Investor Presentation • Mar 25, 2014
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Results Presentation FY2013 24 March 2014
Herbert K. Haas, CEO Dr. Immo Querner, CFO
| A d g e n a |
|---|
| G I H i h l i h t r o u p g g s |
| I I S t e g m e n s |
| / C I I I I i l t t t n e s m e n s a p a v |
| I V O l k t o o u |
| A d i p p e n x |
Talanx has continued to turn top-line growth into higher profits, leading to a Group net income of €762m (+21.7% y/y) in FY2013 – Talanx's highest profit ever
FY2013 results have also been marked by special items: large losses of €838m for the Group compare with an initial budget of €705m; the Group benefitted from ~€100m capital gains from the Swiss Life sale and a positive tax effect in Reinsurance, the latter in Q4
End-2013, shareholders' equity stood at €7,214m (FY2012: €7,153m) or €28.54 per share. Solvency I ratio at 210% (FY2012: 225%)
Dividend proposal of €1.20 per share to the AGM (FY2012 dividend: €1.05), implying an increase of ~+15% y/y. Dividend payout ratio at 39.8% (FY2012: 42.1%)
Talanx confirms its FY2014 outlook to achieve net income of at least €700m
| €m I F R S , |
F Y 2 0 1 3 |
F Y 2 0 1 2 |
C ha ng e |
|---|---|---|---|
| Gr i ium t te os s w r n p re m |
2 8, 1 5 1 |
2 6, 6 5 9 |
6 % + |
| Ne ium d t p re m e ar ne |
2 3, 1 1 3 |
2 1, 9 9 9 |
5 % + |
| Ne de i ing l t u t t n rw r re su |
( ) 1, 6 0 1 |
( ) 1, 4 4 7 |
( ) 1 1 % |
| Ne inv inc t tm t es en om e |
3, 7 9 2 |
3, 7 9 5 |
( ) 0 % |
| Op ( ) ing l E B I T t t er a re su |
1, 7 8 4 |
1, 7 4 8 |
2 % + |
| Ne inc f ino i ies t te t om e a r m r |
6 2 7 |
6 2 6 |
2 2 % + |
| Ke io t ra s y |
F Y 2 0 1 3 |
F Y 2 0 1 2 |
C ha ng e |
| Co fe b ine d io l i t m ra no n- ins d ins ur an ce a n re ur an ce |
9 6. 9 % |
9 6. 4 % |
0. 6 % ts p |
| Re inv tu tm t rn on es en |
4. 0 % |
4. 3 % |
( ) 0. 3 % ts p |
| Ba la he t nc e s e |
F Y 2 0 1 3 |
F Y 2 0 1 2 |
C ha ng e |
| Inv de tm ts es en un r t ow n m an ag em en |
8 6, 3 1 0 |
8 4, 0 5 2 |
3 % + |
| Go dw i l l o |
1, 1 0 5 |
1, 1 5 3 |
( ) 4 % |
| To l a ta ts ss e |
1 3 2, 8 6 3 |
1 3 0, 3 5 0 |
2 % + |
| Te hn ica l p is ion c rov s |
9 1, 6 9 7 |
8 9, 4 8 4 |
2 % + |
| S ha ho l de ' e i ty re rs q u |
7, 2 1 4 |
7, 1 5 3 |
1 % + |
2012 numbers in this presentation adjusted on the basis of IAS8
Solid combined ratio despite major burden from large losses
2009 2010 2011 2012 2013
1 Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield (ROE target 2013: 9.8%)2 Actual pay-out ratio based on AGM proposal: 39.8% for 2013 (was 42.1% for 2012 3 proposal to AGMNote: 2012 figures restated on the base of IAS8; 2013 Outlook reflects increased targets as presented in Aug 2013
Results Presentation FY2013, 24 March 2014
2013 Outlook
I
| ( €m ) t ne , |
Pr im y ins ar ur an ce |
Re ins ur an ce |
Ta lan Gr ou p x |
N b d f t e u r e n r o m l l f a r g e o s s e s o |
|
|---|---|---|---|---|---|
| S U To do rna s |
1 9 - 2 0 Ma y |
1 1. 0 |
1 1. 0 |
l l € i 8 3 8 o v e r a m n |
|
| F loo d Eu rop e |
2 0 Ma 0 4 Ju y – ne |
8 3. 1 |
9 2. 5 |
1 7 5. 6 |
F Y ( F Y 2 0 1 3 2 0 1 2 |
| Ha i l Ge / C H / A rm an y |
Ju 1 9 – 2 0 ne |
1 4. 7 |
3 7. 7 |
5 2. 4 |
) € 6 0 0 m |
| F loo d Ca da na |
Ju 1 9 – 2 1 ne |
4 5. 9 |
4 5. 9 |
Q 4 b d t |
|
| F loo d Ca da na |
Ju ly 0 8 - 0 9 |
1 5. 0 |
1 5. 0 |
f n e u r e n o |
|
| Ha i l Ge rm an y |
Ju ly 2 7 - 2 8 |
5 6. 8 |
9 9. 3 |
1 5 6. 1 |
€ i 1 3 1 m n |
| S Ge tor m rm an y |
Oc be 2 8 to r |
8. 5 |
3 3. 7 |
4 2. 2 |
R i e n s u r a n c e |
