Corporate Presentation 3Q16

Transcription

1 Corporate Presentation 3Q16 1

2 Business Fundamentals Outstanding Service Top quality service State of the art technology Nationwide network with 363 offices Experienced management team Specialization Unique Business Model #1 auto insurance company in Mexico with 30.9% of market share Focus on service rather than branding Flexibility to meet each client s needs Decentralization Service offices have independent decision-making Distribution network for costumers service Cost Control Strict Cost Control Policy Costs Indicators' Program Interests alignment through variable compensation Identification of opportunity areas in each process 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 Compensation to office representatives links sales with claims costs Agents Agents are not exclusive Agents look after the interests of policyholders 3

4 Network 3,391,975 Insured Vehicles 181 Service Offices 193 *ODQs 4,273 Employees 11,896 Agents 982 Claims Officers 1. Mexico 2. United States 3. El Salvador 4. Costa Rica *ODQs: Development Offices Quálitas 4

5 Insured Vehicles *CAGR: 15.0% Business Line 9M16 9M15 % Automobiles 2,323,333 1,852, % Trucks 817, , % Tourists 91,805 89, % Motorcycles 93,550 78, % El Salvador 11,790 16,470 (28.4%) Costa Rica 41,006 22, % USA 12,906 3, % Insured Vehicles 3,391,975 2,726, % *CAGR: Compound Annual Growth Rate 5

6 Written Premiums Sales and Financing of New Cars in Mexico Segment (MM MXN) 3Q16 3Q15 % Premiums Breakdown Individual 1, % 15.8% Fleets 1,740 1, % 22.9% Financial Institutions 4,165 1, % 54.8% Subsidiaries % 4.8% Other (15.8%) 1.7% Total 7,598 4, % 100.0% 3Q16 3Q15 Source: AMDA 6

7 Financial Highlights (MM MXN) 3Q16 3Q15 % 9M16 9M15 % Written Premium 7,598 4, % 20,958 13, % Net Written Premium 7,598 4, % 20,855 13, % Net Increase of Unearned Premiums Reserve 1, NA 3,883 1, % Earned Premium 6,066 4, % 16,972 12, % Acquisition Cost 1,897 1, % 4,969 3, % Claims Cost 3,875 2, % 10,109 8, % Technical Result % 1, % Operating Expenses (15.8%) % Operating Result % 1, % Investment Income % % Taxes % % Net Result % 1, % Ratios bp bp Claims Ratio 63.9% 70.5% (665) 59.6% 67.6% (803) Acquisition Ratio 25.0% 22.7% % 22.4% 141 Operating Ratio 2.5% 5.0% (256) 3.1% 4.6% (147) Combined Ratio 91.3% 98.3% (694) 86.5% 94.6% (809) NA: Not Applicable 7

8 Market Share and Growth Market Penetration in Mexico Market Share Q Cumulative Growth 400% 350% 300% 250% 200% 150% 100% 50% Q 16.5% Market 7.8% Market without Q *CAGR (%) 5.5% Source: INEGI, AMIS *CAGR: Compound Annual Growth Rate 0% M16 8

9 Market Share M16 Quálitas G.N.P AXA Seguros ABA Mapfre México Other Bank-owned Total Market Source: AMIS 9

10 Auto Insurance Industry Company Written Premiums Claims/Written Market Share 9M16 9M15 % Premiums 9M16 9M15 Quálitas 19,945 13, % 25.0% G.N.P. 7,996 7, % 13.6% AXA Seguros 6,979 6, % 11.8% ABA 4,269 3, % 7.3% Banorte 3,851 3, % 6.3% Top 5 43,039 34, % 64.1% Mapfre México 3,436 3, % 6.2% BBVA Bancomer 3,122 2, % 5.0% Inbursa 3,095 3, % 5.6% HDI Seguros 2,889 2, % 5.0% Zurich Daños 2,005 1, % 3.5% Atlas 1,457 1, % 2.3% Afirme 1, % 1.3% General de Seguros (7.6) % 1.8% ANA % 1.1% Royal & Sunalliance % 0.8% Medium 19,110 17, % 32.5% Other 2,380 1, % 3.4% Total Market 64,530 54, % 100.0% Market without Q growth: 10% Source: AMIS Figures in million pesos. Q MX figures 10

11 Operating Result Automobile Segment * Total Total Quálitas (221) (76) (95) 47 1,517 Quálitas 1,517 G.N.P. (499) (668) (371) (373) (27) (87) (221) (2,246) Other (6,699) AXA Seguros (892) 82 (132) 173 (594) (453) (651) (2,468) Bank-owned 10,963 ABA (170) (200) (79) 818 Total 5,781 Mapfre México 74 (133) (22) 69 3 (14) (170) (193) Top 5 (1,708) (995) 305 1, (517) (1,075) (2,572) HDI Seguros (20) (43) (47) (22) (46) (36) (276) (490) Zurich Daños 116 (238) (92) 45 (108) (174) (379) (830) Atlas (6) 889 General de Seguros 3 (22) (33) (277) (291) ANA (23) (3) 6 (2) (2) (43) (30) (97) Royal & Sunalliance (76) (164) (104) (84) (132) (189) (155) (904) Medium 121 (374) (65) 165 (78) (370) (1,123) (1,724) Other (117) (234) (60) 108 (11) (225) (347) (885) Bank-owned ,590 2,114 2,410 2,089 1,436 10,963 Total Market (1,228) (754) 1,771 3,570 2, (1,109) 5,781 Source: AMIS Figures in million pesos. Q MX figures *During 2012 Q MX recorded a 94 million benefit due to the change in the booking of policy fees 11

