MLP SE — Earnings Release 2010

Feb 23, 2011

Preliminary results 2010

Frankfurt - February 23, 2011

Agenda

• Highlights 2010

Dr. Uwe Schroeder-Wildberg, CEO

• Preliminary results 2010 Reinhard Loose, CFO
• Strategy, market developments, outlook and summary Dr. Uwe Schroeder-Wildberg, CEO
• •Questions & Answers

Preliminary results 2010

Highlights

Dr. Uwe Schroeder-Wildberg, CEO

Frankfurt - February 23, 2011

Financial Year 2010

• MLP concluded the financial year with significant earnings growth – EBIT increased by 11%, Group net profit rose by 41%
• Successful efficiency management: cost savings target once again clearly exceeded
• MLP continues to benefit from its holistic approach and achieved growth particularly in wealth management and health insurance
• Assets under Management continued to grow reaching new record high of € 19.8 billion
• Executive Board proposes a dividend of 30 cents per share (2009: 25 cents)

Financial crisis leaves far-reaching after-effects

Personal stance towards financial investments has changed since the start of the financial crisis …

Source: Forsa survey commissioned by Allianz Deutschland AG, December 2010, Base: 1,003 respondents

Old-age provision business remains difficult

Market development

New business: old-age provision (recurring premiums) in the market

[in € billion]

Source: GDV (German Insurance Association), own calculations (premium sum new business: recurring premiums x duration)

Earnings situation improved significantly

T l t o a r e e n e v u	€ 5 i l l i 2 2 6 m o n	2 % -
E B I T	€ i l l i 4 7 0 m o n	1 1 % +
G f i t t r o u p n e p r o	€ i l l i 3 4 1 m o n	4 1 % +
E P S ( d i l d ) t e u	€ 0 3 1	4 1 % +

Dividend increases to 30 cents per share

Dividend per share

[in cents]

• Total dividend sum € 32.4m

Preliminary results 2010

Reinhard Loose, CFO

Frankfurt - February 23, 2010

Stable revenue from commissions and fees

Total revenue 2010

[in € million]

Q4: Total revenue declined by 7%

Total revenue Q4 2010

[in € million]

Very positive development in health insurance

Revenue - commissions and fees

[in € million]

	Q 4 2 0 0 9	Q 4 2 0 1 0	i % n	2 0 0 9	2 0 1 0	i % n
O l d i i -a g e p r o v s o n	1 2 3 1	1 0 5 6	1 4 -	3 1 1. 1	2 8 8 3	7 -
W l h t t e a m a n a g e m e n	1 9 8	2 1. 5	9 +	1. 6 7	7 8 5	1 0 +
H l h i t e a n s r a n c e u	1 3 3	2 1. 8	6 4 +	4 6 5	6 1. 3	3 2 +
N l i f i o n e n s u r a n c e -	4 3	4 0	7 -	2 6 5	2 7 9	5 +
L d * t o a n s a n m o r g a g e s	4 6	4 3	7 -	1 2 6	1 2 2	3 -
O h i i d f t e r c o m m s s o n s a n e e s	1. 7	1. 6	6 -	4 1	4 0	2 -

* excluding MLP Hyp

Share of wealth management increased to 17%

Revenue – commissions and fees, 2010: € 472.2 million

Net profit increased by 41%

Income statement

[in € million]

	Q 4 2 0 0 9	Q 4 2 0 1 0	2 0 0 9	2 0 1 0
T l t o a r e v e n u e	1 8 6 8	1 7 3 7	5 3 2 1	2 2 6 5
E B I T	3 0 5	3 0 0	4 2 2	4 0 7
F i t n a n c e c o s	1 5 -	0 1	2 5 -	0 0
E B T	2 9 0	3 0 1	3 9 7	4 7 1	E B I T i d n c r e a s e • b 1 1
T a e s x	6 0 -	7 9 -	1 2 5 -	1 3 0 -	% y
N f i i i t t t e p r o c o n n u n g i t o p e r a o n s	2 3 0	2 2 2	2 7 2	3 4 1	f N i h d t t e p r o r e a c e • € 3 4 1 m
f N i d i i d t t t e p r o s c o n n u e i t o p e r a o n s	3 4	0 6 -	3 0 -	0 0	S E P 4 1 % + •
G f i t t r o p n e p r o u	2 6 5	2 1 6	2 4 2	3 4 1
E P S i € n ( d i l d ) t e u	0 2 4	0 2 0	0 2 2	0 3 1

Cost-cutting target again clearly exceeded

Development of fixed costs*

Strong equity base and liquidity

MLP Group – selected balance sheet items

S i h h l d ' t a r e o e r s e q u y	4 1 8 5	4 2 8 4
E i i t t q r a o u y	2 8 4 %	2 8 5 %
O h l i b i l i i t t e r a e s	2 1 1 8	1 7 7 7
T l t o a	1 4 7 5 5 ,	1 5 0 5 4 ,

•Equity ratio 28.5%

34,000 new clients gained in 2010

New clients Consultants

Market share for recurring premiums at previous year's level

Market share – old-age provision

Market share - recurring premiums*

[in %]

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

Market share further increased

Market share – Wealth management

Assets under Management

[in € bn]

