Afp Habitat Sa · BCS:HABITAT
Afp Habitat Sa — 6th Annual Andean Conference 2012
32 slides from Afp Habitat Sa's conference presentation, March 2012
Slide 1: AFP Habitat 6th Annual Andean Conference
AFP Habitat 6th Annual Andean Conference March 2012
Slide 2: AFP Industry Overview
AFP Industry Overview o 1980: The Chilean legislation (Decreto Ley 3500) established a compulsory individual capitalization system with private managed pension fund administrators o 1981: New pension system initiates operations with 12 AFPs o 1985: AFPs authorized to invest in corporate stocks o 200
Slide 3: Industry Composition: 1981 – 2011
Industry Composition: 1981 – 2011 1981 1990 1994 1995 1998 2004 2008 2011 (12) (14) (21) (15) (8) (6) (5) (6) HABITAT HABITAT HABITAT HABITAT HABITAT HABITAT HABITAT HABITAT CUPRUM CUPRUM CUPRUM CUPRUM CUPRUM CUPRUM CUPRUM CUPRUM ALAMEDA UNION UNION UNION Habitat and Cuprum are SN CRISTOBAL the only
Slide 4: AFP Habitat Overview
AFP Habitat Overview o AFP Habitat was founded in 1981, by the Chilean Chamber of Construction (Cámara Chilena de la Construcción o CChC) o 2nd largest AFP, both in terms of affiliates and assets under management (AUM) o AFP Habitat registered 337 shareholders at December 31, 2011 28,8% 67,5% 3,7% C
Slide 5: Habitat: Price Share Evolution
Habitat: Price Share Evolution 650 1981: 1981:C.Ch.C. CChC creates creates 2010: CChC purchases AFP AFP Habitat Habitat 1MMw/ 1MM shares, Citigroup’s shares and 600 USD$2.5 shares, per share; then re-sells 14%; Mkt Mkt Cap Cap USD Ch$100MM 2.5MM Mkt Cap Ch$475,000MM 550 500 2008: Pension 450 Reform
Slide 6: AFP Industry Product Offerings
AFP Industry Product Offerings Individual Compulsory Contribution Capitalization Accounts (CCICO) 2,2% 1,9% • Compulsory savings = 10% gross salary base* • Fee: 1.14 – 2.36 % of salary base (Hab=1.36%) 1,4% APV (Voluntary Contributions) • Voluntary pension contributions • Tax benefits on amounts <=
Slide 7: AFP Habitat Evolution & Positioning
AFP HABITAT EVOLUTION & POSITIONING
Slide 8: AFP Products (Dec 2011)
AFP Products (Dec 2011) Compulsory MS Ranking System Habitat (CCICO) Habitat Habitat % Revenues 94.5% 93.7% 24.1% 2 from Fees * 1,9% Affiliates 9.0 MM 2.2 MM 24.2% 2 Contributors 5.0 MM 1.2 MM 24.9% 2 94,5% Avg. Monthly 974 1,005 -- 2 Salary (US$) Industry Revenues from Fees AUM (BUS$) 135 34 25.4%
Slide 9: Salary Base and Contributors
Salary Base and Contributors Growth Rate 2010 – 2011 & MS Dec 2011 8,0% 50% Total Salary Base Market Share(Avg. Jan-Dec 2011) Cuprum 7,0% Growth Rate Salary Base. Avg (Jan - Dec 2011) Provida 40% 6,0% Habitat Provida 5,0% 30% Capital Habitat 4,0% Cuprum 20% 3,0% Capital Planvital 2,0% 10% Planvital
Slide 10: CCICO – AFP Habitat
CCICO – AFP Habitat Contributors & MS (avg Jan – Dec) Salary Base * (MMUS$) & MS (avg Jan – Dec) 24.9% 26.2% 25.8% 1,232,404 26.4% 1,205 1,191,312 1,104 3.4% 9.2% 2010 2011 2010 2011 Source: Superintendencia de Pensiones Source: Superintendencia de Pensiones and internal estimate Highlights 2011: o
Slide 11: CCICO – Share of Contributors by Income Range
