CIG PANNÓNIA LIFE INSURANCE PLC. 20 MARCH 2018 GABRIELLA KÁDÁR, CEO MIKLÓS BARTA, COO
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1 CIG PANNÓNIA LIFE INSURANCE PLC. 20 MARCH 2018 GABRIELLA KÁDÁR, CEO MIKLÓS BARTA, COO CIG PANNÓNIA LIFE INSURANCE PLC.
2 ABOUT CIG PANNÓNIA GROUP
3 THE CIG GROUP AND PARTNERSHIP CIG Pannónia Life Insurance Plc. Founded in October 2007 by well-known and acknowledged public figures and insurance experts In September 2010 the Company became a public limited company listed on the Budapest Stock Exchange (BSE ) 98,97% 100% 16% 100% Pannónia Life Insurance cplc. (former: MKB Life Insurance cplc.) CIG Pannónia First Hungarian General Insurance Ltd. MKB-Pannónia Fund Manager Ltd. Pannónia PI-ETA Tribute Service Ltd. CIG Pannónia acquired MKB Insurance companies with 1 January Started active operation in 2011 in property-, and liability insurance business, serving mainly the SME sector. Former Pannónia CIG Fund Manager Ltd. Manages the investments of the Group, the Partnership and third party mandates. 2013: Asset Management license Established in It provides services relating to the Alkony funeral insurance policies. 98,98% Pannónia General Insurance cplc. (former: MKB General Insurance cplc.) CIG Pannónia acquired MKB Insurance companies with 1 January
4 REGIONAL EXPANSION OF CIG BALTIC STATES Mainly in Lithuania Start of operation: April 2013 Type of operation: Cross-border service Current business lines: POLAND Start of operation: April 2012 Type of operation: Cross-border service Current business lines: Life Non-life Life Non-life SLOVAKIA Start of operation: September 2010 New sales is temporarily suspended Type of operation: Cross-border service Current business lines: ROMANIA Start of operation: May 2009 New sales ceased in 2014, now only portfolio maintenance. Current business lines: Life Non-life Life Non-life SPAIN Start of operation: September 2017 Type of operation: Cross-border service Current business lines: ITALY Start of operation: September 2014 Type of operation: Cross-border service Current business lines: HUNGARY Home country of operation. Start of operation: May 2008 Current business lines: Life Non-life Life Non-life Life Non-life Asset Management Pension Fund 4
5 CIG PANNONIA GROUP About the Company Product portfolio CIG Pannónia Life CIG Pannónia Non-life MKB-Pannónia Fund Manager Dynamic growth, stable market position Reorganized company structure and expense level in time Break-even in Q in spite of the challenging economic environment Main focus on Unit-linked and Pension insurance Other Products: Term Funeral insurance Endowment Term fix Riders Health insurance Radical change in business strategy from 2014 Step back from retail segment, focus on the corporate market Active operation in the SME sector Launch of new products mainly in niche markets, Intensively developed cross border activity in the selected niches Property & liabilities Car insurance; Transportation Extended guarantee Suretyship-related insurance Group health & accident 2013: Asset Management license From 2017 September: MKB-Pannónia Fund Manager The ownership stake of CIG Pannónia Life Insurance Plc decreased from 50% to 16%. Manages the investments of the Group, the Partnership and third party mandates. 5
6 PRESENT OWNERSHIP STRUCTURE ,30% 0,74% 0,43% 0,09% 0,09% Domestic private individual 58,12% Significant owners Domestic institution 39,23% VINTON Ltd. (Jozsef Bayer) 19,53% 39,23% 58,12% Foreign private individual 0,43% Foreign institution 1,3% Nominee, domestic private individual 0,74% Nominee,foreign institution 0,09% Gábor Móricz 8,16% KAPTÁR cplc. 6,94% Free float of A shares: 65% Unidentified item 0,09% Voting rights represented on the AGM 42.54% 38.46% 39.76% 37.47% 6
7 CIG PANNONIA SHARES Share series Nominal value (HUF/each) Issued number of shares Series A 40 70,962,240 of this treasury share 40 1,104,006 Series A : CIGPANNONIA shares, listed on Budapest Stock Exchange in the Prime market In 2018 the Company issues a total number of 23,466,020 pieces of registered dematerialized series A ordinary shares representing voting rights of nominal value of HUF 40 per share and HUF 350 issue price per share. Only KONZUM Plc. is entitled to subscribe the newly issued shares, so it acquires a percent ownership in CIG Pannónia Life Insurance Plc. 49,13% 24,85% 14,68% Konzum Plc. Vinton Ltd. Gábor Móricz Kaptár Ltd. Treasury Other 1,17% 5,22% 4,96% 7
8 CIG PANNONIA SHARE S RELATIVE PERFORMANCE TO SXIP 8
9 INSURANCE MARKET KEY FACTS
