Vienna Insurance Group AG · VIE:VIG
Vienna Insurance — Q1 2013 Earnings Presentation
31 slides from Vienna Insurance's earnings presentation, May 28, 2013
Slide 1: 3M 2013 Results Presentation
3M 2013 Results Presentation Conference Call for the first quarter 2013 Vienna, 28 May 2013
Slide 2: Presenting Team and Topics
Presenting Team and Topics Presenting Team Topics Martin Simhandl, CFO Results Overview p. 3 Franz Kosyna, Deputy General Manager P&L and Balance Sheet p. 7 and Member of the Managing Board Appendix p. 18 Peter Höfinger, Member of the Managing Board Roland Gröll, Deputy Member of the Managing Board
Slide 3: Growing profits
Growing profits Best first quarter result OVERVIEW Profit before taxes up 5.2% to EUR 159.4mn Profit of s Versicherung Group in CEE strongly increased by 19.7% 51.5% of profit before taxes generated in CEE Double-digit profit growth in Poland: PBT up 21.6% to EUR 15.3mn Remaining markets: PBT up 36.
Slide 4: Premium development
Premium development Excluding particular impacts, premiums up 1.4% OVERVIEW Particular impacts: STEP Benefia RO NL, FX and consolidation effects +1.4% 2.8bn 2.7bn GWP reported GWP adjusted 3M 2012 3M 2013 Gross written premiums of EUR 2.7bn (-1.5%) 1 excluding particular impacts, premiums beat compa
Slide 5: 3M 2013 Financial Highlights (I)
3M 2013 Financial Highlights (I) Profit before taxes up 5.2% OVERVIEW Gross written premiums (€mn) Profit before taxes (€mn) 9,686 587 8,593 8,884 559 508 -1.5% +5.2% 2,603 2,746 2,705 159 143 151 2010 2011 2012 3M 11 3M 12 3M 13 2010 2011 2012 3M 11 3M 12 3M 13 Net Profit after tax and minorities (
Slide 6: 3M 2013 Financial Highlights (II)
3M 2013 Financial Highlights (II) Earnings per share up 5.6% to EUR 3.56 OVERVIEW EPS (€)1 ROE before Taxes (%) 3.56 3.37 3.17 3.10 2.87 2.65 11.1 10.9 11.3 11.7 11.3 10.5 2010 2011 2012 3M 11 3M 12 3M 13 2010 2011 2012 3M 11 3M 12 3M 13 Rounding differences may occur when rounded amounts or percent
Slide 7: P&L and Balance Sheet Details
P&L and Balance Sheet Details Vienna Insurance Group – 3M 2013 Results
Slide 8: 3M 2013 – Income Statement
3M 2013 – Income Statement P&L AND BALANCE IFRS (€mn) SHEET DETAILS €mn 3M 2013 3M 2012 +/-% Gross premiums written 2,705.2 2,746.5 -1.5 Net earned premiums 2,198.9 2,230.8 -1.4 1 Financial result 270.2 277.0 -2.5 Other income 42.2 26.1 61.7 Total income 2,511.3 2,534.0 -0.9 Expenses for claims and
Slide 9: 3M 2013 – Balance Sheet
3M 2013 – Balance Sheet P&L AND BALANCE IFRS (€mn) SHEET DETAILS €mn 31.03.2013 31.12.2012 +/-% Intangible assets 2,423 2,410 0.5 Investments 28,776 29,463 -2.3 Unit- and index-linked investments 6,534 6,444 1.4 Reinsurers’ share in underwriting provisions 1,081 1,034 4.5 Receivables 1,780 1,657 7.5
Slide 10: 3M 2013 – Gross Written Premiums
3M 2013 – Gross Written Premiums P&L AND BALANCE Premium increase of 1.4% excluding particular impacts SHEET DETAILS €mn GWP Non-life GWP Life Total 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% Austria 819.8 815.3 0.5 564.8 554.2 1.9 1,384.6 1,369.5 1.1 Czech Republic 264.1 276.3 -
Slide 11: 3M 2013 – Expenses for Claims Incurred
3M 2013 – Expenses for Claims Incurred P&L AND BALANCE SHEET DETAILS Austria and Czech Republic with decreasing in % Claims Ratio claims ratios 3M 2013 3M 2012 +/- %-pts Slovakia: shift between claims and cost ratio Austria 66.3 67.3 -1.0 due to Group internal reinsurance; strongest Czech Rep. 62.4
