2013 Results Presentation. Barcelona, 27th February 2014

Transcription

1 Results Presentation Barcelona, 27th February

2 AGENDA KEY ASPECTS OF 2

3 AGENDA KEY ASPECTS OF 3

4 Assessment of the period Positive valuation thanks to the soundness of the business Uncertain economic environment and volatile financial markets Contraction of the Spanish insurance sector Consistency of the Income Statement Maintenance of global turnover (+0.8%) Improvement of results (+10.5%) Increase of long term capital and solvency Progress in the consolidation of the Group Increase of shareholder remuneration (+4%) 4

5 Key figures KEY ASPECTS OF (million euros) TURNOVER 2012 % Chg Traditional Business 1, , % Credit Insurance Business 1, , % TURNOVER 3, , % SECTOR -3.3% (million euros) % Chg. RESULTS Recurrent Result from Traditional Business % Recurrent Result from Credit Insurance Business % Non Recurring Result CONSOLIDATED RESULT % ATTRIBUTABLE RESULT % 5

6 Diversification Diversification by business Diversification proforma with Plus Ultra 12,6% 7,0% 16,0% 9,5% 10,1% 14,2% 46,7% 23,6% 37,2% 23,1% Considering retained business 30.6% Considering retained business 23.0% Multirrisk Other Non Life Motor Life and Pension Plans Credit Insurance 6

7 Improvement of the competitive position Improvement of the competitive position in the spanish market: Nº Group Premiums Market Share Nº Group Premiums Market Share 1 Mapfre 7, % 1 2 Caixa 5,297,7 9.5% 2 3 Mutua Madrileña 3, % 3 Mapfre 7, % Caixa 5, % Mutua Madrileña 3, % 4 Allianz 3, % 4 Allianz 3, % 5 Santander Seguros 3, % 5 Santander Seguros 3, % 6 AXA 2, % 6 GCO + Plus Ultra Seguros 2, % 7 BBVA Seguros 2, % 7 AXA 2, % 8 Generali 2, % 8 BBVA Seguros 2, % 9 Grupo Catalana Occidente 2, % 9 Generali 2,29.,3 4.1% 10 Caser 1, % 10 Caser 1, % Source: ICEA Figures of the Spanish business 9 6 7

8 Improvement of the geographical diversification Presence in more than 45 countries 8

9 Assessment of the period Positive valuation thanks to the soundness of the business Uncertain economic environment and volatile financial markets Contraction of the Spanish insurance sector Consistency of the Income Statement Maintenance of global turnover (+0.8%) Improvement of results (+10.5%) Increase of long term capital and solvency Progress in the consolidation of the Group Increase of shareholder remuneration (+4%) 9

10 Progress in the consolidation of the Group Corporate Governance Traditional Business Operating entities Credit Insurance Business Operating entities Seguros Catalana Occidente Seguros Bilbao Nortehispana Depsa Plus Ultra Atradius Credit Insurance Crédito y Caución Atradius Re Operating platforms Software development Organization & Logistics Claims Center Operations & Systems Contact Center Post sale service 10

11 Assessment of the period Positive valuation thanks to the soundness of the business Uncertain economic environment and volatile financial markets Contraction of the Spanish insurance sector Consistency of the Income Statement Maintenance of global turnover (+0.8%) Improvement of results (+10.5%) Increase of long term capital and solvency Progress in the consolidation of the Group Increase of shareholder remuneration (+4%) 11

12 Shareprice performance PERFORMANCE CARG % GCO % IBEX % DJ EUROPE STOXX Insurance year Bond - Spain Risk premium (b.p.) /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ GCO IBEX 35 Dow Jones EUROPE STOXX Insurance 12

13 Shareholders remuneration KEY ASPECTS OF EPS Earnings Per Share DPS Dividends per share Pay - out (euros per share) % 24.5% 58.6% 60.2% 33.6% 32.5% 32,2% 25.4% 47.9% 25.9% % % 71.1 M /s 13

14 AGENDA KEY ASPECTS OF 14

15 Income Statement Capital, Solvency and Investments 15

16 Traditional Business Credit Insurance Business 16

17 Traditional Business KEY ASPECTS OF PREMIUM 2012 Change (million euros) % Chg M ultirisk % Auto % Other Non Life % Life % Regular premiums % Single premiums % Traditional Business premiums 1, , % Contributions to pension plans % 13.50% Quarterly evolution of the premiums 24.22% 17.64% 23.67% 0.63% 4.99% 3.98% 8.03% 2.93% 2.33% 2.31% 1.40% 2.23% 2.90% 4.90% 3.70% 4.07% 6.97% 9.30% 12.40% 1Q 2Q 3Q 4Q Multirrisk Motor Other Non Life Life TOTAL 17