| Ty ho P h i l ip ine p on p s |
No be 0 9 ve m r |
1 8. 5 |
1 8. 5 |
||
| S Ge tor m rm an y |
De be 0 5 ce m r |
1 8. 5 |
2 7. 5 |
4 6. 0 |
Q C 4 N l t t a a o s s e |
| To l Na Ca ta t t |
1 8 1. 6 |
3 8 1. 1 |
5 6 2. 7 |
€ 1 0 0 i l m m a n y ~ , f t r o m s o r m s |
|
| Av ia ion t |
3 3. 5 |
3 3. 5 |
"C h i i " d t r s a n a n |
||
| Cr d i t e |
2. 9 |
2 8. 7 |
3 1. 6 |
"X ". A d d i i t a v e r o n a |
|
| Tr t an sp or |
5. 1 |
1 8. 5 |
2 3. 6 |
b d f u r e n r o m |
|
| Pr ty op er |
6 7. 5 |
1 1 5. 8 |
1 8 3. 3 |
P l i t r o p e r y c a m s |
|
| O he t rs |
3. 6 |
3. 6 |
|||
| To l m de ta an -m a los se s |
7 9. 1 |
1 9 6. 5 |
2 7 5. 6 |
C b i d i t o m n e r a o i b l t m p a c y a r g e l f 6. 8 % t o s s e s o s |
|
| To ta l lar los g e se s |
2 6 0. 7 |
5 7 7. 6 |
8 3 8. 3 |
p F Y ( F Y 2 0 1 3 2 0 1 2 |
|
| Im Co b ine d Ra io t o t p ac n m |
4. % 7 ts p |
8. 4 % ts p |
6. 8 % ts p |
) 5. 1 % t p s |
|
| ( To l lar los 2 0 ta g e se s |
) 1 2 |
1 2 1. 7 |
4 7 7. 8 |
5 9 9. 5 |
* definition "large loss": in excess of €10m gross
6Results Presentation FY2013, 24 March 2014
Source: Industry numbers from GDV (German Insurance Association)
Record level of insured Nat Cat losses in Germany in 2013
7
I
| ing lar l t res u Pr im Ins ary ura nc e €m los f ium be fo Ke is ks los t ter tax ne s a p re m re y r s bu g e , , ing le t s ev en 2 dg t e D ive i f ie d rs los 3 7 9 2 0 0-y t n t ea r-e ve n e s is k r 1 Re io l r is k 2 3 4 D, T U R Eu Ea t hq ke g na rop e r ua 2 0 0- t y ea r e ve n 1 D, F, Be lux Eu W in 7 5 ter tor rop e s m ne los t ne s Eu F loo d 1 7 3 D, P L, U K rop e 1 2 4 U S A A lan ic Hu ica t t rr ne 1 8 5 € m Ca l i fo ia Un i d S Ea hq ke 1 2 4 te ta tes t r ua rn S As ia Pa i f ic Tr ica l Cy lon 1 1 9 Ja A U p an c op c e , 1 0 8 Ja Ea hq ke t p an r ua Ca he Na h be low € 1 0 0m t t t o r ea c de ma n-m a |
N C i t t a a r s |
k l d f P i I a n s c a p e o r m a r y n s u r a n c e |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
The figures are based on latest available data: SCR2013 (Retail International) & SCR2012 (update pending for Q2 2014) (Industrial Lines and Retail Germany).
regional risks > €100m, 200-year annual aggregate net loss after premium, before tax
2comprising natural catastrophe and man-made losses. plan adjustment towards 2014
Nat Cat risk within the growing Primary Insurance segments is manageable and actively taken
Within Talanx Group, a
Central assessment in line with Talanx's internal model, the Talanx Enterprise Risk
The Nat Cat risk landscape in Primary Insurance is still dominated by European risks, but evolving in line with the international growth strategy
For seven global Nat Cat events, a 200-year event (99.5% confidence level) would be expected to trigger an above €100m net loss; all others are considered well
below €100m each
Model (TERM)
central view on Nat Cat risk is established by following a high-consistency approach
8
| FY 20 13 |
FY 20 12 |
Q 4 2 01 3 |
Q 4 2 01 2 |
|
|---|---|---|---|---|
| Ind tria l L ine us s |
10 1.3 % |
95 .1% |
85 .1% |
97 .4% |
| Re tai l G erm an y |
10 2.4 % |
10 0.6 % |
10 4.8 % |
95 .6% |
| Re tai l In tio l ter na na |
95 .8% |
96 .2% |
95 .9% |
92 .1% |
| HD I S S.A Bra zil eg uro s ., |
96 .7% |
97 .9% |
97 .5% |
96 .2% |
| HD I S S.A eg uro s ., 4 Me xic o |
90 .6% |
82 .2% |
89 .3% |
84 .0% |
| 2 TU iR Wa S. A., Po lan d rta |
94 .3% |
94 .9% |
94 .3% |
90 .9% |
| 3 S.A TU Eu Po lan d rop a ., |
87 .0% |
85 .8% |
99 .4% |
72 .6% |
| I S .Ş. HD ig ort a A Tu rke y , |
