A significant financial services conglomerate

Transcription

1 A significant financial services conglomerate June 2017 Copyright

2 Table of Contents 1. Aditya Birla Group Overview 2. Overview 3. Key Business Segments Snapshot 4. Way Forward Copyright

3 1 Aditya Birla Group Overview Copyright

4 Aditya Birla Group A leading business conglomerate and one of India s most respected business groups FY17 Revenue & EBITDA Contribution by Sector FY17 Revenue & EBITDA Contribution by Business Runs 48 schools & 20 hospitals Reaches out to 7.5 Mn people annually through CSR work ~1.4 million shareholders with Market cap of 1 USD 42 Bn+ (as on 31 st May 17) India s 1 st truly global multinational Operating in 36 countries across 6 continents 120,000+ employees belonging to 42 nationalities Telecom Fashion & Retail Financial Services 23% 12% 31% 69% 65% Metals & Mining Cement Textiles Serves 200 million+ customers Derives ~50% of revenues from overseas operations Total group revenues of ~ 2 USD 40 Bn 2 Revenue: ~USD 40 Bn 2 EBITDA: ~USD 6 Bn Revenue (Outer Circle) EBITDA (Inner Circle) Maufacturing Services Trading Chemicals 1 US$ = INR 65 2 US$ = INR 67.1.(Annual Average) Copyright

5 2 Overview Copyright

6 Resulting structure post listing Promoter Group Public Investors 17.1% 57.3% 25.6% Limited 51% 51% 100% 100% Birla Sun Life Insurance Company Limited 1 Birla Sun Life Asset Management Company Limited 1 Aditya Birla Finance Limited Aditya Birla Housing Finance Limited % 100% Aditya Birla Aditya Birla Insurance Capital Advisors Brokers Private Limited Limited 2 Listed 75% Aditya Birla Money Limited 93.7% Aditya Birla Customer Services Limited 3 51% Aditya Birla Health Insurance Co. Limited 1 51% Aditya Birla Wellness Private Limited 1 100% Aditya Birla ARC Limited 100% Aditya Birla Financial Shared Services Limited 1 Indicates JV % of ABIBL is held by Infocyber India Pvt Ltd % of ABCSL is held by employee welfare trust (under ESOP) Note: ABFS structure contains major subsidiaries and excludes step down subsidiaries, if any Copyright

7 Progressing in line with its vision Among Top 5 Fund Managers in India (excl. LIC) Among Top 5 Private Diversified NBFCs in India # 4 Asset Management Company in India # 5 Private Life Insurance Company in India Among Top 5 General Insurance Brokers in India Renowned for risk management, investor education, product innovation and fund management capabilities Acknowledged for leadership development practices and talent management Among the best 3 financial services players to work for [As per study by Great Place to Work Institute, 2016] Present across the spectrum of financial services with 12 lines of business catering to varied needs of our customer across their lifetime An integrated play with a competitive edge through sharing of best practices, deriving cross business synergies & providing talent pool with world of opportunity to grow Source: AMFI, IRDAI & Company Reports Copyright

8 Key Metrics AUM* ( Bn) 2,463 Lending Book** ( Bn) 388 1, ,648 1, , *Includes AUM of Life & Health Insurance, Private Equity and quarterly average AUM of Asset Management businesses. **Includes Lending Book of NBFC & Housing Finance businesses Copyright

9 Financial Information Revenue ( Bn) 106 PBT ( Bn) Note: The financial information above is extracted from the IGAAP financial statements of the individual subsidiaries and joint ventures of ABFS and represents a summation of 100% of the financial information contained in such financial statements, before any adjustments, inter-company eliminations or minority interest. This financial information is unaudited. Copyright

10 Leading financial services conglomerate Revenue FY17 Revenue & PBT Contribution by Business INR Bn (US$ Bn) PBT Employees INR 11.5 Bn (US$ Mn) 32% 29% Life Insurance Pan-India Presence Points of presence across 400+ cities Agents & Channel Partners Lending Book INR Bn (US$ Bn) AUM INR 2,463 Bn (US$ Bn) Revenue (Outer Circle) 72% 52% -14% 2% 11% PBT (Inner Circle) 9% 4% 3% NBFC Asset Management New Businesses 2 Others 142,000+ Revenue: INR Bn PBT: INR 11.5 Bn Note: The financial information above is extracted from the IGAAP financial statements of the individual subsidiaries and joint ventures of ABFS and represents a summation of 100% of the financial information contained in such financial statements, before any adjustments, inter-company eliminations or minority interest. This financial information is unaudited 1 US$ = INR 65 2 New Businesses include Health Insurance, Housing Finance & Online Money Management.. Copyright