10 EUROPEAN INSURANCE MARKET 2016 GWP Life premiums by 0.4% ( 1,189 bn) Non-life premiums by 5.9% ( 696 bn) by 1.1% ( 343 bn) Insurance penetration (GWP/GDP) by 0.6 percentage points to 7.19% An average of 1,981 per capita was spent on insurance in Europe in 2016, compared to 2,000 a year earlier. Life insurance density 1,159 Health insurance density 215 Non-life insurance density (all business lines combined) 621. Source: Insurance Europe 10
11 THERE IS STILL A SIGNIFICANT POTENTIAL IN THE HUNGARIAN INSURANCE MARKET Total Hungarian GWP 2016 GWP 5.11% to bn Average per capita to 297 Non-life 50,48% Life 49,52% Life premiums 3.3% to bn in 2016 Non-life premiums 8.1% to bn Average premium per capita 2016 Insurance penetration 2.6% Non-life 149 Life 147 Source: Insurance Europe 11
12 TOTAL PREMIUMS PER CAPITA OF EUROPEAN COUNTRIES IN 2016 data in EUR Source: Insurance Europe 12
13 FINANCIAL ASSETS OF THE HUNGARIAN HOUSEHOLDS POSITION OF LIFE INSURANCES Life insurance reserves (billion HUF) 2011Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016Q4 Source: National Bank of Hungary Financial assets of the Hungarian households (thousand billion HUF) ,3 4,9 2,8 10 4,7 6 3,1 11,2 12,6 14,1 3,4 4,1 4,1 4,1 1,3 1,4 1,4 1,6 1,9 2,1 2,1 2,2 5,2 5,4 5, Q4 2014Q4 2015Q4 2016Q4 4,1 7,4 3,8 3,6 8,3 4,5 Deposits Currency and bank accounts Bonds Shares Investment units Pension fund reserves Life and non-life reserves Other Source: National Bank of Hungary 13
14 HUNGARIAN INSURANCE MARKET
15 TENDENCIES OF THE HUNGARIAN INSURANCE MARKET Data: billion HUF Non-Life Life Q I+Q II 2017 only H1 data available Source: National Bank of Hungary 15
16 TENDENCIES OF THE HUNGARIAN INSURANCE MARKET GWP billion HUF Change in GWP 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% H H1 Non-life segment Life segment 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 8,9% 6,2% 3,2% Life segment Non-life segment Total Source: MABISZ 16
17 TENDENCIES OF THE HUNGARIAN LIFE INSURANCE PREMIUM INCOMES Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Source: MABISZ 17
18 TENDENCIES OF THE HUNGARIAN LIFE INSURANCE PREMIUM INCOMES 2016Q4 Total premium, data in billion HUF Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total premium Adjusted premium Regular premium Top-up and single premiums Source: MABISZ 18
19 RANKING OF THE HUNGARIAN COMPETITORS REGARDING ADJUSTED LIFE PREMIUM IN 2016Q Total life adjusted premium = 302 billion HUF CIG +MKB Life market share = 4.73% Million HUF Market share 25,00% 20,00% 15,00% ,00% ,00% 0 0,00% Source: MABISZ 19
20 RANKING OF THE HUNGARIAN COMPETITORS REGARDING ADJUSTED LIFE PREMIUM IN 2016Q ,00% Million HUF Market share Tied agents Bankkassurance Multichannel 20,00% 15,00% ,00% ,00% 0 0,00% Source: MABISZ 20
21 RANKING IN PENSION SEGMENT ADJUSTED PENSION PREMIUMS IN 2016Q Million HUF Market share 16,00% 14,00% 12,00% ,00% ,00% ,00% 4,00% ,00% 0 0,00% Source: MABISZ Without data regarding to NN 21
22 TENDENCIES OF THE HUNGARIAN NON-LIFE INSURANCE PREMIUM INCOMES Total premium, data in billion HUF Q4 Q1* Q2* Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nem-élet díjbevétel Source: MABISZ 22
23 RANKING BY NON-LIFE INSURANCE PREMIUMS IN 2016Q ,00% Million HUF Market share 20,00% Total non life premium HUF 465 billion CIG+MKB has 2.72% market share 15,00% ,00% ,00% 0 0,00% Source: MABISZ 23
24 NON-LIFE INSURANCE PREMIUMS WITHOUT MOTOR VEHICLE LIABILITY IN 2016Q4 data in million HUF Million HUF Market share Total non-life premium without motor vehicle liability = HUF 334 billion CIG+MKB has 3.12% market share 25,00% 20,00% 15,00% ,00% ,00% 0 0,00% Source: MABISZ 24
25 FINANCIAL RESULTS
26 CONSOLIDATED KEY FIGURES IFRS GWP (million HUF) EPS (HUF) ,9 11,6 40, , PAT (million HUF) ,0% 40,0% 30,0% 34% ROE 40% ,0% 10,0% 20% ,0% -10,0% -20,0% % 26
27 TECHNICAL RESERVES LIFE AND NON-LIFE (IFRS DATA IN MILLION HUF) Other non-life insurances Suretyship insurance General liability Motor third party liability insurance Casco Traditional Unit-linked
28 KEY FIGURES OF THE GROUP MEMBERS -HAS 2017 results (HAS, million HUF) 2017 H1 Surplus in the equity 2017 H2 Total CIG Life 436 ** CIG EMABIT 166 ** MKB Life MKB non-life MKB Pannónia Fund Manager Total ** adjusted with one-off items 28
29 SOLVENCY II RATIO AND RISK PROFILE (LIFE) 2017 CIG Life SII ratio - million HUF SCR 260% MCR 652% Solvency capital requirement allocation - according to risk modules 47% 7% 5% 40% Market risk: 40% Life risk: 47% Partner risk: 7% Operational risk: 5% Available solvency capital Required capital 29
