RESULTS PRESENTATION. January to December 2012 GRUPO CATALANA OCCIDENTE,S.A. AND SUBSIDIARIES

Transcription

1 RESULTS PRESENTATION January to December 2012 GRUPO CATALANA OCCIDENTE,S.A. AND SUBSIDIARIES Barcelona, 5th. March 2013 Mr. Francisco José Arregui, General Manager Mr. Carlos González, CFO

2 AGENDA 01 KEY ASPECTS OF THE PERIOD 02 RESULTS PLUS ULTRA SEGUROS 04 GCO s SHARE 05 OUTLOOK 06 ANNEX

3 01 KEY ASPECTS OF THE PERIOD

4 01 Assessment KEY ASPECTS OF THE PERIOD of the period Uncertain economic environment and volatile financial markets Increase in Turnover Sustainability results: 200 M of attributable result Combined ratio less than 90% Improvement on Long-Term capital and Excess of Solvency 6.48% increase of stake in Atradius Acquisition of 49% of Groupama Seguros (now Plus Ultra) Maintenance of shareholders remuneration Positive valuation thanks to the soundness of the business 4

5 01 KEY ASPECTS OF THE PERIOD Key figures million euros TURNOVER % Chg Traditional Business 1, , % Credit Insurance Business 1, , % INSURANCE TURNOVER 3, , % SECTOR -5.3% million euros % Chg. RESULTS Recurrent Result from Traditional Business % Recurrent Result from Credit Insurance Business % Non Recurring Result CONSOLIDATED RESULT % ATTRIBUTABLE RESULT % More detail in Annex 5

6 01 KEY ASPECTS OF THE PERIOD Key figures Business diversification Geographical diversification 18.7% 13.1% 4.7% 3.9% 11.1% 64.5% 3.7% 3.2% 2.9% 48.8% 7.3% 8.0% Considering retained business 31.6% 4.3% 3.3% 2.9% Outside Europe 10.7% Credit Insurance Life, Contributions to PP and MF Multirisk Auto Other Non-Life Spain Rest U.E. Germany France Netherland Italy United Kingdom Asia Pacific America Rest of countries 6

7 01 KEY ASPECTS OF THE PERIOD Key figures million euros % Chg. KEY FIGURES Long-Term Capital at market value 2, , % Funds Under Management 7, , % Excess of Solv ency I 1, , % As % of capital required 489.7% 497.5% Surplus of Technical Prov isions 1, , % More detail in Annex Solid financial structure 7

8 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Increase of the stake in Atradius 2010: acquisition of the 35.8% to Foreign minority shareholders: 26.66% GCO 9.11% INOC, SA 2011: partial exercise of the call option 2.63% 40 M ( /share) Economic stake 76.72% 26th. April 2012: exercise of the call option: 6.48 % 99.8 M Economic stake: 83.20% Total investment: 1,093.8 M CCS Consorcio de Compensación de Seguros GES Ges Seguros y Reaseguros NAC Nacional de Reaseguros ESP España, SA Compañía Nacional de Seguros GCO Grupo Catalana Occidente CCS 9.88% GES NAC NAC ESP ESP 3.50% 7.78% 5.00% Grupo Crédito y Caución, SL 64.23% 56.71% 73.84% 100% INOC, SA GCO ATRADIUS, NV 35.77% Crédito y Caución 8

9 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Acquisition of Groupama Seguros 19 th June: announcement of the acquisition of Groupama s subsidiary in Spain: 49.0% Grupo Catalana Occidente 51.0% INOC, SA Valuation of 404.5M Acquisition of a call option to INOC, SA: 3 years Price: same as previous transaction capitalized to Euribor 3M b.p. substracting the dividends paid out during such period Premium of 27.5 M 28 th. September: Effective closing of the transaction After obtaining regulatory approvals Change name to Plus Ultra More information in the Plus Ultra Seguros section and in the presentation of the Groupama Seguros acquisition 9

