FULL YEAR 2017 EARNINGS
|
|
- Prosper Hamilton
- 5 years ago
- Views:
Transcription
1 La Mondiale FULL YEAR 2017 EARNINGS APRIL 2018 Ceci est un document exclusivement réservé à l interne qui ne peut engager la responsabilité d AG2R LA MONDIALE
2 Cautionary note Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and La Mondiale s plan and objectives to differ materially from those expressed or implied in the forward looking statements. Please refer to La Mondiale Rapport Financier 2017 (*) for a description of certain important factors, risks and uncertainties that may affect La Mondiale s business and/or results of operations. La Mondiale undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Unless otherwise specified, financial statements are calculated in accordance with IFRS as adopted by the European Union. SGAM Solvency 2 figures related to FY 2017 are estimated. (*) availableat the end of May
3 Contents 1. Executive summary 2. Group profile & business activity 3. A strong business model 4. Invested assets 5. Solvency & capital management 6. Appendix
4 Executive summary (SGAM, as of 12/31/2017) Key player in the French Life insurance market #2 in Supplementary pension #3 in Health Insurance #4 in Protection #10 in Savings Rated A- / stable Confirmedby Standard & Poor s in October Product mix (premiums) 63% Savings & Pensions Protection & Health 37% Robust balance sheet and strong solvency 224% S2 RATIO SGAM AG2R LA MONDIALE +11% compared to FY % S2 RATIO LA MONDIALE (solo) debt issuer +21% compared to FY2016 6,1 bn IFRS Equitycapital (part of group) + 0,5bn compared to FY16 +86% on 5 years 2,7 bn Total amountof subordinated debts 76 mn Issuanceof mutual certificates (unrestricted Tier 1) Diversified & strong business model 361 mn Strong FY2017 net income 9,8 bn Controlleddecreaseof premiums on Life General Account 37%/63% Premium UL ** / GA * mix above the market 28%/72% 32%/68% LiabilitiesUL ** / GA * mix above the market 21%/79% Sound asset allocation & risk management 4,33% High level of policyholder of reserves surplus reservewith2,3 bn Less than 20% of investments rated BBB+ or below (lower than the market) SGAM : french prudential insurance group 4 (*): General Account are high capital need products, (**) : Unit Linked are low capital need products
5 Highlights AG2R LA MONDIALE and MATMUT announced on November 28th to enter into exclusive negotiation to study the opportunity to build a new group Rationale of the operation : - Larger and comprehensive group on the French market - Diversification effects - Cross-selling on existing customers Organizational project: La Mondiale has successively issued two subordinated debts in USD Issuanceof tworedeemablesubordinatednotes 30NC10 : - Privateissue of $400 million on December19, 2017, completedin Asia - Public issue of $310 million on January12, 2018, subscribed mainly by European investors Umbrella SGAM SGAPS AG2R LA MONDIALE SGAM LA MONDIALE MATMUT MATMUT and other entities LA MONDIALE and its subsidaries To be approved by the General Meetings of May / June 2018, and in case effective on January 1, 2019 Creation of a dedicated property company - CalledAGLM IMMO - Aimsto consolidatethe real estateinvestmentsof the membersof the Sgam - Should hold after asset transfers more than 4.5bn of assets 5
6 Contents 1. Executive summary 2. Group profile & business activity 3. A strong business model 4. Invested assets 5. Solvency & capital management 6. Appendix
7 AG2R LA MONDIALE organization A Group collecting 29,0bn premium in 2017 SGAM with 6.1bn equity Combination of mutual or non capitalistic entities with specific governance SGAM and SGAPS are specific group structures for mutual and assimilated entities, allowing combination and sharing of resources As of January 1 st 2018, SGAPS has also allowed full prudential recognition SGAM AG2R LA MONDIALE SGAPS AG2R LA MONDIALE LA MONDIALE Mandatory Additional Pension Scheme 2017 premiums: 19.3bn Protection and Health 2017 premiums: 3.6bn Full financial solidarity in proportion of capital surplus Savings and Pensions 2017 premiums: 6.2bn AG2R Retraite Agirc AG2R Retraite Arrco Servicing on behalf of the public pension system for employees AG2R Réunica Prévoyance ViaSanté Mutuelle Réunica Mutuelle Prima AG.Mut La Mondiale: 2.1bn La Mondiale Partenaire: 1.6bn La Mondiale Europartner: 1.7bn Arial CNP assurances: 0.7bn Common sharing of resources and governance 7
8 AG2R LA MONDIALE financial solidarity SGAM AG2R LA MONDIALE 1 rst level of financial solidarity : between all affiliates into SGAPS 2 nd level of financial solidarity : between SGAPS and La Mondiale 60%* Entity i Entity 1 Entity 2 Financial solidarity La Mondiale (debt issuer) 100% Financial solidarity Entity 3 Entity 4 100% Financial solidarity function of solvency ratios Financial solidarity - description SCR ratio or MCR ratio Target 115% Financial solidarity in proportion of capital surplus 125% Trigger 110% 2 levels of financial solidarity: - The 1rst level between the members of SGAPS - The 2 nd levelbetweensgaps and La Mondiale The financialsolidarityprocess isthe samein the 1 rst and the 2 nd level: if an entitysolvencyratio (SCR or MCR) fallsbelow110%, otherentities willprovideextra capital in orderto restore 115% solvencyratio, in proportion of theircapital surplus and within the limits of their own solvency. 8 * consolidated through use of the equity method as of 1 st of April 2016
