DOCSLIB.ORG

Ageas Investor Day 6Th of June 2017 I Lisbon Portugal

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ageas Investor Day 6Th of June 2017 I Lisbon Portugal Ageas’ Strategy in Portugal AGEAS INVESTOR DAY 6 TH OF JUNE 2017 I LISBON PORTUGAL • Evolution of Ageas’ presence in Portugal • Ocidental : A success story since 2005 Agenda • Ageas Seguros : turnaround and independent set-up on track • Strategic priorities for the coming years • Conclusion I 2 I Evolution of Ageas’ presence in Portugal I 3 I 2005 Ageas enters Portugal via a partnership with BCP Evolution of Investment of Ageas’ presence mio in Portugal EUR 510 I 4 I 2005 2014 Ageas enters Portugal via Step-up from 51% to 100% a partnership with BCP of Non-Life / Médis Evolution of Investment of Investment of Ageas’ presence mio mio in Portugal EUR 510 EUR 123 Distribution agreements in Life and Non-Life extended until end 2029 I 5 I 2005 2014 2015 Ageas enters Portugal via Step-up from 51% to 100% Acquisition AXA Portugal a partnership with BCP of Non-Life / Médis Evolution of Investment of Investment of Investment of Ageas’ presence mio mio mio in Portugal EUR 510 EUR 123 EUR 264 Distribution agreements in Life and Non-Life extended until end 2029 I 6 I 2005 2014 2015 2016 Ageas enters Portugal via Step-up from 51% to 100% Acquisition AXA Portugal Portugal new a partnership with BCP of Non-Life / Médis home market to Evolution of Ageas Investment of Investment of Investment of Ageas’ presence mio mio mio in Portugal EUR 510 EUR 123 EUR 264 Distribution agreements in Life and Non-Life extended until end 2029 I 7 I Real GDP Growth (%) Public Deficit and Debt as % Unemployment Rate (%) of GDP (%) 4% -1% 150% 18% 125.7 % 3% 1.4% 16% -3% 2% 120% 14% 11.1% -5% 1% 12% 90% Portuguese 0% -7% 10% -1% 8% -9% 60% -2% 6% -11% Economic Recovery -3% 30% 4% -4% -13% 2% -5% -15% 0% 0% 08A 09A 10A 11A 12A 13A 14A 15E 16E 17E 18E 19E 08A 09A 10A 11A 12A 13A 14A 15E 16E 17E 18E 19E 08A 09A 10A 11A 12A 13A 14A 15E 16E 17E 18E 19E I 8 I • Strengthen our foothold in a core market we know since more than 10 years Why • Capture the growth opportunities in a recovering Portuguese economy • With Mbcp Ageas, Ageas has showed the capability to generate good returns, Portugal? even in difficult circumstances • Ageas can now operate as a multi-channel insurer, addressing all types of clients I 9 I #1 2 corporate names in Life Ocidental Grupo (Existing business) and Ageas Seguros (Acquired Axa Portugal business) #1 in Pensions #2 8 entities Portugal overall insurer active in Life, Non-Life, Pension, Health and new home #2 Direct businesses in Health market to Ageas #3 6 brands in Non-Life Ocidental Seguros, Ocidental Vida, Ocidental Pensões, Medis, Ageas Seguros, Seguro Directo I 10 I Complementary business mix Ocidental is strong in Life & Health, Ageas Seguros strong in Motor Omni-channel: Portugal full range of distribution channels (bancassurance, agents, direct, affinities) Distribution network of new home branches market to Ageas 671 3,350 agents and brokers Direct platform 1,233 Médis network employees I 11 I Premiums Market 4,196 Non-Life 2016 1,132 With the acquisition of AXA, Ageas in EUR mio becomes the 3rd player in the market (From 7% to 14%) 646 N°3 in Non-Life after Better diversified and more balanced 566 portfolio : Motor & Health major Lines acquisition of Business each counting for 33% of Consolidation likely 410 premium volumes 285 New agency & direct distribution to continue channel offers complementary distribution capacity besides existing bancassurance 226 channel 198 129 I 12 I Provisions Market 38.333 Life based 10,120 on technical liabilities 2016 