Asr Nederland N.v. · EURONEXT:ASRNL
Asr Nederland — a.s.r. — Investor Presentation (November 2015)
15 slides from Asr Nederland's investor presentation, November 2015
Slide 1: a.s.r. capital management considerations
a.s.r. capital management considerations November 2015
Slide 2: Agenda
Agenda 1. a.s.r. introduction 2. Financial framework 3. Solvency II 4. Appendix 2
Slide 3: Introduction to a.s.r.
Introduction to a.s.r. a.s.r profile Key financials1 (€m) • a.s.r. is a multi-line insurance company with a long history and has the number 4 position in the Dutch market by GWP. As a purely 2011 2012 2013 2014 H1-14 H1-15 Dutch player, a.s.r. is represented in all major insurance segments Gross wri
Slide 4: Market position
Market position market shares 2014 Disability P&C Life 11% 22% 12% 20% 4% 22% other other Achmea 9% Aegon 7% a.s.r. 34% other a.s.r. 7% Delta L. Delta L. 9% Achmea Nat. Nat.Ned. 13% Ned. Goudse 19% 19% a.s.r. 11% 5% Nat. 8% Reaal Delta Achmea. Ned. Lloyd 6% 8% 13% 19% 8% 14% Source: company analysis
Slide 5: Agenda
Agenda 1. a.s.r. introduction 2. Financial framework 3. Solvency II 4. Appendix 5
Slide 6: Focus on efficiency, profitability and solidity
Focus on efficiency, profitability and solidity Cost reduction – operating Profitability – net results (€ mln) Solvency (%) expenses (€ mln) CAGR: -3.0% 450 300 300 400 250 250 350 300 200 200 250 150 308 150 293 285 284 297 279 271 264 273 200 381 397 2931 230 100 150 281 100 255 100 212 171* 50 50
Slide 7: Financial risk indicators at a strong level
Financial risk indicators at a strong level Financial leverage ICR 23.9% * 24.5x 22.0% 10.1x * 2014 H1 2015 H1 2014 H1 2015 Double leverage S&P holding rating 121% * 118% BBB+ BBB+ 2014 H1 2015 2014 H1 2015 * Restated due to accounting changes 7
Slide 8: Capital employed for selective M&A transactions
Capital employed for selective M&A transactions Acquisition of De Eendragt De Eendragt adds volume / a.s.r. acquired 100% of the shares in De Eendragt. a.s.r. has the ambition to scale to a.s.r.'s pensions Pensions further shore up its position in the pension market. One way to achieve this is busin
Slide 9: Agenda
Agenda 1. a.s.r. introduction 2. Financial framework 3. Solvency II 4. Appendix 9
Slide 10: a.s.r. is well capitalised and strong under both Solvency I & II
a.s.r. is well capitalised and strong under both Solvency I & II Total IFRS equity (€ m) DNB Solvency I capital (€ m) Solvency II capital (€ bn) Available capital Required capital SCR, Standard model c. 185% 4,053 3,709 Hybrid 701 5,107 701 Net result 397 SI required Adjustments 1,054 423 capital 3,
Slide 11: Development of Solvency II ratio and 'ladder of intervention'
Development of Solvency II ratio and ‘ladder of intervention’ ~185% • Strong solvency is the result of prudent and ~175% solid risk management ‘Entrepreneural’ level > 160% ~150% • Standard model only Cash dividend payment > 140% ~135% Risk appetite = 120% • Prudently established Solvency II figures
Slide 12: SCR overview for a composite insurer
SCR overview for a composite insurer Variety of products and product lines lead to diversification of risks SCR Operational risk Tax Market risk Life Risk Non Life Health risk Counterparty default Premium and Similar to Non Interest Longevity Catastrophe Similar to Life Catastrophe reserve Life Equi
Slide 13: Agenda
Agenda 1. a.s.r. introduction 2. Financial framework 3. Solvency II 4. Appendix 13
Slide 14: a.s.r. financial ratio's
a.s.r. financial ratio’s Net result (€m) Operating result ROE Operating ROE €397m €280m 23.7% 15.8% €221m 13.0% €171m * 10.2% * H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 DNB solvency I Solvency II (standard) Total equity Financial leverage 297% c.175% c.185% €4,053m 285% €3,709
Slide 15: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements Certain statements in this presentation that are not historical facts are “forward-looking statemtents”. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends