Corporate Presentation

Transcription

1 Corporate Presentation

2 Business Fundamentals Outstanding Service Top quality service State of the art technology Nationwide network with 368 offices Experienced management team Specialization Unique Business Model #1 auto insurance company in Mexico with 31.5% of market share Focus on service rather than branding Flexibility to meet each client s needs Decentralization Service offices have independent decision-making Distribution network for costumers service Cost Control Strict Cost Control Policy Costs Indicators' Program Interests alignment through variable compensation Identification of opportunity areas in each process 2

3 Business Model Quálitas Call center IT support Product underwritting Claims Infrastructure New channels: telephone & internet Service Offices Owned by specialized entrepeneurs Independent decision-making Compensation to office representatives links sales with claims costs Agents Agents are not exclusive Agents look after the interests of policyholders 3

4 Network 3,487,048 Insured Vehicles 181 Service Offices 198 ODQs 4,411 Employees 12,808 Agents 1,005 / 385 Claims Officers / Lawyers 1. Mexico 2. United States 3. El Salvador 4. Costa Rica 4

5 Insured Vehicles *CAGR: 16.1% Business Line % Automobiles 2,417,514 1,912, % Trucks 812, , % Tourists 93,007 91, % Motorcycles 91,851 76, % El Salvador 12,438 15,718 (20.9%) Costa Rica 43,365 27, % USA 16,161 5, % Insured Vehicles 3,487,048 2,803, % *CAGR: Compound Annual Growth Rate 5

6 Written Premiums Sales and Financing of New Cars in Mexico Δ $ Δ % Premiums Segment (MM MXN) Breakdown Individual 4,861 3,828 1, % 16.1% Fleets 8,034 6,060 1, % 26.6% Financial Institutions 15,273 8,592 6, % 50.6% Subsidiaries 1, % 4.5% Other (84) (11.1%) 2.2% Total 30,190 19,856 10, % 100.0% Source: AMDA 6

7 Financial Highlights (MM MXN) % Written Premium 30,190 19, % Net Written Premium 30,086 19, % Net Increase of Unearned Premiums Reserve 6,262 2, % Earned Premium 23,825 17, % Acquisition Cost 7,257 4, % Claims Cost 14,710 11, % Technical Result 1, % Operating Expenses (6.5%) Operating Result 1,107 (3) NA Investment Income (0.8%) Taxes % Net Result 1, % Ratios bp Acquisition 24.1% 22.8% 136 Claims 61.7% 68.8% (710) Operating 2.5% 4.0% (156) Combined 88.3% 95.6% (729) NA: Not Applicable 7

8 Market Share and Growth Market Penetration in Mexico Market Share Q Cumulative Growth Base 2006 Source: INEGI, AMIS *CAGR: Compound Annual Growth Rate 450% 400% 350% 300% 250% 200% 150% 100% 50% 0% Q 17.4% Market 8.4% Market without Q *CAGR (%) 8 6.0%

9 Market Share Quálitas G.N.P AXA Seguros ABA HDI Seguros Mapfre México Other Bank-owned Total Market Source: AMIS 9

10 Auto Insurance Industry Source: AMIS Company Written Premiums Market Share % Quálitas 28,736 19, % 31.5% 25.3% G.N.P. 11,581 10, % 12.7% 14.3% AXA Seguros 9,933 9, % 10.9% 12.1% ABA 6,226 5, % 6.8% 7.0% Banorte 4,991 4, % 5.5% 5.9% Top 5 61,466 48, % 67.5% 64.6% HDI Seguros 4,451 3, % 4.9% 5.0% Mapfre México 4,405 4, % 4.8% 6.3% Inbursa 4,369 4, % 4.8% 5.6% BBVA Bancomer 3,849 3, % 4.2% 4.6% Zurich Daños 2,805 2, % 3.1% 3.3% Atlas 2,178 1, % 2.4% 2.4% Afirme 1,402 1, % 1.5% 1.4% General de Seguros 1,161 1, % 1.3% 1.6% ANA 1, % 1.2% 1.1% El Potosi % 0.6% 0.6% Medium 26,290 24, % 28.9% 31.9% Other 3,345 2, % 3.7% 3.5% Total Market 91,102 75, % 100.0% 100.0% Figures in million pesos. Q MX figures Market without Q growth: 10.4% 10

11 Operating Result Automobile Segment * * Total Total Quálitas (221) (76) (95) 47 1,103 2,620 Quálitas 2,620 G.N.P. (499) (668) (371) (373) (27) (87) (221) (404) (2,650) Other (7,391) AXA Seguros (892) 82 (132) 173 (594) (453) (651) (218) (2,686) Bank-owned 12,862 ABA (170) (200) (79) 646 1,464 Total 8,091 HDI Seguros (20) (43) (47) (22) (46) (36) (276) 101 (389) Top 5 (1,802) (904) 280 1, (539) (1,180) 1,228 (1,641) Mapfre México 74 (133) (22) 69 3 (14) (170) (651) (844) Zurich Daños 116 (238) (92) 45 (108) (174) (379) 51 (779) Atlas (6) 123 1,012 General de Seguros 3 (22) (33) (277) (92) (383) ANA (23) (3) 6 (2) (2) (43) (30) 33 (65) El Potosi (1) (19) (4) 1 (5) (31) Medium 290 (320) (191) (834) (494) (1,049) Other (192) (378) (159) 24 (138) (383) (530) (324) (2,081) Bank-owned ,590 2,114 2,410 2,089 1,436 1,899 12,862 Total Market (1,228) (754) 1,771 3,570 2, (1,109) 2,310 8,091 Source: AMIS Figures in million pesos. Q MX figures *During 2012 Q MX recorded a 94 million benefit due to the change in the booking of policy fees and in 2016 a one time benefit of 752 million due to Solvency II adoption 11