9,505 EUR mio N°1 Position in 4,530 Life confirmed after 3,999 2,461 acquisition Already before acquisition, 1,579 Ocidental market leader further 1,316 Acquisition Ageas Seguros reinforced market position 883 I 13 I Portugal Portugal Non-Life gross inflows Life gross inflows Market Share Market Share 16% 25% 22.80% 13.5% 17.70% 12% 20% 21.10% Portugal 16.10% 15% 13.00% 7.20% Excl. Ageas Market Share 8% 6.70% 6.80% 11.00% Seguros 6.20% 5.70% Excl. Ageas Seguros 10% 4% 5% 0% 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 I 14 I Portugal Net Profit Portugal Net Profit as % of Total Ageas as % of Total CEU Net Profit Insurance Net Profit 52** 50 48 42 6% 40* 39 40 37 Portugal within 30 Ageas & CEU 2016 55% 2016 45% Net Profit 20 10 94% 0 2011 2012 2013 2014 2015 2016 Portugal Other * 2011 adjustment for impairments on ** Excluding EUR 11 mio net impact fixed income investments integration costs Ageas Seguros I 15 I Portugal Portugal Combined Ratio Operating Margin Guaranteed 1.85% Portugal within 105.0% 2.0% 1.66% 1.55% Ageas & CEU 100.0% 1.45% 1.77% 1.5% Excl. Ageas Operating Seguros 93.5% 95.0% 92.9% 92.8% Performance 90.5% 1.0% 1.09% 90.0% 86.5% 0.5% 85.0% 86.2% Excl. Ageas Seguros 80.0% 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 I 16 I Portugal CEU & Portugal CEU Shareholder’s Equity Dividend Upstream Portugal in EUR mio in EUR mio France 160 Italy 150 Turkey Luxembourg 140 132 120 900 803 Portugal within 100 800 744 696 Ageas & CEU 700 80 600 Equity & Dividend 60 53 48 480 491 500 41 40 36 25 400 20 20 19 300 7 7 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2017 estimated I 17 I Ocidental A success story since 2005 I 18 I Manage well Bancassurance profitability specialist • Track record • Strong capacity to automate, standardize • Diversified mix in Life and simplify processes • Above market average efficiency level • Intimate relationship with main distributor Success factors Simple products in a nutshell Distinctive value Focus in profitable proposition in Health customer segments • Successful brand – Médis • Innovative • Multi-channel distribution I 19 I Life Inflows growing Successful strategic effort led to in a declining market stronger operational position in Life -2.4% 5.3% 33% Life Growing in a declining 1,090 1,408 7,555 6,676 Weight of Open UL 9% +24% in Life portfolio – 2011 2016 2011 2016 market with strong New business profitability Portugal Guaranteed Margin 1.66% 1.77% Life Net Result 49 +0.11% (before VOBA) in EUR mio OCV OC Pensões 18 2012 2016 5 4 2011 2016 I 20 I Non-Life (incl. health) strongly overperforming the market and growing market share 0.1% 7.5% 92.9% 86.5% -6.3% 227 326 4,133 4,196 Combined Ratio Non-Life 2011 2016 2011 2016 Growing in a flat market Portugal Non-Life Net Result in EUR mio OCS Médis 16 15 7 5 2011 2016 2011 2016 I 21 I Vision statement “Be the recommended Insurance Group in Portugal” Ocidental 4 Strategic Choises Defined a strategic vision with four strategic choices Partners Customers Innovation People Focus on partners as our Exceed expectations with Challenge boundaries to Be a top-notch organization, primary distribution choice the highest efficiency and create innovative value agile and socially committed transparency propositions • Integrated Plug-In concept • Distinctive HR value proposition • Proximity • Innovative value propositions • Learning & mentoring • Operational excellence • Foster entrepreneurial mindset • Empowerment • Understanding customer needs • Shared value approach with social impact I 22 I Ageas Seguros : turnaround and independent set-up on track I 23 I 7 Aug. 15 Mar. 1stApr. 