18 Traditional Business COMBINED RATIO 2012 Change Multirisk 87.9% 87.4% -0.5 Underwriting cost 52.9% 51.7% -1.2 Commissions 19.5% 19.2% -0.3 Expenses 15.6% 16.5% 0.9 Auto 93.4% 92.8% -0.6 Underwriting cost 63.5% 61.6% -1.9 Commissions 11.9% 11.9% 0.0 Expenses 18.0% 19.3% 1.3 Other Non-Life 83.1% 83.2% 0.1 Underwriting cost 37.2% 37.7% 0.5 Commissions 18.4% 17.5% -0.9 Expenses 27.5% 28.0% 0.5 Traditional business 88.8% 88.3% -0.5 Underwriting cost 53.1% 51.8% -1.3 Commissions 16.5% 16.3% -0.2 Expenses 19.2% 20.2% 1.0 Evolution of Combined Ratio 94.0% 92.3% 93.3% 92.2% 91.2% 90.1% 90.5% 89.6% 89.1% 88.4% 88.8% 88.3% RC CR GCO Traditional N. Tradicional Business RC CR sector Spanish español market 18

19 Traditional Business RES ULTS 2012 (million euros) % Chg M ultirisk % Auto % Other Non-Life % Life % Technical result after expenses % Financial result (*) % Result Non Technical Account % Tax % Recurrent result from traditional business % (*) Includes the 49% of Plus Ultra result (16.2 M ) More information at Annex 19

20 Traditional Business Credit Insurance Business 20

21 Credit Insurance Business REVENUES 2012 Change (million euros) % Chg Credit insurance 1, , % Bonding % Acepted Reinsurance % Credit Insurance Premiums 1, , % Information income % Insurance turnover 1, , % Income from complimentary activities % Credit insurance revenues 1, , % Earned Credit Insurance Premiums 1, , % 21

22 Credit Insurance Business (million euros) EARNED PREMIUMS BY COUNTRY 2012 % Chg % s/ Total Spain (Crédito y Caución) % 24.8% Germany % 10.6% France % 8.4% Italy % 7.6% Netherland % 7.1% United Kingdom % 6.3% Rest of Europe % 17.6% America % 8.2% Asia & Australia % 7.8% Rest of Countries % 1.5% Earned Premiums 1, , % 100.0% Increasing presence outside Spain 17.5% of premiums from emerging markets 22

23 Credit Insurance Business COMBINED RATIO 2012 Change Gross Combined Ratio 86.3% 81.0% -5.3 Technical Cost 51.3% 45.6% -5.7 Commissions + Expenses 35.0% 35.4% 0.4 Net Combined Ratio 88.4% 82.0% -6.4 Technical Cost 50.8% 45.5% -5.3 Commissions + Expenses 37.6% 36.5% % Net Combined Ratio CyC Net Combined Ratio Atradius ex. CyC 24.3% 83.2% 102.0% 28.0% 92.8% 31.5% 87.5% 31.7% 84.7% 30.1% 79.6% 27.8% 77.5% 39.2% 82.1% 40.7% 78.7% 38.9% 82.5% 40.0% 83.7% 41.1% 82.8% 39.2% 74.0% 61.3% 55.8% 54.6% 51.8% 39,4% 41.4% 39.8% 43.6% 42.5% 42.7% 43.6% 12M 12M M 6M 9M 12M 12M M M 6M 9M 12M Technical Cost Expenses + Commissions 23

24 Credit Insurance Business (million euros) % Chg. RESULTS Crédito y Caución Atradius Ex. CyC Technical Result after expenses % % s/ Insurance Revenues 13.8% 19.0% 18.1% 19.6% Reinsurance Result % % s/ Insurance Revenues -7.1% -8.6% -6.7% -9.5% Financial Result % % s/ Insurance Revenues 1.8% 0.9% 1.2% 0.8% Result from complimentary activities % Tax % 0.4% Adjustments Recurring Result from Credit Insurance Business % More detail at Annex 24

25 Income Statement Capital, Solvency and Investments 25

26 Long Term Capital (million euros) LONG-TERM CAPITAL AT 12/31/12 1,795.3 EQUITY AT 12/31/12 1,676.5 (+) Consolidated profit (+) Dividends (+) Changes in valuation adjustments (+) Other changes 0.3 Total movements EQUITY AT 12/31/13 1,980.8 Subordinated debt LONG-TERM CAPITAL AT 12/31/13 2, ,0% 26

