UNIQA Insurance Group AG · VIE:UQA
UNIQA Insurance — UNIQA Group — Q1 2012 Earnings Presentation
20 slides from UNIQA Insurance's earnings presentation, May 25, 2012
Slide 1: UNIQA Group Q1 2012 highlights
UNIQA Group Q1 2012 highlights 25 May 2012 Hannes Bogner, CFO Kurt Svoboda, CRO
Slide 2: Presenters and Agenda
Presenters and Agenda Today’s presenters Agenda Hannes Bogner 1. Introduction CFO 2. Q1 2012 results Kurt Svoboda 3. Summary CRO 4. Your questions – Q&A 12dld0274_Client 25/05/2012 10:24 Pitchbook_New.pptx
Slide 3: Section 1 Introduction
UNIQA Section 1 Introduction
Slide 4: Introduction
Introduction • Good start in 2012 with profit before tax improved by over 20% y-o-y • Solid performance of core business and strong asset management result • Continued focus on de-risking and internal capital generation UNIQA is well-positioned for its ongoing restructuring and growth plan • Prepara
Slide 5: Financial snapshot
Financial snapshot €m Q1 2012 Q1 2011 % Gross written premiums(a) 1,703 1,800 (5.4)% (Recurring) gross written premiums(a) 1,614 1,573 2.6% Investment result 209 175 19.5% Earnings before tax 54 45 20.2% Net profit after minorities 30 27 13.8% Combined ratio (net) (%) 100.7% 100.9% (0.2)ppt Shareho
Slide 6: Financial snapshot
Financial snapshot GWP(a) (€m) Combined ratio (net) (%) 105.4 105.1 6,224 5,983 5,739 855 1,084 602 (0.2)ppt 102.2 (5.4)% 4,884 5,140 5,381 1,800 1,703 100.9 100.7 227 89 1,573 1,614 2009 2010 2011 Q1 2011 Q1 2012 Recurring premiums Single premiums 2009 2010 2011 Q1 2011 Q1 2012 Investment result (€
Slide 7: Overview of key measures and initiatives
Overview of key measures and initiatives ► Strengthen balance sheet structure to capture short-term opportunities (buy-out of EBRD(a) minorities, M&A) and finance Rights issue organic growth 2012 • Rights issue of up to €500m, fully backed by core shareholders Raiffeisen Zentralbank (RZB) and Austri
Slide 8: Section 2 Q1 2012 results
UNIQA Section 2 Q1 2012 results
Slide 9: Premium growth: business segments
Premium growth: business segments Premiums by business segment (Q1 2012 vs Q1 2011) (€m) • The premium volume written in property and casualty insurance grew by 4.1% to €917m Recurring premiums: €1,614m (+2.6%) – Premiums in Austria increased by 1.5% to €499m (60.6)% (5.4)% – Premium volume in CEE g
Slide 10: Premium growth: regions
Premium growth: regions Recurring premiums by region (Q1 2012 vs Q1 2011) (€m) • In Austria, premiums written decreased by 2.2% to €1,055m due to lower single premiums in life insurance +9.7% +2.6% – Recurring premiums in Austria also declined slightly by 1.2% to €1,040m 267 – Single premiums declin
Slide 11: Operating expenses
Operating expenses Operating expenses (net) (€m) Cost ratio (net) 363 (2.7)% 353 -0.9ppt 34.2% 34.1% +1.3ppt 27.8% 26.9% 25.3% 248 24.0% +4.2% 259 19.0% 16.0% 16.8% 14.8% 115 (17.7)% 95 Q1 2011 Q1 2012 P&C Health Life Group Group P&C Health Life Group Group Expenses Commissions Q1 2011 (APE) Q1 2012
Slide 12: Combined ratio (P&C)
Combined ratio (P&C) (0.2)ppt • Net claims ratio improved (-0.1ppt) due to favourable weather conditions and major claims development 99.5% 100.9% 100.7% 97.2% 100% • Slight improvement in operating expenses (-0.1ppt) due to tight budget control and positive effects from restructuring initiatives. 3
Slide 13: Investment activity
Investment activity Investment revenues (€m) Total 2010: €872m • The net investment income increased by 19.5% to €209m due to Total 2011: €227m favorable developments on capital markets 250 207 215 200 209 175 103 80 • The investment portfolio of the UNIQA Group amounted to €25.7bn at 31 March 2012,
Slide 14: Investment allocation
Investment allocation By product By rating Equities 27.9% Participations 27.0% Alternatives 3.8% 3.6% 3.9% 25.2% Cash 24.0% 8.4% 20.9% Real estate 9.3% 18.7% Bonds 71.0% 15.2% Total Q4 2011: €20bn 14.0% 12.3% 10.8% Equities Participations Alternatives 3.9% 3.3% 3.9% Cash 11.4% 2.2% 1.7% Real estate
Slide 15: Reduced exposure to PIIGS
Reduced exposure to PIIGS Market value Acquisition costs Market value 31- Acquisition costs • Continued active de-risking in Q1 Issuer (€m) 31-Mar-2012 31-Mar-2012 Dec-11 31-Dec-2011 2012 across countries Portugal 33 55 56 102 • Due to the participation of the private sector, UNIQA sold the majority
Slide 16: Equity position (including minority interest)
Equity position (including minority interest) In €m +€189m 30 22 (28) 1,285 155 1,096 10 +€195m Equity Q4 2011 Revenue reserves Revaluation reserves Total profit Minority interests Other Equity Q1 2012 12dld0274_Client 25/05/2012 10:24 Pitchbook_New.pptx 15
Slide 17: Section 3 Summary
Section 3 Summary
Slide 18: Outlook for 2012
Outlook for 2012 • Continuing positive growth trend in P&C and Health partly offsets deliberate cutback of single premium business in Italy and Poland • Tight budget control and execution of restructuring efforts remain top on management's agenda • Building on a solid operating performance in our co
Slide 19: Your questions – Q&A
Section 4 Your questions – Q&A
Slide 20: Disclaimer
Disclaimer This presentation (the "Presentation") is an advertisement and not a prospectus and investors shout not purchase or subscribe for any securities referred to in this presentation except on the basis of information in the prospectus prepared in accordance with Commission Regulation (EC) No