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MLP SE — Investor Presentation 2011
Jan 19, 2011
289_ip_2011-01-19_22c8d377-ecc2-4f5c-b0a5-fb9f080042ff.pdf
Investor Presentation
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MLP - Company presentation Uwe Schroeder-Wildberg, CEO Cheuvreux German Corporate Conference 2011
January 19, 2011
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 h M t t e v e n u e e a a n a g e m e n – |
||
| R H l t h I e e n e e a n s r a n c e v u u – |
- • 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
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]
9M 2009
9M 2010
Q3 2009 Q3 2010
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 (05/2010)
- 2nd place in the mortgage test carried out by the magazine Euro (07/2010)
- 1st place as the best wealth manager in Germany Survey conducted by the investors' magazine Börse Online and the WHU – Otto BeisheimSchool of Management (07/2010)
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 |
9 M 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 5. 1 |
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 |
1. 8 5 |
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 u r a n c e |
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 |
9 M 2 0 0 9 |
9 M 2 0 1 0 |
|
|---|---|---|---|---|
| T l t o a r e v e n u e |
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 0 7. |
| 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 - |
| N t f i t e p r o |
4 6 |
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 e s m e n s v |
1 9 2. 4 |
5 2 6. 4 |
| C h d h i l t a s a n c a s e q u v a e n s |
5 5. 0 |
4 8. 8 |
| O h i b l d h t t t e r r e c e a e s a n o e r a s s e s v |
1 3 2. 1 |
9 4. 9 |
| • | E i t q u y |
i t r a o |
% 2 8 3 |
|---|---|---|---|
•Liquid funds € 197m
| S h h l d ' i t a r e o e r s e q u y |
5 4 1 8. |
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
[email protected] www.mlp-ag.com