DOCSLIB.ORG

Achmea Investor Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Achmea Investor Presentation Achmea Investor Presentation “The leading Dutch insurance company with strong brands, multi-channel distribution strategy, well-diversified product range and conservative investment profile” November 2013 CONTENTS Introduction Achmea overview Strategic agenda Key investment considerations Recent results Wrap-up Appendices 2 Introduction | Achmea Overview ACHMEA OVERVIEW - strong brands, diversified products, focus on insurance • Largest Dutch insurer • A strong and solid insurance group with mutual roots • Market leader in Dutch insurance: Property & Casualty, Income Protection, Health, Pension & Life insurance • Distribution mainly through direct & banking channels and well positioned for future market developments • Strong market position with ‘power brands’ Interpolis, Centraal Beheer Achmea and Zilveren Kruis Achmea • A+ IFSR, A- senior unsecured debt (S&P) Earned premiums by segment in H1 2013 31/12/2012 - Total: € 22.4 billion Turkey 13% 1% 6% Pension & Life Greece 13% 29% Non-life 16% Slovakia Ireland International 22% 66% 5% Russia Health 29% Other 3 Introduction | Achmea Overview COOPERATIVE IDENTITY The strength of our identity and our story We continue to build on our foundation of unity. Insurance stands for solidarity in society. We want our customers to continue to experience that we are a cooperative insurer. 4 Introduction | Achmea Overview ACHMEA HISTORY Focus: Expansion optimization and innovation A group of Dutch mutual Centraal Beheer and Achmea acquires 80% insurers form the Achmea acquires Achmea creates Avéro Insurance merge of Eureko Sigorta; Coöperatieve Vereniging Interamerican Greece InShared to AVCB Achmea and Agis merge Centraal Beheer 1811 1956 1995 1999 2005 2008 2011 1909 1992 2001 2007 2010 Achmea merges with The history of Achmea* Achmea merges with The first Dutch direct Achmea founded out of Interpolis; Rabobank Achmea acquires Oranta begins in Achlum, the DFZ and acquires writer FBTO is founded AVCB and Zilveren Kruis becomes second largest in Russia Netherlands Independer.nl shareholder 2010-2013: Divestment Eureko acquired first operating companies international activities Belgium, France, Poland, Romania Bulgaria * Eureko was the former name of the parent company of Achmea and its European subsidiaries. 5 Introduction | Achmea Overview OWNERSHIP STRUCTURE - stability through two major cooperative shareholders Achmea Rabobank Preference Other shareholders Association Netherlands 5.5% 65.3% 29.2% 100% Ordinary Achmea shares subholding 94.5% 5.5% • The mission of Achmea Association is to support the continuity of Achmea and to look after the collective interests of customers 6 Introduction | Achmea Overview ACHMEA’S STRONG ALLIANCE WITH RABOBANK • Commercial alliance through the banking channel. Approximately 98% of insurance products sold via the Rabobank channel are Achmea insurance products Rabobank customers with Interpolis products • Exclusive distribution of Interpolis products 30/06/2013 Commercial through Rabobank branches • Greenfield operation in Australia in cooperation with Rabobank started in 2013, with a possible extension to other growth markets. Focus is on non-life, mainly agricultural sector such as live stock, machinery, crop insurance etc. 25% • Rabobank has a nomination vote on the supervisory board of Achmea. Furthermore 22% Governance Rabobank and Achmea share two common supervisory board members Private Wholesale • Rabobank has historically supported Capital Achmea with capital, as and when necessary Source: Achmea data June 