9 Business activity (La Mondiale) Premiums (in mn) Premiums : -6,1% compared to FY 2016, due to : Total Savings Pension Others Controlled decrease GA exposure and focus on UL Savings:-21,5% voluntary decrease in General Account Pension : +29,2% mainly due to exceptional events on Group Supplementary Pension with no impact on the net inflows FY 2015 FY 2016 FY 2017 G/A 71% 71% 63% UL 29% 29% 37% Lapse : Slight increase of the insurance claims ratio (in line with the French market), after two years at historical low Net inflows : Controlled GA net inflows in a low interest rate environment (-60% on total net inflows compared to FY2016) Net inflows (including arbitrages, in mn) Insurance lapse ratio 6,2% 5,9% 6,8% Unit Linked -98 General Account FY 2015 FY 2016 FY 2017 FY 2015 FY 2016 FY 2017 * France (Source : Fédération Française de l Assurance) 9
10 Core businesses financial structure (La Mondiale) Unit Linked 32% 25.2bn Outstanding liabilities 79,8bn Liabilities: global growth by +5% General account : +2%, compared to less than 1% for the French market * Unit linked : +11%, compared to 10% for the French market * In 2017 UL liabilities represent 32% of total liabilities (compared to 21% for the market*) General account 68% 54.6bn New Business (APE) : decline by -10% compared to FY2016, but limited to -3% taking into account exceptional elements in group pension Liabilities by products 79,8bn New business breakdown (APE) 444mn Individual Pension 14% Protection 1% Retail Savings 6% Individual Pension 21% Protection 1% Retail Savings 2% Group Pension 24% Private Wealth Management 55% Group Pension 10% Private Wealth Management 66% 10 * Source : Fédération Française de l Assurance
11 Contents 1. Executive summary 2. Group profile & business activity 3. A strong business model 4. Invested assets 5. Solvency & capital management 6. Appendix
12 A strong financial performance (LA MONDIALE) Group equity capital (in mn) +10% compared to FY2016 x3 comparedto 10 yearsago 350 Consolidated net results (in mn) 2017 net result : 308mn mn FY 2017 net income Fair value adjustment Mutual certificates Other impacts Return on equity Consolidated Policyholder Surplus Reserves 25,0% 20,0% 19,4% Increase of policyholder surplus reserve by 520 mn 3,09% 3,36% 4,33% 15,0% 10,0% 5,0% 4,7% 12,2% 13,9% 11,1% 8,1% 9,0% 8,4% 9,3% 8,8% 0,58% 0,73% 1,20% 0,95% 0,17 0,23 0,43 0,36 1,75% 1,58% 1,76% 0,71 0,68 0,83 1,54 1,74 2,26 0,0% Profit-sharing reserve ( bn) in % of insurance liabilities 12
13 Continuous decrease of guaranteed rates bn 60 0% guaranteed btw 0% and 1% 2,1% 1,8% 50 btw 1% and 2.5% 1,5% 40 btw 2.5% and 3.5% 1,3% 30 btw 3.5% and 4.5% higher than 4.5% 0,84% 20 0,79% 10 The average guaranteed rate decrease from 0.84% in 2016 to 0.79% in Average guaranteed rate Liabilities with a gross guaranteed rate above 3.5% 35% 9% 13
14 Savings and pensions investment spreads Inforce business New business in bps +179 bps Profit sharing 2.15% net of fees Savingsand Pensions average guaranteedrate (mandatory) Yieldon total Savingsand Pensions assetsbase * Yield on Savings and Pensions fixed income assets Savingsand Pensions average guaranteedrate (1 rst & 2 nd years) Savingsand Pensions average guaranteedrate (after2 nd year) Buffer of 1.3bn above minimum guaranteed rate Average reserves of 54.2bn Below zero long term guaranteed rate, consistent with market conditions * Weighted average based on statutory accounts 14
15 A credited rate in line with the interest rate environment, still above the French market 3,8% 3,6% 3,4% 3,2% 3,0% 2,8% 2,6% 2,4% +29cts 3,69% 3,40% 3,40% 3,25% 3,13% 3,00% 2,91% 2,80% +37cts 2,84% 2,64% 2,54% -44cts 2,20% +31cts -5cts 2,2% 2,0% Rémunération Net averagecredited nette moyenne rate périmètre La Mondiale La Mondiale 2,27% -34cts 2,15% 1,8% 1,6% Rémunération Net averagecredited nette rate des French supports market(ffa) euros marché (FFA) 1,93% -9cts 1,84% 1,4%
16 Contents 1. Executive summary 2. Group profile & business activity 3. A strong business model 4. Invested assets 5. Solvency & capital management 6. Appendix
17 FY 2017 asset allocation Outstanding assets 94bn Assets : global growth by +6.6% Unit linked assets 25,5 bn 27% General account assets 68,5 bn 73% General account : +6.6% Unit linked : + 6.9% Assets under management have grown significantly over the last decade at an average annual growth rate of +10% since 2006 Fixed income represents 83% of General account in 2017 vs 72% in 2006 General account assets allocation 68.5bn Properties (**) 3 bn 4% Equities 5.8 bn 8% Others 0,2 bn 0% Fixed Income (*) 59,6 bn 87% (*)including repo (sale and repurchase agreement) (**) IFRS figures total value : 4.4bn 50 bn 45 bn 40 bn 35 bn 30 bn 25 bn 20 bn 15 bn 10 bn 5 bn 0 bn Property Equity Fixed Income Historical asset allocation General Account
