MLP SE — Investor Presentation 2010

Nov 16, 2010

MLP - Company presentation

Helmut Achatz, Head of Investor Relations

Commerzbank Corporate Day 2010, London

November 16, 2010

Agenda

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

Outlook 2012: Increase in EBIT margin to 15%

MLP Group

EBIT margin*

Medium-term outlook

	2 0 1 0	/ 2 0 1 1 2 0 1 2
O R l d- P i i e e n e a g e r o s o n v u v –
R W l t h M t e v e n u e e a a n a g e m e n –
R H l h I t e v e n u e e a n s u r a n c e –

• • Despite difficult market conditions, stable revenue expected in old-age provision in 2010, return to growth from 2011
• • Increase in revenue expected in health insurance and wealth management

Agenda

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

Pressure on social security systems is imminent

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

Commerzbank Corporate Day - November 16, 2010 Page 6

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

Source: Allianz, Handelsblatt (September 1, 2010)

Development of revenue old-age provision

YTD 2010

[in € million]

Development of revenue health insurance

New record high in AuM

Assets under Management

[in € billion]

Extensive new client potential at the universities

University graduates in Germany

[in thsd.]

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

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)

Increasing client base

Number of clients

Agenda

• •Outlook
• • Growth drivers
• •Old-age provision
• •Health insurance
• •Wealth management
• •Client potential

•Earnings situation

•Summary

•Appendix

Cost savings well on track

Development of fixed costs in 9M 2010

Earnings situation improved significantly

EBIT

Agenda

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

Summary

• •Overall business development in Q3 was satisfactory
• •Positive revenue trend from Q2 continued
• •Earnings situation improved significantly
• •Cost savings well on track
• • Positive momentum in health insurance and wealth management will continue
• •Difficult market conditions in old-age provision will continue
• • Guidance reiterated:
• yPlanned fixed costs to decrease by € 10m in 2010
• yTargeted EBIT margin 2012: 15%

Agenda

• •Outlook
• • Growth drivers
• •Old-age provision
• •Health insurance
• •Wealth management
• •Client potential
• •Earnings situation
• •Summary

•Appendix

Highlights 9M and Q3 2009

• •Q3: Positive revenue trend from Q2 continued
• •Favourable market conditions for health insurance business
• •Old-age provision market still challenging
• •9M: Revenue commissions and fees increased by 2.6%
• •Successful cost savings
• •Earnings situation improved significantly
• •AuM again reached a new record high

9M: Revenue from commissions and fees increased by 2.6%

Total revenue

[in € million]

Q3: Positive revenue trend from Q2 continued

Total revenue

[in € million]

Health insurance and wealth management showed significant increase

Revenue: commissions and fees

[in € million]

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

*excluding MLP Hyp

Business mix more balanced

Revenue: commissions and fees, 9M 2010: € 313.4 m

Earnings situation improved significantly

Continuing operations

Income statement

[in € million]

	Q 3 2 0 0 9	Q 3 2 0 1 0	M 9 2 0 0 9	9 M 2 0 1 0
T t l o a r e e n e v u	1 1 3 9	1 1 6 0	3 4 5 3	3 4 8 8
E B I T	6 3	8 7	1 1. 7	1 7. 0
F i t n a n c e c o s	1. 0	0 7	1. 1 -	0 0
E B T	7. 3	9 4	1 0 7	1 7. 0
T a x e s	2 8 -	2 5 -	6 5 -	5 1 -
f N t i t e p r o	6 4	6 8	4 1	1 1. 9
E P S i € n ( d i l d ) t u e	0 0 4	0 0 6	0 0 4	0 1 1

• •9M: EBIT rose by 45%
• •9M: Net profit nearly tripled
• • Q3: EBIT margin improved to 7.5%

Strong balance sheet

MLP Group – selected balance sheet items

[in € million]

	/ / 3 1 1 2 2 0 0 9	/ / 3 0 0 9 2 0 1 0
i I b l t t n a n g e a s s e s	1 5 6. 1	1 5 0. 5
F i i l i t t n a n c a n v e s m e n s	1 9 2. 4	2 5 6. 4
C h d h i l t a s a n c a s e q a e n s u v	5 5. 0	4 8. 8
O h i b l d h t t t e r r e c e v a e s a n o e r a s s e s	1 3 2. 1	9 4. 9

• •Equity ratio 28.3%
• •Liquid funds € 197m

S h h l d ' i t a r e o e r s e q u y	4 1 8. 5	4 0 6. 5
O h l i b i l i i t t e r a e s	2 1 1. 8	1 4 3. 7 2 9 %

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 methodolog y

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

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

Manfred Lautenschläger Angelika Lautenschläger Swiss LifeHDI/Talanx AGBarmeniaAllianz SEHarris AssociatesBerenberg Bank Axa S.A.Uberior Ena Ltd. (HBOS) Others[in %] 23.386.039.909.89 6.676.270.734.844.725.1027.47

Independent business model and one-stop for lifetime financial solutions

Independent business model is unique in the German Market

MLP – a broad-based consulting house

Contact

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

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

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

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