Banca IMI VIII Italian Stock Market Opportunities Conference

Transcription

1 0 Banca IMI VIII Italian Stock Market Opportunities Conference Milan, 16 September 2015

2 1 BUSINESS PLAN STRATEGY SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS INVESTMENTS FINANCIAL INFORMATION

3 BUSINESS PLAN Target 2015 AVERAGE COR 92% 90.7% 91.0% FCST % AVERAGE PREMIUM GROWTH NON LIFE +5% 5.1% 4.4% LIFE +15% 48.9% 3.0% 4.7% (18.2%) AVERAGE CONSOLIDATED ROE 13.5% 15.0% 14.0% 14.1% AVERAGE ANNUAL DIVIDEND GROWTH +5% 5.6% 5.0% 5.0%

4 3 BUSINESS PLAN STRATEGY SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS INVESTMENTS FINANCIAL INFORMATION

5 OUR STRATEGY 4 FOCUS ON TECHNICAL RESULTS INTERNAL ORGANIC GROWTH TARGET CLIENTS : FAMILIES, SMALL/MEDIUM SIZED COMPANIES AND AFFINITY GROUPS LOW RISK INVESTIMENT PORTFOLIO STABILIZATION OF REAL ESTATE OPTIMISATION OF EXPENSE RATIO IN THE MEDIUM TERM SELF-FINANCING AND MAINTENANCE OF THE CURRENT SOUND CAPITAL POSITION AVERAGE ANNUAL DIVIDEND GROWTH : +5%

6 5 BUSINESS PLAN STRATEGY SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS INVESTMENTS FINANCIAL INFORMATION

7 SHAREHOLDERS STRUCTURE 6 YAFA HOLDING SPA (Carlo Acutis) 82% 12% 6.53% VITTORIA CAPITAL NV MÜNCHENER GROUP 51.15% VITTORIA ASSICURAZIONI S.P.A. Real Estate Private Equity Services Other Strategic Participations

8 SHAREHOLDERS VITTORIA ASSICURAZIONI S.p.A. 7 N.SHARES % ON CAPITAL 1 VITTORIA CAPITAL N.V. - NETHERLAND (Carlo Acutis) 34,464, % 2 YAFA HOLDING SPA- ITALY (Carlo Acutis) 4,400, % 3 ARBUS s.r.l. - Italy 3,849, % 4 SERFIS S.p.A. - Italy 2,695, % 5 NORGES BANK (Government of Norway) 2,511, % Sub total 71.12% Other 19,459, % TOTAL 67,378, %

9 8 BUSINESS PLAN STRATEGY SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS INVESTMENTS FINANCIAL INFORMATION

10 NON-LIFE PREMIUM VOLUME 9 Average volumes increase per plan : +5%; MTPL prices still decreasing; Premium growth above market trends; Market volumes increase 1Q 2015 on 1Q 2014: -2%. /ML +9.4% Other non Motor Other Motor % +12.2% +5.2% 1, % +12.2% +4.7% 1, % +10.5% MTPL +6.7% +3.9% % FCST MARKET -4.6% -2.7%

11 TOTAL NON-LIFE COMBINED RATIO 10 Average COR target per plan : 92%; COR as of 30 June 2015: 90.2% Total Cost Ratio Loss Ratio FCST

12 MOTOR TPL COMBINED RATIO 11 Assumed a pickup in loss frequency in 2H; Frequency as of 30 June 2015 in line with 1H and 2014 year end Total Cost Ratio Loss Ratio FCST

13 12 BUSINESS PLAN STRATEGY SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS INVESTMENTS FINANCIAL INFORMATION

14 LIFE PREMIUM 13 Average volume increase per plan : +15%; Review of growth strategies aiming at the decrease in single premium of segregated fund is in progress. / ML +48.9% % Recurrent +41.0% New business FCST MARKET +31.6% +29.8%

15 14 BUSINESS PLAN STRATEGY SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS INVESTMENTS FINANCIAL INFORMATION

16 PORTFOLIO MIX 15 Stable low risk investment portfolio; Core investment in government bonds; (Consolidated Financial Statements) Diversification seeked through satellite investments (Real Estate, Private Equity, Yam Invest N.V., Private Debt). 2, % 3, % 3, % 231 7% 282 9% / ML 2, % 8% 23% % 22% % % Other Investments* 1,913 69% 2,216 70% 72% 2,340 2,138 70% Real Estate Bonds and Liquidity /06/2015 * Include: Strategic partecipations, Private Equity, Loans.

17 16 BUSINESS PLAN STRATEGY SHAREHOLDERS STRUCTURE NON-LIFE BUSINESS LIFE BUSINESS INVESTMENTS FINANCIAL INFORMATION

18 SOLVENCY I RATIO 17 Further increase in Solvency I ratio. Rollforward 35% 226% 181% 202% -11% Additional margin required Increase in net Equity FCT

19 DIVIDEND POLICY 18 Annual dividend growth target : +5%. /000 11,180 * 11,184 11,454 11,454 11,454 12,128 12,802 4,872 5, * In 2008 bonus capital increase (1:1)

20 CONSOLIDATED NET PROFIT and ROE 19 Average consolidated ROE per plan : 13.5%; Net consolidated result as of 30 June 2015 in line with Forecast. 15.0% 14.1% / ML 12.4% CONSOLIDATED ROE 53.5 * Consolidated Net Result FCST * Net of one-off effect in income taxes amounting to 16.3 /ML.

21 LEGENDA 20 PREMIUM WRITTEN PREMIUM DIRECT BUSINESS - CLASSIFIED BY INTERNAL LINE OF BUSINESS LOSS RATIO RETAINED BUSINESS INCURRED CLAIMS / EARNED PREMIUM TOTAL COST RATIO TOTAL EXPENSES + INTANGIBLE ASSET AMORTISATION + OTHER TECHNICAL CHARGES/ EARNED PREMIUMS COMBINED RATIO RETAINED BUSINESS (INCURRED CLAIMS + TOTAL EXPENSES + INTANGIBLE ASSET AMORTISATION + OTHER TECHNICAL CHARGES) / EARNED PREMIUM CONSOLIDATED ROE GROUP NET PROFIT FOR THE YEAR / GROUP AVERAGE SHAREHOLDERS EQUITY (GROUP OPENING SHAREHOLDERS EQUITY + GROUP CLOSING SHAREHOLDERS EQUITY / 2). EQUITY IS NET OF RESERVES FOR UNREALISED GAINS / LOSSES SOLVENCY RATIO I SOLVENCY MARGIN AVAILABLE / SOLVENCY MARGIN REQUIRED

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