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The New Big Player in the Portuguese Market

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The New Big Player in the Portuguese Market AGEAS GROUP THE NEW BIG PLAYER IN THE PORTUGUESE MARKET STRUCTURAL CHANGES FROM BELGIUM TO THE WORLD FULLCOVER MEETS STEVEN BRAEKEVELDT, AGEAS PORTUGAL GROUP CEO MDS MAGAZINE — FULLCOVER STRUCTURAL CHANGES IN THE PORTUGUESE MARKET Over its past three issues, Insurer partnerships move away sector which reverberated throughout the fullcover has profiled from banks insurance industry. National financial groups faced serious shake ‑ups; one the top 3 groups at the There have been many changes in the dramatic example was on 3 August top of the Portuguese Portuguese insurance sector. In 2010 – 2014 when Banco Espírito Santo was the year Portugal faced a major financial incorporated into Novo Banco (Espírito insurance market. crisis that took four years to reverse – life Santo owned Tranquilidade, T ‑Vida and We started with Fosun business in the insurance market was BES Vida, rebranded as GNB Vida). On 15 worth 16,340 billion Euros. Seven years December 2015, the bank Banif was sold (fullcover #9), which later, it had dwindled to 11,55 billion. This to Santander and its insurer Açoreana was holds Fidelidade, looked dramatic downturn reflects the appeal put under the control of Apollo Global of different financial products in the Management. at Tranquilidade and market. For non‑life, the 2017 market was Apollo Global Management worth 4,49 billion Euros. The top 10 insurers in 2009 represented Insurance and banking (fullcover #10) and 78.5% of the market. With the exception separate wrapped it up with the of Allianz and AXA, most Portuguese insurers were owned by banking groups Between 2014 and 2017, some two billion profile of Ageas Group and along with Santander Totta Seguros, Euros changed hands in Portuguese (fullcover #11). were supported by foreign capital. In insurer acquisition deals. Bank ‑led 2017, only BPI Vida e Pensões (life and financial conglomerates felt the need pensions) and Bankinter Life Insurance to release capital to comply with Basel (a joint venture between Bankinter and ratios and banking union standards. “It’s Mapfre) were owned by a banking group all about regulations. Banks must have and no insurer had Portuguese ‑majority ratios conforming to Basel solvency rules capital investment. The top 10 insurers and the stakes they have in insurance account for 79.86% of the market. companies do not count towards the The financial collapse in 2008 and capital ratio. Therefore, when they sovereign debt crisis of 2011, which led to exchange shareholdings for money, they intervention by troika in Portugal (a team end up with capital that is not recognised comprising IMF, Central European Bank by regulatory ratio requirements,” and European Commission members), says Carlos Maia, partner at PwC and had major repercussions for the banking insurance industry specialist. The capital 34 AGEAS GROUP Changes to solvency rules requirements demanded by Solvency II companies will now be branded Aegon and difficulties in meeting have motivated banks to sell off insurers, Santander Portugal Vida and Aegon opening up the market to new players. Santander Portugal. Another market premium growth targets will These businesses resort to the newcomer is the Chinese group Fosun; it lead to mergers. Companies bancassurance blueprint; insurers owns Fidelidade, an insurer that secured exclusively agree to distribute products 31.59% of the market in 2016 — 3.8% more will grow in size leading to through bank networks, securing access than 2009. Apollo Global Management theoretically, consolidation to significant distribution channels, while also made an entrance by acquiring strengthening their capital control of Tranquilidade, Açoreana, T ‑Vida and and stronger businesses these operations. Advancecare. It established the holding in the long run. Scale may Such changes pose new regulatory company Seguradoras Unidas and in 2016 challenges. Lawmakers must not only secured 6.7% of the market. Ageas took help, but scale alone is not assess how well new shareholders over BCP ‑connected insurers and, more the key to success. Efficient know the sector and its regulation, recently, Axa Seguros, which provides it but ensure their medium to long‑term with a 19.07% market share. organisations, regardless of business strategies are robust. Gabriel The largest insurers in Portugal now their size, have a competitive Bernardino, chairman of EIOPA, which belong to foreign shareholders. Those regulates insurance in the EU, informed currently with Portuguese shareholders advantage and that’s the Jornal de Negócios: “These elements are CA Seguros, CA Vida, Caravela, driver of growth. are key to insuring sound, prudent and Lusitania, Lusitania Vida, and Real Vida. sustainable