investors presentaion: summery of the 2018 financial results....performance in the future may differ...
TRANSCRIPT
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Investors presentation
Summary of the 2018 financial results
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General clarification
The information contained in this presentation is only synopsis and it does not cover all the information about the Company and its operations, nor is it a substitute for reading the Company’s periodic statement for 2018, the Company’s quarterly financial statements and its current notices to the Israel Securities Authority through the Magna electronic disclosure system. In the event of a contradiction between the information in this presentation and the information in the Company’s reports, the information in the Company’s reports takes precedence.
This presentation might contain information that has not previously appeared in Company reports and/or was presented in a manner or nature, or was processed, prepared or segmented differently from the manner in which this information appears in the presentation. It is emphasized that past performance does not guarantee future results.
This presentation contains forward-looking information, pursuant to its definition in the Securities Law, 5728-1968. Such information contains, inter alia, forecasts, goals, assessments, and estimates, including information presented by way of illustrations, graphs, surveys, and any other information presented in any way, with respect to future events and/or matters, the materialization of which is uncertain and is beyond the Company’s control. Forward-looking information does not constitute a proven fact and it is based exclusively on the perspective and subjective assessment of the Company’s management, based, inter alia, on an analysis of general information known to the Company at the time this presentation was prepared, and including market assessments of its competitors, statistical data published by various entities and authorities, professional publications, public publications, studies, and surveys in which no undertaking is given as to the correctness and/or completeness of the information therein and the correctness of which was not examined independently by the Company. The materialization of the forward-looking information, or the failure of such information to materialize, is affected, inter alia, by risk factors that characterize the Group’s activity and by developments in the economic environment and external factors that influence the Company’s activity, which cannot be predicted and are beyond the Company’s control. Readers of this presentation are therefore warned that the Company’s actual results and performance in the future may differ significantly from those presented in the forward-looking information, which appears in this presentation.
The Company makes no undertaking to update and/or change any forecast and/or estimate to reflect events and/or circumstances that may prevail after the date this presentation was prepared. It is further stipulated that the Company’s plans and strategies mentioned hereunder are correct at their date of publication and they could change in line with decisions made by the Company’s management from time to time.
Furthermore, the presentation might include information and estimates based on external sources that were not checked independently by the Company and for which the Company bears no responsibility as to their correctness.
This presentation is for information purposes only and it does not constitute an offer to purchase the Company’s securities or an invitation to receive such offers, and the information therein is not a recommendation or expert opinion or substitute for the investor’s discretion. It is not intended to replace an independent review and personal consultation in accordance with the unique particulars of each customer nor does it attempt to cover or include all the information that might be relevant for the purpose of making any decision regarding an investment in the securities of the Company.
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Founded in 1976, Ayalon is sixth largest insurance company in Israel in terms of premiums. The company has more than 1,000 agents who market its polices, and over 1,100 employees most of whom are insurance professionals
Main areas of business
General insurance Life insurance Health insurance
Indices Status
Tel Aviv SME 60 Tel Aviv Finance Tel Aviv Insurance plus Tel Aviv All Share
Controlling shareholder : Mr. Levy Rahmani (67.3%)
Public (32.7%)
Holdings struct Ayalon Insurance rating
Midroog gives the company an A2 rating
Management
Who we are
Ayalon Holdings Chairman: Mr. Shlomo Grofman
Ayalon Holdings CEO Mr. Sharon Reich Ayalon Insurance Chairman: Mr. Muki
Abramovich Ayalon Insurance CEO: Mr. Arik Yogev
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Assets
12,585 3,101
Attributable equity
656
Overview of financial data
For the day and twelve (12) month period ending on 31.12.2018 (in millions NIS)
Market cap
*410
* As of 25/03/2019. ** According to the calculation as of 31.12.2017.
Gross premiums earned
4
Surplus capital before solvency
**
225
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Strategy
Digital innovation Profit before volume Strengthen core Strengthen soundness Capital, reserves and cash businesses -
balance General insurance growth alongside rapid life and health insurance growth
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Strategic measures by the group in the past two years
January 2017 January 2018 April 2018 June 2018
Merger of the Acquisition of the Large debt and Acquisition of pension and investment house equity offering Psagot’s life
provident funds – insurance business our share 20%
September-November 2018
Acquisition of income-producing
real estate
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February 2019
Acquisition of 20% of the TLV Medical
Center
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Main targets for 2019
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Consolidation of the company on three stable legs
Digital revolution
Ayalon branding and positioning
Ayalon – the agents’ company
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Consolidation of the company on three stable legs
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Life Health
Non-life insurance
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Ayalon in the media
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Digital revolution – flagship projects
Home Vehicle
Boot and chat
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"Formali" system – smart processes
New core health insurance systems
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Digital Ayalon
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סרטון הדרכה על איתור שרברבים
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Digital sales promotion and campaigns to position Ayalon smart processes
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Cyber for businesses For bicycles
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Digital life and health insurance campaigns
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Data from the company’s financial statement
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For the twelve (12) month period ending on 31.12.2018
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Main points
Annual return of 1.9%.
