Vienna Insurance Group AG · VIE:VIG
Vienna Insurance — 9M 2012 Earnings Presentation
34 slides from Vienna Insurance's earnings presentation, Nov 27, 2012
Slide 1: 9M 2012 Results Presentation
9M 2012 Results Presentation Conference Call for the first three quarters 2012 Vienna, 27 November 2012
Slide 2: Presenting Team and Topics
Presenting Team and Topics Presenting Team Topics Martin Simhandl, CFO Market Positions p. 3 Peter Höfinger, Member of the Managing Results Overview p. 5 Board P&L and Balance Sheet p. 8 Roland Gröll, Head of Group Finance and Accounting Appendix p. 19 Nina Higatzberger, Head of Investor Relations 2
Slide 3: VIG Further Strengthens its Market Position
VIG Further Strengthens its Market Position MARKET Strong market share increase in core markets POSITIONS 19.4% 18.3% 18.0% 17.9% 17.0% Italian competitor Austrian competitor German competitor VIG almost twice as big as peers in its core markets Source: local market reports; market shares according
Slide 4: Excellent Market Positions in Austria and CEE
Excellent Market Positions in Austria and CEE MARKET VIG overall No. 1 in its core markets POSITIONS No. 1 Top 3 Top 5 Top 10 Austria Poland Croatia Hungary Czech Bosnia- Albania Serbia Republic Herzegovina Slovakia Bulgaria Ukraine Romania Georgia Macedonia core markets further VIG markets Source:
Slide 5: Strong Premium Development
Strong Premium Development Premium growth of 9.2% despite difficult market environment OVERVIEW 14.1% premium growth Gross written premiums (€mn) in CEE 8,593 8,884 8,019 +9.2% 7,425 6,538 6,802 CEE accounts for 54.2% of overall premium income 2009 2010 2011 9M 10 9M 11 9M 12 s Versicherung Group: D
Slide 6: Profit before Taxes up 7.0%
Profit before Taxes up 7.0% PBT in 9M 2012 with EUR 443mn is above FY 2007 level (EUR 437mn) OVERVIEW 18.6% PBT growth Profit before Taxes (€mn) in CEE 559 508 +7.0% 441 443 414 378 51.4% of PBT derives from CEE 2009 2010 2011 9M 10 9M 11 9M 12 Tenfold profit increase to € 20.5mn in “Remaining marke
Slide 7: 9M 2012 – Financial Highlights
9M 2012 – Financial Highlights Decrease of combined ratio despite severe weather impact OVERVIEW Net Profit after non-controlling interests (€mn) Combined Ratio (net, %) 407 380 +9.0% 340 341 313 98.4 98.2 291 96.8 97.2 96.9 96.3 2009 2010 2011 9M 10 9M 11 9M 12 2009 2010 2011 9M 10 9M 11 9M 12 EPS
Slide 8: P&L and Balance Sheet Details
P&L and Balance Sheet Details Vienna Insurance Group – 9M 2012 Results
Slide 9: 9M 2012 – Income Statement
9M 2012 – Income Statement P&L AND BALANCE IFRS (€mn) SHEET DETAILS €mn 9M 2012 9M 2011 +/-% Gross premiums written 7,425.5 6,802.1 9.2 Net earned premiums 6,744.5 6,077.0 11.0 1 Financial result 899.9 798.6 12.7 Other income 85.6 73.6 16.3 Total income 7,730.0 6,949.1 11.2 Expenses for claims and i
Slide 10: 9M 2012 – Balance Sheet
9M 2012 – Balance Sheet P&L AND BALANCE IFRS (€mn) SHEET DETAILS €mn 30.09.2012 31.12.2011 +/-% Intangible assets 2,443 2,382 2.6 Investments 29,455 28,085 4.9 Unit- and index-linked investments 6,210 5,503 12.8 Reinsurers’ share in underwriting provisions 1,105 1,117 -1.1 Receivables 1,616 1,582 2.
