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Ras Group Full Year Results 2005

(1) Includes euro 4,825 million of Investment Contracts, of which euro 4,719 million in ... (2) Compared to 2004 Euro 143 mln are restated to P+C as

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Ras Group Full Year Results 2005

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    Slide 1:Ras Group Full Year Results 2005

    March 13th, 2006

    Agenda Full year results 2005 P+C business Life business PFS business Capital Allocation Group Full Year Results 2005 Group Growth in consolidated Premiums (+1.6%) driven by Life production in Italy (in particular through Agents and Financial Advisors) and by a 2.3% P+C growth, substantially aligned with the market Combined Ratio improvement overall (-60 b.p.), mainly due to a 100 b.p. decrease in Italy Increase in Life New Business Value (+14.9%), also thanks to expansion of recurring-premium products in Italy Increase in Group Net Income to Euro 905 million (+27.9%), reflecting good operating results and positive impact of investment income Shareholder value grows to Euro 8.478 (+14.9%) due to an increase of 10,2% in Life and 19,6% in P+C FY05 Results 2005 16,392 +1.6% 97.3 -60bp 905 +27.9% 14.6 +220bp 24.4 +370bp 0.88 +10.0% Group 2004 16,132 97.9 708 12.4 20.7 0.80 209 +14.9% 182 Mln euro - IAS/IFRS Premiums P+C combined ratio (%) Life NBV Group net income ROE (%) RORAC (%) Dividends (PS)

    Slide 5:2005 Highlights

    growth

    Gross premiums written Mln euro - Direct and Indirect Business Group + 1.1% Life GPW + Inv. Contracts YoY growth + 2.3% Abroad Italy 2004 2005 7,463 4,039 3,425 +2.2% +2.4% 7,297 3,952 3,345 8,929(1) 7,209 1,720 +3.2% - 7.0% 2004 2005 8,834 6,984 1,850 P+C GPW YoY growth (1) Includes euro 4,825 million of Investment Contracts, of which euro 4,719 million in Italy and euro 106 million abroad 2004 2005 Mln euro - IAS/IFRS Net Premiums and management fees YoY Earnings before taxes & minorities Claims & Change in Technical Reserves Taxes and minorities Group Net Income Group Net financial income Operating expenses Other Income & Charges Statutory results IAS/IFRS - 9,438 10,727 + 2,5% 1,135 + 29.3% - 427 708 + 27.9% - 9,824 10,999 1,467 - 562 905 1,969 2,378 - 2,012 - 2,050 -111 -36 +4.1% +1.9% +20.8% Total Shareholder Value 2004 2005 1,837(2) 4,084 ... Life and PFS Embedded Value (1) 3,706 2,127 In-force Value EV Nav 2004 2005 2004 2005 …. 5,512 8,478 6,351 1.869 2,127 P+C Net Asset Value Total Shareholder Value +14.9% 1,957 4,394 3,675 1,869 Adj. Shareholder Equity 7,381 (1) Tillinghast has provided an independent opinion on and review of the EEV Mln euro - net of minority interests, taxes and cost of capital Group (2) Compared to 2004 Euro 143 mln are restated to P+C as “holdings” are all moved to P+C segment +10.2% +19.6% Group

    Slide 10:FY05 Results

    Premiums growth of 2.3% through selective underwriting policy; 60 b.p. improvement in combined ratio despite impact of floods in Switzerland and Austria Growth in Italy led by non-motor lines (+5.4%), which benefited from strong performance in “Personal” and “SME” lines (+6.1%), through significant marketing efforts mainly in Agencies Combined ratio improvement in Italy (-100 b.p.) through selective growth in Motor business and cost control Sizeable improvement in net profit (17.3 million euro) at Genialloyd

    Other countries Italy Mln euro - direct + indirect business 2004 2005 P+C GPW YoY growth +2.3% Group Switzerland Spain Austria GPW YoY growth Portugal Focus by country Total P+C GPW 7,463 4,039 3,425 +2.2% +2.4% 7,297 3,952 3,345 +2.2% +6.3% +1.0% 1,281 905 934 - 3.5% 304 Combined Ratio Group Group Consolidated Combined Ratio (1) Focus by Country - % Switzerland(2) Spain Austria(2) Italy (1) Net of reinsurance business, including “other technical items”, calculated on Net Earned premiums 2004 2005 97.9% 97.3% 98.3 100.2 98.6 91.5 2004 98.9% 97.3 101.2 99.4 91.2 IT-GAAP IAS - IFRS IT-GAAP IAS - IFRS 99.1 101.4 100.0 92.6 (2) The combined ratio in Switzerland and Austria reflected the negative impact of floods, for 56 million euro and 9 million euro respectively. Net of these effects, the combined ratio was 96.6% and 98.2% respectively. Total P+C GPW Motor Non-Motor Mln euro - direct business P+C GPW YoY growth +2.6% Italy Combined ratio - % Focus by LoB Total Motor Non Motor 97.3 98.3 FY04 IAS - IFRS 4,021 1,551 2,470 +5.4% +0.9% 2004 2005 3,920 1,472 2,448 FY05 IAS - IFRS 99.0 95.7 99.8 97.1 Mln euro - Direct Business

