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Rating Report REAAL Insurance Composite Insurers / The Netherlands SNS REAAL N.V. Insurance Activities Full Rating Report Ratings Key Rating Drivers Insurer Financial Strength Ratings REAAL Schadeverzekeringen NV BBB Uncertain Future Ownership: REAAL N.V. and its subsidiaries REAAL Schadeverzekeringen SRLEV N.V. BBB N.V. and SRLEV N.V. (together REAAL Insurance) are subsidiaries of SNS REAAL N.V., which Outlooks was nationalised in February 2013. In its restructuring plan, the Dutch state committed to, REAAL Schadeverzekeringen NV Stable among other measures, the sale of the group's insurance operations. The decision leaves the Insurer Financial Strength Rating SRLEV N.V. Insurer Financial Stable future of REAAL N.V. uncertain. Strength Rating Weak Profitability, Interest Coverage: Fitch Ratings views REAAL Insurance’s profitability Financial Data and the related interest coverage as weak. REAAL Insurance posted a EUR625m loss in 2013. REAAL Insurance Fitch believes that underlying profitability is likely to remain under pressure in the coming years, (EURm) 2013 due to low interest rates and the difficult economic conditions and fierce competition in the Total equity 2,589 Dutch insurance market. Total assets 50,116 Net income -625 Good Capital Adequacy: REAAL Insurance’s capital position is good, in Fitch’s opinion. At Return on assets (%) -0.7 Regulatory capital ratio (%) 172 end-December 2013, REAAL Insurance’s regulatory solvency was 172% (2012: 176%). As Note: As of 31 Dec 2013 long as the insurance business remains within the state-owned group, the recent nationalisation should not affect the solvency of the insurance companies. High Financial Leverage: REAAL Insurance’s financial leverage was 42% at end-2013 (2012: 48%). Fitch views this as manageable, as the group is still restructuring. However, this level is high for the rating level and compared with peers. Limited Financial Flexibility: The European Commission decided in 2013 to disallow SRLEV N.V. from paying the coupons of its existing subordinated bonds, which Fitch considers as negative for REAAL Insurance’s financial flexibility. However, the Dutch state has demonstrated its support for several financial institutions, including SNS REAAL, in recent years. Group Complexity Reduces: The intragroup positions between SNS Bank N.V. and REAAL Insurance have been reduced, cutting group complexity and making the bank and the insurers more independent from a capital and liquidity perspective. The disentanglement of the intragroup positions is positive for REAAL Insurance’s ratings. Strong Dutch Business Position: Acquisitions in 2007 helped REAAL Insurance to build up a strong presence in the Dutch insurance market, notably in life and pensions. SRLEV N.V. now ranks third among Dutch life insurers, with a market share of around 16%. REAAL Schadeverzekeringen is a significant non-life company, with 6% market share. Rating Sensitivities Deterioration in Financial Fundamentals: A downgrade could result if the insurance group makes a further material loss in 2014, the regulatory solvency ratio declines to below 125% or financial leverage remains above 40%. Consequences of Restructuring Plan: The ratings may be influenced by developments over the next few months on the future ownership structure and restructuring plans. Analysts Federico Faccio Improved Profitability: An upgrade could result if the company returns to profitability, in line +44 20 3530 1394 with the 'A' rating category (for example, if reported net income rises to EUR200m and is [email protected] expected to remain at that level), financial leverage falls to 35% or below, and the company Marc-Philippe Juilliard +33 1 44 29 91 37 resumes payments on subordinated bonds. [email protected] www.fitchratings.com 11 June 2014 Insurance Market Position and Size/Scale Strong Presence in Dutch Insurance Market Third largest life insurance group in Dutch market Diversified insurance portfolio Third Largest Life Insurance Group in Dutch Market REAAL Insurance is significant in the Dutch insurance market, notably in life and pensions where it ranks third with 16% total market share in 2013. It also has market share of 19% in new term life and 8% in single premium life business. In non-life insurance, the group ranks fifth with 6% market share. The Zwitserleven (group pension) business acquired by the REAAL Insurance is the leader in the defined contribution market and benefits from strong brand recognition. At end-2013, it had a new pension production market share of 11%, but this was down sharply from 23% in 2012, largely due the uncertainty about the SNS REAAL group reorganisation. Diversified Insurance Portfolio REAAL Insurance underwrites business in life insurance, pensions insurance and