Slide 11: 9M 2012 – Gross Written Premiums
9M 2012 – Gross Written Premiums P&L AND BALANCE Overall premium growth excluding FX effects of 11.0% SHEET DETAILS €mn GWP Non-life GWP Life Total 9M 2012 9M 2011 +/-% 9M 2012 9M 2011 +/-% 9M 2012 9M 2011 +/-% Austria 1,815.1 1,661.0 9.3 1,420.2 1,461.6 -2.8 3,235.3 3,122.6 3.6 Czech Rep. 755.6 781
Slide 12: 9M 2012 – Expenses for Claims Incurred
9M 2012 – Expenses for Claims Incurred P&L AND BALANCE Bad weather claims impact most severe in Austria SHEET DETAILS Group claims ratio (net) up by 0.5 pp in % Claims Ratio Austria: due to numerous bad weather claims 9M 2012 9M 2011 +/- %-pts (caused by hail and heavy rainfall) especially in Austri
Slide 13: 9M 2012 – Acquisition and Administrative Expenses
9M 2012 – Acquisition and Administrative Expenses P&L AND BALANCE Decreased cost ratio leads to overall improved CR of 96.9% SHEET DETAILS Group cost ratio (net) decreased by 0.8 pp in % Cost Ratio Austria: reduction of cost ratio by 2.0 pp; increase 9M 2012 9M 2011 +/- %-pts in acquisition and admi
Slide 14: 9M 2012 – Financial Result
9M 2012 – Financial Result 1 P&L AND BALANCE Increase of 12.7 % in financial result SHEET DETAILS Income P&C Life Health Total in € '000 9M 2012 9M 2011 9M 2012 9M 2011 9M 2012 9M 2011 9M 2012 9M 2011 Current income 299,471 376,075 677,089 677,095 31,693 26,787 1,008,253 1,079,957 Income from apprec
Slide 15: 9M 2012 – Investment Split
9M 2012 – Investment Split P&L AND BALANCE Investments incl. cash and cash equivalents grew by 4.2% SHEET DETAILS YE 2011: Total € 28.653mn 9M 2012: Total € 29.863mn 6% 7% 1% 1% 3% 3% 12% Bonds Equities 12% Real Estate Loans Affiliated Comp. Alternatives 16% Deposits and Cash 11% 63% 59% 3% 3% PIIGS
Slide 16: 9M 2012 – Development of Bond Portfolio
9M 2012 – Development of Bond Portfolio P&L AND BALANCE SHEET DETAILS 2 By Issuer By Rating 9% 4% 4% 10% 10% 14% 26% 25% 33% 36% 11% 10% 31% 26% 54% 55% 22% 20% YE 2011 9M 2012 YE 2011 9M 2012 1 Government Pfandbriefe /Covered bonds AAA AA A BBB Other Financials Corporates 1: Government and governme
Slide 17: 9M 2012 – Shareholders' Equity
9M 2012 – Shareholders’ Equity P&L AND BALANCE Solvency I ratio further increased compared to 6M 2012 SHEET DETAILS Change in Group Shareholders’ Equity (€mn) 350.4 -191.4 5,533.2 318.9 52.0 -46.4 5,049.6 Increase of 9.6% Equity as of Y E Currency changes Changes in A FS unrealised Prof it f or the
Slide 18: Results 9M 2012 at One Glance
Results 9M 2012 at One Glance PBT of EUR 443mn beating year-end profits of 2007 and 2009 SUMMARY Profit before taxes increased by 7% to € 443.2mn Gross written premiums up 9% to € 7.4bn Combined ratio (net) of 96.9% Profit growth in CEE of 19% despite impact of bad weather VIG – 9M 2012 Annualised E
Slide 19: Appendix
Appendix Vienna Insurance Group – 9M 2012 Results
Slide 20: 9M 2012 P&L – Property & Casualty
9M 2012 P&L – Property & Casualty IFRS (€mn) APPENDIX €mn 9M 2012 9M 2011 +/-% Gross premiums written 3,686.9 3,604.4 2.3 Net earned premiums 3,042.8 2,902.3 4.8 Financial result 170.7 184.4 -7.4 Other income 57.0 43.1 32.1 Total income 3,270.4 3,129.8 4.5 Expenses for claims and insurance benefits
Slide 21: 9M 2012 P&L – Life
9M 2012 P&L – Life IFRS (€mn) APPENDIX €mn 9M 2012 9M 2011 +/-% Gross premiums written 3,440.4 2,927.8 17.5 Net earned premiums 3,421.1 2,909.1 17.6 Financial result 706.7 590.6 19.6 Other income 27.3 30.4 -10.3 Total income 4,155.1 3,530.2 17.7 Expenses for claims and insurance benefits -3,452.4 -2
Slide 22: 9M 2012 P&L – Health
