Asr Nederland N.v. · EURONEXT:ASRNL
Asr Nederland — H1 2009 Earnings Presentation
20 slides from Asr Nederland's earnings presentation, Sep 3, 2009
Slide 1: ASR Nederland Interim results 2009
ASR Nederland Interim results 2009 ASR Nederland is building a new identity Strong solvency level, net profit of EUR 77 million ASR Nederland | 3 September 2009
Slide 2: Key messages
Key messages Financial • Net result of EUR 77 million, compared with EUR 291 million in June 2008 • Operational costs at EUR 290 million (+6%), due to one-offs, mainly disentanglement • Gross written premiums down 19% to EUR 2,8 billion • Claims ratio increased to 68.8% from 61.3% in June 2008 Solve
Slide 3: Agenda
Agenda Update on strategic goals Interim financial results 2009 Concluding remarks ASR Nederland | 3 September 2009 | Interim results 2009 | 3
Slide 4: Update on strategic goals
Update on strategic goals Building a new identity as a stand-alone company after disentanglement • Start of a new marketing campaign to (re)introduce ASR brand Focus on clients • Focus on service level to customers • New Non-Life products to be released • New external provider for funding of mortgag
Slide 5: Building a new identity as a stand-alone company after disentanglement
Building a new identity as a stand-alone company after disentanglement ASR Nederland is re-positioning itself on the Dutch market Measures taken: • Start of a new marketing campaign to (re)introduce the ASR brand: ‘We are ASR. And who are you?’ • ASR Verzekeringen and De Amersfoortse Verzekeringen f
Slide 6: Buffer capital further strengthened to 287%
Buffer capital further strengthened to 287% Focus on derisking the balance sheet and improve solvency ASR Nederland and its subsidiaries have not recieved any capital support from the Dutch State Measures taken: • Derisking of investment portfolio • Interest rate risk has been decreased by using swa
Slide 7: Cost management programme on track
Cost management programme on track Efficiency programme announced to lower costs by EUR 100 million before mid-2010 Measures taken: • Cost efficiency programme started to lower costs structurally company-wide • Management of back-offices of ASR Verzekeringen and De Amersfoortse centralised • Falcon
Slide 8: Agenda
Agenda Update on strategic goals Interim financial results 2009 Concluding remarks ASR Nederland | 3 September 2009 | Interim results 2009 | 8
Slide 9: Key figures
Key figures in EUR million 1st half 2009 2nd half 2008 1st half 2008 • Gross written premium 2,812 2,264 3,494 • Net result 77 -931 291 • Operating cost 290 319 272 • Cost premium ratio (net) 14.1% 16.8% 12.8% 30 June 2009 31 December 2008 • Total technical provision 30,037 29,413 • Total equity (in
Slide 10: Net result 1st half 2009 versus 1st half 2008
Net result 1st half 2009 versus 1st half 2008 in EUR millions 291 173 31 58 -640 14 77 Net result June Financial Guarantee Higher claims Other Net result June 2008 markets provisions ratio 2009 Net result in 2009 decreased compared to the first half of 2008, mainly because of: • Lower investment inc
Slide 11: ASR Nederland gross written premiums
ASR Nederland gross written premiums in EUR millions 3,494 -19% 2,812 1st half 2008 2,264 2,089 -32% 2nd half 2008 1st half 2009 1,405 -1% 1,402 1,426 1,386 863 24% 2% 61% Life Non-Life Total • Life GWP down 32% compared with the first half of 2008, mostly due to a standstill of the group Life singl
Slide 12: Life insurance operates in difficult market circumstances
Life insurance operates in difficult market circumstances in EUR millions Gross written premiums Annual premium equivalent Net result 2,089 1,402 1,426 214 91 118 199 42 1st half 2008 2nd half 2008 1st half 2009 1st half 2008 2nd half 2008 1st half 2009 1st half 2008 2nd half 2008 1st half 2009 -846
Slide 13: Non-Life insurance shows stable GWP, while claims ratio increases
Non-Life insurance shows stable GWP, while claims ratio increases in EUR millions Gross written premiums Combined ratio Net result 94.9% 99.9% 91.7% 16.0% 15.7% 16.8% 15.2% 14.8% 15.3% 61.3% 62.8% 68.8% 92 1,405 863 1,386 35 1st half 2008 2nd half 2008 1st half 2009 1st half 2008 2nd half 2008 1st h
Slide 14: Investment portfolio ASR Nederland
Investment portfolio ASR Nederland in EUR billions Assets (EUR billion) June 2009 % % Dec. 2008 % % Fixed income 16.1 66% 42% 16.6 65% 43% Equities 1.2 5% 3% 1.4 5% 4% Real estate 3.7 15% 10% 3.7 15% 10% Mortgages 2.1 9% 6% 2.2 9% 6% Cash and deposits 1.2 5% 3% 1.6 6% 4% Asset management portfolio (
Slide 15: Fixed income portfolio per June 2009
Fixed income portfolio per June 2009 in EUR millions Financials portfolio Sector (EUR million) June 2009 % Financials (EUR million) June 2009 % Rating Fair value % Governments 6,495 40% Senior 3,369 50% AAA 917 14% Financials 6,740 42% Tier 2 2,160 32% AA 1,050 16% A 3,132 46% Structured Instruments
Slide 16: Equity and real estate portfolio per June 2009
Equity and real estate portfolio per June 2009 in EUR millions Equities Equities June 2009 % • On 30 June 2009, the equity exposure amounted to EUR 1,221 million, excluding Shares 875 71% derivatives. The value of put options at 30 June 2009 was EUR 121 million nominal, with a market value of EUR 5
Slide 17: Agenda
Agenda Update on strategic goals Interim financial results 2008 Concluding remarks ASR Nederland | 3 September 2009 | Interim results 2009 | 17
Slide 18: Concluding remarks
Concluding remarks • Buffer capital at 287% • Reduction of sensitivity of the investment portfolio • Net result of EUR 77 million • Building a new identity as a stand-alone company after disentanglement • Cost efficiency programme on track ASR Nederland | 3 September 2009 | Interim results 2009 | 18
Slide 19: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements. This presentation contains certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matter
Slide 20: ASR Nederland Interim results 2009
ASR Nederland Interim results 2009 ASR Nederland is building a new identity Strong solvency level, net profit of EUR 77 million ASR Nederland | 3 September 2009