Deutsche Bank Andean Region...
Transcript of Deutsche Bank Andean Region...
Estrictamente Privado y Confidencial
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Deutsche Bank Andean Region ConferenceLondon, May 2017
Estrictamente Privado y Confidencial
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AGENDA
I. ILC at a Glance
II. ILC: Value Proposala. Proven expertise in realizing valueb. Industries with growth potential + internal improvement opportunitiesc. Disciplined capital management and strict corporate governance practicesd. Multiple avenues for consolidation & growth
III. Closing Remarks
IV. Appendix
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I. ILC at a Glance
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ILC AT A GLANCE
Dividend Yield 2016
8.5%at IPO’s price
ROE - Net Income 2016(1)(2)
12.1% - US$111 m.
(1) Excluding the extraordinary accounting effect related to the ILC-Prudential association in AFP Habitat for US$343 million(2) FX: CLP$650/USD$
We aim to improve the quality of life of our clients, by offering them efficient and accessible services, mainly in the financial and health sectors.
We favor the creation of value, efficiency and sustainability, guided by the values of our Controller, the Chilean Construction Chamber (CChC).
Mission:
Sectors where ILC participates
Financial & Health
AuM as of December 2016
US$57 bill.(2)
in AFP Habitat, Confuturo and Corpseguros
Local Risk Rating
AA+
Consolidated Employees
~12,300in Chile and Peru
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II. ILC: Value Proposal
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ILC: VALUE PROPOSAL
1.
Proven expertise in realizing value
2.
Industries with growth potential+ internal improvement opportunities
3.
Disciplined capital management and strict corporate governance practices
4.
Multiple avenues for consolidation & growth
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FOCUS ON THE FINANCIAL AND HEALTH SECTORS
2012Pre-IPO
Today
Financial Sector
96%
67.5% 99.9% 89.9% 99.9% 32.9% 99.9%
Health Sector IT
Financial Sector
Float:~50% international investors
~50% local investors67% 33%
40.3% 99.9% 50.6% 99.9% 99.9% 99.9%
Health Sector
Partnership
Education
Source: ILC 7Executed in 2015-2016
Pension Funds (Chile & Peru)
Pension Funds (Chile)
Healthcare Network (Chile)
Mandatory Health Insurance (Chile)
IT Platform (Chile) School Network (Chile)
Life Insurances (Chile)
SME Bank (Chile)
Healthcare Network (Chile)
Mandatory Health Insurance (Chile)
Supplementary Health Insurance (Chile)
Disability & Survivorship Insurance (Chile)
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72%
2%
21%
Others 5%
50%
39%
10%
7%5%
AFP Habitat and Isapre Consalud reduced their impact on results from 93% in 2010 to 55% in 2016
-12% (Vida Cámara, Others and ILC Individual)
ILC: Ordinary Net Result Pre-IPO (2010) ILC: Ordinary Net Result (2016)
GREATER DIVERSIFICATION OF RESULTS
Source: ILC
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43
(3)
84 86 73 94 96
106 112
111
11
72
52
34 34
343
95
157
125 128 130
106 112
11%
(0.9%)
22%
32%
20% 19% 18%
14% 15%
-10%
0%
10%
20%
30%
40%
50%
60%
(15)
35
85
135
185
235
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Ordinary Net Result Extraordinary Net Result ROE (right axis)
Ordinary net result growth
(2007-2016)+11%CAGR
~6%annual
450US$ m.
Dividend yield (1)
(2012-2016)
Extraordinary net result
(2007-2016)
US$60 m. annually (average)
1
2
3
CAPEX
(2012-2016)4
CONSISTENT RETURN GENERATION
US$ m.
450
ILC: Net Result and ROE Evolution
(1) Dividend yield at IPO’s priceSource: ILC. FX: 650 CLP$ / USD$ 9
453
49.6%
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ILC: VALUE PROPOSAL
1.
Proven expertise in realizing value
2.