30 SOLVENCY II RATIO AND RISK PROFILE (NON-LIFE) 2017 CIG Non-Life SII ratio - million HUF Solvency capital requirement allocation - according to risk modules % 316% 4% 8% 12% Market risk: 8% % Non-life risk: 62% Partner risk: 15% 0 SCR Available solvency capital MCR Required capital 62% Operational risk: 12% Health insurance risk: 4% 30
31 BUSINESS OVERVIEW
32 Unit-linked Traditional life insurance Health insurance Casco Motor third party liability insurance General liability insurance Suretyship and guarantee Other property insurance Other non-life insurance CHANGES IN GWP DATA IN MILLION HUF In 2017 the pension insurance GWP was million HUF and the GWP of traditional pension insurance was 845 million HUF. In 2016 the GWP from pension insurances was million HUF. 32
33 GWP - GEOGRAPHICAL DISTRIBUTION 0.01% 5.56% 0.91% 89.16% 0.07% 0.16% 4.13% 33
34 DISTRIBUTION MIX (LIFE) 1% % 26% Tied agents Independent brokers Other business development 46% 6% 48% Tied agents Independent brokers Other business development 3% Tied agents 21% Tied agents 47% 50% Independent brokers 42% Independent brokers Other business development 37% Other business development 34
35 DISTRIBUTION CHANNELS (LIFE) Independent brokers: 367 Tied agents: 142 persons 3 region: Budapest, Eastern Hungary and Transdanubia 69 bank branches in 50 towns 35
36 LIFE GWP IFRS DATA IN MILLION HUF % % % Total premiums Regular premiums Top-up and single premiums 36
37 NON-LIFE GWP IFRS DATA IN MILLION HUF %
38 NON-LIFE INSURANCE PORTFOLIO - IFRS 15% 16% GWP 38% Casco General liability insurance Suretyship and guarantee Other property insurance Other non-life insurance 16% 14% 38
39 OUTLOOK
40 STRATEGIC OUTLOOK 2018 OUTLOOK Organic growth on consolidated level Strengthening the market position Impressive strengthening of the bank distribution channel Strategic cooperation with KONZUM Plc. Digitalization Further expansion in Europe with cross border activities (non life) To pay dividend MID-TERM GOALS Impressive development in pension and health segments Significant growth in new business Seeking acquisition opportunities New solutions in the area of digitalization Reforming the product concept in order to achieve very high level of individualization New method for medical underwriting (point of sales uw) Further expansion in Europe with cross border activities (non life) GENERAL STRATEGY To be smart and beauty focusing on profitable operation in advantageous niches To pay dividends continuously 40
41 STRATEGIC OUTLOOK FOCUS PRODUCTS (LIFE) Problems with the public healthcare system Increasing number of patients are choosing private health care over public Health insurance (treatment abroad) Challenges of ageing society Pension insurance FOCUS PRODUCTS (NON- LIFE) Exploiting the existing competences at transportation, bonds More emphasis on client service quality Satisfying tailor made client needs is more and more required 41
42 ANNEX
43 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME- DATA IN MILLION HUF 2017Q1-Q4 (A) 2016Q1-Q4 (B) Change (A)-(B) Gross written premium Changes in unearned premiums reserve Earned premiums, gross Ceded reinsurance premiums Earned premiums, net Premium and commission income from investment contracts Commission and profit sharing due from reinsurers Investment income Yield on investments accounted for using the equity method (profit) Other operating income Other income Total income Claim payments and benefits, and claim settlement costs Recoveries, reinsurer s share Net change in the value of life technical reserves and unit-linked life insurance reserves Investment expenditure Change in the fair value of liabilities relating to investment contracts Change in the fair value of assets and liabilities relating to embedded derivatives Investment expenses, changes in reserves and benefits, net Fees, commissions and other acquisition costs Other operating costs Other expenses Operating costs Results from the available for sale assets
44 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME- DATA IN MILLION HUF 2017Q1-Q4 2016Q1-Q4 Change (A) (B) (A)-(B) Profit/loss before taxation Tax income / (expenses) Deferred tax income / (expenses) Profit/loss after taxation Comprehensive income, wouldn t be reclassified to profit or loss in the future Comprehensive income, would be reclassified to profit or loss in the future Other comprehensive income Total comprehensive income Q1-Q4 (A) 2016Q1-Q4 (B) Change (A)-(B) Profit/loss after taxation attributable to the Company s shareholders Profit/loss after taxation attributable to NCI Profit/loss after taxation Total comprehensive income attributable to the Company s shareholders Total comprehensive income attributable to NCI Total comprehensive income Earnings per share Basic earnings per share (HUF) 40,8 11,6 29,2 Diluted earnings per share (HUF) 40,8 11,6 29,2 Earnings per share of NCI's Basic earnings per share (HUF) -1,9 0,0-1,9 Diluted earnings per share (HUF) -1,9 0,0 44-1,9
