MLP SE — Investor Presentation 2011

Sep 28, 2011

MLP – Company Presentation

Dr. Uwe Schroeder-Wildberg, CEO

German Investment Conference

September 28, 2011

•Outlook

• •Growth drivers
• •Earnings situation
• •Summary

Target 2012: Operating EBIT margin 15%

MLP Group

EBIT margin

* Before acquisitions and one-offs

Growth in wealth management and health insurance expected

Outlook

	2 0 1 1	2 0 1 2
O R l d- i i e v e n u e s a g e p r o v s o n :
R W l h M t t e e n e s e a a n a g e m e n v u :
R H l h i t e v e n u e s : 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 revenue in 2011 and a slight increase in the following year

•Outlook

•Growth drivers

• •Earnings situation
• •Summary

Extensive investments initiated

Growth driver: Investment and efficiency programme

• y Targeted strengthening of the MLP brand through an extensive marketing campaign
• y At 16 large locations, all local branches will move into one larger building by the end of 2014
• yStrengthening of new acquisition channels at universities
• yFurther optimisation of workplace processes (e.g. reduction of IT complexity)
• yImproved support through consulting programmes (e.g. in product selection)
• yGreater standardisation and automation of administrative tasks
• yFurther optimisation of processes
• y Even more effective back office support for the consultants (e.g. bundling of consultant services, strengthening of sales-related units)

ÆMore intensive client consulting through optimised consultant support

Significant acceleration of the efficiency programme

Growth driver: Investment and efficiency programme

Forecast: Development of fixed costs

• • 2011: One-off exceptional costs of around € 30 million
• • Sustainable reduction in the annual fixed costs by a total of at least € 30 million by the end of 2012

MLP and Feri cover the whole market

Growth driver: Wealth management

Continuous increase of the Assets under Management

Growth driver: Wealth management

Assets under Management in the MLP group

MLP – a broad-based consulting house

Growth driver: Further strengthening of corporate client business

H1: Very dynamic development in the healthcare area

Growth driver: Health insurance

Revenue health insurance

• Attractive market conditions through the shortening of the waiting period to change to private health insurance

• Increasing sceptical perception of the statutory healthcare system following

Pressure on social security systems is imminent

Medium term growth driver: Old-age pension provision

Old-age provision market is expected to grow

Medium term growth driver: Old-age pension provision

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)

• •Outlook
• •Growth drivers
• •Earnings situation
• •Summary

H1: Total revenue increased by 3%

EBIT affected by one-offs

Continuing operations

Income statement

[in € million]

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

Further reduction of fixed costs in H1

Fixed costs adjusted for one-offs

[in € million]

H1 2010 Personnel-1.0D & A Other operating expenses 132.5H1 2011142.3 -8.2-0.6

• Sustainable effect on the fixed costs target of at least € 30 million by the end of 2012: € 5 million

• •Outlook
• •Growth drivers
• •Earnings situation
• •Summary

Summary

• • H1: Positive revenue development in health insurance and wealth management; increase in operating EBIT to € 12.2 m
• •Old-age provision: improved development in Q2
• •AuM reached a new record high: € 20.6 bn
• •Reduction of fixed costs and restructuring measures well on track
• • Guidance reiterated:
• yOne-offs in 2011 around € 30m
• yReduction of the fixed cost base by at least € 30m in FY 2012
• yOutlook 2012: Increase in operating EBIT margin to 15%

Contact

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

Jan Berg, Head of Corporate Communications

Tel.: +49 (0) 6222 308 4595 Fax: +49 (0) 6222 308 1131

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