Vienna Insurance Group AG · VIE:VIG

Vienna Insurance — Shareholder Meeting (May 2011)

47 slides from Vienna Insurance's shareholder meeting presentation, May 6, 2011

  1. Slide 1: Geschäftsentwicklung 2010 Vienna Insurance Group

    Geschäftsentwicklung 2010 Vienna Insurance Group

  2. Slide 2: 20th Annual General Meeting

    20th Annual General Meeting VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe Vienna, May 6th 2011

  3. Slide 3: Business development 2010

    Business development 2010 Vienna Insurance Group

  4. Slide 4: Key financials 2010

    Vienna Insurance Group IFRS Key financials 2010  Premiums written totalling about EUR 8.6 billion (+7.2%) in 2010  Strong profit before taxes (PBT) growth of about 15%  PBT at EUR 508 million  Combined Ratio at 98.4% (despite NatCat losses in CEE)  Excellent capitalisation of VIG  exceeding ca

  5. Slide 5: Milestones 2010

    Milestones 2010  Ukraine: new VIG core market  Lithuania: market entry non-life insurance  CEE/SEE: 100% take-over of TBIH  Turkey: increase of holding in Ray Sigorta by 10%  Albania: purchase of 75% + 1 share in “Interalbanian”, a local non-life insurance company  Montenegro: market entry lif

  6. Slide 6: Geschäftsentwicklung 2010

    Geschäftsentwicklung 2010 Vienna Insurance Group

  7. Slide 7: Leading market positions in Austria and CEE

    Leading market positions in Austria and CEE Top 3 Top 5 Top 10 Austria Estonia1 Lithuania1 Czech Croatia Macedonia Republic Slovakia Latvia1 Hungary Poland2 Ukraine Romania Albania Bulgaria Georgia Serbia1 VIG is No. 1 in its core markets, core markets total market share* at 17.6% other VIG markets

  8. Slide 8: Awards 2010 (selection)

    Awards 2010 (selection) Czech Republic:  Kooperativa Prague: ranked 4th in „Czech 100 best“  ranked best financial service firm  Kooperativa Prague was voted “best insurance company of the year” for 3rd year consecutively Poland:  Compensa was awarded “Company of the 20 years 1990-2010” by the P

  9. Slide 9: Geschäftsentwicklung 2010

    Geschäftsentwicklung 2010 Vienna Insurance Group

  10. Slide 10: Welcome to the family of Vienna Insurance Group

    Welcome to the family of VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe VIG? VIENNA INSURANCE GROUP WIENER STADTISCHE A. VIENNA INSURANCE GROUP BULSTRAD VIENNA INSURANCE GROUP VIENNA INSURANCE GROUP “ena INSURANCE GROUP Life KOMUNALNA > sth dh pasties BUL D IMOBYC® @ionauv VIENNA INSURANCE GRO

  11. Slide 11: Premium income

    VIG® VIENNA INSURANCE GROUP Premium income

  12. Slide 12: Premium income by lines of business

    Premium income Premiums written by lines of business, IFRS in EUR million 2010 2009 +/- in % yoy Property/Casualty 4,350.04 4,206.75 +3.4% Life 3,904.81 3,491.17 +11.8% Health 338.16 321.36 +5.2% Vienna Insurance Group 8,593.01 8,019.28 +7.2% 12

  13. Slide 13: Premium income by region

    Premium income Premiums written by region, IFRS in EUR million 2010 2009 +/- in % yoy Austria 4,041.14 3,874.15 +4.3% Czech Republic 1,756.54 1,603.29 +9.6% Slovakia 647.87 628.38 +3.1% Poland 747.69 548.26 +36.4% Romania 528.05 606.66 -13.0% Remaining markets* 871.72 758.54 +14.9% Vienna Insurance

  14. Slide 14: Premium income share by region and line of business

    Premium income 2010 (2009) % share by region % share by line of business Property/Casualty Austria 50.6% 47.0% (52.5%) (48.3%) Life Other countries 45.5% Health (43.5%) 53.0 % 3.9% (51.7%) (4.0%) 14

  15. Slide 15: Development of premium income

    Development of premium income Premiums written 200 Allianz Generali 180 Uniqa 172 VIG 158 160 160 138 140 133 117 117 120 100 110 100 80 2005 2006 2007 2008 2009 2010 (2005=100, Source: annual reports, Factset) 15

