SURA ASSET MANAGEMENT

Transcription

1 SURA ASSET MANAGEMENT 2 QUARTER June 2018

2 CONTENT 01 SURA Asset Management presence in Latin America 02 Financial Performance and Main Comercial Figures 03 Investment Performance 04 Highlights 05 Annex SURA ASSET MANAGEMENT 2

3 SURA ASSET MANAGEMENT MAIN FIGURES MEXICO USD 25,543 M 14.8 % 7.3M 3,021 (Ranking 3) ASSET UNDER MANAGEMENT 19.6 MILLION OF CLIENTS USD BILLIONS International Investment grade: Fitch BBB+ Moody s Baa1 EL SALVADOR USD 4.896M 47.5 % 1.6 M 315 (Ranking 2) PERU COLOMBIA USD 33,289 M M 1,805 % (Ranking 2) 11.2 BILLONES 6 COUNTRIES USD 19,411 M 38.9 % 1.8M 668 (Ranking 1) Unidad Investment Management CHILE Market Share (AFP): 23.1% (Ranking 1) USD EBITDA MILLIONS USD 41,385M 19.2 % 1.8M 2,260 (Ranking 4) URUGUAY USD2,905 M 17.5 % 330Mil 142 8,419 EMPLOYEES (Ranking 2), as of June 2018 Clients and AUM include Protección and Crecer, entities not consolidated by SURA AM SURA ASSET MANAGEMENT 3

4 FINANCIAL PERFORMANCE AND COMMERCIAL FIGURES

5 SURA ASSET MANAGEMENT CONSOLIDATED FIGURES OPERATIVE INCOME FOR PENSION FUNDS ADMINISTRATION INSURANCE MARGIN jun % < -6.4% jun % < -0.3% jun jun OPERATING EXPENSE NET INCOME jun jun % < 19.4% 18.7% < 12.4% jun jun jun -17 jun -18 %var %Var. Excl. Forex effect SURA ASSET MANAGEMENT 5

6 SURA ASSET MANAGEMENT CONSOLIDATED INCOME STATEMENT JUN 18 JUN 17 % Var %Var Excl - Forex effects Fee and commission income % 7.9% Investment income % -49.4% Gains and losses at fair value % -70.5% "Encaje" return % -85.8% Income (Expense) of Equity Method % -34.0% Other operating revenue % 9.7% Operative revenues for pension funds administration % -6.4% Gross premiums % -40.1% Premiums ceded to reinsurers (7.8) (4.8) 64.7% 52.7% Net Premiums % -41.4% Proceeds from investments backing reserves % 9.2% Gains and losses at fair value backing reserves % -98.6% Claims (204.1) (152.9) 33.5% 24.6% Movement in premium reserves (97.3) (304.1) -68.0% -70.1% Insurance Margin % 19.4% Gastos operacionales de ventas (73.7) (64.2) 14.7% 9.2% Costos de Adquisición Diferidos -DAC (3.6) (4.5) -19.9% -17.8% Operating and administrative expenses (188.1) (180.0) 4.5% 0.8% Wealth tax (0.1) (7.6) -98.7% -98.8% Total operating expenses (265.5) (256.3) 3.6% -0.3% Operating income % -10.1% Financial income % 32.3% Financial expense (27.0) (33.3) -19.0% -20.3% Income (expense) financial derivatives (7.8) % % Income (Expense) on exchange differences 10.4 (21.8) % % Net earnings before income tax % 2.8% Income tax (49.2) (60.6) -18.9% -21.5% Profit for the year from continuing operations % 20.9% Profit for the year from discontinued operations % -87.3% Net earnings for the year % 12.4% 6 SURA ASSET MANAGEMENT 6

7 SURA ASSET MANAGEMENT RECURRING INCOME AND EBITDA REAL FX YTD RESULTS RECURRING INCOME JUN 18 JUN 17 % Var %Var Excl - Forex effects EBITDA JUN 18 JUN 17 % Var %Var Excl - Forex effects Net Income without non-recurring items % 60.3% Utilidad discontinua Non-Recuerrent Items 0.0% Wealth tax (0.1) (7.7) -99% -98.7% Wealth tax impact in Protección s equity method (1.7) -100% % Tax benefit AFP Capital Net Income without non-recurring items % 40.7% Non-Cash Items Intangible asset amortization (ING and Invita) (18.1) (19.7) -8.0% -8.0% Deferred tax intangible asset (ING and Invita) % -8.6% Intangible asset amortization (Horizonte) (3.5) (3.5) 0.9% 0.9% Deferred tax intangible asset (Horizonte) % 0.9% Income (expense) exchange difference 10.4 (22.4) % % Income (expense) financial derivatives (7.8) % % Net Income after non-recurring and noncash items % 14.2% Underlying Result Before minority interest % 58.3% +Depreciation and amortization % 110.4% +Financial expense % 69.3% +/-Income (expense) Exchange difference (10.4) % 373.7% +/-Income (expense) financial derivatives 7.8 (10.4) % % +/-Income Taxes % 41.3% +/-Wealth tax % -98.7% Consolidated EBITDA % 58.9% EBITDA without "Encaje" % 137.1% Margin Ebitda without " Encaje" 3.2% 22.7% -85.7% Encaje "return" % -85.8% Net Income after non-recurring and noncash items-without encaje "return" % 96.9% 7 SURA ASSET MANAGEMENT 7

