Ageas is a large insurance company operating in Europe and Asia. It has a balanced portfolio between life and non-life insurance as well as mature and emerging markets. While Ageas has strong market positions, it faces challenges from the economic environment including low interest rates, regulatory changes with the new Solvency II regulations, and improving operational performance in non-life insurance. Ageas has taken steps to reduce risk in its investment portfolio and improve underwriting results. It remains well capitalized and is preparing for the new regulatory regime.
Presentation given to investors and media by Aegon CEO, Alex Wynaendts and CFO, Darryl Button, on 14 August 2014. The presentation includes a review of both financial earnings and non-financial results in the second quarter of 2014.
2016 Annual General Meeting of Shareholders Aegon N.V.Aegon
Shareholders are invited to attend the 2016 Annual General Meeting of Shareholders (AGM) of Aegon N.V. on Friday May 20, 2016 at 10.00 a.m. at Aegon's head office in The Hague, the Netherlands.
Aegon presents its Q4 2014 results, reporting higher earnings and sales for Q4 2014. Proposal to increase final dividend to EUR 0.12 per share. For further detail visit http://www.aegon.com/results
Adrian Grace, Aegon UK CEO and Clare Bousfield, Aegon UK CFO provide analysts with an update on Aegon UK's performance, strategy and the challenges and opportunities facing the company.
Presentation given to investors and media by Aegon CEO, Alex Wynaendts and CFO, Darryl Button, on 14 August 2014. The presentation includes a review of both financial earnings and non-financial results in the second quarter of 2014.
2016 Annual General Meeting of Shareholders Aegon N.V.Aegon
Shareholders are invited to attend the 2016 Annual General Meeting of Shareholders (AGM) of Aegon N.V. on Friday May 20, 2016 at 10.00 a.m. at Aegon's head office in The Hague, the Netherlands.
Aegon presents its Q4 2014 results, reporting higher earnings and sales for Q4 2014. Proposal to increase final dividend to EUR 0.12 per share. For further detail visit http://www.aegon.com/results
Adrian Grace, Aegon UK CEO and Clare Bousfield, Aegon UK CFO provide analysts with an update on Aegon UK's performance, strategy and the challenges and opportunities facing the company.
Aegon Group Treasurer, Karen Wright provides an investor update on capital, cash and capital deployment, assumptions and sensitivities. For further information visit http://www.aegon.com/investors
Update on Aegon's key markets and business performance, given by Clare Bousfield, CFO of Aegon UK. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05. Or visit www.aegon.com
Update on Aegon's strategy, performance and positioning to maximize future opportunities. Presented by Aegon Investor Relations Officers, Bradley Roberts and Jan Willem Weidema. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
Aegon reports strong increase in net income in 1Q 2017. Highlights include: Underlying earnings up 6% driven by US expense reductions and higher fee income; continued strong sales and improved margins; solvency II ratio stable at 157%.
Aegon reported disappointing underlying earnings this quarter, primarily due to adverse claims experience in the US. We maintained the strong momentum in growing our business profitably, despite the persistent low interest rate environment. Moreover, the record sales that we achieved across the company highlight the trust we enjoy from a growing number of customers who are choosing Aegon to help them secure their financial futures.
Aegon & La Banque Postale strategic partnershipAegon
In June 2015 Aegon Asset Management and La Banque Postale formed a long term strategic partnership. Under the terms of the agreement, Aegon has acquired a 25% stake in La Banque Postale Asset Management (external link) (LBPAM) for a consideration of EUR 112.5 million. LBPAM is the fifth largest asset manager in France, with approximately EUR 150 billion assets under management. For further details visit: http://www.aegon.com/LBP
It is clear that among investors there is a widely-held aspiration for more ‘long-term’ investing: investing that is both rewarding and sustainable for the future.
David Paulsen, President Transamerica Distributors, talks Aegon’s strategy, the US insurance market, Transamerica’s products and services, and answers audience Q&As.
Dutch Residential Mortgage Market Update & the SAECURE programAegon
An update on the Dutch residential mortgage market, the Dutch economy, Aegon's mortgage business and its SAECURE program. The SAECURE program was initiated in 2000 and is managed by Aegon subsidiaries Aegon Levensverzekering N.V. and Aegon Hypotheken B.V.. Aegon's proven underwriting criteria and servicing have led to the high performance of outstanding SAECURE transactions.