26 Apr. 2015 2016 2016 2016 Milestones in Acquisition AXA Portugal Signing Approval from Closing & start of Rebranded into all Regulators Inclusion in Ageas seguros Q2 results I 24 I 675 > EUR 400 mio Employees premiums Ageas Seguros (May ‘16) (Life + Non-Life) Profile ˃ 650.000 Mainly Motor Customers +/- 60% of business mix I 25 I 1 2 3 4 Rebranding Managing Business Synergies and and boost towards full transformation Integration Ageas Seguros commercial independence dynamics • Turning unprofitable • Moving towards the Lines Of Business Target Operating • Launch of Ageas • Management and (LOB) into profit Model for Ageas in Key priorities Seguros by the end of monitoring of Portugal April 2016 Temporary Service • Grow the profitable Agreements (TSA) business and extend • Simplify legal structure • Increase proximity with footprint business partners • Execution Carve-out Plan • Reduce costs As from day 1 Deadline: September 2017 From mid 2016 until 2018 Staged approach starting with top governance and support I 26 I functions Succesful brand launch 1st promising signs of transformation leading to New Business encouraging turnaround in Revenues A fast growing new business sales as from In force Business brand awareness: September ‘16! 10.9% 1 ambitious objectives! 9.5% 60% 6.2% 3.4% 2.2% 2.8% 1.6% Rebranding and 1.2% 45% - 0.1% 0.6% Ageas Seguros -2.9% -1.6% 3.0% boost commercial -0.5% 34% -6.5% -4.9% Key Objectives dynamics 30% -9.0% -11.2% -7.8% -11.4% -13.5% -17. 2% -17.7% 1% -17.9% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec March.16 May 16 Nov. 16 2017 2018 I 27 I Extending the distribution footprint to spur growth in Life and Non-Life Premium Brokers • Brokers grow share through Exclusive Network selective choices. Progressively 20 evolve from 8 to 20 Brokers. Private +150% Multibrand agents 170 • Organic growth of Exclusives and 1 8 increase x-sell in Client base # of agents 300 +25% 160 • Private network size enlargement; Rebranding and focus on growth in Life (protection), Ageas Seguros 240 Health and Home.
Load more

Recommended publications
  • Inside Allianz Series #1
    Allianz Insurance UK Jon Dye CEO Allianz Insurance UK Inside Allianz Series London, June 19, 2015 Allianz Insurance UK UK at a glance Key data 2014 P/C market size1 and growth (GPW, GBP bn) . Population: 64.5mn CAGR +1.3% . GDP (GBP): 1,758bn 50 . GDP growth: 2.6% 43 43 45 45 46 . GDP/capita (GBP): 26,317 . Inflation: 1.5% . Insurance penetration2: 2.6% . Country rating (S&P): AAA 2010 2011 2012 2013 2014 2017e Market specifics Market shares and combined ratios . Largest European insurance market (2014, GPW, %) . Personal lines P/C insurance policies are 99.5% 102.9% 95.3% 102.5% 97.6% 100.9% 95.5% 98.5% sold approx. to 1/3 via brokers, 1/3 direct and 1/3 via other channels 13.4% . Increasing regulatory pressure from 9.9% both PRA5 and FCA6 7.9% 5.7% . Overcapacity making rate increases 5.3% 4.6% 4.4% 3.5% difficult despite poor market results 2015 Aviva RSA DLG3 AXA Ageas Zurich LV4 1) Excluding accident & health insurance 4) Liverpool Victoria SE Allianz © 2) GPW as % of GDP 5) Prudential Regulation Authority 3) Direct Line Group 6) Financial Conduct Authority Sources: SynThesys PRA Returns, peers’ company reports, Association of British Insurers (ABI), S&P sovereigns rating list 2 Allianz Insurance UK Allianz Insurance in UK (1) Revenues (EUR mn) Operating profit (EUR mn) Highlights CAGR +7.6% CAGR -8.9% . Fifth largest P/C insurer in the UK 2,684 . Highest GPW growth compared to peers over past 3 years 2,318 2,274 215 201 178 .
    [Show full text]
  • Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
    PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm.