8 SURA ASSET MANAGEMENT CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS JUN 18 DIC 17 Var% Financial assets 4, , % Goodwill 1, , % Other intangible assets % Investments in associates % Investment properties % Accounts receivable % Deferred acquisition costs (DAC) % Cash and Cash equivalents % Deferred tax assets % Current tax % Fixed assets % Financial asset for hedging % Activos por contratos de reaseguros % Others % Non Current Assets held for sale TOTAL ASSETS 8, , % JUN 18 DIC 17 Var% LIABILITIES Technical reserves 3, , % Bonds % Financial obligations % Financial liability for hedging % Deferred tax liabilities % Current tax liabilities % Accounts payable % Employee benefits % Deferred income liabilities (DIL) % Provisions % Other liabilities % Liabilities of a disposal group classified as held for TOTAL LIABILITIES 5, , % SHAREHOLDERS EQUITY Subscribed and paid-in capital % Share premium 3, , % Other capital reserves % Other comprehensive income % Net income from the year % Translation differences (1,030.4) (855.9) 20.4% Total controlling interest 2, , % Non-controlling interest % TOTAL EQUITY 2, , % TOTAL LIABILITIES AND SHAREHOLDERS 8, , % 8 SURA ASSET MANAGEMENT 8

9 SEGMENTS MAIN FIGURES MANDATORY jun 18 jun 17 %Var %Var Excl - Forex effects Fee and commission income % 6.8% "Encaje" return % -85.7% Income (Expense) of Equity Method % -39.5% Operative income for pension funds administra % -8.2% Total operating expenses (151) (147) 2.9% -0.4% Operating income % -13.6% Income tax (48) (53) -8.1% -11.2% Net earnings for the year % -11.8% VOLUNTARY jun 18 jun 17 %Var %Var Excl - Forex effects Fee and commission income % 17.1% Income (Expense) of Equity Method % 46.9% Insurance Margin % -1.7% Total operating expenses (56) (50) 0 0 Operating income (2.7) (5.6) -50.7% -51.9% Income tax (2.3) % % Net earnings for the year (4.9) (4.7) 3.6% 0.7% INSURANCE jun 18 jun 17 %Var %Var Excl - Forex effects Net Premiums % -40.5% Proceeds from investments backing reserves % 9.3% Claims (76) (61) 23.3% 16.1% Movement in premium reserves (104) (185) -44.1% -47.4% Insurance Margin % 27.9% Total operating expenses (20) (16) % Operating income % 58.8% Net earnings for the year % -43.8% CORPORATE jun 18 jun 17 %Var %Var Excl - Forex effects Total operating expenses (38) (43) -10.2% -13.0% Financial expense (26) (32) -19.5% -20.7% Income (Expense) financial derivatives (2) % % Income (Expense) on exchange differences 8 (20) % % Income tax 1 (6) % % Net earnings for the year (51) (87) -41.8% -43.0% 9 SURA ASSET MANAGEMENT 9

10 MANDATORY MAIN FIGURES FEE AND COMMISSION INCOME ENCAJE RETURN 12.6% 12.0% 8.2% -4.7% 10.5% 4.4% 9.9% 7.2% -1.7% 6.8% % -49.4% 0.0% -74.8% -85.1% -88.2% -50.3% 0.0% -74.0% -85.7% Chile Mexico Peru Uruguay Total Chile Mexico Peru Uruguay Total (2) OPERATIVE EXPENSES NET INCOME 20.1% -7.8% 2.5% -3.2% 2.9% 11.5% -9.5% 1.6% -0.1% -0.4% % 40.6% -12.0% -16.0% -40.7% -8.4% -24.4% 38.0% -12.8% -13.3% -42.2% -11.8% Chile Mexico Peru Uruguay Total Chile Mexico Peru Uruguay EM Protección y AFP Crecer Total jun -17 jun -18 %var %Var. local currency SURA ASSET MANAGEMENT 10

