AEGON Asset Management

Transcription

1 Unlcking the glbal ptential AEGON Asset Management A glbal business with lcal strengths Erik van Huwelingen Chairman Executive Cmmittee AEGON Asset Management Analyst and Investr Cnference, Lndn, 2-3 June 2008 Lcal knwledge. Glbal pwer. 1

2 Key messages Ambitin t be a leading and glbal asset manager Recgnized quality f investment perfrmance in lcal centers Strng capability in liability-driven investments & risk management Significant rm fr grwth in assets under management New glbal rganizatinal structure effective by January 1 st, 2009 Lcal knwledge. Glbal pwer. 2

3 Strng asset management businesses Strng asset management businesses with lcal fcus Assets under management f EUR 271 billin * Diversified asset and client base Real estate 9% Multimanager 15% Other 3% Fixed incme 54% Third-party 21% General accunt 48% Equity 19% Plicyhlders 31% Strng capability in liability-driven investments & risk management Recgnized quality f investment perfrmance in lcal centers * As per end 2007 Lcal knwledge. Glbal pwer. 3

4 Creating a leading glbal asset management business Appintment f a glbal asset management team Erik van Huwelingen, Chairman f the Executive Cmmittee Eric Gdman, CIO US and Head f General Accunt Management Andrew Fleming, Head f Eurpean Asset Management The Mandate Implement a glbal framewrk fr general accunt management Build a Eurpean third party capability t supprt ur pensin and unit-linked business Capture glbal pprtunities in third-party business Lcal knwledge. Glbal pwer. 4

5 AEGON has a strng asset management business Ttal assets under management f EUR 271 billin AEGON AM cre lcatins Jint ventures AEGON US AEGON UK AEGON NL Religare JV Industrial JV AuM: EUR 87 bln Prduct range: Wide range f US fixed incme, emerging market debt, real estate General accunt AuM: EUR 58 bln Prduct range: Glbal equity and fixed incme, fcus n UK prduct lines General accunt Plicyhlders With prfit insurance AuM: EUR 56 bln Prduct range: Fixed incme, LDI, balanced prducts, alternatives and real estate General accunt Plicyhlders AuM: N/A (being set-up) Prduct range: Equities, fixed incme, alternatives AuM: EUR 4 bln (ttal) Prduct range: Equities, fixed incme Distributin presence Manufacturing site TIM AuM: EUR 16 bln Prduct range: US equities, fixed incme, General accunt TAMG AuM: EUR 29 bln Prduct range: Multi-manager General accunt Prisma AuM: EUR 3 bln Prduct range: Fund f hedge funds General accunt TKPI AuM: EUR 11 bln Prduct range: Multi-manager funds Saemr/Pelargs AuM: EUR 0.7 bln in ttal Prduct range: Eurpean equity LS Asian equity LS AEGON sub advisry AEGON CEE AuM: EUR 6 bln Prduct range: Mainly lcal fixed incme and equity General accunt Plicyhlder AEGON Asia AuM: EUR 3 bln Prduct range: Fixed incme, equity, alternatives General accunt Plicyhlders Specialist capabilities (subsidiaries / satellites) Lcal knwledge. Glbal pwer. 5

6 Unlcking the skills f lcal managers Select industry awards reflecting ur lcal strengths Standard and Pr s CASH Grup Awards, Best Overall Grup - Equity (Large) Lipper UK Funds Awards 2008 Best Small Cap-Cre fund (3 yrs), Lipper Fund Awards 2008 Netherlands Best fund ver 3 yrs, best fund ver 5 yrs, Lipper Fund Awards , equities UK Best Grup Award Bnd (Large) Lipper UK Funds Award 2007 US Best cnservative allcatin fund (3 yrs), Lipper Fund Awards 2008 Netherlands UK US FD Mrningstar Best large manager f Equity funds Asset Grup Winner (Bnds) Citywire Team All Stars 2007 Best cnvertibles fund (5 yrs), Lipper Fund Awards 2008 Netherlands UK US Lcal knwledge. Glbal pwer. 6

7 Diversified client and asset base Nn-fixed incme assets represent abut 46% f the EUR 271 billin ttal AuM driven by significant and develping business fr third party and plicyhlders Real estate 9% Other 3% 21% Multimanager 15% Fixed incme 54% General accunt 48% Equity 19% Plicyhlders 31% Nte: Year end 2007 data Lcal knwledge. Glbal pwer. 7

8 Opprtunities fr grwth Glbal asset management is an attractive business Cmparisn f asset management and life insurance peer grups ( ) AEGON is a tp 50 manager with rm t grw Tp 50 glbal asset managers by as assets under management f December 2007 (EUR billin) 1,500 Revenue CAGR RE Asset management Life Insurance % 1,250 1, Insurer cntrlled 42 nd verall 17 th insurer cntrlled Grwth f Eurpean dmiciled funds ( ) Tp 20 insurers by grss written premiums as f December 2007 (EUR billin) Glbal fcused Lcal / Reginal AuM CAGR (%) th verall Surce: Blmberg, FERI Fundfile Lcal knwledge. Glbal pwer. Surce: ISIS, Cmpany reprts and accunts 8

9 Unlcking the ptential f glbal asset management General accunt management Implement glbal general accunt management Utilize hedging capabilities glbally Crss-brder prduct sales Sell specialized prducts and marketable slutins frm lcal centers-f-excellence int ther regins Braden ffering f glbal prducts Prduct expansin Market expansin Increase number f marketable prducts by adding capabilities and innvatin Expand liability-driven slutins and structured prducts further Apply glbal best practices t develp lcal prduct expertise in Asia and CEE peratins Psitin fr substantial market grwth by selling glbal prducts in new markets Lcal knwledge. Glbal pwer. 9

