2013 Half Year Figures. October 2013

Transcription

1 2013 Half Year Figures October 2013

2 Cautionary note At half-year, La Mondiale does not produce full financial statements but only prepares a balance sheet and an income statement. Auditors are not required and do not issue any audit or limited review report on these financial figures. They have been presented and reviewed by La Mondiale Board of Directors on September 25,

3 La Mondiale Company overview Founded in 1905 French Mutual Life Insurance Company Leading positions on High Networth Savings, Group and Self Employed Retirement Plans Multi channel distribution networks Long story of sustained growth In the capital market since 1989 Strong risk management and well diversified asset allocation GROUP STRUCTURE SGAM AG2R LA MONDIALE AG2R Prévoyance Isica Prévoyance INPCA Prima AG.Mut Prado Epargne La Mondiale 65% La Mondiale Participations 35% 50% 50% 100% 100% Arial assurance La Mondiale Partenaire La Mondiale Europartner 3

4 KEY HIGHLIGHTS 4

5 La Mondiale HY 2013 Key Figures (1/2) In EUR mio HY2012 FY2012 HY2013 HY13 / HY12 Premiums 3,241 6,234 3, % Net Income % Equity 2,439 2,726 2, % Gearing Ratio (1) 18.0% 16.6% 31.7% pts Technical Provisions 52,133 55,642 57, % Total Balance Sheet 62,444 67,013 69, % Solvency I ratio 212% 246% 246% +34 pts Number of employees 2,772 2,811 2, % (1) Financing debt / total equity 5

6 La Mondiale HY 2013 Key Figures (2/2) Equity in mio French GAAP IFRS HY2013 Net Results in mio French GAAP IFRS HY2013 in bn Technical Reserves and Premiums Technical Reserves (left) Premiums (IFRS since 2004) (right) HY2013 in mio % 250% 200% 150% 100% 50% 0% 189% 183% Solvency I Margin Regulatory Solvency Margin Core Solvency Margin 112% 175% 156% 136% 106% 110% 112% 114% 116% 246% 246% 125% 130% 138% HY2013 A Resilient Business Model & Capitalisation 6

7 BUSINESS ACTIVITY 7

8 HY 2013 Revenues, Claims, Net inflows Revenues (in mio) Net inflows (in mio) 6,234 1,385 1,368 3,240 1,062 1,985 4,020 3, Protection Pension Savings ,072 2,411 UL HY 2012 FY 2012 HY % UL 15% 85% UL 15% 78% UL 22% 487 1, Insurance claims % 8.7% 6.9% HY 2012 FY 2012 HY % UL 4% 76% UL 24% 71% UL 29% Revenues: further development. UL/ mix is improving and is still above market mix. HY 2012 FY 2012 HY 2013 Claims : back to normal, in line with the market Net inflows : level of full year 2012 reached in 6 months in UL/ mix at 29%. 8

9 HY 2013 Liabilities Total technical provisions 57.8bn +4.0% vs FY 2012 Liabilities by Products Outstanding Liabilities Individual Pension 11% (11%) Protection 3% (3%) Retail Savings 7% (7%) Unit Linked 26% (26%) Guaranteed Contracts 74% (74%) Group Pension 26% (25%) Private Wealth M anagement 53% (54%) Figures (x%) in FY

10 EARNINGS, PROFITABILITY AND SOLVENCY 10

11 HY 2013 Earnings and profitability Cumulated Net Results (in mio, IFRS) Policyholder surplus reserves (in mio, IFRS) HY % 1.82% % 1.20% 0.99% % 0.56% FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 HY 2013 Profit-sharing reserve in % of insurance liabilities Return on Equity Net income at mio 108 in six months after an increase of policyholder surplus reserve by mio 33 mio 1,454 accumulated earnings since % 20% 15% 10% 5% 20% 19% 17% 15% French GAAP IFRS 19% 15% 13% 12% 14% 10% 10% 10% 9% 9% 8% 12% 11% 9% 8% 5% 0% HY2013

12 HY 2013 Equity (in mio, IFRS) 2,726 2, ,432 2, HY 2013 net income Fair value adjustment Other impacts HY 2013 Fair value adjustment of mio -54 mostly driven by the growth of long-term interest rates (2.32% vs 1.98% at the end of 2012 for OAT 10 years) 12

13 HY 2013 Solvency margin Core Solvency Margin HY2013 Regulatory Solvency 1 Margin Core Solvency 1 Margin Solvency 2 Margin 156% 138% Other Subordinated Debt * Other unrealized gains * % 125% 130% Eligible unrealized gains 2, % 110% 112% 114% 116% 120% Eligible Subordinated Debt Own funds 305% % 246% HY2013 (1 ) Excluding Unrealized gains (2 ) SCR Solvency 2 margin. Unaudited data based on current assumptions. These assumptions may change in the future Over the past years, La Mondiale has funded its business development thanks to internal capital generation, strong cost control and improvement of operational profitability Core solvency margin has increased by 32 points since 2006 and has always been comfortably above the minimum regulatory requirements Throughout the crisis, La Mondiale has demonstrated the resilience of its business model 1,899 Solvency Capital Requirement 1,804 Eligible elements * Other Subordinated Debt and Other unrealized gains temporary above regulatory ceiling Core S1 margin has continued to improve in 2013, including the growth of eligible subordinated debt ( mio 819 vs mio 693 at the end of 2012) Other Subordinated debt represents mio 301 vs 0 at the end of 2012 (cf. p14). This debt will be eligible following the growth of the Solvency Capital Requirement. 13