9M 2012 P&L – Health IFRS (€mn) APPENDIX €mn 9M 2012 9M 2011 +/-% Gross premiums written 298.2 269.9 10.5 Net earned premiums 280.6 265.6 5.7 Financial result 22.6 23.6 -4.2 Other income 1.3 0.0 >100 Total income 304.5 289.1 5.3 Expenses for claims and insurance benefits -232.6 -216.0 7.7 Acquisitio
Slide 23: 9M 2012 P&L – Split by Regions (I)
9M 2012 P&L – Split by Regions (I) Regional segments, IFRS (€mn) APPENDIX €mn Austria Czech Republic 9M 2012 9M 2011 +/-% 9M 2012 9M 2011 +/-% Gross premiums written 3,235.3 3,122.6 3.6 1,385.3 1,404.9 -1.4 Net earned premiums 2,876.4 2,717.3 5.9 1,265.2 1,287.9 -1.8 Financial result 603.9 558.4 8.2
Slide 24: 9M 2012 P&L – Split by Regions (II)
9M 2012 P&L – Split by Regions (II) Regional segments, IFRS (€mn) APPENDIX €mn Slovakia Poland Romania 9M 2012 9M 2011 +/-% 9M 2012 9M 2011 +/-% 9M 2012 9M 2011 +/-% Gross premiums written 513.9 498.7 3.1 1,229.6 742.8 65.5 339.9 398.9 -14.8 Net earned premiums 476.0 452.8 5.1 1,190.7 683.5 74.2 325
Slide 25: 9M 2012 P&L – Split by Regions (III)
9M 2012 P&L – Split by Regions (III) Regional segments, IFRS (€mn) APPENDIX €mn Remaining TOTAL 9M 2012 9M 2011 +/-% 9M 2012 9M 2011 +/-% Gross premiums written 721.5 634.2 13.8 7,425.5 6,802.1 9.2 Net earned premiums 610.6 553.2 10.4 6,744.5 6,077.0 11.0 Financial result 70.3 55.8 26.1 893.9 798.6
Slide 26: 9M 2012 – Results by Country
9M 2012 – Results by Country IFRS (€mn) APPENDIX €mn GWP Non-Life GWP Life GWP Total Profit before Taxes Net Combined Ratio 9M 2012 9M 2011 9M 2012 9M 2011 9M 2012 9M 2011 9M 2012 9M 2011 9M 2012 9M 2011 Austria 1,815.1 1,661.0 1,420.2 1,461.6 3,235.3 3,122.6 203.0 207.3 94.9% 94.6% Czech Rep. 755.6
Slide 27: Change in Group Shareholders' Equity
Change in Group Shareholders’ Equity IFRS (€ ‘000) APPENDIX in € '000 1.1. - 30.9.2012 1.1. - 30.9.2011 Equity as of 1 January 5,049,643 5,029,647 Exchange rate changes 52,019 -21,057 Changes in scope of consolidation -46,363 -1,432 Capital increase 0 0 Unrealised gains and losses from 318,896 -112,
Slide 28: 9M 2012 – Life Insurance Premium Split
9M 2012 – Life Insurance Premium Split IFRS (€mn) APPENDIX Premiums written - direct business 9M 2012 9M 2011 +/- % Regular premiums 1,703.7 1,705.0 -0.1% Single premiums 1,721.9 1,212.0 42.1% Total premiums written - direct business 3,425.5 2,917.0 17.4% thereof: Policies with profit participation
Slide 29: Q3 2012 – Income Statement
Q3 2012 – Income Statement IFRS (€mn) APPENDIX €mn Q3 2012 Q3 2011 +/-% Gross premiums written 2,142.6 2,072.9 3.4 Net earned premiums 2,088.1 2,006.5 4.1 Financial result 318.6 244.4 30.4 Other income 32.6 28.0 16.2 Total income 2,439.2 2,278.9 7.0 Expenses for claims and insurance benefits -1,765.
Slide 30: 9M 2012 – Exchange Rates
9M 2012 – Exchange Rates APPENDIX 9M 2012 9M 2011 Balance Balance Country Curr. P & L EUR P & L EUR Sheet EUR Sheet EUR Albania EUR/ALL 140.1900 138.9994 140.9500 140.8100 Belarus EUR/BYR 10,990.0000 10,595.4380 7,638.1600 5,937.8889 Bosnia EUR/BAM 1.9558 1.9558 1.9558 1.9558 Bulgaria EUR/BGN 1.9558
Slide 31: 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 % 31
Slide 32: Shareholder Structure (II)
Shareholder Structure (II) Free float split of identified shares as of 09/2012 Appendix Austria ~23% Others ~8% North America ~15% Continental Europe ~29% UK & Ireland ~25% 32
Slide 33: VIG Share & Contact Details
VIG Share & Contact Details Investor Relations Appendix VIG Share Investor Relations Team Number of common shares Vienna Insurance Group 128mn Schottenring 30, 1010 Vienna ISIN E-Mail: [email protected] AT0000908504 www.vig.com/ir Listing Nina Higatzberger (Head of IR) Vienna – since 17 Oct
Slide 34: 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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