Financial Targets & Strategic Priorities
|
|
- Wesley Morgan
- 5 years ago
- Views:
Transcription
1 Financial Targets & Strategic Priorities A G E A S I N V E S T O R D AY 6 TH O F J U N E I LISBON PORTUGAL
2 Ageas... Continuing the growth journey
3 FY 2015 FY 2016 Insurance excl. UG/L without Hong Kong 11.0% 11.8% 10.6% 8.1% Status Ambition bps 36 bps 93 bps 25 bps Targets 96.9% 101.1% Insurance 182% 179% I 3 I
4 Inflows FAQ s clustered around Net Profit Solvency II & FCG 5 Themes Dividend & Use of Net Cash Strategy & M&A I 4 I
5 Continuing the growth journey Inflows I 5 I
6 Sustainability of Belgian Life inflows? Inflows FAQ s Growth potential in Non-Life in European core countries? Inflow growth in Asia over time? Evolution distribution channel mix going forward? I 6 I
7 Belgium CAGR +13% Inflows Consistent inflow growth UK (excl. UK Life) Continental Europe Asia (excl. HK) Reinsurance 21,269 17,220 11,420 9,340 7,436 5,805 31,654 29,792 25,781 23,220 in EUR mio 17,774 15, ,849 1,983 4,272 2,143 5,048 2,284 5,489 2,398 5,157 2,457 5,429 2,203 6,179 6,886 5,956 5,856 5,679 6, I 7 I
8 Insurance Business Mix Europe Business Mix Asia Business Mix Inflows Different profiles Europe vs. Asia Life (excl. UK Life & HK) Non-Life in EUR mio 16,816 20,737 5,680 22,628 5,861 25,163 6,047 29,234 6,299 31,471 6,285 CAGR +13% +5% Life (excl. UK) Non-Life in EUR mio 11,011 4,284 13,301 13,288 4,928 5,095 13,743 5,225 13,293 5,386 13,696 5,392 CAGR +4% +5% Life (excl. HK) Non-Life in EUR mio 5,805 7, , , , ,028 17, ,881 CAGR +25% +8% +27% 4,891 11,924 15,057 16,767 19,116 22,936 25, % 6,727 8,373 8,193 8,518 7,908 8,304 +4% 607 5,197 6,684 8,574 10, I 8 I
9 Life Inflows Belgium & Continental Europe Guaranteed Inflows Belgium & Continental Europe Unit-Linked Inflows Belgium & Continental Europe Inflows Guaranteed Unit-Linked in EUR mio Belgium Continental Europe in EUR mio Belgium Continental Europe in EUR mio European Savings market remains guaranteed driven 6,727 1,771 6, ,956 5,174 5,941 5,677 5,812 6,085 1,510 1,029 1,198 1,325 4,431 4,648 4,614 4,760 4, ,265 5, ,647 4, ,095 4,648 4,614 1,306 3,541 3,553 3,308 4, ,779 1,771 1, , , ,198 1, I 9 I
10 Inflows Asia Life Inflows Business Mix Asia Life Technical Underlying* Asian Life market growth driven by profitable renewal & regular premiums Single Regular Renewal in EUR mio CAGR China Other Asia in EUR mio 49,541 CAGR +21% 15,585 17, % 42,303 12, % Growing Technical Liabilities support sustainable profit growth 5,551 2,919 1,035 1,597 7,131 3,963 1,210 1,958 9,058 4,622 1,603 2,833 11,079 5,575 2,284 3,220 8,691 3,207 3,687 9,501 3,823 3, % +30% +19% 19,034 6,857 12,177 22,553 8,067 14,486 25,953 8,009 17,944 34,852 10,052 24,800 10,934 31,369 36, % *Excl. Hong Kong I 10 I
11 Non-Life Net Earned Premiums Belgium, UK & Continental Europe Motor Household Accident & Health Other lines Inflows in EUR mio European Non-Life business mix stable over time mostly driven by Motor & Household 3, , ,007 3,749 3, ,029 4,038 4, ,078 1,067 25% 9% % 26% 10% % 1,571 2,058 1,557 1,616 1,709 1,790 45% 44% I 11 I 2012 inflow not restated for deconsolidation Tesco Underwriting since 2013
12 Belgium Life Inflows Distribution Mix Belgium Non-Life Inflows Distribution Mix Inflows Bank Broker Employee Benefits 26% Bank Broker Employee Benefits 14% 16% Belgian Life business bank driven Non-Life business broker driven % 20% 70% I 12 I
13 CEU Consolidated CEU Consolidated UK Life Inflows Non-Life Inflows Non-Life Inflows Distribution Mix Distribution Mix Distribution Mix Inflows Bancassurance Brokers Agents Direct Affinity Bancassurance Brokers Agents Direct Affinity Brokers Partnerships Direct European Life business bank driven Non-Life business broker driven 18% 4% 4% 2% 7% 6% 13% 10% % 23% % % 77% I 13 I
14 Asia Life Distribution Mix Agency Banca Other Agency Banca Other Inflows 9% 5% Growing importance of Agency channel in distribution mix % 42% % 52% I 14 I
15 Belgian Life inflows remain strong despite current low i-rate environment Inflows Conclusion Non-Life driven by organic & inorganic growth Growth in Asia driven by focus on regular premiums Distribution mix stable with growing importance of agency channel in Asia I 15 I
16 Continuing the growth journey Net Profit I 16 I
17 Underlying net profit going forward? Impact continued low i-rate environment? Net Profit FAQ s Recurring level of holding costs? Sustainable level of net capital gains? Sustainable level of operating margin & combined ratio? I 17 I
18 Belgium Insurance Net Profit As reported Belgium Insurance Net Profit Underlying* Net Profit Non-Life Life in EUR mio Robust & stable net profit levels (327) (330) I 18 I * 2011 Corrected for Greek impairments 2016 Corrected for Terrorism events
19 Net Profit Belgium Gross * Realised Capital Gains Fixed Income Real Estate & Other Equities Ageas Gross Unrealised Gains/Losses in EUR bn Steady level of in EUR mio Real Estate unrealized gains despite 8% 33% 19% 22% Equities yearly realisation 11% 61% 36% 66% % 31% 32% 12% I 19 I * Net of tax share before impairments and profit sharing