10 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Strategic fit Grupo Catalana Occidente takes this opportunity to: Become one of the market leaders reaching a market share of 5% Strengthen the dimension in certain lines Reinforce the commitment to the channel intermediaries Increase the weight of traditional business: providing stability to results 10

11 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Solid experience integrating companies (*)3,917 3,333 3,160 2,972 3,067 1,730 1,862 1,936 2,036 1,117 1,298 1, (million of euros) (*) Proforma. Plus Ultra s figures are not consolidated within the Grupo Catalana Occidente scope. 11

12 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Premium growth Business diversification 3,917.3 M +23.3% 62.8% 3,177.6 M 17.5% Traditional Business Weight 37.2% 10.3% 16.8% 18.2% GCO PlusUltra Seguros Proforma Multrrisk Life Traditional Business Credit Insurance Business 10,4% Other Non Life Auto Credit Insurance 12

13 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Improvement of the competitive position on the Spanish market: Nº Company Premiums Market share 1 Mapfre 7, % 2 Caixa 5, % 3 Mutua Madrileña 3, % 4 Santander Seguros 3, % 5 Allianz 3, % 6 AXA 2, % 7 Generali 2, % 8 BBVA Seguros 2, % 9 Caser 1, % 10 Grupo Catalana Occidente 1, % Nº Company Premiums Market share 1 Mapfre 7, % 2 Caixa 5, % 3 Mutua Madrileña 3, % 4 Santander Seguros 3, % 5 Allianz 3, % 6 GCO + PlusUltra 2, % 7 AXA 2, % 8 Generali 2, % 9 BBVA Seguros 2, % 10 Caser 1, % Source: ICEA Figures regarding the business written in Spain Premiums in million euros

14 01 KEY ASPECTS OF THE PERIOD Most relevant facts of the period Improvement of the competitive position on the Spanish market: + Market Segment Nº Premiums Nº Premiums Share Market Share 10 6 Total 1, % 2, % Multirisk % % Auto % % Other Non Life (*) Liability Other industrial damage Accidents Source: ICEA. Figures fro the business written in Spain. Premiums in million euros (*) Regarding 2011 figures 14

15 RESULTS

16 02 Agenda 2012 RESULTS Income Statement Capital, Solvency and Investments 16

17 02 Agenda 2012 RESULTS Traditional business Credit insurance business 17

18 RESULTS Traditional business million euros PREMIUMS Variación % Chg % Chg. Sector Multirisk % 0.6% Other Non Life % Auto % -5.9% Life % -9.0% Regular Premiums % Single Premiums % Traditional Business 1, , % -5.3% Contributions to pension plans % Contributions to mutual funds

19 RESULTS Traditional business million euros RESULTS BY BUSINESS LINE % Chg Net Technical result after expenses Multirisk % Other Non Life % Auto % Life % Net technical result after expenses % Financial result % Result Non Technical Account % Tax % Recurrent result from traditional business % 19

20 RESULTS Traditional business COMBINED RATIO Change Multirisk 90.1% 87.9% -2.1 Underwriting cost 55.4% 52.9% -2.6 Commissions 19.6% 19.5% -0.1 Expens es 15.0% 15.6% 0.5 Other Non-Life 83.1% 83.1% 0.0 Underwriting cost 37.8% 37.2% -0.6 Commissions 19.1% 18.4% -0.7 Expens es 26.1% 27.5% 1.4 Auto 93.4% 93.4% 0.0 Underwriting cost 63.4% 63.5% 0.1 Commissions 12.1% 11.9% -0.2 Expens es 17.9% 18.0% 0.1 Traditional business 89.7% 88.8% -0.9 Underwriting cost 54.3% 53.1% -1.2 Commissions 16.7% 16.5% -0.2 Expens es 18.7% 19.2% 0.5 Evolution of Non-Life combined ratio 94.0% 90.1% 91.2% 89.1% 90.5% 92.2% 89.6% 92.3% CR GCO Tradicional Business CR Spanish sector 88.4% 88.8%