12 Operating Result All Business Lines Total Total Quálitas (220) (75) (93) 48 1,104 2,627 Quálitas 2,627 G.N.P. (2,050) (1,906) (2,112) (2,508) (2,469) (3,405) (3,553) (1,855) (19,858) Other (27,698) AXA Seguros (3,008) (1,560) (1,906) (1,223) (2,498) (1,951) (2,303) (2,283) (16,732) Total (25,071) ABA (106) (150) ,152 HDI Seguros (49) (40) (37) (10) 12 (62) (166) 170 (183) Top 5 (5,433) (3,731) (3,099) (2,320) (4,038) (5,441) (5,964) (1,968) (31,993) Mapfre México (154) (247) (1) (79) (495) 2 (890) Zurich Daños 19 (437) (109) (165) (485) (420) (742) (305) (2,643) Atlas (10) (129) (188) 219 General de Seguros 66 (5) (126) (83) (317) (189) (569) ANA (23) (3) 6 (2) (2) (43) (30) 33 (65) El Potosi 3 (9) (9) (9) 11 (17) Medium 78 (678) (16) (58) (291) (651) (1,590) (638) (3,845) Other (1,260) (2,778) 168 (640) 3,054 3,855 2,876 5,493 10,767 Total Market (6,616) (7,186) (2,947) (3,019) (1,275) (2,237) (4,678) 2,887 (25,071) Source: AMIS Figures in million pesos. Q MX figures 12

13 Net Result Automobile Segment Total Total Quálitas , ,246 6,090 Quálitas 6,090 G.N.P. (10) (209) Other 9,429 AXA Seguros (372) (163) 381 1,534 Bank-owned 19,318 ABA ,334 Total 34,837 HDI Seguros Top 5 (82) 845 2,182 2,846 2,198 1, ,583 13,261 Mapfre México 179 (3) (50) (418) 174 Zurich Daños 182 (76) (165) Atlas ,276 General de Seguros (40) ANA (16) Royal & Sunalliance 2 (9) (5) Medium (144) 110 2,859 Other (22) (196) (197) (301) (207) (601) Bank-owned 1,429 1,701 2,198 2,903 3,237 2,628 2,121 3,103 19,318 Total Market 1,952 2,479 4,869 6,866 6,011 4,506 2,566 5,588 34,837 Source: AMIS Figures in million pesos. Q MX figures 13

14 Net Result All Business Lines Total Total Quálitas , ,248 6,142 Quálitas 6,142 G.N.P. 1, ,126 6,364 Other 151,873 AXA Seguros (328) ,688 Total 158,015 ABA ,854 HDI Seguros Top 5 2,106 1,476 2,861 3,491 2,273 1,915 1,555 5,281 20,958 Mapfre México (110) 673 1,740 Zurich Daños 156 (208) (174) (173) (487) (142) (923) Atlas ,209 General de Seguros ,706 ANA (16) El Potosí Medium 1, , (63) 1,145 5,077 Other 10,096 10,538 13,522 15,530 17,035 19,705 17,028 28, ,980 Total Market 13,232 12,389 16,993 20,082 19,839 22,010 18,519 34, ,015 Source: AMIS Figures in million pesos. Q MX figures 14

15 Q MX and Industry Cost Ratios Acquisition Claims Operating Combined Source: AMIS 15

16 Q Cost Ratios Acquisition Claims Operating Combined 16

17 Investment Income Portfolio by Type of Issuer Portfolio by Risk Type Return on Investments Day Treasury issued by Mexican Federal Government 1 17

18 Investment Income Return on Equities Equities 2 NAFTRAC yield + dividends (MM MXN) 2016 Gain from Equities 241 Average Portfolio 3,666 Annualized Yield 6.6% 2 NAFTRAC Yield 6.0% IRT Yield 8.1% 18

19 Profitability LTM ROE Cash and Investments per Share** Dividend Payments** $0.40 $0.50 $1.50 $0.50 $2.90 *CAGR: 22.3% *CAGR: 19.9% Equity (MM MXN) Leverage Stockholders' Equity 2,047 2,573 3,583 3,757 4,368 4,972 6,077 1 Equity Growth Dividend Payment Wealth Growth Variations relative to 2010 figures ** Mexican Pesos *CAGR: Compound Annual Growth Rate 19

20 Solvency Margin Analysis Q's solvency margin was $2,260, and a solvency margin ratio of 71.7% Regulatory Capital Solvency Margin Solvency Margin Ratio Requirement* Q MX (Total) 2,693 1, % Q MX (Regulatory) 2, % Q MX (Financial) 2,693 1, % Q ES % Q CR % QIC % Total 3,151 2,164 Q Cash 97 Q 3,151 2, % Dividend Policy Q aims to maintain a minimum stockholders equity of 1.5 times the regulatory capital requirement. Between 50% and 90% of the surplus will be distributed as a dividend, depending on the Company s capital requirements for future projects. Regulatory Capital Requirement computation differs in the countries where Quálitas has operations. 20

21 Analysts Institution Analyst Actinver Enrique Mendoza BBVA Research Germán Velasco Grupo Bursátil Mexicano Luis Willard Interacciones Roberto Navarro Merrill Lynch Ernesto Gabilondo Nau Securities Iñigo Vega Signum Research Armando Rodríguez Ve por Más José Eduardo Coello IR Contact: Mariana Fernández T: mfernandez@qualitas.com.mx Mónica Pérez Diez T: monperez@qualitas.com.mx Andreina Incandela T: aincandela@qualitas.com.mx 21

22 Notes 22

23 Notes 23