2013 7 Introduction | Strategic agenda CLEAR LONG-TERM STRATEGIC CHOICES FOR DUTCH PORTFOLIO Channel Banking Direct Broker distribution distribution distribution Brand Product Group Property & Casualty Core proposition: Health strengthen Increase scale to Income Protection core proposition Pension - standardised Develop to core proposition Life - standardised Banking products Complementary to insurance products Pension – not standardised Separate and manage Life – not standardised internally or externally • Our international strategy is based on these strategic choices 8 CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 9 Key investment considerations | Dominant player in major insurance market THE NETHERLANDS – major insurance market within Eurozone European Non-life market (incl. health) European Pension and Life assets 31/12/2011 31/12/2011 100 90 billion 80 € In 70 60 50 40 30 20 10 0 DE FR UK NL IT ES CH Growth outlook (% change yoy) Netherlands CDS remains low 6 4 2 0,75 0 (1,25) (2) (4) (6) ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 '13E 14E Source: Bloomberg, Life and Non-life market: Insurance Europe, Pension market: Towers Watson Global Pension Assets Study 2013 10 *Pension market Netherlands per 31-12-2013: DNB Key investment considerations | Dominant player in major insurance market LEADING POSITIONS IN OUR CORE MARKETS Market share per 31-12-2012* Property & Delta SNS #1 a.s.r. Atradius ING Other Casualty Lloyd Reaal Health #1 VGZ CZ Menzis Other Income De Delta #2 a.s.r. ING Aegon Other Protection Goudse Lloyd SNS Delta ING Aegon a.s.r. Other Pensions #4 Reaal Lloyd Delta ING SNS a.s.r. Aegon Other Individual Life #2 Reaal Lloyd *Pensions based on % recurring premiums, all other segments based on % GWP Source: DNB October 2013 (Property & Casualty, Income Protection, Individual life), Achmea (Pensions, Health) 11 CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 12 Key investment considerations | Well positioned with strong brands WELL DIVERSIFIED DISTRIBUTION NETWORK OF ACHMEA Non-life • Well diversified distribution 31/12/2011 network consisting of banking, direct and intermediary channel • Share of controlled distribution (direct and banking channel) among product lines is highest in health insurance (~97%) • Banking distribution of insurance products uses Rabobank channel in the Netherlands Health Pension & Life 31/12/2011 31/12/2011 13 Key investment considerations | Well positioned with strong brands AROUND HALF OF ALL DUTCH PEOPLE ARE ACHMEA CUSTOMERS Retail customers Wholesale customers 14 14 Key investment considerations | Well positioned with strong brands BRAND POWER Property & Casualty Health Individual life 130 130 130 120 120 120 Brand loyalty Brand 110 110 110 100 100 100 90 90 90 80 80 80 70 70 70 60 60 60 40 60 80 100 120 140 40 60 80 100 120 140 40 60 80 100 120 140 Brand strength Achmea Competitor Source: Achmea brandpower research, Property & Casualty (July 2013), Health (Dec 2012), Individual Life (Dec 2012) 15 Key investment considerations | Well positioned with strong brands HIGH CUSTOMER SATISFACTION P&C Retail P&C Wholesale Income Protection Centraal Beheer Achmea 7,8 Centraal Beheer Achmea 7,5 Centraal Beheer Achmea 7,2 Aegon 7,8 ABN Amro Interpolis 7,4 7,8 Generali 7,2 Interpolis 7,7 Avéro Achmea 7,3 7,7 FBTO ASR 7,3 De Goudse 7,2 ASR 7,7 Generali 7,7 Generali 7,3 Avéro Achmea 7,1 Delta Lloyd 7,6 Aegon 7,3 SNS Reaal 7,6 De Amersfoortse 7,1 De Goudse 7,2 Avéro Achmea 7,5 Interpolis 7,0 Nationale Nederlanden 7,3 ABN Amro 7,1 Ø 7,7 Ø 7,3 Ø 7,1 Health Individual Life Pensions Pro Life Centraal Beheer Achmea 7,4 8,1 Centraal Beheer Achmea 