12 Operating Result All Business Lines Total Total Quálitas (220) (75) (93) 48 1,523 Quálitas 1,523 G.N.P. (2,050) (1,906) (2,112) (2,508) (2,469) (3,405) (3,553) (18,002) Other (29,481) AXA Seguros (3,008) (1,560) (1,906) (1,223) (2,498) (1,951) (2,303) (14,449) Total (27,958) ABA (106) (150) ,255 Mapfre México (154) (247) (1) (79) (495) (891) Top 5 (5,538) (3,938) (3,062) (2,268) (4,007) (5,457) (6,293) (30,564) HDI Seguros (49) (40) (37) (10) 12 (62) (166) (353) Zurich Daños 19 (437) (109) (165) (485) (420) (742) (2,339) Atlas (10) (129) 407 General de Seguros 66 (5) (126) (83) (317) (380) ANA (23) (3) 6 (2) (2) (43) (30) (97) Royal & Sunalliance (220) (250) (188) (179) (197) (154) (136) (1,323) Medium (40) (711) (231) (281) (529) (772) (1,520) (4,084) Other (1,038) (2,538) 347 (470) 3,261 3,992 3,134 6,690 Total Market (6,616) (7,186) (2,947) (3,019) (1,275) (2,237) (4,678) (27,958) Source: AMIS Figures in million pesos. Q MX figures 12

13 Net Result Automobile Segment Total Total Quálitas , ,844 Quálitas 4,844 G.N.P. (10) (209) Other 8,191 AXA Seguros (372) (163) 1,153 Bank-owned 16,215 ABA ,742 Total 29,250 Mapfre México 179 (3) (50) 592 Top ,249 2,980 2,194 1, ,836 HDI Seguros Zurich Daños 182 (76) (165) 367 Atlas ,107 General de Seguros (40) 519 ANA (16) Royal & Sunalliance (55) (128) (55) (16) (67) (111) (57) (490) Medium (156) 2,034 Other 35 (76) (90) (212) 165 Bank-owned 1,429 1,701 2,198 2,903 3,237 2,628 2,121 16,215 Total Market 1,952 2,479 4,869 6,866 6,011 4,506 2,566 29,250 Source: AMIS Figures in million pesos. Q MX figures 13

14 Net Result All Business Lines Total Total Quálitas , ,895 Quálitas 4,895 G.N.P. 1, ,238 Other 118,169 AXA Seguros (328) ,828 Total 123,063 ABA ,047 Mapfre México (110) 1,066 Top 5 2,179 1,553 3,000 3,593 2,423 1,988 1,339 16,074 HDI Seguros Zurich Daños 156 (208) (174) (173) (487) (781) Atlas ,915 General de Seguros ,454 ANA (16) Royal & Sunalliance (211) (221) (147) (103) (95) (9) 1 (786) Medium ,568 Other 10,324 10,774 13,686 15,648 17,141 19,729 17, ,421 Total Market 13,232 12,389 16,993 20,082 19,839 22,010 18, ,063 Source: AMIS Figures in million pesos. Q MX figures 14

15 Q MX and Industry Cost Ratios Acquisition Claims Operating Combined Source: AMIS 15

16 Q Cost Ratios 3Q16 Acquisition Claims Operating Combined 16

17 Investment Income Portfolio by Type of Issuer Portfolio by Risk Type Return on Investments Day Treasury issued by Mexican Federal Government 17

18 Investment Income Return on Equities Equities 2 Naftrac yield + dividends (MM MXN) 3Q16 9M16 Gain from Equities Average Portfolio 3,688 3,407 Annualized Yield 16.1% 9.1% Naftrac Yield 11.7% 12.9% 2 IRT Yield 12.7% 15.0% 18

19 Profitability LTM ROE Cash and Investments per Share** *CAGR: 20.8% Dividend Payments** $0.40 $0.50 $1.50 Equity $0.50 $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 6,043 1 Equity Growth Dividend Payment Wealth Growth Variations relative to 2010 figures 19

20 Solvency Margin Analysis Q's solvency margin was $2,419 and the solvency margin ratio was 83.7% (MM MXN) Regulatory Capital Requirement Solvency Margin Solvency Margin Ratio Dividend Policy Q Mexico 2,456 2, % Q El Salvador % Q Costa Rica % Q USA % Total 2,890 2,337 Q Cash 82 Q 2,890 2, % Q aims to maintain a minimum stockholders equity of 1.5 times the regulatory capital requirement. Between 50% and 90% of the surplus will be distributed as a dividend, depending on the Company s capital requirements for future projects. Regulatory Capital Requirement computation differs in the countries where Quálitas has operations. 20

21 Analysts Institution Analyst Actinver Enrique Mendoza BBVA Research Germán Velasco Grupo Bursátil Mexicano Luis Willard Interacciones Roberto Navarro Nau Securities Iñigo Vega Signum Research Armando Rodríguez Ve por Más Verónica Uribe IR Contacts Mariana Fernández T: mfernandez@qualitas.com.mx Elba Salcedo T: esalcedo@qualitas.com.mx 21