    Slide 14:Genialloyd

    Italy Results GPW YoY growth +7.3% 203 218 Combined ratio 90.7% 2004 2005 Expense ratio 14.7% Net Income 17.3 2004 2005 96.5% 17.0% 12.0

    Group Growth led by Italy (+3.2%). Performance abroad (-7.0%) influenced by an extraordinary single premium in Spain in 2004 and by a different consolidation perimeter in Austria and Spain Strong performance by Agents (+29.5%) and Financial Advisors (+32.6%) in Italy, with focus on recurring-premium products (+24.4%). Agency re-organisation produced significant results Negligible slowdown in the bancassurance channel (-2.4%), due to downturn in single premiums at Allianz Subalpina. Performance steady at Creditras, with good progress in recurring premiums (+10.9%) Significant increase in New Business Value in Italy (+15.4%); bancassurance channel achieves higher margin target through a different business mix

    Slide 16:FY05 Results

    Mln euro Switzerland Spain(2) Austria(1) Mln euro YoY growth (2) Life GPW + Inv. Contracts YoY growth + 1.1 % Life GPW Portugal Group Abroad Italy 8.929 7,209 1,720 +3.2% - 7.0% 2004 2005 8.834 6,984 1,850 (1) With the adoption of IAS-IFRS, Pensionkasse is no longer consolidated; the YoY change on a like-for-like basis was +2.4% for Austria (2) With the adoption of IAS-IFRS, Amaya is no longer consolidated; the YoY change on a like-for-like basis was -21.6%. Furthermore in 2004 Spain recorded an extraordinary single premium for 163 million euro for outsourcing of the Banco Popular Espanol pension fund - 0,2% - 23,1% - 13,8% 1.057 236 343 - 2,4% 83 Italy Mln euro - Individual policies Ras 669 Growth % Life new business volumes Agents FAs Banks 2004 2005 434 2004 2005 4,263 2004 2005 Mkt (1) Mkt share % 2005 +29.5 +18 7.2 +32.6 -23 12.9 -2.4 +15 10.5 (1) Source: ANIA new business premium 2004 6.6 7.8 12.4 517 327 4,368 Life new business – Agents & FAs +33.9% +32.3% FAs YoY growth +32.6% 327 434 52 70 275 364 844 180 664 1,103 224 879 +32.4% +24.4% 2004 2005 Total YoY growth +30.7% 2004 2005 517 669 128 154 389 515 +20.5% +32.4% Agents YoY growth +29.5% Annual Premium Single Premium Mln euro - Individual policies Italy High potential

    Slide 20:Agencies Upgrading

    Top Small medium 2005 38% 100% 32% 30% 2004 45% 100% 27% 28% 2005 recruitment Team Manager Life Specialist 2004 Total 2005 New entries (net) 156 2,814 33 220 Number % +21% +8% Ras Agencies 880 827 RAS SpA

    Results by Agency segment Life New Business 312 +38% +18% 135 2004 2005 Top High potential 2004 2005 Recurrent Single +25% +25% +42% +16% New Business growth 227 114 RAS SpA Recurrent Single Mln euro - Individual policies Bancassurance: new business premiums Italy Mln euro - Individual business – gross of minorities Life NB Premiums YoY growth 2004 2005 106 4,262 4.263 118 4,145 4.368 -2.4% Creditras YoY growth +0.2% 2004 2005 106 3,996 4.112 117 3,995 4.102 +10.9% -2.7% Recurrent Premium Single Premium +10.9% 0.0% Abroad Italy 209 Spain Austria Switzerland 2005 8 9 3 182 24 2004 Portugal 4 Mln euro - net of minorities, taxes and cost of capital at year-end 8 5 5 3 +14.9% Life New Business Value YoY growth 2004 2005 +15.4% +11.3% 21 185 161 Focus by country