Slide 12: 3M 2013 – Acquisition and Administrative Expenses
3M 2013 – Acquisition and Administrative Expenses P&L AND BALANCE Administrative expenses decreased by 5.2% SHEET DETAILS Austria: cost ratio up by 3.8 pp; impacted by in % Cost Ratio lower no-claim bonuses out of reinsurance and 3M 2013 3M 2012 +/- %-pts distorting cost effect due to seasonal commi
Slide 13: 3M 2013 – Financial Result
3M 2013 – Financial Result P&L AND BALANCE SHEET DETAILS Income P&C Life Health Total in € '000 3M 2013 3M 2012 3M 2013 3M 2012 3M 2013 3M 2012 3M 2013 3M 2012 Current income 74,110 95,264 206,103 207,400 10,501 10,159 290,714 312,823 Income from appreciations 2,740 4,727 3,808 17,744 0 285 6,548 22
Slide 14: 3M 2013 – Investment Split
3M 2013 – Investment Split P&L AND BALANCE Real estate decrease driven by housing societies SHEET DETAILS 12M 2012: Total € 30.2bn 3M 2013: Total € 29.6bn 7% 7% 1% 1% 3% 3% 12% Bonds 12% Equities Real Estate Loans Affiliated Comp. 11% Alternatives 9% Deposits and Cash 65% 3% 3% 63% Rounding differen
Slide 15: 3M 2013 – Development of Bond Portfolio
3M 2013 – Development of Bond Portfolio P&L AND BALANCE SHEET DETAILS By Issuer By Rating1 9% 4% 6% 11% 13% 12% 26% 25% 37% 37% 10% 10% 28% 27% 55% 54% 18% 18% YE 2012 3M 2013 YE 2012 3M 2013 2 Government Pfandbriefe /Covered bonds AAA AA A BBB Other Financials Corporates 1: Based on second best rat
Slide 16: 3M 2013 – Shareholders' Equity
3M 2013 – Shareholders’ Equity P&L AND BALANCE Still strong equity basis despite consolidation change of housing societies SHEET DETAILS Change in Group Shareholders’ Equity (€mn) +39.7 5,751.9 5,532.4 -253.5 -5.5 Equity as of YE 2012 Profit incl. OCI changes Changes in consolidation Dividend paymen
Slide 17: Results 3M 2013 at a Glance
Results 3M 2013 at a Glance VIG further improving Group’s profitability SUMMARY Profit before taxes increased by Intentional decrease of single 5.2% to € 159.4mn premium life business in Poland reason for slight premium Double-digit profit growth in decrease of 1.5% Poland and Remaining markets as w
Slide 18: Appendix
Appendix Vienna Insurance Group – 3M 2013 Results
Slide 19: 3M 2013 P&L – Property & Casualty
3M 2013 P&L – Property & Casualty IFRS (€mn) APPENDIX €mn 3M 2013 3M 2012 +/-% Gross premiums written 1,501.9 1,528.5 -1.7 Net earned premiums 1,020.5 1,039.1 -1.8 Financial result 47.7 44.4 7.3 Other income 23.2 15.7 47.6 Total income 1,091.4 1,099.3 -0.7 Expenses for claims and insurance benefits
Slide 20: 3M 2013 P&L – Life
3M 2013 P&L – Life IFRS (€mn) APPENDIX €mn 3M 2013 3M 2012 +/-% Gross premiums written 1,102.6 1,120.1 -1.6 Net earned premiums 1,079.8 1,099.4 -1.8 Financial result 214.6 225.9 -5.0 Other income 19.0 10.0 90.0 Total income 1,313.4 1,335.4 -1.6 Expenses for claims and insurance benefits -1,071.5 -1,
Slide 21: 3M 2013 P&L – Health
3M 2013 P&L – Health IFRS (€mn) APPENDIX €mn 3M 2013 3M 2012 +/-% Gross premiums written 100.7 97.8 2.9 Net earned premiums 98.6 92.3 6.8 Financial result 7.9 6.6 18.9 Other income 0.1 0.4 -86.9 Total income 106.5 99.4 7.2 Expenses for claims and insurance benefits -77.6 -77.5 0.1 Acquisition and ad
Slide 22: 3M 2013 P&L – Split by Regions (I)
3M 2013 P&L – Split by Regions (I) Regional segments, IFRS (€mn) APPENDIX €mn Austria Czech Republic Slovakia 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% Gross premiums written 1,384.6 1,369.5 1.1 475.9 483.1 -1.5 204.0 193.4 5.5 Net earned premiums 950.6 919.8 3.3 360.3 364.4 -1.