18 FY 2017 fixed income allocation Credit Exposure by Credit Rating BBB 11% BBB+ 11% A- 8% Others 9% AAA 12% AA+ 3% AAA 12% Total fixed income exposure is at 54,4bn (excluding mutual funds and repo) Limited exposure to risky investments with as less than 23% of the investments currently rated BBB+ or below A 29% A 13% A+ 8% AA- 6% AA 30% AA 39% An estimated 15-year liabilities duration, but the liabilities sensitivity is however far lower and on line with the fixed income duration (7.3). This is a key strategic element of our asset management policy. Portfolio by maturity band Credit Exposure by Issuer Type 30,0% 25,0% Other corporates 29% Sovereign 28% 20,0% 15,0% 10,0% 5,0% 0,0% < 1 year > 1 year to 3 years > 3 to 5 years > 5 to 7 years > 7 to 10 years > 10 to 30 years Sub Financials 5% Senior Financials 16% Supra / Agencies Covered 9% bonds 10% Guaranteed government bonds 3% 18
19 FY 2017 fixed income allocation Sovereign exposure Sovereign bond exposure Austria 3% Belgium 9% Peripheral 14% Others 6% France 68% Total Sovereign exposure is at 15.4bn Sovereign exposure is 28% of total fixed income exposure Peripheral countries exposure Italy 459mn 21% Ireland 526mn 24% Portugal 159mn 7% Greece 0mn 0% Spain 1 038mn 48% Total Sovereign on Peripheral countries exposure is at 2.2bn Peripheral countries exposure is 14% of this sovereign bucket, hence only 3.9% of the total investments High level of unrealized gains ( 372mn), that allows credit shock absorption 19
20 FY 2017 equity investment allocation Equity investment performance Total Equities exposure is 5.8bn, including 1.3bn through mutual funds 2017 performance at 12.5%, after 6.5% in An Equity portfolio well diversified by geography and sector A focus on large liquid Equity stocks traded on the main exchange markets Geographical breakdown (excl. mutual funds) Breakdown by sector Switzerland 8% Germany 8% Other 9% France 65% Consumer Goods Financial Instit. Industry Health Oil and Gas Services U.K. 10% Commodities TMT Local Government. Technology La Mondiale Equity DJ Stoxx 50 0% 5% 10% 15% 20% 25% 20
21 FY 2017 property allocation Geographic breakdown (market value) Total Property exposure is at 3,0bn (fair value : 4,4bn) La Mondialeproperty assets represent sq.m. and are mainly offices located in the centerof or in Western Paris, i.e. only Prime Real Estate Good rental market, especially on all recently delivered surfaces, to post a very good vacancy rate below 5% Exceptional IPD index outperformances of 2015 and 2016 explained by the strong value creation on the deliveries of the restructured buildings Annual revenue ( per sq.m) Total performance ,0% ,0% 10,0% La Mondiale Property IPD (french market) ,0% ,0% ,0%
22 Contents 1. Executive summary 2. Group profile & business activity 3. A strong business model 4. Invested assets 5. Solvency & capital management 6. Appendix
23 Solvency 2 SCR coverage ratio In bn La Mondiale solvency ratio Key Sensitivities * 256% 277% Interest rate -50bps -20pts Eligible own funds bn 8,7 SCR bn 3,4 Eligible own funds bn 9,6 SCR bn 3,5 Interest rate +50bps Equity market-15% UL/GA mix (+5% UL, ie38% insteadof 33%) -9bps -9pts +5pts +19pts * Based on HY2017 calculation SGAM solvency ratio 213% 224% The 2017 Solvency 2 ratios increase by more than 20pts for La Mondiale at 277%, and more than 10pts for Sgam at 224%. Eligible own funds bn 10,6 SCR bn 5,0 Eligible own funds bn11,6 SCR bn 5,2 The amount of the transitional measure on technical provision is 3.6bn for La Mondiale and 3.9bn for Sgam (estimated) 23
24 Subordinated redemption profile 1 st call date breakdown (in mn) 5,05% 7,07%* 3,38%* 768 2,56%* 457 6,75% 1,94% ,58%* 256 3,00% 10 * : euro equivalentissuancerate, after hedging BoY2017 Subordinated Financial debts : 2,122mn 457 mnof perpetual debt denominated in USD, with a 1 st call option in 2019, restricted T1 until 2026 Fully hedged until mnof EUR dated debt with a 1st call option in 2024, Tier2 until mnof EUR perpetual debt, with a 1 st call option in 2025, restricted Tier1 until 2026, Tier2 after 207 mn(197+10) of EUR perpetual debts, mostly outstanding amounts remaining from past liability management operations, Restricted Tier1 until mn($ 530 mn) of Reset Subordinated Notes, with a 1 st call option in 2027 EoY2017 and BoY2018 Operations : 596mn Issuance of two redeemable subordinated notes 30NC10 : 340 mn($400 mn) with a 1 st call option in December 2027 and 256 mn($310 mn) with a 1 st call option in January
25 Interest coverage and Leverage Interest coverage SGAM Interest coverage and Leverage remain in a satisfying range. Leverage SGAM The issuance of $710m EoY2017/BoY2018, slightly superior to the debt of 2013, has a slight negative impact on the 2018 ratios. That would disappear from 2019 in case of call exercise of the 2013 debt. NB : IFRS leverage doesn t take into account 146mn of Super Subordinated Debts 25
26 Contents 1. Executive summary 2. Group profile & business activity 3. A strong business model 4. Invested assets 5. Solvency & capital management 6. Appendix
27 Overview of La Mondiale Balance sheet (consolidated, IFRS) m FY 2015 FY 2016 FY 2017 %Change FY 2017/ FY 2016 TOTAL ASSETS ,4% Intangible assets ,4% ow. Goodwill ,1% Insurance investments ,6% Unit Linked investments ,7% Others assets ,9% Cash and cash equivalent ,3% m FY 2015 FY 2016 FY 2017 %Change FY 2017/ FY 2016 TOTAL LIABILITIES ,4% Equity Group Share ,0% Minority Interests ,0% Total Equity ,1% Financing debt ,9% Insurance and financial liabilities ,0% Other liabilities ,9% 27