Aegon Americas Strategy Update - September 8, 2014Aegon
Mark Mullin, Aegon Americas CEO, provide analysts with an update on Aegon's performance, strategy, and the challenges and opportunities in the Americas.
Aegon Group Treasurer, Karen Wright provides an investor update on capital, cash and capital deployment, assumptions and sensitivities. For further information visit http://www.aegon.com/investors
Update on Aegon's key markets and business performance, given by Clare Bousfield, CFO of Aegon UK. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05. Or visit www.aegon.com
Update on Aegon's strategy, performance and positioning to maximize future opportunities. Presented by Aegon Investor Relations Officers, Bradley Roberts and Jan Willem Weidema. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
Aegon reports strong increase in net income in 1Q 2017. Highlights include: Underlying earnings up 6% driven by US expense reductions and higher fee income; continued strong sales and improved margins; solvency II ratio stable at 157%.
Aegon reported disappointing underlying earnings this quarter, primarily due to adverse claims experience in the US. We maintained the strong momentum in growing our business profitably, despite the persistent low interest rate environment. Moreover, the record sales that we achieved across the company highlight the trust we enjoy from a growing number of customers who are choosing Aegon to help them secure their financial futures.
Aegon & La Banque Postale strategic partnershipAegon
In June 2015 Aegon Asset Management and La Banque Postale formed a long term strategic partnership. Under the terms of the agreement, Aegon has acquired a 25% stake in La Banque Postale Asset Management (external link) (LBPAM) for a consideration of EUR 112.5 million. LBPAM is the fifth largest asset manager in France, with approximately EUR 150 billion assets under management. For further details visit: http://www.aegon.com/LBP
It is clear that among investors there is a widely-held aspiration for more ‘long-term’ investing: investing that is both rewarding and sustainable for the future.
David Paulsen, President Transamerica Distributors, talks Aegon’s strategy, the US insurance market, Transamerica’s products and services, and answers audience Q&As.
Dutch Residential Mortgage Market Update & the SAECURE programAegon
An update on the Dutch residential mortgage market, the Dutch economy, Aegon's mortgage business and its SAECURE program. The SAECURE program was initiated in 2000 and is managed by Aegon subsidiaries Aegon Levensverzekering N.V. and Aegon Hypotheken B.V.. Aegon's proven underwriting criteria and servicing have led to the high performance of outstanding SAECURE transactions.
Aegon Americas Strategy Update - September 8, 2014Aegon
Mark Mullin, Aegon Americas CEO, provide analysts with an update on Aegon's performance, strategy, and the challenges and opportunities in the Americas.
We are very satisfied with the strong nine month and third quarter results. They show that we are delivering on the promises of our Ambition 2018 strategic plan. The combined ratio, margins in guaranteed life, return on equity and solvency all exceed our targets.
Ageas delivered a strong set of first half-year figures evidencing good progress with respect to our Ambition 2018 strategic plan. Life inflows continued to grow while at the same time we optimised the product mix in Belgium and Asia. The result of our Life activities remained strong in all segments. The Non-Life businesses in Belgium and Continental Europe realised excellent results which were reflected in outstanding combined ratios.
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
Ageas helps customers to manage, anticipate and insure their risks through a wide range of products designed for their needs both today and in the future. Distinguished by an expertise in partnerships, Ageas has developed long term agreements with market-leading local financial institutions and distributors around the world allowing it to stay close to the customer.
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
Ageas helps customers to manage, anticipate and insure their risks through a wide range of products designed for their needs both today and in the future. Distinguished by an expertise in partnerships, Ageas has developed long term agreements with market-leading local financial institutions and distributors around the world allowing it to stay close to the customer.
As one of Europe’s larger insurance companies, Ageas is the No.1 insurer in Belgium and ranks among the market leaders in most of the countries in which it operates. With a total workforce of more than 40,000 people (including the non-consolidated partnerships), Ageas is present in Belgium, the UK, Luxembourg, France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and the Philippines.
In 2015 Ageas reported annual inflows close to EUR 30 billion (at 100%). Ageas is listed on Euronext Brussels and is included in the BEL20 index.
