Warburg German Ideas Day. Dr. Immo Querner, CFO 19 November 2014
|
|
- Job Haynes
- 6 years ago
- Views:
Transcription
1 Warburg German Ideas Day Dr. Immo Querner, CFO 19 November 2014
2 Talanx - Key Investment Highlights Global insurance group with leading market positions and strong German roots Leading and successful B2B insurer Focus on long-term increase in value by sustainable and profitable growth Dedication to focus on insurance rather than market risks Commitment to continuously fulfill a AA capital requirement by Standard & Poor s Target to achieve Group net income of at least 700m in Target for at least 700m in 2015 despite material increase in large-loss budget Dedication to pay-out 35-45% of IFRS earnings to shareholders 2
3 I II Talanx in a nutshell Outlook and targets Appendix 3
4 Talanx in a nutshell A global insurance player Location overview in Primary and in Reinsurance GWP split (Primary/Reinsurance): 44% / 56% Employees (Germany/abroad): 4,539 / 1,511 GWP split (Primary/Reinsurance): 53% / 47% Employees (Germany/abroad): 11,302 / 10,227 Countries with local presence Branch / office location Primary Insurance Branch / office location Reinsurance Global networks in Industrial Lines and Reinsurance. Leading positions in retail target markets 4
5 Talanx in a nutshell Among the leading European insurance groups Top 10 German insurers Top 10 European insurers German insurers by global GWP (2013, bn) European insurers by global GWP (2013, bn) Allianz Allianz Munich Re 51.1 AXA Generali 66.1 R+V 12.8 Munich Re 51.1 Debeka Zurich 39.1 Vk Bayern 7.2 Prudential HUK Signal Iduna CNP 27.7 Gothaer Crédit Agricole 26.4 W&W 3.9 Aviva Figure of Gross premiums earned Source: SNL Financial, annual reports Listed insurers Third-largest German insurance group with leading position in Europe and strong roots in Germany 5
6 Talanx in a nutshell - Shareholders and divisions Free float 14.5 % 1 V.a.G % 6.5 % Industrial Lines Retail Germany Retail International Reinsurance Lead insurer of choice Extremely strong home market position, i.e. lead mandates with most German DAX companies and strong position with German Mittelstand Bluechip client base in Europe Highly effective network of distribution partners Market leader in bancassurance Market leader in employee affinity business Leading provider of corporate pension solutions Focused exposure to CEE and LatAm (#2 insurer in Poland 2, #6 in Brazilian motor 3 ) Attractive rates of organic growth Experienced underwriter in motor Focused M&A track record Non-Life Life/Health Hannover Re world #3 reinsurer by GWP 4 Well diversified between life/non-life and geographically Consistently amongst sector leaders on profitability 5 Superior underwriting know-how 1 Including employee shares 2 Combined ranking based on November 2013 data of Polish regulator as per local GAAP 3 According to Siscorp based on local GAAP 4 Based on A.M. Best ranking (September 2012) 5 Based on S&P ranking by average RoE and also number 1 by average RoE as per KPMG 2012 Integrated insurance group with leading market positions in all segments 6
7 Talanx in a nutshell Strategic group pillars Focus of the Group is on long-term increase in value by sustainable and profitable growth and vigorous implementation of our B2B-expertise Profit target Capital management Risk management Growth target Human resource policy RoE 1 > TOP20 European insurers RoE 1 risk-free interest rate bps Fulfill S&P AA capital requirement Efficient use of available financing instruments Generate positive annual earnings with a probability of 90% Sufficient capital to withstand at least an aggregated 3,000-year shock 50% of primary GWP from foreign operations Selective profitable growth in Retail Germany and Reinsurance Continuous development and promotion of own workforce Individual responsibility and entrepreneurial spirit Investment risk 50% 1 In accordance with IFRS 2 Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield Group and divisional strategies define goals and actions to be taken 7
8 Talanx in a nutshell - Industrial Lines Key figures Share in 2013 group GWP geographic split (GWP) Key financials ( m) FY2013 9M M 2014 Change 17% 46% Gross written premium 3,835 3,128 3,213 +3% Net premium earned 1,744 1,345 1,401 +4% Net underwriting result (43) (93) (66) n/m Net investment income % 83% 54% Germany International Operating result (EBIT) % Combined ratio (net) 2 in % (2.2 pts) Return on Equity in % pts Recent trends GWP slightly down in Q by -1.8%, while growing by 2.7% y/y in first 9 months 2014 (curr.-adj: +3.8%) Sustainable growth resulting from international activities, incl. Northern America and Asia Pacific Self-retention in 9M 2014 at 50.5% (9M 2013: 45.7%) - well on track to reach the FY2014 target of ca. 50%, despite 115m reinstatement premium ( 74m in Q alone) Reinstatement premium also negatively impact the expense ratio (Q effect of ~3%pts) and loss ratio. Key driver of the loss ratio are significant large losses, e.g. flood in Michigan (USA) and various man-made losses, such as a major industrial explosion near Bremen 1 Based on total GWP adjusted for 50.2% share in Hannover Re 2 Including income from interest on deposits Talanx is a leading European industrial lines insurer with global ambitions 8
