Vienna Insurance Group AG · VIE:VIG
Vienna Insurance — H1 2012 Earnings Presentation
32 slides from Vienna Insurance's earnings presentation, Aug 22, 2012
Slide 1: 6M 2012 Results Presentation
6M 2012 Results Presentation Conference Call for the half-year 2012 Vienna, 22 August 2012
Slide 2: Presenting Team and Topics
Presenting Team and Topics Presenting Team Topics Martin Simhandl, CFO Strategy and Overview p. 3 Peter Höfinger, Member of the Managing P&L and Balance Sheet p. 7 Board Appendix p. 17 Roland Gröll, Head of Group Finance and Accounting Nina Higatzberger, Head of Investor Relations 2
Slide 3: Successful Strategy of VIG unchanged
Successful Strategy of VIG unchanged Strategic cornerstones of VIG STRATEGY 1 Focus on insurance business 2 Austria and CEE are VIG‘s core markets Multi-brand policy 3 Strategic partnership with Erste Group 4 Local entrepreneurship 3
Slide 4: 6M 2012 – Overview
6M 2012 – Overview Best half-year result: PBT in 6M 2012 for the first time above € 300mn OVERVIEW Strong overall premium growth: GWP up 11.7% to EUR 5.3 billion; 54% of premiums coming from CEE Positive development of regular life premium business in s Versicherung Group: Double-digit growth rates
Slide 5: 6M 2012 – Financial Highlights (I)
6M 2012 – Financial Highlights (I) PBT increase driven by positive developments in Remaining markets OVERVIEW Gross written premiums (€mn) Profit before Tax (€mn) 8,593 8,884 559 8,019 508 +11.7% 441 +6.9% 5,283 4,589 4,729 282 302 256 2009 2010 2011 6M 10 6M 11 6M 12 2009 2010 2011 6M 10 6M 11 6M 1
Slide 6: 6M 2012 – Financial Highlights (II)
6M 2012 – Financial Highlights (II) OVERVIEW EPS (€)1 ROE before Tax (%)1 3.30 3.05 2.87 2.76 2.65 2.40 11.1 11.2 11.8 10.5 10.8 10.0 2009 2010 2011 6M 10 6M 11 6M 12 2009 2010 2011 6M 10 6M 11 6M 12 1: annualised figures; EPS net of hybrid interest 6
Slide 7: P&L and Balance Sheet Details
P&L and Balance Sheet Details Vienna Insurance Group – 6M 2012 Results
Slide 8: 6M 2012 – Income Statement
6M 2012 – Income Statement P&L AND BALANCE IFRS (€mn) SHEET DETAILS €mn 6M 2012 6M 2011 +/-% 1. Gross premiums written 5,282.9 4,729.2 11.7 2. Net earned premiums 4,656.4 4,070.5 14.4 3. Financial result 1 581.4 554.2 4.9 4. Other income 53.0 45.5 16.3 Total income 5,290.7 4,670.2 13.3 6. Expenses f
Slide 9: 6M 2012 – Balance Sheet
6M 2012 – Balance Sheet P&L AND BALANCE IFRS (€mn) SHEET DETAILS €mn 30.6. 2012 31.12.2011 +/-% Intangible assets 2,418 2,382 1.5 Investments 28,230 28,085 0.5 Unit- and index-linked investments 5,916 5,503 7.5 Reinsurers’ share in underwriting provisions 1,143 1,117 2.3 Receivables 1,664 1,582 5.2
Slide 10: 6M 2012 – Gross Written Premiums
6M 2012 – Gross Written Premiums P&L AND BALANCE Overall premium growth excluding FX effects of 13.6% SHEET DETAILS €mn GWP Non-life GWP Life Total 6M 2012 6M 2011 +/-% 6M 2012 6M 2011 +/-% 6M 2012 6M 2011 +/-% Austria 1,332.4 1,210.1 10.1 999.4 1,022.4 -2.2 2,331.9 2,232.4 4.5 Czech Rep. 523.5 542.
