18 April 2012 Company presentation Vienna Insurance Group.
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Transcript of 18 April 2012 Company presentation Vienna Insurance Group.
18 April 2012
Company presentation
Vienna Insurance Group
2
Vienna Insurance Group at one glance
active in 25 countries of Europe
operates about 50 insurance companies
Rating: A+ with a stable outlook (Standard and Poor's)
listed on the stock exchange in Vienna and Prague
approx. 25,000 employees working for VIG groupwide
headquartered in Vienna, Ringturm
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4
About 190 years in Austria and over 20 years in CEE
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Two important steps in corporate history:
Czechoslovakia
Success beyond borders
Austria
1824:Foundation of the first insurer that is part of today's Group
1990:VIG was one the first Western European insurance companies to venture into Central and Eastern Europe 1
2
1
2
5
Market entries
Focus on Central and Eastern Europe
Germany, Czech Republic,Slovakia
Hungary, Poland, Liechtenstein,Croatia, Italy
Romania, Bulgaria, Serbia Belarus
Slovenia, Ukraine
Georgia, Russia
Albania, Macedonia, Turkey
Baltic States, Acquisition of Erste Group insurance operations
Montenegro
Bosnia and Herzegovina
1996-99
2001/02
2004
2006
2007
1990
2008
2010
2011
6
Core markets Further VIG markets
Top market positions in Austria and CEE
Top 1 Top 5 Top 10
Austria Poland Bosnia and Herzegovina
Czech Republic
Serbia Hungary
Slovakia Croatia
Romania Ukraine
BulgariaMacedonia
Georgia Albania
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Business objectives
The VIG is aimed to achieve long-term continuous growth in premiums and earnings
Objectives of the Vienna Insurance GroupObjectives of the Vienna Insurance Group
Keeping the top position in Austria
Steady expansion of insurance activities in CEE
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Management principles
The five cornerstones of corporate strategy
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Long-term growth potential in CEE
Insurance density 2010 in EUR
Insurance density in the VIG core markets excl. Austria1 (~ EUR 207) far below the Western European level
Huge convergence potential of the CEE-countries in the life and non-life segment
Growth rates of insurance markets in CEE are significantly higher than those in Western Europe
Life Non-life
Source: In-house calculations based on publications by national insurance supervisory authorities and associations, the IMF and Swiss Re (Sigma)1 weighted average: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Ukraine
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Multi-channel distribution
The variety of distribution channels ensures optimum access to customers in every market.
Established channels of distribution are the key for building the Group's position.
The importance of the individual sales channels varies from company to company, depending upon the country’s legal framework as well as the level of development of its insurance sector and the specific business model
Bancassurance partner: Erste Group
Strong customer orientation
Effective distribution with multiple distribution channels
Salaried field staff and exclusive
agents
Non-exclusive agents
Brokers
Others (car dealers, direct
sales,…)
Bank distribution
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local brand = first name(individuality, local identity)
It helps to maintain the loyalty and commitment of local employees and managers.
Allows established, well known brands that already enjoy good customer recognition to be retained.
Established distribution relationships are also easier to continue.
…significantly differentiates VIG from other market participants
Vienna Insurance Group = family name(security, strength, internationality)
The multi-brand policy…
MANY BRANDS ONE GROUP
Group result 2011
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Development 2011
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Excellent development in difficult economic environment
Best result in company history
EUR 8.9 billion premium income (+3.4%) despite fluctuation in CEE-currencies
PBT: Excellent increase of 10.1% to EUR 559.01 million (yoy)
Combined Ratio at 96.8% (-1.6%p)
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Business development 2007-2011
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IFRS, in EUR million
Premiums written Profit before taxes
+10% yoy
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Premium income
Vienna Insurance Group with solid growth
Premiums written by lines of business, IFRS
in EUR million 2011 2010 +/- in %
Property/Casualty 4,579.30 4,350.04 5.3%
Life 3,944.22 3,904.81 1.0%
Health 360.15 338.16 6.5%
Vienna Insurance Group 8,883.67 8,593.01 3.4%
Thank you for your attention!
BACK-UP
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GeneralSecretariat
Group-Controlling
Internal Audit
InvestorRelations
Enterprise RiskManagement (Solvency II)
Actuarial Department
Country responsibilities
* Tasks performed by order of the principal shareholder Wiener Städtische Wechselseitige (Mr. Geyer / Mr. Fink); Responsible VIG: Mr. Kosyna
- Management of the VIG-Group
- Strategic questions- Public relations- Marketing / Sponsoring*- Law- Human resources
- International corporate and large customer business
- Vienna International Underwriters (VIU)
- Reinsurance
- Performance management personal insurance
- Asset management- Asset risk
management- Subsidiaries
department- Finance and
accounting
- Performance management motor vehicle insurance
- Project Internal capital model (Project Solvency II)
- Cost structure of the Group
- VIG RE
- Group IT / Back office
- SAP Smile Solutions
Organisational structure (status as of April 2012)
Managing Board
Members of the Extended Executive Board(Advisory function):
- Rudolf Ertl- Karl Fink- Hans Raumauf
Deputy members of the Managing Board:
- Martin Diviš- Roland Gröll- Judit Havasi
General Manager Günter Geyer
Deputy General ManagerPeter Hagen
Member of the Managing BoardFranz Fuchs
Member of the Managing BoardPeter Höfinger
Member of the Managing BoardFranz Kosyna
Member of the Managing Board, CFOMartin Simhandl
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Positive development of the CEE region
Premium income
Premiums written by region, IFRS
* Remaining markets include: Albania (incl. Kosovo), Baltic States, Bulgaria, Croatia, Georgia, Germany, Hungary, Liechtenstein, Macedonia, Serbia, Turkey and Ukraine
in EUR million 2011 2010 +/- in %
Austria 4,042.22 4,041.14 0.0%
Czech Republic 1,848.86 1,756.54 5.3%
Slovakia 678.83 647.87 4.8%
Poland 954.07 747.69 27.6%
Romania 502.87 528.05 -4.8%
Remaining markets* 856.82 871.72 -1.7%
Vienna Insurance Group 8,883.67 8,593.01 3.4%
CEE 4,625.72 4,295.62 7.7%
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Premium income
% share by region % share by lines of business
2011 (2010)
Figures for 2010 in brackets
Non-CEE47.9%(50.0%)
CEE52.1%(50.0%)
Property/Casualty51.5%(50.6%)
Life44.4%(45.5%)
Health4.1%(3.9%)