    [Show full text]
  • European Insurance – an Analyst’S View
    European insurance – an analyst’s view September 2018 Sami Taipalus (Executive Director) Goldman Sachs International 44-20-7051-7237 [email protected] Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. Many investors see insurance as a black box European insurance – an analyst’s view Insurer Premiums + capital ? Global Investment Research 2 Presentation overview European insurance – an analyst’s view Equity markets – what you need to know Sector themes – opportunities and challenges Case studies Conclusions Global Investment Research 3 The traditional view of the market has limitations Equity markets – all you need to know Equity value = NPV of cash flows The traditional view< has some practical limitations Cash flows based on consensus IFRS E3S and book value metrics EPS/DPS expectations are not “economic” Risks are reflected in the cost of The market does not wait around for equity changes in consensus estimates Global Investment Research 4 SourceDGoldman Datastream,SachsGlobal Investment Indexed 12-month forward consensus netincome consensusforward 12-month Indexed 100 120 140 160 180 60 80 ene.-10 ul.-10 Allianz ene.-11 7markets Equity to know need all you The market moves fasterthan accounting profits ul.-11 ene.-12 ul.-12 ene.-10 AAA ul.-10 ene.-14 Research ul.-14 ene.-15 Generali ul.-15 ene.-16 ul.-16 ene.-1.
    [Show full text]
  • AG Insurance NV Ratings AG Insurance NV Insurer Financial Strength A+ Issuer Default Rating a Subordinated Notes BBB+
    Insurance Composite Insurers Belgium AG Insurance NV Ratings AG Insurance NV Insurer Financial Strength A+ Issuer Default Rating A Subordinated notes BBB+ Outlooks Key Rating Drivers Insurer Financial Strength Rating Stable Issuer Default Rating Stable Core to Ageas: Fitch Ratings regards AG Insurance NV as the main insurance operating entity of the Ageas group and as ‘Core’ to the group. Its ratings are therefore derived from a combined assessment of the consolidated Ageas group. Financial Data Very Strong Position in Belgium: AG Insurance is the largest insurer in Belgium. Access to AG Insurance (consolidated) extensive and diversified distribution channels, including the banking network of BNP Paribas (EURm) 2019 2018 Fortis (Long-Term Issuer Default Rating (IDR): A+/Negative), benefits AG Insurance’s rating. Total assetsa 79,281 74,310 This agreement has no explicit end date, but carries a three-year termination notice period. Total equity 7,185 6,773 Should notice be given, Fitch expects Ageas’s franchise to remain strong in Belgium, as the group Net premiums written 5,304 5,282 would leverage off its existing customers and use other distribution channels, such as brokers. Net income 569 554 Very Strong Capital, Low Leverage: AG Insurance’s very strong solvency benefits its ratings. Its Combined ratio (%) 92.1 93.4 Solvency II (S2) ratio, calculated according to its Pillar 2 partial internal model on non-life Solvency II ratio (%) 221 235 underwriting risk, was 221% at end-2019. In 1H20, the S2 margin declined to 199% – mainly a Excluding reinsurance assets driven by capital market volatility and a reduction in bond yields.
    [Show full text]
  • Mapfre, S.A. Mapfre, S.A
    Insurance Composite Insurers Spain Ratings MAPFRE, S.A. MAPFRE, S.A. Long-Term Foreign-Currency IDR A- And MAPFRE Asistencia Compania Internacional de Seguros y Senior Unsercured BBB+ Reaseguros, S.A. Subordinated BBB- MAPFRE Asistencia Compania Internacional de Seguros y Reaseguros, S.A. Insurer Financial Strength Ratings A+ Key Rating Drivers See full rating list on page 9. Very Strong Business Profile: Fitch Ratings ranks MAPFRE Group’s (MAPFRE) business profile Outlooks as favourable compared with other European-based insurance groups and scores its business profile at ‘aa-’. MAPFRE has a very strong market position in Spain, where it is a leader in the non- Insurer Financial Stable life segment, and in Latin America, particularly Brazil. MAPFRE’s market share in Spain was 14% Strength Rating in non-life and 8% in life in 2019, and in Latin America 8% of non-life in 2019. This makes it the Long-Term Foreign Stable Currency IDR 11th-largest European and the third-largest Latin American insurer. Very Strong Capital Adequacy: Fitch considers MAPFRE to be well capitalised, based on a Financial Data ‘Strong’ score from the agency’s Prism Factor-Based Model (FBM). The group’s regulatory MAPFRE, S.A. (Consolidated) Solvency II (S2) ratio was very strong at 184% at end-1H20 (end-2019: 187%). Own funds backing the S2 ratio largely consist of unrestricted Tier 1 capital. The Prism FBM score and the (EURm) 2019 1H20 S2 ratio exclude MAPFRE’s goodwill of EUR1.7 billion at end-1H20, which is equivalent to 18% Gross written 23,044 10,983 premiums of total equity, from available capital.