Slide 11: 6M 2012 – Expenses for Claims Incurred
6M 2012 – Expenses for Claims Incurred P&L AND BALANCE Despite bad weather situation claims ratio still at favourable level SHEET DETAILS Group claims ratio (net) up by 0.5 pp % Claims Ratio Austria: due to hail and heavy rainfall in Q2 6M 2012 6M 2011 +/- pp the loss ratio increased by 2.2 pp to 67
Slide 12: 6M 2012 – Acquisition and Administrative Expenses
6M 2012 – Acquisition and Administrative Expenses P&L AND BALANCE Decreased cost ratio leads to overall improved CoR of 96.6% SHEET DETAILS Group cost ratio (net) decreased by 1.1 pp % Cost Ratio Austria: reduction of cost ratio by 3.1 pp; 6M 2012 6M 2011 +/- pp increased premium basis is main drive
Slide 13: 6M 2012 – Financial Result
6M 2012 – Financial Result P&L AND BALANCE Increase of 4.9 % in financial result SHEET DETAILS Income P&C Life Health Total in € '000 6M 2012 6M 2011 6M 2012 6M 2011 6M 2012 6M 2011 6M 2012 6M 2011 Current income 202,383 246,497 445,796 452,327 20,886 21,789 669,065 720,613 Income from appreciations
Slide 14: 6M 2012 – Investment Split
6M 2012 – Investment Split P&L AND BALANCE Investments incl. cash and cash equivalents grew by €404mn SHEET DETAILS Portfolio including cash and cash equivalents € 28.7bn +1.4% € 29.1bn ~ 6% Deposits and Cash ~8% ~ 1% Alternatives <1% ~ 3% Affiliated Comp. ~3% ~ 12% Loans ~12% ~ 16% Real Estate ~12%
Slide 15: 6M 2012 – Development of Bond Portfolio
6M 2012 – Development of Bond Portfolio P&L AND BALANCE SHEET DETAILS 2 By Issuer By Rating 4% 3% 9% 10% 10% 14% 26% 25% 33% 36% 11% 11% 31% 28% 54% 54% 22% 19% YE 2011 6M 2012 YE 2011 6M 2012 1 Government Pfandbriefe/Covered Bonds AAA AA A BBB Other Financials Corporates 1: Government and governmen
Slide 16: 6M 2012 – Shareholders’ Equity
6M 2012 – Shareholders’ Equity P&L AND BALANCE Strong Solvency I ratio again >200% - stable compared to 3M 2012 SHEET DETAILS Change in Group Shareholders’ Equity (€mn) 238.5 -150.0 5,214.1 35.2 -143.7 184.6 5,049.6 Increase of 3.3% Equity as of YE 2011 Currency changes Changes in AFS unrealised gai
Slide 17: Appendix
Appendix Vienna Insurance Group – 6M 2012 Results
Slide 18: 6M 2012 P&L – Property & Casualty
6M 2012 P&L – Property & Casualty IFRS (€mn) APPENDIX €mn 6M 2012 6M 2011 +/-% 1. Gross premiums written 2,622.4 2,561.8 2.4 2. Net earned premiums 2,027.1 1,926.8 5.2 3. Financial result 108.3 114.5 -5.4 4. Other income 33.1 27.9 18.6 Total income 2,168.5 2,069.2 4.8 6. Expenses for claims and insu
Slide 19: 6M 2012 P&L – Life
6M 2012 P&L – Life IFRS (€mn) APPENDIX €mn 6M 2012 6M 2011 +/-% 1. Gross premiums written 2,466.2 1,986.7 24.1 2. Net earned premiums 2,443.8 1,966.8 24.3 3. Financial result 460.1 421.4 9.2 4. Other income 18.7 17.6 6.1 Total income 2,922.6 2,405.9 21.5 6. Expenses for claims and insurance benefits
Slide 20: 6M 2012 P&L – Health
6M 2012 P&L – Health IFRS (€mn) APPENDIX €mn 6M 2012 6M 2011 +/-% 1. Gross premiums written 194.2 180.7 7.5 2. Net earned premiums 185.5 176.9 4.9 3. Financial result 13.0 18.3 -29.1 4. Other income 1.2 0.0 >100 Total income 199.6 195.2 2.3 6. Expenses for claims and insurance benefits -154.5 -153.8
Slide 21: 6M 2012 P&L – Split by Regions (I)
6M 2012 P&L – Split by Regions (I) Regional segments, IFRS (€mn) APPENDIX €mn Austria Czech Republic 6M 2012 6M 2011 +/-% 6M 2012 6M 2011 +/-% 1. Gross premiums written 2,331.9 2,232.4 4.5 927.8 973.7 -4.7 2. Net earned premiums 1,973.3 1,831.4 7.7 823.7 877.2 -6.1 3. Financial result 390.3 392.9 -0