    Slide 23:Life New Business Value by country

    Group

    FAs Banks 2004 2005 NBV/PVNBP (1) Agents +16% 3.7% 1.3% 7.2% 5.6% +12% +30% +9% Italy Mln euro - net of minorities, taxes and cost of capital at year-end (1) Present value of new business premiums 155 2004 77 49 29 2005 180 84 32 64 New Business Value YoY growth 3.5% 1.1% 7.3%(2) 6.0%(2) New Business Value and margins - Individual (2) Restated after change in model

    Slide 25:Life In-force Value

    Group 2004 1,575 2005 1,753 1,289 Italy Abroad 286 Life In-force Value YoY growth +11.3% Mln euro - net of minority interests, taxes and cost of capital 1,410 343 2004 2005

    Slide 26:Life Embedded Value roll-forward

    Group Variance from Assumptions Change in Assumptions New Business Value 78 209 -26 1,575 Opening Embedded Value 1/1/2005 NAV VIF 3,336 1,761 Unwinding Ending Embedded Value 31/12/2005 3,416 182 Capital movements -172 1,753 1,663 -191 Ending Embedded Value 31/12/2004 Initial Adj. 3,145 Mln euro ROEV = 14.1% Embedded Value Earnings Euro 443 mln

    PFS Business Italy Significant growth in net inflows (+27.1%) with a strong surge in the last quarter (+97.9%) Improvement of 69% in gross operating result thanks to increase in assets under management Integration of BNLI network achieved; improvement of the network profile with exits of FAs with marginal portfolios

    Slide 28:FY05 Results

    RasBank FAs performance Net Inflows and Life New business (1) +27.1% Assets under administration +11.0% Mln euro Italy Asset Mgmt Banking Life New business (1) Net Inflows: Assets under Management and banking assets 761 238 523 434 1,195 578 388 190 362(2) 940 2004 2005 (2) Includes corporate business for 35 million euro 18,219 3,026 15,193 4,776 22,995 16,315 2,835 13,480 4.400 20,715 2004 2005 RasBank FAs results by LoB(1) Italy Mln euro - Including Life business through FAs Gross margin Asset mgmt commission margin YoY growth Banking margin Life technical margin General expenses Sales & marketing expenses and others Gross operating result Net income(2) 2004 2005 235 134 318 192 45 56 145 61 90 56 70 +35% -124 -140 -25 -33 +69% +48% +13% +29% +24% +24% +44% 86 YoY growth (1) Includes Rasbank, Ras Private Bank Suisse, Rasfin Sim, Investitori Sgr, Investitori Holding Sgr, Ras Asset Management, RB Vita, Darta Saving Life Assurance e RB Fiduciaria (2) Including BNLI, 2004 Net income was Euro 31.4 million FAs exits on marginal portfolios Italy Change 04-05 2005 AUM(1) per FA > 10 mln 5-10 mln 2-5 mln 0-2 mln Total -232 +57 -1 -56 -232 2,696 643 512 587 954 2004 2,928 586 513 643 1,186 (1) Under management, under administration, Life % 100 20 18 22 40 % 100 24 19 22 35 Number of FAs Capital Allocation Group Increase in capital absorption (+15.5%) in line with business development and mainly due to higher volatility of strategic investments in Italy (Unicredito equity investment) Strong rise in RORAC at 24.4% (+370 b.p.) well above the 3 year plan target FY05 Results Capital Requirement Mln euro Group Italy Abroad 2004 3,441 2005 Life P+C 2,390 1,051 Strategic investments PFS Diversif. TOTAL 235 864 1,382 1,044 (620) 2,905 2005 3,974 2,905 1,069 2004 185 706 1,340 653 (494) 2,390 Risk-Based Capital YoY growth +15.5% +21.5% +1.8% Return on invested capital Group 2005 24.4 RORAC 2004 20.7 2005 14.6 ROE 2004 12.4 IAS/IFRS - % Euro 2000 0,31 0,80 2004 0,88 2005 Dividend policy Group Dividend Per Share YoY growth +10% Euro 0.88 DPS will be distributed on ordinary shares in May 2006, for a pay-out of 592 million euro Dividend policy Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in RAS Holding Spa’s core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates including the Euro - U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in law and regulations, including monetary convergence and the European Monetary Union, (x) changing in the policies of central banks and/or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz’s filings with the U.S. Securities and Exchange Commission Allianz assumes no obligation to update any forward-looking information contained in this release. Cautionary Note Regarding Forward-Looking Statements
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