    [Show full text]
  • 2019 Insurance Fact Book
    2019 Insurance Fact Book TO THE READER Imagine a world without insurance. Some might say, “So what?” or “Yes to that!” when reading the sentence above. And that’s understandable, given that often the best experience one can have with insurance is not to receive the benefits of the product at all, after a disaster or other loss. And others—who already have some understanding or even appreciation for insurance—might say it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. We are the financial first responders. But there is so much more. Insurance drives economic growth. It provides stability against risks. It encourages resilience. Recent disasters have demonstrated the vital role the industry plays in recovery—and that without insurance, the impact on individuals, businesses and communities can be devastating. As insurers, we know that even with all that we protect now, the coverage gap is still too big. We want to close that gap. That desire is reflected in changes to this year’s Insurance Information Institute (I.I.I.)Insurance Fact Book. We have added new information on coastal storm surge risk and hail as well as reinsurance and the growing problem of marijuana and impaired driving. We have updated the section on litigiousness to include tort costs and compensation by state, and assignment of benefits litigation, a growing problem in Florida. As always, the book provides valuable information on: • World and U.S. catastrophes • Property/casualty and life/health insurance results and investments • Personal expenditures on auto and homeowners insurance • Major types of insurance losses, including vehicle accidents, homeowners claims, crime and workplace accidents • State auto insurance laws The I.I.I.
    [Show full text]
  • Ageas SA/NV 11 October 2019 Key Facts and Statistics - FYE 2018
    FINANCIAL INSTITUTIONS ISSUER PROFILE Ageas SA/NV 11 October 2019 Key facts and statistics - FYE 2018 Company overview Headquartered in Brussels, Ageas SA/NV (Ageas) is the holding company of Ageas Group. TABLE OF CONTENTS Ageas offers life insurance and nonlife insurance products, including accident and health Company overview 1 insurance, car and motor insurance, fire insurance, and damage to property insurance. It also Financial highlights 2 offers reinsurance services through Intreas N.V. (Intreas) and real estate services through its Business description 2 Distribution channels 4 wholly owned subsidiary, AG Insurance. Ownership structure 4 Ageas has an active presence in Europe and Asia, and it was among the top 20 insurance Company management 5 companies in Europe with a market capitalisation of nearly €8.0 billion, as of 31 December Company history 5 2018. As of the same date, Ageas operated in 13 countries and served around 46.6 million Peer group 6 Related websites and information customers. sources 6 1 Moody’s related publications 6 In the financial year ended 31 December 2018, Ageas reported gross inflow of €10 billion, gross premium income of €8.9 billion and net income of €996.9 million. As of 31 December 2018, the company had total assets of €101.7 billion. Contacts Ageas was formed in November 1993 as Fortis Capital Holding and it changed its legal Christian Badorff +49.69.70730.961 VP-Senior Analyst name to Ageas SA/NV on 28 April 2010. Ageas' shares are listed on Euronext Brussels [email protected] (Ticker: AGEAS). As of 31 December 2018, its largest shareholder was Ping An Life Insurance Lila Sumino +33.1.5330.3359 Company, with a 5.17% stake of Ageas' outstanding shares.