7,2 7,4 OZF Achmea 7,9 Interpolis Cardiff 7,3 Univé 7,8 Interpolis 7,0 Delta Lloyd 7,3 FBTO 7,7 FBTO 7,3 Delta Lloyd 6,5 Agis 7,6 Generali 7,1 Avéro Achmea 6,4 Avéro Achmea 7,6 Avéro Achmea 6,9 ABN Amro 6,9 De Amersfoortse 7,6 ASR 6,4 Nationale Nederlanden 6,5 Interpolis 7,5 SNS Reaal 6,5 Aegon 6,4 VGZ 7,5 Allianz 6,4 Zilveren Kruis Achmea Generali 6,0 7,4 Aegon 6,2 Ø 7,7 Ø 7,1 Ø 6,5 Source: Verbond van Verzekeraars, Customer Satisfaction Research 2012 16 CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 17 Key investment considerations | Robust capital and solvency position HIGH QUALITY OF CAPITAL AND LOW LEVERAGE Composition of equity Debt leverage 30/06/2013 - Total: € 9.8 billion 45% 40% Maximum level 35% 30% 25% 20% 15% 27% 22% 23% 10% 22% 21% 21% 22% 5% 0% Dec 11 Mar 12 Jun 12 Sep 12 dec-12 mrt-13 jun-13 Capital structure Capital allocation 30/06/2013 - Total: € 11.1 billion 30/06/2013 - Total: € 11.1 billion 12% Core capital 13% Hybrid capital Debt 75% 18 Key investment considerations | Robust capital and solvency position SOLID SOLVENCY I POSITION Solvency I 19 Key investment considerations | Robust capital and solvency position STRONG SOLVENCY POSITION COMPARED TO EUROPEAN PEERS Solvency I (IGD) at 30/06/2013 ING EurAsia 257% Achmea excl. Health 234% Aegon (NL) 220% Axa 218% Achmea 204% Delta Lloyd 184% Aviva 180% Allianz 177% SNS Reaal 172% Generali 139% CNP Assurances 116% 0% 50% 100% 150% 200% 250% 300% 20 Key investment considerations | Robust capital and solvency position STRONG SOLVENCY POSITION UNDER ALL REGIMES Solvency I (IGD) Solvency II* (Partial Internal Model) 30/06/2013 - in € billion 31/12/2012 - in € billion 204% 183% Available Surplus Free capital surplus 4.2 3.5 Available 8.2 Capital 4.2 SCR level Required 7.7 2.8 capital MCR level 4.0 • Solvency II framework is still evolving; parameter changes (e.g. interest
Load more

Recommended publications
  • Press Release – 2019 Annual Results
    Press Release 12 March 2020 - Achmea Annual Results 2019 Achmea records significantly increased operational result of €547 million • Strong Non-Life result with a combined ratio of 95.0% • Sustained good Pension & Life results • Positive result current underwriting year for basic and supplementary health insurance • Strong growth in Non-Life, Retirement Services and international activities; Assets under Management grew to €200 billion at the start of 2020 • Solvency ratio robust at 214%, partly supported by financial markets • Business model expanded further with new propositions and services Willem van Duin, Chairman of the Executive Board: “As an insurer with a cooperative identity, Achmea is committed to a healthy, safe and future-proof society. We put that strategy into practice through our brands and make a difference to the lives of our customers. A sound and sustainable financial result is essential to our ability to properly fulfil our role in society. Achmea ended 2019 well with an increase of the operational result to €547 million and a solvency ratio that rose further to 214% after dividend payments. We have seen growth in both the number of customers and written premiums in property & casualty insurance, as well as a further increase in the result from our pension & life insurance activities. Our new pension services model, in which we offer a comprehensive package of asset management and banking services, is appreciated highly by our customers. The result over the 2019 underwriting year was positive for both basic and supplementary health insurance. However, the negative results on prior underwriting years caused a negative result on overall basic health insurance.
