Italian Stock Exchange London Stock Exchange Group Star Conference 2013

Transcription

1 0 Italian Stock Exchange London Stock Exchange Group Star Conference 2013 Milan, March 2013

2 1 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION

3 OUR STRATEGY 2 FOCUS ON TECHNICAL RESULTS TO BE OBTAINED THROUGH A CAREFUL SELECTION OF RISKS UNDERWRITTEN INTERNAL DEVELOPMENT THROUGH THE AGENCIES NETWORK TARGET CLIENTS : FAMILIES, SMALL/MEDIUM SIZED COMPANIES AND AFFINITY GROUPS LOW RISK INVESTIMENT PORTFOLIO SUPPORTED BY SINERGIES TO BE SOUGHT IN THE REAL ESTATE MARKET OPTIMISATION OF EXPENSE RATIO IN THE MEDIUM TERM SOLVENCY MARGIN SELF-FINANCING AND MAINTENANCE OF SOLVENCY RATIO AT CURRENT LEVELS IN THE MEDIUM TERM AVERAGE DIVIDEND PAY OUT OVER 20%

4 3 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION

5 SHAREHOLDERS STRUCTURE % YAFA HOLDING BV (Carlo Acutis) 82% VITTORIA CAPITAL NV 12% MÜNCHENER GROUP 51.15% VITTORIA ASSICURAZIONI SPA REAL ESTATE PRIVATE EQUITY 18.75% YAM INVEST N.V.

6 SHAREHOLDERS VITTORIA ASSICURAZIONI S.p.A. 5 % ON N.SHARES CAPITAL 1 VITTORIA CAPITAL N.V. - NETHERLAND (Carlo Acutis) 34,464, % 2 YAFA HOLDING B.V.- NETHERLAND (Carlo Acutis) 4,200, % 3 ARBUS s.r.l. - Italy 3,849, % 4 SERFIS S.p.A. - Italy 2,695, % 5 NORGES BANK (Norway) 1,350, % Equal 69.10% Other 20,819, % TOTAL 67,378,

7 6 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION

8 NON-LIFE PREMIUM VOLUME 7 Volume increase due to the opening of further new agencies (target: +30 in 2013) Premium growth above market trends /ML Other Preferred * +25% % +16% +20% % +16% +18% +10.9% % +13.5% +9.2% +9.5% % +9% +9.9% Other Motor % MTPL % % % % Target 2013 (*) Preferred LOB: Accident,Casualty, Liability, Property, Health, Other

9 TOTAL NON LIFE COMBINED RATIO 8 Sound improvement of 2012 CoR vs 2011 due to a better Motor TPL CoR. Total Cost Ratio Loss Ratio Target 2013

10 MOTOR TPL COMBINED RATIO 9 CoR 2012 benefitted from both the prudent portfolio selection and a more favourable loss frequency in the insurance market. Total Cost Ratio Loss Ratio Target 2013

11 10 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION

12 LIFE GROSS WRITTEN PREMIUM premium in line with market trends volumes impacted by the financial and economic crisis of the market. /ML +10.8% -11.2% -6.1% +5.7% Annual premium % % % % Single premium % % % % Target 2013

13 CLAIMS MATURITIES - SURRENDERS 12 Declining surrenders, stable claims, maturities trend caused by portfolio structure. /ML Surrenders Maturities Claims Target 2013

14 13 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION

15 EMPLOYEES 14 Increase in employees mainly in the technical and commercial areas to support the agents network

16 SALES STRUCTURE 15 New agencies and sub-agencies opening target achieved in 2012, as well. Planned increase of 30 new agencies and of consequent sub-agencies in , ,010 Sub Agencies Agencies Target 2013

17 16 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION

18 INVESTMENT PORTFOLIO (Statutory Financial Statements) 17 Stable investment portfolio with a low risk profile. Core investments in Government bonds. Additional returns obtained through satellite investments (real estate, private equity, YAM Invest N.V.). DESCRIPTION % /ML % /ML % /ML INVESTIMENTS & LIQUID FUNDS 100 1, , ,990 BONDS AND LIQUID FUNDS , , ,583 BUILDINGS & REAL ESTATE STRATEGIC EQUITY INVESTMENTS PRIVATE EQUITY LOAN

