UNIQA Insurance Group AG · VIE:UQA
UNIQA Insurance — UNIQA Group — FY2011 Earnings Presentation
34 slides from UNIQA Insurance's earnings presentation, Apr 27, 2012
Slide 1: UNIQA Group FY 2011 IFRS Results
UNIQA Group FY 2011 IFRS Results 27 April 2012 Andreas Brandstetter, CEO Hannes Bogner, CFO Kurt Svoboda, CRO
Slide 2: Presenters and Agenda
Presenters and Agenda Today’s presenters Agenda ^åÇêÉ~ë=_ê~åÇëíÉííÉê `bl 1. Introduction 2. Update on UNIQA 2.0 and strategic roadmap e~ååÉë=_çÖåÉê `cl 3. Annual Results 2011 4. Summary hìêí=pîçÄçÇ~ `ol 5. Q&A 27/04/2012 07:55 12dld0274_Client Pitchbook_New.pptx 1
Slide 3: Section 1: Introduction
Section 1 Introduction – Andreas Brandstetter
Slide 4: Introduction
Introduction √ Robust core business in FY 2011 but result significantly impacted by adverse market conditions (Greek write-downs) and restructuring costs √ Material improvement during 2012 expected as a result of mitigating actions (de-risking) and continued focus on internal capital generation UNIQ
Slide 5: Financial snapshot
Financial snapshot €m 2011 2010 % Gross written premiums(a) 5,983 6,224 (3.9)% (Recurring) gross written premiums(a) 5,381 5,141 4.7% Investment result 227 872 (74.0)% Earnings before tax (326) 142 n/m Earnings before tax (adjusted)(b) 158 142 11.6% Net profit after minorities (246) 42 n/m Combined
Slide 6: Section 2: Update on UNIQA 2.0 and strategic roadmap
Section 2 Update on UNIQA 2.0 and strategic roadmap – Andreas Brandstetter
Slide 7: UNIQA 2.0: Strategic framework
UNIQA 2.0: Strategic framework √ Our goal is to double our number of clients from 7.5m in 2010 to 15m by 2020 Clients √ In 2011 we already gained more than 600,000 new clients increasing our number of clients to 8.1m Business √ Concentration on core business and core markets Austria and CEE focus Pr
Slide 8: UNIQA 2.0: Priority programs
UNIQA 2.0: Priority programs Development of pre-tax profit (€m) 1 • Significant profitability increase with restructuring of new operating model for UNIQA Austria Up to 550 Restructuring of UNIQA Austria • Strengthening of regional distribution Up to €400m 2 • Re-positioning of bancassurance in Aust
Slide 9: UNIQA 2.0: Corporate measures
UNIQA 2.0: Corporate measures √ Strengthen balance sheet structure to capture short-term opportunities (buy-out EBRD(a), M&A) and finance organic growth Rights issue 2012 √ Up to €500m rights issue fully backed by core shareholders Raiffeisen Zentralbank (RZB) and Austria Privatstiftung √ Clear and
Slide 10: Simplified group structure
Simplified group structure* * subject to regulatory approval Current structure Target structure(c) UNIQA UNIQA Versicherungen AG Versicherungen AG 100% 100% 100%(b) 100% UNIQA UNIQA Raiffeisen UNIQA UNIQA Österreich(a) Sachversicherung International Versicherung International 50% √ Personenversicher
Slide 11: Milestones of implementation of corporate measures
Milestones of implementation of corporate measures Roadmap for new Launch of Closing of Closing of Finalisation of new Launch strategy approved rights issue rights issue contribution in kind corporate structure Re-IPO of UNIQA Personen- versicherung Summer 2012 Autumn 2012 2013 Execution of UNIQA
Slide 12: Section 3: Annual Results 2011
Section 3 Annual Results 2011 – Hannes Bogner
Slide 13: Premium growth: business segments
Premium growth: business segments Premiums by business segment (€m) • P&C premiums grew successfully, increasing 4.8% to €2,714m Recurring premiums: €5,381m (+4.7%) (44.5)% (3.9)% +5.2% 602 • Health premiums grew by 3.6% to € 1,005m, surpassing €1bn for the first time 1,662 • Life total premiums fel
Slide 14: Premium growth: regions
Premium growth: regions Recurring premiums by region (€m) • Austria total premiums down 3.7% to €3,685m +9.5% +4.7% ─ Recurring premiums up 2.9% to €3,546m ─ Single premiums down 63.3% to €140m due to the extension of +179.5% 740 the minimum holding period to benefit from tax advantages +13.6% 24 (1
Slide 15: Operating expenses
Operating expenses Operating expenses (€m) Cost ratio +4.5ppt +14.9% 1,549 37.0% 33.8% 1,348 27.1% Restructuring 1,012 22.6% 936 20.5% +8.1% 16.3% 14.6% 15.0% Restructuring +30.3% 537 412 Expenses Commissions P&C Health Life Group P&C Health Life Group 2010 2011 2010 2011 • Expenses rose by 14.9% to
Slide 16: Combined ratio (P&C)
Combined ratio (P&C) (0.3)ppt • Gross loss ratio (before reinsurance) improved by 3.2ppt, falling to 66.1%, helped by the good development of claims and no major 105.4% 105.1% natural disasters. Net ratio after reinsurance improved by 3.5ppt, 101.8% 101.7% falling to 68.1% 100% 33.8% 37.0% 32.5% 35.