    [Show full text]
  • Outlook for the Global Economy, Interest Rates and the Impact on the Re/Insurance Industry Astrid Frey, Swiss Re Economic Research & Consulting
    Outlook for the global economy, interest rates and the impact on the re/insurance industry Astrid Frey, Swiss Re Economic Research & Consulting The economic environment in 2009… Real GDP growth (%) Source: Swiss Re Economic Research & Consulting Astrid Frey | Swiss Re Economic Research & Consulting 2 … and in 2014 Real GDP growth (%) Source: Swiss Re Economic Research & Consulting Astrid Frey | Swiss Re Economic Research & Consulting 3 Table of Contents / Agenda • Outlook for the global economy, inflation and interest rates • How do interest rates affect re/insurers? • How can insurers manage interest rate risk? • Conclusions Astrid Frey | Swiss Re Economic Research & Consulting 4 Outlook for the global economy, inflation and interest rates Astrid Frey | Swiss Re Economic Research & Consulting 5 Economic indicators imply global growth acceleration Purchasing Managers Indices, monthly data PMIs are survey based indicators. Values above 50 indicate economic expansion, Sources: Datastream, values below 50 contraction Bloomberg Astrid Frey | Swiss Re Economic Research & Consulting 6 Economic recovery at different speeds Real GDP of selected euro area countries (indexed Q1 2008 = 100) Source: Datastream Astrid Frey | Swiss Re Economic Research & Consulting 7 Global economic outlook and key risks . The US expansion is expected to strengthen into 2014, driven by consumer spending, business investment and housing construction . Europe is growing again and will continue to improve – a huge improvement for global growth prospects, but growth is hampered by fiscal austerity, private deleveraging and tight credit conditions . Chinese growth will stay close to 7.5% for next several years. Some EM economies have been unsettled by Fed "tapering" discussions, but a strengthening global economy will alleviate the downside risks.
    [Show full text]
  • Aegon N.V. Aegon N.V
    Insurance Life Insurance Netherlands Ratings Aegon N.V. Aegon N.V. Long-Term IDR A- And Core Subsidiaries Short-Term IDR F2 Scottish Equitable Plc Insurer Financial Strength Rating A+ Transamerica Financial Life Insurance Company Key Rating Drivers Insurer Financial Strength Rating A+ Short-Term Insurer Financial WD Very Strong Business Profile: Fitch Ratings ranks Aegon N.V.’s business profile as ‘favourable’ Strength Rating compared to other Dutch insurance companies. Geographic diversification is broad; non- Transamerica Life Insurance Company Dutch assets account for about 80% of the group’s assets. Aegon has a substantial life Insurer Financial Strength Rating A+ insurance franchise in the Netherlands focusing on retirement services and savings, where it Short-Term Insurer Financial F1+ has top three market positions. It also has significant life and pension operations in the US and Strength Rating the UK. Transamerica Premier Life Insurance ‘Very Strong’ Capitalisation and Leverage: Aegon’s end-2019 Prism Factor-Based Capital Company Model (Prism FBM) score was unchanged at ‘Very Strong’ and the group’s Solvency II (S2) ratio Insurer Financial Strength Rating A+ was 201%. The S2 ratio improved to 208% in 1Q20 due to the increase of the S2 volatility Short-Term Insurer Financial WD adjuster (VA), although this was partly offset by adverse market movements in the US. The Strength Rating financial leverage ratio (FLR) decreased to 25% in 2019 on the successful issuance of Note: See additional ratings on page 8. restricted Tier 1 (RT1) notes during the year. Good Financial Performance: Aegon’s underlying earnings could weaken in 2020 due to the Outlooks impact of the coronavirus pandemic on US operations, while earnings in Europe are expected Negative to remain more resilient.