14 Subordinated debt restructuring 693 mio in M 1,121 mio HY January M redeemed of April 2013 Issuance of USD 600 mio (EUR 459 mio) Undated Subordinated Notes of April 2013 Tender and Exchange offer on Undated Subordinated Notes (TSDI) EUR 17 mio redeemed Exchange of 332 mio TSDI for dated Subordinated Notes (TSR) TSDI unchanged 150 TSSDI : unchanged

15 INVESTED ASSETS 15

16 A Diversified Asset Allocation La Mondiale s sound asset allocation is key and enabled La Mondiale to perfectly accommodate the recent two crisis (2008 and 2011) without a significant P&L or solvency impact Assets under management have grown significantly over the last decade at an average annual growth rate of 16% since 2002 La Mondiale kept a de-risking and diversified asset allocation over the years Asset Allocation excl. Unit- Linked % (as of HY 2013) IFRS (in mio) (as of HY 2013) IFRS (in mio) (end of 2012) Property 5.7% 2,820 2,836 Equity 7.4% 3,645 3,145 Bonds* 85.4% 41,931 41,066 Others 1.4% Total 100% 49,071 47,196 Historical Asset Allocation (net book values) 45bn 40bn 100% Property Equity Bonds 35bn 30bn 25bn 20bn 15bn 10bn 5bn Property Equity Bonds 80% 60% 40% 20% 0bn 0% HY HY2013 * Including rate OPCVMs 16

17 Bonds - A Low Risk Asset Allocation Total Bond exposure is at 41bn as of 30/06/2013 * Credit Exposure by Credit Rating** With a strategy based on limited exposure to risky investments as less than 17% of the investments are currently rated BBB+ or below BBB+ 9% Others 8% AAA 20% Credit Limits decrease rapidly with the rating and investments in subordinated debts are even more scrutinized An estimated 12-year liabilities duration is a key strategic element of our asset management policy and therefore of asset allocations A- 9% A 10% A+ 9% AA- 4% AA 6% AA+ 25% Portfolio by Maturity Band Credit Exposure by Issuer Type 30% 25% Other corporates 20% Securitiz. 0% Sovereign 24% 20% 15% 10% 5% 0% < 1 year > 1 year to 3 years > 3 years to 5 years > 5 years to 7 years > 7 years to 10 years > 10 years to 30 years Sub Financials 9% Senior Financials 17% Covered bonds 16% Guaranteed government bonds 3% Supra / Agencies 11% * Excluding rate OPCVMs ** Second best rating methodology consists of using the second best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch 17

18 Bonds Sovereign Exposure in 2013 Sovereign bonds exposure represents 23% of the total assets Sovereign Bonds Exposure (EUR 9.6bn) Peripheral countries exposure is 18% of this sovereign bucket, hence only 4.4% of the total investments This is lower than industry average There is no Greek sovereign debt exposure La Mondiale is one of the French insurers least invested on the peripheral countries Belgium 7% Peripheral 18% Austria 5% Others 2% Country Net asset exposure in EURmio * France 6,530 Spain 843 Belgium 660 Austria 465 Italy 411 Ireland 321 Portugal 207 Others 197 Greece 0 TOTAL 9,634 *as of 30/06/2013 Ireland 18% Italy 23% Greece 0% Portugal 12% Spain 47% France 68% Peripheral Countries Exposure (EUR1.8bn) 18

19 APPENDIX 19

20 Overview of La Mondiale Balance sheet %Change HY2012 * FY2012 HY2013 * HY2013/ mio Assets 62,444 67,013 69,803 HY % Intagible assets % ow. Goodwill % Insurance investments 46,347 49,348 51, % Unit Linked investments 13,016 14,573 15, % Others assets 2,411 2,692 3, % Cash and cash equivalent % Liabilities 62,444 67,013 69, % Equity Group Share 2,163 2,432 2, % Minority Interests 0,276 0,294 0, % Total Equity 2,439 2,726 2, % Financing debt % Insurance and financial liabilities 53,109 58,794 60, % Other liabilities 6,457 5,040 5, % * HY 2012 and HY 2013 unaudited 20

21 Overview of La Mondiale P&L Account %Change HY2012 * FY2012 HY2013 * HY2013/ mio Revenue 3,241 6,234 3,363 HY % Financial Products 1,236 2,760 1, % Operating Income % Consolidated net profit % o.w Group share % o.w Minority Interest % * HY 2012 and HY 2013 unaudited 21

22 Contact Details Management André Renaudin Chief Executive Officer Sylvain de Forges Deputy Chief Executive Officer Jean-Louis Charles Chief Investment Officer David Simon Chief Financial & Risk Officer david.simon@ag2rlamondiale.fr La Mondiale , boulevard Haussmann, Paris - France Investor Relations - Contact: infosfinancieres@ag2rlamondiale.fr 22