9 Talanx in a nutshell - Retail Germany Key figures Share in 2013 group GWP business mix (GWP) Key financials ( m) FY2013 9M M 2014 Change Recent trends 32% 22% 78% Life Non-life Gross written premium 6,954 5,196 5,079 (2%) Net premium earned 5,605 4,036 3,917 (3%) Net underwriting result (1,515) (1,130) (1,264) n/m Net investment income 1,786 1,319 1,430 +8% Operating result (EBIT) % Combined ratio (net) 2 in % pts Return on Equity in % pts In line with targets, slight reduction in GWP, primarily reflecting a decline in traditional life business and a profitabilisation of the motor line Loss ratio close to normalized level, while cost ratio impacted by additional pre-seasonal service capacities Decline in underwriting results largely due to higher RfB contribution on the back of higher realised capital gains to finance ZZR ~75% of anticipated 2014 ZZR allocation booked (forecast of ~ 355m for FY2014; FY 2013: 313m, both according to HGB). Total ZZR stock expected to rise to ~ 1.1bn-level until year-end 2014 Higher ordinary capital gains contribute to profit growth 1 Based on total GWP adjusted for 50.2% share in Hannover Re 2 Including interest income on funds withheld and contract deposits; net, property/casualty only Strong German retail insurance business more than 80% from B2B distribution channels (2013) 9
10 Talanx in a nutshell - Retail International Key figures Share in 2013 group GWP 1 19% 34% 2013 business split (GWP) 2013 geographic split (GWP) 21% Key financials ( m) FY2013 9M M 2014 Change Gross written premium 4,220 3,133 3,307 +6% Net premium earned 3,513 2,597 2,820 +9% 66% 28% 51% Net underwriting result (6) n/m Net investment income % Operating result (EBIT) % Non-Life Life CEE/CIS 2 LatAm 2 Western Europe 2 Combined ratio (net) in % pts Return on Equity in % Recent trends 9M 2014 GWP growth of 5.5% (curr.-adj.:+10.0%), while currency-effects slighly fading out: Q growing strong at 7.1% (+8.5%) Brazil and Mexico gaining significant growth momentum in Q Slight increase in segment CoR in Q by 1%pt. due to a severe bus accident insured by Warta (effect on segment CoR of 0.4%pts) and currency-effect (1.4%pts; compensated in other result ) Turkey continues its positive trend (9M 2014 EBIT: 1.9m), Mexico and TU Europa with CoRs well below the 100%-level Increase in asset base and higher interest rates in Brazil support improvement in investment income 1 Based on total GWP adjusted for 50.2% stake in Hannover Re 2 CEE/CIS including Turkey and Russia; LatAm including Mexico; Western Europe including Italy, Austria, Liechtenstein and Luxembourg Focus on major growth markets in Latin America and CEE 10
11 Talanx in a nutshell - Reinsurance Key figures Share in 2013 group GWP 1 GWP development (total, bn) 32% Non-Life Life / Health Key financials ( m) FY2013 9M M 2014 FY2013 9M M 2014 Gross written premium 7,818 5,956 6,060 6,145 4,582 4,644 Net premium earned 6,866 5,093 5,104 5,360 4,024 3,861 Recent trends Non-Life M 2014 GWP up by 1.7%y/y (adj. for currency effects: +3.2%) with growth effects mainly from China and Southeast Asia. NPE +0.2% y/y (curr.-adj.:+1.5%) Large losses of 242m (4.7% of NPE) below budget ( 491m for 9M 2014) Conservative loss reserving policy maintained for the large loss budget Net investment income increased despite the low yield environment. Other income and expenses influenced by positive currency effects in particular in Q EBIT margin 2 of 17.0% (9M 2013: 16.3%) is well above target Net investment income Operating result (EBIT) 1, Comb.Ratio 2 in % Return on Equity in % Life / Health 94.9 FY Reinsurance 9M M 2014 GWP: +1.4% (+2.6% adj. for currency effects), mainly from Australia and Longevity BATs Technical result improved significantly due to normalised result from Australian disability business Net investment income at expected level, minor negative impact from ModCo derivatives Other income improved due to f/x effects Strong increase in EBIT1 by ~45% 9M 2014 EBIT margins1 in financial solutions/longevity business as well as in mortality and morbidity business ahead of targets 1 Based on total GWP adjusted for 50.2% share in Hannover Re 2 EBIT and EBIT margins reflect a Talanx Group view - - 9M Hannover Re is one of the largest and most profitable reinsurers globally 11
12 Talanx in a nutshell Sources for growth Industrial Lines International growth Increase retention Retail Germany Lever successful bancassurance Elimination of cost disadvantages Retail International Growth in selected emerging markets Role-out of best practise examples Reinsurance Efficient cycle management Expansion into emerging markets 12
13 I II Talanx in a nutshell Outlook and targets Appendix 13
14 Outlook for Talanx Group Gross written premium % Return on investment 3.4% Group net income 700m Return on equity 9-10% Dividend payout ratio 35-45% target range 1 The outlook is subject to a thorough assessment of the protracted low interest rate environment and of the Life Insurance Reform Act ( LIRA ) impact on German retail activities 2 On divisional level, Talanx expects gross written premium growth of +3-5% in Industrial Lines, -(1-2)% in Retail Germany, +4-8% in Retail International and a flat to low single-digit growth rate in Reinsurance Targets are subject to no large losses exceeding budget (cat), no turbulences on capital markets (capital), and no material currency fluctuations (currency) 14