20 FY 13 FY 14 FY 15 FY 16 Guaranteed interest rate 2.80% 2.71% 2.63% 2.49% Fixed income yield 3.97% 3.84% 3.71% 3.45% Net Profit Life Back book Estimated yield on RE & EQ Total Estimated Yield 0.5% 4.47% 0.5% 4.34% 0.5% 4.21% 0.5% 3.95% Additional yield on real estate & equities estimated at 0.5% Liabilities Guaranteed (EUR bn) Matched portfolio in Belgium Fixed income yield 2.89% 2.11% 1.71% New Money Life & Non-Life Estimated yield on RE & EQ Total Estimated Yield 0.5% 3.39% 0.5% 2.61% 0.5% 2.21% Reinvested amount (EUR bn) I 20 I
21 Back book vs. Fixed Income Investments 50,000 Liabilities guaranteed i-rate Existing bonds Book yield existing bonds Existing guaranteed rates 5% in EUR mio 40,000 4% Net Profit Strategic choice to continue sale of traditional savings 30,000 3% Flexible pricing allows to match customer interest with group objectives products & maintain market share Limited support of new 20,000 2% business by back book 10,000 1% 0 0% I 21 I
22 UK Insurance Net Profit As reported Non-Life Life UK Insurance Net Profit Underlying* in EUR mio Net Profit Restructuring 1 st step to return to previous structural levels of net profit in EUR mio (4) (0) (2) (3) I 22 I (156) *11-16 Excl. Net result UK Life FY 14 corrected for capital gain sale of UK Life FY 16 corrected for Closure Glasgow office, Special risks & Ogden rate review
23 CEU Insurance Net Profit As reported CEU Insurance Net Profit Underlying* Net Profit Life Non-Life in EUR mio 90 in EUR mio 99 CAGR +9% Full contribution from integrated Portuguese activities expected as of % (19) (8) I 23 I * 2011 Corrected for Greek impairments 2016 Corrected for integration costs Ageas Seguros
24 Asia Insurance Net Profit As reported Asia Insurance Net Profit Underlying* Net Profit Non-Life Life in EUR mio in EUR mio Further net profit growth driven by structurally growing technical liabilities & ramp up new countries CAGR +56% +27% +68% (72) (64) I 24 I *11-16 Excl. Net result Hong Kong FY 16 corrected for capital gain sale of Hong Kong
25 Net Profit Corporate Costs As reported Operating Staff & Intercompany Corporate Costs Underlying* in EUR mio Underlying run rate of EUR mio/year in EUR mio 95 Holding costs critically reviewed *2016 corrected for legal fees related to the Fortis settlement & variable remuneration plans I 25 I
26 Insurance Net Profit As reported Insurance Net Profit Underlying Net Profit Underlying Insurance net profit capacity of EUR mio in EUR mio Belgium UK Continental Europe Asia Reinsurance CAGR +7% +56% +9% -9% +3% 86 (327) (8) (64) (313) (156) I 26 I
27 Net Realized Capital Gains Belgium UK Continental Europe Asia Net Profit Average level of realized capital gains per year of EUR mio * 107** in EUR mio * Exceptionally high due to timing difference on Real Estate on top of cap gains on bonds & equities ** Exceptionally high level of capital gains *** Equity impairments in Q *** I 27 I
28 Return on Equity excl. UG/L As reported Return on Equity excl. UG/L Underlying Non-Life Life Net Profit 10.7% 10.4% 11.4% 11.0% 12.3% 11.3% 12.3% 11.8% 11.8% Underlying ROE consistently above 11% 12.1% 12.5% 11.4% 7.7% 10.6% 0.8% 12.1% 12.5% 11.1% 7.7% 11.2% 10.1% 9.6% 11.5% 12.8% 15.5% 12.3% 10.7% 12.9% 14.5% 12.1% I 28 I
29 Belgium Investment margin Underwriting margin Expense & other margin Operating margin Net Profit in bps Operating Margin Guaranteed 32 (29) 32 (31) 30 (38) 25 (27) 29 (34) Group wide discipline to consistently realise Ambition 2018 target Ageas Operating margin CEU Operating margin (33) (31) (39) (23) (36) (85) (83) (102) (71) (65) I 29 I
30 * Expense ratio Net Profit Claims ratio -- PY claims ratio Combined Ratio in % * Underlying excluding 5.6 pp terrorism & UK one-offs Ageas target combined ratio structurally 97% with stable reserve releases (3.5) (3.1) (3.8) (4.0) (5.9) (3.0) I 30 I Underlying
31 Belgium UK CEU Expense ratio Claims ratio -- PY claims ratio * ** Net Profit Underlying business combined ratio segments 100% (7.3) (4.5) (3.6) (3.4) (7.2) (8.2) 0.1 (2.1) (4.0) (4.6) (4.4) 4.5 (2.0) (2.5) (4.0) (4.3) (6.5) (6.5) Underlying Underlying I 31 I * Excluding terrorism events * Excluding exceptional items
32 Solid underlying net profit with sustainable net capital gains A further yield decrease will NOT affect future cash flows thanks to Net Profit Conclusion matched portfolio Despite low i-rate environment stable evolution of the operating margin on back book Underlying holding costs EUR mio a year Strong underlying operational performance expected to continue I 32 I
33 Solvency II & FCG I 33 I
34 Solvency II & FCG What about our 175% insurance target? Will we move to a group target? Predictability of our Solvency II levels? FAQ s Convergence going forward between Solvency II ageas model & Solvency II PIM model? I 34 I
