Davy Irish Equity Conference
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1 Davy Irish Equity Conference Presentation by: Denis Casey, Group Chief Executive Paris, 13 May Davy Irish Equity Conference Paris, 13 May 2008
2 Ireland A Growth Market Population growth - 4.2m to 5.0m in 2015 Expanding middle cohort of population Rising incomes and employment, low taxation The economy can grow at an annual average rate of 4% or more over the medium-term, in line with its long-run average growth rate since 1970 Source : ESRI Arp 08 2 Davy Irish Equity Conference Paris, 13 May 2008
3 Ireland Demographics Population growth & demographics Projected Population A combination of natural demographics and migration will see the population continue to grow rapidly over the next 10 years Population forecast to reach 5 million in 2015 and exceed 5.3 million in ,500,000 6,000,000 5,500,000 5,000,000 4,500,000 4,000,000 3,500,000 3,000, Labour force projected to grow at an annual average rate of 2.2% out to m Ireland Growing Active Population EU 25 (LHS) m Labour force growth combined with rising productivity point to potential GDP growth of circa 4-5% per annum out to Ireland (rhs) Source : NCB 3 Davy Irish Equity Conference Paris, 13 May 2008
4 Ireland Housing Demand & Supply 000 s Over 25's Completions (RHS) 000 s At end 2007 Irish households are expected to owe roughly 200bn but they also hold over 330bn of financial assets and have houses worth an est. 630bn. 4 Davy Irish Equity Conference Paris, 13 May 2008 Source : Irish Households Survey2007, ESRI Oct 07
5 Long Term Savings Market High savings ratio Strong public policy support for pensions Significant wealth management opportunity Top 3 players have 70%+ of market Hugely attractive market with strong growth drivers 5 Davy Irish Equity Conference Paris, 13 May 2008
6 Irish Life the Dominant Franchise Leading asset gatherer in Irish market 33% share of life & pensions market 28% share of assets under management Irish Life Unit-linked business, low risk Position built on distribution reach, investment reputation and service quality & efficiency 6 Davy Irish Equity Conference Paris, 13 May 2008
7 Irish Life the Dominant Franchise Market Share Sales Growth* 35 % 33% 1000 m 1, % 30% % 22% 23% 25% 26% Q Growing life market share clear market leader in growth market * APE Sales 7 Davy Irish Equity Conference Paris, 13 May 2008
8 Unrivalled Distribution Reach & Depth Direct Sales Brokers Bancassurance Onesource Institutions 250 advisors, increased productivity 1,000 brokers, agents & authorised advisors Most efficient & productive bancassurer 175 franchises using direct sales selling process Exporting successful bancassurance model 8 Davy Irish Equity Conference Paris, 13 May 2008
9 Investment Reputation & Credentials Active 1 Year % 3 Year % 5 Year % 10 Year % ILIM Pension Managed Fund Manager Average Passive ILIM Pension Consensus Fund Manager Average Out-performance Davy Irish Equity Conference Paris, 13 May 2008
10 Growth Opportunity - Pensions Under-penetration of pensions in workforce and selfemployed Under-funding of existing DC pension schemes Strong public policy and fiscal support Vehicle for wealth management and post retirement planning DC Pensions Growth % Membership 10 Demographic impact 3 Salary growth 4 Income elasticity Davy Irish Equity Conference Paris, 13 May 2008
11 Growth Opportunity - Wealth Management Wealth creation and accumulation an emerging theme in Irish market Household wealth to double by 2015 Enormous opportunity for Irish Life & Permanent Priority to expand structures, capability and products to exploit this opportunity: Creation of new business unit in Retail Life Build capability in direct sales and bancassurance Develop supporting technology and processes Broaden product offering 11 Davy Irish Equity Conference Paris, 13 May 2008
12 Life Low Risk Profile Irish Life 93% unit-linked; assets and liabilities matched De-risked portfolio e.g. longevity risk reinsured Conservative investment and prudent EV assumptions Low risk appetite and strong market position reduce volatility through cycle 12 Davy Irish Equity Conference Paris, 13 May 2008