28 Overview of La Mondiale P&L account (consolidated, IFRS) m FY 2015 FY 2016 FY 2017 %Change FY 2017/ FY 2016 Revenue ,1% Financial Products ,1% Others ,6% Current operating income ,6% Current operating expenses ,6% Operating Income ,7% CONSOLIDATED NET RESULT ,9% o.w Group share ,9% o.w Minority Interest
29 Private wealth and retail savings Premiums (in mn) FY 2015 FY 2016 FY 2017 Private Wealth Management Retail Savings Premiums: drop by -21,5% Private wealth management savings : -22,4% Retail savings : -10,2% Part of UL : 48% (+14% compared to FY2016, +8% for the French market) 63% through domestic partnerships, 20% via international partnerships, 13% via direct distribution channel and 4% via brokers In a low interest rates environment, controlled decrease of premiums especially in private wealth management savings for G/A contracts Liabilities: CAGR** of 6,6% since Liabilities (in mn) La Mondiale premiums growth vs Market Index base 100 = 2008 * France + Luxembourg (Source : Fédération Française de l Assurance and Commissariat aux assurances Luxembourg) ** CAGR : Compound Annual Growth Rate 29
30 Individual retirement plans Premiums (in mn) Premiums: Drop by -2% in 2017 Slight underperformance in Self employed retirement plans -6% Outperformance in Popular retirement savings plan (PERP) +19% Liabilities: Increase by +8,9% in 2017 CAGR of 11,8% since 2007 Market shares : #1 in 2016 (#2 in 2015) FY 2015 FY 2016 FY 2017 Liabilities (in mn) Self employed retirement plans market share in French Market Total estimated premiums : 2.7 bn * France (Source : Fédération Française de l Assurance) 30
31 Group supplementary pension Premiums (in mn) Exceptional 1269 Premiums: Growth by +17,7% in 2017, excluding exceptional elements Growth by +54,8% in 2017, including exceptional elements Liabilities: Increase by +6,7% in 2017 CAGR of 6,6% since 2007 FY 2015 FY 2016 FY 2017 Liabilities (in mn) Group supplementary pension market share in 2015** French Market Total estimated premiums : 5.6bn *** * France (Source : Fédération Française de l Assurance) ** 2016 non available *** without L
32 SGAM AG2R LA MONDIALE long term ratings A-/ stable SGAM AG2R LA MONDIALE and its 2 affiliates La Mondiale and AG2R Réunica Prévoyance have the same rating; AG2R LA MONDIALE (AG2R LM) has a diversified product offer backed by multi-branch approach; La Mondiale (AG2R LM s core entity) has a strong brand and leading positions in highnet-worth individual savings, self-employed, and group pension contract segments; AG2R LM is gradually strengthening its capital in the face of ongoing pressure from low rates through : its results, the successful issuance of a new form of hybrid debt in January 2017, and the gradual increase unit-linked life policies; AG2R LM has carried out the work to become a prudential group within the meaning of Solvency 2, on January 1, The strengthening of financial solidarity among the members of the Group is particularly highlighted; AG2R LM reaffirm its strong competitive position in its markets. Its risk management, management and governance are satisfactory. A-, outlook stable On october5, 2017 Standard & Poor s maintained itslong-term counterparty credit and financial strength ratings on SGAM AG2R LA MONDIALE at A-. The stable outlook on AG2R LA MONDIALE's subgroups(ag2r Réunica Prévoyance and La Mondiale) indicates S&P expectboth entities to become a full prudentially regulated group under Solvency 2 and gradually strengthen its capitalization. 32
33 SCR breakdown and Own funds tiering(la Mondiale) SCR (as of 12/31/2017) Own funds tiering Tier Tier 2 7% Tier 2 19% Tier Tier 1 93% Tier 1 258% 2017 Own Funds (M ) 100% of own funds 277% of SCR Basic Own Funds 3% 15% of diversification benefit (1) Subordinated liabilities (Restricted T1) 17% Reconciliation reserve 81% (1) Diversification benefit = (sum of net SCR excluding Operational risk SCR -net BSCR) / sum of net SCR excluding Operational risk SCR Breakdown of Tier 1 33
34 Contact details André Renaudin Chief Executive Officer David Simon Deputy Chief Executive Officer (Finances, Investments, Risks) Benoit Courmont Chief Financial & Risk Officer Jean-Louis Charles Chief Investment Officer jean-louis.charles@ag2rlamondiale.fr Marie Deboosère Analysis & Financial Information marie.deboosere@ag2rlamondiale.fr Investor Relations - Contact: infosfinancieres@ag2rlamondiale.fr AG2R LA MONDIALE , boulevard Haussmann, Paris - France 34
LA MONDIALE HALF YEAR 2018 EARNINGS. October 18, 2018
LA MONDIALE HALF YEAR 2018 EARNINGS October 18, 2018 Cautionary note At half-year, La Mondiale does not produce full financial statements but only prepares a balance sheet and an income statement. Auditors
More informationLa Mondiale HALF YEAR 2014 EARNINGS. October 2014
La Mondiale HALF YEAR 2014 EARNINGS 1 October 2014 Cautionary note At half-year, La Mondiale does not produce full financial statements but only prepares a balance sheet and an income statement. Auditors
More informationLA MONDIALE INVESTOR CREDIT UPDATE 28 SEPTEMBRE 2015
LA MONDIALE INVESTOR CREDIT UPDATE 28 SEPTEMBRE 2015 NOVEMBER 2017 Cautionary note At half-year, La Mondiale does not produce full financial statements but only prepares a balance sheet and an income statement.