  16. Slide 16: Development of combined ratio

    Development of combined ratio 110% Allianz Generali Uniqa 105,3% 105% VIG 100% 98,8% 98,4% 94,3% 97,2% 96,9% 96,4% 95% 95,5% 96,3% 90% 2005 2006 2007 2008 2009 2010 (Sources: annual reports) 16

  17. Slide 17: Country data

    VIG® VIENNA INSURANCE GROUP Country data

  18. Slide 18: VIG – Austria

    VIG – Austria 2010  Market leader with steadily growing market share Premiums written EUR 4,041.14 million (+4.3% yoy) Total market share 2010 24.1% (+0.7% yoy; 1st place) Development of premiums 2005 – 2010 (EUR million) 3.874 4.041 3.695 3.756 3.435 3.171 2005 2006 2007 2008 2009 2010 18

  19. Slide 19: VIG – Czech Republic

    VIG – Czech Republic 2010  Market leader in life insurance segment Premiums written EUR 1,756.54 million (+9.6% yoy) Total market share 2010 30.8% (2nd place) Development of premiums 2005 – 2010 (EUR million) 1.603 1.757 1.420 1.048 1.130 892 2005 2006 2007 2008 2009 2010 19

  20. Slide 20: VIG – Slovakia

    VIG – Slovakia 2010  Market leader  Strong growth in life insurance segment (+2.3% yoy) Premiums written EUR 647.87 million (+3.1% yoy) Total market share 2010 31.9% (1st place) Development of premiums 2005 – 2010 (EUR million) 606 628 648 495 388 331 2005 2006 2007 2008 2009 2010 20

  21. Slide 21: VIG – Poland

    VIG – Poland 2010  Strong growth in non-life insurance segment  Total growth rate significantly above market average Premiums written EUR 747.69 million (+36.4% yoy) Market share non-life 2010 9.9% (3rd place) Development of premiums (non-life) 2005 – 2010 (EUR million) 559 3 413 384 324 216 5 5 5

  22. Slide 22: VIG – Romania

    VIG – Romania 2010  Strong profit orientation  Successful development of BCR Life  Significant growth of market share in life insurance segment by 4.4% yoy Premiums written EUR 528.05 million (-13.0% yoy)* Total market share 2010 28.2% (1st place) Development of premiums 2005 – 2010 (EUR million)

  23. Slide 23: sVersicherung Group

    sVersicherung Group Premiums written / PBT; in EUR million Strong growth of sVersicherung Group* Premiums written PBT 1.435,9 1,435.9 96.5 96,5 1.284,1 1,284.1 38.3 38,3 2009 2010 2009 2010 Life insurance fast growing line of business * Not including BCR non-life 23

  24. Slide 24: Consolidated profit before tax (PBT)

    Consolidated profit before tax (PBT) Vienna Insurance Group

  25. Slide 25: PBT by lines of business

    PBT by lines of business, IFRS in EUR million 2010 2009 +/- in % yoy Property/Casualty 222.72 238.86 -6.8% Life 248.46 177.77 +39.8% Health 36.61 24.62 +48.7% Vienna Insurance Group 507.79 441.25 +15.1% 25

  26. Slide 26: PBT by region

    PBT by region, IFRS in EUR million 2010 2009 +/- in % yoy Austria 250.88 247.49 +1.4% Czech Republic 167.33 122.91 +36.1% Slovakia 37.32 23.01 +62.2% Poland 24.18 27.43 -11.8% Romania 28.51 24.19 +17.9% Remaining markets -0.44 -3.78 - Vienna Insurance Group 507.79 441.25 +15.1% Approximate calculati

  27. Slide 27: PBT development comparison

    PBT development comparison 285 Allianz Generali Uniqa 225 235 212 VIG 182 184 185 134 135 100 91 85 80 77 35 -15 2005 2006 2007 2008 2009 2010 (2005=100, Source: annual reports, Factset) 27

  28. Slide 28: VIG equity development

    VIG equity development Increase of shareholders’ equity by 8.7% to more than EUR 5 billion Minimum capital requirements are fulfilled by more than 200% 28