15 IV Targets for Talanx Group Gross written premium % Return on investment > 3.0% Group net income 700m Return on equity ~ 9% Dividend payout ratio 35-45% target range 1 The targets are based on an increased large loss budget of 290m (from 185m) in Primary Insurance 2 On divisional level, Talanx expects gross written premium growth of +1-3% in Industrial Lines, unchanged premium in Retail Germany, +6-8% in Retail International and a flat to low single-digit growth rate in Reinsurance Targets are subject to no large losses exceeding budget (cat), no turbulences on capital markets (capital), and no material currency fluctuations (currency) 15
16 I II Talanx in a nutshell Outlook and targets Appendix 16
17 Appendix - FY2013 target achievement Return on Investment 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 3.7% 11.8% 4.2% 4.0% 4.3% Outlook Rol > 3.5% Return on Equity 4.5% 10.0% 10.0% 4.0% target ROE 10.6% GWP growth in bn in mn % +9.3% +3.6% Outlook GWP growth 4% Net income and Payout % ( 1.05 p.s.) % ( 1.20 p.s. 3 ) Outlook RoE 750 bps + risk-free Outlook Net income ~ 700m; pay-out ratio 35-45% 2 1 Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield (ROE target 2013: 9.8%) 2 pay-out ratio 2013: 39.8% (2012: 42.1%) Note: figures restated on the base of IAS8; 2013 Outlook reflects increased targets as presented in Aug
18 Appendix 9M 2014 results Key financials Summary of 9M 2014 m, IFRS 9M M 2013 Change Gross written premium 21,732 21, % Net premium earned 17,131 17, % Net underwriting result (1,353) (1,228) n/m Net investment income 2,996 2, % Operating result (EBIT) 1,444 1, % Net income after minorities % Key ratios 9M M 2013 Change Combined ratio non-life insurance and reinsurance 97.7% 97.6% 0.1%pts Return on investment 4.0% 4.0% 0.0%pts Balance sheet 9M 2014 FY2013 Change Investments under own management 94,053 86, % Goodwill 1,108 1, % Total assets 144, , % Technical provisions 99,643 91, % Total shareholders' equity 12,562 11, % Shareholders' equity 7,937 7, % Comments GWP growth in line with 2014 Outlook, still dampened by currency effects. All segments apart from Retail Germany with positive growth Slightly lower growth in net premium earned reflects lower self-retention in Life&Health Reinsurance while self-retention ratio in Industrial Lines is up by 5%pts Return on investment at 4.0%, well above the 2014 Outlook 9M 2014 net income ( 530m) exceeds 9M 2013 level, even before adjusting for the base effect of partial disposal of SwissLife stake (~ 100m) Shareholders equity up to 7,937m, or per share. Solvency I ratio up to 240.5% (FY2013: 210.2%) Note: numbers adjusted on the basis of IAS8 Bottom-line result slightly ahead of 9M
19 Appendix - Large losses 1 in 9M 2014 ( m, net) Snowstorm, Japan Earthquake, Chile Storm, USA February 2014 April 2014 June 2014 Primary insurance 0.8 Reinsurance Talanx Group Net burden from large losses of overall 501m in 9M 2014 (9M 2013: 668m) Storm Ela, Germany, Belgium, France Hail, Canada Flood, USA June 2014 August 2014 August Q3 net burden of 113m in Primary and 138m in Reinsurance Total NatCat Aviation Credit Transport Fire/Property Other Total other large losses Total large losses Impact on Combined Ratio % pts % pts % pts Primary Insurance affected by significant amount of man-made losses in Industrial Lines Reinsurance mainly impacted by aviation loss, but very well within large loss budget Total large losses (9M 2013) definition large loss : in excess of 10m gross in either Primary insurance or Reinsurance 19
20 Appendix - Solvency capital position Solvency I capital position ( bn) 202% 225% 210% 241% Comments Talanx has extensive experience in innovative capital management As of 30 September 2014, available funds include 1.6bn of subordinated debt 2 Goodwill of 1.1bn as of 30 September 2014 (relative to shareholders equity excl. minorities of 7.9bn) M 2014 Available funds Solvency capital requirements Solvency I margin 1 1 Talanx Group based on the solvency of HDI V.a.G. (HDI V.a.G. is the relevant legal entity for the calculation of group solvency from a regulatory perspective) 2 1.6bn of the Group s total subordinated debt ( 2.7bn) are eligible for Solvency I capital (after accounting for minority interest and capped by regulatory thresholds) Solid solvency and high-quality capital with relatively low goodwill supporting optimal balance sheet strength 20
21 Appendix - Rating overview Current financial strength ratings rating of Talanx Primary Group Standard & Poor s A. M. Best last update Grade Outlook Grade Outlook 30/06/14 16/05/14 Anchor rating a+ Business Risk Profile Financial Risk Profile Modifiers Modifiers Strong Very Strong Neutral Talanx Group A Stable IICRA 4 ) Intermediate Risk Capital & Earnings Very Strong ERM Strong Talanx Primary Group 2 A+ Stable - - last update 30/06/14 22/05/14 Competitive Position Strong Risk Position Intermediate Risk Management & Governance Satisfactory Hannover Re subgroup 3 AA Stable A+ Stable Risk Position Strong Liquidity Exceptional 1 The designation used by A. M. Best for the Group is Talanx AG and its leading non-life direct insurance operation and its leading life insurance operation 2 This rating applies to the core members of Talanx Primary Group (the subgroup of primary insurers in Talanx Group) 3 This rating applies to Hannover Re and its major core companies. The Hannover Re subgroup corresponds to the Talanx Reinsurance segment 4 Insurance Industry and Country Risk Assessment Financial strength underpinned by S&P and A.M. Best ratings 21