Industries with growth potential+ internal improvement opportunities
3.
Disciplined capital management and strict corporate governance practices
4.
Multiple avenues for consolidation & growth
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Others18.4%
Consorcio18.6%
Confuturo + Corpseguros
16.6%
Metlife15.3%
Penta Vida13.9%
Bice Vida9.2%
Sura8.1%
LIFE INSURANCE INDUSTRY: DEMOGRAPHIC AND ECONOMIC POTENTIAL
Interest Rate: Programmed Withdrawal vs. Annuity Retirement Alternative Breakdown
Annuity Mkt. Share (Direct Premiums, 2016)Annuity Industry Gross Premiums (US$ m.)
US$4,225 m.
Source: AACh, SVS, Superintendencia Pensiones.FX: 650 CLP$ / USD$
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53%64% 63% 61%
71%73%
47% 36%37% 39%
29%
27%
35,246 34,78838,804 39,218
43,693
54,051
2011 2012 2013 2014 2015 2016
Annuities Programmed Withdrawal
2,379
2,874 2,9942,773
3,690
4,225
2011 2012 2013 2014 2015 2016
3.83% 3.82%
3.12%
2.94%3.23%
2.85% 2.72%
2.37%
2012 2013 2014 2015 2016 2017
Programmed Withdrawal Annuity Annuity
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7,155
8,583
2013 2016
392
702
2013 2016
ROE 201612%
Acquisition:November 2013
Acquisition price
US$ 134 m.Participation acquired
67.0%Multiple acquisition (P/B)
0.83x
Strategy:Financial turnaround
New asset allocationLower leverage derived from
new investment strategyMinority stake acquisition at
0.84x P/B
Annuity Direct Premiums (US$ m.)
Net Result (US$ m.)Portfolio Risk (December 2016)
+79% +20%
AuM (US$ m.)
13%
6%
% Real Estate
% Stocks
23%
3%
CONFUTURO: REFOCUSING ITS INVESTMENT STRATEGY AND CAPITAL STRUCTURE
Source: AACh, SVS and ILC. FX: 650 CLP$ / US$ 12
Principal
Metlife
Corpseguros
Confuturo before ∆+K
ConfuturoConfuturo 2013
Bice Vida
Security PentaConfuturo + Corpseguros
09
10
11
12
13
14
15
16
17
18
19
0% 2% 4% 6% 8% 10% 12%
Leve
rage (x
)
% Equity / AuM
(7.9)
24.0
50.6
65.2
2013 2014 2015 2016
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18.6%17.5%
14.7% 14.8%
17.2%
14.2%
11.0%
2010 2011 2012 2013 2014 2015 2016
Internal Credit Provided by Banking Sector 2015 (% GDP)GDP vs Bank Loans Growth (Chile)
IGPA Comparative ROE 2016Chilean Banking Industry ROE
Industry 2016 ROE
Banking 13.1%
Retail 12.6%
Construction & Real Estate 9.9%
Basic Materials 5.8%
Industrial 2.4%
CHILEAN BANKING INDUSTRY: PROFITABLE AND GROWING
Source: SBIF, World Bank, Bloomberg, BCS, Banco Central de Chile 13
194% 190%174%
147%134%
119% 111%
68%47%
37%5.8%
5.8% 5.5%4.0%
1.9% 2.3%1.6%
7.7%
17.3%
14.3%13.3%
10.7%12.2%
5.5%
2010 2011 2012 2013 2014 2015 2016
GDP Growth (real) Loans Growth (nominal)
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24.6 23.7 18.8
15.7
7.4
BBVA BICE Scotia Security
64.5 64.5 61.555.9
50.7
Security BBVA Scotia BICE
26.8
14.2
2015 2016
1,285
1,415
2015 2016
AAAAA AA
AA-A+
AA+
Scotia BICE BBVA Security - ILC
Loans (US$ m.) Risk Expenses (US$ m.)
