FY203 FY204 Banks & Fin. Advisors Own channels 2 Banks 3 Brokers Other channels 73.4% Source: Circolare IVASS of 27 October Agencies and Pension Advisors. 3 Including Financial Advisors milioni 4

15 Life new business LIFE NEW BUSINESS AS AT LIFE N.B. BY CHANNEL AS AT % 204/203 % Market 204/203 3, % +47% % Agents 0.4% Other channels 3.6% Brokers 7.8% 2,369 Additional payments 583 2, % Banks 78.2% New business,786 FY203 FY204 million Cattolica Life is included in the broker channel Source: ANIA first statistic estimate as at individula contracts only 5

16 Life net premiums - traditional classes NET CASH FLOWS CLASSES I-V FY203 NET CASH FLOWS CLASSES I-V FY 204 3,256,499 2,320 6% ClassV Maturities 39% 84% Claims 7% Class I Redeptions 54% 82 Maturities Claims Redemptions,99 60% 5% 35% 3% ClassV 87% Class I,266 Settlement costs Gross Premiums Net cash flow Sttelement costs Gross Premiums Net cash flow Annualised Indexes at 4Q Class I Class V Class I Class V PORTFOLIO LAPSE INDEX 4.0% 7.8% 5.6% 24.2% of which CLAIMS INDEX.3% -.% - of which REDEMPTION INDEX 6.2% 3.7% 4.9% 0.6% of which MATURITY INDEX 6.5% 4.0% 9.6% 3.7% Thecnical provisions ( mln) 0,436,99 6

17 Agenda FY 204 Results P&C Business Performance Life Business Performance Investments 7

18 Investments result at FY204 (Class C) 80,306 Equity 2.7% Real estate 4.5% Credit risk 23.3% Gov. Bonds and Liquidity 69.5% Iinterests & coupons Gains & losses Impairments Investment costs 2 3 Subsidiaries IFRS Result Change in AFS reserve Financial Statements Total changes million Including realisd gains and mark-to-market profits on investments, different from impairments and depreciation on property. 2 Net of tax and shadow accounting. It would be equal to about -2 mln. 3 Including the impairment on Cassa di Risparmio di San Miniato S.p.A. equal to 5 mln. 8

19 Investments result at FY204 (Class C) P&C 9 Equity 2.2% Real estate 4.3% Credit Risk 24.2% Gov. Bonds and liquidity 69.3% Interests & coupons 2 Gains and losses Iimpairments Investments costs IFRS Result million Including realised gains and mark-to-market profits. 2 Gross of taxes and of shadow accounting 9

20 Investments result at FY204 (Class C) - Life Equity 4.9% Ireal Estate 5,9% Credit Risk 8.6% Gov. Bonds & liquidity 70.6% Interests and coupons 2 Gains and losses Impairments Investments costs Subsidiaries FRS Result million Including realised gains and mark-to-market profits on investments, different from impairments and depreciation on property. 2 Gross of taxes and of shadow accounting 20

21 Group s Investments breakdown Investments breakdown - FY 203 Investments breakdown - FY 204 Short term Gov. Bond Real Estate 3.8% Liquidity.0% 8.7% Equity 2.6% Short term Gov. Bond 8.3% Real Estate 3.7% Liquidity 0.9% Equity 2.9% FY203 Credit Risk 7.6% FY204 Credit Risk 7.7% 3,47 mln 6,867 mln Long term Gov. Bond 66.3% Long term Gov. Bond 66.5% Class C assets (excluding subsidiaries), without FATA. 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 FY 204 Results Cattolica Group Sustainable yield 2 : 3.28% 2

22 P&C Group Investments trend and bond rating classes P&C Investments Breakdown trend Bonds Breakdown by region - FY 204 Short term Gov. Bond 5.0% Real Estate 7.0% Liquidity.3% Equity 4.0% Spain.2% Ireland 0.6% Other 0.8% FY203 Credit Risk 2.6% 2,477 mln Long term Gov. Bond 70.% Italy 87.4% Short term Gov. Bond 0.4% Real Estate 6.6% FY204 3,402 mln Liquidity 0.7% Azioni 3.8% Rischio di credito 5.5% Bonds rating Breakdown - FY 204 BBB 87.% <BBB and NR 6.% A 3.7% Long term Gov. Bond 63.0% AAA.9% AA.2% Class C assets (excluding subsidiaries), without FATA. 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 Sustainable yield 2 : 2.75% FY 204 Results Cattolica Group 22

23 Life Group Investments trend and bond rating classes Breakdown of Life Investments trend Bonds Breakdown by region - FY 204 Short term Gov. Bond 9.6% Real Estate 3.0% Liquidity 0.9% Equity 2.3% Spain 0.8% Ireland.3% Othero 8.7% FY203 Credit Risk 8,7% Long term Gov. Bond 65.5% 0,993 mln Italy 89.2% Short term Gov. Bond 7,8% Real Estate 2,9% FY204 3,465 mln Liquidity 0,9% Equity 2,7% Credit Risk 8,2% Bonds rating Breakdown - FY 204 BBB 88.8% <BBB and NR 5.9% A 4.8% Long term Gov. Bond 67.5% AAA 0.4% AA 0.2% Class C assets (excluding subsidiaries), without FATA. 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 Sustainable yield 2 : 3,42% FY 204 Results Cattolica Group 23

24 Performance and minimum guaranteed TECHNICAL RESERVE BREAKDOWN FOR MINIMUM GUARANTEED (SEGREGATED FUNDS) YIELD VS MINIMUM GUARANTEED 2.0% 3.7% % 3.7% 4.0%, % % 3.8% 5.9% 9, % 4.0% 3.8% 4.0% 4.% 3.8% 3.8% 3.8% % 8, % % 4.0% 6.5% 8, % 7.3% 3.0% 2.5% % 8,69 2.0% 5.4% 9.6%.5%.8%.8%.8%.8%.8%.9% % 8.5% 4.3% 7,27.0% % 5,33 0 3,000 6,000 9,000 2,000 >= 2,5% 2,5%; <4% >= 4% million Group Average yield (segregated funds) Average guaranteed rate (liabilities) FY 204 Results Cattolica Group 24

25 Available for Sale reserve trend AVAILABLE FOR SALE RESERVE STOCK NET OF SHADOW E TAX Equity Funds Bonds million FY 204 Results Cattolica Group 25

26 APPENDIX Cattolica Assicurazioni Group 9M 204Results 26

27 Glossary Ratio Formula Claims Ratio Net claims costs / Net premiums (retained business) Expense Ratio (P&C) Operating expenses / Net premiums (retained business) Combined Ratio (-(Technical result / Net premiums )) (retained business) APE Cattolica Assicurazioni Group 9M 204Results 27

28 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. Cattolica Assicurazioni Group 9M 204Results 28

29 Results as at December 3 st 204 Cattolica Assicurazioni Group Verona, March 8 th