Slide 22: 6M 2012 P&L – Split by Regions (II)
6M 2012 P&L – Split by Regions (II) Regional segments, IFRS (€mn) APPENDIX €mn Slovakia Poland Romania 6M 2012 6M 2011 +/-% 6M 2012 6M 2011 +/-% 6M 2012 6M 2011 +/-% 1. Gross premiums written 358.1 339.0 5.6 952.2 498.1 91.2 235.7 275.8 -14.5 2. Net earned premiums 313.9 298.1 5.3 917.4 450.6 >100 2
Slide 23: 6M 2012 P&L – Split by Regions (III)
6M 2012 P&L – Split by Regions (III) Regional segments, IFRS (€mn) APPENDIX €mn Remaining TOTAL 6M 2012 6M 2011 +/-% 6M 2012 6M 2011 +/-% 1. Gross premiums written 477.3 410.3 16.3 5,282.9 4,729.2 11.7 2. Net earned premiums 398.6 348.7 14.3 4,656.4 4,070.5 14.4 3. Financial result 49.9 31.9 56.7 58
Slide 24: 6M 2012 – Results by Country
6M 2012 – Results by Country IFRS (€mn) APPENDIX €mn GWP Non-Life GWP Life GWP Total Profit before Taxes Net Combined Ratio 6M 2012 6M 2011 6M 2012 6M 2011 6M 2012 6M 2011 6M 2012 6M 2011 6M 2012 6M 2011 Austria 1,332.4 1,210.1 999.4 1,022.4 2,331.9 2,232.4 144.3 140.0 93.5% 94.4% Czech Rep. 523.5 5
Slide 25: Change in Group Shareholders’ Equity
Change in Group Shareholders’ Equity IFRS (€ ‘000) APPENDIX 1.1. - 30.6.2012 1.1. - 30.6.2011 Equity as of 1 January 5,049,643 5,029,647 Exchange rate changes 35,161 17,757 Changes in scope of consolidation -143,714 -4,179 Capital increase - - Unrealised gains and losses from 184,557 -38,283 financi
Slide 26: 6M 2012 – Life Insurance Premium Split
6M 2012 – Life Insurance Premium Split IFRS (€mn) APPENDIX Premiums written - direct business 6M 2012 6M 2011 +/- % Regular premiums 1,172.4 1,164.0 0.7% Single premiums 1,285.8 815.6 57.7% Total premiums written - direct business 2,458.2 1,979.5 24.2% thereof: Policies with profit participation 1,4
Slide 27: Q2 2012 – Income Statement
Q2 2012 – Income Statement IFRS (€mn) APPENDIX €mn Q2 2012 Q2 2011 +/-% 1. Gross premiums written 2,536.4 2,125.8 19.3 2. Net earned premiums 2,425.6 1,991.7 21.8 3. Financial result 304.4 301.0 1.1 4. Other income 26.8 20.0 34.3 Total income 2,756.8 2,312.7 19.2 6. Expenses for claims and insurance
Slide 28: 6M 2012 – Exchange Rates
6M 2012 – Exchange Rates APPENDIX 6M 2012 6M 2011 Balance Balance Country Curr. P & L EUR P & L EUR Sheet EUR Sheet EUR Albania EUR/ALL 138.1700 139.2678 141.4100 140.9517 Belarus EUR/BYR 10,470.0000 10,665.9890 7,152.1300 5,218.5033 Bosnia EUR/BAM 1.9558 1.9558 1.9558 1.9558 Bulgaria EUR/BGN 1.9558
Slide 29: Shareholder Structure (I)
Shareholder Structure (I) Total number of shares 128,000,000 APPENDIX Wiener Städtische Wechselseitiger Versicherungsverein - Vermögensverwaltung – Vienna Insurance Group ~70 % Free Float ~ 30 % 29
Slide 30: Shareholder Structure (II)
Shareholder Structure (II) Free float split as of 02/2012 APPENDIX Austria ~20% Others ~4% North America ~21% Continental Europe ~30% UK & Ireland ~25% 30
Slide 31: VIG Share & Contact Details
VIG Share & Contact Details Investor Relations APPENDIX VIG Share Investor Relations Number of common shares Vienna Insurance Group 128mn Schottenring 30, 1010 Vienna E-Mail: [email protected] ISIN AT0000908504 www.vig.com/ir Listing Nina Higatzberger (Head of IR) Tel. +43 (0)50 390 - 21920
Slide 32: 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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