35 Ageas will move to a group target after the completion of the settlement Solvency II ageas is considered economically more appropriate and prudent Solvency II & FCG The 175% Insurance target is a decision of Ageas, not defined by the regulator and hence not restrictive with respect to capital management flexibility Solvency II is inherently volatile, mainly due to basis risk, and as a result so is Free Capital Generation First underlying results suggest a sufficient basis of Free Capital Generation to ensure a sustainable dividend payout I 35 I
36 Continuing the growth journey Dividend & Use of Net Cash I 36 I
37 Dividend & Use of Net Cash FAQ s Future cash upstream pattern : Belgium vs. other segments? Future evolution of annual dividend? What about the dividend policy when Solvency II ageas ratio goes below target? I 37 I
38 Belgium 519 UK Dividend & Use of Net Cash Continental Europe Asia in EUR mio Regular annual upstream of EUR mio/year supported by all segments estimated 2013 Belgium excluding EUR 200 mio capital restructuring 2014 CEU excluding EUR 30 mio France & EUR 61 mio Portugal Capital restructuring EUR 115 mio Portugal M&A I 38 I
39 Total returned to shareholders EUR 4 bn since 09 Dividend & Use of Net Cash Capital Reduction Share Buy Back executed Paid Dividend in EUR mio * Ageas returned 50% of current market cap since I 39 I * Share buy-back programme considered as fully executed
40 Dividend & Use Own Funds in EUR bn of Net Cash Dividend policy remains unchanged even if SII directional target goes below 175% SCR (1.5) (1.4) FY16 3M 17 FY16 3M 17 FY16 3M 17 FY16 3M 17 FY16 3M 17 FY16 3M 17 FY16 3M 17 FY16 3M 17 FY16 3M 17 Belgium UK CEU Reins. Diversification Non-transferable Insurance GA Group Non-EU Non-controlled participations* Solvency IIageas in % 244% 235% 100% 109% 127% 136% 278% 213% 179% 177% 191% 186% 264% 255% I 40 I
41 Continuing the growth journey Strategy & M&A I 41 I
42 Successful execution of Fortis settlement? Strategy & M&A FAQ s What is the likelihood the AG Insurance related put option will be exercised? M&A / Divestment strategy in Europe vs Asia? What is Ageas financial capacity to fund organic & inorganic growth? I 42 I
43 Strategy & M&A Announcement at least 18 months Opt-out period Distribution Fortis Settlement : 2 months 2-4 months 6-9 months 3-6 months 3-12 months decision Amsterdam Court announced on 1. Settlement 14/03/ Pre-hearing 25/08/ Hearing 24/03/ Decision on termination right 16 June 2. Filing 23/05/ Notification & Announcement done 6.Notification & Announcement of Court s binding decision 16/06/ Distribution of compensation I 43 I
44 Description of the 25% AG Insurance put option Strategy Put option part of global agreement between Fortis, Belgian State & BNP Paribas concluded in 2009 BNP Paribas Fortis bank received an unconditional right to sell to Ageas at fair value the acquired 25% + 1 & M&A Put Option AG Insurance share in AG Insurance Exercise period runs from 1 st of January until 30 th of June 2018 Exercise period coincides with potential decision on renewal exclusive distribution agreement between Clarity expected by mid 2018 at the latest AG Insurance & BNP Paribas Fortis bank Accounting methodology Accounting value reflected in the General Account (EUR 1,340 mio as per 30 March 2017) Ageas is using the embedded value of the Life business of AG Insurance and a discounted cash flow model for Non-Life as a basis for the calculation of the Liability I 44 I
45 Distribution agreement renewed Strategy YES NO & M&A Status quo on distribution Put Option AG Insurance YES Ageas full owner of Separation BNP put AG Insurance 4 possible scenarios option exercised Status quo on distribution Unlikely since NO & ownership no strategic logic I 45 I
46 Total Liquid Assets Strategy & M&A Ring-fenced for Settlement Liquid Assets Net Cash in EUR bn Financing in case of a compelling M&A transaction can come out of: Available Net Cash Projected future cash flows Debt issuing capacity Total Financing capacity estimated at EUR bn I 46 I
47 Strategy & M&A Own Funds Debt capacity is a function of regulatory & rating constraints Tier 3 capital linked to DTA AG Insurance 5.25% AG Insurance 3.5% AG Insurance 6.75% Fresh, Euribor +1.35% Tier 1 unrestricted Tier 2/3 combined Max 50% of SCR PIM Restricted Tier 1 Max 20% of Tier 1 Regulatory room EUR 1.3 bn T3 EUR 0.1 bn T2 EUR 0.9 bn RT1 EUR 1.4 bn Own Funds 8, ,250 Leverage EUR 2.3 bn Hybrid Tier 1 classified instruments exceed maximum allowed level of Restricted Tier 1 by EUR 341 mio Regulatory maximum to issue T2/T3 provides EUR 1.3 bn room Maximum leverage (senior and hybrid) should not exceed 50% of Unrestricted Tier 1 (or 33% of total capital; EUR 2.8 bn) from a rating perspective composition Unrestricted Tier 1 IT1 EUR 5.7 bn 5,654 Leverage room is thus more constraining and might reduce (or limit) room to issue debt In case of M&A, leverage may nevertheless temporarily exceed this norm, but has to be brought back via profit retention Rating agencies not only look at leverage expressed as a percentage of total capital, but also look at leverage costs vs EBITDA I 47 I