    [Show full text]
  • Rabobank Nederland Coo¨ Peratieve Centrale Raiffeisen-Boerenleenbank B.A
    Base Prospectus Rabobank Nederland Coo¨ peratieve Centrale Raiffeisen-Boerenleenbank B.A. (a cooperative (coo¨peratie) formed under the laws of the Netherlands with its statutory seat in Amsterdam) Coo¨ peratieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) Australia Branch (Australian Business Number 70 003 917 655) (a cooperative (coo¨peratie) formed under the laws of the Netherlands with its statutory seat in Amsterdam) Coo¨ peratieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) Singapore Branch (Singapore Company Registration Number S86FC3634A) (a cooperative (coo¨peratie) formed under the laws of the Netherlands with its statutory seat in Amsterdam) EUR 160,000,000,000 Global Medium-Term Note Programme Due from seven days to perpetuity Under the Global Medium-Term Note Programme described in this Base Prospectus (the ‘‘Programme’’), Coo¨peratieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) (‘‘Rabobank Nederland’’, the ‘‘Bank’’ or the ‘‘Issuer’’), may through its head office or through its branches listed above, subject to compliance with all relevant laws, regulations and directives, from time to time issue Global Medium-Term Notes (the ‘‘Notes’’). References herein to the ‘‘Issuer’’ shall mean Rabobank Nederland, whether issuing Notes through its head office or through its branches listed above. The branches through which Rabobank Nederland may issue Notes are Coo¨peratieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) Australia Branch (‘‘Rabobank Australia Branch’’) and
    [Show full text]
  • Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership
    Directorate-General for Internal Policies Directorate A - Economic and Scientific Policy Policy Department A.: Economic and Scientific Policy and Quality of Life Unit Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership Briefing Note IP/A/ECON/NT/2008-10 PE 408.550 Only published in English. Author: Josina KAMERLING Policy Department Economy and Science DG Internal Policies European Parliament Rue Wiertz 60 - ATR 00L046 B-1047 Brussels Tel: +32 (0)2 283 27 86 Fax: +32(0)2 284 69 29 E-mail: [email protected] Arttu MAKIPAA Policy Department Economy and Science DG Internal Policies European Parliament Rue Wiertz 60 - ATR 00L042 B-1047 Brussels Tel: +32 (0)2 283 26 20 Fax: +32(0)2 284 69 29 E-mail: [email protected] Manuscript completed in August 2008. The opinions expressed in this document do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised provided the source is acknowledged and the publisher is given prior notice and receives a copy. Rue Wiertz – B-1047 Bruxelles - 32/2.284.43.74 Fax: 32/2.284.68.05 Palais de l‘Europe – F-67000 Strasbourg - 33/3.88.17.25.56 Fax: 33/3.88.36.92.14 E-mail: [email protected] IP/A/ECON/NT/2008-10 PE 408.550 Table of Contents 1. The Data on Financial Institutions in EU27 ......................................................................1 2. Largest Financial Institutions in Europe (Tables 1-5) .......................................................2
    [Show full text]
  • Webversie 2020 08 01.Xlsx
    OVERZICHT BELEGGINGSPRODUCTEN IN AEQUOTE PER 01-08-2020 OVERZICHT LIJFRENTE OPBOUW BELEGGINGSPRODUCTEN IN AEQUOTE PER 01-08-2020 Maatschappij ProductNaam Aegon Beheerd Beleggen Lijfrente Binck Pensioen Brand New Day Pensioenrekening Brand New Day ZZP Pensioenrekening Bright Pensions BrightPensioen DEGIRO Pensioenrekening Dexxi Pensioen Evi van Lanschot Evi Pensioen Leidsche verzekeringen Lijfrenteverzekering Loyalis ZZP Pensioen NNEK Pensioenrekening NNEK Pensioenrekening - Fondsenplatvorm Ostrica Perlas Rabobank Rabo ToekomstBeleggen Scildon Scildon Beleggen Scildon Nova Garant Polis Scildon Nova Polis Scildon Particulier Pensioen Plan OVERZICHT OPBOUW EIGEN WONING BELEGGINGSPRODUCTEN IN AEQUOTE PER 01-08-2020 Maatschappij ProductNaam Brand New Day Hypotheekaflossing Ostrica Perlas Rabobank Rabo OpbouwHypotheek Scildon Scildon Beleggen Scildon Nova Garant Polis Scildon Nova Polis OVERZICHT BELEGGINGSREKENINGEN IN AEQUOTE PER 01-08-2020 Maatschappij ProductNaam ABN AMRO ABN AMRO Vermogensbeheer ABN AMRO ABN AMRO Zelf Beleggen Basis ABN AMRO ABN AMRO Zelf Beleggen Plus ABN AMRO ABN AMRO Begeleid Beleggen Aegon Aegon Beheerd Beleggen Alex Vermogensbank Alex Laten beleggen ASN ASN Beleggingsrekening/Maandbeleggen ASN ASN Doelbeleggen Binck Binck Fondsbeleggen - Alles in 1 Portefeuilles Binck Binck Fondsbeleggen - Duurzaam beleggen Binck Binck Forward Binck Binck Select Binck Binck Zelf Beleggen BLG BLG Doelbeleggen Brand New Day BND Beleggingsrekening Bright Pensions Bright Beleggingsrekening Centraal Beheer Centraal Beheer Fondsbeleggen
    [Show full text]
  • Report Profundo
    Eerlijke Verzekeringswijzer Dutch Fair Insurance Guide A Case Study on Transparency & Accountability A research paper for Amnesty International, Dierenbescherming, FNV, Milieudefensie, Oxfam Novib and PAX Eerlijke Verzekeringswijzer Dutch Fair Insurance Guide A Case Study on Transparency & Accountability A research paper for Amnesty International, Dierenbescherming, FNV, Milieudefensie, Oxfam Novib and PAX Date of publication 5 July 2016 Hester Brink, Retno Kusumaningtyas, Michel Riemersma, Joeri de Wilde Naritaweg 10 1043 BX Amsterdam The Netherlands Tel: +31-20-8208320 E-mail: [email protected] Website: www.profundo.nl Contents Samenvatting ............................................................................................................ i Summary ......................................................................................................... vii Introduction ........................................................................................................... 1 Chapter 1 Background ...................................................................................... 3 1.1 What is at stake? ....................................................................................... 3 1.2 Themes ...................................................................................................... 4 1.2.1 Organisation................................................................................................ 4 1.2.2 Policy .........................................................................................................