Ageas is a listed international insurance Group with a heritage spanning 190 years.
It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow.
As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Luxembourg, France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors.
Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 40,000 people and reported annual inflows close to EUR 30 billion in 2015 (all figures at 100%).
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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how to sell pi coins in South Korea profitably.DOT TECH
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1. Competing in
the Age of
Austerity
Bart De Smet,
CEO Ageas
BoA Merrill Lynch
Banking & Insurance Conference
28-30 September 2010
Your partner in Insurance
2. Ageas, a company benefiting from strong fundamentals
Balanced insurance portfolio
Europe vs Asia
Life vs Non-Life
Mature vs emerging markets
Strong market positions
Market leader in Belgium
Strong distribution partnerships in
Europe & Asia
Solid & de-risked balance sheet
Southern European sovereign debt
significantly down
Strong & high quality capital base
General Account managed for value
Incl management oustanding liabilities
BOA Merrill Lynch CEO Conference - London
29 September 2010 | 1
3. Key figures Ageas
H1 10
H1 09
FY 09
Gross inflow (EUR bn)
9.6
7.9
15.8
Life
7.7
6.3
12.8
Non-Life
1.9
1.6
3.0
Net profit attributable to shareholders
455
896
1,210
Insurance
180
260
505
General Account
275
635
705
Earnings per share (EUR)*
0.18
0.36
0.49
Net equity per share (EUR)
3.70
3.14
3.41
Net shareholders’ equity
9,153
7,760
8,431
Belgium**
3,005
2,327
2,859
UK
620
510
513
Continental Europe
983
833
1,002
Asia
1,597
1,170
1,203
General Account
2,948
2,920
2,854
76.0
68.5
73.0
EUR mio
Funds under management (EUR bn)
* Based on average number of outstanding shares
** Net equity 31 December 2009 after 25% minority stake Fortis Bank
BOA Merrill Lynch CEO Conference - London
29 September 2010 | 2
10/03/2010 I page 2
4. Ageas’s key markets, Europe & Asia
Financial reporting & segmentation aligned since Q1 10
UK:
Inflow FY 09 : EUR 0.9 bn
Inflow H1 10 : EUR 0.5 bn
Strong in Personal lines, expanding
Commercial lines (83%/17%)
Multi-channel strategy
100% owner of specific distributors
RIAS, FIS and recently acquired
KFIS
Mainly Non-Life business/ Life
activity in start-up
Belgium
Inflow FY 09 : EUR 6.9 bn
Inflow H1 10 : EUR 3.5 bn
75% owned, operating under name AG
Insurance since June 09
Multi-channel via brokers and bank;
Employee Benefits dedicated channel
for life & healthcare
Life/ Non-Life: 75%/25%
Asia
Inflow FY 09 : EUR 4.1 bn
Inflow H1 10 : EUR 3.4 bn
Active in 5 countries, fast growing
Strong partnerships with leading
local partners
Regional headquarters in Hong Kong
Life/ Non-Life : 92%/8%
Continental Europe:
Inflow FY 09 : EUR 3.9 bn
Inflow H1 10 : EUR 2.2 bn
Mix of mature positions, smaller
positions in fast growing markets &
new activities
Life/ Non-Life : 90%/10%
* FY 09 inflow figures on a 100 % basis
BOA Merrill Lynch CEO Conference - London
Total Insurance:
Inflow FY 09 : EUR 15.8 bn
Inflow H1 10 : EUR 9.6 bn
Life/ Non-Life : 80%/20%
29 September 2010 | 3
5. Well spread contribution from various business segments
Asian inflow up from 11% to 35% since 2005
Inflow breakdown by segment
Result breakdown by segment (excl. General Account)
Gross inflow H1 10 = EUR 9.6 bn*
Net result H1 10 = EUR 180 mio
United Kingdom 5%
United Kingdom 6%
Continental
Europe 23%
Belgium 36%
Belgium 49%
Continental
Europe 9%
Asia 37%
Asia 35%
* Including non-consolidated joint ventures at 100%
Equity Breakdown by segment (incl. General Account)
Total shareholders’ equity H1 10 = EUR 9.2 bn
General
Account 32%
Belgium 33%
Asia
17%
Continental
Europe 11%
BOA Merrill Lynch CEO Conference - London
UK 7%
29 September 2010 | 4
6. Ageas’s core equity EUR 6.0 bn above required regulatory
minimum
Other Core Tier 1 capital
Base : H1 10 data
Core equity
Required Regulatory minimum
EUR 3.7 bn excess capital in
Insurance + EUR 2.3 bn General
Account = EUR 6.0 bn
6.6
0.1
4.1
0.6
3.5
6.5
1.3
2.1
2.9
0.6*/**
0.6
0.6
2.5
1.3
0.2
Actual Min
United
Kingdom
Total Solvency Ratio
302%
195%
Actual Min
Belgium
*
**
2.3
0.6
Actual Min
Continental
Europe
238%
0.9 0.1
0.3
Actual Min
Asia
Actual
Minimum
Insurance
926%
0.2
Actual
226%
General
Asia : Investments in partnerships are deducted from Total Capital; Given the significant investments in partnerships, total capital is lower than Core capital
Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for FICA of 342% end of June 10.