48 Priority to strengthen positions in existing markets Strategy & M&A M&A Criteria Inorganic Growth Clear preference for Non-Life Further expansion in fast growing emerging markets while: respecting Ageas M&A criteria & overall financial targets continuing to build on a successful partnership model Flexibility for opportunities where Ageas believes its expertise can create growth & improve the business I 48 I
49 I 49 I Conclusion
50 Ageas works towards sustainable value creation Healthy growing and qualitative inflow mix Balanced profit levels with further growth potential Conclusion Solid capital position Steady cash upstreams to fund dividend Additional funding capacity available to fund growth I 50 I
51 We are... A top insurer in Europe and Asia; growing in our existing markets and exploring new opportunities A partner in insurance; with a proven competence in developing strong and dynamic partnerships with leading companies in the local market Experts in insurance; offering Retail and Business customers personalised solutions in Life and Non-Life insurance Organised in a way that allows us to reap the benefits of local autonomy; adding value by sharing group-wide best practices It s a journey, not a destination Evolving as an insurer by constantly investing in relevant skills and capabilities with a strong entrepreneurial culture Well diversified with a balanced portfolio spanning both the mature and growth markets of Europe and Asia I 51 I
6M 2018 RESULTS. Periodical Financial Information
6M 2018 RESULTS Periodical Financial Information Slides used during analyst call 2 Segment information 19 Equity / Solvency 50 Investment portfolio 62 Legal Settlement 67 General Information 74 Important
More informationFY 2018 RESULTS. Periodical Financial Information
FY 2018 RESULTS Periodical Financial Information Slides used during analyst call 2 Segment information 18 Equity / Solvency 48 Investment portfolio 59 Legal Settlement 64 General Information 71 Important
More information9M 2018 RESULTS. Periodical Financial Information
9M 2018 RESULTS Periodical Financial Information Slides used during analyst call 2 Segment information 16 Equity / Solvency 49 Investment portfolio 60 Legal Settlement 65 General Information 72 Important
More informationDebt Investor Presentation FY 2018
Debt Investor Presentation FY 2018 Executive summary Ageas group International insurance group with focus on Europe & Asia Diversified product portfolio with focus on individuals & SME Solid & diversified
More informationAgeas reports Full Year 2016 result
PRESS RELEASE Regulated information Brussels, 15 February 2017-7:30 (CET) Ageas reports Full Year 2016 result Steady growth of Insurance net result due to solid operating performance Fourth quarter net
More informationPeriodical Financial Information FY 2017 RESULTS
Periodical Financial Information FY 2017 RESULTS Table of contents Analyst call 3 Segment information 16 Equity / Solvency/ FCG 49 Investment portfolio 62 Legal Settlement 67 General Information 76 Main
More informationPeriodical Financial Information 9M 2017 RESULTS
Periodical Financial Information 9M 2017 RESULTS Table of contents Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67 Main
More informationAgeas reports Q result. Very strong Insurance results supported by exceptional results in China Solid operating performance across all segments
PRESS RELEASE Regulated information Brussels, 16 May 2018-7:30 (CET) Ageas reports Q1 2018 result Very strong Insurance results supported by exceptional results in China Solid operating performance across
More informationPeriodical Financial Information 6M 2016 RESULTS
Periodical Financial Information 6M 2016 RESULTS Table of contents Slides used during analyst call 3 Insurance Activities 17 Investment portfolio 44 General Account 49 Equity / Solvency 53 Settlement 60
More informationAgeas reports 6M 2018 result. Major milestones reached Operational performance on track
PRESS RELEASE Regulated information Brussels, 8 August 2018-7:30 (CET) Ageas reports 6M 2018 result Major milestones reached Operational performance on track 6M 2018 Net Result Inflows Operating Performance
More informationAgeas reports Full Year 2017 results. Record Insurance net result of EUR 960 million Proposed gross cash dividend of EUR 2.10
PRESS RELEASE Regulated information Brussels, 21 February 2018-7:30 (CET) Ageas reports Full Year 2017 results Record Insurance net result of EUR 960 million Proposed gross cash dividend of EUR 2.10 Full
More information3M 2018 RESULTS. Periodical Financial Information
3M 2018 RESULTS Periodical Financial Information Slides used during analyst call 2 Segment information 17 Equity / Solvency 49 Investment portfolio 59 Legal Settlement 64 General Information 73 Main messages
More informationAgeas reports 9M 2017 result Continued excellent operating performance
PRESS RELEASE Regulated information Brussels, 8 November 2017-7:30 (CET) Ageas reports 9M 2017 result Continued excellent operating performance 9M 2017 Net Result Inflows Operating Performance Balance