Slide 23: 3M 2013 P&L – Split by Regions (II)
3M 2013 P&L – Split by Regions (II) Regional segments, IFRS (€mn) APPENDIX €mn Poland Romania Remaining 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% Gross premiums written 268.8 319.6 -15.9 101.2 134.6 -24.8 260.2 236.3 10.1 Net earned premiums 206.7 264.2 -21.8 82.1 100.3 -18.1 17
Slide 24: 3M 2013 P&L – Split by Regions (III)
3M 2013 P&L – Split by Regions (III) Regional segments, IFRS (€mn) APPENDIX €mn Central Functions Consolidation TOTAL 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% Gross premiums written 354.8 330.2 7.4 -344.2 -320.3 7.5 2,705.2 2,746.5 -1.5 Net earned premiums 277.4 278.9 -0.6 3.9
Slide 25: 3M 2013 – Results by Country (I)
3M 2013 – Results by Country (I) IFRS (€mn) APPENDIX €mn GWP Non-Life GWP Life GWP Total 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-% Austria 819.8 815.3 0.5% 564.8 554.2 1.9% 1,384.6 1,369.5 1.1% Czech Rep. 264.1 276.3 -4.4% 211.7 206.7 2.4% 475.9 483.1 -1.5% Slovakia 105.0 106.3
Slide 26: 3M 2013 – Results by Country (II)
3M 2013 – Results by Country (II) IFRS (€mn) APPENDIX €mn Profit before Taxes Net Combined Ratio 3M 2013 3M 2012 +/-% 3M 2013 3M 2012 +/-pp Austria 64.2 73.2 -12.3% 96.9% 94.1% 2.7 Czech Rep. 47.2 43.7 8.0% 90.9% 92.3% -1.3 Slovakia 9.3 12.6 -26.3% 95.5% 98.4% -2.9 Poland 15.3 12.6 21.6% 96.1% 99.0%
Slide 27: 3M 2013 – Life Insurance Premium Split
3M 2013 – Life Insurance Premium Split IFRS (€mn) APPENDIX Premiums written - direct business 3M 2013 3M 2012 +/- % Regular premiums 619 603 2.7% Single premiums 480 513 -6.4% Total premiums written - direct business 1,099 1,116 -1.5% thereof: Policies with profit participation 547 639 -14.5% Polici
Slide 28: 3M 2013 – Exchange Rates
3M 2013 – Exchange Rates APPENDIX 3M 2013 3M 2012 Balance Balance Country Curr. P & L EUR P & L EUR Sheet EUR Sheet EUR Albania EUR/ALL 139.9100 139.6668 140.3800 139.2215 Belarus EUR/BYR 11,110.0000 11,386.2222 10,710.0000 10,850.0000 Bosnia EUR/BAM 1.9558 1.9558 1.9558 1.9558 Bulgaria EUR/BGN 1.95
Slide 29: VIG Share
VIG Share APPENDIX General Information Shareholder Structure Number of common shares: 128mn Wiener Städtische Wechselseitiger ISIN: AT0000908504 Versicherungsverein - Vermögensverwaltung – Listings: Vienna Insurance Group Free Float ~70 % ~30 % Vienna – since 17 Oct. 1994 Prague – since 5 Feb. 2008
Slide 30: Contact Details
Contact Details Investor Relations APPENDIX Financial Calendar 2013 Investor Relations Team Date Event Vienna Insurance Group Schottenring 30, 1010 Vienna 24 Jan. 2013 Preliminary unconsolidated E-Mail: [email protected] premiums 2013 www.vig.com/ir 03 April 2013 Results and EV for the year
Slide 31: Disclaimer
Disclaimer APPENDIX IMPORTANT NOTICE These materials do not constitute or form part, or all, of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in any jurisdiction in which such solicitation, offer or sale would be unlawful, nor
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