22 Appendix - Focus on insurance risk Risk components of Talanx Group 1 Comments 1% 8% 16% 38% 37% Other risk Operational risk Further life risk Non-life risk 2 Market risk 3 Total market risk of 37%, of solvency capital requirements, which is comfortably below the 50% limit Risk capacity priority for insurance risk Non-life is the dominating insurance risk category, comprising premium and reserve risk, NatCat and counterparty default risk Equities ~1% of investments under own management GIIPS sovereign exposure 1.7% of total assets (9M 2014) Talanx Group 1 Figures show approximate risk categorisation, in terms of solvency capital requirements, of the Talanx Group after minorities, after tax, post diversification effects as of Includes premium and reserve risk (non-life), net NatCat and counterparty default risk 3 Refers to the combined effects from market developments on assets and liabilities Market risk sensitivity (limited to less than 50% of solvency capital requirement) is deliberately low 22
23 Appendix B2B distribution as a key differentiator Linkage between different Group segments Excellence in B2B2C channels 1 Industrial Lines Retail Germany Bancassurance Brazil B2B2C Automotive Core value proposition: B2B competence Retail Industrial Brokers B2B2C Retail International Reinsurance Employee affinity business 1 Samples of clients/partners Superior service of corporate relationships lies at heart of our value proposition 23
24 Appendix - HDI V.a.G. history and structure Overview V.a.G. History HDI V.a.G. is a mutual insurance company and majority-owner of the holding company Talanx AG The organisational setup reflects the historic roots of HDI, an association of important companies of the German industry that offers mutual insurance cover Approx. 0.8m members of HDI V.a.G. Alignment of interests of HDI V.a.G. and Talanx Group through - Providing efficient and reliable insurance to mutual members at market rates, often syndicate-based - Same decision makers: Mr Haas, Dr Hinsch, Dr Querner - HDI V.a.G. has no other investments besides Talanx and is interested to further strengthen and enable Talanx to provide stable insurance capacity to industrial clients - Talanx and HDI V.a.G. committed to capital market oriented dividend policy Foundation as Haftpflichtverband der deutschen Eisen- und Stahlindustrie in Frankfurt Companies of all industry sectors are able to contract insurance with HDI V.a.G. Foundation of Hannover Rückversicherungs AG Diversification into life insurance IPO of Hannover Rückversicherung AG Renaming of HDI Beteiligungs AG to Talanx AG Start transfer of insurance business from HDI V.a.G. to individual entities Acquisition of Gerling insurance group by Talanx AG IPO of Talanx AG Listing at Warsaw Stock Exchange 24
25 Talanx Investor Relations Financial Calendar 23 March 2015 Annual Report May 2015 AGM May 2015 Interim Report Q August 2015 Interim Report 6M November 2015 Interim Report 9M 2015 Contact Talanx AG Riethorst Hannover Germany ir@talanx.com Carsten Werle, CFA Phone: carsten.werle@talanx.com Marcus Sander, CFA Phone: marcus.sander@talanx.com Wiebke Erler Phone: wiebke.erler@talanx.com Christian Marx Phone: christian.marx@talanx.com 25
26 Disclaimer This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG (the "Company") or cited from third-party sources. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond the Company s control, affect the Company s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of the Company may vary materially from those expressed or implied as being expected, anticipated, intended, planned, believed, sought, estimated or projected in the relevant forward-looking statement. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does the Company accept any responsibility for the actual occurrence of the forecasted developments. The Company neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. Presentations of the company usually contain supplemental financial measures (e.g., return on investment, return on equity, gross/net combined ratios, solvency ratios) which the Company believes to be useful performance measures but which are not recognised as measures under International Financial Reporting Standards, as adopted by the European Union ("IFRS"). Therefore, such measures should be viewed as supplemental to, but not as substitute for, balance sheet, statement of income or cash flow statement data determined in accordance with IFRS. Since not all companies define such measures in the same way, the respective measures may not be comparable to similarly-titled measures used by other companies. This presentation is dated as of 13 November Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is being delivered in conjunction with an oral presentation by the Company and should not be taken out of context. 26
Goldman Sachs European Financials Conference. Dr Immo Querner, CFO Madrid, 10 June 2014
Goldman Sachs European Financials Conference Dr Immo Querner, CFO Madrid, 0 June 04 Talanx - Key Investment Highlights Global insurance group with leading market positions and strong German roots Leading
More informationDr. Kalliwoda Capital Markets Conference. Marcus Sander, IR Warsaw, 15 January 2015
Dr. Kalliwoda Capital Markets Conference Marcus Sander, IR Warsaw, 5 January 205 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g. Free float V.a.G. German
More informationMorgan Stanley European Financials Conference. Herbert K. Haas 24 March 2015
Morgan Stanley European Financials Conference Herbert K. Haas 24 March 205 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g. Free float V.a.G. German