More information2013 Half Year Figures. October 2013
2013 Half Year Figures October 2013 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
More informationFULL YEAR 2018 RESULTS Analysts Conference Call 15 March 2019
FULL YEAR 2018 RESULTS Analysts Conference Call 15 March 2019 C Key messages SIGNIFICANT INCREASE IN THE NET INCOME 14,3bn Premium Income (+4.0%) 354m Insurance Economic Operating Income 450m Net Income
More informationAXA. Henri de Castries Chairman & CEO. October 5, Bank of America Merrill Lynch Annual Banking & Insurance CEO Conference 2011
AXA Henri de Castries Chairman & CEO October 5, 2011 Bank of America Merrill Lynch Annual Banking & Insurance CEO Conference 2011 Cautionary note concerning forward-looking statements Certain statements
More informationGROUPAMA GROUP FULL YEAR 2016 RESULTS PRESENTATION. Analysts Conference Call 17 March 2017
FULL YEAR 2016 PRESENTATION Analysts Conference Call 17 March 2017 Introduction GROUPAMA GROUP AS AT 31/12/2016 Strategy driven by profitable growth in a difficult environment: operating efficiency, controlled
More informationGROUPAMA GROUP FULL YEAR 2015 RESULTS PRESENTATION
FULL YEAR 2015 PRESENTATION Analysts Conference Call 17 March 2016 Introduction GROUPAMA GROUP'S ROADMAP Since end 2011 At 31/12/2015 Technical profitability in Non Life Shift of business mix in Life Operating
More informationAXA HALF YEAR 2016 EARNINGS. Presentation. August 3, 2016
AXA HALF YEAR 2016 EARNINGS Presentation August 3, 2016 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationSGAM AG2R LA MONDIALE
Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@spglobal.com Secondary Contact: Merryleas J Rousseau, Paris (33) 1-4420-6729; merryleas.rousseau@spglobal.com Table Of Contents
More informationGROUPAMA GROUP FULL YEAR 2017 RESULTS PRESENTATION. Analysts Conference Call 16 March 2018
FULL YEAR 2017 PRESENTATION Analysts Conference Call 16 March 2018 Key messages SIGNIFICANT INCREASE IN THE OPERATING INCOME Premium income 13.8bn Increase of premium income (+2.9%) in both Property &
More informationHalf Year 2013 Earnings
Half Year 2013 Earnings August 2, 2013 Presentation Table of contents Introduction & highlights Page A4 by Henri de Castries, Chairman and CEO financial performance by Denis Duverne, Deputy CEO & Gérald
More informationQuarterly results
Quarterly results 30.09.2017 22.12.2017 Agenda 2 Key highlights Main events in Financial performance BGAAP ¹ Financial performance IFRS ² Solvency II of Ethias SA³ Investment portfolio ² Rating Appendix
More informationDebt Investor Presentation FY 2018
Debt Investor Presentation FY 2018 Executive summary Ageas group International insurance group with focus on Europe & Asia Diversified product portfolio with focus on individuals & SME Solid & diversified
More informationQuarterly results
Quarterly results 31.03.2017 26.06.2017 Agenda 2 Key highlights Main events in Financial performance BGAAP ¹ Financial performance IFRS ² Solvency II of Ethias SA³ Investment portfolio ² Rating Appendix
More informationSG Conference Dec 6, Denis Duverne CFO, Member of the Management Board
SG Conference Dec 6, 2007 Denis Duverne CFO, Member of the Management Board Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements
More informationEuro, sovereign debt, liquidity and other issues: questions and answers from BNP Paribas
Euro, sovereign debt, liquidity and other issues: questions and answers from BNP Paribas After being asked a number of questions about the bank and the Eurozone, we have decided to publish the answers
More informationHalf Year Earnings Press conference August 2, 2018
Half Year Earnings 2018 Press conference August 2, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking
More informationProfitability & solidity
Profitability & solidity Group Treasury & Corporate Finance Group Investor Relations Allianz SE Bank of America Merrill Lynch European Credit Conference London, September 2018 Allianz Investor Relations
More informationHalf Year 2012 Earnings
Half Year 2012 Earnings August 3, 2012 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited to,
More informationINVESTOR PRESENTATION. September 2014
1 INVESTOR PRESENTATION September 2014 Table of contents CNP Assurances - Investor presentation September 2014 Company overview 3 A resilient and conservative business model 6 Diversified and stable sources
More informationAXA 2016 HALF YEAR EARNINGS. Press Conference. Paris - August 3, 2016
AXA 2016 HALF YEAR EARNINGS Press Conference Paris - August 3, 2016 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of
More informationAXA. Gérald Harlin. Group CFO. November 29, Société Générale The Premium Review Conference
AXA Gérald Harlin Group CFO November 29, 2012 Société Générale The Premium Review Conference Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking
More informationSolid results in first half year of Roel Wijmenga Chief Investment Officer Financial Markets
Solid results in first half year of 2012 Roel Wijmenga Jack Julicher CFO Chief Investment Officer Financial Markets 15 August 2012 Disclaimer Cautionary note regarding forward-looking statements This presentation
More informationInvestments. Maximilian Zimmerer Member of the Board of Management Allianz SE. Analyst conference call February 19, 2016
Investments Maximilian Zimmerer Member of the Board of Management Allianz SE Analyst conference call February 19, 2016 C Investments 1 Allianz Investment Management 2015 2 Portfolio information High quality
More informationAXA MORGAN STANLEY CONFERENCE
AXA MORGAN STANLEY CONFERENCE THOMAS BUBERL Member of the AXA Management Committee CEO of AXA Germany, CEO of AXA Health Global Business Line and CEO of AXA Global Life & Savings March 15, 2016 Certain
More informationINVESTOR PRESENTATION. May 2014
1 INVESTOR PRESENTATION May 2014 Table of contents CNP Assurances - Investor presentation May 2014 Company overview 3 A resilient and conservative business model 6 Diversified and stable sources of revenue
More informationHalf Year 2014 Earnings
Half Year 2014 Earnings August 1, 2014 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein may be forward-looking statements including, but not limited
More informationFull Year 2017 Earnings. Press Conference February 22, 2018
Full Year 2017 Earnings Press Conference February 22, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking
More informationFinancial Results 2013
Financial Results 2013 Creating a New Base for the Future 13 February 2014 Gerard van Olphen (Chairman of the Board) Maurice Oostendorp (CFRO) I. Highlights 2013, Strategy Update SNS REAAL FINANCIAL RESULTS
More informationAXA FULL YEAR 2016 EARNINGS. Presentation. February 23, 2017
AXA FULL YEAR 2016 EARNINGS Presentation February 23, 2017 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationIn good shape. Clement B. Booth Member of the Board of Management. Morgan Stanley European Financials conference March 27th, 2012
In good shape Clement B. Booth Member of the Board of Management Morgan Stanley European Financials conference March 27th, 2012 A 1 2 3 2011 assessment Strategic priorities 2012 Sovereign debt crisis Business
More informationAVIVA Solvency and Financial Condition Report ( SFCR )
