Mirae Asset Life Insurance Q1 Results

Transcription

1 Mirae Asset Life Insurance 2017 Results

2 Contents I. Financial Highlights Condensed Financial Statements 3 II. Insurance & Fee-Biz Results Insurance Results 5 Fee-Biz Results 8 III. Business Efficiency Ratios 10 IV. Asset Management General Accounts 11 Variable Accounts 12 V. Financial Stability Breakdown of Reserves 13 Asset-Liability Interest & Duration Gap 14 RBC Ratio & Liabilities 15 본실적발표자료는 K-IFRS 별도재무제표기준으로작성되었으며외부감사인의감사또는검토의견을받지않았습니다. 본자료는투자참고용으로이용될수없으며, 외부감사인의감사또는검토결과에의해변경될수있습니다. 일부수치는소수점반올림차이가발생할수있습니다. Not an offer for sale, or solicitation of any offer to buy any securities. Any investment decision must be made solely based on the information contained in the prospectus. The presented material is written in accordance with the unconsolidated financial statement under K-IFRS. It has not been reviewed by independent auditor, therefore please note that some numbers and contents herein are subject to change after MIRAE financial ASSET audit. LIFE INSURANCE CO., LTD. Mirae Asset Life Insurance Co., Ltd. 준법감시인심사필

3 Condensed Financial Statements Financial Highlights Constant pursuit of profitability and long-term stability under Two-Track strategy. Avoiding market interest rate competition for business value-up of our own. (bn KRW) Category YoY Premium Income % APE % Protection APE % Variable APE % EBT % N Separate % Consolidated % Total Assets 28,024 27, % AUM 17,234 16, % Total Equity 1,844 1, % RBC Ratio 220.9% 268.9% -48.0%p Premium Income : Excluding retirement insurance and annuities AUM : Excluding assets in the separate account and non-amortized new business expenses 3

4 Condensed Financial Statements Financial Highlights Separate NI increased despite the increase in the marketing cost for sales promotion and decrease in the gain from disposition of bonds. Consolidated NI looks decreased due to revenue recognition issue from overseas funds

5 Insurance Results Insurance & Fee-Biz Results The new business from insurance and fee-biz sector including variable annuity and VUL grew up together due to the Two-Track strategy. Protections Savings Variables Protections Savings Variables +40.7% % % 32.6% 51.9% 60.1% 16.2% 4.0% 51.2% 44.1% 28.4% Variables : Varable Accuity + VUL (Variable Universal Life) 5

6 Insurance Results Insurance & Fee-Biz Results APE from the FC channel decreased due to temporary sales boost in the previous year. Effect from the expansion of TFC sales organization resulted in 32.7% APE up YoY. Protections Savings Variables % % Variables : Variable Annuity + VUL (Variable Universal Life) 6

7 Insurance Results Insurance & Fee-Biz Results The AM (General Agency) channel totally grew-up by the business cooperation with new general agencies. Bancassurance channel is focusing on new businesses from variables and protections. Protections Savings Variables % % Variables : Variable Annuity + VUL (Variable Universal Life) 7

8 Fee-Biz : Variable Insurance Insurance & Fee-Biz Results Variable insurance APE is constantly growing due to our good brand power, differentiated fund line-ups and quality consulting services % +4.1% -0.3% ,972 5,790 6, Variable APE : Variable Life + Variable Annuity + VUL (Variable Universal Life) 8

9 Fee-Biz : Retirement Pension Insurance & Fee-Biz Results The reserves and commission income continue to grow up together. We are gaining solid reputation in the retirement pension market with our differentiated competence in managing pension businesses % +39.9% 3, ,487 2, Retirement Pension Reserves : Asset management basis 9

10 Business Efficiency Business Efficiency Expense ratio increased due to the growth in the insurance sales. Loss ratio increased due to accounting principle change in the unpaid suicide insurance benefit and, the temporary bumping up of IBNR. (Excluding the unpaid benefits and IBNR, Loss ratio is 87.0% on the regular basis.) +0.8%p +8.8%p 13th 25th 60th 15.2% 16.0% 92.0% 87.2% 96.0% % '15 '16 '17 '15 '16 '17 '15 '16 '17 Expense Ratio = Actual Expenses / Premium Income Loss Ratio = Claims Paid / Risk Premium Due to the regulation change in the accounting principle of the overdue suicide claims, the unpaid suicide insurance benefit has been accounted from other profit & loss to mortality margin directly from this quarter. 10

11 General Account Asset Management Diversifying domestic and overseas portfolios based on risk management. Overcoming negative spread as well as low interest and growth rate by global distribution in the long term basis. Oversea Securities 22.8% Bonds 45.4% Real Estate 0.1% Equity 0.7% tn KRW AUM Yield Rate 3.5% Cash 0.9% Loans 13.3% Beneficiary Certificates 16.8% KP 8% Real Estate 13% US Treasury 15% Equity Others 1% 6% tn KRW Global Bonds 13% US IG 44% Overseas : Overseas Securities + Beneficiary Certificates which are invested in the overseas-underlying assets marked in KRW 11

12 Variable Account Asset Management Solid competence in asset management and well-organized fund line-ups in the variable insurance products enabled long-term stable growth. With risk-avoiding trends of customers, MVP fund is recording high growth rate. Overseas Overseas 30% tn KRW Domestic 38% Mirae Asset Life Industry Average 15.4% 11.3% 8.8% 9.5% 9.3% % Domestic & Overseas 32% 5.6% % 38% Domestic & Overseas includes the overseas mixed funds classified as Domestic & Overseas under KLIA standard, which actually comprise overseas positions. MVP (Miraeasset Variable Portfolio) : Mirae Asset Life s exclusive portfolio strategy that in-house experts manage flexible accounts directly for maximizing yield rate of customers accounts in the long term basis. MVP60 : Number means stock position of the fund KLIA : Korea Life Insurance Association 12

13 Breakdown of Reserves Financial Stability Reserve proportion for floating rate is increasing continuously. Managing industry-lowest standard interest rate to reduce reserves for high-guarantee fixed rate. Floating Rate Fixed Rate 3% & Up 6% & Up 39.6% 37.7% 37.1% 40% 38% 37% 50% 19.9% 18.0% 16.7% 60% 62% 63% 13

14 Asset-Liability Interest & Duration Gap Financial Stability The asset-liability interest gap is being improved in the long term basis due to global asset distribution and industry-lowest crediting rate. Weighing priorities on ALM based duration match-up for long-term financial stability and soundness. Crediting Rate for Reserves Yield Rate of Assets Asset Duration Liability Duration Adjusted Gap % 4.09% -43bp -13bp 3.90% 3.87% 3.93% -26bp % Asset-Liability Interest Gap : Volume-based adjusted & average basis Asset-Liability Duration Gap : FSS standard basis Adjusted Gap = Asset Duration Liability Duration * (Interest Bearing Liabilities / Interest Bearing Assets) 14

15 RBC Ratio & Liabilities Financial Stability Maintaining RBC Ratio higher than market standard. Preparing for IFRS 17 proactively by lowering both of high-guarantee fixed rate reserves and minimum guarantee of the floating rate reserves Market Standard 200% 317% 269% 221% Total Reserves General Separate 23% 39% 38% Fixed Rates Floating Rates Regulatory Requirement 100% Minimum Guarantee Interest Rate Proportion of the Floating Rate Reserves 67% 21% 12% Minimum Guarantee : 2.5% and below ~3.0% 3% over 15

16 Memo Contact IR : YJ@miraeasset.com / Tel :