Results as at March 31 st, 2016 Cattolica Assicurazioni Group. Verona, May 16 th, 2016

Transcription

1 Results as at March 31 st, 2016 Cattolica Assicurazioni Group Verona, May 16 th, 2016

2 Agenda Results as at March 31 st, 2016 P&C Business Performance Life Business Performance Investments 2

3 Results as at March 31 st, 2016 mln IAS/IFRS Results Δ % Total Direct Premiums 1,699 1, % P&C Direct Premiums % 1 Life Direct Premiums 1, % 2 Combined Ratio 93.0% 92.0% -1 pps Shareholders Equity (Cons.) 2,159 2, % 3 Solvency II Ratio 1.9x n.a. Consolidated Net Result % Group s Net Result % ( 1 ) Including Investments contracts. ( 2 ) On retained business. ( 3 ) As at December 31 st

4 Consolidated Income Statement Group Companies contribution to consolidated result mln Normalised Iimpairments P&C insurance companies Life insurance companies Non-insurance companies IAS/IFRS Consolidated Result IAS/IFRS Group s Result Shareholding in Banca Popolare di Vicenza Shareholding (%) 100 Price per Share ( ) 0 Investment Value ( mln) % 0.01% 1 6,3 6 0,1 0,1 FY2015 ( 1 ) Stake held after the share capital increase of May

5 Shareholders Equity mln 2, ,164 Group s Shareholders Equity ,912 1,916 Cattolica holds approximately 2.2% of its share capital Group s Shareholders Equity FY2015 Result Change in AFS Shareholders reserve 1 Equity (AFS) Own shares Shareholders Equity ( 1 ) IncIuding changes in shadow accounting (net of tax). 5

6 Group s Solvency II Ratio Standard Formula Solvency II Ratio as at FY2015 Mld 2.1 Solvency II Ratio 1.90x Tier 2 and Tier 3 1 9% 1.1 Tier 1 (unrestricted) 91% 1.0 Eligible own funds Solvency Capital Requirement (SCR) Excess capital ( 1 ) Own funds eligible for Tier 3 (credit on net prepaid taxes) equal approximately to 0.3% of the total of eligible own funds. 6

7 Agenda Results as at March 31 st, 2016 P&C Business Performance Life Business Performance Investments 7

8 P&C Premiums Group s P&C Premiums P&C Premiums Breakdown by Class mln % / -3.8% % Market FY2015/ FY % Motor TPL 51.5% Land vehicles hulls 7.2% Accident & Injury 10.7% Other damage to assets 7.5% General TPL 8.8% Motor % -5.3% Other 5.7% Health 3.1% Fire and natural forces 5.5% P&C Premiums Breakdown by Channel Banks 3.8% Brokers 2.8% Other channels 1.4% Non Motor % +0.8% Agents 92.0% ( 1 ) Source: IVASS statistica premi IV trimestre 2015 (April 2016). 8

9 P&C: Technical Ratios Combined Ratio 1 Claims Ratio % 92.0% 66.8% 65.4% Expense Ratio % 25.7% G&A 6.4% 6.7% Commissions 19.0% 19.0% ( 1 ) On retained business. 9

10 P&C: Motor T.P.L. Technical Ratios Motor Premiums and Policies Average Cost of Motor T.P.L. Paid Claims compared with FY2015 Motor T.P.L. policies Claims Settlement Rate AS AT MARCH /2015 Average Cost( ) Claims Settlement Rate Average cost( ) Claims Settlement Rate Card G (*) 57.0% 1, % 1, Average cost( ) No Card (*) 25.3% 1, % 1, % Card G & No Card 49.3% 1, % 1, % +0.4% (*) Claims directly managed by the network. Card G claims show a lower causality or incident seriousness compared to No Card claims. +12,392 units Motor Claims Analysis Average Motor Premium Trend of reported claims as at March 2016 observed at March 2016 Trend of annual risks as at March % Cattolica -3.1% -2.2% Tua 18.4% 20.0% FATA 2.3% 2.9% as at April 2016 Cattolica, Tua and FATA 1.1% 2.3% 10

11 Agenda Results as at March 31 st, 2016 P&C Business Performance Life Business Performance Investments 11

12 Life Premiums Life Premiums mln mln Life Premiums by Class 1, % / % Market FY2015/ FY % +4.0% % % +3.1% Traditional Products Linked Products Pension Funds Life Premiums by Class Class III and VI 21.0% Class III and VI 18.0% Life Premiums by Channel mln % -0.1% % -14.6% Class I, IV and V 79.0% Class I, IV and V 82.0% Own channels 2 Banks 3 Broker s 4 Other ( 1 ) Source: IVASS statistica premi IV trimestre 2015 (April 2016). ( 2 ) Agents and Pension Advisors. ( 3 ) Including Financial Advisors. ( 4 ) Including Cattolica Life. 12

13 Life New Business Life New Business mln Life New Business by Channel 1,101 Additional payments % / % Market / % -6,6% Agents 10.6% Brokers 1.0% Other channels 1.3% % New business 837 Banks 87.1% % ( 1 ) Source: ANIA Trends XII n.4 (May 2016). 13