11 Our Distribution Multichannel Presence 54K+ Independent Financial Advisors Points of Presence Health Insurance Agents Online/Direct MULTICHANNEL APPROACH 260+ National Distributors 73K+ Life Insurance Agents 84 Banks DSAs in Lending Copyright

12 Our Product Suite Delivery through 12 lines of businesses Protecting Investing Financing Advising - Life Insurance - Mutual Funds - Home Loans - Aggregating Our Solutions - Health Insurance - Motor Insurance - Wealth Management - Private Equity - Personal Loans - SME Loans - Financial planning - Tools & calculators - Stocks, Commodity - Corporate Loans and Currency Trading Our Innovation & Performance - Among the first few to launch ULIP in India - Chronic care, Incentivised wellness & Health returns % of Mutual Fund AUM in Quartile 1 & 2 (based on 3 year returns) - Returns since inception of Birla Sun Life Frontline Equity Fund is 22.5% p.a. - Among the first few to launch IPO Financing - Forayed into Digital & Unsecured Lending - Online Money Management - ZipSip Note: Quartile Analysis is based on customized peer set provided by Birla Sun Life Asset Management Source: Value Research, Copyright

13 Risk Management at ABFS 3 Tier Framework Investment Risk Management & ALM Level 1 Level 2 Level 3 Policies Key Controls Oversight by Committees Oversight by function Risk oversight Audit & governance committees Portfolio risk analysis Attribution risk analysis Credit Risk Management Operations Risk Management Credit Policy & Processes Robust internal risk rating Portfolio Risk Central risk aggregation system Strong underwriting, Structuring and Legal capabilities Transaction Risk Credit delegation, Approval structure & Portfolio monitoring Risk Assessment Operational Loss monitoring Risk and control self assessment Information security framework Key Controls Robust business continuity framework & Disaster recovery Copyright

14 Experienced Leadership Management Structure CEO, ABFS Ajay Srinivasan Average experience of 23+ years in Financial Services domain Average experience of 10 years in ABG Business CEOs MD Life Insurance & Dy. CEO ABFS CEO, Non-Infra, Housing & Wealth CEO, Infra & Broking CEO, Asset Management CEO, Private Equity CEO, General Insurance Brokers CEO, Health Insurance Pankaj Razdan Rakesh Singh Tushar Shah A. Balasubramanian D. Muthukumaran Sandeep Dadia Mayank Bathwal ABFS Management CFO Anjali Makhija COO Mukesh Malik CPO Subhro Bhaduri CRO A Dhananjaya CEO Online Money Management & CDO Gaurav Zutshi CMO Ajay Kakar President Business Development Pramo Selvaratnam Copyright

15 Awards & Recognitions HR & BUSINESS EXCELLENCE B.M Munjal Award for Learning & Development 2017 (Private sector services) IMC Ramakrishna Bajaj National Quality Award in the Service Category, 2016 Best companies to work for by Business Today and PeopleStrong, 2016 Top 50 companies to work by Great Places to Work For Institute among 700 companies, 2016 Society for Human Resource Management (SHRM) award for Excellence in Developing leaders of Tomorrow, 2016 MARKETING Gold & Silver in Midas Awards New York, 2016 Best Digital Integrated Campaign & Best Digital Marketing Campaign by BBC Knowledge National Digital Marketing Awards Abby 2017 Bronze for The Movekars campaign, 2017 PERFORMANCE Overall Fund House of the Year at Thomson Reuter Lipper Awards, th Annual Indian Legal awards for Best Insurance In-house Legal team Best of the Best Awards, Best Fund House - Investor Education, at the Asia Asset Management Awards, 2016 CIO of the Year - Equity & CIO of the Year- Fixed Income at the Asia Asset Management Awards, 2017 Runner Up Equity AMC of the Year, at the Outlook Money Awards, 2016 Birla Sun Life Insurance - Ranked 4 th in customer loyalty in a study conducted by Kantar IMRB in 2017 Copyright

