Your SlideShare is downloading. ×
0
Axa Presentation
Axa Presentation
Axa Presentation
Axa Presentation
Axa Presentation
Axa Presentation
Axa Presentation
Axa Presentation
Axa Presentation
Axa Presentation
Axa Presentation
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Axa Presentation

1,721

Published on

Published in: Business, Economy & Finance
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
1,721
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
49
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Sales Congress 2010 Hilton Athens 6.3.2010 Eric Kleijnen CEO
  • 2. Evolution « after » 2008 financial downturn? <ul><li>End of an acute phase? Possibly. </li></ul><ul><li>Economic recovery under way? Probably but regionally segmented. No big improvement in 2010. </li></ul><ul><li>Unemployment as a painful issue, probably for years. </li></ul><ul><li>Financial markets partially recovered but still weak / hesitating. </li></ul>The real economy is thrilling Industrial production (percent change) Baltic Exchange Dry Index
  • 3. AXA Group : solid results in a volatile environment Solid earnings Increased financial strength Strong rebound in dividend & Embedded Value <ul><li>Underlying earnings: 3.9B€ (vs 4B€ in 2008) </li></ul><ul><li>Net income: 3.6B€ (vs. 0.9 B€ in 2008) </li></ul><ul><li>Solvency I up 44 pts to 171% (equivalent to level before crisis) </li></ul><ul><li>Debt gearing down 8 pts to 26% of total financial assets </li></ul><ul><li>Dividend up 38% to 0.55€ per share </li></ul><ul><li>Group Embedded Value up 49% to 13.4€ per share </li></ul>Resilient business and model <ul><li>Total revenues: down 3% to 90.1B€ </li></ul><ul><li>Life & Savings: net inflows of 8.6B€ </li></ul><ul><li>New business value up 5% to 1.1B€ </li></ul>
  • 4. AXA Group: Revenues Resilient vs. FY08 Revenues by segment 2,841 Asset Management 3,947 In Euro million FY08 International Insurance 412 Banking & Holdings 2,860 3,074 FY09 395 91,221 Revenues 90,124 P&C 26,039 26,174 L&S 57,977 57,620 +2% -25% % -2% -1% +1% -4% Mediterranean & LA region -32% -7% +13% +11% -6% +1%  Changes are on a comparable basis  NORCEE UK &Ireland North America France Asia-Pacific (incl. Japan)     * Excluding International Insurance, Asset Management, Banking and Holdings In Euro billion  Insurance revenues by region
  • 5. A steady growth… 2004 2005 2006 2007 Merger with Norwich Union in the Gulf Region Acquisition of Seguro Directo Acquisition of Winterthur Acquisition of Alpha Insurance Acquisition of Minority Shareholder Joint Venture with Monte dei Paschi di Siena (MPS) Acquisition of Minority Shareholder Direct Seguros 2008 Acquisition of Minority Shareholder Acquisition of ING Seguros 2009 AXA launches a 2 B € rights issue to finance acquisition opportunities Romania Algeria Serbia 2010 Bulgaria Albania Fyrom BALKANS Green fields Azerbaijan
  • 6. Current situation of Greek main economic indicators GDP: -1.2% (-2.5% anticipated in 2010) Public Deficit 12.7% of GDP in 2009 Stock Exchange +22.93% Public debt 303 B€ in 2009 or 113% of GDP Unemployment 10.6% in Nov vs. 9.5% EU average Manufacturing -7.6% Inflation 2.6% in 2009 vs. 1.4% Eu average 10 years bonds spreads 300 Private consumption -1.5% Imports -16% Exports -24.7% Residential construction -28.1% as of Nov. 2009
  • 7. Greece : insurance industry <ul><li>WRITTEN PREMIUMS - 3% </li></ul><ul><ul><li>2009 : 2.428 B€ </li></ul></ul><ul><ul><li>2008: 2.502 B€ </li></ul></ul><ul><li>Drop in INVESTMENT products </li></ul><ul><li>Compensation via PENSION (+4.22%) and GROUP policies (+14.28%) </li></ul><ul><li>WRITTEN PREMIUMS +4% </li></ul><ul><ul><li>2009: 2.915 B€ </li></ul></ul><ul><ul><li>2008: 2.809 B€ </li></ul></ul><ul><li>Motor TPL: + 9.05% </li></ul><ul><li>Property + 1.85% </li></ul><ul><li>Assistance + 15.45% </li></ul>L&S P&C