More informationDeutsche Bank German, Swiss & Austrian Conference. Dr. Immo Querner 18 June 2015
Deutsche Bank German, Swiss & Austrian Conference Dr. Immo Querner 8 June 205 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g. Free float V.a.G. German
More informationRoadshow Munich / Edinburgh / Dublin. Herbert K. Haas, CEO 8-10 July 2013
Roadshow Munich / Edinburgh / Dublin Herbert K. Haas, CEO 8-0 July 03 Talanx the new kid on the block Where are we coming from? Where do we stand today? 3 What is special about us and what makes us different
More informationResults Presentation 6M August Dr. Immo Querner, CFO
Results Presentation 6M 2014 14 August 2014 Dr. Immo Querner, CFO Agenda I II III IV Group Highlights Segments Investments / Capital Outlook Appendix Mid-term Target Matrix 6M 2014 Additional Information
More informationRoadshow Vienna. Carsten Werle, IR Marcus Sander, IR Vienna, 26 November 2013
Roadshow Vienna Carsten Werle, IR Marcus Sander, IR Vienna, 6 November 03 Talanx Strong roots, dynamic growth Where are we coming from? Where do we stand today? 3 What is special about us and what makes
More information6M 2017 Results 14 August Herbert K. Haas, CEO Dr. Immo Querner, CFO
2017 Results 14 August 2017 Herbert K. Haas, CEO Dr. Immo Querner, CFO Key essentials: 2017 results significantly up triggering the increase in FY Outlook 2017 Group net income up 15% y/y to EUR 463m all
More informationInvestor Presentation January 2016
Investor Presentation January 206 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g. Free float 2.0% Industrial Lines Retail Germany V.a.G. 79.0% German
More information6M 2018 Results 13 August Torsten Leue, CEO Dr. Immo Querner, CFO
2018 Results 13 August 2018 Torsten Leue, CEO Dr. Immo Querner, CFO Talanx well on track to achieve Group net income Outlook of ~EUR 850m Strong EBIT growth supported by the Group s improved combined ratio
More informationQ Results 11 May Torsten Leue, CEO Dr. Immo Querner, CFO
2018 Results 11 May 2018 Torsten Leue, CEO Dr. Immo Querner, CFO Overall good underpins FY2018 Group net income Outlook of ~EUR 850m Retail International and Reinsurance with strong start into the new
More information9M 2018 Results 12 November Torsten Leue, CEO Dr. Immo Querner, CFO
2018 Results 12 November 2018 Torsten Leue, CEO Dr. Immo Querner, CFO All segments except Industrial Lines contribute to significantly higher operating result EBIT (+33%) and Group net income (+10%) well
More informationResults Presentation FY March Herbert K. Haas, CEO Dr. Immo Querner, CFO
Results Presentation FY2013 24 March 2014 Herbert K. Haas, CEO Dr. Immo Querner, CFO Agenda I Group Highlights II Segments III Investments / Capital IV Outlook Appendix 2 I FY2013 Robust results Talanx
More informationRoadshow Zurich. Herbert K. Haas, CEO Talanx AG Torsten Leue, CEO Talanx International AG 11 February 2016
Roadshow Zurich Herbert K. Haas, CEO Talanx AG Torsten Leue, CEO Talanx International AG February 206 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g.
More informationRoadshow Vienna. Marcus Sander, CFA, Senior Investor Relations Manager 6 September 2017
Roadshow Vienna Marcus Sander, CFA, Senior Investor Relations Manager 6 September 2017 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g. German Mittelstand
More informationBerenberg Goldman Sachs German Corporate Conference
Berenberg Goldman Sachs German Corporate Conference Dr. Immo Querner, CFO Munich, 9 September 206 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g. Free
More informationTalanx Strategy Frankfurt, 23 October Torsten Leue, CEO
Talanx Strategy Frankfurt, 23 October 2018 Torsten Leue, CEO Key messages We commit to an increased RoE of 800 bps above risk-free an annual EPS-growth 5% on average 35% to 45 % payout of IFRS earnings
More informationABN AMRO Insurance meets Capital
ABN AMRO Insurance meets Capital Alik Hertel, Head of Group Treasury Marcus Sander, Senior Investor Relations Manager Amsterdam, 9 April 207 Founded as a lead insurer by German corporates Group structure
More informationQ Results 11 May Torsten Leue, CEO Dr. Immo Querner, CFO
2018 Results 11 May 2018 Torsten Leue, CEO Dr. Immo Querner, CFO Overall good underpins FY2018 Group net income Outlook of ~EUR 850m Retail International and Reinsurance with strong start into the new
More informationInvestor Conferences. Dr Immo Querner, CFO Munich, 24/25 September 2018
Investor Conferences Dr Immo Querner, CFO Munich, 24/25 September 2018 Founded as a lead insurer by German corporates Group structure Large German corporates, e.g. Free float 21.0% 1 Industrial Lines Retail
More informationTalanx increases its net income for the first half of the year and raises its outlook
Talanx increases its net income for the first half of the year and raises its outlook Gross written premiums increase by 6.9 percent to EUR 17.6 (16.4) billion Net return on investment at 3.7 percent Low
More informationResults Presentation Q May Herbert K. Haas, CEO Dr. Immo Querner, CFO
Results Presentation Q1 2014 15 May 2014 Herbert K. Haas, CEO Dr. Immo Querner, CFO Agenda I II III IV V Group Highlights Segments Investments / Capital Essentials Risk Management Reports 2013 Outlook
More informationInvestor Presentation July 2017
Investor Presentation July 207 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g. Free float 2.0% Industrial Lines Retail Germany (P/C and Life) V.a.G.