16 3 Key Business Segments Snapshot Copyright

17 Indian NBFC sector Highly underpenetrated market Credit as % of GDP (2015) Rising share of non-banks in credit growth ( Bn) 353% 237% 193% 163% 163% 175% 107% 76% Japan US China S. Africa UK Brazil India World 76,944 16,345 42,315 21% 18% 79% 16% 82% 84% Mar'06 Mar'11 Mar'16 10 year CAGR NBFCs 20% Banks 16% NBFCs outperforming banks in asset quality and returns by a wide margin GNPA ROA ROE 9.1% 2.2% 10.5% 4.9% 5.0% 0.4% Banks NBFCs Banks NBFCs Banks NBFCs Note: GNPA, ROA and ROE are for half year ended 30 th Sep 16. ROA and ROE are annualised Source: World Bank, RBI & Kotak Institutional Equities Copyright

18 Aditya Birla Finance Consistently delivering quality growth Among Top 5 Private Diversified NBFCs in India 1 Gross NPA of 0.47% at 120 DPD A1+ rating for short term debt & AA+ rating for long term debt Capital Infusion of 28.2 Bn in past 5 years to support growth Lending Book ( Bn) Source: Company reports Note: Wealth management business merged with ABFL wef 1 st April, Wealth AUA stood at INR 135 Bn as on 31 st March 2017 Copyright

19 Diversification (1/2) Portfolio mix by products & customers Cons Fin 4% Mid Corporate 15% Project Loan 1% Structured Finance 5% Structured Finance 10% TL / WCDL 16% TL / WCDL 5% Digital & Unsecured 1% LAP 4% LAS 1% Broker 2% Retail 6% Large Corporate 39% Loan Book Mix 347 Bn (Mar 17) LAP 7% Project Loan 13% LRD 7% Supply Chain 3% SME 27% LAS 10% Promoter & Ultra - HNI 10% Others 3% Others 3% TL / WCDL 8% Copyright

20 Diversification (2/2) Accessing wider market with risk mitigation In the Past FY12-13 FY14-17 Planned Foray Margin Trade Funding Promoter Funding IPO Funding Loan against Shares Supply Chain Finance SME Lending Loan against Property Project & Structured Finance Lease Rental Discount DCM Com. Property purchase Builder Finance Personal Loans Digital Lending Wealth Management Unsecured Business Loans Healthcare Financing Consumer Durables Financing Education Loans Portfolio Mix by Geography (%) (Excl Wealth) Sourcing Mix (%) (Excl Wealth) 18% 4% 21% 20% 58% 79% West North South East Direct Channel Partners Copyright

21 Aditya Birla Finance Key Financials, Value Drivers & Metrics Revenue PBT ( Mn) Net Worth ( Bn) NCDs 33% Borrowing Mix (31 Mar 17) CPs 26% Sub-debt 5% Term Loans 27% Cash Credit / WCDL 9% ROE ROA (Excl Wealth) 15.4% 15.8% 14.3% 14.6% 13.1% 1.9% 1.9% 2.0% 2.1% 2.1% 1.23% 0.83% Gross NPA 1.29% 0.90% 0.58% 0.32% Net NPA 0.63% 0.47% 0.22% 0.21% 36% Opex to Net interest (%) (Excl Wealth) 31% 29% 27% 24% Note: Financials are as per IGAAP; Aditya Birla Finance Limited uses simple equivalent method to calculate ROE. Gross & Net NPA figures are for 180 DPD till FY15, 150 DPD in FY16 & 120 DPD in FY17 Copyright

22 Aditya Birla Housing Finance A growth business with low credit losses Highly underpenetrated market Sector with low credit losses 37% Housing Loan as % of Total Loan Portfolio (2015) 34% 35% 32% 18% 1.11 Gross & Net NPA of all Housing Finance Companies Gross NPA (%) Net NPA (%) 5% 3% US UK Spain France Japan China India FY13 FY14 FY15 Rising share of housing loans as % of GDP at market prices Share of non-banks in outstanding housing loans 8.5% 7.3% 1.7% FY FY FY ( Bn) 10,632 8,785 7,551 40% 38% 40% 62% 60% 60% FY13 FY14 FY15 CAGR NBFCs 21% Banks 17% Source: NHB Copyright

23 Aditya Birla Housing Finance Key Financials, Value Drivers & Metrics Commenced operations in October 14 Footprint expanded to 34 markets by March 17 Net Worth at 3675 Mn as on March 17 Turned profitable within 7 quarters of full operations Lending Book ( Mn) 19,729 41,363 Yields & NIM (%) 10.9% 10.7% % 3.2% FY15 FY16 FY17 FY16 Yields NIM FY17 Product composition (%) Sourcing Mix (%) 12% 32% 56% HL LAP CF 57% 43% Direct Channel Partners Note: Financials are as per IGAAP Copyright

