Talanx Ag · XETR:TLX
Talanx — Investor Day (June 2014)
197 slides from Talanx's investor day presentation, Jun 27, 2014
Slide 1: Talanx Capital Markets Day
Talanx Capital Markets Day Warsaw, 26/27 June 2014
Slide 2: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 3: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 4: Executive Summary
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Delivery on our 2013 outlook and targets Co
Slide 5: Looking back – Major events since April 2013 (I)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Looking back – Major events since April 2013 (I) April Hostin
Slide 6: Looking back – Major events since April 2013 (II)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Looking back – Major events since April 2013 (II) October Tal
Slide 7: Looking back – Target achievements 2013
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Looking back – Target achievements 2013 Return on Investment
Slide 8: Where do we stand today
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Where do we stand today Profit-History 2010 - 2013 Solvency I
Slide 9: Continuous challenge and refinement of our business model
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Moving forward – Continuous challenge and refinement of our b
Slide 10: What do mega trends mean to our businesses?
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Moving forward – What do “mega trends” mean to our businesses
Slide 11: Responses on Shift of Economic Power
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Moving forward – Responses on “Shift of Economic Power” Mega
Slide 12: Responses on Generation Y
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Moving forward – Responses on “Generation Y” Mega trend What
Slide 13: Responses on Digitalisation/Technology
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Moving forward – Responses on “Digitalisation/Technology” Meg
Slide 14: Responses on Increasing Volatility
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Moving forward – Responses on “Increasing Volatility” Mega tr
Slide 15: Responses on Dynamic Society and Regulation
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Moving forward – Responses on “Dynamic Society and Regulation
Slide 16: How do we steer our businesses? Decentralised decisions
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks How do we steer our businesses? – Decentralised business deci
Slide 17: How do we steer our businesses? Setting and monitoring targets
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks How do we steer our businesses? – Setting and monitoring targ
Slide 18: How do we steer our businesses? Our portfolio of businesses
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks How do we steer our businesses? – Our portfolio of businesses
Slide 19: Special Topic Retail Germany – Overview
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Special Topic Retail Germany – Overview Retail Germany Bancas
Slide 20: Special Topic Retail Germany – Life portfolio overview
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Special Topic Retail Germany – Life portfolio overview Breakd
Slide 21: Special Topic Retail Germany – Life: guarantees and yields
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Special Topic Retail Germany – Life: guarantees and yields Bu
Slide 22: German Life business dominated by profitable bancassurance
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Special Topic Retail Germany – Talanx’s German Life business
Slide 23: Special Topic Retail Germany – Improving ALM match
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Special Topic Retail Germany – Improving ALM match Durations
Slide 24: How to improve profitability of our other German Life business
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Special Topic Retail Germany – How to improve profitability o
Slide 25: Outlook and targets – Mid-term target matrix
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Outlook and targets – Mid-term target matrix Segments Key fig
Slide 26: How to arrive at our mid-term targets?
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Outlook and targets – How to arrive at our mid-term targets?
Slide 27: Talanx – an integrated insurance group with strong international franchises
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Talanx – an integrated insurance group with strong internatio
Slide 28: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 29: Retail International: Management Team and Speakers
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Retail International: Management Team and Speakers Torsten Le
Slide 30: Executive Summary
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Retail International contributed 37.5% of P
Slide 31: Strategic Management Holding
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategic Management Holding Group Strategy Group Accounting
Slide 32: Talanx Primary Insurance, 2013
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Relative Importance within Talanx Group Industrial Lines Reta
Slide 33: Strategy: tiGROW
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategy: tiGROW1 Focus resources on target regions LatAm / C
Slide 34: Growth potential in LatAm and CEE/CIS until 2030
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Growth potential in LatAm and CEE/CIS until 2030 LatAm Non-Li
Slide 35: Wealth and car ownership in Core Markets
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Wealth and car ownership in Core Markets Middle class… … is d
Slide 36: Drivers for Motor GWP growth by 2018 in Core Markets
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Drivers for Motor GWP growth by 2018 in Core Markets in €bn 2
Slide 37: Growth Market Latin America
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Growth Market Latin America Retail International markets (Lat
Slide 38: Growth Market CEE/CIS
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Growth Market CEE/CIS Retail International markets (CEE/CIS –
Slide 39: International Presence
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks International Presence Poland WARTA, TU Europa, Open Life Rus
Slide 40: Portfolio focus
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Portfolio focus GWP contribution EBIT contribution Other Othe