More informationAgeas reports 9 month results Positive trend confirmed
PRESS RELEASE Regulated information Brussels, 16 November 2016-7:30 (CET) Ageas reports 9 month results Positive trend confirmed 9 month 2016 Net Result Inflows Operating Performance Balance Sheet Insurance
More informationAgeas reports Full Year 2018 result
PRESS RELEASE Regulated information Brussels, 20 February 2019-7:30 (CET) Ageas reports Full Year 2018 result Strong operating performance Net result affected by equity market evolutions Proposed gross
More informationAgeas reports 9M 2018 result. Solid result Strong sales momentum in Belgium and China Expanding Non-Life presence in growth markets
PRESS RELEASE Regulated information Brussels, 14 November 2018-7:30 (CET) Ageas reports 9M 2018 result Solid result Strong sales momentum in Belgium and China Expanding Non-Life presence in growth markets
More informationImprovement Non-Life operating performance confirmed Group combined ratio at 101.2%, vs %
PRESS RELEASE Brussels/Utrecht, 9 November 2011-7.30 CET Regulated Information First nine months results 2011 Insurance net result affected by financial market turmoil Intrinsic Insurance performance remains
More informationAVIVA Solvency and Financial Condition Report ( SFCR )
AVIVA 2016 Solvency and Financial Condition Report ( SFCR ) 2 Disclaimer Cautionary statements: This should be read in conjunction with the documents distributed by Aviva plc (the Company or Aviva ) through
More informationAgeas Strategy in Portugal
Ageas Strategy in Portugal A G E A S I N V E S T O R D AY 6 TH O F J U N E 2 0 17 I LISBON PORTUGAL Evolution of Ageas presence in Portugal Ocidental : A success story since 2005 Agenda Ageas Seguros :
More informationfor the first six months of 2018
Condensed Consolidated Interim Financial Statements for the first six months of 2018 Brussels, 8 August 2018 002 CONTENTS Developments and results... 3 Developments and results... 4 Ageas Consolidated
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 informationAXA. Henri de Castries Chairman & CEO. October 5, Bank of America Merrill Lynch Annual Banking & Insurance CEO Conference 2011
AXA Henri de Castries Chairman & CEO October 5, 2011 Bank of America Merrill Lynch Annual Banking & Insurance CEO Conference 2011 Cautionary note concerning forward-looking statements Certain statements
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 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 information3Q 2017 Results. The Hague November 9, Helping people achieve a lifetime of financial security
3Q 2017 Results Alex Wynaendts CEO Matt Rider CFO The Hague November 9, 2017 Helping people achieve a lifetime of financial security Highlights of strong 3Q 2017 results Overview 2 Underlying earnings
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 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 informationFull Year 2012 Earnings
Full Year 2012 Earnings February 21, 2013 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited
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 informationMichel Lamie Chief Financial Officer Finance & Solvency II Capital Markets Day June 1, 2017 DELIVERING TOGETHER: BUILDING ON IMPROVED FUNDAMENTALS
Michel Lamie Chief Financial Officer Finance & Solvency II Capital Markets Day June 1, 2017 DELIVERING TOGETHER: BUILDING ON IMPROVED FUNDAMENTALS KEY MESSAGES Operational result 2016 at approximately
More informationBNP Paribas. Fortis Belgium and Luxembourg: a Unique Opportunity to Expand BNP Paribas Pan-European Footprint. 6 October 2008
BNP Paribas Fortis Belgium and Luxembourg: a Unique Opportunity to Expand BNP Paribas Pan-European Footprint 6 October 2008 1 Disclaimer This presentation contains forward-looking statements about BNP
More informationEconomic Value Management 2016 Annual Report. For a resilient future
Economic Value Management 2016 Annual Report For a resilient future Key information Financial highlights For the years ended 31 December USD millions, unless otherwise stated 2015 2016 Change in % Group
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 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 informationContinued solid performance
Continued solid performance Jos Baeten, CEO Chris Figee, CFO Analyst conference call 29 August 2018 Continued solid performance in Solid operating performance Operating result of 382m in line with last
More informationBNP PARIBAS FORTIS 2015 FULL YEAR RESULTS
o Brussels, 4 March 2016 PRESS RELEASE BNP PARIBAS FORTIS 2015 FULL YEAR RESULTS STRONG OPERATING PERFORMANCE DESPITE PERSISTENTLY LOW INTEREST RATE ENVIRONMENT CUSTOMER LOANS 1 AT EUR 170 BILLION, +6.5%*
More informationING records 1Q13 underlying net profit of EUR 800 million
CORPORATE COMMUNICATIONS PRESS RELEASE 8 May 3 ING records Q3 underlying net profit of EUR 8 million Group Q3 underlying net profit rose to EUR 8 million from EUR 579 million in Q and EUR 483 million in
More informationING Group Statistical Supplement 18 February Q