24 Indian Mutual Fund Industry Highly underpenetrated market Industry AUM has grown at 24% CAGR in 2 years 104% AUM to GDP Ratio (%) (Sep-2016) ( Bn) 18,282 56% 54% 46% 36% 55% 11,875 13,522 11% 10% US Brazil UK S. Africa Japan China India World. Note : GDP at current prices Highly concentrated industry (AUM) 21% 20% 19% 23% 24% 24% Q4FY15 Q4FY16 Q4FY17 Strong growth in net equity inflows ( Bn) 1, % 56% 57% Q4 FY15 Q4 FY16 Q4 FY17 Top 5 Next 5 Others Source: World Bank, IIFA, SEBI, & AMFI Copyright

25 Birla Sun Life Asset Management Consistent growth on the back of superior investment performance 4th Largest in India with AUM of 2,107 Bn (Q4 FY 17) #4 in Equity AAUM Alternate Assets AuM at 157 Bn (Q4 FY 17) Multi channel distribution including Banks, NDs, IFAs & Direct AUM ( Bn) 2, % Rising Market Share (%) 1, , % 10% 69% % 8% 69% 70% 80% 79% 24% 19% 21% 13% 12% Q4 FY13 Q4 FY14 Q4 FY15 Q4 FY16 Q4 FY % 10.1% 10.1% 9.8% 9.4% 8.5% 7.1% 7.6% 5.5% 6.0% Q4 FY13 Q4 FY14 Q4 FY15 Q4 FY16 Q4 FY17 Domestic Equity Domestic Fixed Income Offshore & Alternate assets Note: Financials are as per IGAAP Equity Market Share Domestic Market Share Source: AMFI Copyright

26 Birla Sun Life Asset Management Solid Investment Performance 1 Equity AUM (Based on 1 year return in Quartile 1 & Quartile 2) 100% 75% 92% 81% 100% 96% 97% 92% 93% 93% 93% 50% Mar-15 Mar-16 Mar-17 1st & 2nd Quartile 1 Total AUM (Based on 1 year return in Quartile 1 & Quartile 2) 100% 98% 96% 100% 95% 96% 98% 98% 75% 82% 84% 50% Mar-15 Mar-16 Mar-17 1st & 2nd Quartile 1 Quartile analysis is based on customized peer set provided by Birla Sun Life Asset Management Source: Value Research Copyright

27 Birla Sun Life Asset Management Key Financials, Value Drivers & Metrics Revenue & PBT ( Mn) 9,685 Channel Mix % 7,652 20% 15% 4,052 1,074 5,018 5,960 1,403 1,816 3,136 3,371 24% 41% Revenue PBT Bank Direct IFA National Distributor SIP book size grew 5.5x ( Mn) 2,818 5, % B15 Cities Monthly AAuM ( Mn) 7.9% 7.2% 8.7% ,769 94,117 1,35,921 1,73,183 2,69,766 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Note: Financials are as per IGAAP Source: AMFI Copyright

28 Indian Life Insurance Industry Highly underpenetrated market Life Insurance premium density per capita (USD) [2015] Private players driving growth & gaining share Individual APE ( Bn) 3,431 3,363 2,569 2, % % 54% 10 year CAGR Private +7% % 63% 46% LIC -1% UK Singapore US Japan S. Africa Malaysia Brazil India FY07 FY12 FY17 Channel mix has favoured bank backed players Share in private player s individual APE Private players increasing individual APE growth Growth in private player s individual APE 48% 52% 35% 65% Others Top 4 bank backed players 2% -3% 16% 14% 26% FY12 FY17 Note: Annual Premium Equivalent (APE) = 100% of regular premium + 10% of single premium Source: OECD & IRDA Report Copyright

29 Birla Sun Life Insurance Key Highlights # 5 private life insurer with new business market share at 7.1% #1 in group business (~25% APE share FY17) 13th Month persistency : 71.5% Multi channel distribution including Agency, Bancassurance, Brokers & Direct Marketing Total Premium ( Bn) Individual New Business Mix % 16% % Renewal New Business Agency Third Party Direct Marketing 1: Annual Premium Equivalent (APE) = 100% of regular premium + 10% of single premium Copyright 2017 Note: Financials are as per IGAAP Source: IRDA 29

30 Birla Sun Life Insurance Key Financials, Metrics & Value Drivers PBT ( Bn) 13 th Month Persistency (%) % 71.5% % 62.2% 64.7% Embedded Value ( Bn) VNB Margin (%) : Provisional Note: Financials are as per IGAAP Copyright