Slide 41: Portfolio development
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Portfolio development Strategic diversification targets Retai
Slide 42: B2B expertise: Bancassurance
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks B2B expertise: Bancassurance Bancassurance GWP Split Comments
Slide 43: Key figures in a nutshell
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Key figures in a nutshell Key figures 2013 GWP 2013 GWP Key f
Slide 44: Strategic Group target: Raise share of foreign Primary premium
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategic Group target: Raise share of foreign Primary premiu
Slide 45: Target: Among top 5 foreign insurers in target regions
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Retail International target: Among top 5 foreign insurers in
Slide 46: Portfolio Management – Strategic Attractiveness
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Portfolio Management - Markets Illustrative Strategic Attract
Slide 47: Portfolio Management – M&A approach
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Portfolio Management – M&A approach Closed transactions since
Slide 48: Portfolio Management – Risk management
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Portfolio Management – Risk management Potential impact on Ri
Slide 49: Strategic Initiatives
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategic Initiatives Post-merger integration in Poland Clean
Slide 50: Strategic Initiative: Post-merger integration in Poland
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategic Initiative: Post-merger integration in Poland Capit
Slide 51: Strategic Initiative: Clean-up in Turkey
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategic Initiative: Clean-up in Turkey 2012 2013 Cycle Aver
Slide 52: Strategic Initiative: Power Pricing in Brazil
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategic Initiative: “Power Pricing” in Brazil Challenge Hig
Slide 53: Strategic Initiative: Claims Management in Mexico
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategic Initiative: Claims Management in Mexico Challenge R
Slide 54: Best practises: Rolling out local excellence across the Group
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Best practises: Rolling out local excellence across the Group
Slide 55: Summary Retail International – Three key strengths
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Summary Retail International – Three key strengths Focus Lead
Slide 56: Summary – Peers comparison
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Summary - Peers comparison Geographic Complexity Peer 1 Peer
Slide 57: Summary – Outlook 2014
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Summary – Outlook 2014 Key performance indicators (€m) GWP CA
Slide 58: Summary – Mid-term target matrix
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Summary - Mid-term target matrix Retail International Gross p
Slide 59: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 60: Executive Summary
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Intact growth path despite dampening curren
Slide 61: Key financials 2013
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Key financials 2013 Summary of FY2013 Comments Key financials
Slide 62: Key financials Q1 2014
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Key financials Q1 2014 Summary of Q1 2014 Comments Key financ
Slide 63: Key figures in a nutshell – Latin America
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Key figures in a nutshell – Latin America Latin American mark
Slide 64: Key figures in a nutshell – Central Eastern Europe
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Key figures in a nutshell – Central Eastern Europe Central Ea
Slide 65: Warta development
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Warta development Price/Book1 Combined ratio Non-Life 94.9% 9
Slide 66: Key figures in a nutshell – Other regions
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Key figures in a nutshell – Other regions Other markets GWP s
Slide 67: GWP development – Regional diversification
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks GWP development – Regional diversification GWP development by
Slide 68: GWP development Core Markets
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks GWP development Core Markets GWP development (€bn) GWP split
Slide 69: Diversification by product lines
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Diversification by product lines Retail International GWP spl
Slide 70: Development of net combined ratio (segment level)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Development of net combined ratio (segment level) P&C net com
Slide 71: Development of net combined ratio (entity level)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Development of net combined ratio (entity level) P&C net comb
Slide 72: EBIT development
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks EBIT development EBIT development (€m) EBIT split by Core Mar
Slide 73: Net income development
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Net income development Net income development Net income cont
Slide 74: Self-financed organic growth
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Self-financed organic growth Capital commitment from Talanx G
Slide 75: Split of Solvency Capital Requirements by risk category and region
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Split of Solvency Capital Requirements by risk category and r
Slide 76: Distinction between risks according to their relevance
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Distinction between risks according to their relevance Potent
Slide 77: Cycle management – Status quo in Core Markets
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 1 Cycle management – Status quo in Core Markets Current statu
Slide 78: Cycle management – What-if analysis
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 1 Cycle management – “What-if analysis”: increase in combined
Slide 79: Investments – Management and monitoring
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 2 Investments – Management and monitoring Management of inves
Slide 80: Investments – Structure and yield