105 .9% |
115 .1% |
10 1.6 % |
108 .3% |
| HD I A ssi ion i S A., cu raz .p. Ita ly |
98 .8% |
97 .5% |
95 .6% |
94 .1% |
| ife ins No n-L Re ura nc e |
94 .9% |
95 .8% |
94 .8% |
94 .1% |
| Ta lan x G rou p |
96 .9% |
96 .4% |
95 .1% |
94 .3% |
Talanx Group; incl. net interest income on funds withheld and contract deposits2 Warta acquisition closed on 1 July 2012; numbers incl. HDI Asekuracia TU S.A. (legal merger on 28 Dec 2012)
TU Europa acquisition closed on 1 June 2012
4numbers incl. Metropolitana
9
FY2013: Solid combined ratio levels despite major burden from large losses
I
| €m I F R S , |
Q 4 2 0 1 3 |
Q 4 2 0 1 2 |
C ha ng e |
|---|---|---|---|
| Gr i ium t te os s w r n p re m |
6, 1 7 7 |
6, 8 1 3 |
( 1 ) % |
| Ne ium d t p re m e ar ne |
6, 0 1 0 |
6, 1 4 8 |
( 2 ) % |
| Ne de i ing l t u t t n rw r re su |
( 3 8 3 ) |
( 2 9 9 ) |
( 2 8 ) % |
| Ne inv inc t tm t es en om e |
9 8 7 |
9 8 7 |
( 0 ) % |
| Op ing l ( E B I T ) t t er a re su |
3 9 8 |
4 3 5 |
( 8 ) % |
| Ne inc f ino i ies t te t om e a r m r |
2 2 7 |
6 7 |
1 9 8 % + |
| Ke io t y ra s |
Q 4 2 0 1 3 |
Q 4 2 0 1 2 |
C ha ng e |
| Co fe b ine d io l i t m ra no n- ins d ins ur an ce a n re ur an ce |
9 5. 1 % |
9 4. 3 % |
0. 8 % ts p |
| Re inv tu tm t rn on es en |
4. 1 % |
4. 2 % |
-0 1 % ts p |
| Ba la he t nc e s e |
F Y 2 0 1 3 |
F Y 2 0 1 2 |
C ha ng e |
| Inv de tm ts es en un r o wn t ma na g em en |
8 6, 3 1 0 |
8 4, 0 2 5 |
3 % + |
| Go dw i l l o |
1, 1 0 5 |
1, 1 3 5 |
( 4 ) % |
| To l a ta ts ss e |
1 3 2, 8 6 3 |
1 3 0, 3 0 5 |
2 % + |
| Te hn ica l p is ion c rov s |
9 1, 6 9 7 |
8 9, 4 8 4 |
2 % + |
| S ha ho l de ' i ty re rs eq u |
2 1 4 7, |
1 3 7, 5 |
1 % + |
10
Solid combined ratio in the quarter – bottom-line boosted by positive tax effects in Reinsurance
Top-line growth of 6% in FY2013 – Seasonal pattern intact
| A d g e n a |
|---|
| G I H i h l i h t r o u p g g s |
| I I S t e g m e n s |
| / C I I I I i l t t t n e s m e n s a p a v |
| I V O l k t o o u |
| A d i p p e n x |
| S €m IFR , |
FY 20 13 |
FY 20 12 |
Δ | Q 4 2 01 3 |
Q 4 2 01 2 |
Δ |
|---|---|---|---|---|---|---|
| Gr ritt ium os s w en p rem |
3, 83 5 |
3, 57 2 |
+7 % |
70 7 |
72 4 |
( 2% ) |
| Ne ium d t p rem ea rne |
1, 74 4 |
1, 60 8 |
+8 % |
39 9 |
42 6 |
( ) 6% |
| Ne nd riti ult t u erw ng res |
( 24 ) |
79 | n.a | 59 | 10 | +4 % 75 |
| Ne t in stm t in ve en co me |
24 0 |
24 6 |
( ) 3% |
73 | 65 | +1 1% |
| Op tin ult ( EB IT) era g res |
14 7 |
25 8 |
( 43 % ) |
87 | 46 | +9 0% |
| Gr t in ou p ne co me |
109 | 157 | ( ) 31 % |
74 | 23 | +2 21 %. |
| Re n i tur stm t n o nve en |
3.6 % |
3.7 % |
( 0.1 ) %p ts |
4.4 % |
3.8 % |
0.6 %p ts |
Q4 partly compensates for burden from Nat Cat & man-made losses from first nine months
Data for main carrier HDI-Gerling Industrie Versicherung AG, representing 85% of Industrial Lines' GWP in 2013 (IFRS)ratio of segmental run-off result to net premium earned
ratio of technical reserves to net premium earned
Historically, run-off results have proven a very steady contributor to Industrial Lines results
II
| €m IFR S , |
FY 20 13 |
FY 20 12 |
Δ | Q 4 2 01 3 |
Q 4 2 01 2 |
Δ |
|---|---|---|---|---|---|---|
| Gr ritt ium os s w en p rem |
6, 95 4 |
6, 82 9 |
+2 % |
1, 75 8 |
1, 77 4 |
( 1% ) |
| f w ife hic h L o |
5, 42 5 |
5, 29 9 |
+2 % |
1, 54 8 |
1, 56 0 |
( ) 1% |
| f w hic h N -Li fe o on |
1, 52 9 |
1, 53 0 |
( ) 0% |
21 0 |
21 4 |
( ) 2% |
| Ne ium d t p rem ea rne |
5, 60 5 |
5, 50 1 |
+2 % |
1, 56 8 |
1, 59 3 |
( 2% ) |
