Geschäftsentwicklung 2010 Vienna Insurance Group · without unit- and index-linked life insurance...

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Geschäftsentwicklung 2010 Vienna Insurance Group There are people behind every number

Transcript of Geschäftsentwicklung 2010 Vienna Insurance Group · without unit- and index-linked life insurance...

Page 1: Geschäftsentwicklung 2010 Vienna Insurance Group · without unit- and index-linked life insurance / rounding differences ... solvability ratio more than 250% Important for excellent

Geschäftsentwicklung 2010Vienna Insurance Group

There are people behindevery number

Page 2: Geschäftsentwicklung 2010 Vienna Insurance Group · without unit- and index-linked life insurance / rounding differences ... solvability ratio more than 250% Important for excellent

VIENNA INSURANCE GROUP AGWiener Versicherung Gruppe

Vienna, May 3rd 2013

22nd Annual General Meeting

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Highlights 2012

Highest profit in the Company‘s history, increase of profit after taxes and minority interes ts of about 10%

Consolidation of market leadership in CEE core mark ets of about 19% market share

Pleasing VIG share performance in 2012: +32%

Streamlining of market presence through mergers in Poland , Romania, Bulgaria and Croatia

Expansion of involvement in Poland and Macedonia

Strong social commitment, e.g.: VIG Social Active D ay

Vienna Insurance Group

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Awards

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Wiener Städtische is No.1 according to a representative survey andassociated with values such as security, stability and success

Kooperativa Prague in the top 10 of the most admired Czech enterprises

InterRisk recognized for the sixth time in a row for being one of the „Large Pearls“ in the Polish Economy

BCR Life: Market position once again confirmed at the „Piata Financiara Gala Awards“ by receiving the „Insurer of the Year 2012“award in the life insurance segment

Bulstrad: property insurer of the year 2012 andbest motor insurance product in Bulgaria

DONAU Brokerline honoured with Award for Service-Quality

s Versicherung awarded with „Recommender 2012“ prize in the category „Region and Special Insurance“

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Rating

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Standard & Poor’s

confirms excellent rating of

„A+“ with stable outlook

VIG is the best rated company in the ATX

Forbes lists VIG as 4 th biggest publicly traded austrian company (no. 723 in the world)

VIG among the TOP 20 European insurance companies

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Geschäftsentwicklung 2010Vienna Insurance Group

We have anabsolute majority

of women

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Female representation in the VIG

58% ratio of women in the Group

40% women in senior positions (incl. sales)

20% women on management boards

� triple the level of the average share of the 61 biggest German insurance companies

33% of new positions on management board were filled by women in 2012

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Geschäftsentwicklung 2010Vienna Insurance Group

You can counton our numbers

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Results of the financial year 2012

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VIG continues to grow stronglyRecord premium volume and result

Premium growth to about EUR 9.7 bn (+9.0%)

Increase in profit before taxes to EUR 587.4 m. (+5 .1%)Profit after taxes and minority interests of EUR 44 6.2 m. (+9.7%), stronger growth than in premium volume

Excellent combined ratio (net) of 96.7%

CEE share of premium volume and profit > 50%

Year-end result 2012

Vienna Insurance Group

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IFRS

VIG – Income statement

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in EUR m. 2012 2011 +/- in %

Premiums written 9,685.67 8,883.67 +9.0%

Net earned premiums 8,996.81 8,122.82 +10.8%

Expenses for claims and insurance expenses -7,590.35 -6,535.96 +16.1%Acquisition and administrative expenses -1,814.89 -1,752.65 +3.6%Financial result incl. at equity consolidated companies

1,240.52 931.61 +33.2%

Other income and expenses -244.68 -206.81 +18.3%

Profit before taxes 587.41 559.01 +5.1%

After taxes and non-controlling interests

446.19 406.75 +9.7%

Rundungsdifferenzen Rounding differences

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Premium income

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Gross written premiums according to segments, IFRS, in EUR m.

Premiums

Premium increase in all lines of businesses

Property/Casualty Life Health

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+2.1% +17.2%

+9.0%

+8.7%

4,673.44 4,620.72

9,685.67

4,579.30 3,944.22

8,883.67

391.51 360.15

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*

+35.0%

Gross written premiums according to regions, IFRS, in EUR m.