Reciprocity(1) (Dec 2016, %)Efficiency (Dec 2016, %) Credit Rating (Dec 2016)
ROE 201610%
+10.1% -46.8%
Acquisition:November 2015
Acquisition price
US$ 100 m.Participation acquired
50.6%Multiple acquisition (P/B)
1.29x
Strategy:Turnaround
Focus on small and medium size companies
Risk and efficiency management
New board and management
BANCO INTERNACIONAL: FROM MACRO TO MICRO
(1) Time deposits / Total liabilitiesSource: SBIF, Banco Internacional. FX: 650 CLP$ / USD$
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Net Income (US$ m.)
0.1
14.4
2015 2016
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40%29% 21%
56%64%
69%
4% 7% 10%
1960 1992 2014
0-14 15-64 65+
Demographic Evolution (Population by Age)GDP vs. Health Expenditure 2015 (PPA, per Capita)
Beds (Every 1,000 Habitants)Physicians (Every 1,000 Habitants)
3.8
3.3
2.62.2
1.9 1.8
4.8
3.0 2.9
2.3 2.21.6
Australia
Chile
Germany
Japan
Mexico
Spain
Switzerland
Turkey
OECD
USA
0
2,500
5,000
7,500
10,000
10,000 20,000 30,000 40,000 50,000 60,000 70,000
2 X
Per Capita GDP PPA (US$/hab.)
Per
Cap
ita H
ealth
Exp
end
iture
PP
A
(US
$/h
ab
.)
Source: OECD Health Statistics 2015, Health at a Glance 2015, World Bank, INE
CHILEAN HEALTHCARE INDUSTRY: LACK IN SUPPLY FOR GROWING DEMAND
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1,141
920
612452
370296
5.9
14.1
2015 2016
41.9 57.0
9.7%
11.0%
05%
06%
07%
08%
09%
10%
11%
12%
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2015 2016
EBITDA Mg EBITDA
6.7x
4.6x
2015 2016
EBITDA Margin 2016
11%
Net Result (US$ m.) Net Debt / EBITDAEBITDA (US$ m.)
Number of Beds
+140%
Company EBITDA Mg. 2016
18.2%
13.2%
11.0%
10.8%
First-class healthcare assets across Chile
CAPEX L5Y
US$ 300 m.
Minority stake acquisition at 0.94x P/B
(June 2016)
Focus on efficiency and working capital
Improve synergies among the network
New management / corporate image renewal
Red Salud
Strategy:Operational turnaround
Comparable EBITDA Margins
-30.7%
+130 bps
Source: ILC, Clínicas de Chile AG (November 2016). FX: 650 CLP$ / USD$
RED SALUD: AFTER EXPANSION, FOCUS ON OPERATIONS
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• Prudential’s presence in Latam
• In March 2016 ILC associated with Prudential in AFP Habitat, in order to expand their footprint in the Latampension industry
• Prudential at a glance:
• Founded in 1875
• Presence in more than 40 countries
• Products:
• Life insurances• Annuities• Retirement products• Mutual funds• Investment management
• US$1,264 trillion in AuM / US$3.7 trillion inlife insurances
• 49,000 employees
• Market cap.: US$45 billion
Life insurance
Pensions
1997
1998
2006
2016
Source: Prudential
ILC – PRUDENTIAL ASSOCIATION IN AFP HABITAT
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Habitat27.3%
Provida26.2%
Cuprum20.4%
Capital19.6%
Planvital3.4%Modelo
3.1%
Habitat21.6%
Provida29.7%
Planvital10.4%
Cuprum8.1%
Modelo12.9%
Capital17.2%
Market Share by Contributors (December 2016)
Average Taxable Income in Chile (US$)
• AFP Habitat has a strong presence and recognition in the Chilean pension industry:
Investment Returns (Chilean Pesos)
Market Share by AuM (December 2016)
Source: Superintendencia de Pensiones. FX: CLP$650 per USD$
HABITAT CHILE: CONSOLIDATION IN THE HIGH-INCOME SEGMENT
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5.3 million
US$179billion
500
700
900
1,100
1,300
2008 2009 2010 2011 2012 2013 2014 2015 2016
Ave
rage T
axa
ble
Incom
e (U
S$)
Additional Taxable Income AFP Habitat Average Taxable Income IndustryRank Annualized Returns (Jan. 2016-Dec. 2016)
Habitat Capital Cuprum Modelo Planvital Provida
Fund A 2° 4° 3° 1° 6° 5°
Fund B 2° 4° 3° 1° 6° 5°
Fund C 2° 4° 3° 1° 5° 6°
Fund D 2° 4° 3° 1° 5° 6°
Fund E 2° 3° 4° 1° 5° 6°
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Habitat15%
Integra32%
Prima24%
Profuturo29%
Habitat2%
Integra40%
Prima32%
Profuturo26%
Peruvian Labor Force Breakdown (2015)
Workers: 15.8 m.
