Post on 08-May-2015
transcript
Ageas: an international Insurance Group Bart De Smet, CEO AFC 25 February 2014
1824: Creation of AG Life in Belgium 1830: Creation of AG Fire
1919: AG introduces Group policies
1931: AG creates AG Permanent Health Insurance
1969: The different AG companies become AG 1824
1990: Creation of Fortis, a Belgo-Dutch insurance group out of AMEV/ VSB + AG
1993: Fortis acquires a majority interest in ASLK-CGER and lays the foundations of the bancassurance model
1998-2000: Fortis acquires the Generale Bank and becomes a solid bancassurer
2001: Fortis starts insurance activities in Asia
2007: Fortis acquires selected ABN AMRO-activities
2008: Fortis sells its banking activities and becomes a pure insurance player
September 2009: the insurer reveals its new strategy
A long history that started in 1824
AFC Leuven 25/02/2014
Fortis became Ageas in April 2010 Aiming to become the insurance partner by excellence in Europe & Asia
AFC Leuven 25/02/2014
Italy Portugal
France
UK
Belgium
Luxembourg
Turkey
China
India
Malaysia
Hong Kong
Thailand
Focus on Europe & Asia - Active in 12 countries
AFC Leuven 25/02/2014
End 2013: • Group inflows at
EUR 23.2 billion
• Insurance net profit at EUR 654 million
• Shareholders’ equity at EUR 8.5 billion
• Insurance solvency at 207%
• More than 13,000 employees & over 30,000 in the non-consolidated partnerships
AFC Leuven 25/02/2014
Company profile A solid mid-sized international insurance group based in Europe
Company Inflows FY12
99 85
70 52
39 32
30 29
27 24 23
21 21 20 20 19
17 14 14
10
AllianzAxa
GeneraliMunich Re
ZurichAvivaCNP*
Prudential*Talanx
BNP Paribas CardifCrédit Agricole
AgeasMapfre
INGAchmea (Ex-Eureko)
AegonSwiss LifeGroupama
CoveaFonsai
13
15 16
14
17 18
12
1 2 3 4 5 6 7 8 9 10 11
19 20
Source: Company Data
Ageas
EUR bn
Active under many local brands with solid market positions
Italy
UK
Portugal
Malaysia
China # 7 Life
> 100,000 agents
India
Belgium # 1 Life 27%
# 2 Non-Life 16%
Portugal # 1 Life
Italy # 1 Bancassurance
Non-Life
Malaysia #2 / #1 in Islamic insurance
Thailand # 2 in Life (#1 New Business),
# 7 in Non-Life
Turkey # 4 Non-Life
*
Partn
ers
Dis
tribu
tion
com
pani
es
Situation on December 31, 2013.
UK - # 2 Motor 3.6 million Motor policies
Largest Belgian Real Estate Group
EUR 6.1 billion
AFC Leuven 25/02/2014
AFC Leuven 25/02/2014
Life: leading position in Belgium, Portugal & Luxembourg
AXA
Belgium: n°1 in % FuM Lombard
Int
Sogelife
Other
Cali Europe
Cardif Lux Int
Source : FSA data - 2010
(27%) AG Insurance
Ethias
KBC Dexia
Others
AXA
Ethias KBC
P&V
Others AG Insurance
(16%)
Company profile We have strong market positions in Europe…
Luxembourg: n°2 in % FuM
Non-Life: leading position in Belgium & UK, growing in Italy, Turkey & Portugal Belgium: Solid n°2 in % GWP UK: 3rd largest car insurer in # vehicles insured
Source: Assuralia – 2011 market shares
(14%)
0
2,000
4,000
6,000
8,000
(000
)
Ageas acquired Groupama UK in 2012
AFC Leuven 25/02/2014
Company profile …While significant growth potential in Asia
Hong Kong
Malaysia
India Thailand
China
Shareholders structure
Based on number of shares as at 31 December 2013
Ageas3.02%
Ping An 5.18%
BlackRock, Inc.5.02%
Franklin Mutual Advisers2.97%
Norges Bank
BNPP & Fortis Bank Identified retail
investors16%
Identified institutional investors
39%
Other investors23%
Ageas Based upon press release 6 January 2014Ping An Based upon the number of shares mentioned in the notification received 6 May 2013
Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 22 August 2013BlackRock, Inc. Based upon the number of shares mentioned in the notification received 22 July 2013
Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012BNP P & Fortis Bank Based upon BNP Paribas notification 01 October 2012
Identified retail investors Estimate byIdentified institutional investors Estimate by
AFC Leuven 25/02/2014
Ageas’s vision towards 2015
AFC Leuven 25/02/2014
Ageas’s vision towards 2015
To have a diversified product offering
To capture growth in mature & emerging markets in Europe & Asia
To commit to our partners and their customers
To be where our customers want us to be
To focus on our insurance capabilities
5 strategic choices
AFC Leuven 25/02/2014
Clear financial and performance targets
AFC Leuven 25/02/2014
Six important values
AFC Leuven 25/02/2014
AFC Leuven 25/02/2014 Your partner in insurance
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