31 Indian Health Insurance Industry Lowest expenditure on health among peers 85% of Health expenses funded Out-of-Pocket Out-of-Pocket Health Insurance Other Pvt Expenditure 17% 5% 14% 12% 22% 17% 10% 5% 9% 9% 31% 20% 10% 7% 6% 5% 5% 83% 64% 57% 58% 72% 85% 13% 21% UK USA South Africa Thailand China Singapore India South Africa USA Thailand UK China India Source: WHO Copyright

32 Aditya Birla Health Insurance - An exciting Partnership 51:49 JV of and MMI Holdings. Business launched in Nov 16 Unique product opening doors of distributors MMI Holdings - our J. V. Partner Diversified financial services leader from South Africa. Product Proposition Unique offerings include Chronic Care and Incentivized Wellness Experience in Incentivized Wellness which has been integrated successfully Move from Buy & Forget to Buy & Engage with philosophy of Health First Sound technical and product capabilities incl. Chronic care & Wellness Distribution Digital Ecosystem Tied-up with 4 banking partners - HDFC Bank Deutsche Bank DCB Bank RBL Bank Agency - Initial roll out in 7 cities and 9 branches with around 1,800 Agents Tie-up with 50+ Brokers and Digital and Online Tele-assisted channel launched Digitized delivery and use of technology to integrate entire ecosystem Key digital assets launched Seller portal and Customer APP Activ Health Wellness app Ab Multiply live on App Stores Copyright

33 Aditya Birla Insurance Brokers & Aditya Birla Money Our premium placement rose y-o-y by 59% vs 32% for the industry, FY17 Ranked amongst Top 5 General Insurance Brokers in India Growth is back in Broking business Using digital initiatives to build a Technology Driven Advisory Platform 1 ABIBL Market Share (%) ABML Revenue ( Mn) 0.93% 1.16% 1.33% 1.68% 2.02% ,191 1,197 1, ABIBL Revenue & PBT ( Mn) 1, ABML PBT ( Mn) (117) 1 Market share is indicative Note: Financials are as per IGAAP Source: GIC (153) Copyright

34 Aditya Birla My Universe Leading Online Money Management Platform Automated PFM mobile app with online aggregation in India One of the largest SIP distributors by Numbers International Finance Corporation is a strategic investor in My Universe Full service financial multi-product platform Transaction Execution Analyticsbased Advisory 3.76 Mn Registered users 1.3 Mn Aggregation User aggregated accounts Mutual Funds Equities Product Offerings Loans & Credit Cards Life & General Insurance Others Bonds, Taxfiling, etc. 205 Bn Money under aggregation Copyright

35 Growth Opportunities Average Ticket Size INR 8 15 Lakhs Online Direct Direct SME Business Financing Rise in NPAs provides supply with 80% of market untapped Customer Segment Low/ Middle Income Group E commerce Anchor Business Program Based Lending Expected commercial launch in Q3 / Q post RBI approval Pilot In progress at 21 locations Digital process end to end Business moving to cash basis will need to create operational turnaround Copyright

36 Birla Sun Life Asset Management Company Limited 4 Way Forward Copyright

37 ABFS Roadmap Branding Unified brand Digital Leverage digital assets to drive customer acquisition and improve experience Customer Unified experience Cross Sell Analytics capability Cross sell & upsell Distributor Common distributor program Employee Building leadership pipeline Great place to work Inorganic Growth Strategic tie-ups Acquisitions Copyright

38 Birla Sun Life Asset Management Company Limited Contact Us Limited CIN: U67120GJ2007PLC Regd. Office: Indian Rayon Compound, Veraval , Gujrat Corporate Office: One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai Copyright

39 Disclaimer Birla Sun Life Asset Management Company Limited The information contained in this presentation is provided by Limited ( ABFSL or the Company ) to you solely for your reference. This document is being given solely for your information and for your use and may not be retained by you and neither this presentation nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) re-circulated, redistributed, passed on, published in any media, website or otherwise disseminated, to any other person, in any form or manner, in part or as a whole, without the prior written consent of the Company. This presentation does not purport to be a complete description of the markets conditions or developments referred to in the material. Any reference herein to "the Company" shall mean Limited, together with its subsidiaries / joint ventures. Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject to change without notice, its accuracy, fairness or completeness is not guaranteed and has not been independently verified and no express or implied warranty is made thereto. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. 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