| Ne nd riti ult t u erw ng res |
( ) 1, 51 5 |
( ) 1, 42 5 |
( ) 6% |
( ) 38 6 |
( ) 30 3 |
( ) 27 % |
| f w hic h L ife o |
( 1, 48 1) |
( 1, 41 9 ) |
( 4% ) |
( 36 8 ) |
( 31 8 ) |
( 16% ) |
| f w hic h N -Li fe o on |
( ) 34 |
( ) 6 |
( ) 45 7% |
( 17) |
16 | n.a |
| Ne t in t in stm ve en co me |
1, 78 6 |
1, 62 1 |
+1 0% |
46 7 |
38 6 |
+2 1% |
| ( IT) Op tin ult EB era g res |
16 1 |
10 0 |
+6 1% |
50 | 36 | +3 8% |
| Gr t in ou p ne co me |
78 | 120 | ( 35 % ) |
15 | 14 | +3 % |
| Re n i tur stm t n o nve en |
4.4 % |
4.2 % |
+0 .2% ts p |
4.5 % |
3.9 % |
+0 .6% ts p |
Large losses affect combined ratio by ~3%pts in FY2013
| €m IFR S , |
FY 20 13 |
FY 20 12 |
Ch an g e |
Q 4 2 01 3 |
Q 4 2 01 2 |
Ch an g e |
|---|---|---|---|---|---|---|
| Gr ritt ium os s w en p rem |
4, 22 0 |
3, 26 0 |
+2 9% |
1, 08 7 |
1, 02 9 |
+6 % |
| f w hic h L ife o |
1, 41 6 |
95 3 |
+4 9% |
38 6 |
33 0 |
+1 7% |
| f w hic h N -Li fe o on |
2, 80 4 |
2, 30 7 |
+2 2% |
70 1 |
69 9 |
+0 % |
| Ne ium d t p rem ea rne |
3, 51 3 |
2, 62 1 |
+3 4% |
91 6 |
82 0 |
+1 2% |
| Ne nd riti ult t u erw ng res |
32 | 3 | +9 90 % |
10 | 28 | ( 65 % ) |
| f w hic h L ife o |
( ) 65 |
( ) 73 |
+1 0% |
( 14) |
( 17) |
+2 0% |
| f w hic h N -Li fe o on |
97 | 76 | +2 8% |
24 | 45 | ( 48 % ) |
| Ne t in t in stm ve en co me |
28 4 |
28 1 |
+1 % |
69 | 81 | ( ) 14% |
| Op tin ult ( EB IT) era g res |
18 5 |
10 7 |
+7 3% |
28 | 32 | ( 12 % ) |
| Gr t in ou p ne co me |
10 1 |
42 | +1 43 % |
9 | 3 | +2 00 % |
| Re n i tur stm t n o nve en |
4.7 % |
6.1 % |
( ) 1.4 % ts p |
4.4 % |
5.7 % |
( ) 1.3 % ts p |
Strong FY2013 results: Good combined ratio, excellent progress in Poland
| €m IFR S , |
FY 20 13 |
FY 20 12 |
Ch an g e |
Q 4 2 01 3 |
Q 4 2 01 2 |
Ch an g e |
|---|---|---|---|---|---|---|
| Gr ritt ium os s w en p rem |
7, 81 8 |
7, 71 7 |
+1 % |
1, 86 1 |
1, 82 0 |
+2 % |
| Ne ium d t p rem ea rne |
6, 86 6 |
6, 85 4 |
+0 % |
1, 77 3 |
1, 83 7 |
( ) 3% |
| Ne nd riti lt t u erw ng re su |
33 2 |
27 3 |
+2 2% |
87 | 10 4 |
( 16 % ) |
| Ne t in stm t in ve en co me |
81 1 |
98 2 |
( ) 17% |
21 1 |
25 2 |
( ) 16% |
| Op tin ult ( EB IT) era g res |
1, 09 7 |
1, 13 3 |
( 3% ) |
26 4 |
33 6 |
( 21 % ) |
| Gr t in ou p ne co me |
37 7 |
32 5 |
+1 6% |
130 | 76 | +7 1% |
| Re n i tur stm t n o nve en |
3.2 % |
4.1 % |
( 0.9 % ) ts p |
3.3 % |
4.0 % |
( 0.7 % ) ts p |
Underwriting result in non-life overcompensates decline in ordinary investment income
| S €m IFR , |
FY 20 13 |
FY 20 12 |
Ch an g e |
Q 4 2 01 3 |
Q 4 2 01 2 |
Ch an g e |
|---|---|---|---|---|---|---|
| Gr ritt ium os s w en p rem |
6, 14 5 |
6, 05 8 |
+1 % |
1, 56 4 |
1, 65 9 |
( ) 6% |
| Ne ium d t p rem ea rne |
5, 36 0 |
5, 42 6 |
( 1% ) |
1, 33 6 |
1, 48 4 |
( 10% ) |
| Ne nd riti lt t u erw ng re su |
( 42 2) |
( 37 7) |
( 12 % ) |
( 15 0 ) |
( 13 8 ) |
( 8% ) |
| Ne t in t in stm ve en co me |
61 0 |
68 4 |
( 11% ) |
15 1 |
198 | ( 24 % ) |
| Op tin ult ( EB IT) era g res |
13 9 |
27 0 |
( ) 49 % |
( 25 ) |
43 | n.a |
| Gr t in ou p ne co me |
76 | 104 | ( 27 % ) |
2 | 15 | ( 87 % ) |
| Re n i tur stm t n o nve en |
4.2 % |
5.5 % |
( ) 1.3 % ts p |
4.0 % |
5.7 % |
( ) 1.7 % ts p |
1 EBIT margins reflect a Talanx Group view
Australian disability business burdens result – improvement in US mortality business
| A d g e n a |
|---|
| I G H i h l i h t r o p g g s u |
| S I I t e g m e n s |
| I I I I / C i l t t t n v e s m e n s a p a |
| O I V l k t u o o |
| A d i p p e n x |
Robust and conservative investment portfolio
| €m | Gov ern me |