11 MANDATORY COMMERCIAL FIGURES ASSET UNDER MANAGEMENT AFFILIATES (MILLION) 4.3% 1.6% 3.9% 2.1% 14.8% 9.0% 6.3% 2.6% 9.6% 5.1% 13.0% 10.3% 9.0% 6.8% 118, , % -1.7% 0.1% 0.5% 2.5% 3.3% -0.05% ,569 30,679 36,017 24,691 18,168 26,716 24,301 17,479 2,755 4,971 2,698 4,560 Chile Mexico Peru Uruguay Protección El Salvador Total Chile Mexico Peru Uruguay Protección El Salvador Total SALARY BASE FEE 12.62% 6.42% 0.71% 11.27% 4.94% 9.82% 4.5% 5.5% 3.9% 8.5% 4.9% 6.0% 21,216 19, % 1.43% 1.03% 1.99% 1.55% 1.55% 1.02% 1.89% 1.09% 1.04% 1.26% 1.15% 7,574 6,726 4,542 4, ,905 6,205 1,466 1,397 Chile Mexico Peru Uruguay Protección El Salvador Chile Peru Uruguay Protección El Salvador Total Figures include Protección and Crecer, entities not consolidated by SURA AM jun -17 jun -18 %var %Var. local currency 11 SURA ASSET MANAGEMENT 11

12 VOLUNTARY MAIN FIGURES FEE AND COMMISSION INCOME 18.7% 12.7% 94.4% 103.0% -18.7% 22.7% 10.1% 10.6% 92.7% 109.5% -20.7% 17.1% NET PREMIUMS WITH SAVINGS -37.8% -5.7% -42.3% -9.6% Chile Mexico Peru Uruguay Colombia Total OPERATIVE EXPENSES Chile Total 16.9% 5.9% 9.7% -25.6% 62.7% 12.1% 8.5% 4.0% 8.7% -23.2% 58.6% 6.7% Chile Mexico Peru Uruguay Corporate and others jun -17 jun -18 Total %var %Var. In local currency 12 SURA ASSET MANAGEMENT 12

13 VOLUNTARY COMMERCIAL FIGURES ASSET UNDER MANAGEMENT CLIENTS (Miles) 2.3% 22.0% 39.8% 42.8% 19.6% 19.8% 21.9% 0.7% 31.6% 41.3% 58.0% 14.9% 23.5% 21.2% 16,679 13,681 11,195 9,342 3,816 3, , ,610 2, % 27.9% 14.6% 5.4% 15.7% , Chile Mexico Peru Uruguay Protección UIM Total Chile Mexico Peru Uruguay Protección Total NET FLOW RETURN -89.9% -0.4% -40.7% -61.4% -9.4% -48.7% -90.1% 7.4% -40.1% -57.3% -12.9% -48.4% % % 0.00% % % % -81.5% -32.3% 0.0% -12.7% -58.3% -69.2% Chile Mexico Peru Uruguay Protección Total Figures include Protección and Crecer, entities not consolidated by SURA AM jun -17 jun Chile Mexico Peru Uruguay Protección Total %var %Var. In local currency 13 SURA ASSET MANAGEMENT 13

14 REGIONAL LEADER IN THE PENSION FUND SECTOR Economic Group Region Chile Mexico Peru Colombia Uruguay El Salvador 23.1% % % % % % % % 9.5% 25.0% 0.0% Chile Colombia El Salvador México Perú 21,3% 36,8% 46,5% 14,1% 41,5% 19.3% 6.9% 2 7.2% 27,9% 3,0% 22.7% 3 20,7% 6,7% % 27.7% 26,2% 4.3% 0,1% % 42,6% 26,7% 42.8% 7 5.8% 18.2% 53,5% 17,0% % 13,2% 26,7% 25.6% 12.8% 11,7% AUM Industria % % Total industry Number of players Figures as of march 2018 This information is removed from superintendency of each country, which includes only AFP S AUM (mandatory pension, voluntary pension and severance). 14 SURA ASSET MANAGEMENT 14

15 HIGHLIGHTS

16 HECHOS RELEVANTES Update on sales process of Life Insurance SURA Mexico: As part of the buying and selling process carried out by SURA Asset Management S.A. (seller) and Suramericana S.A. (buyer) of the operation of the Mexican insurance company Seguros de Vida SURA México S.A. de C.V, the National Insurance and Finance Commission of Mexico, preliminarily authorized the transaction, subject to compliance with the regulatory requirements necessary for final authorization and on which both parties are moving forward. SURA AM Mexico and Protección Colombia launch the second call for the 2018 Acceleration Program SURA Asset Management Mexico and Protección Colombia, in collaboration with BlueBox Ventures, launched the second call to the 2018 Acceleration Program, whose objective will be to find a new generation of entrepreneurs interested in solving the current challenges of the savings industry in Latin America through the use of new technologies. SURA Asset Management and Sencorp award construction of offices in Chile to the construction company Echavarria Izquierdo: As part of its investment in Real Estate and through the Investment Fund SURA Asset Management Real Estate in partnership with Sencorp, the Company closed the construction contract for the "Nueva Córdova" office building, which is located in one of the most strategic zones of Santiago de Chile for business development. This land was acquired for around USD 21 million and includes a project for the construction of 50,000 m2, through 20 floors and six underground, which include offices and commerce. SURA ASSET MANAGEMENT 16

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