    [Show full text]
  • Background to Private Motor Insurance (Insurers, Brokers and Price Comparison Websites)
    PRIVATE MOTOR INSURANCE MARKET INVESTIGATION Background to private motor insurance (insurers, brokers and price comparison websites) Introduction 1. This working paper is in four parts: (a) The first part provides background information on the legal and regulatory framework underpinning the private motor insurance (PMI) industry. (b) The second part provides background information on the provision of insurance policies, including types of PMI and claims costs, information on each of the ten largest PMI insurers, costs of selling PMI and claims experience by channel, common measures of industry profitability, a high-level analysis of profitability, and a description of the bilateral agreements between PMI providers. The ten largest PMI insurers are: Admiral Group plc (Admiral), Ageas NV/SA (Ageas), Aviva plc (Aviva), AXA Insurance UK plc (AXA), CIS General Insurance Limited (CISGIL), Direct Line Insurance Group plc (DLG), esure Insurance Limited (esure), Liverpool Victoria Insurance Company Limited (LV), Royal & Sun Alliance Insurance plc (RSA) and Zurich Insurance plc (Zurich). We estimate that the top ten PMI insurers made up 64 per cent of the total UK PMI market in 2012. The information we set out on these insurers includes the type of each company, its distribution channels and brands used to sell PMI, its gross written premiums (GWP) and the number of policies sold in a year (as rough measures of size), and whether the insurer owns PMI-related companies such as brokers or a price comparison website (PCW). This information was gathered directly from insurers and is more up to date than the data on types of PMI and claims costs which we 1 extracted from a 2012 Datamonitor report.
    [Show full text]
  • FORTIS BANK and AGEAS UNWIND (PART OF) the CASHES Implementation Subject to Minimum Acceptance Rate of Cash Tender on the CASHES by BNP Paribas
    Brussels, 26 January 2012 FORTIS BANK AND AGEAS UNWIND (PART OF) THE CASHES Implementation subject to minimum acceptance rate of cash tender on the CASHES by BNP Paribas Fortis Bank and Ageas agree on a (partial) settlement of the RPN / RPN(I) and call of the Tier 1 instrument held predominantly by Ageas. As part of the agreement BNP Paribas (the “Offeror”) announces today the launch of a tender offer to purchase for cash (the “Offer”) the outstanding € 3,000,000,000 Convertible And Subordinated Hybrid Equity-linked Securities (the “CASHES”) issued by Fortis Bank nv-sa in December 2007, with Fortis SA/NV (now ageas SA/NV) and Fortis N.V. (now ageas n.v., together with ageas SA/NV., “Ageas”) acting as Co- Obligors of the CASHES (ISIN: BE0933899800 / Common Code: 033483384 / SEDOL: B29R5X3). The Offeror reserves the right to cancel the Offer and not to purchase the tendered CASHES if less than 50% of the aggregate amount of CASHES issued and outstanding is tendered by the end of the offer period, on 30 January 2012. Fortis Bank has also undertaken, upon completion of a successful Offer, to call the Redeemable Perpetual Cumulative Coupon Debt Securities (ISIN BE0117584202) issued in 2001 (Tier 1) on the next call date. The maximum one off negative impact on the P&L of this transaction amounts to € 120 million. P.1/2 This tender offer creates a window of opportunity sought by investors, by providing liquidity to the holders of CASHES, an instrument that is perpetual, non callable, and has very little liquidity on the secondary market.
    [Show full text]
  • A Dynamic MST-Deltacovar Model of Systemic Risk in the European Insurance Sector
    STATISTICS IN TRANSITION new series, June 2021 Vol. 22, No. 2, pp. 173–188, DOI 10.21307/stattrans-2021-022 Received – 30.11.2019; accepted – 11.03.2021 A dynamic MST-deltaCoVaR model of systemic risk in the European insurance sector Anna Denkowska1, Stanisław Wanat2 ABSTRACT This work is a response to the EIOPA paper entitled ‘Systemic risk and macroprudential policy in insurance’, which asserts that in order to evaluate the potential systemic risk (SR), the build-up of risk, especially risk arising over time, should be taken into account, as well as the interlinkages occurring in the financial sector and the whole economy. The topological indices of minimum spanning trees (MST) and the deltaCoVaR measure are the main tools used to analyse the systemic risk dynamics in the European insurance sector in the years 2005-2019. The article analyses the contribution of each of the 28 largest European insurance companies, including those appearing on the G-SIIs list, to systemic risk. Moreover, the paper aims to determine whether the most important contribution to systemic risk is made by companies with the highest betweenness centrality or the highest degree in the obtained MST. Key words: systemic risk, minimum spanning trees, deltaCoVaR, insurance sector. 1. Introduction The subject of this work is part of the current research on the interlinkages of large insurance companies and their contribution to systemic risk (SR) in the insurance sector. In the international literature we find many studies related to the systemic risk analysis in the banking sector but little is done regarding systemic risk in the insurance sector.