nt b ond s |
Cor bo nds ate por |
||||
|---|---|---|---|---|---|---|---|
| GIIP S e xpo sur e |
Sov ign ere |
Sem i- Sov ign ere |
Fina ncia l |
Cor ate por |
Cov d ere |
Oth er |
Tot al |
| Gre ece |
6 | - | - | - | - | - | 6 |
| Irela nd |
258 | - | 10 | 49 | 137 | 234 | 688 |
| Italy | 1,14 4 |
- | 335 | 386 | 854 | 19 | 2,73 8 |
| Por al tug |
20 | - | 2 | 3 | 8 | - | 33 |
| Spa in |
107 | 282 | 123 | 203 | 402 | - | 1,11 7 |
| Tot al |
1,53 5 |
282 | 470 | 641 | 1,40 1 |
253 | 4,5 82 |
Total: €1,461m (amortized cost), €1,535m (fair value)
Slight increase in GIIPS investments – increase in unrealised gains
| €m IFR S , |
FY 20 13 |
FY 20 12 |
Ch an g e |
Q 4 2 01 3 |
Q 4 2 01 2 |
Ch an g e |
|---|---|---|---|---|---|---|
| Or din in stm t ary ve en inc om e |
3, 14 6 |
3, 16 6 |
( ) 1% |
79 2 |
80 0 |
( ) 1% |
| "th f c t in stm t ere o urr en ve en inc fro inte t" om e m res |
2, 87 5 |
2, 92 7 |
( 2% ) |
71 6 |
3 75 |
( 5% ) |
| "th f p fit /lo fro ere o ro ss m sh s i cia ted are n a sso ies " co mp an |
13 | 7 | +1 04 % |
4 | 3 | +6 0% |
| Re alis ed ain t g ne s o n inv est nts me |
60 6 |
37 2 |
+6 3% |
18 1 |
124 | +4 5% |
| "W rite /w rite -do -up s wn s o n inv " est nts me |
( ) 91 |
( ) 76 |
( ) 19% |
( ) 26 |
( ) 44 |
40 % |
| /lo "U alis ed ain t g nre ne s sse s in ts" stm on ve en |
( 22 ) |
183 | n.a | ( 1) |
52 | n.a |
| Inv est nt me ex p en se s |
( ) 194 |
( ) 180 |
( ) 8% |
( ) 57 |
( ) 59 |
3% |
| fro "In inv tm ts co me m es en de t" un r o wn m an ag em en |
3, 44 6 |
3, 46 4 |
( 1% ) |
89 0 |
87 4 |
+2 % |
| Inc e f in stm t om rom ve en ntr ts co ac |
13 | 8 | +5 5% |
4 | 3 | +4 4% |
| t in fu "In ter nd es co me on s wi thh eld d c tra ct an on de its " p os |
33 4 |
32 2 |
+3 % |
84 | 10 1 |
( 17 % ) |
| To tal |
3, 79 2 |
3, 79 5 |
( ) 0% |
97 8 |
97 8 |
( ) 0% |
Investment yield resilient at 4.0% in FY2013 (FY2012: 4.3%) and 4.1% in Q4 2013 (FY2012: 4.2%)
adjusted due to IAS82NAV calculated as shareholders' equity minus shareholder share in goodwill
23
Shareholders' equity marginally up despite dividend payout and negative OCI effects
incl. €3m from other financial investments
Talanx's off-balance sheet reserves stand at around €2.9bn end of December 2013
| A d g e n a |
|
|---|---|
| G I H i h l i h t r o p g g s u |
|
| S I I t e g m e n s |
|
| / C I I I I i l t t t n e s m e n s a p a v |
|
| I V O l k t u o o |
|
| A d i p p e n x |
|
| G i i 2 t t r o s s w r e n p r e m u m |
2- 3 % + |
|---|---|
| R i t t t e r n o n n e s m e n u v |
3. 4 % ~ |
| G i t r o u p n e n c o m e |
≥ € 7 0 0 m |
| i R t t e u r n o n e q u y |
1 0 % ~ |
| D i i d d i t t e n p a o r a o v y u |
3 5 4 5 % t t a r g e r a n g e - |
1 The targets are based on an increased large loss budget of €185m (from €80m) in Primary Insurance and €670m (from €625m) in Reinsurance
2On divisional level, Talanx expects gross written premium growth of +3-5% in Industrial Lines, -(1-2)% in Retail Germany, +4-8%in Retail International and a flat to low single-digit growth rate in Reinsurance
Targets are subject to no large losses exceeding budget (cat), no turbulences on capital markets (capital), and no material currency fluctuations (currency)
| Se ts g me n |
Ke f ig ur es y |
S ic tra teg tar ts g e |
|---|---|---|
| G | Re i tur ty n o n e q u |
fre 1 7 5 0 bp bo is k ≥ s a ve r e |
| r o p u |
Gr inc h t t ou p ne om e g row |
1 0 % ~ |
| D iv i de d p io t ra t n ay ou |
3 5 - 4 5 % |
|
| 2 Re inv tur tm t n o n es en |
3. % ≥ 5 |
|
| I d i l L i t |