21 02 Agenda 2012 RESULTS Traditional business Credit insurance business 21

22 RESULTS Credit insurance business million euros CREDIT INSURANCE REVENUES % Chg Premiums (M ) 1, , % Credit insurance 1, , % Bonding % Reinsurance accepted % Information income % Insurance turnover 1, , % Income from complimentary activities % Credit insurance revenues 1, , % 22

23 RESULTS Credit insurance business million euros PREMIUMS BY COUNTRY % Chg. % of/ total Spain % 26.1% Germany % 10.0% Netherland % 8.3% France % 7.8% Italy % 6.7% United Kingdom % 6.0% Rest of E.U % 16.8% Asia & Australia % 9.4% America % 7.0% Rest of countries % 1.9% TOTAL 1, , % 100.0% Markets with dinamic growth represent 18.3% of Turnover 23

24 RESULTS Credit insurance business Evolution of Credit Insurance s Total Potential Exposure % % +3.4% +6.9% +4.5% M07 12M08 12M09 12M10 12M11 12M12 (thousand million of Euros) Selective growth depending on the market: America, Asia & Oceania: rates above 20% Germany: 7% Spain: -13% For more details see Annex Expansion in Metals, Electronics and Qhemicals 24

25 RESULTS Credit insurance business 2011 KEY DATA 2012 % Chg % Gross technical cost 49.8% 51.3% 1.5 % Gross Commissions + Expenses 35.2% 35.0% -0.2 % Gross Combined ratio 85.0% 86.3% 1.3 % Net technical cost 51.6% 50.8% -0.9 % Net Commissions + Expenses 34.2% 37.6% 3.5 % Net Combined ratio 85.8% 88.4% 2.6 Performance of Net Combined Ratio 84.1% 80.4% 72.5% 75.0% 39.1% 31.5% 30.1% 31.7% 85.8% 85.9% 87.8% 88.2% 88.4% 34.2% 32.6% 35.9% 36.0% 37.4% Commissions & Expenses Technical Cost 45.0% 40.8% 44.9% 48.9% 51.6% 53.3% 51.9% 52.2% 49.1% 12M M 6M 9M M 3M 6M M 12M 25

26 RESULTS Credit insurance business COMBINED RATIO Crédito y Caución Atradius Ex. CyC Chg Chg. % Gross Technical cost 82.3% 77.8% % 41.5% 5.2 % Gross Commissions + Expenses 25.4% 25.5% % 38.4% -0.8 % Gross Combined ratio 107.7% 103.3% % 79.9% 4.4 % Net Technical cost 83.2% 74.0% % 41.4% 2.0 % Net Commissions + Expenses 24.3% 28.0% % 40.7% 2.6 % Net Combined ratio 107.5% 102.0% % 82.1% 4.6 CyC net combined ratio evolution Atardius net combined ratio evolution 107.5% 24.3% 105.2% 103.1% 103.6% 102.0% 17.9% 24.4% 25.5% 28.0% 77.5% 78.6% 80.4% 81.4% 82.1% 38.1% 38.0% 39.9% 39.6% 40.7% 83.2% 87.3% 78.7% 78.1% 74.0% 39.4% 40.7% 40.5% 41.8% 41.4% 12M 3M 6M 9M 12M 12M 3M 6M 9M M Expnses + Comimsions Technical Cost 26

27 RESULTS Credit insurance business million euros INCOME STATEMENT % Chg Earned premiums 1, , % Information income % Insurance turnover 1, , % Technical result after expenses % As a % of Insurance turnover 15.0% 13.7% Resinsurance Result % As a % of Insurance turnover -7.2% -7.5% Financial Result % As a % of Insurance turnover 2.1% 1.8% Result from complimentary activities % As a % of Insurance turnover -0.1% 0.4% Recurring Result from Credit Insurance Business % Non Recurring Result from Credit Insurance Business % Resutl after tax % 27

28 02 Agenda 2012 RESULTS Income Statement Capital, Solvency and Investments 28

29 02 Long-Term 2012 RESULTS Capital million euros LONG-TERM CAPITAL AT 12/31/11 1,645.7 EQUITY AT 12/31/11 1,527.6 (+) Consolidated profit for the period (+) Dividends paid (+) Change in v aluation adjustments (+) Additional acquisition of Atradius NV shares (+) Changes in own shares -0.9 (+) Other changes Total movements LONG-TERM CAPITAL AT 12/31/12 1,676.5 Subordinated debt LONG-TERM CAPITAL AT 12/31/12 1, % 29

30 RESULTS Long-Term Capital million euros LONG-TERM CAPITAL AT 12/31/11 1,645.7 EQUITY AT 12/31/11 1,527.6 (+) Consolidated profit for the period (+) Dividends paid (+) Change in valuation adjustments (+) Additional acquisition of Atradius NV shares (+) Changes in own shares -0.9 (+) Other changes Total movements LONG-TERM CAPITAL AT 12/31/12 1,676.5 Subordinated debt LONG-TERM CAPITAL AT 12/31/12 1,795.3 Unrealised capital gains (properties) ,263.6 LONG-TERM CAPITAL market value 2, % 30

31 RESULTS Technical provisions coverage Surplus 1,472.0 Surplus 1, % % Assets of Provisions 124.2% % Assets of Provisions Eligible assets 8,102.5 Eligible assets 8,301.4 (million of euros) 31

32 02 Solvency 2012 RESULTS margin , % 1, , % 1,752.9 Spain average (DGS): 273% (9M2012) Europe average (EIOPA): 206% (2010) Required Capital Available Capital Surplus (million of euros) 32

33 02 Investments 2012 RESULTS million euros INVESTMENTS AND FUNDS UNDER MANAGEMENT % Chg % of Total Owned-occupied property % Investment in property % Investment in real estate funds % Unrealized capital gains % Total Property 1, , % 14.5% Fixed income 3, , % 52.4% Equities % 7.3% Other investments % 9.5% Total financial instruments 4, , % Cash and Short term deposits 1, % 11.5% Subsidiaries % 4.8% TOTAL INVESTMENTS COMPANY RISK 6, , % 100.0% Investments on behalf on policyholders % Pension funds and Mutual funds % Total Investments policyholders risk % TOTAL INVESTMENTS AND FUNDS UNDER MANAGEMENT 7, , % For more details see Annex 33

34 03 PLUS ULTRA SEGUROS

35 PLUS ULTRA SEGUROS 03Aspects to take into consideration Aspects to take into consideration regading Plus Ultra Seguros Acquired the 28 th September Grupo Catalana Occidente: 49% of the capital Integration by the equity method Last quarter results are included into the GCO s figures: M +5.2 M on the financial result M on the non-recurring result Investments and Funds under management Subsidiaries: M 35

36 PLUS ULTRA SEGUROS 03Premiums million euros % Chg. PLUS ULTRA Written Premiums % Multirisk % Other Non-Life % Auto % Life % Diversification by business line Diversification by channel Direct 1.0% Life 13.74% Institutional 8.2% Multirisk 30.81% Bancassurance 13.8% Agents 31.3% Auto 35.40% Other Non-Life 20.06% Brokers 45.6% 36

37 PLUS ULTRA SEGUROS 03Combined ratio Combined Ratio (Plus Ultra Individual) Change Multirisk 98.0% 105.2% 7.1 Technical cost 59.1% 67.4% 8.2 Commissions 24.6% 24.5% -0.1 Expenses 14.3% 13.3% -1.0 Other Non-Life 93.8% 98.7% 4.9 Technical cost 58.0% 62.7% 4.8 Commissons 22.2% 22.8% 0.6 Expenses 13.6% 13.2% -0.4 Auto 102.7% 102.4% -0.3 Technical cost 76.6% 75.6% -1.0 Commissons 11.1% 11.1% 0.0 Expenses 15.0% 15.7% 0.7 Plus Ultra Seguros 98.0% 100.4% 2.3 Technical cost 66.8% 68.5% 1.7 Commissons 17.0% 17.6% 0.6 Expenses 14.2% 14.3%