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 2 Investments – Structure and yield Breakdown of investment p
Slide 81: Investments – Exposure by country and currency
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 2 Investments – Exposure by country and currency Assets under
Slide 82: Investments – Quality of assets in Core Markets and in Italy
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 2 Investments – Quality of assets in Core Markets and in Ital
Slide 83: Investments – Strategy for low interest rate environment
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 2 Investments - Strategy for low interest rate environment To
Slide 84: Investments – Strategy for low interest rate environment
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 2 Investments - Strategy for low interest rate environment Re
Slide 85: Nat Cat exposure – Natural disaster exposure by markets 2013
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 3 Nat Cat exposure - Natural disaster exposure by markets 201
Slide 86: Currency volatility – What-if analysis
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks 4 Currency volatility – “What-if-analysis”: currency effects
Slide 87: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 88: Executive Summary
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Long-term retail experience in CEE GWP reac
Slide 89: CEE: Evolution of Retail International expansion
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks CEE: Evolution of Retail International expansion Market entry
Slide 90: CEE: Key figures in a nutshell
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks CEE: Key figures in a nutshell Key financials (IFRS) Highligh
Slide 91: CEE: GWP split per line of business
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks CEE: GWP split per line of business Motor GWP (€m) Comments +
Slide 92: CEE: Product and distribution split
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks CEE: Product and distribution split Non-Life & Life GWP share
Slide 93: CEE: Poland
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks CEE: Poland 93 Capital Markets Day - Warsaw , 26/27 June 2014
Slide 94: Poland: Market snapshot
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Poland: Market snapshot Market characteristics Market positio
Slide 95: Poland: Market snapshot
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Poland: Market snapshot Polish Insurance Market 2013: GWP PLN
Slide 96: Poland: Key figures in a nutshell
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Poland: Key figures in a nutshell Key financials (IFRS) Highl
Slide 97: Poland: Distribution network
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Poland: Distribution network Non-Life & Life per channel (by
Slide 98: Poland: Bancassurance (TU Europa)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Poland: Bancassurance (TU Europa) Bancassurance GWP market sh
Slide 99: Poland: Strategic initiative – Warta post-merger integration
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Poland: Strategic initiative – Warta post-merger integration
Slide 100: CEE: Turkey
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks CEE: Turkey 100 Capital Markets Day - Warsaw , 26/27 June 201
Slide 101: Turkey: Market snapshot
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Turkey: Market snapshot Market characteristics Market positio
Slide 102: Turkey: Market snapshot
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Turkey: Market snapshot Turkish Insurance Market 2013: GWP TR
Slide 103: Turkey: Market profitability per segment
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Turkey: Market profitability per segment Combined ratios in T
Slide 104: Turkey: Non-Life key figures in a nutshell (HDI Sigorta)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Turkey: Non-Life key figures in a nutshell (HDI Sigorta) Key
Slide 105: Turkey: HDI Sigorta market presence
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Turkey: HDI Sigorta market presence 2013 Highlights Head offi
Slide 106: Turkey: HDI Sigorta strategic initiatives – Clean-up (1/2)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Turkey: HDI Sigorta strategic initiatives – Clean-up (1/2) 20
Slide 107: Turkey: HDI Sigorta strategic initiatives – Clean-up (2/2)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Turkey: HDI Sigorta strategic initiatives – Clean-up (2/2) Ch
Slide 108: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 109: Executive Summary
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Attractive acquisition – current scale/scop
Slide 110: Polish Insurance market by market share
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Polish Insurance market by market share Total insurance marke
Slide 111: Strategic initiative – Warta post-merger integration
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategic initiative – Warta post-merger integration Capital
Slide 112: Integration project: Timetable of execution
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Integration project: Timetable of execution March 2012 July 2
Slide 113: Management Team
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Management Team Very experienced management in integration pr
Slide 114: Centralisation of back-office operations
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Centralisation of back-office operations Centralisation proce
Slide 115: Centralisation of claims handling locations
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Centralisation of claims handling locations Centralisation pr
Slide 116: Migration of Non-Life and Life customers
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Migration of Non-Life and Life customers 4 million active Non
Slide 117: Overview: Number of BeST projects
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Overview: Number of “BeST projects” 27 The projects to be ini
Slide 118: Integration faster and better than planned
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Integration faster and better than planned Capital Markets Da
Slide 119: New retail strategy – Tango
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks New retail strategy – “Tango” Growth dynamics in number of po
