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MLP SE

Investor Presentation • Oct 12, 2010

289_ip_2010-10-12_a68e59eb-6e54-47bd-9ad6-f29e5c806c5d.pdf

Investor Presentation

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MLP - Company presentation

Helmut Achatz, Head of Investor Relations Roadshow Zurich, Geneva, Munich ,Vienna

October 12-14, 2010

Agenda

  • •Outlook
  • • Growth drivers
  • •Old-age provision
  • •Health insurance
  • •Wealth management
  • •Client potential
  • •Cost cutting
  • •Summary
  • •Appendix

Outlook 2012: Increase in EBIT margin to 15%

MLP Group

EBIT margin*

Medium-term outlook reiterated

Medium-term outlook

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  • Business prospects will continue to be affected by the difficult market environment
  • Old-age provision and health insurance: stable revenues in 2010, return to growth from 2011
  • •Increase in revenue expected in wealth management

Agenda

•Outlook

•Growth drivers

  • •Old-age provision
  • •Health insurance
  • •Wealth management
  • •Client potential
  • •Cost cutting
  • •Summary
  • •Appendix

Pressure on social security systems is imminent

Massive increase in the "dependency ratio" for the period 2010 - 2035

Roadshow October 12-14, 2010 Page 6

Development of revenue old-age provision

First quarter Second quarter

[in € million]

Old-age provision market is expected to grow

Money invested in old-age provision products in Germany

[in € trillion]

  • •Includes single premium business
  • Includes occupational pension business

Development of revenue health insurance

Development of revenue wealth management

First quarter Second quarter

[in € million]

New record high in AuM

Assets under Management*

[in € billion]

*in accordance with the BVI methodology

Extensive new client potential at the universities

University graduates in Germany

[in thsd.]

Sources: Institut für Wirtschaft in Cologne, Federal Statistics Agency, BCG

Roadshow October 12-14, 2010 Page 12

Top ratings in consulting tests

1st place in the old-age pension provision assessment by WirtschaftsWoche (05/2009)

2nd place and top rating in the client assessment of MLP consulting by WhoFinance (01/2010)

3rd place in the mortgage test carried out by the magazine Euro (07/2009)

Positive development in new clients

New clients

Roadshow October 12-14, 2010 Page 14

Agenda

  • •Outlook
  • • Growth drivers
  • •Old-age provision
  • •Health insurance
  • •Wealth management
  • •Client potential
  • •Cost cutting
  • •Summary
  • •Appendix

A further € 10m of cost reductions in 2010

Fixed costs*

[in € million]

Development of fixed costs in H1 2010

Earnings situation improved significantly

EBIT continuing operations

[in € million]

Agenda

  • •Outlook
  • • Growth drivers
  • •Old-age provision
  • •Health insurance
  • •Wealth management
  • •Client potential
  • •Cost cutting
  • •Summary
  • •Appendix

Summary

  • •Successful business development in H1 2010
  • •Market environment will remain difficult
  • Customers still reluctant to invest in long-term old-age provision contracts
  • H2 2010: Further significant pick-up in business development expected, especially in Q4
  • •Reduction of fixed costs amounting to € 10 m in 2010
  • •EBIT margin target of 15% for 2012 reiterated

Agenda

  • •Outlook
  • • Growth drivers
  • •Old-age provision
  • •Health insurance
  • •Wealth management
  • •Client potential
  • •Cost cutting
  • •Summary
  • •Appendix

Highlights H1 and Q2 2010

  • •Market environment remained difficult in H1 2010
  • Q2: First increase in total revenue since start of the financial and economic crisis
  • •Earnings situation improved significantly
  • •AuM reached new record high: € 18.7 bn
  • •Dividend payment € 27.0 m, € 0.25 per share
  • H2 2010: Further significant pick-up in business development expected, especially in Q4

H1: Total revenue at previous year's level

Total revenue

Q2: Revenue from commissions and fees increased by 8%

Total revenue

Significant revenue increase in major lines of business

Revenue: commissions and fees

[in € million]

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Wealth management share increased to 18%

Revenue: commissions and fees, H1 2010: € 208.8 m

Earnings situation improved significantly

Continuing operations

Income statement

[in € million]

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•H1 EBIT increased by 54%

•Tax rate H1: 33%

•H1 net profit: € 5.1 m

Strong liquidity

MLP Group – selected balance sheet items

[in € million]

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•Liquid funds: € 192m

•Equity ratio: 27.7%

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Reduced willingness towards old-age pension provision – despite large pension gaps

Client behaviour during the economic and financial crisis

Provision commitment - young employees (16 - 29 years old)

Assessment of own provision efforts

Source: Allensbach Institute for Public Opinion Research/Postbank: Old-age pension provision in Germany 2009/2010

Risk-aversion of investors has risen sharply

Client behaviour during the economic and financial crisis

Top 5 product preferences for longer-term investments

ÆFour of the top 5 preferences are heavily risk-averse

Source: BBDO Consulting; Study (February 2010)

Top cross-selling rate

Development - contracts per client

Cross-selling rate

[Contracts per client]

Market share of recurring premiums fell only slightly

Market share – old-age pension provision

Market share - recurring premiums*

[in %]

Source: GDV (German Insurance Association), own calculations / * preliminary market figures

Further increase in market share

Market share - wealth management

Assets under Management in accordance with the BVI methodology

Source: German Association of Investment and Asset Management (BVI), own calculations

Roadshow October 12-14, 2010 Page 33

Growth of market share in private health insurance

Market share – private health insurance

MLP share of fully insured individuals

[in %]

Source: German Association of Private Health Insurers, own calculations / * market figures for H2 2009 are not available yet

Stable shareholder structure

Overview of shareholders

MLP – a broad-based consulting house

Client orientation as a success factor

Ministry of Consumer Protection calls for higher quality

Ministry requirements:

  • yTailored client consulting
  • yStructured consulting process
  • y Coverage of existential risks as a basis for wealth accumulation
  • y Recommendations must correspond to the investment purpose and risk propensity
  • y Clearly designed product information sheets
  • yClear positioning of the consultant
  • yDevelopment of a job description
  • yAppropriate qualification
  • yAssumption of liability

Set-up at MLP:

  • y Client-oriented consulting forms the core of the business model
  • yHolistic consulting, service and support
  • y Risk propensity of the client as the starting base for consulting and advisory activities
  • y High level of transparency through comprehensive documentation and new product information sheet
  • yRegistration as an independent broker
  • y Support for a legally-anchored job description
  • y Training standards far exceed the legal requirements

Independent business model and one-stop for lifetime financial solutions

Independent business model is unique in the German Market

Contact

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

  • Helmut Achatz, Head of Investor Relations
  • Ines Kittlitz, Manager Investor Relations

Tel.: +49 (0) 6222 308 8320 Fax: +49 (0) 6222 308 1131

[email protected] www.mlp-ag.com

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