  29. Slide 29: Cost cutting programme completed

    Cost cutting programme Cost cutting programme completed Successfully achieved: Increasing efficiency of sales staff Introduction of service centres for Austrian customers Concentration of back-offices Mergers in Croatia, Poland, Slovakia and Belarus etc. Reached until December 2010: Cost red

  30. Slide 30: Embedded Value

    VIG® VIENNA INSURANCE GROUP Embedded Value

  31. Slide 31: Group embedded value 2010

    Group embedded value 2010 Embedded Value increased anew Return on EUR 5.1 bn Group Embedded Value EUR 4.7 bn EUR 423.6 million (+9.1%) 2009* 2010 * Adjusted Embedded Value 31

  32. Slide 32: Group embedded value 2010: new business value

    Group embedded value 2010 Increase of new business value (NBV, in EUR million) +49.3% 198.7 133.1 2009 2010 32

  33. Slide 33: Investments

    VIG® VIENNA INSURANCE GROUP Investments

  34. Slide 34: Investments at 31.12.2009 and 31.12.2010

    Investments at 31.12.2009 and 31.12.2010 ~ 57% Anleihen Bonds ~ 55% Equities Aktien Immobilien Real Estate Loans Darlehen Affiliated Beteiligungen Companies ~ 3% Others Sonstige ~ 14% ~ 14% ~ 13% ~ 12% ~ 12% ~ 10% ~ 3% ~ 3% ~ 4% ~ 3% 2009 2010 Investments: EUR 25.9 billion EUR 28.2 billion (+8.7%) I

  35. Slide 35: PIIGS share of about 0.75% of total investments

    PIIGS Government bonds and government guaranteed bonds in EUR million book value Greece* 34 Ireland* 52 Italy 34 Portugal 52 Spain 34 Vienna Insurance Group 206 share of about 0.75% of total investments *Impairments of a total of EUR 21 million included 35

  36. Slide 36: VIG Holding (standalone results)

    VIG Holding (standalone results)

  37. Slide 37: VIG-Holding standalone

    VIG-Holding standalone UGB/IFRS in EUR million 2010 Premiums written 536.85 Technical result 3.79 Financial result according to UGB 140.88 PBT according to UGB 144.61 Revaluation of financial result 41.61 Revaluation of others -1.18 PBT according to IFRS 185.04 Total expenses VIG Holding IFRS 36.64

  38. Slide 38: Dividend

    VIG® VIENNA INSURANCE GROUP Dividend

  39. Slide 39: Dividend

    Dividend Payout ratio of at least 30% of consolidated profit after tax for the business year 2010 Increase of dividend payment to EUR 1.00 is proposed for the year 2010 39

  40. Slide 40: Current developments

    VIG® VIENNA INSURANCE GROUP Current developments

  41. Slide 41: Premium income 1Q 2011

    Premium income 1Q 2011 Preliminary, unconsolidated premiums written, IFRS in EUR million 1Q 2011 1Q 2010 +/- in % yoy Austria 1,285.7 1,301.6 -1.2% Other countries 1,364.8 1,275.9 +7.0% Vienna Insurance Group 2,650.5 2,577.5 +2.8% 41

  42. Slide 42: Outlook on result for 2011

    Outlook on result for 2011 IFRS 2011:  Low, single-digit premium growth expected  PBT growth expected of about 10%  Combined ratio of approximately 97% 42

  43. Slide 43: Standard & Poor's Rating

    Standard & Poor‘s Rating Standard & Poor‘s confirms VIGs successful development with the rating of A+ outlook stable 43

  44. Slide 44: Agenda: Item 4

    VIG® VIENNA INSURANCE GROUP Agenda: Item 4

  45. Slide 45: Milestones in history

    Milestones in history 1824 Foundation of „Wechselseitigen k.u.k. priv. Brandschaden-Versicherungs-Anstalt“ 1898 „Städtische Kaiser Franz Joseph-Jubiläums- Lebens- und Rentenversicherungs-Anstalt“ 1990 Entry into the insurance market in former Czechoslovakia by acquiring an interest in Kooperativa 19

  46. Slide 46: New organisational structure

    New organisational structure Principal Shareholder etc. 46

  47. Slide 47: Thank you for your attention!

    Thank you for your attention!

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