More informationBank of America Merrill Lynch Conference. Herbert K. Haas, CEO / Torsten Leue, CEO Talanx International London, 26 September 2017
Bank of America Merrill Lynch Conference Herbert K. Haas, CEO / Torsten Leue, CEO Talanx International London, 26 September 2017 Founded as a lead insurer by German corporates Group structure Large German
More informationTalanx achieves nine-month net income of EUR 444 million despite severe impact of natural catastrophes
Talanx achieves nine-month net income of EUR 444 million despite severe impact of natural catastrophes Gross written premiums up by 6.3 percent to EUR 25.2 (23.7) billion Industrial Lines and Property/Casualty
More informationBankhaus Lampe Deutschlandkonferenz
Bankhaus Lampe Deutschlandkonferenz Dr. Immo Querner, CFO 4 April 06 Founded as a lead insurer by German corporates Group structure History Large German corporates, e.g. Free float.0% Industrial Lines
More informationFY2016 Results 20 March Herbert K. Haas, CEO Dr. Immo Querner, CFO
FY206 Results 20 March 207 Herbert K. Haas, CEO Dr. Immo Querner, CFO Agenda I II III IV A Group Highlights Segments Investments / Capital Outlook Appendix Mid-term Target Matrix Additional Information
More information9M 2017 Results 13 November Herbert K. Haas, CEO Dr. Immo Querner, CFO
2017 Results 13 November 2017 Herbert K. Haas, CEO Dr. Immo Querner, CFO Talanx achieves 2017 result of EUR 444m despite very significant NatCat losses 2017 Group net income down by ~30% to 444m - Industrial
More informationRoadshow. Alik Hertel, Head of Group Treasury Marcus Sander, Senior Investor Relations Manager London, 5/6 February 2018
Roadshow Alik Hertel, Head of Group Treasury Marcus Sander, Senior Investor Relations Manager London, 5/6 February 2018 Founded as a lead insurer by German corporates Group structure Large German corporates,
More informationABN AMRO Insurance meets Capital
ABN AMRO Insurance meets Capital Marcus Sander, CFA, Senior Investor Relations Manager Stefan Söchtig, Group Treasury Manager 3 April 06 Founded as a lead insurer by German corporates Group structure History
More informationFY2017 Results 19 March Herbert K. Haas, CEO Dr. Immo Querner, CFO
2017 Results 19 March 2018 Herbert K. Haas, CEO Dr. Immo Querner, CFO Talanx with very satisfying 2017 Group results given the significant NatCat losses dividend increase proposed 2017 Group net income
More informationUniCredit Kepler Cheuvreux German Corporate Conference. Dr. Immo Querner, CFO Frankfurt, 16 January 2018
UniCredit Kepler Cheuvreux German Corporate Conference Dr. Immo Querner, CFO Frankfurt, 16 January 2018 Founded as a lead insurer by German corporates Group structure Large German corporates, e.g. Free
More informationConference Call on Interim Report 3/2017
Conference Call on Interim Report 3/2017 Hannover, 8 November 2017 Q3 losses absorbed within quarterly earnings Positive Q3 result supported by sale of listed equities Group Gross written premium: EUR
More informationConference Call on Q1/2018 results
Conference Call on Q1/2018 results Hannover, 7 May 2018 Favourable start to 2018 EBIT increase of +8.5% outperforms NPE growth GWP 4,547 in m. NPE in m. EBIT in m. Group net income in m. 5,345 +17.6% 3,738
More informationABN Amro Insurance meets Capital. Alik Hertel, Head of Group Treasury Marcus Sander, Senior Investor Relations Manager Amsterdam, 22 March 2018
ABN Amro Insurance meets Capital Alik Hertel, Head of Group Treasury Marcus Sander, Senior Investor Relations Manager Amsterdam, 22 March 2018 Founded as a lead insurer by German corporates Group structure
More informationTalanx satisfied with the first quarter
Talanx satisfied with the first quarter Gross written premium after three months: EUR 8.4 (8.5) billion EBIT: EUR 509 (530) million Good Group net income of EUR 192 (208) million Outlook for the full year
More informationConference Call on Half-yearly Report 2016
Conference Call on Half-yearly Report 2016 Hannover, 4 August 2016 Half-year results in line with full-year targets...... but Q2/2016 performance weaker than previous quarters Group Gross written premium:
More informationTalanx announces strong nine-month results
Talanx announces strong nine-month results Operating profit (EBIT) up around 83 percent to EUR 1.3 billion Almost all segments deliver double-digit growth in gross premium Investment income significantly
More informationPress Conference. Annual Results Hannover, 7 March 2019
Press Conference Annual Results 2018 Hannover, 7 March 2019 Agenda 1 2 3 4 5 6 7 Group overview Property & Casualty reinsurance Life & Health reinsurance Investments Solvency II reporting as at 31 December
More informationQ Results 15 May Herbert K. Haas, CEO Dr. Immo Querner, CFO
Q1 2017 Results 15 May 2017 Herbert K. Haas, CEO Dr. Immo Querner, CFO Agenda I II III IV A Group Highlights Segments Investments / Capital Outlook Appendix Mid-term Target Matrix Additional Information
More informationWelcome to Hannover Re's Analysts' Conference. Annual Results 2017
Welcome to Hannover Re's Analysts' Conference Annual Results 2017 Frankfurt, 13 March 2018 Satisfactory result despite exceptionally high NatCat losses RoE at 10.9% exceeds target GWP 16,354 in m. NPE
More informationHannover Re's Analysts' Conference
Hannover Re's Analysts' Conference Annual Results 2018 London, 7 March 2019 Agenda 1 2 3 4 5 6 7 Group overview Property & Casualty reinsurance Life & Health reinsurance Investments Solvency II reporting
More informationPerformance and Results
018 Performance and Results Quarterly Statement as at 31 March 2018 THE TALANX GROUP AT A GLANCE Group key figures Unit 2018 2017 +/ 2018 to 2017 Gross written premiums 10,560 9,752 +8.3 by region Germany
More informationQuarterly statement as at 31 March 2017
http://www.presentationworks.de Image: Getty Images/fStop 9 May 2017 Jörg Schneider Agenda 1 Munich Re (Group) 2 3 Reinsurance 12 2 ERGO 8 4 Outlook 17 2 Munich Re (Group) Financial highlights Q1 2017
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 information1 Jan 2018 Property & Casualty Treaty Renewals. and guidance update 2017 and 2018