CCICO – Share of Contributors by Income Range (AFP Habitat Dec 2011) 35,0% % Total Contributors per Income Range 30,0% % Total Contributors 25,0% 20,0% 28,1% 28,3% 15,0% 27,5% 25,1% 25,0% 25,4% 10,0% 21,8% 5,0% 0,0% (ChM$) 0 - 200 200 - 400 400 - 650 650 - 850 850 - 1.050 > 1.050 Total In December 2
Slide 12: AFP Products (Dec 2011)
AFP Products (Dec 2011) 2,2% 1,4% MS Ranking APV System Habitat Habitat Habitat % Revenues 2.2% 2.6% 28.4% 2 from Fees * Industry Revenues from Fees CCICO CAV APV RP AUM (MMUS$) 3,620 1,110 30.7% 2 MS Ranking CAV System Habitat Habitat Habitat % Revenues 1.4% 1.8% 33.1% 1 from Fees * # Accounts 1,7M
Slide 13: Voluntary (CAV + APV) – Market Share
Voluntary (CAV + APV) – Market Share Assets Under Management (Dec 2011) 40% Cuprum MS Assets under Management APV 30% Habitat Capital 20% 10% Modelo Planvital 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% MS Assets under Management CAV • Total assets under management of the AFP system related to voluntary sa
Slide 14: Voluntary AUM (APV + CAV) Evolution 2002–2011
Voluntary AUM (APV + CAV) Evolution AFP Habitat (2002 – 2011) 600.000 1.800 1.600 500.000 1.400 400.000 1.200 1.000 N accounts 300.000 800 200.000 600 400 100.000 200 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 N° Accounts AUM MMUSD • The CAGR 2002 – 2011 of voluntary AUM for the industry
Slide 15: Return on Investment Performance
RETURN ON INVESTMENT PERFORMANCE
Slide 16: Habitat: Leader in Investment Performance
Habitat: Leader in Investment Performance(*) 1st 2nd 3rd 4th 5th 6th Account 12 MONTHS (%) 36 MONTHS (%) 60 MONTHS (%) Statement (1) A B C D E A B C D E A B C D E Dec. 2011 -10,66 -7,15 -3,07 0,82 4,80 13,38 11,73 9,38 7,66 6,71 -0,70 1,26 2,56 3,34 4,44 Aug. 2011 -0,48 0,72 2,20 3,44 5,41 1,25 3,45
Slide 17: Habitat: Leader in Investment Performance
Habitat: Leader in Investment Performance(*) 1st 2nd 3rd 4th 5th 6th AFP CAPITAL_Ranking AFP PLANVITAL_ Ranking Accounts 12 MONTHS 36 MONTHS 60 MONTHS Accounts 12 MONTHS 36 MONTHS 60 MONTHS Statement A B C D E A B C D E A B C D E Statement A B C D E A B C D E A B C D E Dec. 2011 6 5 6 6 2 5 5 5 3 1
Slide 18: Breakdown of Habitat's Funds (Dec 2011)
Breakdown of Habitat’s 5 Funds (Dec 2011) B: USD$ 7.005MM A: USD$ 5.915MM 1.006.747 Accounts 341.152 Accounts 21% 21% 34% 9% 12% 56% 14% C: USD$ 13.788MM 33% 840.756 Accounts 17% 18% 13% D: USD$ 4.562MM E: USD$ 3.043MM 192.792 Accounts 53.442 Accounts 8% 7% 0% 1% 1% 11% 52% 98% 74% Total AUM at Dece
Slide 19: Contacts with Our Customers & the Community
CONTACTS WITH OUR CUSTOMERS & THE COMMUNITY
Slide 20: Contact with our Customers
Contact with our Customers Habitat continues to dedicate efforts to improve service levels in our multiple customer channels (easier access and faster attention): Branch In 2011, we attended over 1.8 MM customer visits in our branch Offices offices • Nationwide coverage (27 branches and 16 service c
Slide 21: Contact with our Customers
Contact with our Customers We received over 860,000 calls in our “Contact Center“ Call Center • 43% of calls received by executives, with: • 89% immediate solution rate In 2010, Habitat began offering web access via smart Mobile Smart mobile phones Phones • In 2011 over 76M transactions were execute
