Societe Generale S.a. Class A · EURONEXT:GLE
Societe Generale S.a. Class A — Sogecap — Debt Investor Presentation (September 2024)
28 slides from Societe Generale S.a. Class A's debt investor presentation, September 2024
Slide 1: Sogecap Investor Presentation September 2024
Sogecap Investor Presentation September 2024
Slide 2: Disclaimer
DISCLAIMER This document comprises the written materials for a credit update presentation relating to SOGECAP (the “Company”). The contents of this presentation are to be kept confidential and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published
Slide 3: Sogecap Investment Highlights
SOGECAP INVESTMENT HIGHLIGHTS Sogecap is the wholly-owned insurance subsidiary of Societe Generale, fully integrated within the Group’s strategy, offering savings and protection products in 8 countries (1) including France 5th largest life insurance player in the French market (2) Sogecap bene
Slide 4: 1. Company overview
1. Company overview INVESTOR PRESENTATION | SEPTEMBER 2024 | 4
Slide 5: Sogecap Group at a Glance
SOGECAP GROUP AT A GLANCE SOGECAP IS A HIGHLY PERFORMING LIFE AND NON-LIFE INSURANCE GROUP WITH TWO COMPLEMENTARY STRATEGIC PILLARS EUR 14.9bn EUR 2.0bn EUR 136bn EUR 358m Working in synergy with all the retail banking, private banking PREMIUM INCOME PROTECTION PREMIUMS OUTSTANDINGS NET INCOME (1) a
Slide 6: Sogecap is a key component of Societe Generale Group's diversified and integrated model
SOGECAP IS A KEY COMPONENT OF SOCIETE GENERALE GROUP’S DIVERSIFIED AND INTEGRATED MODEL Societe Generale aims at fostering higher cooperation between bank and insurance through stronger integration SG GROUP ORGANIZATIONAL CHART CONTRIBUTION TO SG GROUP NET INCOME (1) Societe Generale Group Insurance
Slide 7: Strong footprint with leadership positions, diversified business mix
SOGECAP HAS A STRONG FOOTPRINT WITH LEADERSHIP POSITIONS, LEVERAGING ON A DIVERSIFIED BUSINESS MIX Savings Life Insurance Robust growth and strong positioning 84% 89% 16% 11% GROSS INFLOWS OUTSTANDINGS EUR 13.0bn EUR 136bn UNIT-LINKED +1% VS. 2022 UNIT-LINKED +4% VS. 2022 SHARE SHARE 38% 38% (-4pts
Slide 8: ESG is at the heart of Sogecap's development strategy
ESG IS AT THE HEART OF SOGECAP’S DEVELOPMENT STRATEGY WITH CONCRETE AND AMBITIOUS COMMITMENTS Responsible insurer Responsible investor Responsible employer 1 300+ EUR 22.9bn EUR 6.2bn C. 3 300 97 % responsible funds responsible unit- of green investments in outstandings employees trained in ESG link
Slide 9: 2. Business model and strategy
2. Business model and strategy INVESTOR PRESENTATION | SEPTEMBER 2024 | 9
Slide 10: Sogecap has a clear roadmap to further accelerate
SOGECAP HAS A CLEAR ROADMAP TO FURTHER ACCELERATE SAVINGS LIFE INSURANCE ACTIVITIES Support our private clients in enhancing their assets and in preparing their retirement, by deepening the cooperation with SG and its new patrimonial bank, Societe Generale Private Banking and BoursoBank PROTECTION A
Slide 11: 2023: Strong development momentum, paving the way to further growth
2023: STRONG DEVELOPMENT MOMENTUM, PAVING THE WAY TO FURTHER GROWTH Savings Life Insurance Protection Strong commercial performance of the integrated bancassurance model Strong performance of Sogecap’s omnichannel setup, particularly in across all client segments, with positive net inflows property
Slide 12: Savings life insurance is Sogecap's historical core engine
SAVINGS LIFE INSURANCE IS SOGECAP’S HISTORICAL CORE ENGINE, WITH A SOLID MARKET POSITIONNING SAVINGS LIFE INSURANCE - MARKET SHARE IN FRANCE (1) A MAJOR PLAYER IN THE SAVINGS LIFE INSURANCE MARKET, WITH FURTHER GROWTH POTENTIAL 16% Market share gains across the years thanks to a recognized and compe
Slide 13: Savings life insurance: an attractive and innovative offer
SAVINGS LIFE INSURANCE: AN ATTRACTIVE AND INNOVATIVE OFFER OUTSTANDINGS – BY CONTRACTS (EUR BN) A COMPREHENSIVE AND ATTRACTIVE SAVINGS LIFE INSURANCE OFFER 143 135 136 125 126 132 Ambition to capture the full potential of an integrated Savings value chain, in light of Sogecap’s past trajectory (tota
Slide 14: Protection: a comprehensive and digital offer, with a strong growth profile
PROTECTION: A COMPREHENSIVE AND DIGITAL OFFER, WITH A STRONG GROWTH PROFILE SOGECAP’S AMBITION IS TO PROGRESSIVELY FILL THE GAP WITH THE MARKET PROPERTY & CASUALTY PREMIUMS (EUR M) LEADERS BY LEVERAGING THE STRENGTHS OF ITS OFFER AND OMNICHANEL MODEL 906 781 836 Dynamic Property & Casualty and Healt