business management; they Low profitability on equity due to slim identify potentially disruptive factors and technical and financial margins has made conflicts of interest and guarantee risk‑ national insurers vulnerable. This equally ‑taking doesn’t jeopardize policyholder applies to some multinational insurers, protection.” who with little market penetration in Portugal has chosen to pull out and invest in markets with greater strategic value. Leaders and innovators More recently, Global Seguros was acquired by Açoreana, Real Seguros and Changes to solvency rules and difficulties N Seguros by Lusitania and Real Vida in meeting premium growth targets by Patris. The German group Ergo sold will lead to mergers. Companies will Victoria in 2011 to French group SMABTP. grow in size leading to theoretically, Sagres rebranded itself Caravela consolidation and stronger businesses Companhia de Seguros, Groupama sold in the long run. Scale may help, but scale its Portuguese operation to the Chinese alone is not the key to success. Efficient company China Tianying, and the Lone organisations, regardless of their size, have Star fund (US), having acquired Novo a competitive advantage and that’s the Banco through Nani Holding, will now driver of growth. You can expect — and control the insurers GNB Vida and GNB this has happened before — that niche Seguros. In September 2017, the Mutual companies will emerge, assessing risk in Benefit Organization Montepio Geral, highly‑sophisticated areas or with highly‑ which owns the Montepio bank and ‑automated business models supported insurer Montepio Seguros e Futuro, by innovative technologies. You can also Sociedade Gestora de Fundos de Pensões expect new kinds of collaborative projects (pension fund management), entered such as competing insurers sharing into partnership with the Chinese group, back ‑office services and differentiating CEFC China Energy. In November, a themselves through their relationships capital increase of 150 million Euros gave with distributors and customers. CEFC China Energy a 60% control of the insurance group which includes Lusitania Seguros (non‑life), Lusitania Vida (life) and Extending the global reach N Seguros (Auto via remote channels). • These businesses have attracted new international players to the sector such as the Dutch insurer Aegon which, having acquired a 51% stake in Santander Totta, returns to the Portuguese market. These 35 AGEAS IN THE WORLD Luxembourg Nº1 in Life Belgium Nº1 in Life Nº2 in Non ‑Life United Kingdom Nº2 in Motor France Portugal Nº2 in Life China Nº3 in Non‑life Nº6 in Life Nº2 in Health Nº1 in Pensions Turkey Vietnam Cambodia Nº4 in Non ‑Life India The Philippines Belgium UK Thailand Singapore Nº2 in Life Malaysia Continental Europe Nº4 in Non ‑Life Nº5 in Life Asia Nº3 in Non ‑Life KEY FACTS 40,000 38 Top 20 employees million insurer customers in Europe. Founded in 2017 business 1824 volume approx. €34BN (+7%) 36 AGEAS GROUP AGEAS GROUP FROM BELGIUM TO THE WORLD Our success is the result Strategy for success growth in Asia, a solid performance in of great teamwork by many continental Europe, thanks to increased Looking ahead, the business has a clear healthcare, motor and household policies skilled and experienced people strategic growth plan. Called Ambition sales in Portugal and a solid performance from diverse backgrounds. 2018, it represents a roadmap with key in motor and home insurance in Belgium. strategic targets aimed at achieving success and delivering to stakeholders. Bart De Smet Portugal’s strategic potential The strategy focuses on seven key areas: CEO Ageas → Long ‑term partnerships, collaborating Having been in Portugal since 2005, with best in class local partners. supporting brands such as Ocidental → The right balance between mature and Médis and through its partnership Ageas describes itself as an international markets and growth markets across with Millennium BCP, the Ageas Group insurer with a local identity. For a Europe and Asia. has always recognized the Portuguese business whose heritage spans some 194 → Offering a wide variety of insurance market’s strong strategic potential. years, it has a clear strategic vision and products and services for retail and Demonstrating its ongoing commitment a simple premise and goal; to provide business customers. to partnership development, in 2015 customers, at every stage of their life, → Meeting the demands of our Ageas acquired AXA Portugal; a business with peace of mind when they need it customers, for simple, convenient with remarkable synergies. most. As a result, Ageas is able to say that and personalised insurance products Continued investment has earned it ranks among the market leaders in all and services. Ageas Portugal client and market respect, the countries in which it operates. → A disciplined approach to sharing
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