45 CONSOLIDATED STATEMENT OF FINANCIAL POSITION DATA IN MILLION HUF ASSETS 31 December (A) 31 December (B) Change (A)-(B) Change % (A-B)/(B) Intangible assets % Property, plant and equipment % Deferred tax assets % Deferred acquisition costs % Reinsurer's share of technical reserves % Investments in jointly controlled companies % Investments accounted for using the equity method % Available-for-sale financial assets % Investments for policyholders of unit-linked life insurance policies % Financial assets - investment contracts % Financial assets - embedded derivatives % Receivables from insurance policy holders % Receivables from insurance brokereage % Receivables from reinsurance % Other assets and prepayments % Other receivables % Cash and cash equivalents % Total assets %
46 CONSOLIDATED STATEMENT OF FINANCIAL POSITION DATA IN MILLION HUF LIABILITIES 31 December (A) 31 December (B) Change (A)-(B) Change % (A-B)/(B) Technical reserves % Technical reserves for policyholders of unit-linked insurance % Investment contracts % Financial liabilities - forward % Liabilities from the issue of interest-bearing shares % Loans and financial reinsurance % Liabilities from reinsurance % Liabilities to insurance policy holders % Liabilities to insurance brokerage % Other liabilities and provosions % Total liabilities % NET ASSETS % SHAREHOLDERS' EQUITY Registered capital % Capital reserve % Nominal value of treasury shares % Other reserve % Profit reserve % Equity attributable to the Company's shareholders % Non-controlling interests Total shareholders' equity %
47 ACQUISITION COST AND BADWILL Calculation of negative goodwill at the date of acquisition (data in million HUF) MKB General Insurance cplc. MKB Life Insurance cplc. Total Consideration transfered Expected value of the adjusment according to the contract Contingent consideration Total consideration transfered NCI (propotional part of the fair value of net assets) Total fair value of net assets Badwill
48 DISCLAIMER The Company does not accept any liability whatsoever for any loss, howsoever arising, directly or indirectly, from any use of this presentation or of its contents or otherwise arising in connection therewith. The information contained in this document does not constitute or form part of an offer to sell or the solicitation of an offer to buy in the United States, Canada, Australia or Japan or in any other country in which the dissemination of such information requires the approval of local authorities or is otherwise in violation of governing statutes or laws (the "Other Countries"). The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or pursuant to the corresponding regulations in force in the Other Countries and may not be offered or sold in the United States or in the Other Countries or to or for the account or benefit of U.S. persons (as defined in the Securities Act) absent registration or an exemption from the registration requirements of the Securities Act or the corresponding regulations in force in the Other Countries. There will be no public offer of the securities in the United States or in the Other Countries. The securities relating to the offer are not and will not be registered pursuant to the Securities Act or pursuant to the corresponding regulations in force in the Other Countries. This presentation also includes certain market and market share data. To our knowledge, there is no single, comprehensive source that reliably describes the overall market and its sub-markets or the competitive situation in the market breakdown presented herein. Unless indicated otherwise, all the statements herein concerning the market and competition are therefore based on our own estimates, some of which have in turn been derived from a variety of sources. It is possible that the actual market conditions and competition may differ from the situation described herein, or that other market participants may come up with different estimates of the market and competitive conditions. Data in EUR calculated with 310HUF/EUR exchange rate. CIG Pannónia Life Insurance Plc. CIG Pannonia First Hungarian General Insurance Plc. 48
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