May Corporate Presentation

Transcription

1 May 2016 Corporate Presentation 1

2 Business Fundamentals Outstanding Service Top quality service State of the art technology Nationwide network with 354 offices Experienced management team Specialization Unique Business Model #1 auto insurance company in Mexico with 25.3% of market share Tailor made solutions Decentralization Independent decision-making according to service office needs Cost Control Strict Cost Control Policy Costs Indicators Program 2

3 Business Model Quálitas Call center IT support Product pricing Claims Infrastructure New channels: telephone & internet Service Offices Owned by specialized entrepeneurs Independent decision-making Agents Agents are not exclusive 3

4 Network 2, 975,067 Insured Vehicles 181 Service Offices 173 ODQ s 3,913 Employees 10,583 Agents 900 Claims Officers 1. Mexico 2. United States 3. El Salvador 4. Costa Rica 4

5 Insured Vehicles Business Line 1Q16 1Q15 % Automobiles 2,012,019 1,778, % Trucks 731, , % Tourists 92,129 88, % Motorcycles 88,577 79, % El Salvador 13,689 16, % Costa Rica 30,090 19, % USA 6,994 1,714 NA Insured Vehicles 2,975,067 2,608, % NA: Not Applicable *CAGR: 11.8% *CAGR: Compound Annual Growth Rate 5

6 Financial Highlights (MM MXN) 1Q16 1Q15 $ % Written Premium 6,344 4,836 1, % Earned Premium 4,939 4, % Acquisition Cost 1,378 1, % Claims Cost 3,001 2, % Technical Result % Operating Expenses % Operating Result % Investment Income % Taxes % Net Result % Ratios bp Claims Ratio 60.8% 64.6% -380 Acquisition 21.8% 22.2% -38 Operating Ratio 2.6% 3.6% -94 Combined Ratio 85.2% 90.3%

7 Written and Earned Premiums (MM MXN) Written Premiums Earned Premiums Δ % Δ % Mexico March 2,010 1, % 1,563 1, % YTD 6,058 4, % 4,835 3, % El Salvador March % % YTD % % Costa Rica March % % YTD % % USA March 51 9 NA 37 4 NA YTD NA 93 9 NA Total March 2,098 1, % 1,634 1, % YTD 6,311 4, % 5,027 4, % NA: Not Applicable Segment Premiums 1Q16 1Q15 % (MM MXN) Breakdown Individual 1, % 20.3% Fleets 1,957 1, % 32.1% Financial Institutions 2,665 1, % 43.8% Other % 3.8% Total 6,090 4, % 100.0% 1Q16 1Q15 7

8 Market Share and Growth Market Penetration in Mexico Market Share Q 350% 350% 300% 300% 250% 250% 200% 200% 150% 150% 100% 100% 50% 50% Cumulative Growth *CAGR (%) *CAGR (%) Q 13.9% Market Q 6.8% 13.9% Market Market 6.8% without Q 5.3% Market without 5.3% Source: INEGI, AMIS *CAGR: Compound Annual Growth Rate 0% 0%

9 Market Share % Market Share Quálitas G.N.P AXA Seguros ABA/ACE Mapfre México Other Bank-owned Total Market Source: AMIS 9

10 Operating Result (MM MXN) A B C D E F G Operating Result * Σ (A:G) Quálitas ,517 Op. Result 7 years G.N.P ,246 Quálitas 1,517 AXA Seguros ,468 Other -6,699 ABA/ACE Bank-owned 10,963 Mapfre México Total 5,781 4 main competitors -1, ,122-4,029 Other ,470-2,670 Bank-owned ,590 2,114 2,410 2,089 1,436 10,963 Total Market -1, ,771 3,570 2, ,109 5,781 *NOTE: During 2012 there was a MXP 94 million benefit due to the change in the booking of policy fees Source: AMIS NOTE: Mexican automobile insurance figures 10