10 Unlcking the ptential requires enhanced capabilities Key functinal areas Distributin Investment slutins Investment manufacturing Business strategies Current Lcal insurance distributin Limited third-party sales Liability driven general accunt activities Cre insurance and third-party ffering Satellite capabilities Reginal crprate develpment effrts Intended enhancements Grw thrugh existing insurance distributin Third-party cverage expanded in Eurpe, US and Asia Glbal apprach t general accunt Leverage liability driven expertise t ther client segments Braden slutins ffering Leverage existing manufacturing capabilities t create a glbal prduct ffering Add marketable prduct capabilities Add/expand satellite cncept Build ut glbal capabilities using lcal centers-fexcellence Develp Asia strategy with supprt f existing JVs Add-n acquisitins Lcal knwledge. Glbal pwer. 10

11 The first phase f creating a new glbal rganizatin Create a glbal management executive team Erik van Huwelingen Chairman Executive Cmmittee and Glbal implementatin Eric Gdman CIO US and Head f General Accunt Management Andrew Fleming Head f Eurpean Asset Management Glbal structure finalized by January 2009 as further key appintments expected in H Lcal knwledge. Glbal pwer. 11

12 Radmap t glbal asset management H Grw glbally June 2008 Annunce Annuncement f new glbal rganizatin H Implement Key management psitins filled Finalise design and plan Obtain regulatry apprval and implement Present update befre year-end H Launch Operatinal by January 2009 First reprting f financials in 1Q09 Expand Build ut manufacturing capabilities Leverage existing sales frce, strengthen in areas f pprtunity Glbal general accunt management Strng insured prduct ffering Imprved crssbrder sales Accelerated grwth f thirdparty business Capture grwth pprtunities in Asia Business develpment Lcal knwledge. Glbal pwer. 12

13 Key messages Ambitin t be a leading and glbal asset manager Recgnized quality f investment perfrmance in lcal centers Strng capability in liability-driven investments & risk management Significant rm fr grwth in assets under management New glbal rganizatinal structure effective by January 1 st, 2009 Lcal knwledge. Glbal pwer. 13

14 Unlcking the glbal ptential Q&A Fr questins please cntact Investr Relatins P.O. Bx CB The Hague The Netherlands Lcal knwledge. Glbal pwer. 14

15 Cautinary nte regarding frward-lking statements Cautinary nte regarding frward-lking statements The statements cntained in this presentatin that are nt histrical facts are frward-lking statements as defined in the US Private Securities Litigatin Refrm Act f The fllwing are wrds that identify such frward-lking statements: believe, estimate, target, intend, may, expect, anticipate, predict, prject, cunting n, plan, cntinue, want, frecast, shuld, wuld, is cnfident, will, and similar expressins as they relate t ur cmpany. These statements are nt guarantees f future perfrmance and invlve risks, uncertainties and assumptins that are difficult t predict. We undertake n bligatin t publicly update r revise any frward-lking statements. Readers are cautined nt t place undue reliance n these frward-lking statements, which merely reflect cmpany expectatins at the time f writing. Actual results may differ materially frm expectatins cnveyed in frwardlking statements due t changes caused by varius risks and uncertainties. Such risks and uncertainties include but are nt limited t the fllwing: Changes in general ecnmic cnditins, particularly in the United States, the Netherlands and the United Kingdm; Changes in the perfrmance f financial markets, including emerging markets, such as with regard t: - The frequency and severity f defaults by issuers in ur fixed incme investment prtflis; and - The effects f crprate bankruptcies and/r accunting restatements n the financial markets and the resulting decline in the value f equity and debt securities we hld; The frequency and severity f insured lss events; Changes affecting mrtality, mrbidity and ther factrs that may impact the prfitability f ur insurance prducts; Changes affecting interest rate levels and cntinuing lw r rapidly changing interest rate levels; Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates; Increasing levels f cmpetitin in the United States, the Netherlands, the United Kingdm and emerging markets; Changes in laws and regulatins, particularly thse affecting ur peratins, the prducts we sell, and the attractiveness f certain prducts t ur cnsumers; Regulatry changes relating t the insurance industry in the jurisdictins in which we perate; Acts f Gd, acts f terrrism, acts f war and pandemics; Changes in the plicies f central banks and/r gvernments; Litigatin r regulatry actin that culd require us t pay significant damages r change the way we d business; Custmer respnsiveness t bth new prducts and distributin channels; Cmpetitive, legal, regulatry, r tax changes that affect the distributin cst f r demand fr ur prducts; Our failure t achieve anticipated levels f earnings r peratinal efficiencies as well as ther cst saving initiatives; and The impact ur adptin f the Internatinal Financial Reprting Standards may have n ur reprted financial results and financial cnditin. Cautinary nte regarding Regulatin G (nn-gaap measure) This presentatin includes nn-gaap financial measures: net underlying earnings, perating earnings befre tax, value f new business and embedded value. Value f new business and embedded value are nt based n IFRS, which are used t prepare and reprt AEGON s financial statements and shuld nt be viewed as a substitute fr IFRS financial measures. AEGON believes the nn-gaap measures shwn herein, tgether with GAAP infrmatin, prvides a meaningful measure fr the investment cmmunity t evaluate AEGON s business relative t the businesses f ur peers. Lcal knwledge. Glbal pwer. 15