3 Gr ium h t os s p rem g row |
3 - % 5 |
| n u s r a n e s |
Co b ine d r io t m a |
9 6 % ≤ |
| 4 E B I T m in arg |
1 0 % ≥ |
|
| Re ion ten t te ra |
6 0 - 6 5 % |
|
| R i l G t |
Gr ium h t os s p rem g row |
0 % ≥ |
| e a e r m a n y |
Co b ine d r io ( l i fe ) t m a no n- |
9 7 % ≤ |
| Ne bu ine in ( l i fe ) w s ss m arg |
2 % ≥ |
|
| 4 E B I T m in arg |
4. % ≥ 5 |
|
| R i l I i l |
3 Gr ium h t os s p rem g row |
1 0 % ≥ |
| t t t e a n e r n a o n a |
Co b ine d r io ( l i fe ) t m a no n- |
9 6 % ≤ |
| Va lue f Ne Bu ine ( V N B ) h t o w s ss g row |
5 - 1 0 % |
|
| 4 E B I T m in arg |
5 % ≥ |
|
| f N l i i |
Gr ium h t os s p rem g row |
3 - 5 % |
| o n- e r e n s u r a n c e |
Co b ine d r io t m a |
9 6 % ≤ |
| 4 E B I T m in arg |
1 0 % ≥ |
|
| L i f & h l h i t |
3 Gr ium h t os s p rem g row |
% 5 - 7 |
| e e a r e n s r a n c e u |
Va lue f Ne Bu ine ( V N B ) h t o w s ss g row |
1 0 % ≥ |
| E B I T m in 4 f ina ing d lon i bu ine ty arg nc an g ev s ss |
2 % ≥ |
|
| 4 m E B I T m in l i d he l h bu ine ta ty t arg or an a s ss |
6 % ≥ |
1 Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield
Organic growth only; currency neutral
4EBIT/net premium earned
2 Derived from actual asset duration. Currently ~ 6.5 years, therefore the minimum return is the 13-year average of 13-year German government bond yield. Annually rolling
Note: growth targets are on p.a. basis. They are based on 2012 results.
| S €m I F R , |
Q 4 2 01 3 |
Q 4 2 01 2 |
Ch an g e |
|
|---|---|---|---|---|
| Gr i iu inc lu d in t te os s w r n p re m m g iu fro i l in ke d l i fe d t- p re m m s m un a n i in ty an nu su ra nc e |
6, 77 1 |
6, 81 3 |
( ) 0.6 % |
|
| Sa ing lem f p ium fro ts s e en o re m s m v i l in ke d l i fe d a i ins t ty un an nn u ur an ce |
( 28 4) |
( 32 8 ) |
13 .3% |
|
| Ce de d w i ium t te r n p re m |
( 78 3 ) |
( 78 4) |
0.1 % |
|
| C ha in d p ium ng e g ro ss u ne ar ne re m |
41 6 |
56 7 |
( 26 .7% ) |
|
| C ha in de d d p ium ng e ce un ea rn e re m |
( ) 109 |
( ) 120 |
9.0 % |
|
| Ne iu d t p re m m ea rn e |
6, 01 0 |
6, 14 8 |
( 2.2 % ) |
|
| C la im d c la im ( ) s a n s e xp en se s g ro ss |
( 5, 70 9 ) |
( 5, 70 5 ) |
( 0.1 % ) |
|
| Re ins ' ha ur er s s re |
65 3 |
67 2 |
( 2.8 % ) |
|
| C la im d c la im ( ) t s a n s e xp en se s ne |
( ) 5, 05 6 |
( ) 5, 03 3 |
( ) 0.5 % |
|
| Ac is i ion d a dm in is ive t ts tra t q u co s an ( ) ex p en se s g ro ss |
( 1, 45 2) |
( 1, 48 4) |
2.1 % |
|
| Re ins ' ha ur er s s re |
136 | 154 | ( ) 11 .3% |
|
| Ac is i ion d a dm in is ive t ts tra t q u co s an ( ) t ex p en se s ne |
( ) 1, 31 6 |
( ) 1, 33 0 |
1.1 % |
|
| O he hn ica l inc t te r c om e |
12 | 10 | 22 .9% |
|
| O he hn ica l e t te r c xp en se s |
( ) 32 |
( ) 93 |
65 .1% |
|
| O he hn ica l re l t te t r c su |
( ) 21 |
( ) 83 |
75 .2% |
|
| Ne hn ica l r l t te t c es u |
( 38 3 ) |
( 29 9 ) |
( 27 .9% ) |
|
| ( ) be inu d o he h.s to t t c on e n r. |
| S €m I F R ( in d ) t c o n e u , |
Q 4 2 01 3 |
Q 4 2 01 2 |
Ch an g e |
|---|---|---|---|
| Inc fro inv tm ts om e m es en |
1, 03 0 |
1, 01 5 |
1.5 % |
| Ex fo inv tm ts p en se s r es en |
( ) 140 |
( 1) 14 |
0.6 % |
| Ne inc fro inv de t tm ts om e m es en un r t ow n m an ag em en |
89 0 |
87 4 |
1.8 % |
| Inc /e fro inv tm t om e xp en se m es en tra ts co n c |
4 | 3 | 43 .6% |
| Ne in inc fro fu ds t te t re s om e m n i h he l d a d c de i t tra t ts w n on c p os |
84 | 10 1 |
( ) 17 .1% |
| Ne inv in t tm t es en co me |
97 8 |
97 8 |
0.0 % |