ING Group Statistical Supplement 18 February 2009 4Q 2008 www.ing.com Introduction General comments The Group Statistical Supplement will be published on a quarterly basis. The US Statistical Supplement
More informationEconomic Value Management 2014 Annual Report
Economic Value Management 2014 Annual Report Key Information Financial highlights For the year ended 31 December USD millions, unless otherwise stated 2013 2014 Change in % Group EVM profit 4 007 1 336
More informationAXA 2016 HALF YEAR EARNINGS. Press Conference. Paris - August 3, 2016
AXA 2016 HALF YEAR EARNINGS Press Conference Paris - August 3, 2016 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of
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 information2014 Financial Performance EV Results Strategic Priorities
The financial information contained herein has not been completely reviewed by our external auditor. Therefore, no assurance is provided that our financial statements are fully accurate, and thus our final
More informationBNP Paribas. A Leading European Player. Lars Machenil Chief Financial Officer. Goldman Sachs Conference, Madrid 12 June 2014
BNP Paribas A Leading European Player Lars Machenil Chief Financial Officer Goldman Sachs Conference, Madrid 12 June 2014 Disclaimer Figures included in this presentation are unaudited. On 14 March 2014,
More informationCapital Management at a.s.r.
Capital Management at a.s.r. Solvency II is all about stock and flow Chris Figee, CFO 25 April 2018 DNB Insurance Conference Topics Introduction Solvency II stock Solvency II flow Trade-off of stock and
More informationAXA. Jacques de Vaucleroy. Global Head of AXA Global L&S CEO for Northern, Central and Eastern Europe region Member of the AXA Management Committee
AXA Jacques de Vaucleroy Global Head of AXA Global L&S CEO for Northern, Central and Eastern Europe region Member of the AXA Management Committee October 2, 2014 Bank of America Merrill Lynch Annual Banking
More informationSustainable Growth. The Composite Model: Flexibility Strength Resilience Balance Preliminary Results
Sustainable Growth The Composite Model: Flexibility Strength Resilience Balance 2005 Preliminary Results 2 March Aviva 2006 plc 1 Agenda Introduction Financial review Review of the business Richard Harvey
More informationHelvetia Group Helvea Swiss Equities Conference 2016
Ihre Schweizer Versicherung. Helvetia Group Helvea Swiss Equities Conference 2016 14 January 2016 Photo: Gerry Nitsch, Zurich Pipilotti Rist Aufgeweckter Rosenscheitel, 2014 Who we are Helvetia has a history
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 informationAXA. Bank of America Merrill Lynch 21st Annual Financials CEO Conference London September 29, Thomas Buberl Chief Executive Officer
AXA Bank of America Merrill Lynch 21st Annual Financials CEO Conference London September 29, 2016 Thomas Buberl Chief Executive Officer Certain statements contained herein are forward-looking statements
More informationAXA FULL YEAR 2014 EARNINGS. Presentation. February 25, 2015
AXA FULL YEAR 2014 EARNINGS Presentation February 25, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More information1Q 2017 Results. CFO candidate. The Hague May 11, Helping people achieve a lifetime of financial security
1Q 2017 Results Alex Wynaendts CEO Matt Rider CFO candidate The Hague May 11, 2017 Helping people achieve a lifetime of financial security Overview 2 Highlights 1Q 2017 results Underlying earnings up due
More informationNN Group. NN Group. Delfin Rueda, CFO Bernstein conference 27 September 2018
NN Group NN Group Delfin Rueda, CFO Bernstein conference 27 September 2018 Leading Dutch insurer with strong businesses in European insurance, asset management and Japan Some facts and figures History
More informationAgenda. Our Business Rock Solid. Performance in last 5 Years. Delivering Returns in CRH. CRH plc, AGM
Agenda Our Business Rock Solid Performance in last 5 Years Delivering Returns in CRH CRH plc, AGM 2018 1 Why invest in Building Materials? Natural demand for construction products driven by: Population
More informationAXA INVESTOR DAY. Presentation. December 3, 2015
AXA INVESTOR DAY Presentation December 3, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events,
More informationAegon concludes 2017 with solid fourth quarter results
Aegon concludes 2017 with solid fourth quarter results Alex Wynaendts CEO Matt Rider CFO The Hague February 15, 2018 Helping people achieve a lifetime of financial security Strategy 2 Successful execution
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 informationNN GROUP FINANCIAL SUPPLEMENT 3Q2015
NN GROUP FINANCIAL SUPPLEMENT 3Q2015 NN GROUP FINANCIAL SUPPLEMENT 3Q2015 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are
More informationCapital Management. Solvency II: optimising stock and flow. Chris Figee, CFO. Goldman Sachs European Financials Conference 6 June Frankfurt
Capital Management Solvency II: optimising stock and flow Chris Figee, CFO Goldman Sachs European Financials Conference 6 June 2018 - Frankfurt a.s.r. at a glance #3 Life 45.3% Non-life 54.7% 3,500 Employees(fte)