Slide 120: Results from employees' satisfactory panel
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Results from employees‘ satisfactory panel Employees’ satisfa
Slide 121: Awards from experts and consumers in 2013
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Awards from experts and consumers in 2013 Titles “Superbrands
Slide 122: Development of Warta's S&P rating
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Development of Warta‘s S&P rating1 Nov Feb Jul Jan Jul Apr 20
Slide 123: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 124: Executive Summary
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Building on our unique Latin America experi
Slide 125: Latin America: Evolution of Retail International expansion
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Latin America: Evolution of Retail International expansion HD
Slide 126: Latin America: Key figures in a nutshell
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Latin America: Key figures in a nutshell Key financials (IFRS
Slide 127: Latin America: GWP split per line of business
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Latin America: GWP split per line of business GWP in casco (€
Slide 128: Latin America: Distribution network
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Latin America: Distribution network Non-Life GWP share per ch
Slide 129: Brazilian Insurance market: The opportunity
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Brazilian Insurance market: The opportunity Market characteri
Slide 130: Brazil: Market snapshot 2013
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Brazil: Market snapshot 2013 Brazilian Insurance Market 2013:
Slide 131: Brazil: Key figures in a nutshell
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Brazil: Key figures in a nutshell Key financials Highlights €
Slide 132: Brazil: Company development
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Brazil: Company development 2013 y man 2006 2006 2013 Ger 1,0
Slide 133: Brazil: Strategic initiative – Power Pricing
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Brazil: Strategic initiative – “Power Pricing” Challenges Hig
Slide 134: Mexico: The opportunity
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Mexico: The opportunity Market characteristics Market positio
Slide 135: Mexico: Market snapshot 2013
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Mexico: Market snapshot 2013 Mexican Insurance Market 2013: G
Slide 136: Mexico: Key figures in a nutshell
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Mexico: Key figures in a nutshell Key financials Highlights €
Slide 137: Mexico: Company development
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Mexico: Company development 2013 2010 Highlights Strong regio
Slide 138: Mexico: Strategic initiative – claims management
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Mexico: Strategic initiative – claims management Challenges F
Slide 139: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 140: Executive Summary
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Brazilian Motor market – sophisticated, dif
Slide 141: Brazilian Motor market – Growth potential
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Brazilian Motor market – Growth potential Brazil is already t
Slide 142: Brazil Motor Market – Business environment
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Brazil Motor Market – Business environment MTPL1 not compulso
Slide 143: HDI Digital: Innovative business model
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks HDI Digital: Innovative business model Traditional insurer HD
Slide 144: HDI Digital – Strategic focus
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks HDI Digital – Strategic focus Comments Proactive steering of
Slide 145: HDI Digital – market leading Motor data analysis and pricing
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks HDI Digital – market leading Motor data analysis and pricing
Slide 146: HDI Seguros – Development of Motor Insurance business
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks HDI Seguros – Development of Motor Insurance business Acquisi
Slide 147: HDI Seguros – Expanding market share
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks HDI Seguros – Expanding market share Premium increase 2010 to
Slide 148: HDI Digital – Development of HDI Digital solution
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks HDI Digital – Development of HDI Digital solution 2013 2010 H
Slide 149: Agenda
Agenda I Group Business Model and Strategy Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brasil) João Francisco Borges VIII Indust
Slide 150: Management Team
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Management Team Dr. Edgar Dr. Christian Dr. Stefan Dr. Joachi
Slide 151: Executive Summary
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Strategic target to become a leading global
Slide 152: Key figures in a nutshell
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Key figures in a nutshell Key figures Share in 2013 group GWP
Slide 153: Product offering
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Product offering GWP by line Comments Total GWP 2013: €3.8bn
Slide 154: Client and geographical reach
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Client and geographical reach GWP by region1 International To
Slide 155: Run-off results
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Run-off results Run-off Results and Actuarial Reserves (IFRS)
Slide 156: Developing international markets
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Developing international markets Selected client acquisitions
Slide 157: Industrial Lines – Differentiation from Retail International
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Industrial Lines – Differentiation from Retail International
Slide 158: Strategy
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategy Germany: Growth potential with International Program
Slide 159: Strategy
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategy Germany: Growth potential with International Program
Slide 160: Penetration of target companies
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Penetration of target companies Relationships with DAX 30 com