    [Show full text]
  • Report on Environmental and Social Responsibility 07
    Report on Environmental and Social Responsibility 07 The bank for a changing world CONTENTS Statement from the Chairman and Chief Executive Officer 2 Compliance within BNP Paribas 81-86 Key figures 3-4 Dedicated teams 82-84 Group's activities in 2007 5-73 • Up-to-date standards 83 • Monitoring financial security mechanisms 83-84 Corporate & Investment Banking 6-21 Business continuity 85-86 Advisory and Capital Markets 11-16 • Organisation of continuity efforts 85 • Equities and Derivatives 11-12 • Operational management of business continuity plans 85-86 • Fixed Income 13-14 BNP Paribas and its stakeholders • Corporate Finance 15-16 87-158 Financing businesses 17-21 Organised dialogue with stakeholders 88-89 • Specialised Finance 17-19 Shareholder information 90-99 • Structured Finance 20-21 Human Resources development 100-126 French Retail Banking 22-33 • Group values underpinning HR management 100 • Human Resources policy framework 101-103 • Individual clients 25-27 • Key challenges of human resources management 104 • Entrepreneurs and freelance professionals 28-29 • Clearly identified operational challenges 105-126 • Corporate and institutional clients 30-32 • After-sales organisation 33 Relations with clients and suppliers 127-137 International Retail Services 34-47 • A closely-attuned relationship 127-132 • Socially Responsible Investment 132-136 • Personal Finance 37-38 • Supplier relations 137 • Equipment Solutions 39-40 Impact on the natural environment 138-150 • BancWest 41-42 • Areas 138-140 • Emerging Markets 43-47 • Levers
    [Show full text]
  • Annual Report SNS Bank NV 2015
    Banking with a human The original financial statements were drafted in Dutch. This document is an English translation of the original. In the touch case of any discrepancies between the English and the Dutch text, the latter will prevail. Annual report 2015 2 SNS Bank NV Annual report 2015 > 86 168 192 268 30 286 1 SNS BANK AT A GLANCE 8 5 SNS BANK PERFORMANCE 50 1.1 Mission and vision 9 5.1 Financial and commercial developments 51 1.2 Strategy 9 5.2 Our strategic themes 58 1.3 History 10 5.3 Brand performance 67 1.4 Value creation 11 5.4 Our People 76 5.5 The importance of information technology 81 5.6 Tax policy 83 2 FOREWORD 14 3 REPORT OF THE 20 6 RISK, CAPITAL & LIQUIDITY 88 SUPERVISORY BOARD MANAGEMENT 6.1 Summary 90 4 SNS BANK AND ITS STRATEGY 32 6.2 Risk management organisation 91 6.3 Risk profile and risk appetite 96 4.1 Developments 33 6.4 Capital management 104 4.2 Developments in the regulatory environment 39 6.5 Credit risk 116 4.3 Stakeholder engagement 42 6.6 Market risk 143 4.4 SWOT Analysis 45 6.7 Liquidity management and funding 149 4.5 Mission and strategy 46 6.8 Credit ratings 159 6.9 Key non-financial risks 161 SNS Bank NV Annual report 2015 > Table of contents 3 86 168 192 268 30 286 7 CORPORATE GOVERNANCE 170 Independent auditor's report 272 Independent Auditor's Assurance Report 282 7.1 Composition, appointment and duties of the 171 Board of Directors 7.2 Composition, appointment and duties of the 173 Supervisory Board ADDITIONAL INFORMATION 286 7.3 Bank and society 175 Composition of the Board of Directors 288
    [Show full text]
  • F. Van Lanschot Bankiers N.V. Credit Update