38 PLUS ULTRA SEGUROS 03Results million euros % Chg. PLUS ULTRA Written Premiums % Earned premiums % Technical result after expenses % % of Earned premiums 1.8% -0.9% Financial result % % of Earned premiums 4.0% 4.8% Recurrent Result after tax % % of Earned premiums 4.5% 2.8% Non Recurring Result after tax % Net Result after tax Further information at Annex 38

39 04 GRUPO CATALANA OCCIDENTE s SHARE

40 GRUPO CATALANA OCCIDENTE s SHARE 04Share price evolution PERFORMANCE % CAGR GCO IBEX DJ EUROPE STOXX Insurance % YTD ,9 4, /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/2012 GCO IBEX 35 Dow Jones EUROPE STOXX Insurance GCO IBEX 35 Dow Jones EUROPE STOXX Insurance 40

41 04 GRUPO CATALANA OCCIDENTE s SHARE Dividends EPS Earning Per Share DPS Dividend per share Pay - out (euros per share) % 24.5% 58.6% 60.2% 33.6% 32.5% % 54.3% 76.0% 47.9% % % DIVIDENDS CHARGE TO 2011 RESULTS DIVIDENDS CHARGE TO RESULTS Total dividend per share TOTAL DIVIDEND ,328,000 Total dividend per share TOTAL DIVIDEND ,328,000 41

42 05 OUTLOOK

43 06 ANNEX

44 06 Grupo ANNEX Catalana Occidente More than 145 years of history An independent Group A pure insurer A portfolio that includes all lines of products 5,636 employees 2012 Turnover: 3,236 M 44

45 06 Corporate ANNEX structure GRUPO CATALANA OCCIDENTE Parent Company Seguros Catalana Occidente Tecniseguros Menéndez Pelayo, SICAV 100% 100% 100% Seguros Bilbao Prepersa, AIE Catoc Sicav 99.73% 100% 97.01% Atradius NV (*) S. Órbita Seguros Bilbao Fondos 83.20% 99.73% 99.73% Nortehispana Bilbao Vida Bilbao Hipotecaria 99.78% 99.73% 99.73% Depsa Bilbao Telemark Grupo Crédito y Caución, SL 100% 99.73% 73.84% Catoc Vida Co Capital Ag. Valores Salerno % 100% 100% Cosalud GCO de Servicios Tecnológicos, AIE 100% 99.78% Depsa Servicios y Gestión Legal, SL 100% Catalana de Tall. y Rep , SL 100% Grupo Contact Center AIE 99.78% Inversions Catalana Occident, SA 49.00% Plus Ultra Seguros (**) Asitur Asistencia Hercasol Sicav 49.00% 28.53% 71.42% Calboquer Gesiuris 20.00% 26.12% Sersanet 25.00% INSURANCE COMPANIES COMPLEMENTARY TO INSURANCE ACTIVITIES INVESTMENT COMPANIES Fully consolidated companies Equity consolidated associated (*) The Group s economic stake in Atradius NV has increased by 6.48%, reaching 83.20% as a result of the exercise of the call option to INOC, SA (**) On the 28th. September the acquisition of 49% of the stake in Groupama Seguros (now Plus Ultra Seguros) finalized 45

46 06 Profit ANNEX and Loss Account million euros PROFIT AND LOSS ACCOUNT % Chg Premiums 3, , , , , % Earned premiums 3, , , , , % Information income % Insurance turnover 3, , , , , % Technical cost 2, , , , , % As a % of Insurance turnover 73.5% 71.1% 61.2% 61.0% 61.3% Commissions % As a % of Insurance turnover 11.3% 11.3% 12.0% 11.9% 11.7% Technical result % As a % of Insurance turnover 15.2% 17.7% 26.9% 27.1% 27.0% Expenses % As a % of Insurance turnover 18.3% 19.3% 19.1% 18.7% 18.8% Technical result after expenses % As a % of Insurance turnover -3.1% -1.7% 7.7% 8.4% 8.2% Financial Result % As a % of Insurance turnover 3.7% 3.3% 1.3% 1.8% 1.5% Complementary activities result and N.T.A % As a % of Insurance turnover 0.2% 0.3% -0.3% -0.3% -0.3% Resultado antes de impuestos % As a % of Insurance turnover 0.7% 1.9% 8.7% 9.8% 9.4% CONSOLIDATED RESULT % RESULT ATTRIBUTABLE TO MINORITY INTERESTS % RESULT ATTRIBUTABLE TO THE PARENT COMPAN % As a % of Insurance turnover 3.0% 3.1% 5.9% 6.6% 6.3% RECURRING RESULT % NON RECURRING RESULT % 46