Financial margin – the financial margin materially affected the results for the calendar year, in particular the fourth quarter. The reduction in this metric in the reporting period compared with the corresponding period in 2017 was affected by losses in income from investments in the capital market, a higher CPI in the reporting year (1.2% compared with 0.3% in the preceding year), and a decline in the capitalization interest rate on liabilities from 1.7% to 1.45% (compared with a decline from 1.8% to 1.7% in the preceding year). See slide 17 for further details.
Surplus capital – the company switched to the solvency regime in the financial statement for 2018. On the basis of the calculation made as of 31.12.2017, the company had substantial surplus capital.
Health insurance
The growth trend in premiums continued (14% growth in 2018)
Substantial profit in health insurance from improvement in the portfolio and the switch from losses to profits in collective policies.
stRanked 1 in the "preferred" health insurance companies rankings in 2018.
Acquired shares in TLV Medical Center in March 2019.
Long-term savings
The growth trend in life insurance premiums continued (9% growth in 2018).
Significant reduction in losses.
stRanked 1 in the life insurance and pension agents rankings.
Non-life insurance
Margin 1.9% growth in premiums, despite substantial improvement in profit-oriented portfolios.
Improvement in the underwriting profit in all sectors of the industry, offset by a reduction in the financial margin.
Business and financial levels
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Comprehensive profit after tax and return on capital (annualized)
Data relevant for 2015-2018 (in thousands of NIS)
Comprehensive after-tax profit Return on capital
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12,459 11,672
3,980
2015 2016 2017 2018
-67,076
2.3% 1.9%
0.7%
2015 2016 2017 2018
-11.9%
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Summary of results broken down by financial and underwriting profit*
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Data relevant for 2015-2018 (in thousands of NIS)
Comprehensive profit (loss) item 2016 2017 2018
Underwriting profit (loss) (48,302) (2,960) 38,447
Financial margin 63,849 88,640 12,176
Total general sector profit/(loss) 15,547 85,680 50,623
Underwriting profit (loss) (27,985) (68,270) (28,992)
Financial margin 23,868 42,372 24,271
Total life insurance sector profit/(loss) (4,117) (25,898) (4,721)
Underwriting profit (loss) (25,085) (20,082) 14,154
Financial margin 3,362 11,918 (2,044)
Total health sector profit/(loss) (21,724) (8,163) 12,109
Total all sectors profit/(loss) (10,293) 51,618 58,011
Meitav Dash Equity/terminated activity (Ayalon Pension and Provident Funds) (42,081) (18,562) (9,847)
Other sector (2,768) (795) (1,062)
Unattributed sector (16,184) (2,706) (19,191)
Tax effect (4,250) 17,096 16,239
Total comprehensive profit/(loss), after tax (67,076) 12,459 11,672
* The segmentation shown in the table above is a financial analysis conducted by the company as part of the performance analysis of the relevant calendar years, on the basis of the "management approach". It is made clear that the comprehensive financial margin includes (fixed/variable) participating life insurance management fees, the differential between the actual yield to the attributed yield for guaranteed-yield life insurance policyholders, and the differential between the actual yield and the attributed interest rate and CPI in the calculation of the nostro insurance reserves.