11 Combined Ratio Top 5 Source: AMIS 11

12 Industry Ratios Claims Ratio Combined Ratio Source: AMIS 12

13 Automobile Insurance Industry 2015 Source: AMIS Company Written Premiums Market Share Growth Earned Premiums Market Share (MM MXN) (Written) (MM MXN) (Earned) 1 Quálitas 19, % 12.4% 16, % 2 G.N.P. 10, % 26.3% 9, % 3 AXA Seguros 9, % -4.6% 9, % 4 Aba/Seguros 5, % -0.6% 2, % 5 Mapfre México 4, % 7.6% 4, % LARGE 49, % 9.4% 43, % 6 Banorte 4, % 9.1% 4, % 7 Inbursa 4, % 10.7% 4, % 8 HDI Seguros 3, % 39.7% 3, % 9 BBVA Bancomer 3, % 5.2% 3, % 10 Zurich Daños 2, % 0.3% 1, % 11 Atlas 1, % 15.0% 1, % 12 General de Seguros 1, % 21.6% 1, % 13 Afirme 1, % 21.3% 1, % 14 ANA % -15.0% % 15 Royal & Sunalliance % 9.8% % MEDIUM 24, % 12.0% 21, % SMALL 2, % 12.1% 2, % MARKET (35 Comp) 75, % 10.3% 66, % NOTE: Mexican automobile insurance figures 13

14 Automobile Insurance Industry 2015 Source: AMIS Company Operating Investment Net Claims Combined (MM MXN) Result Income Result Ratio Ratio 1 Quálitas % 96% 2 G.N.P % 97% 3 AXA Seguros % 109% 4 Aba/Seguros % 104% 5 Mapfre México % 100% LARGE -1,075 1, % 100% 6 Banorte % 83% 7 Inbursa % 96% 8 HDI Seguros % 102% 9 BBVA Bancomer ,052 62% 84% 10 Zurich Daños % 109% 11 Atlas % 98% 12 General de Seguros % 124% 13 Afirme % 102% 14 ANA % 106% 15 Royal & Sunalliance % 125% MEDIUM 106 1,824 1,747 67% 97% SMALL % 103% MARKET (35 Comp) -1,109 3,881 2,566 69% 99% NOTE: Mexican automobile insurance figures 14

15 Q Cost Ratios 1Q16 Acquisition Claims Operating Combined 15

16 Investment Income Return on Investments Portfolio by Risk Type 1 Return on Equities Equities (MM MXN) 1Q Day Treasury issued by Mexican Federal Government 2 Naftrac + Dividends Gain from Equities 15 Average Portfolio 3,113 Annualized Yield 1.9% Naftrac Yield 26.4% IRT Yield % 16

17 Solvency Margin Analysis 1Q16 Q s solvency margin was $2,037, that represents a solvency margin ratio of 62.2% (MM MXN) Regulatory Capital Requirement Solvency Margin Solvency Margin Ratio Q MX 2,882 1, % Q ES % Q CR % QIC % Total 3,275 2,007 Q Cash 30 Q 3,275 2, % Dividend Policy Q aims to maintain a minimum stockholders equity of 1.5 times the minimum capital requirement dictated by regulatory provisions. Between 50% and 90% of the surplus will be distributed as a dividend, depending on the Company s capital requirements for future projects. 17

18 Profitability LTM ROE Cash and Investments per Share** *CAGR: 17.2% Dividend Payments** $0.40 $0.50 $1.50 $0.50 Equity $2.90 ** Mexican Pesos *CAGR: Compound Annual Growth Rate (MM MXN) Q16 Leverage Stockholders' Equity 2,047 2,573 3,583 3,757 4,368 4,972 5,275 1 Equity Growth Dividend Payment Wealth Growth Variations relative to 2010 figures 18

19 Analysts Institution Analyst Actinver Enrique Mendoza BBVA Research Germán Velasco Grupo Bursátil Mexicano Luis Willard Nau Securities Iñigo Vega Signum Research Ana Tellería Ve por Más Juan Hernández Antonia Gutiérrez T: agutierrez@qualitas.com.mx Mariana Fernández T: mfernandez@qualitas.com.mx Elba Salcedo T: esalcedo@qualitas.com.mx 19