Slide 161: Annual organic growth with German customers
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Annual organic growth with German customers Local Internation
Slide 162: Strategy
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategy Germany: Growth potential with International Program
Slide 163: Penetration among European blue chips
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Penetration among European blue chips Target clients Target c
Slide 164: International franchise: Europe
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks International franchise: Europe European network (GWP 2013 in
Slide 165: Strategy
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategy Germany: Growth potential with International Program
Slide 166: International franchise: Outside Europe
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks International franchise: Outside Europe Network outside Europ
Slide 167: Globalisation and International Network
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Globalisation and International Network Cooperation with Reta
Slide 168: Strategy
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategy Germany: Growth potential with International Program
Slide 169: How we enter new markets
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks How we enter new markets Strategy of developing new markets I
Slide 170: Aspired development
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks International Franchise – Market classification International
Slide 171: Our markets
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Our markets Developed markets with leading market position Ma
Slide 172: Case Study: Brazil
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Case Study: Brazil 900 GWP in €m 865 810 827 800 700 669 600
Slide 173: Case Study: Brazil (continued)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Case Study: Brazil (continued) HDI Seguros Brazil (Retail Int
Slide 174: Strategy
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Strategy Germany: Growth potential with International Program
Slide 175: Retention ratio
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Retention ratio Development of net retention based Net retent
Slide 176: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 177: Agenda and disclosure timeline
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Agenda and disclosure timeline Focus topics Disclosure timeli
Slide 178: Executive Summary per division – aligned with min. RoE target
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Executive Summary Bottom-up determination of risk-, leverage-
Slide 179: Divisional cost of equity – Our approach
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Divisional cost of equity – Our approach How to derive divisi
Slide 180: Divisional cost of equity – Factors to consider
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Divisional cost of equity – Factors to consider Factor Talanx
Slide 181: Divisional cost of equity – Determination of through-the-cycle levels
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Divisional cost of equity – Determination of “through-the-cyc
Slide 182: Ratings and Capital
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Ratings and Capital 1 Development since Rating Outlook IPO Ta
Slide 183: Ratings and Capital – Financial Strength Rating of Talanx Primary Group
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Ratings and Capital - Financial Strength Rating of “Talanx Pr
Slide 184: Ratings and Capital – Market assessment on costs and risks
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Ratings and Capital – Market assessment on costs and risks Sp
Slide 185: Ratings and Capital – Capitalisation measures
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Ratings and Capital – Capitalisation measures Current capital
Slide 186: SCR 2013 - Results history (Economic View)
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks SCR 2013 - Results history (Economic View) Own Funds (€bn)1 C
Slide 187: SCR 2013 – Split by division
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks SCR 2013 – Split by division SCR1 by division Comments (As of
Slide 188: SCR 2013 - Own Funds by division
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks SCR 2013 - Own Funds by division Own Funds1 by division (as o
Slide 189: Solvency capital requirement split into components
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Solvency capital requirement split into components Risk compo
Slide 190: SCR 2013 - Sensitivity of Solvency Capital Ratios
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks SCR 2013 - Sensitivity of Solvency Capital Ratios Correlation
Slide 191: SCR 2013 – Solvency Capital Ratios
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks SCR 2013 – Solvency Capital Ratios Economic view Regulatory v
Slide 192: Solvency II – Key issues still to watch
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Solvency II – Key issues still to watch Key elements Focus ar
Slide 193: Proposal for a reform of the German Life insurance law – I
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Special Topic Retail Germany - Proposal for a reform of the G
Slide 194: Proposal for a reform of the German Life insurance law – II
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Special Topic Retail Germany - Proposal for a reform of the G
Slide 195: Agenda
Agenda I Group Strategy and Targets Herbert K. Haas Retail International II Strategy Torsten Leue III Financials Oliver Schmid IV CEE Sven Fokkema V Case Study: Warta (Poland) Jaroslaw Parkot VI Latin America Matthias Maak VII Case Study: HDI Seguros (Brazil) João Francisco Borges VIII Industrial Li
Slide 196: Final remarks – Key take-aways
Group Strategy Retail Internat. – Retail Internat. – Case Study: Latin Case Study: HDI I and Targets II Strategy III Financials IV CEE V Warta (Poland) VI America VII Seguros (Brazil) VIII Industrial Lines IX Group Finance X Final Remarks Final remarks – Key take-aways International activities have
Slide 197: Disclaimer
Disclaimer This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG (the "Company") or cited from third-party sources. These statements are, therefore, subject to certain known or unknown risks and uncertai