Market Share: AuM and Affiliates (December 2016)
(1) PPPS: Peruvian Private Pension SystemSource: SUNAT, INEI, CELADE, SBS. FX: 3.35 PEN$ / USD$
PERUVIAN PENSION INDUSTRY: FAVORABLE SCENARIO DRIVEN BY DEMOGRAPHY AND LOW LABOR FORMALITY
36%
64%
Independent Dependent
27%
73%
Formal Informal
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AuM: US$ 40,702 m. Affiliates: 6.3 m.
AuM per Affiliate December 2016 (US$)
Investment Returns PPPS(1) (Peruvian Soles)
Rank Annualized Returns (Jan. 2016-Dec. 2016)
Habitat Integra Prima Profuturo
Fund 1 1° 3° 2° 4°
Fund 2 1° 2° 3° 4°
Fund 3 1° 3° 4° 2°
916
8,109 8,790
5,879 6,498
Habitat Integra Prima Profuturo PPPS
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Cruz Blanca21%
Consalud20%
Banmédica20%
Colmena18%
Masvida16%
Vida Tres4%
Optima1%
Metlife22%
Security14%
Euroamérica11%
Vida Cámara10%BICE Vida
9%
Others34%
ConsaludAdverse regulatory scenario
due to judicializationsCommercial know-how
Currently implementing efficiency improvements
#4 largest company in supplemental health insurances in Chile
Experience in collective contracts
New CEO and commercial turnaround
Market Share Isapres by Contributors (December 2016) Market Share Supplemental Health Insurances by Premiums (December 2016)
Source: ILC, AACh, Superintendencia Salud. FX: 650 CLP$ / US$
US$700 m.1.9 m.
Vida Cámara
CONSALUD AND VIDA CÁMARA
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ILC: VALUE PROPOSAL
1.
Proven expertise in realizing value
2.
Industries with growth potential+ internal improvement opportunities
3.
Disciplined capital management and strict corporate governance practices
4.
Multiple avenues for consolidation & growth
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Net Financial Debt / Total Equity
DISCIPLINED CAPITAL MANAGEMENT
ILC’s debtUS$290 million (1)
Consolidated net debtUS$1,249 million (1)
ILC’s cashUS$140 million (1)
ILC Rating RiskAA+
Dividend Policy by Subsidiary
22(1) ILC Financial data as of December 2016FX: 650 CLP$ / US$
Debt: 70% BondsBanks 30% (1)
Amortization Schedule ILC (December 2016, US$ m.)
75
6 6 6 6 6 6 6 6 6 6
40 40 40
8 8 8 8 8
Bank Loans ILC-C ILC-D ILC-F ILC-H Liquidity (If: Stress Scenario)
Stress Scenario: Cash + Dividends from Subsidiaries – ILC Dividends @ 30% = ~US$120 m.