19 REAL ESTATE PROJECTS 18 Focus on residential development in Italy. ( ) CONSOLIDATED ACCOUNTS BOOK VALUE /ML % Development Trading Owner occupied/to rent Total SQM Portello 56,000 Development Other Lombardy 48,400 Other Italy 38,200 Total development 142,600 Trading Lombardy 5,700 Other Italy 33,200 Totale trading 38,900 35,6% 46,3% Owner occupied/ To rent * Portello 51,400 Other Italy 7,600 Total owner occupied/to rent 59,000 Total 240,500 18,1% *Buildings A-B (Company s headquarters)-c. Mq relating to the Company s headquarters.

20 YAM INVEST N.V. 19 ( ) Vittoria share 18.75% Book value: -Statutory accounts ( /000) 6,594 -Consolidated accounts ( /000) 65, % INVESTMENTS: /ML % Liquid funds TIME * Real Estate Polonia Real Estate Francia Health Private Equity Total % 11.3% 5.7% 1.8% * Telecommunication, Internet, Media, E-business.

21 20 GROWTH STRATEGIES SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS EMPLOYEES AND SALES STRUCTURE INVESTMENTS FINANCIAL INFORMATION

22 SOLVENCY I RATIO 21 /ML Solvency I Ratio above market competitors Solvency I Capital required Solvency I Capital available adjusted of the difference between book value and valuation with the net equity method of consolidated companies and Yam Invest SOLVENCY I RATIO (Consolidated Accounts) % 194% 193%

23 DIVIDEND POLICY 22 In 2008 bonus capital increase (1:1). /000 11,180 11,184 11,454 11,454 11,454 4,200 4,500 4,872 5, Dividends paid Consol. Payout 23.6% 22.1% 13.8% 6.2% 55.4% 66.1% 42.3% 30.8% 23.2%

24 CONSOLIDATED NET ROE 23 ROE steadily improving Target 2013

25 24 CONSOLIDATED NET PROFIT BUDGET net result (Local GAAPS) 35,332 57,483 61,820 Dividends from Group Companies (written-off in the Consolidated Accounts) (1,726) (536) 0 IFRS and consolidation adjustments 3,060 (1,626) 0 Italian Real Estate Companies (1,822) (3,350) (300) Other Italian Companies (1,043) (1,248) (500) Yam Invest N.V. 446 (942) 0 Private Equity (since 6/2012 YARPA S.p.A. only) 2,978 (514) (700) Consolidated Net Result 37,226 49,267 60,320 CONSOLIDATED ROE

26 LEGENDA 25 PREMIUM WRITTEN PREMIUM DIRECT BUSINESS LOSS RATIO RETAINED BUSINESS INCURRED CLAIMS / EARNED PREMIUM TOTAL COST RATIO TOTAL EXPENSES + INTANGIBLE ASSET AMORTISATION +OTHER TECHNICAL CHARGES/ EARNED PREMIUM COMBINED RATIO RETAINED BUSINESS (INCURRED CLAIMS + TOTAL EXPENSES + INTANGIBLE ASSET AMORTISATION + OTHER TECHNICAL CHARGES) / EARNED PREMIUM CONSOLIDATED ROE CONSOLIDATED NET PROFIT FOR THE YEAR / CONSOLIDATED AVERAGE SHAREHOLDERS EQUITY (CONSOLIDATED OPENING SHAREHOLDERS EQUITY + CONSOLIDATED CLOSING SHAREHOLDERS EQUITY / 2). EQUITY IS NET OF RESERVES FOR UNREALISED GAINS / LOSSES CAGR (Compound Annual Growth Rate) (START VALUE / FINISH VALUE) ^(1/NUMBER OF YEARS CONSIDERED) - 1

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