UNIQA Insurance Group AG · VIE:UQA
UNIQA Insurance — UNIQA Group — Investor Presentation (May 2013)
17 slides from UNIQA Insurance's investor presentation, May 17, 2013
Slide 1: UNIQA Group Embedded Value 2012
UNIQA Group Group Embedded Value 2012 17 May 2013 Kurt Svoboda, CRO
Slide 2: Introduction: Group Market Consistent Embedded Value
Introduction Group Market Consistent Embedded Value • Disclosure of Group Embedded Value (GEV) results: – UNIQA discloses GEV results 2012 on the basis of the Market Consistent Embedded Value©(a) (MCEV) principles – Includes MCEV using bottom-up, market consistent methodology for main Life and Healt
Slide 3: Introduction: Methodology
Introduction Methodology • MCEV for conventional life businesses in Austria and Italy are based on stochastic cashflow projections using market consistent capital market scenarios. Projections allow for management actions (e.g. profit participation or asset allocation); single risk free deterministi
Slide 4: Introduction: Methodology (continued)
Introduction Methodology (continued) • GEV allows for consolidation adjustments and minority interests • Goodwill and value of business in force (VBI) eliminated in respect of businesses included in the scope of the MCEV calculations • MCEV defined as: Free Surplus (FS), plus Required Capital (RC),
Slide 5: Highlights
Highlights • GEV of € 2,898mn or +40% • Return on Group Embedded Value (after minorities) of € 253 mn (+16.5%) • Stable development of New Business Value at € 41mn and a margin of 1.5% (2011: 1.6%), with an outstanding CEE NB-margin of 7.2% (2011: 7.0%) • Initial positive effects of the new life str
Slide 6: Summary of 2012 results before minority interest
Summary of 2012 results before minority interest GEV influenced by strong operating earnings • GEV increased Group Embedded Value (before minorities, in € millions) (before minority Life & Health Prop. And Casualty Total interest) by 40% to Change 2012 2011 2012 2011 2012 2011 over period €2,898m Fr
Slide 7: Minority interest
Minority interest Significant reduction of minority interest in 2012 Structure before Autumn 2012 New structure (Autumn 2012) UNIQA UNIQA Versicherungen AG Versicherungen AG 100%(b) 100% 100% 100%(b) 100% UNIQA UNIQA Raiffeisen UNIQA Österreich UNIQA Sachversicherung AG International AG Versicherung
Slide 8: Summary of 2012 results (after minority interest)
Summary of 2012 results (after minority interest) GEV influenced by strong operating earnings • GEV increased Group embedded value (after minorities, in € millions) (before minority Life & Health Prop. And Casualty Total interest) by 86% to Change 2012 2011 2012 2011 2012 2011 over period €2,876m Fr
Slide 9: Return on restated and adjusted GEV
Return on restated and adjusted GEV Return on GEV (after minorities, € in millions) 2012 2011 GEV as at 31 December previous year, reported 1,467 2,168 GEV as at 31 December previous year, restated 1,545 2,159 Opening Adjustments (8) (197) GEV as at 31 December previous year, restated and adjusted 1
Slide 10: New business value
New business value Stable development in a challenging environment New business value (€ in millions) Before minorities After minorities 2012 2011(a) Change 2012 2011(a) Change Value of new business 41 41 (0.9)% 40 33 20.0% Annual premium equivalent (APE) 244 265 240 228 New business margin (as % AP
Slide 11: Analysis of change
Analysis of change Life and health before minority interest • Changes to ESG, projection model (€ in millions) and sale of 98 Mannheimer lead to 8 2.059 a restatement of 246 minus €43m Assumptions & Variance • Ongoing positive development of 85 Enhanced ALM & mitigation operating earnings resulted i
Slide 12: Economic assumptions 2012
Economic assumptions 2012 • MCEV calculations use reference rates based on swap rates as at 31 December 2012 including a liquidity premium. The liquidity premium is derived from observable market data and based on the approach used for internal risk capital calculations • The 2012 calibration of the
Slide 13: Sensitivities
Sensitivities Life and health before minority interests (€ in millions) Change in market consistent embedded value Change in new business value Base value 2,059 100% 41 100% EV change by economic factors Risk free yield curve -100bp (373) (18)% (25) (62)% Risk free yield curve +100bp 291 14% 15 37%
Slide 14: ANAV: Reconciliation of IFRS equity to ANAV
ANAV Reconciliation of IRFS equity to ANAV (€ in millions) 2012 2011 Consolidated IFRS equity 2,017.6 1,095.6 Goodwill and value of business in force for MCEV companies (167.3) (180.3) Differences in valuation of assets and liabilities (136.0) 136.1 Adjusted net asset value before minority interest
Slide 15: Regional analysis: Results split by regions
Regional analysis Results split by regions Austria, Italy and CEE • Positive Embedded value 2012 by region (before minorities, € in millions) development of 2012 2011(a) PVFP in all regions. Austria Italy CEE Total Austria Italy CEE Total Austria outstanding due to strong Free surplus 296 34 29 359
Slide 16: Regional analysis: VNB split by regions
Regional analysis VNB split by regions Austria, Italy and CEE Value of new business 2012 by region (before minorities, € in millions) 2012 2011(a) Austria Italy CEE Total Austria Italy CEE Total Value of new business 10 7 24 41 18 (1) 24 41 Annual premium equivalent (APE) 126 62 56 244 158 56 51 265
Slide 17: Disclaimer
Disclaimer Cautionary statement regarding forward looking statements • This presentation contains forward-looking statements • Forward-looking statements involve inherent risks and uncertainties, and it might not be possible to achieve the predictions, forecasts, projections and other outcomes descr