0.38x
0.55x 0.85x
0.69x
1.2x
1.0x
2013 2014 2015 2016
NFD/Equity Cov. D,F & H-Series Cov. C-Series
2016Distr. Net Income (US$ m)
Dividend Pol. % Ownership (%)
Habitat 112 90% 40.3%
Red Salud 11 100% 99.9%
Consalud 9 100% 99.9%
Vida Cámara - 100% 99.9%
Inversiones Confuturo 51 30% 99.9%
Banco Internacional 15 30% 50.6%
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STRICT CORPORATE GOVERNANCE STANDARDS
• Each of ILC’s subsidiaries has an independent Board of Directors and Management, who maximize the return of its company
67.0%
16.1%International Investors
Subsidiary’s Board of Directors
Subsidiary’s Management
• The Company is controlled by the Chilean Construction Chamber, a non-profit entity, which annually elects five of the seven directors of ILC during its Shareholders’ Meeting
Directors’ Committee
Investment Committee
ILC’s Board of Directors
ILC’s Management
ILC elects Board
Members
• ILC has a Committee of Directors, responsible for reviewing financial information and auditor’s reports, related parties transactions, remuneration systems, internal auditing procedures, among others
• ILC has also an Investment Committee responsible for reviewing financial decisions undertaken by ILC
• Other initiatives to enhance ILC’s Corporate Governance: Corporate Governance Manual, Ethic Code, Crime Prevention Model, Whistle Blows Channel, Comptroller, Management Control Department, among others
• The Chairman is elected for one year, renewable for a second period
Local Investors 16.9%
23
100%
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ILC: VALUE PROPOSAL
1.
Proven expertise in realizing value
2.
Industries with growth potential+ internal improvement opportunities
3.
Disciplined capital management and strict corporate governance practices
4.
Multiple avenues for consolidation & growth
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BASED ON 2015-2016’S FOCUSES, ILC HAS SEVERAL OPPORTUNITIES:
AFP Habitat: Inversiones Confuturo:
Consolidate its association with Prudential
Strengthen its regional footprint in Latam
Maintain its leadership in the annuity industry
Further improve returns on investments, maintaining an adequate leverage
Banco Internacional:
Improve operational and administrative efficiency
Focus in medium and small size companies
Consolidate its new Management Team
Consalud:
Further improve efficiencies in costs and SG&A
Continue developing innovative complementary products
Vida Camara:
Consolidate in Supplemental Health Insurances
Red Salud:
Improve operational efficiency andsynergies between the network
Consolidate its new Management Team
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3. Closing Remarks
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INVESTMENT HIGHLIGHTS
One of the largest Asset Managers in Latam
Consolidated controlling shareholder
Solid and stable credit risk rating
Proven access to capital markets
Demonstrated track-record in non-
discretionary industries
Attractive and consistent dividend
yield
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4. Appendix
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SUMMARIZED FINANCIAL STATEMENTS AND SUBSIDIARIES FIGURES
Figures as of December 2016 / FX: CLP$669.47 per USD$Inversiones Confuturo Net Debt: US$164 m./ ILC Net Debt: US$145 m. 29
Balance Sheet
Th. US$ 2016 2015