BOA Merrill Lynch CEO Conference - London
29 September 2010 | 5
7. Ageas’s capital of a high quality
Tangible net equity 80% of shareholders’ equity
Base : H1 10 data
EUR bn
H1 10
H1 09
FY 09
Reported net Shareholders’ Equity
9.2
7.7
8.4
Unrealized gains real estate
0.5
0.5
0.5
Goodwill (incl. RPI)
(1.5)
(1.3)
(1.4)
VOBA (Value of Business Acquired)
(0.5)
(0.5)
(0.5)
DAC (Deferred Acquisition Cost)
(0.6)
(0.5)
(0.5)
Other*
(0.3)
(0.3)
(0.2)
Goodwill, DAC, VOBA related to minorities
0.4
0.3
0.4
25% tax adjustment DAC, VOBA & Other
0.3
0.2
0.32
Tangible net equity
7.4
6.1
6.9
* Includes a.o. management contracts of public car parks
BOA Merrill Lynch CEO Conference - London
29 September 2010 | 6
10/03/2010 I page 6
8. Challenges for the insurance sector
Operational performance
Economic outlook
Strategic positioning
Regulatory changes
BOA Merrill Lynch CEO Conference - London
29 September 2010 | 7
9. Life Insurance : Investment return vs risk profile investment portfolio
Ageas halved Southern European sovereign bond exposure in H1 10
Overview sovereign bond portfolio In EUR bn (at historical cost)
End 09 : EUR 17.8 bn in Southern European
sovereign bonds
Others
5.0
June 10 : EUR 8.9 bn in Southern European
sovereign bonds
Italy
8.6
Germany
1.6
Others 5.0
Austria
2.2
Italy
3.7
Greece
1.9
Portugal
1.5
Germany
2.9
France
1.6
Spain
1.7
Greece
4.3
Belgium
6.6
Portugal
3.0
Spain
1.9
Total gross unrealized gains on sovereign bonds of
EUR 707 mio end June 10 (vs. EUR 871 mio end 09)
BOA Merrill Lynch CEO Conference - London
France
3.8
Belgium
9.6
Negative impact of EUR 55 mio on H1 10 net profit of
sovereign sales (incl. lower profit sharing assumptions)
Reallocation mainly into Belgian, German, Dutch, French,
Austrian government bonds + corporate bonds
29 September 2010 | 8
10. Non-Life Insurance : Challenge to improve operational performance
First impact corrective measures since Q2 10
Ageas’s combined ratio evolution by business
2005 – Q2 2010
Operational performance under pressure
General trend of increasing combined ratios
Negative impact of weather related events, impacting
claims amount & claims frequency climate change?
% Combined ratio
120
Increased fraudulent or excessive claims impact
economic recession?