AVIVA 2016 Solvency and Financial Condition Report ( SFCR ) 2 Disclaimer Cautionary statements: This should be read in conjunction with the documents distributed by Aviva plc (the Company or Aviva ) through
More informationFOURTH SUPPLEMENT DATED 30 APRIL 2018 TO THE BASE PROSPECTUS DATED 19 MAY 2017 BANQUE INTERNATIONALE A LUXEMBOURG, SOCIETE ANONYME
FOURTH SUPPLEMENT DATED 30 APRIL 2018 TO THE BASE PROSPECTUS DATED 19 MAY 2017 BANQUE INTERNATIONALE A LUXEMBOURG, SOCIETE ANONYME (Incorporated with limited liability in Luxembourg) EUR10,000,000,000
More informationFull Year 2011 Earnings Press conference
Full Year 2011 Earnings Press conference February 16, 2012 Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited
More informationFull Year 2011 Earnings
Full Year 2011 Earnings February 16, 2012 Appendices Life & Savings Scope overview Global footprint Well balanced business mix APE by geography APE by business Unit-Linked 32% G/A Protection & Health 38%
More informationFull Year 2012 Earnings
Full Year 2012 Earnings February 21, 2013 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited
More informationAXA INVESTOR DAY. Presentation. December 3, 2015
AXA INVESTOR DAY Presentation December 3, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events,
More informationResults Reporting for the Three Months to March 31, 2009
Results Reporting for the Three Months to March 3, 2009 Analysts and Media Presentation Disclaimer and cautionary statement By participating in this conference call you agree to be bound by the following
More informationBMO Capital Markets Fixed Income Insurance Conference June Gord Menzie Senior Vice-President, Corporate Finance and Treasury
1 BMO Capital Markets Fixed Income Insurance Conference June 2014 Gord Menzie Senior Vice-President, Corporate Finance and Treasury BMO Capital Markets Fixed Income Insurance Conference 2014 2 Cautionary
More informationCapital adequacy and liquidity disclosures. Disclosure as at 30 June 2017
Capital adequacy and liquidity disclosures Disclosure as at 30 June 2017 Publication date: 25 August 2017 With the information showing its position as at 30 June 2017, the bank meets the requirements of
More informationJanuary September 2012
January About KBN Established by an act of Parliament in 1926 as a state administrative body called Norges Kommunalbank, Kommunalbanken AS (KBN) gained its current status and structure through a conversion
More information21 February ANNUAL RESULTS
21 February 2019 2018 ANNUAL RESULTS Disclaimer Some of the statements contained in this presentation may be forward-looking statements referring to projections, future events, trends or objectives that,
More informationHalf Year 2017 Earnings presentation. August 3, 2017
Half Year 2017 Earnings presentation August 3, 2017 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking
More informationFull Year 2011 Earnings
Full Year 2011 Earnings February 16, 2012 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited
More informationAXA. Gérald Harlin. Group CFO. May 28, Deutsche Bank Global Financial Services Investor Conference 2014
AXA Gérald Harlin Group CFO May 28, 2014 Deutsche Bank Global Financial Services Investor Conference 2014 Cautionary note concerning forward-looking statements Certain statements contained herein may be
More information22 February ANNUAL RESULTS
22 February 2018 2017 ANNUAL RESULTS Disclaimer Some of the statements contained in this presentation may be forward-looking statements referring to projections, future events, trends or objectives that,
More informationBalance Sheet Review. Shareholders equity increased by 8.6 bn to 53.6 bn. Strong solvency ratio up by 18 percentage points to 197 %.
Balance Sheet Review Shareholders equity increased by 8.6 bn to 53.6 bn. Strong solvency ratio up by 18 percentage points to 197 %.1 Shareholders equity 2 Shareholders equity C 057 mn 70,000 + 19.2 % 60,000
More informationAmbition AXA Investor Day June 1, 2011 Life & Savings in mature markets Jacques de Vaucleroy
Ambition AXA Investor Day June 1, 2011 Life & Savings in mature markets Jacques de Vaucleroy Head of L&S Global Business Line & CEO of NORCEE region Cautionary note concerning forward-looking statements
More informationAXA. Henri de Castries. Chairman & CEO. London - October 2, Sanford C. Bernstein Strategic Decisions Conference
AXA Henri de Castries Chairman & CEO London - October 2, 2013 Sanford C. Bernstein Strategic Decisions Conference Cautionary note concerning forward-looking statements Certain statements contained herein
More informationCorporate Profile: A Long-Established Life Insurer. Enterprise Risk Management: Adequate. Accounting: Reporting Under IFRS
Primary Credit Analyst: Gwenaelle Gibert, Paris (33) 1-4420-6693; gwenaelle_gibert@standardandpoors.com Secondary Contact: Lotfi Elbarhdadi, Paris (33) 1-4420-6730; lotfi_elbarhdadi@standardandpoors.com
More informationCNP Assurances First-Half 2014 Results 31 July 2014 INTERIM RESULTS. 31 July 2014
INTERIM RESULTS 31 July 2014 1 Disclaimer Some of the statements contained in this document may be forward-looking statements referring to projections, future events, trends or objectives which, by their
More informationFull year 2018 Appendices. February 21, 2019
Full year 2018 Appendices February 21, 2019 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES Certain statements contained
More informationContinued solid performance
Continued solid performance Jos Baeten, CEO Chris Figee, CFO Analyst conference call 29 August 2018 Continued solid performance in Solid operating performance Operating result of 382m in line with last
More informationAmbition AXA Investor Day June 1, US Life. Mark Pearson President & CEO of AXA in the US
Ambition AXA Investor Day June 1, 2011 US Life Mark Pearson President & CEO of AXA in the US Cautionary note concerning forward-looking statements Certain statements contained herein may constitute forward-looking
More informationAXA HALF YEAR 2015 EARNINGS. Presentation. August 4, 2015
AXA HALF YEAR 2015 EARNINGS Presentation August 4, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationpress release 9M 2009 Activity Indicators Trends in line with 1H09 Resilient revenues Positive insurance net inflows Enhanced Solvency
press release October 29, 2009 9M 2009 Activity Indicators Trends in line with 1H09 Resilient revenues Total revenues were down 2% to 68,094 million On a comparable, total revenues were down 5%: Life &
More informationGBP per million GBP >7y - 15y 30. to the buy side bond maturity >15y 40 Basis Trades All 10 Aggressor pays
Product Type: UK Gilts 2y 10. If trade is > 25m, then a rate of GBP 5 per million GBP is applied Outrights >2y - 7y 20 >7y - 15y 30 >15y 40 2y 10 >2y - 7y 20 with brokerage charged on the buy leg. Spreads/Switches
More informationEmbedded Value. & AFR report. Cash and Value Report- AXA / FY2016 1
Embedded Value & AFR report 2017 Cash and Value Report- AXA / FY2016 1 TABLE OF CONTENTS INTRODUCTION & KEY FIGURES 3 Key figures 4 GROUP AVAILABLE FINANCIAL RESOURCES (AFR) 5 Linking Group Embedded Value
More information9M08 Activity Indicators: Total Revenues down 0.9% 1 to Euro 69,458 million.
