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Ageas in Asia Filip Coremans CFO Ageas Asia (CRO Ageas as of 1 July 2014)

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Presentation on theme: "Ageas in Asia Filip Coremans CFO Ageas Asia (CRO Ageas as of 1 July 2014)"— Presentation transcript:

1 Ageas in Asia Filip Coremans CFO Ageas Asia (CRO Ageas as of 1 July 2014)

2 Ageas Club Active in 12 countries in Europe & Asia Portugal - 51%  Life: € 1,486 mio  Non-Life: € 251 mio UK – 100%  Life: € 108 mio  Non-Life: € 2,176 mio France - 100%  Life: € 351 mio Italy - 25%  Non-Life: € 211 mio India - 26%  Life: € 108 mio Thailand  Life – 31%: € 1,476 mio  Non-Life– 15%: € 214 mio China - 25%  Life: € 6,397 mio Malaysia - 31%  Life: € 594 mio  Non-Life: € 552 mio Belgium - 75%  Life € 4,101 mio  Non-Life: € 1,855 mio Hong Kong %  Life: € 485 mio Luxembourg- 33%  Life: € 2,252 mio * Inflow included non-consolidated 100% Turkey - 36%  Non-Life: € 602 mio Situation on 31 December

3 Hong Kong (2007) –Net investment of EUR 686m composed of EUR 761m investments and EUR-74m dividends –Self-supporting –Dividend paying since 2013 China (2001) –Net investment of EUR 390m composed of EUR 397m investments and EUR-7m divestments –Additional capital injections not excluded in next 3 years ( ) due to aggressive business plan and Greenfield Taiping e-Commerce Malaysia (2001) –Net investment of EUR 148m composed of EUR 203m investments, EUR-36m redemptions and EUR-18m dividends –Self-supporting –Entered dividend-paying mode in 2011 Thailand (2004) –Net investment of EUR 9m composed of EUR 62m investments, EUR -17m dividends and EUR-36m divestment –Dividend-paying since 2010 Our Investments in Asia to date Total net invested capital of EUR 1.3 billion India (2008) –Net investment of EUR 34m –Greenfield; funding requirements function of growth –First profit recorded in 2012 Ageas Club

4 IDBI Federal (India) (26%) Gross inflows: € 108 million Technical Liabilities: € 322 million Net Profit: € 1.9 million Staff: 2,369 Agents: 9,664 Bank branches: 2,181 Market position: #16 (in terms of new business) Zooming in on our Asian Insurance Activities Muang Thai (Thailand) (31% Life, 15% Non-Life) Gross inflows: € 1.69 billion (Life: € 1.48b; Non-Life: € 214m) Technical Liabilities (Life): € 3.55 billion Net Profit: € 48.3 million Staff : 2,988 Agents: 27,513 Bank branches: 1,190 Market position: Life #2 (in terms of total gross inflows) Non-Life #5 (in terms total gross inflows) Taiping Life (China) (24,9%) Gross inflows: € 6.40 billion Technical Liabilities: € billion Net Profit: € 26.5 million Staff: 25,648 Agents: 112,796 Bank branches: 27,847 Market position: #7 (in terms of total gross inflows) Ageas Insurance Company Asia (Hong Kong) (100%) Gross inflows: € 485 million Technical Liabilities: € 1.97 billion Net Profit: € 37.8 million Staff: 370 Agents: 2,715 Market position: #10 (in terms of new business) Mayban Ageas (Malaysia) / eTiQa (30,95%) Gross inflows: € 1.15 billion (Life: € 594m; Non-Life: € 552m) Technical Liabilities (Life): € 4.13 billion Net Profit: € 43.7 million Staff: 2,265 Agents: 14,266 Bank branches: 423 Market share: Life - #5 (in terms of new business) Non-Life - #2 (in terms of net premiums) Ageas Asia Region for 2013 Gross inflows: € 9.8 billion Technical Liabilities: € 28 billion Net Profit: € 142 million Staff: 33,640 – 418 Ageas staff Agents: +/- 167,000 Bank branches: +/- 32,000 *Gross inflow and Funds under Management are at 100% Ageas Club

5 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 Non-Life #5 Life #1 in Islamic insurance Thailand # 2 in Life (#1 New Business), # 5 in Non-Life Turkey # 4 Non-Life * Partners Distribution companies UK - # 2 Motor 3.6 million Motor policies Largest Belgian Real Estate Group EUR 6.1 billion Situation on 31 December

6 Partnerships are in our DNA In all our partnerships we strive to… … select the right partners “ understanding partner needs and whether we have the right solution is more productive in the short and long term … focus on the strategic, not the tactical rationale “ we focus on alignment of core competencies … base cooperation on customer need, not short term product sales “ quick returns and inflated commissions are unstable. Creating the platform for a wider deeper relationship results in the partner having no reason to go elsewhere for their insurance needs … build on long term loyalty, not on financial return only “ a pure financial motivation will never result in long term partnership that is mutually rewarding. Ability to evolve and be flexible creates more value Ageas Club