Slide 15: 2023: Robust financial performance and solidity confirmed
2023: ROBUST FINANCIAL PERFORMANCE AND SOLIDITY CONFIRMED Contribution to SG NBI (1) Contribution to SG net result(1) Cost-to-income ratio Main highlights (EURm) (EURm) 620 Strong financial performance in 2023 : 510 358 297 • Strong momentum in revenues, with a 22% 21.1% increase, from EUR 510m in 2
Slide 16: 3. Solvency and risk management
3. Solvency and risk management INVESTOR PRESENTATION | SEPTEMBER 2024 | 16
Slide 17: Best-in-class solvency position, with further headroom for additional leverage
BEST-IN-CLASS SOLVENCY POSITION, WITH FURTHER HEADROOM FOR ADDITIONAL LEVERAGE SCR AND MCR RATIOS CAPITAL STRUCTURE SUBORDINATED DEBT – MATURITY PROFILE(5) (2023) (2023, EURm) (2023, EURm, Sogecap perimeter) SCR RATIO MCR RATIO 9 509 T3 S2 ratio 20.5-NC-May2034 notes issued externally 0 T2 (3) 431%
Slide 18: Capital requirements mainly on market and life underwriting risks
CAPITAL REQUIREMENTS MAINLY ON MARKET AND LIFE UNDERWRITING RISKS, MANAGED THROUGH SCR SENSITIVITIES BREAKDOWN OF NET SCR(1) MARKET SENSITIVITIES (IN % PTS OF SCR RATIO IMPACT) Underwriting Risk - Interest Rates Life -1 pt 27% +50bps Underwriting Risk - Health 2% Interest Rates 0 pt -50bps Underwrit
Slide 19: Risk management: several buffers to cope with financial markets volatility
RISK MANAGEMENT: SEVERAL BUFFERS TO COPE WITH FINANCIAL MARKETS VOLATILITY Sogecap can rely of several buffers to limit the impact of market risk volatility on its balance sheet (figures as of end of 2023): Low contractually guaranteed rates (0.30% on average) Good level of financial reserves re
Slide 20: A prudent and diversified investment policy
A PRUDENT AND DIVERSIFIED INVESTMENT POLICY Focus on SOGECAP Group France asset allocation, excluding unit-linked PORTFOLIO BY ASSET TYPE BOND PORTFOLIO BY ISSUER RATING 74% 2% - Liquidity and others 44% 5% - Alternative assets 7% - Equity products OF ASSETS UNDER 7% - Other interest 30% MANAGEMENT
Slide 21: 4. Appendix
4. Appendix INVESTOR PRESENTATION | SEPTEMBER 2024 | 21
Slide 22: H1 2024 financial results continuing a positive momentum
H1 2024 FINANCIAL RESULTS CONTINUING A POSITIVE MOMENTUM EUR 339m EUR 191m EUR 143bn 24.3% NET BANKING INCOME GROUP NET INCOME OUTSTANDINGS COST/INCOME (+3.3%(1) VS. H1 2023) (-1.9%(1) VS. H1 2023) (+7% VS. H1 2023) RATIO Notes: normative IFRS contribution to SG Group as of end of June 2024. INVESTO
Slide 23: Sogecap Group shareholding structure
SOGECAP GROUP SHAREHOLDING STRUCTURE Branches Branches 100% Sogessur Italy SOGECAP Germany Sogessur Germany SOGECAP Italy Sogessur Poland SOGECAP Poland Sogessur Romania 100% 51% SOGESSUR Komercni Pojistovna (France) (Czech Rep.) 100% 51% ORADEA VIE La Marocaine Vie (France) (Morocco) 50% 73% ANTARI
Slide 24: Sogecap consolidated financials (French GAAP)
SOGECAP CONSOLIDATED FINANCIALS (FRENCH GAAP) P&L BALANCE SHEET In EURm FY2023 FY2022 FY2021 In EURm FY2023 FY2022 FY2021 Gross earned premiums 14,952 14,711 15,696 Intangible assets 227 250 285 Net investment result 6,326 (3,333) 7,196 Investments 110,014 111,440 113,356 Other operating income 362
Slide 25: Reconciliation from Sogecap French GAAP P&L to SG Group IFRS contribution
RECONCILIATION FROM SOGECAP FRENCH GAAP P&L TO SG GROUP IFRS CONTRIBUTION SOGECAP Group, Difference in Normative SG Group IFRS In EURm, FY2023 IFRS adjustments(1) French GAAP consolidation scope adjustments(2) contribution(3) Net banking income 1,058 -63 21 -397 620 Operating expenses -518 13 419 -4
Slide 26: Impacts of the new IFRS 17 standard
IMPACTS OF THE NEW IFRS 17 STANDARD CONTRIBUTION TO SG NET RESULT(1) CONTRIBUTION TO SG NBI(1) COST-TO-INCOME RATIO (EURm) 457 (EURm) 1012 (%) 38.6% 301 488 16.2% 2022 published 2022 restated 2022 published 2022 restated 2022 published 2022 restated (IFRS4) (IFRS17) (IFRS4) (IFRS17) (IFRS4) (IFRS17)
Slide 27: Sogecap's long term financial performance
SOGECAP’S LONG TERM FINANCIAL PERFORMANCE CONTRIBUTION TO SG NET RESULT(1) CONTRIBUTION TO SG NBI(1) COST-TO-INCOME RATIO (EURm) (EURm) (%) IFRS4 IFRS4 IFRS4 IFRS 9/17 1012 IFRS9/17 457 963 IFRS9/17 421 909 887 38.4% 40.1% 38.7% 38.6% 383 363 358 297 620 510 20.6% 21.1% +20.5% +21.6% YoY YoY +0.5pt
Slide 28: Societe Generale Assurances
SOCIETE GENERALE Assurances
Sogecap — Debt Investor Presentation (September 2024) on 6ix