14 Life Net Premiums Net Inflows Classes I & V mln 958 Class V 8% Class I 92% 23% 4% 73% -602 Redemptions Claims Maturities 356 Gross premiums Total costs Net Inflow 660 Class V 9% Class I 91% 29% 12% 59% -621 Redemptions Claims Maturities Gross premiums Total costs Net inflow 39 Net Inflows Class III mln % 17% 9% -42 Redemptions Claims Maturities % 3% 10% Redemptions Claims Maturities Gross premiums Total costs Net inflow Gross Premiums Total costs Net inflow 14

15 Agenda Results as at March 31 st, 2016 P&C Business Performance Life Business Performance Investments 15

16 Investments Result mln Equity 0,6% Real Estate 10.7% Credit Risk 27.7% Gov. Bonds and Liquidity 61.0% Net interests and coupons Gains and losses 1 Investment costs Result before impairments Impairments and write-downs IFRS Result as at ( 1 ) Including realised gains and mark-to-market profits on investments, different from impairments and depreciation on property. 16

17 Investments Result P&C mln Equity 1.2% Real Estate 14.6% 17-6 Credit Risk 30.2% Gov. Bonds and Liquidity 54.0% Net interests and coupons Gains and losses 1 Investment costs Result before impairments Impairments and write-downs IFRS Result as at ( 1 ) Including realised gains/losses. 17

18 Investments Result Life mln Equity 0.4% Real Estate 9.9% Credit Risk 27.3% Gov. Bonds and Liquidity 62.4% Net interests and coupons Investment costs 1 Result before impairments Impairments and write-downs IFRS Result as at ( 1 ) Including realised gains/losses. Including other expenses on investments not attributable directly to the life business for about 1 mln. 18

19 Group s Asset Allocation Trend Investments Breakdown 1 17,847 mln Short term Gov. Bonds 5.5% Real estate 3.4% Liquidity 1.4% Equity 3.8% Credit risk18.1% 18,270 mln Short term Gov. Bonds 8.9% Real estate 3.5% Liquidity 0.5% Equity 2.6% Credit risk18.0% Long term Gov. Bonds 67.8% Long term Gov. Bonds 66.5% Sustainable yield 2 : 2.92% ( 1 ) Class C assets (excluding subsidiaries) as at March 31 sy. 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. 19

20 Group s Asset Allocation Trend and Bond Rating Classes P&C P&C Investment Breakdown Trend 1 Long term Gov. Bonds 65.7% 3,628 mln Short term Gov. Bonds 5.0% Real estate 6.1% Liquidity 1.7% Equity 4.6% Credit risk 16.9% Bonds Breakdown by Region Italy 84.2% Spain 3.0% Ireland 0.5% Other 12.3% 3,756 mln Short term Gov. Bonds 19.6% Real estate 6.6% Liquidity 0.3% Equity 4.4% Long term Gov. Bonds 52.3% Credit risk16.8% Bonds Rating Breakdown BBB 87.9% <BBB e NR 8.7% A 2.3% AA 0.6% AAA 0.5% Sustainable yield 2 : 1.97% ( 1 ) Class C assets (excluding subsidiaries) as at March 31 st. 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. 20

21 Group s Asset Allocation Trend and Bond Rating Classes Life Life Investment Breakdown Trend 1 14,218 mln Short term Gov. Bonds 5.6% Real estate 2.7% Liquidity 1.3% Equity 3.6% Credit risk 18.4% Bonds Breakdown by Region Spain 1.8% Ireland 1.2% Other 9.2% Long term Gov. Bonds 68.4% Italy 87,8% Bonds Rating Breakdown 14,514 mln Short term Gov. Bonds 6.1% Real estate 2.7% Liquidity 0.5% Equity 2.2% Credit risk 18.3% <BBB e NR 8.4% A 1.3% AA 0.4% AAA 0.2% Long term Gov. Bonds 70.2% BBB 89.7% Sustainable yield 2 : 3.18% ( 1 ) Class C assets (excluding subsidiaries) as at March 31 st. 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. 21

22 Acquisition of NHOW Design Hotel Property Caratteristiche Design Hotel NHOW, located in Milan, via Tortona 35 Dimensions: 245 rooms, 5 over ground floors, 31 external parking spaces, restaurant, bar, meeting rooms, parts and appliances. 27,460 gross s.m. Opened in Class: 4 Stars Design Hotel NHOW is located in the heart of via Tortona, Milano fashion street, where in the last years many professionals of the fashion industry decided to establish their headquarters (e.g. Armani/Silos, Fondazione Gianfranco Ferré) Seller Buyer Consideration Delphine (Blackstone) Real estate fund Euripide Real estate fund, entirely owned by Cattolica Assicurazioni and manged by Finint Investments SGR Total consideration: 52,100,000 Euro/room: 212,653 Renter Gross profitability NH Italia S.p.A. ~6% Note: the aquisition was completed in April

23 Performance and Minimum Guaranteed Technical Reserve Breakdown for Minimum Guaranteed (Segregated Funds) Yield v.s. Minimum Guaranteed (2016) 1.7% 3.2% +194pps 34.3% 60.8% 12, % 3.3% 3.43% FY % 65.1% 12, % 3.2% 9M % 69.1% 12, % 3.4% 1H % 72.9% % 3.5% 17.0% 77.6% 11, % 3.7% 1.49% 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) 23

24 Available for Sale Reserve Trend mln Gross of shadow and taxes Net of shadow and taxes 1,260 1,269 1,360 1, FY2011 FY2012 FY2013 FY2014 FY

25 APPENDIX 25

26 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) 26

27 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. 27