More informationNN GROUP FINANCIAL SUPPLEMENT 2Q2016
NN GROUP FINANCIAL SUPPLEMENT 2Q2016 NN GROUP FINANCIAL SUPPLEMENT 2Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are
More informationQuarterly results
Quarterly results 31.03.2017 26.06.2017 Agenda 2 Key highlights Main events in Financial performance BGAAP ¹ Financial performance IFRS ² Solvency II of Ethias SA³ Investment portfolio ² Rating Appendix
More informationCHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED 2011 INTERIM RESULTS PRESENTATION
CHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED 2011 INTERIM RESULTS PRESENTATION 26 August 2011 Forward-Looking Statements This presentation and subsequent discussions may contain certain forward-looking
More informationInterim report January - June 2015
Interim report January - June 2015 July 31, 2015 Continued stable earnings and growth Introduction to Hoist Finance Introduction Established in 1994, Hoist Finance is a leading debt restructuring partner
More informationPress release Amstelveen, March 7, 2018
Press release Amstelveen, March 7, 2018 VIVAT Annual Results 2017 Results Reflect Transformation of VIVAT Lower Costs and Strong Improved Combined Ratio P&C Drives Higher Net Underlying Result Net underlying
More informationHalf Year Report 2009
Zurich Financial Services Group Half Year Report 2009 Report for the Six Months ended June 30, 2009 Here to help your world. Financial information Contents Message from the Chairman and CEO 1 Financial
More informationInvestor Relations. Q results. analyst & investor call presentation 9 August 2017
Investor Relations Q2 2017 results analyst & investor call presentation 9 August 2017 Good second quarter 2017 results Highlights Q2 2017 (vs. Q2 2016) Financial results Underlying net profit at EUR 960m
More informationING Bank. Credit update. Amsterdam 6 November
ING Bank Credit update Amsterdam 6 November 2013 www.ing.com Key points ING advanced further into end phase of restructuring ING Group s stake in ING U.S. has been further reduced to 57% Divestment Insurance/IIM
More informationFirst Quarter 2013 Results ING posts underlying net profit of EUR 800 mln
First Quarter 2013 Results ING posts underlying net profit of EUR 800 mln Jan Hommen CEO Amsterdam 8 May 2013 www.ing.com Key points ING has demonstrated steady progress on the Group s restructuring: IPO
More informationM&G Investments. Michael McLintock and Grant Speirs
M&G Investments Michael McLintock and Grant Speirs Agenda M&G Group strategic overview Michael McLintock M&G s results and the industry Grant Speirs Business outlook and summary Michael McLintock 2 About
More information12M 2013 Financial results
12M 2013 Financial results Financial analysts meeting February 13, 2014 1 1 Highlights 2 Commercial & Risk overview 3 Quarterly results 4 Year-to-date results 5 Shareholders equity & Economic solvency
More informationInvestor Relations. results Q investor and analyst presentation 7 November 2018
Investor Relations results Q3 2018 investor and analyst presentation 7 November 2018 Highlights of Q3, a good quarter Financials Net profit of EUR 725m and ROE of 14.4% NII remained strong and benefitted
More informationFY17 Earnings. February 22, 2018
Earnings February 22, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking statements including, but
More informationJ U P I T E R 2018 Interim Results
J U P I T E R 2018 Interim Results Introduction 1 Maintaining shareholder returns Delivering growth through investment excellence Net Management Fees Underlying Earnings per Share Net Sales Investment
More informationForward-looking Statements
2016 Annual Results Forward-looking Statements This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition, results of operations
More informationFull Year 2007 Results
Analyst & Investor conference call Full Year 2007 Results 2008 February, 21-11:00 AM (CET) Helman le Pas de Sécheval Group CFO Strong 2007 profits 2 2007 Groupama S.A. key figures 3 ( million) 2006 2007
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 informationNatixis. Bank of America Merrill Lynch 23 rd Annual Financials CEO Conference. September 26, London
Natixis Bank of America Merrill Lynch 23 rd Annual Financials CEO Conference September 26, 2018 - London Natixis ambitions New Dimension 2018-2020 Strategic Plan DISCLAIMER This media release may contain
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 informationQ results. analyst and investor call presentation. Investor Relations 17 February 2016
Q4 2015 results analyst and investor call presentation Investor Relations 17 February 2016 Dutch economic indicators (1/2) GDP Consumer spending PMI Q-o-Q, source Thomson Reuters Datastream, CBS (Statistics
More informationBNP PARIBAS FORTIS 2016 FIRST HALF RESULTS
O 1 Brussels, 29 August 2016 PRESS RELEASE BNP PARIBAS FORTIS 2016 FIRST HALF RESULTS GOOD RESULTS IN A CHALLENGING ENVIRONMENT SOLID FINANCIAL STRUCTURE CUSTOMER LOANS 1 AT EUR 165 BILLION, +3.2%* vs.