| Inc /e fro ia d te om e xp en se m as so c ies d j in t v tu co m p an a n o en re s ise d ing he i ho d t ty t re co g n us e q me u |
4 | 3 | 60 .1% |
| O he inc t r om e |
25 6 |
136 | 87 .7% |
| O he t r e xp en se s |
( ) 45 3 |
( ) 38 0 |
( ) 19 .1% |
| O he inc /e t r om e xp en se s |
( 197 ) |
( 24 4) |
19 .2% |
| Pr f i be fo dw i l l im irm t ts o re g oo p a en |
39 8 |
43 5 |
( ) 8.4 % |
| / Op in f i lo ( E B I T ) t t er a g p ro ss |
39 8 |
43 5 |
( 8.4 % ) |
| F ina ing ts nc co s |
( ) 51 |
( ) 46 |
( ) 11 .9% |
| Ta inc xe s o n om e |
25 | ( 20 1) |
n.a |
| Ne in t co m e |
37 2 |
18 8 |
98 .0% |
| he f l l ing in t to tro te ts re o no n- co n re s |
( ) 144 |
( 1) 11 |
( ) 29 .7% |
| he f Ta lan A G ha ho l de t to re o x s re rs |
22 7 |
76 | 19 % 7.7 |
Note: Differences due to rounding may occur.
| I d i l L i t n s r a n e s u |
R i l G t e a e r m a n y |
R i l I i l t t t e a n e r n a o n a |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| S €m I F R , |
FY 20 13 |
FY 20 12 |
Ch an g e |
FY 20 13 |
FY 20 12 |
Ch an g e |
FY 20 13 |
FY 20 12 |
Ch an g e |
| P & L |
|||||||||
| Gr i ium t te os s w r n p re m |
3, 83 5 |
3, 57 2 |
+7 % |
6, 95 4 |
6, 82 9 |
+2 % |
4, 22 0 |
3, 26 0 |
+2 9% |
| Ne ium d t p re m e ar ne |
1, 74 4 |
1, 60 8 |
+8 % |
5, 60 5 |
5, 50 1 |
+2 % |
3, 51 3 |
2, 62 1 |
+3 4% |
| Ne de i ing l t u t t n rw r re su |
( ) 24 |
79 | n.a | ( ) 1, 51 5 |
( ) 1, 42 5 |
( ) 6% |
32 | 3 | +9 90 % |
| Ne inv inc t tm t es en om e |
24 0 |
24 6 |
( ) 3% |
1, 78 6 |
1, 62 1 |
+1 0% |
28 4 |
28 1 |
+1 % |
| Op ing l ( E B I T ) t t er a re su |
147 | 25 8 |
( ) 43 % |
16 1 |
100 | +6 1% |
185 | 107 | +7 3% |
| Ne inc f ino i ies t te t om e a r m r |
109 | 157 | ( ) 31 % |
78 | 120 | ( ) 35 % |
10 1 |
42 | +1 43 % |
| Ke io t y ra s |
|||||||||
| Co b ine d io l i fe t m ra no n- ins d ins ur an ce a n re ur an ce |
10 1.3 % |
95 .1% |
6.2 %p ts |
102 .5% |
100 .6% |
1.9 %p ts |
95 .8% |
96 .2% |
-0. 3% ts p |
| Re inv tu tm t rn on es en |
3.6 % |
3.7 % |
-0. 1% ts p |
4.4 % |
4.2 % |
0.2 %p ts |
4.7 % |
6.1 % |
-1. 4% ts p |
Note: Differences due to rounding may occur.
30Results Presentation FY2013, 24 March 2014
| N L i o n- |
f R i e e n s r a n c e u |
L i f d H l h t e a n e a i R e n s u r a n c e |
G r o p u |
||||||
|---|---|---|---|---|---|---|---|---|---|
| S €m I F R , |
FY 20 13 |
FY 20 12 |
Ch an g e |
FY 20 13 |
FY 20 12 |
Ch an g e |
FY 20 13 |
FY 20 12 |
Ch an g e |
| P & L |
|||||||||
| Gr i ium t te os s w r n p re m |
7, 81 8 |
7, 71 7 |
+1 % |
6, 14 5 |
6, 05 8 |
+1 % |
28 15 1 , |
26 65 9 , |
+6 % |
| Ne ium d t p re m e ar ne |
6, 86 6 |
6, 85 4 |
+0 % |
5, 36 0 |
5, 42 6 |
( ) 1% |
23 11 3 , |
21 99 9 , |
+5 % |
| Ne de i ing l t u t t n rw r re su |
33 2 |
27 3 |
+2 2% |
( 2) 42 |
( 7) 37 |
+1 2% |
( 1) 1, 60 |
( 7) 1, 44 |
+1 1% |
| Ne inv inc t tm t es en om e |
81 1 |
98 2 |
( ) 17% |
61 0 |
68 4 |
( ) 11% |
3, 79 2 |
3, 79 5 |
( 0% ) |
| Op ing l ( E B I T ) t t er a re su |
1, 09 7 |
1, 13 3 |
( ) 3% |
139 | 27 0 |
( ) 49 % |
1, 78 4 |
1, 74 8 |
+2 % |
| Ne inc f ino i ies t te t om e a r m r |
37 7 |
32 5 |
+1 6% |
76 | 104 | ( ) 27 % |
76 2 |
62 6 |
+2 2% |
| Ke io t y ra s |
|||||||||
| Co b ine d io l i fe t m ra no n- ins d ins ur an ce a n re ur an ce |
94 .9% |
95 .8% |
-0. 9% ts p |
--- | --- | --- | 96 .9% |
96 .4% |
0.6 %p ts |
| Re inv tu tm t rn on es en |
3.2 % |
4.1 % |
-0. 9% ts p |
4.2 % |
5.5 % |
-1. 3% ts p |
4.0 % |
4.3 % |
-0. 3% ts p |
Note: Differences due to rounding may occur.
