MLP SE — Interim / Quarterly Report 2014

May 15, 2014

Financial results Q1 2014

Reinhard Loose, CFO

15th May 2014

• Highlights Q1 2014
• Key financial figures Q1 2014
• New business, consultants and clients
• Outlook and summary
• Questions and Answers

Highlights Q1 2014

• Total revenue increases by 3 percent to € 119.8 million, EBIT rises by 10 percent to € 4.4 million
• Positive early indicators for future revenue development despite the continuingly difficult market environment
• 20 percent increase in new clients (Q1 2014: 6,000, Q1 2013: 5,000)
• 15 percent more new business in old-age provision (Q1 2014: € 630 million, Q1 2013: € 550 million)

• Positive start with the expanded real-estate product offering

• Highlights Q1 2014

• Key financial figures Q1 2014
• New business, consultants and clients
• Outlook and summary
• Questions and Answers

Total revenue: € 119.8 million

Total revenue in Q1

[in € million]

Old-age provision, wealth management and nonlife insurance slightly above the previous year

Revenue

[in € million]

	Q1 2013	Q1 2014	Δ in %
Old-age provision	38.9	40.1	3
Wealth management	31.7	32.6	3
Health insurance	13.9	11.4	-18
Non-life insurance	18.2	18.8	3
Loans and mortgages*	2.9	2.9	0
Other commissions and fees	0.7	1.3	86
Interest income	5.9	5.8	-2

* excluding MLP Hyp

MLP benefits from broad-based business model

Revenue from commissions and fees Q1 2014: € 107.1 million (€ 106.4 million)

EBIT rises by 10 percent to € 4.4 million

Income Statement

[in € million]

Q1 2013	Q1 2014
116.4	119.8
4.0	4.4
0.1	0.0
4.1	4.4
-1.0	-1.0
3.2	3.4
0.03	0.03

• Administration costs of € 63.5 million in Q1 slightly above the previous year due to one-off exceptional costs.
• Around € 0.6 million of the previously announced € 6 million for one-off investments for the future incurred in Q1.

Strong balance sheet

MLP Group

[in € million]
	31/12/2013	31/03/2014
Intangible assets	155.3	156.3
Financial investments	146.1	180.7
Cash or cash equivalents	46.4	35.9
Other receivables and other assets	109.2	98.2
Shareholders' equity	374.5	376.9
Equity ratio	24.4%	23.5%
Other liabilities	106.6	85.7
Total	1,536.9	1,605.9

• Core capital ratio of 13.8% still at a high level – but decreased due to Basel III requirements (Dec. 31, 2013: 16.3%).

• Highlights Q1 2014
• Key financial figures Q1 2014
• New business, consultants and clients
• Outlook and summary
• Questions and Answers

New business in old-age provision rises by 15 percent to € 630 million

Assets under Management Premium sum: old-age provision

[in € billion] [in € million]

New client acquisition up 20 percent on previous year

Consultants New clients (gross)

• Highlights Q1 2013
• Key financial figures Q1 2013
• New business, consultants and clients
• Outlook and summary
• Questions and Answers

Base scenario still sees rise in EBIT to € 65 million in 2014

Outlook

	2014	2015
Revenue Old-age Provision	+	0
Revenue Health Insurance	+	+
Revenue Wealth Management	+	+

positive: +, neutral: 0, negative: -

Forecast base scenario: EBIT of around € 65 million in 2014 and a slight increase in 2015

Significant increase in earnings expected in all scenarios

Outlook

	Environment	Assumptions	EBIT
Upper Scenario	Significant improvement in the market environment	• Hesitancy towards capital market-related provision products largely disappears • Health insurance develops very positively throughout the market • New areas of potential through real estate brokerage • Disappearance of the negative unisex effect from 2013	~ € 75 m
Base Scenario	Initial improvement in the framework conditions	• Opportunities for products with minor capital market component (long term care pension, occupational disability, occupational provision) • Slight improvement for capital market-related provision products – especially through new guarantee concepts • Reduction of uncertainties in health insurance • New areas of potential through real estate brokerage • Disappearance of the negative unisex effect from 2013	~ € 65 m
Lower Scenario	Continued hesitancy on the part of clients	• Critical public debate, such as a reduction of the guaranteed interest rate for life insurance and pension insurance policies, leads to similar hesitancy as witnessed in 2013 • Reduction of uncertainties in health insurance • New areas of potential through real estate brokerage • Disappearance of the negative unisex effect from 2013	~ € 50 m

Administration costs 2014: ~ € 255 million

Summary

• MLP continues to benefit from the new breadth of the business model
• Framework conditions remain challenging particularly in health insurance and old-age provision
• First signs of pick-up in old-age provision as well as revenue growth in wealth management and in non-life insurance
• Good start with the extended real estate product offering introduced in March
• As is usual in the MLP business model, it is particularly the second half-year that plays a crucial role in the full-year results

• Outlook for 2014 reiterated

• Highlights Q1 2014

• Key financial figures Q1 2014
• New business, consultants and clients
• Outlook and summary
• Questions and Answers

Contact

MLP Corporate Communications Alte Heerstr. 40 69168 Wiesloch Germany

• Jan Berg, Head of Corporate Communications
• Andreas Herzog, Teamhead Investor Relations and Financial Communications

Tel.: +49 (0) 6222 308 8310

Fax: +49 (0) 6222 308 1131

investorrelations@mlp.de www.mlp-ag.com