47 06 Results ANNEX by business line and quarter million euros EARNINGS BY BUSINESS LINE 1Q2009 2Q2009 3Q2009 4Q2009 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 Recurrent Result from Traditional Business Recurrent Result from Credit Insurance Business Non Recurrent Result RESULT AFTER TAX RESULT ATTRIBUTABLE TO MINORITY INTERESTS RESULT ATTRIBUTABLE TO THE PARENT COMPANY Attributable Result 12M M Attributable Result 12M M Attributable Result 12M M Attributable Result 12M M 47

48 06 Results ANNEX by business line Multirrisk 2011 KEY DATA % Chg Written premiums (M ) % Number of claims 342, , , , , % Claims frequency (Nº claims per 100 policies) % Average cost of claims, % Technical provisions (M ) % % Technical cost 55.3% 55.5% 57.7% 55.4% 52.9% -2.6 % Commissions 20.5% 20.1% 19.7% 19.6% 19.5% -0.1 % Expenses 15.5% 15.7% 15.0% 15.0% 15.6% 0.5 % Combined Ratio 91.3% 91.3% 92.4% 90.0% 87.9% -2.1 million euros INCOME STATEMENT % Chg Net earned premiums % Technical result % % of Net earned premiums 24.2% 24.5% 22.6% 25.0% 27.7% Expenses % % of Net earned premiums 15.5% 15.7% 15.0% 15.0% 15.6% Technical result after expenses % % of Net earned premiums 8.7% 8.7% 7.6% 10.0% 12.1% Financial result % % of Net earned premiums 3.8% 2.7% 1.7% 1.6% 1.5% Technical - Financial result % % of Net earned premiums 12.5% 11.4% 9.3% 11.6% 13.6% 48

49 06 Results ANNEX by business line Other Non-Life 2011 KEY DATA % Chg Written premiums (M ) % Number of claims 94,034 94,633 99, , , % Claims frequency (Nº claims per 100 policies) % Av erage cost of claims, 1, , % Technical provisions (M ) % % Technical cost 40.6% 39.6% 38.5% 37.7% 37.3% -0.4 % Commissions 17.2% 17.4% 18.8% 19.3% 18.4% -0.9 % Expenses 22.8% 25.2% 26.8% 26.1% 27.5% 1.4 % Combin ed Ratio 80.6% 82.2% 84.1% 83.1% 83.1% 0.0 million euros INCOME STATEMENT % Chg Net earned premiums % Tech n ical resu lt % % of Net earned premiums 42.5% 43.0% 42.8% 43.1% 44.4% Expenses % % of Net earned premiums 22.8% 25.2% 26.8% 26.1% 27.5% Tech n ical resu lt after expen ses % % of Net earned premiums 19.3% 17.8% 15.9% 16.9% 16.9% Fin an cial resu lt % % of Net earned premiums 7.0% 5.8% 3.9% 4.1% 3.3% Tech n ical - Fin an cial resu lt % % of Net earned premiums 26.5% 23.7% 19.9% 21.0% 20.2% 49