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Summary of results broken down by financial and underwriting*
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Underwriting profit Financial margin
14,154
38,447
-2,960
-28,992
-48,302
-68,270
-27,985
-20,082 -25,085
2016 2017 2018
חיתומי-אלמנטרי חיתומי-חיים חיתומי-בריאות
11,918
42,372
3,362
23,868
88,640
63,849
24,271
12,176 -2,044
2016 2017 2018
פיננסי-אלמנטרי פיננסי-חיים
Data relevant for 2015-2018 (in thousands of NIS), before tax
פיננסי-בריאות
Underwriting- Non-life Underwriting- Life Underwriting- Health Financial – Non-life Financial-Life Financial-Health
* The segmentation shown in the table above is a financial analysis conducted by the company as part of the performance analysis of the relevant calendar years, on the basis of the "management approach". It is made clear that the financial margin includes (fixed/variable)participating life insurance management fees, the differential between the actual yield to the attributed yield for guaranteed-yield life insurance policyholders, and the differential between the actual yield and the attributed interest rate and CPI in the calculation of the nostro insurance reserves. Dummy TextDummy TextDummy TextDummy TextDummy TextDummy TextDummy TextDummy Text
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Gross premiums including fees
Data relevant for 2015-2018 (in millions of NIS)
19
Non-life insurance Health insurance Life insurance
675 617
556 515
2015 2016 2017 2018
484
426 381
287
2015 2016 2017 2018
1,994 1,998 1,961
1,702
2015 2016 2017 2018
1.9% 9.4% 13.6%
17.1%
1.6%
10.9%
7.9% 11.8%
32.7%
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Gross premiums earned Data relevant for 2015-2018 (in millions of NIS)
20
Non-life insurance Health insurance Life insurance
10%
675 617
556 515
2015 2016 2017 2018
477
423
342
266
2015 2016 2017 2018
1,971 1,949
1,849
1,681
2015 2016 2017 2018
6.6%
1.1%
8%
11%
9.4%
28.6%
23.7%
12.8%
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Pretax comprehensive profit – business sectors
Non-life insurance Life insurance and long-term savings
Health insurance Not from reported activities
21
2015 2016 2017 2018
1,973
-14,567
-44,457 -46,197
12,112
-8,162
-21,863 -22,865
2015 2016 2017 2018
85,676
51,914 50,619
15,686
2015 2016 2017 2018
Data relevant for 2015-2018 (in thousands of NIS)
2015 2016 2017 2018
-3,501
-19,236 -18,952 * -20,253
* The larger losses in the current period compared with the corresponding period in the previous year is mainly derived from the decline in the financial margin. See slides 17-18.
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Compulsory vehicle insurance
Pretax comprehensive profit* – Non-life insurance segment
Comprehensive vehicle insurance
** Excluding the reducing in the financial margin as mentioned above, there was an improvement of NIS 26 million in the underwriting profit in the reporting year compared with the preceding year. In the preceding year, Ayalon Insurance reported a one-time pretax net profit of approximately NIS 15 million, under the settlement approved with its controlling shareholder. Most of the improvement in profit in the reporting year was due to the increase in reserves for claims made in the preceding year.
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34,937
14,103 11,751
9,564
2015 2016 2017 2018
Data relevant for 2015-2018 (in thousands of NIS)
2015 2016 2017 2018
31,910 ** 26,075 ***
** -14,747
*
-42,817
* The drop in the comprehensive profit attributed to this sector is derived from the decline in the financial margin. The reduction in this metric in the reporting period, compared with the corresponding period in the preceding year was affected by losses in income from investments from the capital market, an increase in the CPI in the reporting year (1.2% compared with 0.3% in the preceding year), and a decline in the capitalization of liabilities from 1.7% to 1.45% (compared with a decline from 18% to 1.7% in the preceding year). See slide 17 for further details.
*** Excluding the reducing in the financial margin as mentioned above, there was an improvement of NIS 3.5 million in the underwriting profit in the reporting year compared with the preceding year. There was improvement in the LR in the reporting year, which fell from 78% in the preceding year to 73% in the reporting year.
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Pretax comprehensive profit – general insurance
Property and other sectors
Data relevant for 2015-2018 (in thousands of NIS)
Liabilities and other sectors
23
30,197
27,556
12,500
3,862
2015 2016 2017 2018
51,048
** * **
12,107 2,480
-6,631
2015 2016 2017 2018
*Excluding the reduction in the financial margin, as mentioned in the previous slide, there was a slight improvement in the underwriting profit in the reporting year compared with the preceding year.
**Excluding the reduction in the financial margin, as mentioned in the previous slide, there was an improvement in of approximately NIS 11 million in the underwriting profit in the reporting year compared with the preceding year. Most of the improvement was derived from a reduction in the loss in the third party segment and offsetting the effect of the reduction in the profit in the professional liability segment. Most of the improvement in the third part segment was derived from developments in favor of claims for previous underwriting years, compared with the worsening recorded in the preceding year.