PRESS RELEASE 9M08 Activity Indicators: Total Revenues down 0.9% 1 to Euro 69,458 million. November 6, 2008 Life & Savings Property & Casualty Positive net inflows of +7.8 billion New Business Volume (APE)
More informationThe Royal Bank of Scotland Group
The Royal Bank of Scotland Group Q311 Fixed Income Investor Call 4 th November 2011 John Cummins Group Treasurer Liam Coleman Deputy Group Treasurer Emete Hassan Head of Debt Investor Relations Important
More informationGBP per million GBP >7y - 15y 30. to the buy side bond maturity >15y 40 Basis Trades All 10 Aggressor pays Curves
Product Type: UK Gilts 2y 10. If trade is > 25m, then a rate of GBP 5 per million GBP is applied Outrights >2y - 7y 20 >7y - 15y 30 >15y 40 2y 10 >2y - 7y 20 with brokerage charged on the buy leg. Spreads/Switches
More informationOperating and financial review (unaudited) 2015
Zurich Insurance Group Operating and financial review (unaudited) 2015 2 Group performance review Zurich Insurance Group Operating and financial review The Operating and financial review is the management
More informationAXA FULL YEAR 2014 EARNINGS. Presentation. February 25, 2015
AXA FULL YEAR 2014 EARNINGS Presentation February 25, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More information17 February ANNUAL RESULTS
17 February 2016 2015 ANNUAL RESULTS CNP Assurances - 2015 Results - 17 February 2016 DISCLAIMER Some of the statements contained in this press release may be forward-looking statements referring to projections,
More informationNovember 2016 CREDIT INVESTOR PRESENTATION
November 2016 CREDIT INVESTOR PRESENTATION Some of the statements contained in this presentation may be forward-looking statements referring to projections, future events, trends or objectives that, by
More informationResults of the 2011 EBA EU-wide stress test: Summary (1-3)
Results of the 2011 EBA EU-wide stress test: Summary (1-3) Name of the bank: CAJA DE AHORROS Y PENSIONES DE BARCELONA Actual results at 31 December million EUR, % Operating profit before impairments 3,364
More information2013 Results. Mark Wilson Group Chief Executive Officer
2013 Results 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company or Aviva ) with the United States Securities and Exchange Commission
More informationRisk & Capital Management
Autumn Investor Seminar November 24, 2009 Risk & Capital Management Denis Duverne CFO, member of the Management Board Cautionary note Certain comments contained herein are forward-looking statements including,
More informationSpecific financial information Q3 08
03/ 11/2008 Specific financial information Q3 08 (based on FSF recommendations for financial transparency) Contents Unhedged CDOs exposed to the US residential mortgage sector Write-downs on assets of
More informationAnnual EVM Results 2015 Investor and analyst presentation Zurich, 16 March We make the world more resilient.