Premiums

* AL, BA, BG, DE, EE, FL, GE, HR, HU, LT, LV, MK, RS, TR, UA

** VIG Holding, VIG RE, VIG Fund, BIAC, Central Point, ELVP, LVP, Neue Heimat Holding, Progress, TBIH as well as non profit housing societies

Record premium volume:growth driver CEE

Austria Czech Republic

Slovakia Poland Romania Remaining markets*

Central functions**

Consolidation

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+2.1%

-1.6% +2.9% +68.9%-10.9%

+13.8%

+9.0%

4,037.50

1,823.89

684.26954.22

503.08857.19 993.67

8,883.67

4,122.53

1,795.581,611.74 1,341.44

-1,313.54

9,685.67

704.11 448.25975.56

-970.14

CEE +15.0%

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2012 (2011)

Premiums – over 50% from CEE

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AT42.7%

(45.6%)

CEE54.9%(52.0%)

Property/Casualty48.3%(51.6%)

Health4.0%(4.0%)

Life47.7%(44.4%)

CZ18.6%

(20.6%)

SK7.3%

(7.7%)

PL16.7%

(10.7%)RO

4.6%(5.7%)

others**10.1%(9.7%)

% premium share according to regions*

% share according to segments

* Not taking into account the regions „central functions“ and „consolidation“* * AL, BA, BG, DE, EE, FL, GE, HR, HU, LT, LV, MK, RS, TR, UA

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Market analysis of VIG core markets

VIG: number 1

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Vienna Insurance Group:

further extension of its

leading market position

Source: local market reports, own calculation Core markets: Austria, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Ukraine

market share in %

18.9%

11.5%

9.7%8.8%

VIG No.1

Italian competitor Austrian competitor German competitor

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Leading market positions in Austria and CEE

17Quelle: lokale Marktberichte

Leading insurance provider excellent market position in Austria and CEE

Source: lokal market reports

No. 1 Top 3 Top 5 Top 10

Austria Poland Croatia Hungary

Czech Republic Albania Serbia Bosnia Herzegovina

Slovakia Bulgaria Ukraine

Romania Georgia Macedonia

Kernmärkte Weitere VIG-Märktecore markets other VIG markets

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Country data

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VIG – Austria

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� Biggest Austrian insurance group

� Difficult environment in life insurance

� Positive development in property and casualty insurance

� „Encourage Private Provision –Ensure Future Security“ initiative

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VIG – Czech Republic

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� VIG is market leader in Czech Republic representing 32.3% market share

� Since mid 2012 VIG is not only market leader in life, but also in non-life insurance business

� PČS biggest bank insurance on the Czech life insurance market

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VIG – Slovakia

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� Biggest insurance group on Slovakian market ( 33.6%)

� Market leader in the segments of life insurance and motor vehicle

� PSLSP with highest market growth

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VIG – Poland

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� Third market position: Increased market share to 11.0%

� Strong growth in the segment of life insurance

� Acquisition of Polish life insurance „Polisa“

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VIG – Romania

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� Difficult economic and regulatory conditions particularly influences the motor insurance business

� No.1 on the overall market as well as in the non-life segment

� Continuation of the restructuring programme in all VIG companies

� Merger of Romanian non-life insurance companies „Omniasig“and „BCR“

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Profit before taxes in EUR m.

Profit growth s Versicherung Group

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Successful cooperation with Erste Group

Annual average profit growth +55%

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Combined Ratio

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Net, in %

Excellent combined ratio of 96.65%

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65,9 65,8

30,8 31,0

2012 2011

Kostenquote

Schadenquote

Combined Ratio96,65

96,83

Cost Ratio

Claims Ratio

decrease incombined ratio despite

high weather related claims

Assumption 2012 average weather event year:

combined ratio 94.7%

96.6596.83

30.8

65.9 65.8

31.0

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Investments

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as of 31 December 2012

Conservative investment strategy

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63.0%11.0%

12.0%

7.0%

6.0%1.0%

Anleihen

Immobilien

Darlehen

Bankguthaben und Kassa

Aktien und Beteiligungen

Alternative Veranlagung

without unit- and index-linked life insurance / rounding differences

Bonds

Real estate

Loans

Deposits and cash

Equities and affiliated companies

Alternative investments

Total investments EUR 30.24 bn

about 0.2% share in PIIGS investments

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Equity

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Excellent solvability ratio of the Group

�solvability ratio more than 250%

Important for excellent S&P rating“VIG demonstrates a very strong competitive position in Austria and

CEE, very strong capitalisation, a strong and stable operating performance and a clear corporate strategy”

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Profit before taxes

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According to segments, IFRS, in EUR m.

Profit

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271.51239.81

559.01

Profit after taxes and minority interests (+9.7%) grows faster than premium

volume (+9.0%)

Profit after taxes and minority interests

EUR 446.19 m. (+9.7%)

Health Profit before taxesProperty/Casualty Life

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According to regions, IFRS, in EUR m.