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Pretax comprehensive profit – life insurance and long-term savings segment
**
•The drop in the loss in the reporting year compared with the preceding year derived from the improvement in the underwriting results (improvement in the profit margin of individual risk policies, including the savings element, compared with the reduction in the development of claims in different coverages), with a worsening financial margin (including non-collection of variable management fees). The total financial margin in life insurance was approximately NIS 24.1 million in the reporting year compared with NIS 42 million in the preceding year. •** The company reported an amortization for goodwill of approximately NIS 6.8 million in the reporting year, compared with an amortization for goodwill of approximately NIS 22 million in the preceding year. 24
Life insurance
Data relevant for 2015-2018 (in thousands of NIS)
Provident funds and pensions
*
**
2015 2016 2017 2018
12,498
-4,115 -4,720
-25,726
2015 2016 2017 2018
-10,525 -9,847 **
-18,731
*
-42,082
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Balance sheet | equity
Capital attributable to majority shareholders
* Total balance sheet
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Data relevant for 2015-2018 (in thousands of NIS)
12,585
11,521
10,561
8,912
3 3 3 3
1 1 1 1
/ / / /1 1 1 1
2 2 2 2
/ / / /2 2 2 2
0 0 0 0
1 1 1 1
5 6 7 8
656
602
549 536
3 3 3 3
1 1 1 1
/ / / /1 1 1 1
2 2 2 2
/ / / /2 2 2 2
0 0 0 0
1 1 1 1
5 6 7 8
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Repayment capacity regime, pursuant to Solvency II
* On the basis of the calculation by Ayalon Insurance Company for 31 December 2017, the company had approximately NIS 225 million in surplus capital (a rate of 120%), with taking into account the provisions of the deployment period and approximately NIS 549 million (a rate of 177%) in the deployment period. See below for further details.
* The current model is very sensitive to changes in market and other variables and the capital situation reflected therefrom may be very volatile.
* In November 2018, the Supervisor authorized that, from 31 December 2018, Ayalon Insurance would only to comply with the solvency provisions the financial statements (and does not have to comply with the provisions of the previous capital regime).
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549 225 494
122
1,361 1,265 1,279 1,175
עודף הון )מיליוני ₪(
הון עצמי לעניין הון נדרש לכושר פירעון )) (SCRמיליוני ₪(
After the translation period
Surplus capital (millions NIS
20%
11%
77% 73%
Required surplus capital percentage
Transition period
Equity for solvency capital requirement (SCR) (millions NIS)
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Investment real estate Property position - nostro
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Up-to-date assets inventory
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Property name Property character Fair value* Yield rate Occupancy (NIS ‘000) rate
Ownership
.1 Beit Ayalon Office building 71,651 7.63% 100% Ayalon Insurance Company
.2 Beit Dakar Office building 10,000 5.04% 100% Ayalon Insurance Company
.3 Hanegev 2 Office building 11,800 4.99% 100% Ayalon Insurance Company
.4 Shaar Ha’Ir Jerusalem Parking Parking lot 34,100 4.74% Not relevant Ayalon Insurance Company as an Ayalon Holdings Garage subsidiary
.5 Kiryat Motzkin housing Housing complex 79,400 7.37% 100% Ayalon Insurance Company as an Ayalon Holdings complex subsidiary
.6 Petah Tikva housing complex Housing complex 108,200 7.54% 100% Ayalon Insurance Company as an Ayalon Holdings subsidiary
.7 Beit Hahayal Leased to the Association for the 59,000 7.82% 100% Ayalon Insurance Company Wellbeing of Israel's Soldiers
.8 Bat Yam housing complex Housing complex 159,100 6.70% 100% Ayalon Insurance Company as an Ayalon Holdings subsidiary
.9 Bat Galim housing complex Housing complex 44,100 6.74% 100% Ayalon Insurance Company as an Ayalon Holdings subsidiary
1 Jerusalem Chen Hotel Housing complex 18,018 5.4% 100% Ayalon Insurance Company as an Ayalon Holdings .0 subsidiary
11 South Africa House Office building 44,200 6.67% **92% Ayalon Holdings .
1 Beit Hagranite Office building ***45,737 7.29% **98% Ayalon Holdings .2
* Based on data including in the financial statement for 31.12.2018 ** The expected occupancy rate in the coming year. *** Value of build-up space. The company also acquired surplus buildingW rigehtisg thottaelindg NNIOS 5I, 6i7s3 6,0.090.8 %
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South Africa House
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Acquired 80% of the rights on 4 September 2018 for NIS
44.2 million.
The six-story building is mainly leased for office use (except
for the commercial ground floor), and also has three
underground parking levels.
The building has been fully occupied in recent years.
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Beit Hagranite
All the rights and the adjacent lot, except for one floor and
thadjacent space (4 floor), were acquired on 2 December
2018 for NIS 51.5 million.
The building has seven floors, including the ground floor,
most of is leased for office use, and includes two basement
parking levels, and a surface parking lot on part of the
unbuilt adjacent lot.
The company expects 98% occupancy rate in the coming
year.
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Philanthropy and social responsibility – selected NPOs
Promoting health in Israel
Helping people with disabilities Driving culture Society and community
Helping at-risk youths
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Ayalon attaches great importance to social involvement and strengthening its contribution to the community
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Thank you for your attention