Market

Preliminary results 2010

Strategy and market developments

Dr. Uwe Schroeder-Wildberg, CEO

Frankfurt - February 23, 2011

MLP – a broad-based consulting house

Unique investment universe

Portfolio in wealth management for MLP clients

W l h t t e a m a n a g e m e n
S i t t t r a e g c a s s e t m a n a g e m e n	L i i d i t q u y t m a n a g e m e n	A t t s s e c o n c e p s
M d l l h t o a r w e a u t m a n a g e m e n	i i F l t n a n c e p o	iv t c o n s e rv a e	b l d a a n c e	d i n a m c y
S i l h t t t r a e g c w e a	C t t r r e n a c c o n u u	A t s s e m a n a g e r s
t m a n a g e m e n		X f h B t t o e e s iv t c o n s e rv a e	X f h B t t o e e s b l d a a n c e	X f h B t t o e e s d i y n a m c
I d iv i d l w l h t n u a e a t m a n a g e m e n	C d i d t r e c a r s i A X A R t t e nv e s m e n	E h G l b l D. t n a o a	C i a r m g n a c P i i t a r m o n e	C i a r m g n a c I i t t nv e s s s e m e n
S i l i t p e c a o p c s	t a c c o u n	F I A l h F ix d p a e I G l b l n c o m e o a	E h A iv E. t t n a c e	F M M Fu d n s
F i H N W I b i e r s n e s s u	O i h t v e r n g m o n e y	S G l b l a r e n o a u D f iv	S G l b l a u r e n o a	S G l b l a r e n o a u
( b € 5 ) t a s s e s a o v e m	"Z i P lu O P " n s s	e e n s e M L P b lu t a s o e	B l d a a n c e	O i i tu t p p o r n e s
F d i t o u n a o n s	B i Fu d I a s s n	/ I I I tu r e r n l d I t t
	S D i t t m e p o s a c c o u n		i f l i ( Fu d l i ) t t t t a n p o r o o n s s
	F ix d d i t e e p o s s	S i i i l t p e c a e s	b l t t e s s e e c i i i t t p a r c p a o n s t c u r r e n c y a c c o u n l i f l i t t o n n e p o r o o a c c o u n i t r nv e s i l- f i b f i t t c a p a o r m n g e n e s fu d n s
		O h t e t m e n

MLP has firmly established itself in wealth management

AuM: MLP compared to selected German private banks

C o m p a n y	M d t a n a g e a s s e s
S C H B T i k r n a s u	€ 9 9 b i l l i o n
S O l. h i a p p e n e m	€ b i l l i 6 8 o n
B H F B k a n -	€ b i l l i 4 3 o n
M l t e e r z	€ 3 b i l l i 7 o n
M M W b a r u r g	€ 3 2 b i l l i o n
B b e r e n e r g	€ 2 2 b i l l i o n
H k & A f h ä a c s e r u u u	€ b i l l i 2 0 o n
M L P	€ b i l l i 1 9 8 o n
B k h L a n a u s a m p e	€ 1 4 b i l l i o n
M k F i k e r c n c	€ 1 0 b i l l i o n

Source: Financial Times Deutschland, 08/11/2010, own data

High consulting demand from institutional clients

Feri Institutional Advisors

Asset Allocation

Selection of the right investment classes and protection systems/mechanisms within the framework of asset allocation is becoming increasingly important

Manager Selection Growing need with respect to manager selection services (particularly selection of risk investments and alternative investments such as property, but also themes/niche themes such as infrastructure)

Risk Overlay Increasing demand with respect to the implementation of intelligent risk-overlay systems which allow shortterm protection of individual asset classes whilst also enabling rapid re-entry.

MLP will benefit from tighter regulations

MLP benefits from its early alignment to the new requirements and calls for even higher quality standards

Demanding market environment

Change in German GDP

[in %]

• Positive market environment for wealth management and health insurance will continue
• Further development in the old-age provision market uncertain

Source: Annual economic report

Target 2012: Increase EBIT margin to 15%

MLP Group

Operating EBIT margin*

[in %]

* Before acquisitions and one-offs

Further cost savings of € 20 million

Outlook

Fixed costs

[in € million]

• Further reduction of fixed costs by the end of 2012 amounting to € 20m
• Focus: administrative expenses, reduction of IT complexity

Growth expected in wealth management and health insurance

Outlook

	2 0 1 1	2 0 1 2
R l d i i e e n e o -a g e p r o s o n v u v –
R l h t t e e n e e a m a n a g e m e n v u w –
R h l h i t e v e n u e e a n s u r a n c e –

• Further growth in wealth management and health insurance expected in 2011 and 2012

• Outlook for old-age provision remains uncertain from a current perspective, stable revenues in 2011 and a slight increase in the following year

• MLP performed well in 2010 and concluded the year with a considerable increase in earnings

• As in 2010, MLP will also benefit in 2011 from the new breadth in the business model
• 2011 will not be an easy year. However, even these demanding framework conditions offer many opportunities which MLP will utilise
• Goal for 2012: Increase in the operating EBIT margin to 15%

Preliminary results 2010

Questions & Answers

Frankfurt - February 23, 2011