Investor and analyst presentation Zurich, 16 March 2016 We make the world more resilient. Swiss Re uses EVM to systematically allocate capital within the Group strategic framework Strategic Framework Steering
More informationInvestment Grade credit financials versus industrials, as seen by European insurers
Investment Grade credit financials versus industrials, as seen by European insurers Introduction To secure competitive rates of return on their assets, insurers have invested heavily in investment-grade
More informationHelvetia Group Helvea Swiss Equities Conference 2016
Ihre Schweizer Versicherung. Helvetia Group Helvea Swiss Equities Conference 2016 14 January 2016 Photo: Gerry Nitsch, Zurich Pipilotti Rist Aufgeweckter Rosenscheitel, 2014 Who we are Helvetia has a history
More informationMay 9, Results for the 1st quarter of 2012
May 9, 2012 Results for the 1st quarter of 2012 Disclaimer This presentation may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature,
More informationResults of the 2011 EU-wide stress testing exercise. Bank of Cyprus successfully passed the stress test exercise
Announcement Results of the 2011 EU-wide stress testing exercise Bank of Cyprus successfully passed the stress test exercise The results reaffirm the solid financial fundamentals of the Bank which by maintaining
More informationAnnual Results Reporting 2004 Analyst presentation. Zurich, February 17, 2005
Annual Results Reporting Analyst presentation Zurich, February 17, 2005 Disclaimer and cautionary statement Certain statements in this document are forward-looking statements, including, but not limited
More informationSupplementary Financial Information Sampo Group. January-December 2010
Supplementary Financial Information Sampo Group January-December 2010 Disclaimer This presentation may contain forward-looking statements that reflect management s current views with respect to certain
More informationAXA. Henri de Castries. Chairman & CEO. September 18, Sanford C. Bernstein s 11 th Annual Pan- European Strategic Decisions Conference
AXA Henri de Castries Chairman & CEO September 18, 2014 Sanford C. Bernstein s 11 th Annual Pan- European Strategic Decisions Conference Cautionary note concerning forward-looking statements Certain statements
More informationResults of the 2011 EBA EU-wide stress test: Summary (1-3)
Results of the 2011 EBA EU-wide stress test: Summary (1-3) Name of the bank: Svenska Handelsbanken AB (publ) Actual results at 31 December 2010 million EUR, % Operating profit before impairments 1,816
More informationResults of the 2011 EBA EU-wide stress test: Summary (1-3)
Results of the 2011 EBA EU-wide stress test: Summary (1-3) Name of the bank: Jyske Bank Actual results at 31 December 2010 million EUR, % Operating profit before impairments 373 Impairment losses on financial
More informationHalf Year 2007 Earnings
Half Year 2007 Earnings August 9, 2007 PRESS CONFERENCE Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not
More informationComposition of capital IT044 IT044 POWSZECHNAIT044 UNIONE DI BANCHE ITALIANE SCPA (UBI BANCA)
Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than
More informationFIT for the New Normal
Based on Preliminary Figures Paul Achleitner, Member of the Board of Management FIT for the New Normal Financial Press Conference February 25, 2010 F inancing I T nvestments ransactions 2 Financing and
More informationBank of Ireland Presentation October As at 1 Oct 2014
Bank of Ireland Presentation October 2014 As at 1 Oct 2014 1 Forward-Looking statement This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange
More informationInvestor Presentation: Issuance of Subordinated Debt
Investor Presentation: Issuance of Subordinated Debt 7-8th September 2017 This presentation is to be read in conjunction with the preliminary offering memorandum dated 6 th September 2017 Agenda 1. Who
More informationFirst Quarter 2012 Results
First Quarter 2012 Results Presentation to Investors and Media April 25, 2012 Disclaimer Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements
More informationFull Year 2009 Earnings. Press Conference Paris 9.00 CET
press release February 18, 2010 Full Year 2009 Earnings Resilient business activity Total revenues: down 3% to 90.1 billion Life & Savings: net inflows of +8.6 billion and NBV up 5% to 1.1 billion Solid
More informationTier 2 Capital Issuance
Tier 2 Capital Issuance Investor Presentation May 2016 Disclaimer This material may contain forward-looking statements and comments relating to the objectives and strategy of Crédit Mutuel Arkéa. These
More informationAviva plc Interim Results 2018
Aviva plc Interim Results 2018 Disclaimer Cautionary statements: This should be read in conjunction with the documents distributed by Aviva plc (the Company or Aviva ) through The Regulatory News Service
More informationCapital Plan and Business Operating Plan. Enterprise-wide Stress Testing ICAAP
Corporate Environmental Affairs (CEA) sets enterprise-wide policy requirements for the identification, assessment, control, monitoring and reporting of environmental risk. Oversight is provided by GE and
More information3Q Interim Statement and Business Highlights
3Q Interim Statement and Business Highlights 9 November 2011 Pierre Mariani, CEO Philippe Rucheton, CFO Disclaimer This presentation and the information contained herein are provided for information purposes
More informationNOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES PRESS RELEASE
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES PRESS RELEASE June 4th, 2007 LAUNCHES ITS SECOND SECURITIZATION OF MOTOR INSURANCE RISKS ON A PAN-EUROPEAN PORTFOLIO announced today the launch of its
More informationAXA. Bank of America Merrill Lynch 21st Annual Financials CEO Conference London September 29, Thomas Buberl Chief Executive Officer
AXA Bank of America Merrill Lynch 21st Annual Financials CEO Conference London September 29, 2016 Thomas Buberl Chief Executive Officer Certain statements contained herein are forward-looking statements
More informationAnalyst/Investor Presentation October 5, 2010 Transfer of assets as key milestone for re-positioning
Analyst/Investor Presentation October 5, 2010 Transfer of assets as key milestone for re-positioning Disclaimer The following presentation provides provisional information and only a rough picture of the
More informationFIRST QUARTER 2012 RESULTS
FIRST QUARTER 2012 RESULTS PRESS RELEASE Paris, 4 May 2012 DOMESTIC MARKETS: GROWING BUSINESS ACTIVITY DEPOSITS: +3.6% VS. 1Q11; LOANS: +2.9% VS. 1Q11 GOOD RESILIENCE OF CAPITAL MARKETS REVENUES: -4.0%
More informationNomura Financial Services Conference Fitter. Stronger
Nomura Financial Services Conference 2011 Fitter Stronger 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company or Aviva ) with the United
More informationAXA. Nicolas Moreau Member of the AXA Management Committee Chairman & Chief Executive Officer of AXA France
AXA Nicolas Moreau Member of the AXA Management Committee Chairman & Chief Executive Officer of AXA France 14th edition of The Premium Review Société Générale Corporate & Investment Banking December 2,
More informationQuarterly statement as at 30 September 2017
Image: Getty Images/fStop 9 November Jörg Schneider Agenda 1 Munich Re (Group) 2 5 Backup 19 2 ERGO 7 3 Reinsurance 13 4 Outlook 17 2 Munich Re (Group) Financial highlights Nat cats dominate Capitalisation
More informationHSBC France Activity and strategy Capital World
HSBC France Activity and strategy Capital World Matthieu Kiss Chief Financial Officer, HSBC France 18 September 2012 Forward-looking statements This presentation and subsequent discussion may contain certain
More informationResults of the 2011 EBA EU-wide stress test: Summary (1-3)
Results of the 2011 EBA EU-wide stress test: Summary (1-3) Name of the bank: Unione di Banche Italiane Scpa Actual results at 31 December 2010 million EUR, % Operating profit before impairments 1.027 Impairment
More information