Malaysia - Ageas.com

Report
Ageas in Asia
Filip Coremans
CFO Ageas Asia (CRO Ageas as of 1 July 2014)
Active in 12 countries in Europe & Asia
Situation on 31 December 2013
Belgium - 75%
Life € 4,101 mio
Non-Life: € 1,855 mio
UK – 100%
Life: € 108 mio
Non-Life: € 2,176 mio
Luxembourg- 33%
Life: € 2,252 mio
France - 100%
Life: € 351 mio
Portugal - 51%
Life: € 1,486 mio
Non-Life: € 251 mio
Hong Kong - 100 %
Life: € 485 mio
Turkey - 36%
Non-Life: € 602 mio
Italy - 25%
Non-Life: € 211 mio
* Inflow included non-consolidated partnerships @ 100%
Ageas Club 26062014
China - 25%
Life: € 6,397 mio
India - 26%
Life: € 108 mio
Thailand
Life – 31%: € 1,476 mio
Non-Life– 15%: € 214 mio
Malaysia - 31%
Life: € 594 mio
Non-Life: € 552 mio
1
Our Investments in Asia to date
Total net invested capital of EUR 1.3 billion
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 (2014-16) due to aggressive business plan
and Greenfield Taiping e-Commerce
Hong Kong (2007)
–
–
–
India (2008)
–
–
–
Net investment of EUR 34m
Greenfield; funding requirements
function of growth
First profit recorded in 2012
Malaysia (2001)
–
Thailand (2004)
–
–
Ageas Club 26062014
Net investment of EUR 686m
composed of EUR 761m investments
and EUR-74m dividends
Self-supporting
Dividend paying since 2013
Net investment of EUR 9m composed
of EUR 62m investments, EUR
-17m dividends and EUR-36m
divestment
Dividend-paying since 2010
–
–
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
2
Zooming in on our Asian Insurance Activities
Ageas Asia Region for 2013
Taiping Life (China) (24,9%)
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•
•
•
•
•
•
•
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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
IDBI Federal (India) (26%)
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•
•
•
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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)
Gross inflows: € 6.40 billion
Technical Liabilities: € 17.94 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%)
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•
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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)
Muang Thai (Thailand) (31% Life, 15% Non-Life)
Mayban Ageas (Malaysia) / eTiQa (30,95%)
• 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)
• 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 Club 26062014
*Gross inflow and Funds under Management are at 100%
3
Active under many local brands with solid market positions
Situation on 31 December 2013
Belgium
# 1 Life 27%
# 2 Non-Life 16%
Distribution companies
Partners
UK
UK - # 2 Motor
3.6 million Motor policies
Largest Belgian Real
Estate Group
EUR 6.1 billion
China
# 7 Life
> 100,000 agents
Malaysia #2 Non-Life
#5 Life
#1 in Islamic insurance
Portugal
Portugal
# 1 Life
Italy
Turkey *
# 4 Non-Life
Italy
# 1 Bancassurance
Non-Life
Ageas Club 26062014
Malaysia
India
Thailand
# 2 in Life (#1 New Business),
# 5 in Non-Life
4
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
Ageas Club 26062014
“
… 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
5
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%)
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 1.129 branches, € 40
billion balance sheet total and € 2,2 bn market
capitalisation
• Its corporate relationship portfolio is second-tonone in India
Federal Bank
• Small to midsize listed bank with 1.124 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 26062014
•
•
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)
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•
Kasikorn Bank, top tier listed bank with 1.001 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
6
Evolution of Performance in Asia
Ageas’s growth engine
Evolution Net Profit – Ageas’s part (x Euro million)
Evolution Gross Inflow (x Euro billion)
128.5
9.8
6.2
6.1
1.9
1.3
2008
59.1
68.1
4.1
3.3
1.1
93.5
90.6
7.9
2.9
2.4
1.9
8.6
2009
2010
Inflow at Ageas' Stake
2011
2012
Inflow at 100%
21.5
8.6
2008
136.6 142.3 142.3
2009
2013
2010
2011
2012
2013
(64.1)
Reported net profit
Net profit excluding Extraordinary
Net Book Value per country (x Euro million)
Technical Liabilities (x Euro million)
27,920
24,403
20,617
16,947
11,536
9,524
3,303
2008
3,959
2009
5,620
2010
FUM at Ageas' Stake
Ageas Club 26062014
6,722
2011
7,935
2012
8,896
2013
FUM at 100%
7
Asia has become a significant contributor to Ageas’s results
Net Profit
Gross Inflow
(@ Ageas stake)
Asia
22%
Asia
25%
Belgium
38%
Continental
Europe
20%
Shareholders'
equity
Hong Kong
27%
Continental
Europe
14%
UK
3%
Belgium
51%
UK
15%
UK
17%
VANB
Ageas Club 26062014
Continental
Europe
12%
Belgium
56%
Hong Kong
10%
Asia ex Hong
Kong
11%
Continental
Europe
16%
Belgium
48%
UK
15%
8
Leading international Life insurers premium income (Asia, exl-Japan)
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
#11
#12
#13
#14
(USDmn)
19,505
Premiums are shown on a 100% basis
14,862
8,336
7,227
7,164
5,688
4,456
4,350
4,243
2,815
2,804
2,189
1,247
Prudential
(UK)
China
Zurich
Hong Kong
1,056
AIA
Allianz
India
Ageas
Indonesia
HSBC
South Korea
BNP Paribas
Cardif
Manulife
Malaysia
MetLife
Philippines
AXA
Singapore
Aviva
Sun Life
Taiw an
Standard Life
Thailand
FWD
Vietnam
Source: Towers Watson
Ageas Club 26062014
9
Significant growth potential
Life insurance
Penetration vs. Life Premium per capita (2012)
Premium
penetration
(% of GDP)
18%
16%
Taiwan
14%
12%
South Korea
10%
Hong Kong
8%
Asia (ex Japan)
6%
Western Europe
4%
2%
Vietnam
Philippines Indonesia
0%
5
Source: Swiss Re, Sigma Report, no. 3/2013
Ageas Club 26062014
Thailand
India
25
Malaysia
Singapore
China
125
North America
625
3,125
Premium per capita (USD)
(Log scale)
10
Building Asia
Hans De Cuyper
CFO AG Insurance (former CEO Maybank Ageas Holding)
Hong Kong (2004-2007):
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 26062014
12
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 26062014
13
2007-2010: the creation of Etiqa in Malaysia
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
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
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 26062014
14
2010-2013: CEO of Etiqa Insurance & Takaful
The brand implies changing the way Etiqa
employees behave. “The Etiqa Way” was
introduced…..
The Brand Promise
“Humanizing Insurance & Takaful”
-Its about People not Policies
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.
Ageas Club 26062014
15
THANKS

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