  • 8. Greece : insurance industry <ul><li>Solvency II as one of the most critical events in insurance for the next 10 years: </li></ul><ul><ul><li>In force from 2012 </li></ul></ul><ul><ul><li>Objective: better secure consumers through closer / tighter risk management. </li></ul></ul><ul><ul><li>Increased capital requirements in demanding financial markets. </li></ul></ul><ul><ul><li>Exposure to risk will be more expensive for shareholders and consumers. </li></ul></ul><ul><ul><li>Insurers will take risks but better care about pricing, conditions and accumulations </li></ul></ul><ul><li> more discipline in markets. </li></ul><ul><ul><li>Closer / more demanding supervision. </li></ul></ul><ul><li>Combined ratios: increasing in Health and Motor  will we hit the wall? </li></ul><ul><li>Impact of recent fiscal measures (as VAT)  further price increases </li></ul>
  • 9. AXA Greece’s results in a volatile environment In Euro million FY08 FY09 50/50 Combined ratio 94% 95% Gross revenues 100 110 FY10 94% 118 P&C In Euro million FY08 FY09 APE 20 15 Gross revenues 127 108 FY10 25 163 (?) NBV / APE ratio 12% 21% 25% AXA GREECE <ul><li>Underlying IFRS earnings </li></ul><ul><ul><li>2008: 9.1 M€ </li></ul></ul><ul><ul><li>2009: 11.1 M€ (1) </li></ul></ul><ul><ul><li>2010 (obj) 12.0 M€ (1) </li></ul></ul><ul><ul><li>(1) After impact of Greek fiscal measures and </li></ul></ul><ul><ul><li>cost of Transformation project </li></ul></ul>L&S
  • 10. AXA in the Greek market AXA <ul><li>Multi-channel distribution </li></ul><ul><li>AXA global Group </li></ul><ul><li>Reputation & clean / strong name </li></ul><ul><li> High-solvency (174%) </li></ul><ul><li>Huge investment in the </li></ul><ul><li>business despite the turmoil </li></ul><ul><li>Poor customer data </li></ul><ul><li> no customer segmentation </li></ul><ul><li>Still limited systems & processes </li></ul>+ - MARKET <ul><li>Potential… providing all parties do </li></ul><ul><li>their job </li></ul><ul><li>Insecurity due to the financial turmoil </li></ul><ul><li>Better governance </li></ul><ul><li>Greek budget issues </li></ul>OPPORTUNITIES THREATS <ul><li>Global & local instability </li></ul><ul><li>Pressure on revenues </li></ul><ul><li>Unemployment </li></ul>
  • 11. Our strategic goals … Profitability ³ Property & Casualty <ul><li>Motor </li></ul><ul><ul><li>Segmented offer </li></ul></ul><ul><ul><li>Re-pricing acc. costs </li></ul></ul><ul><ul><li>Enhance productivity </li></ul></ul><ul><ul><li>U/W (bonus/malus, </li></ul></ul><ul><ul><li>addresses, etc) </li></ul></ul><ul><li>Retail property </li></ul><ul><ul><li>Review offer </li></ul></ul><ul><ul><li>Dedicated packages </li></ul></ul><ul><li>SMEs </li></ul><ul><ul><li>&quot;Shops around the corner “ </li></ul></ul><ul><ul><li>& offices </li></ul></ul><ul><ul><li>Risk monitoring </li></ul></ul><ul><li>P&C commercial lines </li></ul><ul><ul><li>Secure profitability </li></ul></ul>Life & Savings <ul><li>Health </li></ul><ul><ul><li>Secure profitability </li></ul></ul><ul><ul><li>Customers call center </li></ul></ul><ul><ul><li>Partnerships </li></ul></ul><ul><ul><li>Claims control </li></ul></ul><ul><li>Life </li></ul><ul><ul><li>Retention </li></ul></ul><ul><ul><li>Emphasize Protection </li></ul></ul>Moments of truth <ul><li>Transformation </li></ul><ul><ul><li>1st phase : Motor (retail & com.), retail property, SMEs, yachts/ cargo and Health </li></ul></ul><ul><ul><li>2nd phase : commercial P&C </li></ul></ul><ul><ul><li>3rd phase : L&S </li></ul></ul><ul><li>Collection </li></ul><ul><ul><li>Make process efficient, also for customers </li></ul></ul><ul><ul><li>Increase speed </li></ul></ul><ul><ul><li>No laxity on the agenda </li></ul></ul><ul><li>Loss ratio </li></ul><ul><ul><li>Insurance is capital intensive </li></ul></ul><ul><ul><li>Combined ratios of all business lines must be <95% </li></ul></ul><ul><ul><li>Specific focus on Health, Motor & Commercial Lines </li></ul></ul>

×