50 06 Results ANNEX by business line Auto 2011 KEY DATA % Chg Written premiums (M ) % Number of claims 255, , , , , % Claims frequency (Nº claims per 100 policies) % Average cost of claims, 1, , , , , % Technical provisions (M ) % % Technical cost 62.0% 61.3% 62.5% 63.4% 63.5% 0.1 % Commissions 12.8% 12.6% 12.2% 12.1% 11.9% -0.2 % Expenses 16.1% 17.5% 17.7% 17.9% 18.0% 0.1 % Combined Ratio 90.9% 91.4% 92.5% 93.4% 93.4% 0.0 million euros INCOME STATEMENT % Chg Net earned premiums % Tech n ical resu lt % % of Net earned premiums 25.2% 26.2% 25.2% 24.5% 24.6% Expenses % % of Net earned premiums 16.1% 17.5% 17.7% 17.9% 18.0% Technical result after expenses % % of Net earned premiums 9.1% 8.6% 7.5% 6.6% 6.6% Fin an cial resu lt % % of Net earned premiums 5.3% 4.1% 2.7% 2.9% 2.6% Tech n ical - Fin an cial resu lt % % of Net earned premiums 14.3% 12.7% 10.3% 9.5% 9.2% 50

51 06 Results ANNEX by business line Life 2011 Key Data % Chg Turnover from Life insurance contracts (M ) % Regular premium % Single premium % Average cost of claims, (*) % Net Contribution to Mutual Funds % Mathematical provisions and unpaid claims (M ) 2, , , , , % Provisions for risk borne by policyholders % Pnesion Funds % Mutual Funds % Funds under management 3, , , , , % Investment risk by policy holders (M ) % Investment risk by the company (M ) 2, , , , , % million euros Income Statement % Chg Net earned premiums % Technical Result % % of Net earned premiums 10.0% 9.5% 10.5% 10.0% 10.4% Expenses % % of Net earned premiums 6.8% 6.3% 7.4% 6.6% 6.6% Technical result after expenses % % of Net earned premiums 3.1% 3.1% 3.1% 3.4% 3.9% Financial result % % of Net earned premiums 4.1% 1.0% 1.6% 2.7% 3.5% Technical - Financial result % % of Net earned premiums 7.3% 4.2% 4.7% 6.1% 7.3% 51

52 06 TPE ANNEX Evolution and Distribution TPE Evolution and Distribution Buyer country Which % Chg. % of total Denmark, Finland, Norway, Netherlands 40,971 38,371 28,095 24,978 25,200 24, % 5.6% Netherlands, Sweden, Baltic Others 26,512 24,370 18,102 17,814 19,365 20, % 4.7% Austria, Czech Republic, Germany, Germany 77,209 74,156 59,136 60,212 65,608 70, % 15.8% Greece, Hungary, Poland, Slovakia, Switzerland Others 42,001 43,399 25,274 26,874 31,950 37, % 8.3% United Kingdom, North America, Australia, Asia United Kingdom 44,788 33,755 20,705 23,736 25,988 28, % 6.5% North America 28,950 27,729 15,691 20,026 22,646 27, % 6.1% Others 69,006 67,279 40,746 48,650 59,826 72, % 16.2% Southern Europe France 57,143 48,334 36,294 36,851 36,391 37, % 8.4% Italy 41,354 38,144 20,023 21,042 24,111 24, % 5.4% Spain and Portugal 195, , , , ,565 90, % 20.2% Belgium and Luxembour 19,078 16,421 11,763 11,616 11,983 12, % 2.9% Total 642, , , , , , % 100.0% miles of million euros 52

53 06 TPE ANNEX Evolution and Distribution TPE Evolution and Distribution Industry % Chg. % of total Durable consumer 73,787 72,944 49,679 50,211 51,713 48, % 10.9% Metals 72,566 66,846 39,469 45,232 47,972 54, % 12.1% Electronics 48,187 51,169 32,139 36,064 43,740 50, % 11.4% Construction 93,864 64,198 37,168 32,576 21,850 35, % 7.9% Chemicals 58,354 51,246 37,101 42,210 42,952 49, % 11.1% Transport 38,196 39,959 26,793 28,217 34,145 35, % 7.9% Machines 45,459 40,619 28,807 29,026 30,592 30, % 6.7% Food 63,126 52,747 42,105 40,556 42,566 40, % 9.1% Building Materials 32,639 36,270 22,522 24,858 36,794 20, % 4.5% Services 40,069 28,108 21,497 20,317 21,914 20, % 4.7% Textiles 30,182 23,519 13,982 13,825 13,883 16, % 3.6% Finance 15,719 15,011 11,567 12,142 12,105 11, % 2.6% Agriculture 14,114 17,785 13,759 14,527 16,057 22, % 5.0% Paper 16,104 14,069 9,085 9,135 10,350 10, % 2.4% Total 642, , , , , , % 100.0% miles of million euros 53