Property & Casualty Treaty Renewals and guidance update 2017 and 2018 Renewals Conference Call Hannover, 7 February 2018 Reinsurance markets Our results Our portfolio Structured reinsurance Outlook 2018
More informationStrategic positioning in a competitive market
Strategic positioning in a competitive market Initiatives for long-term success Ulrich Wallin, Chief Executive Officer 18th International Investors' Day Frankfurt, 14 October 2015 Property & Casualty reinsurance
More informationQuarterly statement as at 31 March 2018
http://www.presentationworks.de Image: Getty Images/Oaltindag 8 May 2018 Jörg Schneider Agenda 1 Munich Re (Group) 2 4 Outlook 20 2 ERGO 7 5 Backup 22 3 Reinsurance 13 2 Munich Re (Group) Financial highlights
More informationWelcome to Hannover Re's Analysts' Conference
Welcome to Hannover Re's Analysts' Conference Frankfurt/London, 15 March 2012 Group Non-life reinsurance Life and health reinsurance Investments Outlook 2012 Appendix Strong financial performance with
More informationQuarterly statement as at 30 September 2017
Image: Getty Images/fStop 9 November Agenda 1 Munich Re (Group) 2 3 Reinsurance 11 2 ERGO 7 4 Outlook 15 2 Munich Re (Group) Financial highlights Nat cats dominate Capitalisation remains strong Munich
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 Report 2011
Zurich Financial Services Group Half Year Report 2011 Report for the six months to June 30, 2011 About Zurich Zurich is one of the world s largest insurance groups, and one of the few to operate on a truly
More informationQuarterly statement as at 31 March 2018
http://www.presentationworks.de Image: Getty Images/Oaltindag 8 May 2018 Jörg Schneider Agenda 1 Munich Re (Group) 2 3 Reinsurance 11 2 ERGO 7 4 Outlook 16 2 Munich Re (Group) Financial highlights Q1 2018
More informationperformance and results
018 performance and results Quarterly Statement as at 30 September 2018 The Talanx Group at a glance Group key figures unit 6M 2018 Q3 2018 2018 6M 2017 Q3 2017 2017 +/ % 2018 v. 2017 Gross written premiums
More informationAXA Paul Evans CEO AXA Global Life, Savings & Health and AXA Global Asset Management
AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 Paul Evans CEO AXA Global Life, Savings & Health and AXA Global Asset Management Certain statements contained herein may be forward-looking
More informationHannover Re - growth opportunities despite the crisis? Ulrich Wallin Chief Executive Officer
Hannover Re - growth opportunities despite the crisis? Ulrich Wallin Chief Executive Officer Commerzbank, German Investment Seminar New York, 1 January 212 HR Group Diversification Cycle mgmt. non-life
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 informationAXA s operations in Northern, Central & Eastern Europe. Alfred Bouckaert, Member of AXA s Management Board. Cheuvreux Conference January 10, 2008
AXA s operations in Northern, Central & Eastern Europe Alfred Bouckaert, Member of AXA s Management Board Cheuvreux Conference January 10, 2008 Cheuvreux Conference January 10, 2007 2 Cautionary statements
More informationProperty & Casualty: Accelerating Profitable Growth
Investor Day December 4, 2013 Property & Casualty: Accelerating Profitable Growth Jean-Laurent Granier CEO, AXA Global P&C Cautionary note concerning forward-looking statements Certain statements contained
More informationAllianz Re. Company Presentation. May Understanding Risk Creating Value
Allianz Re Company Presentation May 2015 Understanding Risk Creating Value Content 1 Allianz Group 2 Our company 3 Our financial results 4 Our people 5 Our solutions & services 6 Our global presence 2
More informationOperating and financial review Zurich Financial Services Group Half Year Report 2011
Operating and financial review 2011 Half Year Report 2011 2 Half Year Report 2011 Operating and financial review The information contained within the Operating and financial review is unaudited. This document
More informationCommerzbank German Investment Seminar. Torsten Leue, CEO New York, 15 January 2019
Commerzbank German Investment Seminar Torsten Leue, CEO New York, 15 January 2019 Agenda I I CMD: Group Strategy CMD: Group Financials 2018 results 2 CMD: Group Strategy I A team of entrepreneurs who see
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 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 informationGroup financial results 1Q 2014
Group financial results 1Q 2014 Dieter Wemmer Chief Financial Officer Journalists conference call May 14, 2014 1 Group financial results 1Q 2014 1 Highlights 2 Additional information a) Group b) Property-Casualty
More informationAon Risk Solution Seminar -AGCS perspective. Axel Theis, CEO Allianz Global Corporate & Specialty September 16, 2010
Aon Risk Solution Seminar -AGCS perspective Axel Theis, CEO Allianz Global Corporate & Specialty September 16, 010 Content 1 Corporate & Specialty Market: Snapshot and Outlook 3 What drives the outlook
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 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 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 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 informationMunich Re Group. Quarterly financial statements as at Changing Gear A first interim status report. Media conference
Munich Re Group Quarterly financial statements as at 30.6.2007 A first interim status report Media conference Lothar Meyer Jörg Schneider 6 August 2007 Agenda 3 10 years of ERGO Excellently positioned
More informationProperty & Casualty workshop
Property & Casualty workshop François Pierson, Head of P&C global business line Philippe Egger, CEO of AXA Winterthur Stéphane Guinet, CEO of AXA Global Direct Cautionary note concerning forward-looking
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 informationMoving forward. Oliver Bäte Member of the Board of Management. Morgan Stanley European Financials Conference London, March 19, 2013
Moving forward Oliver Bäte Member of the Board of Management Morgan Stanley European Financials Conference London, March 19, 2013 1 Moving forward 1 2012 results review 2 Strategic priorities in Europe