non-life insurance. Since 2008, the mix of the insurance portfolio has changed significantly with an increased share of non-life and pension products and a declining proportion of life products (see Appendix A). This trend is in line with the demand of the market for non-life products and the difficulties faced in the life insurance market with low interest rates. The diversification of the portfolio is helpful for REAAL Insurance as it mitigates the difficulties facing certain business lines. Figure 1 Ratings Range Based on Market Position and Size/Scale IFS AAA AA A BBB <BBB Debt AA A BBB BB <BB Large Market Position and Size/Scale Medium Market Position and Size/Scale Small Market Position and Size/Scale Source: Fitch Related Criteria Insurance Rating Methodology (November 2013) Insurance Activities 2 June 2014 Insurance Corporate Governance and Ownership Is Neutral for Rating Management Corporate governance and SNS REAAL is a Dutch financial services group. Banking activities are carried out by SNS management are effective and neutral Bank and insurance activities are carried out by REAAL Insurance. Both are fully owned by the for the rating. Dutch state after the nationalisation of SNS REAAL. This is a holding company with operating assets only in asset management (see Figure 2). Under Section 403 Book 2 of the Dutch Civil Code, SNS REAAL is solely liable for the obligations of SNS Bank. SNS Bank and REAAL Insurance do not hold stakes in each other. As part of the nationalisation of SNS REAAL, the Dutch state provided substantial extraordinary support to the group, mainly through a EUR2.2bn capital injection of which EUR1.9bn has been down-streamed to the bank and a EUR1.1bn bridging loan to repay debt to external creditors and group companies. The state has required a EUR2bn additional provision to cover the property finance portfolio and plans to separate it from SNS Bank. In December 2013, the European Commission announced its final decision on the restructuring plan of SNS REAAL after it was nationalised in February 2013. Being a 100% subsidiary of SNS REAAL, REAAL Insurance was also nationalised. In the restructuring plan, the Dutch state committed to, among other measures, the sale of the group's insurance operations. The decision leaves uncertainty over the future of REAAL Insurance. The intragroup positions between SNS Bank and REAAL Insurance have been reduced. This reduces group complexity and makes the bank and the insurers more independent in capital and liquidity ahead of the sale of the insurance operations. Figure 2 Structure Diagram SNS REAAL N.V. SNS Asset REAAL N.V. SNS Bank Management SRLEV N.V. (Life) REAAL Schadeverzekeringen N.V. (Non-Life) Source: SNS REAAL Insurance Activities 3 June 2014 Insurance Sovereign and Country Related Constraints Industry Profile and Operating Environment Fitch rates the sovereign obligations of the Netherlands at ‘AAA’ with a Cost Management Critical in Saturated Market Negative Outlook, and the Country Ceiling is similarly ‘AAA’. Therefore, the With EUR78bn of written premiums, the Dutch insurance market is the fourth-largest in the ratings of Dutch insurance European Union. The market is mature and has one of the highest insurance penetration rates organisations and other corporate in the world. In 2011, the Netherlands had the highest penetration level in Europe (excluding issuers are not directly constrained by Liechtenstein) with a ratio of 13.1% of premiums to GDP, followed by the UK (11.8%). The sovereign or macroeconomic risks. market is concentrated with the six largest groups accounting for almost 70% of total market share and offers limited growth potential. Given the limited growth opportunities, cost efficiency is a key driver for profitability. Dutch insurers have been successful in achieving their cost-cutting targets, and Fitch expects that further streamlining and optimisation of cost structures will be achieved in 2014. Life Insurance: Shrinking and Barely Profitable Market The life insurance market has declined sharply since 2007 as a consequence of tax changes allowing banks to compete on equal terms with insurers in the savings market. In addition, demand for unit-linked and single premium business dropped in the wake of the financial crisis. Premium income declined as the housing market stagnated and demand for mortgage-related term life insurance products declined. Although Fitch expects house prices to pick up from mid- 2014, the market for term life products remains highly competitive. The reputation of insurance companies was damaged by the mis-selling of unit-linked products. The poor reputation of insurance companies could have long-term negative implications for sales and further court judgments on mis-selling are still
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