110
Pressure on future Non-Life earnings power
Potential for reserves releases almost expired
100
Fierce competition, specific distribution models
stimulate pricing pressure
90
Corrective measures a must, company & sector wise
Tariff increases – More discipline
80
2006
2007
2008
Belgium
2009 H1 09 H1 10 Q1 10 Q2 10
UK
Portugal
Stricter claims management
Cost containment
Revised policy conditions
BOA Merrill Lynch CEO Conference - London
29 September 2010 | 9
10/03/2010 I page 9
11. Life : Uncertain & low interest rate environment
Creating challenges for a competitive product & investment strategy
10y- Government bond yields
In %
12
Controlled sales growth and adapted product mix
Inflated high interest rate scenario vs. deflated low
interest rate scenario
10
Need to adapt product portfolio as a function of risk
vs. return : unit-linked, 0%-guarantee products
8
Future investment strategy under study taking into
account various possible scenarios
Ideal asset mix or asset mix scenarios
6
Investment strategy
Organisational implications
4
Target returns vs. risk appetite
2
Ageas’s strenghts in an uncertain world
Appropriate match of assets & liabilities
0
1/
07
/0
1/ 4
01
/0
1/ 5
07
/0
1/ 5
01
/0
1/ 6
07
/0
1/ 6
01
/0
1/ 7
07
/0
1/ 7
01
/0
1/ 8
07
/0
1/ 8
01
/0
1/ 9
07
/0
1/ 9
01
/1
1/ 0
07
/1
0
Presence in markets with different dynamics
Healthy mix between Life & Non-Life
Strong capital position helping to absorb shocks
Portugal
Greece
Belgium
Germany
France
Source : Company Data
BOA Merrill Lynch CEO Conference - London
29 September 2010 | 10
10/03/2010 I page 10
12. Ageas prepares for Solvency II regulation
1970’s - 1990’s : Solvency I
2006 : QIS 2
2008-mid 09 : QIS 4
2013 :
• A simple factor-based approach
capital requirements based on
accounting valuations and
volumes
•
•
•
•
•
Tested first version of
solo Standard Capital
Requirement (SCR)
standard approach
•
Solvency II Directive and
CEIOPS advice on
implementing measure
Test and refinements of
standards approach
(calculations and calibrations)
2001- 06 : Start Solvency II / QIS 1
2007 : QIS 3
2010 : QIS 5
•
•
•
•
•
Solvency II in force
Regulatory submissions
Prepared for first required
regulatory submissions
A 3-pillar risk based approach,
harmonised across Europe
Two levels – a “Target” Standard Capital
Requirement (SCR) and absolute
Minimum Capital Requirement (MCR)
QIS 1: tested level of prudence in
technical provisions
•
Tested refinements of Standard
approach – measure financial
impact on SII balance sheet
Tested first version of Group
SCR: group diversification and
eligible elements of capital
•
Test focusing on the full SII
framework – identify areas for
enhancement (processes,
procedures, infrastructure, other)
Further refinements of standard
approach, stresses and calibrations,
own funds and technical provisiosn
Solvency II programme management in place following a defined internal implementation plan
towards Solvency II compliance
Participation in previous QIS and impact of CEIOPS advise on implementing measures assessment
completed using the QIS 4 framework.
Impact of QIS 5 under study, results to be communicated to regulators by Nov 15
Still significant uncertainty around the Standard Capital Requirements standard approach, but so far
all indications show a positive capital position under Solvency II.
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13. Conclusions
Significant operational challenges ahead
for insurance companies
Future Life business model influenced by
new regulation & economic outlook
Solvency II should contribute to a better
balance between risk & return
Return to pure insurers -> Flexible
partnerships & new business models
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14. Cautionary Statements
Certain of the statements contained herein are statements of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. Future actual results, performance or
events may differ materially from those in such statements due to,
without limitation, (i) general economic conditions, including in
particular economic conditions in Ageas’ core markets, (ii) performance
of financial markets, (iii) the frequency and severity of insured loss
events, (iv) mortality and morbidity levels and trends, (v) persistency
levels, (vi) interest rate levels, (vii) currency exchange rates, (viii)
increasing levels of competition, (ix) changes in laws and regulations,
including monetary convergence and the Economic and Monetary
Union, (x) changes in the policies of central banks and/or foreign
governments and (xi) general competitive factors, in each case on a
global, regional and/or national basis.
In addition, the financial information contained in this presentation,
including the pro forma information contained herein, is unaudited and
is provided for illustrative purposes only. It does not purport to be
indicative of what the actual results of operations or financial condition
of Ageas and its subsidiaries would have been had these events
occurred or transactions been consummated on or as of the dates
indicated, nor does it purport to be indicative of the results of
operations or financial condition that may be achieved in the future.
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