54 06 Financial ANNEX Result million euros FINANCIAL RESULT % Chg Financial income net of expenses % Foreign exchange Subsidiaries Interest paid to Life policyholders % Recurrent Financial Result from Traditional Business % Recurrent Financial Result from Credit Insurance Business % Recurrent Financial Result % Non Recurrent Financial Result Financial Result % 54

55 06 Non-Recurring ANNEX Result million euros NON RECURRING RESULTS (after tax) % Chg Financial Result From Traditional business Non Recurring Results from Traditional business Intangible depreciation from Plus Ultra -1.8 Non Recurring Results from Traditional business Financial Result From Credit insurance business % Non Recurring Results from Credit Insurance % Payback to Consorcio de Compensación de Seguros % Non Recurring Results from Credit Insurance business % Consolidation adjustments NON RECURRING RESULT after tax % 55

56 06 Balance ANNEX sheet ASSETS million euros % Chg Intagible assets and property, plant and eq % Investments 6, , , , , % Property investments % Financial investments 5, , , , , % Cash and short-term deposits % Reinsurer's share of technical provisions 1, , , , % Other assets 1, , , , , % Deferred tax % Receivables , % Other assets % TOTAL ASSETS 9, , , , , % EQUITY AND LIABILITIES % Chg Long-Term Capital 1, , , , , % Equity 1, , , , , % Parent Company , , , , % Minority interest % Subordinated debt % Technical provisions 7, , , , , % Other liabilities 1, , , , % Other provisions % Diposits received for outward reinsurance % Deferred tax liabilities % Payables % Other liabilities % TOTAL EQUITY AND LIABILITIES 9, , , , , % 56

57 06 Investments ANNEX - Fixed income portfolio detail Tipology Rating (*) Country Sector AAA 10.4% 1.7% 47.1% Corporate Fixed Income 1,754.1 AA 20.8% Spain 43.9% 27.1% 2.6% A 16.4% 40.7% 52.9% Public Fixed income 1,970.1 BBB & Rest 52.5% Rest of Europe 47.3% 4.7% 11.7% (million of euros) Total fixed income portfolio: 3,724.2 M United States 5.79 Rest 2.9% Basic materials Utility and Energy Energy Industrial Financial 19.2% 1.3% Non-Cyclical Consumer Communications Cyclical Consumer 57

58 06 Investments ANNEX Plus Ultra Seguros FUNDS UNDER MANAGEMENT million euros % Chg % of total Properties % 8.5% Owned-occupied property % Investment in property % Capital gains % Fixed income 1, % 72.9% Government % 48.8% Corporate % 51.2% Equities % 5.8% Rest of investments % 12.2% Cash % 0.7% Subsidiaries % 0.0% INVESTMENTS COMPANY RISK 1, , % 100.0% 58

59 DISCLAIMER This presentation includes oral and written forward-looking statements with respect to certain plans and current goals and expectations relating to the Company s future financial condition, performance and results. These forward-looking statements represent a simple forecast whose formulation does not represent a guarantee with respect to the future performance of the Company. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which may be beyond the Company s control such as general economic conditions, performance of financial markets, the frequency and severity of insured loss events, mortality and morbidity levels and trends, persistency levels, interest rate levels, currency exchange rates, general competitive factors, changes in laws and regulations, changes in the policies of governments or regulatory authorities. The Company undertakes no obligation to update the forward-looking statements made in this presentation or any other forward-looking statements. The information contained in this statement must be taken in mind by all personas and entities who may have to take decisions or formulate or divulge opinions related to the shares issued by the company and, in particular, by analysts and investors handling this document. 59

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