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 informationNN GROUP FINANCIAL SUPPLEMENT 4Q2016
NN GROUP FINANCIAL SUPPLEMENT 4Q2016 NN GROUP FINANCIAL SUPPLEMENT 4Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are
More informationMind the Gap! HR Factory April 2 nd, 2015
Mind the Gap! HR Factory April 2 nd, 2015 Introduction to the Luxembourg State Pension System 2 PENSION SYSTEM IN THE GRAND DUCHY OF LUXEMBOURG RETIREMENT: STATE PENSION State Pension Company Pension Personal
More informationFinancial Results 2013
Financial Results 2013 Creating a New Base for the Future 13 February 2014 Gerard van Olphen (Chairman of the Board) Maurice Oostendorp (CFRO) I. Highlights 2013, Strategy Update SNS REAAL FINANCIAL RESULTS
More informationInsurance. AG Insurance NV. Composite Insurers / Belgium. Full Rating Report. Key Rating Drivers. Rating Sensitivities
Composite Insurers / Belgium Full Rating Report Ratings AG Insurance Insurer Financial Strength Rating A+ Long-Term Issuer Default Rating A Subordinated bonds BBB+ Sovereign Risk Long-Term IDR Outlooks
More informationRisk management. Ari Kaperi Group CRO
Risk management Ari Kaperi Group CRO 1 The least volatile Nordic bank Factors driving risk down Nordea vs. peers 26-Q1 215, % Large and diversified client base Quarterly net profit volatility 15 Geographical
More informationSolvency II Update. Latest developments and industry challenges (Session 10) Réjean Besner
Solvency II Update Latest developments and industry challenges (Session 10) Canadian Institute of Actuaries - Annual Meeting, 29 June 2011 Réjean Besner Content Solvency II framework Solvency II equivalence
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 informationNN Group and Delta Lloyd agree on recommended transaction. Lard Friese, CEO NN Group Hans van der Noordaa, CEO Delta Lloyd 23 December 2016
NN Group and Delta Lloyd agree on recommended transaction Lard Friese, CEO NN Group Hans van der Noordaa, CEO Delta Lloyd 23 December 2016 Key takeaways 1 2 3 Recommended offer at EUR 5.40 per share and
More informationABN AMRO. Goldman Sachs Annual European Financials Conference. Paris, 8 June Kees van Dijkhuizen, CFO
Kees van Dijkhuizen, CFO ABN AMRO Paris, 8 June 2016 Goldman Sachs Annual European Financials Conference Strong and balanced financial profile with focus on the Netherlands Key financials and metrics Q1
More informationRegistration document and annual financial report filed with the AMF (Autorité des Marchés Financiers) on March 7, 2014 under No. D
FIRST UPDATE TO THE 2013 REGISTRATION DOCUMENT FILED WITH THE AMF ON APRIL 30, 2014 Registration document and annual financial report filed with the AMF (Autorité des Marchés Financiers) on March 7, 2014
More informationNatixis Deutsche Bank Global Financial Services Conference
Natixis Deutsche Bank Global Financial Services Conference May 29, 2018 - New York DISCLAIMER This media release may contain objectives and comments relating to the objectives and strategy of Natixis.
More informationSimplification and growth
Simplification and growth Alex Wynaendts New York, December 6, 2018 CEO Helping people achieve a lifetime of financial security Clear progress towards achieving attractive financial results 2 Normalized
More informationHalf Year 2014 Earnings
Half Year 2014 Earnings August 1, 2014 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein may be forward-looking statements including, but not limited
More informationInvestor Presentation Q Results. 9 May 2018
Investor Presentation Q1 2018 Results 9 May 2018 Forward-looking statements This presentation contains forward-looking statements, including, but not limited to, the statements and expectations contained
More informationNN Group N.V. 30 June 2017 Condensed consolidated interim financial information
30 Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim financial information Interim report 3 Overview 3 Profit
More informationPRESS RELEASE FIRST HALF 2004 RESULTS: UNDERLYING EARNINGS: UP 32% TO EURO 1.4 BILLION (37% AT CONSTANT EXCHANGE RATES 1 )
PRESS RELEASE August 6, 2004 FIRST HALF 2004 RESULTS: UNDERLYING EARNINGS: UP 32% TO EURO 1.4 BILLION (37% AT CONSTANT EXCHANGE RATES 1 ) LIFE NEW BUSINESS CONTRIBUTION UP 15% TO EURO 368 MILLION (21%
More informationAXA. Henri de Castries. Chairman & CEO. September 18, Sanford C. Bernstein s 11 th Annual Pan- European Strategic Decisions Conference
AXA Henri de Castries Chairman & CEO September 18, 2014 Sanford C. Bernstein s 11 th Annual Pan- European Strategic Decisions Conference Cautionary note concerning forward-looking statements Certain statements
More informationQuarterly results
Quarterly results 30.09.2017 22.12.2017 Agenda 2 Key highlights Main events in Financial performance BGAAP ¹ Financial performance IFRS ² Solvency II of Ethias SA³ Investment portfolio ² Rating Appendix
More informationNet profit exceeds 1 bln (+28.4%), best half-year result in 5 years
01/08/2013 PRESS RELEASE Consolidated results as of 30 June 2013 1 Net profit exceeds 1 bln (+28.4%), best half-year result in 5 years Operating result at 2.4 bln (+5.3%), driven by P&C growth. Solid Life
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 information