27 Long Term Capital (million euros) LONG-TERM CAPITAL AT 12/31/12 1,795.3 EQUITY AT 12/31/12 1,676.5 (+) Consolidated profit (+) Dividends (+) Changes in valuation adjustments (+) Other changes 0.3 Total movements EQUITY AT 12/31/13 1,980.8 Subordinated debt LONG-TERM CAPITAL AT 12/31/13 2,100.3 Unrealised Capital Gains off-balance sheet LONG-TERM CAPITAL Market value at 12/31/13 2,

28 Solvency Margin 12M M 2, ,236.6 Spanish average (DGS): 1, , % (9M) European average(eiopa): 497.5% 484.5% 212% (2012) Requiered Capital Available Capital Excess of solvency (million euros) Rating AM Best A / A 28

29 Investments (million euros) INVESTMENTS 2012 % Chg % s/ Inv. Co. Risk Owned-occupied property % Investment property % Investment in real estate funds % Unrealized capital gains % Total Property 1, % 12.8% Fixed income 3, , % 54.0% Equities % 9.9% Deposits in Banks and Credit entities % 7.9% Other investments % 1.8% Total financial instruments 4, , % Cash and Short term deposits % 8.9% Subsidiaries % 4.8% TOTAL INVESTMENTS COMPANY RISK 7, , % 100.0% Investments on behalf on policyholders % Pension funds and Mututal funds % TOTAL INVESTMENTS POLICYHOLDERS RISK % TOTAL INVESTMENTS AND FUNDS UNDER MANAGEMENT 7, , % More detail at Annex 29

30 Plus Ultra Seguros (million euros) % Chg. PLUS ULTRA PREMIUMS % Multirisk % Auto % Other Non Life % Life % More detail at Annex 30

31 Plus Ultra Seguros (million euros) % Chg. PLUS ULTRA Technical Cost % Commissions % Expenses % Technical Result after expenses % s/ Earned premiums -0.9% 1.4% Financial Result % % s/ Earned premiums 4.8% 3.8% GCO 16.2 M Recurrent Result % % s/ Earned premiums 2.8% 3.8% COMBINED RATIO 2012 Change Plus Ultra Combined Ratio 101.6% 99.0% -2.6 Underwriting cost 70.5% 67.1% -3.4 Commissions 17.0% 17.1% 0.1 Expenses 14.1% 14.8%

32 AGENDA KEY ASPECTS OF 32

33 150 years

34 Fundación Jesús Serra 34

35 New image 35

36 New image IT IS NOT THE EVOLUTION OF A SYMBOL, IT IS THE SYMBOL OF THE EVOLUTION. 36

37 AGENDA KEY ASPECTS OF 37

38 Grupo Catalana Occidente More than 145 years of history An independent Group Pure insurers Portfolio that includes all lines of products 5,573 employees () Turnover of 3,200 M 38

39 Corporate Structure GRUPO CATALANA OCCIDENTE Parent Company Seguros Catalana Occidente Tecniseguros Menéndez Pelayo, SICAV 100% 100% 100.0% Seguros Bilbao Prepersa, AIE Catoc Sicav 99.73% 100% 97.25% Nortehispana S. Órbita Seguros Bilbao Fondos 99.78% 99.73% 99.73% Depsa Bilbao Vida Bilbao Hipotecaria 100% 99.73% 99.73% Catoc Vida Bilbao Telemark Salerno % 99.73% 100% Cosalud Co Capital Ag. Valores Grupo Crédito y Caución, SL 100% 100% 73.84% Atradius ACI GCO de Servicios Tecnológicos, AIE Atradius NV 83.20% 99.67% 83.20% Crédito y Caución Depsa Servicios y Gestión Legal, SL Atradius Participations Holding BV 83.20% 100% 83.20% Atradius Re Catalana de Tall. y Rep , SL 83.20% 100% Atradius ATCI Grupo Contact Center AIE 83.20% 99.53% Atradius ASC Inversions Catalana Occident, SA 83.20% 49.00% Atradius Dutch State Business Atradius Collections B.V % 83.20% Atradius Information Services 83.20% Iberinform 83.20% Plus Ultra Seguros Asitur Asistencia Gesiuris 49.00% 28.53% 26.12% Calboquer 20.00% Sersanet 25.00% INSURANCE COMPANIES COMPLEMENTARY TO INSURANCE ACTIVITIES INVESTMENT COMPANIES Fully consolidated companies Equity consolidated associated El 28 de septiembre de 2012 se cerró la adquisición del 49% de las acciones de Groupama Seguros, actual Plus Ultra Seguros 39

