Geschäftsentwicklung 2010 Vienna Insurance Group · without unit- and index-linked life insurance...
Transcript of Geschäftsentwicklung 2010 Vienna Insurance Group · without unit- and index-linked life insurance...
Geschäftsentwicklung 2010Vienna Insurance Group
There are people behindevery number
VIENNA INSURANCE GROUP AGWiener Versicherung Gruppe
Vienna, May 3rd 2013
22nd Annual General Meeting
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
4
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“
Rating
5
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
Geschäftsentwicklung 2010Vienna Insurance Group
We have anabsolute majority
of women
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
Results of the financial year 2012
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
Premium income
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
*
+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%
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
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
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
Country data
VIG – Austria
1919
� 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%
Combined Ratio
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
Investments
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
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”
Profit before taxes
According to segments, IFRS, in EUR m.
Profit
31
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
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
2012
Evolution of profit before taxes according to regions
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Over 50% of profit from CEE
non CEE
50%
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
VIG Holding standalone
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
Dividend
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
Group Embedded Value
in EUR m.
Group Embedded Value 2012
40
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
New business margin; in %
Group Embedded Value 2012
41
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
Geschäftsentwicklung 2010Vienna Insurance Group
Social involvementis more than
just a headlinefor us
High social, environmental and cultural responsibility
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.
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
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
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
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
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
Many thanks for your attention!
Geschäftsentwicklung 2010Vienna Insurance Group