    F. van Lanschot Bankiers N.V. Credit Update May 2013 Content Profile of Van Lanschot 2012 annual results and Q1 2013 trading update Funding and liquidity 1 1 Executive summary Profile of Van Lanschot Key financials Who•The weoldest are independent bank in the Netherlands with Q1 2013 FY 2012 history dating back more than 275 years Core Tier 1 ratio (%) 11.9% 11.0% •A relationship-oriented bank, with genuine personal Funding ratio (%) 83.1% 84.4% attention, whereby the interests of the client really do What we do Leverage ratio (%) 7.4% 7.5% come first Client assets (€) 53.0 billion 52.3 billion •Local visibility with 34 offices and client meeting centres Underlying profit (€) 26.3 million 2 million in the Netherlands, Belgium and Switzerland What sets us apart Strategy Financial targets 2017 •Our objective is to preserve and create wealth for clients Core Tier I ratio > 15% •We choose to be a pure-play, independent wealth manager Return on Core Tier I equity of 10-12% •We strongly believe that wealth management offers attractive growth opportunities and that we have inherent Cost-income ratio of 60-65% and distinctive strengths •Private banking, asset management and merchant 2 banking are the areas in which we excel 2 Evolution into an independent Private Bank 1737 2013 1737 29-6-1999 30-9-2004 1-1-2007 14-05-2013 Established as Listed on Acquisition Acquisition Strategic Review: a trading Euronext CenE Bankiers Kempen & Co focus on private house in Amsterdam banking, asset ‘s-Hertogenbosch management and merchant banking • Our objective
    [Show full text]
  • Pdf, Last Accessed on Oc- Tober 24, 2019
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Hellwig, Michael; Laser, Falk Hendrik Working Paper Bank mergers in the financial crisis: A competition policy perspective ZEW Discussion Papers, No. 19-047 Provided in Cooperation with: ZEW - Leibniz Centre for European Economic Research Suggested Citation: Hellwig, Michael; Laser, Falk Hendrik (2019) : Bank mergers in the financial crisis: A competition policy perspective, ZEW Discussion Papers, No. 19-047, ZEW - Leibniz- Zentrum für Europäische Wirtschaftsforschung, Mannheim This Version is available at: http://hdl.handle.net/10419/206418 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen
    [Show full text]
  • Study on the Implementation of Recommendation 97/489/EC
    Study on the implementation of Recommendation 97/489/EC concerning transactions carried out by electronic payment instruments and in particular the relationship between holder and issuer Call for Tender XV/99/01/C FINAL REPORT – Part b) Appendices 20th March 2001 Study on the implementation of Recommendation 97/489/EC 1 APPENDICES Appendices 1. Methodology.................................................................................3 Appendices 2. Tables..........................................................................................28 Appendices 3. List of issuers and EPIs analysed and surveyed........................147 Appendices 4. General summary of each Work Package.................................222 Appendices 5. Reports country per country (separate documents) Study on the implementation of Recommendation 97/489/EC 2 Appendices 1 Methodology Study on the implementation of Recommendation 97/489/EC 3 Content of Appendices 1 1. Structure of the report ..............................................................................5 2. Route Map................................................................................................6 3. Methodology.............................................................................................7 4. Tools used..............................................................................................14 Study on the implementation of Recommendation 97/489/EC 4 1. The Structure of the Report The aims of the study were to investigate how far the 1997 Recommendation has been
    [Show full text]