Slide 22: Contact with our Customers
Contact with our Customers Client contacts via web totaled 2,4MM+ in 2011 Internet & • Over 12MM transactions were executed virtually Mailings • Moreover, we distributed 11.6 MM emails with important economic and industry information to our clients Social Networks • Followers (between Aug – Dec 2011
Slide 23: Habitat and the Community
Habitat and the Community • The foundation "Las Rosas” is an NGO dedicated to providing housing and care senior citizens in need Fundación • In October 2009, Habitat launched a campaign to donate funds to FLR for each customer who switched from a Las Rosas physical to digital account statement (FLR)
Slide 24: Technological Development and Processes
TECHNOLOGICAL DEVELOPMENT AND PROCESSES
Slide 25: Improved Systems and Processes
Improved Systems and Processes The Company is continually improving and updating its information technology systems, with the objectives to increase operating efficiencies and maximize information security; the most significant IT advances in 2011 included: New Account Management System (RT) • In 20
Slide 26: Financial Statements 2011
~— AFP” HABITAT Seguridad y Confianza FINANCIAL STATEMENTS 2011
Slide 27: Habitat: Income Statement
Habitat: Income Statement December 2011 MM$ 2011 2010 VAR. % Revenues 114.486 108.949 5,1% Gain (Loss) on Reserve Requirements -1.846 19.504 Gain (Loss) on Disability Insurance Premium -817 -353 131,4% Remuneration and Employee Related Expenses -20.530 -20.770 -1,2% Depreciation and Amortization -1.
Slide 28: Habitat Salary Base and Revenues from Fees
Habitat Salary Base and Revenues from Fees Evolution 2000-2011 300.000 250.000 MM$ / MUF 200.000 150.000 100.000 50.000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Revenues from Fees (MM$) Salary Base (MUF) Notes: 1. For the years 2000 – 2009, revenues from fees include life and di
Slide 29: Habitat: Evolution of Results (2006-2011)
Habitat: Evolution of Results (2006-2011) 75.000 55.000 35.000 15.000 -5.000 2006 2007 2008 2009 2010 2011 -25.000 Profit Reserve Requirements EBITDAE 1. EBITDA: Net income before depreciation, amortization, financial costs and taxes Notes: 2. EBITDAE: EBITDA before return on mandatory reserve requi
Slide 30: % Operating Costs / Revenues from Fees
% Operating Costs / Revenues from Fees (December 2011) 120,0% 100,0% 80,0% 60,0% 40,0% 20,0% 0,0% Cuprum 1,36% Planvital 1,36% Provida 1,36% Provida Modelo 1,36% Cuprum Capital 1,36% Planvital Modelo Habitat Habitat Capital Depreciation & Amortization Other Operating Expenses Employee Expenses • In
Slide 31: Habitat: Balance Sheet
Habitat: Balance Sheet December 2011 MM$ 2011 2010 VAR % CURRENT ASSETS 49.882 45.776 9,0% NON CURRENT ASSETS 198.728 193.523 2,7% Reserve Requirements 176.376 171.549 2,8% Other Non Current Assets 22.352 21.974 1,7% TOTAL ASSETS 248.610 239.299 3,9% MM$ 2011 2010 VAR % CURRENT LIABILITIES 22.292 30
Slide 32: AFP Habitat 6th Annual Andean Conference
AFP Habitat 6th Annual Andean Conference March 2012