More informationPreliminary key figures 2017 and January renewals
Image: Getty Images/fStop 6 February 2018 Jörg Schneider Munich Re (Group) Financial highlights 2017 Dividend stable at 8.60 per share 1, despite nat cat losses Price and volume increase in January renewals
More informationAviva Preliminary Results Athletics pictures
Aviva Preliminary Results 2011 Athletics pictures Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company or Aviva ) with the United States
More informationPress Release 06 November 2013 N
(p.1/6) SCOR delivers a strong performance for the first nine months of 2013, recording net income of EUR 302 million In the first nine months of 2013, SCOR records strong results and good progress towards
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 information1 Jan 2016 Property & Casualty Treaty Renewals
Property & Casualty Treaty Renewals Hannover, 3 February 2016 R/I markets Our results Our portfolio Outlook Appendix Important note Unless otherwise stated, the renewals part of the presentation is based
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 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 informationGroup financial results for the first nine months 2003
Group financial results for the first nine months 2003 Helmut Perlet, Chief Financial Officer Analysts Conference Call November 14, 2003 The first nine months 2003 Key developments Substantial progress
More informationHDI Global SE improves underwriting result
HDI Global SE improves underwriting result Gross written premiums at EUR 4.3 (2015: 4.3) billion EBIT rises by 42 percent to EUR 296 (208) million Group net income increases by 86 percent to EUR 236 (127)
More informationCONTENTS. Property and Casualty Insurance 4. Life and Health Insurance 6. Banking 9. Asset Management 11 OVERVIEW 2 SEGMENT REPORTING 4 OUTLOOK 12
Interim Report 1. Quarter of 2002 ALLIANZ GROUP 1 CONTENTS OVERVIEW 2 SEGMENT REPORTING 4 Property and Casualty Insurance 4 Life and Health Insurance 6 Banking 9 Asset Management 11 OUTLOOK 12 CONSOLIDATED
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 informationGoldman Sachs 18 th Annual European Financials Conference. Edouard Schmid, Head Property & Specialty Reinsurance Madrid, 10 June 2014
Goldman Sachs 18 th Annual European Financials Conference Edouard Schmid, Head Property & Specialty Reinsurance Madrid, 10 June 2014 Agenda Introduction to Swiss Re Differentiation through knowledge Protection
More informationPreliminary financial statements as at 31 December 2016
plainpicture/fstop/ralf Hiemisch 7 February 2017 Jörg Schneider Munich Re (Group) Financial highlights 2016 2016 net result of 2.6bn meets annual guidance Increased dividend of 8.60 per share 1 Munich
More informationDeutsche Bank - Swiss Equities Conference Martin Strobel, Group CEO
Deutsche Bank - Swiss Equities Conference Martin Strobel, Group CEO Zurich,13 May 2009 Making you safer. www.baloise.com The Baloise Group Strong Diversification of Business Volume and EBIT Belgium Life:
More informationRisk, Return & Growth: Getting the Balance Right
Richard Harvey, Group Chief Executive 4 October 2006 Risk, Return & Growth: Getting the Balance Right Disclaimer This presentation may contain forward-looking statements with respect to certain of Aviva
More informationAllianz Group Financial information as of 31 March 2018
Allianz Group Financial information as of 31 March 2018 Reporting by business segments and quarters (starting from 1Q 2017) Consolidated Balance Sheets Asset allocation Allianz Group overview Property-Casualty
More informationRichard Harvey Group Chief Executive
Richard Harvey Group Chief Executive Opportunities in Uncertain Times UBS Warburg Conference 25 April 2002 Disclaimer This presentation may contain certain forward-looking statements with respect to certain
More informationRising dividend after good result Preliminary financial statements as at 31 December 2014
Rising dividend after good result 5 February 205 Jörg Schneider Munich Re (Group) Financial highlights Q4 204 Good annual profit of 3.2bn Dividend increasing to 7.75 per share Munich Re (Group) Q4 204
More informationMoving forward. Michael Diekmann Chief Executive Officer. BoA Merrill Lynch Banking and Insurance CEO Conference London, September 2013
Moving forward Michael Diekmann Chief Executive Officer BoA Merrill Lynch Banking and Insurance CEO Conference London, September 2013 Agenda 1 Allianz at a glance 2 Key topics 2.1 Interest rates 2.2 Capital
More informationReport for the six months to June 30, 2012
Zurich Insurance Group Half Year Report 2012 Report for the six months to June 30, 2012 About Zurich Zurich is a leading multi-line insurance provider with a global network of subsidiaries and offices.
More informationCreating value through reinsurance
Creating value through reinsurance Strategy cycle 2018-2020 Ulrich Wallin, Chief Executive Officer 20th International Investors' Day Frankfurt, 19 October 2017 HR improved market position to No. 4 in P&C
More informationAllianz Global Corporate & Specialty
Allianz Global Corporate & Specialty Company presentation January 2012 Allianz An Introduction Allianz Group is one of the world s leading insurers and financial services providers Founded in 1890 in Berlin,
More informationUnderstanding RISK Creating VALUE
Understanding RISK Creating VALUE Allianz Reinsurance Facts & Figures March 2018 Copyright Allianz CONTENT 01 ALLIANZ GROUP 05 OUR SOLUTIONS & SERVICES 02 OUR COMPANY 06 OUR GLOBAL PRESENCE 03 OUR FINANCIAL
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 informationThomas Buberl Group CEO, AXA. Bank of America Merrill Lynch Conference London September 27, 2018
Thomas Buberl Group CEO, AXA Bank of America Merrill Lynch Conference London September 27, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements
More information2010 half year results announcement
QBE INSURANCE GROUP 2010 half year results announcement Presented by: Frank O Halloran, CEO QBE Insurance Group Ltd 19 August 2010 Presentation roadmap 1. Group financial results - key messages 2. QBE
More information