NON I NSURANCE ACTI V I TY ASSETS 1,392,261 1 ,691,251
Total Current Assets 382,288 388,509
Total Non Current Assets 1,009,973 1,302,742
TOTAL I NSURANCE ACTI V I TY ASSETS 8,736,924 8 ,051,848
TOTAL BANKI NG ACTI V I TY ASSETS 2,064,873 1 ,811,024
TOTAL ASSETS 12,194,059 11,554,123
NON-I NSURANCE ACTI V I TY LI AB I LI TI ES 1,056,477 1 ,258,294
Total Current Liabilities 442,173 710,061
Total Non Current Liabilities 614,304 548,233
I NSURANCE ACTI V I TY LI AB I LI TI ES 8,127,764 7 ,492,900
BANKI NG ACTI V I TY LI AB I LI TI ES 1,878,597 1 ,629,136
TOTAL LI AB I LI TI ES 11,062,839 10,380,330
1,017,096 757,689
Non-Controlling Interests 114,124 416,104
TOTAL EQUI TY 1,131,220 1 ,173,793
TOTAL LI AB I LI TI ES + EQUI TY 12,194,059 11,554,123
Equity Attributable to Owners of the Parent Company
I ncome Statement
Th. US$ 2015
NON-I NSURANCE ACTI V I TY
Operating Result 35,637 34,882
Non Operating Result 13,687 (32,676)
Profit (Loss) Before Tax 49,324 2,207
Profit (Loss) from Discontinuing Operations 342,307 122,641
Non-I nsurance Activi ty Pro f i t 386,371 120,698
I NSURANCE ACTI V I TY
Operating Result 79,196 35,385
Non Operating Result (19,271) 9,625
Profit (Loss) Before Tax 59,925 45,011
I nsurance Activi ty Pro f i t 59,096 40,742
BANKI NG ACTI V I TY
Operating Result 14,271 (3,881)
Non Operating Result 257 5
Profit (Loss) Before Tax 14,528 (3,876)
Bank ing Activi ty Pro f i t 12,993 (3,038)
PROFI T (LOSS) FOR THE PER I OD
440,256 108,267
Pro f i t Attributab le to Non-Contro l l ing I nterest 18,204 50,135
2016
Pro f i t Attributab le to Owners o f the Parent Company
I nd ividual Results
(Dec 2016, USD$ Th)AFP Hab itat Confuturo Co rpseguros
Banco
I nternacionalRed Salud Consalud V ida Camara
I ndustry Pens ion Funds Life I nsurances Life I nsurances Bank ingHealthcare
Provider
Mandato ry Health
I nsurance
Vo luntary Health
I nsurance
Revenues 249,954 800,727 364,267 72,896 501,678 598,311 140,440
EB I TDA / EB I TDAE N.A. N.A. N.A. N.A. 55,302 N.A. N.A.
Net I ncome 130,935 29,686 33,567 14,115 11,039 5,403 (843)
Assets 592,050 5,003,942 3,575,867 2,012,962 585,215 150,887 181,115
Liab i l i t ies 126,319 4,693,486 3,308,502 1,868,235 389,073 133,084 125,799
Equity 465,736 310,456 267,365 144,728 196,141 17,803 55,316
% ownership I LC 40.3% 99.9% 99.9% 50.6% 99.9% 99.9% 99.9%
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Voluntary Savings
Pension Funds Pensions Health Insurance Healthcare Providers
GR
OS
S S
ALA
RY
10%Mandatory contribution:Fee:1.27% of gross salary
7%
Voluntary additional contribution
0% -40% Taxes
NE
T S
ALA
RY
Voluntary contribution
PE
NS
ION Programmed withdrawal
Annuity
Mandatory contribution
ILC PARTICIPATES IN NON-DISCRETIONARY INDUSTRIES
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-0.22%
1.68%
2.48%
3.49%
4.32%
-0.87%
1.07%
1.74%
2.60%
3.89%
A B C D E
Habitat System
27%
3%3%
20%
20%
26%
21%
6%
5%
22%8%
37%
5
CHILEAN PENSION FUNDS REPRESENTED 69% OF GDP IN 2016
Market Players(all private)
Fee*(% on gross salary,
capped at ~US$2,600)
Affiliates10.2 million
Contributors5.3 million
Pensioners1.4 million
1.27%0.41% 0.77% 1.44% 1.48% 1.54%
AuMUS$179 Billion
Taxable Income
(Average, US$)
B
A
C
D
E
Distribution of assets in the Industry by type of fund
AHigher risk
ELower risk
2 3 41 6
Return of Funds 2016 (Real, CLP$)
97% correspond to dependent workers