40 Income Statement (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 71.1% 61.2% 61.0% 61.3% 61.6% Commissions % As a % of Insurance turnover 11.3% 12.0% 11.9% 11.7% 11.3% Technical result % As a % of Insurance turnover 17.7% 26.9% 27.1% 27.0% 27.1% Expenses % As a % of Insurance turnover 19.3% 19.1% 18.7% 18.8% 18.8% Technical result after expenses % As a % of Insurance turnover -1.7% 7.7% 8.4% 8.2% 8.2% Financial result % As a % of Insurance turnover 3.3% 1.3% 1.8% 1.5% 2.3% Non-Technical Result % As a % of Insurance turnover 0.0% -0.3% -0.3% -0.5% -0.7% Resultado Actividades complementarias Seguro Crédito % % s/ Total Ingresos Netos 0.3% 0.0% 0.0% 0.2% 0.2% Result before tax % As a % of Insurance turnover 1.9% 8.7% 9.8% 9.4% 10.0% CONS OLIDATED RES ULT % RESULT ATTRIBUTABLE TO M INORITY HOLDERS % RES ULT ATTRIBUTABLE TO THE PARENT COMPAN % As a % of Insurance turnover 3.1% 5.9% 6.6% 6.3% 6.8% RECURRING RES ULT % NON RECURRING RES ULT

41 Income Statement: by business line and quarter RESULTS BY BUSINESS LINE (million euros) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Recurrent result from traditional business Recurrent result from Credit Insurance business Non recurring result RESULT AFTER TAX RESULT ATTRIBUTABLE TO MINORITY INTERESTS RESULT ATTRIBUTABLE TO HOLDERS OF THE PARENT Attributable Result 12M 101,2 M Attributable Result 12M 181,3 M Attributable Result 12M 210,5 M Attributable Result 12M 200,1 M Attributable Result 12M 221,1 M 41

42 Credit Insurance TPE Evolution of Credit Insurance s Total Potential Exposure 10.6% 32.8% +3.4% +6.9% +4.5% +3.3% M 07 12M 08 12M 09 12M 10 12M 11 12M 12 12M 13 (miles OF million euros) 42

43 Credit Insurance TPE TPE Distribution Credit Insurance Country of the buyer % Chg. % total Denmark, Finland, Norway, Netherlands, Sweden, Baltic Austria, Czech Republic, Germany, Greece, Hungary, Poland, Slovakia, Switzerland UK, North America, Australia, Asia Netherlands 40,971 38,371 28,095 24,978 25,200 24,898 22, % 4.8% Other 26,512 24,370 18,102 17,814 19,365 20,823 21, % 4.7% Germany 77,209 74,156 59,136 60,212 65,608 70,266 72, % 15.8% Other 42,001 43,399 25,274 26,874 31,950 37,004 41, % 8.9% United Kingdom 44,788 33,755 20,705 23,736 25,988 28,760 31, % 6.9% North America 28,950 27,729 15,691 20,026 22,646 27,296 33, % 7.2% Other 69,006 67,279 40,746 48,650 59,826 72,323 81, % 17.8% Southern Europe France 57,143 48,334 36,294 36,851 36,391 37,426 37, % 8.1% Italy 41,354 38,144 20,023 21,042 24,111 24,170 23, % 5.2% Spain & Portugal 195, , , , ,565 90,084 81, % 17.7% Belgium & Luxembourg 19,078 16,421 11,763 11,616 11,983 12,796 13, % 2.9% Total 642, , , , , , , % 100.0% (miles of million of Euros) 43

44 Credit Insurance TPE TPE Distribution Credit Insurance Industrial sector % Chg. % s/ total Durable consumer 73,787 72,944 49,679 50,211 51,713 48,642 50, % 11.0% Metals 72,566 66,846 39,469 45,232 47,972 54,037 50, % 11.1% Electronics 48,187 51,169 32,139 36,064 43,740 50,957 55, % 12.1% Construction 93,864 64,198 37,168 32,576 21,850 35,287 33, % 7.3% Chemicals 58,354 51,246 37,101 42,210 42,952 49,339 56, % 12.2% Transport 38,196 39,959 26,793 28,217 34,145 35,248 38, % 8.3% Machines 45,459 40,619 28,807 29,026 30,592 30,065 29, % 6.4% Food 63,126 52,747 42,105 40,556 42,566 40,476 42, % 9.2% Building Materials 32,639 36,270 22,522 24,858 36,794 20,250 20, % 4.4% Services 40,069 28,108 21,497 20,317 21,914 20,974 21, % 4.6% Textiles 30,182 23,519 13,982 13,825 13,883 16,101 16, % 3.5% Finance 15,719 15,011 11,567 12,142 12,105 11,453 11, % 2.6% Agriculture 14,114 17,785 13,759 14,527 16,057 22,146 22, % 5.0% Paper 16,104 14,069 9,085 9,135 10,350 10,871 10, % 2.3% Total 642, , , , , , , % 100.0% (miles of million of Euros) 44