13 Retail Banking Market Highly competitive market Robust prudential and consumer regulation Conservative consumer behaviour Growth opportunity High quality banking sector servicing expanding & wealthier customer base 13 Davy Irish Equity Conference Paris, 13 May 2008
14 Banking Rapidly Growing Franchise Brand strength modern, youthful, dynamic Unrivalled customer service reputation Customer acquisition strategy via current account Extending sales management process to all products 14 Davy Irish Equity Conference Paris, 13 May 2008
15 Banking Rapidly Growing Franchise Current Account Growth Loan Book Growth 000s 500 bn Davy Irish Equity Conference Paris, 13 May 2008
16 permanent tsb Brand Strength Summary of Fair Share Personality Dimensions 4. Hugely successful merger created powerful bank platform We have built a modern, innovative brand that stands out from the crowd Permanent TSB Over Index Modern Youtful Dynamic Factors players over/under perform within Bank AIBX Bank BOI Y Over Index Unhelpful Impersonal Traditional Bureaucratic Over Index Safe Reliable Dependable Traditional Untainted by traditional bank baggage Most trusted bank brand Under Index Impersonal Traditional Bureaucratic Under Index Dynamic Youthful Modern Under Index Modern Youthful 16 Davy Irish Equity Conference Paris, 13 May 2008
17 Unrivalled Customer Service 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% Customer Central programme across the bank to engage our staff and drive for a top quartile score Customer service survey / listening exercise completed by the Leadership Factor annually Highest opening score ever recorded of 82% in 2006 Current: 85.1% Permanent tsb overall 2008: 84.2% Deposit: 84.2% Assurance: 84.0% Mortgage: 83.3% Permanent tsb overall 2007: 81.3% The Satisfaction Index TM for permanent tsb is: 84.2% CSI score of 84% in 2008, up 3% 17 Davy Irish Equity Conference Paris, 13 May 2008
18 Customer Acquisition Capability Ambition to become the largest Retail Bank in Ireland requires a relentless focus on new customer acquisition 250,000 new customers added over 4 years Currently recruiting over 200 new customers to permanent tsb every day Superior service experience and state of the art sales processes will create real value from these new customer relationships 18 Davy Irish Equity Conference Paris, 13 May 2008
19 Banking Low Risk Profile 98% of lending secured, 88% residential mortgages Excellent credit quality reduced number of ROI mortgage arrears High quality Treasury liquidity portfolio, no toxic assets Diversified funding sources plus collateralised loan pool of 20bn Low risk assets mitigate credit crunch risks 19 Davy Irish Equity Conference Paris, 13 May 2008
20 Low Risk Credit Quality & Funding Residential Mortgages (Ireland) Arrears 000s 000s No. of Mortgages (RHS) US & Euro CP ECB Repo Deposits by Banks - secured Deposits by Banks - unsecured X-Notes Funding Profile % 12% 6% 3% 3% 20% 1% 5% 6% 4% Customer Accounts 34% 34% 6 No. in Arrears * LHS % Securitisation 7% 9% Long-term Debt 23% 21% * > 1 month 20 Davy Irish Equity Conference Paris, 13 May bn 43bn
21 Summary Rumours of Ireland s demise greatly exaggerated Huge growth opportunities in personal financial services over next decade Irish Life and permanent tsb are market leading franchises and brands in the market Low risk / high quality business model allows us to successfully weather the current market turmoil IL&P successful company in a growth market 21 Davy Irish Equity Conference Paris, 13 May 2008
22 Contact Information Please contact our Investor Relations Department for any further information or visit our group website at Contact details: Barry Walsh Orla Brannigan orla.brannigan@irishlife.ie Marie Gilsenan marie.gilsenan@irishlife.ie Davy Irish Equity Conference Paris, 13 May 2008
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