7 IDBI Federal (India) (26%) IDBI Bank Government linked retail and corporate bank with a very strong nationwide brand and solid relationships with both RBI and IRDA Midsize listed bank with branches, € 40 billion balance sheet total and € 2,2 bn market capitalisation Its corporate relationship portfolio is second-to- none in India Zooming in on our Asian Joint Venture Partners Taiping Life (China) (24,9%) China Taiping Group (CTG) is a Central Government Enterprise with strong relationships with the Ministry of Finance and the insurance regulator CIRC CTG’s principal unit is listed in Hong Kong with a market capitalisation of € 3,1 bn; this listed entity is the majority shareholder in TPL and TPAM Mayban Ageas (Malaysia) / eTiQa (30,95%) Maybank, top tier listed bank with over 400 branches, € 123 bn balance sheet total and over € 20 bn market capitalisation #1 bank in Malaysia with both top positions in retail and corporate banking and outspoken regional/international ambitions Muang Thai (Thailand) (30.87% Life, 14.87% Non-Life ) Kasikorn Bank, top tier listed bank with branches, € 51 billion balance sheet total and € 10,7 billion market capitalisation Former Thai Farmer Bank, solid #3 retail bank with strong enterprise network. Lamsam family, a leading and very successful family with extensive business interests and connections Federal Bank Small to midsize listed bank with branches, € 10,2 bn balance sheet total and € 1,35 bn market capitalisation Private, listed regional retail bank with dominant market position in South India/Kerala. Ageas Club

8 Evolution of Performance in Asia Ageas’s growth engine Evolution Gross Inflow (x Euro billion) Evolution Net Profit – Ageas’s part (x Euro million) Technical Liabilities (x Euro million) CAGR +24% (at 100% FUM) Net Book Value per country (x Euro million) CAGR +24% (at 100% inflow ) Ageas Club

9 Asia has become a significant contributor to Ageas’s results Ageas Club

10 9 Leading international Life insurers premium income (Asia, exl-Japan) # 1#2#3#4#5#6#7#8#9#11 # 10#12#13#14 Source: Towers Watson Premiums are shown on a 100% basis

11 Ageas Club North America Western Europe South Korea Singapore Hong Kong Taiwan Malaysia Thailand China Asia (ex Japan) Indonesia Vietnam India Philippines Premium penetration (% of GDP) Premium per capita (USD) (Log scale) Significant growth potential Life insurance Penetration vs. Life Premium per capita (2012) Source: Swiss Re, Sigma Report, no. 3/2013

12 Building Asia Hans De Cuyper CFO AG Insurance (former CEO Maybank Ageas Holding)

13 Hong Kong ( ): the early days of Ageas in Asia Joined Ageas Group in 2004 for the opportunity to build insurance presence in Asia Insurance Management Division to create support functions for our partnerships Product Management Risk Management Corporate Governance Bancassurance Distribution Direct Marketing Investment Management and ALM Through multiple enablers Local visits and trainings Drafting of manuals and guidelines Study visits to Ageas’ established entities in Europe Conferences Participation in Risk Committees, Investment Committees, Audit Committees,…. Ageas Club

14 The chemistry of our success in Asia… Build on trust First support, then control Strong cultural flexibility Stay humble, let others glorify from your expertise Active participation by top management in the Board Continuously innovate your support Local player Ageas Club

15 : the creation of Etiqa in Malaysia Growing by leveraging on the strength of the two partners Maybank’s Strengths: Malaysia’s largest financial services group  Strong financial position Offers an array of financial services ranging from retail banking, corporate banking, merchant banking, offshore banking, asset management etc. Ageas’ Strengths: An international group, a leader in the fields of insurance, investment and bancassurance Offers a broad range of financial services through various distribution channel Ageas, one of the largest providers of insurance in Europe entered into a joint venture with Maybank, the biggest financial services group in Malaysia to develop bancassurance in Malaysia Specifically, Ageas was brought into for their contribution mainly in 2 areas: Developing bancassurance business, i.e. to bring successful bancassurance products into Malaysia Transferring business know-how, technology and capabilities, both insurance-specific and general management Ageas Club

16 : CEO of Etiqa Insurance & Takaful The Brand Promise “Humanizing Insurance & Takaful” Insurance and Takaful is about helping people, helping them to protect their assets, maintain their Lifestyle and build a better future. In everything we do, we keep things as simple as possible, we deliver on our promise and we place people over policies. That's how we humanize insurance and Takaful. In doing so, we act with professionalism, empathy, courage and integrity. We make a difference by doing it the Etiqa Way. Insurance and Takaful is about helping people, helping them to protect their assets, maintain their Lifestyle and build a better future. In everything we do, we keep things as simple as possible, we deliver on our promise and we place people over policies. That's how we humanize insurance and Takaful. In doing so, we act with professionalism, empathy, courage and integrity. We make a difference by doing it the Etiqa Way. The brand implies changing the way Etiqa employees behave. “The Etiqa Way” was introduced….. -Its about People not Policies Ageas Club

17 THANKS


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