45 General Expenses and Commissions (million euros) GENERAL EXPENSES AND COMMISSIONS 2012 % Chg General Expenses Traditional Business % General Expenses Credit Insurance Business % Non Recurring Total Expenses % Commissions % General Expenses and Commissions % % General expenses s/ Insurance revenues 18.8% 18.5% -1.6 % Commissions s/ Insurance revenues 11.7% 11.3% -3.8 % General expenses and Commissions s/ Insurance revenues 30.6% 29.8% -2.4 (*) Without considering Non Recurring 45

46 Financial Result (million euros) FINANCIAL RESULT 2012 % 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 % 46

47 Non Recurring Result (million euros) NON RECURRING RES ULT (net of tax) 2012 Financial Result from Traditional business Technical from Traditional Business Expenses and Other from Traditional Business Non Recurring Results from Traditional business Financial Result from Credit Insurance Business Technical and Expenses from Credit Insurance Business Payback to Consorcio de Compensación de Seguros Non Recurring Results from Credit Insurance business Consolidation adjustments NON RECURRING RESULT (net of tax)

48 Balance Sheet ASSETS (million of euros) % Chg Intagible assets and property, plant and equipment % 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 1, % Other assets % TOTAL ASSETS 9, , , , , % EQUITY AND LIABILITIES % Chg Long-Term Capital 1, , , , , % Equity 1, , , , , % Parent Compay 1, , , , , % Minority interest % Subordinated debt % Technical provisions 6, , , , , % Other liabilities 1, , , , % Other provisions % Diposits received for outward reinsurance % Deferred tax liabilities % Payables % Other liabilities % TOTAL EQUITY AND LIABILITIES 9, , , , , % 48

49 Fixed Income portfolio 47.4% Type Rating Country Sector (Corporate) 1.5% AAA 6.4% 21.0% AA 14.7% Spain 49.8% Corporate 5.7% A 23.7% Netherlands 15.3% 42.1% France 9.5% 52.6% Government BBB y resto 55.2% Germany 5.6% 5.1% 5.0% Rest of Europe 11.1% 8.3% United States 5.5% 9.7% million euros) Rest 3.,2% Fixed Income portfolio :4.114,9 M + 10,5% vs Materials Public Services Financial Energy Communications Discretionary Industrial Cyclical consumption 49

50 Plus Ultra Seguros Diversification Diversification by business Diversification by distribution channel Direct 1.2% Life 21.8% Multirrisk 28.9% Institutional 7.4% Banca Assurance 13.0% Agents 32.0% Motor 30.3% Other Non Life 19.0% Brokers 46.4% 50

51 Plus Ultra Seguros Combined Ratio COMBINED RATIO 2012 Change Multirisk 105.2% 100.0% -5.2 Underwriting cost 67.4% 62.1% -5.3 Commissions 24.5% 23.6% -0.9 Expenses 13.3% 14.3% 1.0 Motor 102.4% 99.5% -2.9 Underwriting cost 75.6% 72.0% -3.6 Commissions 11.1% 11.0% -0.1 Expenses 15.7% 16.5% 0.8 Other Non-Life 94.8% 96.7% 1.9 Underwriting cost 65.9% 66.5% 0.6 Commissions 16.7% 17.6% 0.9 Expenses 12.2% 12.6% 0.4 Plus Ultra Combined Ratio 101.6% 99.0% -2.6 Underwriting cost 70.5% 67.1% -3.4 Commissions 17.0% 17.1% 0.1 Expenses 14.1% 14.8%

52 Plus Ultra Seguros Key figures B.S. KEY FIGURES 2012 (million euros) % Chg Total Assets 1, , % Long Term Capital % Technical Provisions 1, , % Solvency Margin 231.0% 252.6%

53 Plus Ultra Seguros Investments INVESTMENTS 2012 (million euros) % Chg % s/ total Real State % 7.2% Fixed Income 1, , % 71.7% Equity % 6.0% Deposits % 12.8% Other Investments % 1.1% Cash % 1.0% Subsidiaries % INVESTMENTS 1, , % 100.0% 53

54 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 severityofinsuredloss 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. 54

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