Invested in: With a return of:
FX: CLP$650 per USD$. Source: Superintendencia de Pensiones*AFP Provida will reduce its fee to 1.45% since June 2017 31
20%
11%
15%17%
6%
31%22%
10%
13%17%
8%
30%
A12%
B14%
C35%
D17%
E21%
US$ 1,243US$ 813 US$ 896 US$ 1,147
US$ 2,023
US$ 899
1
2
34
5
6
1
2
34
5
6
1
2
3
4
5
6
1
2
3
4
5
6
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US$ 1,193 US$ 1,491 US$ 1,349 US$ 1,519
US$ 367
US$ 1,461 US$ 1,365
97% OF CHILEANS ARE COVERED BY HEALTH INSURANCES, OF WHICH 75% IS MANAGED BY THE PUBLIC SECTOR (FONASA)
20.7%
15.9%
20.9%
4.3%
0.6%
16.8%
20.7%
Banmédica
Cruz Blanca
Masvida
Vida Tres
Optima
Source: Superintendencia de Salud, statistics 2014Dimensionamiento del Sector de Salud Privado en Chile - 2014
Supporter
Insurer
A
C
D
E
Isapre Fonasa OthersTotal Beneficiaries
13.5 MTotal Beneficiaries
3.3 M
Consalud
Colmena
Total Beneficiaries1.1 M
Market Players(Private and open)
Market share at the level of beneficiaries to open Isapres
Average Contribution(Annual, US$)
Loss Ratio
*
Provider Private sector, according to chosen plans with Isapres
Public sector
A - B
Public sector and some private providers
C - D
Armed Forces
Chilean Army
Chilean Navy
Chilean Air Force
Chilean Police
Private sector, according to chosen plans with Isapres
Government(7% on taxable salary, capped at aprox US$3,000; with an average contribution of 10% in the case of Isapres)
FX: CLP$650 per US$ 32
86.7% 87.5% 86.3% 84.9%43.2%
88.2% 87.9%
Estrictamente Privado y Confidencial
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THE PRIVATE HEALTHCARE SYSTEM PLAYS AN IMPORTANT ROLE TO MEET CHILEAN DEMAND FOR HEALTH
30%
70%
Public
48%
52%
Public
66%
18%
2%4%
10%
53.7%
22.7%
3.4%
11.5%
8.6%Geriatric and Phys. Clinics
Source: Dimensionamiento del Sector de Salud Privado en Chile – 2014Health at a Glance 2015
Private
Total Health Expenditure8.8% of GDP
Hospitals and Clinics~ 350
Public Hospitals
Private Clinics
Mutuals
Others
Public Hospitals
Private Clinics
Mutuals
Geriatric and Phys. Clinics
Others
Beds ~ 38 thousand
Private
Doctors~ 30 thousand
Red Salud: 858 beds
Red Salud: 11 private clinics
Geographic Distribution of Doctors in Chile
North2,418 doctors83.7 habitants by doctor
Center - North21,899 doctors47.1 habitants by doctor
Center - South4,415 doctors75.7 habitants by doctor
South1,264 doctors85.1 habitants by doctor
Private
Dentists~ 16 thousand
54%
46%
Public
Private
Nurses~99 thousand
33
8.6%
Estrictamente Privado y Confidencial
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Disclaimer:This document provides information about ILC Inversiones S.A. In any case this constitutes a comprehensive analysis of the financial, operational and sales situation of the Company, so to evaluate whether to purchase or sell securities of the Company, the investor must conduct its own independent analysis.In compliance with the applicable rules, ILC Inversiones S.A. publishes this document in its web site (www.ilcinversiones.cl) and submits to the Superintendencia de Valores y Seguros, the financial statements of the company and its corresponding notes, which are available for consultation and review.
Contact Information:Trinidad Valdés / IR Department / +56 2 2477 4673 / [email protected] / www.ilcinversiones.cl Camila Tagle / IR Department / +56 2 2477 4680 / [email protected] / www.ilcinversiones.cl