| i R l G t e a e r m a n y |
||||||
|---|---|---|---|---|---|---|
| G S W P, €m I F R , |
FY 20 13 |
FY 20 13 |
Ch an g e |
|||
| No l i fe Ins n- ur an ce |
1, 5 2 9 |
1, 5 3 0 |
( ) 0 % |
|||
| 1 H D I Ve ic he A G rs run g s |
1, 3 8 5 |
1, 3 8 6 |
( ) 0 % |
|||
| L i fe Ins ur an ce |
4 2 5, 5 |
2 9 9 5, |
2 % + |
|||
| H D I Le be ic he A G ns ve rs run g |
2, 3 1 4 |
2, 3 6 4 |
( 2 % ) |
|||
| 2 G le be Le be ic he A ne ue n ns ve rs run g |
1, 1 2 3 |
1, 0 8 8 |
3 % + |
|||
| T A R G O Le be ic he A G ns ve rs run g |
9 3 5 |
8 9 4 |
% +5 |
|||
| P B Le be ic he A G ns ve rs run g |
8 3 2 |
7 8 1 |
+7 % |
|||
| To l ta |
6, 9 5 4 |
6, 8 2 9 |
2 % + |
| R i l I i l t t t e a n e r n a o n a |
||||||||
|---|---|---|---|---|---|---|---|---|
| G S W P, €m I F R , |
FY 20 13 |
FY 20 12 |
Ch an g e |
|||||
| No l i fe Ins n- ur an ce |
2, 8 0 4 |
2, 3 0 7 |
2 2 % + |
|||||
| 1, 3 8 6 |
( ) 0 % |
Se S. H D I A. Br i l g uro s az , |
8 6 5 |
8 2 7 |
+5 % |
|||
| 3, S. T U i R W ta A. Po lan d ar |
8 0 0 |
5 2 3 |
+5 3 % |
|||||
| 4, T U Eu S. A. Po lan d rop a |
1 6 9 |
6 1 |
1 8 0 % + |
|||||
| H D I As icu ion i S. A. I ly ( P & C ) ta s raz p. , |
3 2 9 |
3 2 9 |
0 % + |
|||||
| 1, 0 8 8 |
3 % + |
5 H D I Se S. A. De C. V. Me ico g uro s x , |
1 4 7 |
1 3 6 |
2 8 % + |
|||
| S Ş. H D I ig A. Tu ke ta or r y , |
1 8 7 |
1 7 1 |
9 % + |
|||||
| 6, 8 2 9 |
2 % + |
L i fe Ins ur an ce |
1, 4 1 6 |
9 5 3 |
4 9 % + |
|||
| 6 T U W Zy ie S. A. Po lan d ta ar c , |
3 3 2 |
2 2 9 |
4 5 % + |
|||||
| 4, T U Eu Zy ie Po lan d rop a c |
3 3 1 |
1 0 9 |
2 0 4 % + |
|||||
| 4 Op L i fe en |
2 3 |
3 5 |
( 3 % ) 5 |
|||||
| S. ( fe ) H D I As icu ion i A. I ly L i ta s raz p. , |
3 8 8 |
2 2 8 |
+7 0 % |
|||||
| To l ta |
4, 2 2 0 |
3, 2 6 0 |
2 9 % + |
1 Entity results from Sept 2012 merger of HDI Direkt Versicherung AG and HDI-Gerling Firmen und Privat Versicherung AG
Numbers for main carriers represent data entry values, fully consolidated
This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG (the "Company") or cited from third-party sources. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond the Company's control, affect the Company's business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of the Company may vary materially from those expressed or implied as being expected, anticipated, intended, planned, believed, sought, estimated or projected.in the relevant forward-looking statement.
The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does the Company accept any responsibility for the the actual occurrence of the forecasted developments. The Company neither intends, norassumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.Presentations of the company usually contain supplemental financial measures (e.g., return on investment, return on equity, gross/net combined ratios, solvency ratios) which the Company believes to be useful performance measures but which are not recognised as measures under International Financial Reporting Standards, as adopted by the European Union ("IFRS"). Therefore, such measures should be viewed as supplemental to, but not as substitute for, balance sheet, statement of income or cash flow statement data determined in accordance with IFRS. Since not allcompanies define such measures in the same way, the respective measures may not be comparable to similarly-titled measures used by other companies. This presentation is dated as of 24 March 2014. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is being delivered in conjunction with an oral presentation by the Company and should not be taken out of context.
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