    [Show full text]
  • Apresentação Do Powerpoint
    WELCOME TO AGEAS PORTUGAL GROUP 2020 2 AGENDA AGEAS PARTNERSHIPS PORTUGAL 01 GROUP 03 0505 UNIVERSE OF COMMERCIAL AGEAS 02 BRANDS OF 04 RECOGNITION GROUP AGEAS PORTUGAL GROUP 3 01 AGEAS GROUP 01 Included in the BEL20 index Belgium, United Kingdom, France, Portugal, Turkey, China, Malaysia, India, Europe’s Top Thailand, Vietname, Laos, 20 insurance Cambodia, Singapore e companies Philippines OUR PROFILE Annual inflows of Shareholder’s 35.9 billion Eur equity close to Ageas, an 11 billion Eur. international insurance Group with focus on Europe and Asia 37.000.000 Over 45.000 Employees Customers world wide 5 01 WE ARE... A leading insurance Insurance specialists, An insurer which evolves through company in Europe and Asia: with a personalised offer and constant investment we invest in existing markets business solutions in Healthcare, in capabilities and skills, based on and seek out new opportunities Life and Non-Life branches, for a strong entrepreneurial culture private customers and companies 6 01 IN 2019 AGEAS GROUP CONTINUES TO ACHIEVE GREAT RESULTS Gross EUR +7% Inflows 35,9 billion Net EUR +33% Profit 979 million Liquid EUR Assent 2,65 billion Combined Combined 95% Racio*Ratio* Solvency II** 217% * Only consolidated companies. ** Ageas Group formula ratio in 195%. 7 02 AGEAS GROUP IN PORTUGAL 0202 VISION MISSION Deliver an emotional and Become the reference meaningful experience into partner in insurance, a people’s lives relevant player in services and the best place to work for entrepreneurs 9 02 THE EVOLUTION OF THE PRESENCE OF
    [Show full text]
  • Press Release
    Società Cattolica di Assicurazione - Società Cooperativa Sede in Verona, Lungadige Cangrande n.16 C.F. 00320160237 – Iscritta al Registro delle Imprese di Verona al n. 00320160237 Società iscritta all'Albo delle Società Cooperative al n. A100378 PRESS RELEASE S&P REVISES THE RATING OF CATTOLICA ASSICURAZIONI Verona, 18 January 2012. The rating agency Standard & Poor’s revised today Cattolica Assicurazioni’s rating from A- to BBB+ keeping it on creditwatch negative. The agency states that such revision is a consequence of the lowering of the Italian Republic’s rating to BBB+, negative outlook, that took place on January, 13th 2012. SOCIETA’ CATTOLICA DI ASSICURAZIONE CONTACTS Investor Relations Officer Institutional Communication Piero Gavazzi Giovanni Grazioli 0039 045 8391796 Tel. 0039 335 1027474 [email protected] [email protected] COMUNICATO STAMPA +------------------------------------------------------------------------------+ S&P: Various ratings actions taken on European Insurers following recent sovereign rating actions 2012-01-17 18:48:10.669 GMT OVERVIEW -- On Jan. 13, 2012, we lowered the ratings on nine and affirmed the ratings on seven of the 17 eurozone member governments. We removed all sovereign ratings from CreditWatch negative. -- As a result, we are lowering the ratings on Mapfre Group, Millenniumbcp-Ageas Group, and Allianz SpA by two notches; and Caisse Centrale de Reassurance (CCR) and Nacional de Reaseguros S.A. (Nacional) by one notch. We are removing these ratings from CreditWatch negative. -- We are also lowering the ratings Cattolica, Generali (except for Deutsche Bausparkasse Badenia AG), and Unipol by one notch. We are keeping them on CreditWatch negative, except for Generali USA Life Reassurance Co., which has a stable outlook.
    [Show full text]