Profit before taxes

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***

Strong progress in a challenging environment

Austria Czech Republic

Slovakia Poland Romania Remaining markets*

Central functions**

Consolidation

* AL, BA, BG, DE, EE, FL, GE, HR, HU, LT, LV, MK, RS, TR, UA ** VIG Holding, VIG RE, VIG Fund, BIAC, Central Point, ELVP, LVP, Neue Heimat Holding, Progress, TBIH as well as non profit housing development companies

CEE-growth > +10 %

+1.2%

+4.2%

+5.1%+14.2% +69.0%

+5.1%

41.57 39.13

-20.8

0.11

+1.2%

295.27194.97

56.89

-20.45

291.88

187.11

54.12

36.41

-12.99

23.15

-20.48

559.01

587.41

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2012

Evolution of profit before taxes according to regions

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Over 50% of profit from CEE

non CEE

50%

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Trend in profit before taxes, indexed

Comparison with competitors

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VIG: long-term

continuous profit growth

Germ. competitor

Austr. competitorItal. competitor

301

223

82

*

Source: local market reports, own calculation * extraordinary earnings resulting from the sales of 2 insurance companies in Austria and Romania due to cartel resons

1,0061,071

1,107 1,163

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VIG Holding standalone

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VIG Holding standalone

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in EUR m. 2012 2011 +/- in %

Premiums written 898.27 818.69 +9.7% direct business 26,505 5,790 +357.8% indirect business 871,766 812,901 +7.2%Technical result 39.04 35.23 +10.8%Financial result according to UGB 220.42 195.69 +12.6%Revaluation of others -8.16 8.80 -

PBT according to UGB 251.30 239.72 +4.8%Rundungsdifferenzen

Rounding differences

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Dividend

Page 38: Geschäftsentwicklung 2010 Vienna Insurance Group · without unit- and index-linked life insurance / rounding differences ... solvability ratio more than 250% Important for excellent

Dividend

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� Recommended increase in dividend

� Dividend yield of approximately 3%

dividend per share in EUR payed dividend in total EUR millions

0.901.00

1.101.20115.2

128.0140.8

153.6

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Group Embedded Value

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in EUR m.

Group Embedded Value 2012

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Embedded value increased once again

* Restated and adjusted Embedded Value

Return on Group Embedded Value

EUR 736.4 m.(+14.4%)

5,131.2

5,867.6

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New business margin; in %

Group Embedded Value 2012

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Excellent new business margin in CEE

compared to general international level

Benchmark values:

CEE 4 – 4.5%Austria/West Europe < 2.0%

2.0

5.8

4.3

Austria/Germany

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Geschäftsentwicklung 2010Vienna Insurance Group

Social involvementis more than

just a headlinefor us

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High social, environmental and cultural responsibility

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Social Active Day 2012

Social awareness

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� Extended by 8 to 17 countries� Participation rate „Social Active Day“�4.195 employees � 19 man-years of volunteer time�around 1/3 of all employess in administration across the

Group � Voluntary activities of employees�care of children

(with special needs, learning aid, acquisition of speech, etc.)�care of elderly and dependent persons�distribution of food to the homeless and families threatened

by the risk of poverty�participation on renovations etc.

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Exemplary list, company‘s social commitments and sponsoring

High social responsibility

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� Volkshilfe Österreich

� Bátor Tábor – Camp for ill children in CEE

� Günter Geyer Social Active Award

These activities are supported to a large extent by the main shareholder of Wiener Städtische Versicherungsverein

� VIG Kids Camp

� Around 500 children of VIG employees from 19 countries between 9 and 13 years of age have participated

� The motto „I‘m painting my summer“

� The participants spent 14 days in three different summer camps and shared new and interesting experiences with children from other European countries

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VIG Czech Republic / Austria

Environmental Awareness

* Leadership in Energy and Environmental Design 46

� New headquarter for Kooperativa and ČPP

- with 87 points out of a total of 110 the building received the LEED*-certification (platinum) and is therefore leader in Europe

- awarded for „Best Office Building 2011“ at the international real estate trade fair MIPIM

Kooperativa and ČPP

under one roof

� Office modernisation in the Vienna Ringturm

� Significant energy savings by installing 1,000 LED lights� Using a modern solution to meet sustainibility demands

� Use of district heating

� Wiener Städtische uses district heating for office locations in Vienna� 1,575 tonnes reduction of CO2 emissions certified by the Vienna University of

Technology

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Exemplary list

Cultural Engagements

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� Ringturm wrapping� Architecture in the Ringturm� Gustav Mahler Youth Orchestra� Essl Art Award CEE� Český Krumlov (Musicfestival)� Danubiana

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VIG supports students

Recruiting Events and Cooperation

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� Extensive support for universities and students � Karl Seitz Foundation

� Foundation Vienna University of Technology and Vienna University for Economics and Business

� University Bratislava/Brno

� IEDC – Bled School of Management� VIG awarded five female students from CEE with scholarships as part

of the cooperation

� European Fund for the Balkans� 10-month programme „Leadership Development Programme“ incl.

Summer-Academy in Austria and Slovakia

� Offering scholarships to students from CEE

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Outlook 2013

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Consequent continuation of success strategy in the recent years with focus on:

�Growth above market

�Continuous increase in profitability

�Taking into account the economic environment to keep volatility to a minimum

Page 50: Geschäftsentwicklung 2010 Vienna Insurance Group · without unit- and index-linked life insurance / rounding differences ... solvability ratio more than 250% Important for excellent

Many thanks for your attention!

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Geschäftsentwicklung 2010Vienna Insurance Group