Slide 17: Several one-time items affected the results in 2011
Several one-time items affected the results in 2011 1 Personal costs (75) 1 Provisions for employee benefits Restructuring costs: 2 Pension scheme (30) 2 Expansion of pension scheme €(131)m Other restructuring costs including consulting costs, IT and other 3 Other restructuring costs (26) 3 employee
Slide 18: Investment activity
Investment activity Investment revenues (€m) • Investment income significantly impacted by adverse market Total 2010: €872m 250 207 215 200 Total 2011: €227m conditions and developments in Greece 175 103 80 ─ Largest share of write-downs in Q3 ─ Q2 and Q4 less impacted but still below 'normal‘ level
Slide 19: Investment allocation
Investment allocation By product By rating Alternatives 27.0% Participations 4.2% Equities 3.3% 4.7% 24.3% 24.0% Cash 22.4% 6.8% 21.8% 20.9% Real estate 19.4% 8.5% Bonds 72.4% Total 2010: €20bn Note: Excluding unit-linked 14.0% 12.3% 11.9% Equities Participations Alternatives 3.8% 3.6% 3.9% Cash 8.4
Slide 20: Equity position (including minority interest)
Equity position (including minority interest) In €m €(426)m 1,521 (57) (42) (246) (25) (57) 1,096 €(345)m Equity 2010 Direct revaluation Revaluation reserves Total profit Minority interests Dividends to Equity 2011 in equity (1) shareholders (1) FX, at-equity, 27/04/2012 07:55actuarial gains/losses,
Slide 21: Trends in 2012
Trends in 2012 Clients √ Significant expansion of sales force in CEE in 2012 Business √ Signing of sale of Mannheimer Gruppe focus √ Tender process for sale of hotel group started √ UNIQA Austria: Restructuring process on track Priority √ Raiffeisen Versicherung: Project well on track programs √ CEE
Slide 22: Section 4: Summary
Section 4 Summary – Andreas Brandstetter
Slide 23: Investment highlights
Investment highlights • Leading position in Austria • Strong upside from ongoing restructuring in Austria • Wide footprint across CEE with strong growth outlook Attractive combination of: √ Short-term restructuring play √ Mid-to long-term CEE growth story • Preferred bancassurance partnership with R
Slide 24: Section 5: Q&A
Section 5 Your questions – Q&A
Slide 25: Appendix
Appendix
Slide 26: Income statement
Income statement €m 2011 2010 % Premiums written (retained) 5,144 5,177 (1)% Premiums earned (retained) 5,105 5,139 (1)% Income from fees and commissions 32 14 129% Net investment income 227 872 (74)% Other income 92 116 (21)% Total income 5,456 6,141 (11)% Insurance benefits (3,992) (4,458) (10)%
Slide 27: Balance sheet
Balance sheet Assets Liabilities €m 2011 2010 % €m 2011 2010 % Tangible assets 384 407 (6)% Total equity 1,096 1,521 (28)% Land and buildings held as financial investments 1,567 1,465 7% Subordinated liabilities 575 575 - Intangible assets 1,500 1,522 (1)% Technical provisions 19,888 19,738 1% Sha
Slide 28: Gross written premiums
Gross written premiums Premiums earned (retained), unconsolidated (€m) 2011 2010 % 1. P&C business, premiums earned (retained) 2,554 2,447 4.4% UNIQA Austria 682 692 (0.6)% Raiffeisen Versicherung 68 64 7.0% International 746 696 7.2% 2. Health business, premiums earned (retained) 998 966 3.3% UNIQ
Slide 29: Claims
Claims Claims (retained), unconsolidated (€m) 2011 2010 % 1. P&C claims 1,735 1,751 (0.9)% UNIQA Austria 462 471 (2.1)% Raiffeisen Versicherung 43 49 (12.6)% International 504 493 2.2% 2. P&C claims ratios 67.9% 71.6% (3.6)ppt UNIQA Austria 67.1% 68.1% (1.0)ppt Raiffeisen Versicherung 63.0% 77.1% (
Slide 30: P&L regions
P&L regions Premiums earned Claims / Profit on ordinary (retained) insurance benefits Operating expenses activities €m 2011 2010 % 2011 2010 % 2011 2010 % 2011 2010 % Austria 3,039 3,063 (0.8)% (2,438) (2,749) (11.3)% (930) (777) 19.8% (266) 217 n/m WE 1,333 1,274 4.6% (1,070) (1,098) (2.6)% (39
Slide 31: Product lines
Product lines Premiums earned (retained) Claims/Insurance benefits Operating expenses Profit on ordinary activities €m 2011 2010 % 2011 2010 % 2011 2010 % 2011 2010 % P&C 2,554 2,447 4.4% (1,735) (1,751) (0.9)% (958) (834) 14.8% (146) (39) n/m Health 998 966 3.3% (854) (839) 1.7% (163) (141) 14.
Slide 32: FX rates
FX rates Conversion rates to € Region 31-Dec-2011 31-Dec-2010 Swiss franc CHF 1.2156 1.2504 Czech koruna CZK 25.7870 25.0610 Hungarian forint HUF 314.5800 277.9500 Croatian kuna HRK 7.5370 7.3830 Polish zloty PLN 4.4580 3.9750 Bosnia-Herzegovina convertible mark BAM 1.5558 1.9592 Romanian leu RON 4.
Slide 33: Shareholder information and contacts
Shareholder information and contacts General information Contact details • Listed since 1999 on the Vienna Stock Exchange UNIQA Group • 142.9m common shares Investor Relations • ISIN: AT0000821103 Dividend per share (in €) Stefan Glinz 221.5% 122.5% 0% Address: Untere Donaustrasse 21, 1020 Wien 0.40
Slide 34: 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