milan, 12 may 2003
DESCRIPTION
1. Presentation to financial analysts. Milan, 12 May 2003. SHAREHOLDING STRUCTURE. SHAREHOLDERS OF VITTORIA ASSICURAZIONI S.p.A. %. OF SHARE. NR. SHARES. CAPITAL. 15.307.200. 51,0. VITTORIA CAPITAL N.V. - Holland. 1. 1.649.500. 5,5. YURA INTERNATIONAL HOLDING B.V. -. - PowerPoint PPT PresentationTRANSCRIPT
1
Vittoria Assicurazioni
Milan, 12 May 2003
1
Presentation to financial
analysts
2
Vittoria Assicurazioni
SHAREHOLDING STRUCTURE
3
Vittoria Assicurazioni
1 VITTORIA CAPITAL N.V. - Holland 15.307.200 51,0
2 YURA INTERNATIONAL HOLDING B.V. - Holland (Carlo Acutis) 1.649.500 5,5
3 FERRERO P. & C. S.p.A. - Alba 1.500.000 5,0
4 ERSEL ASSET MANAG. S.p.A.- Turin 645.000 2,1
5 BNP PARIBAS - Paris 600.000 2,0
Equal to 65,6
34,4
100,0
SHAREHOLDERS OF VITTORIA ASSICURAZIONI S.p.A.
%OF SHARE
CAPITALNR. SHARES
The floating portion is equal to
4
Vittoria Assicurazioni
%
1 66,0
2 12,010,0
2,0
3 5,0
4 5,0
5 4,0
6 2,0
7 2,0
8 1,0
9 3,0
100,0
SHAREHOLDERS OF VITTORIA CAPITAL N.V.
Equal to
OF SHARE
CAPITAL
YURA INTERNATIONAL HOLDING B.V.- Holland
MUNCHENER RUCK GROUP – GermanyMünchener Rückversicherungs - GesellschaftVictoria Düsseldorf
PIRELLI & C. - Milan
MALUJA – Holland
CREDIT INDUSTRIEL – Switzerland
MARINT – Luxembourg
PFAT.I.A.R.D. (Gruppo AGF Athena) – France
BANCA PASSADORE – Genoa
OTHER
5
Vittoria Assicurazioni
(in millions of Euros)PREMIUMS
6
Vittoria Assicurazioni
2000 2001 2003
Description
forecaston
september figures
actual
forecaston
march figures
Third party motor liability 94,8% 90,1% 77,1% 73,9% 77,4%
Total Motor business 80,3% 75,6% 66,6% 63,6% 67,1%
Other non-life business 60,0% 64,3% 64,8% 64,1% 67,3%
Total non-life business 73,6% 71,9% 66,0% 63,8% 67,2%
2002
LOSS RATIO
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Vittoria Assicurazioni
Description 2000 2001 2002forecast
2003
Motor business
Premium reserve 29,9% 31,8% 32,2% 33,1%
Claims reserve 145,7% 148,7% 133,0% 127,9%
Total reserves 175,6% 180,5% 165,2% 161,0%
Other non-life business
Premium reserve 40,7% 42,7% 45,1% 42,9%
Claims reserve 70,2% 70,8% 70,6% 73,5%
Total reserves 110,9% 113,5% 115,7% 116,4%
Non-life business
Premium reserve 35,4% 37,3% 38,6% 37,8%
Claims reserve 107,6% 109,3% 102,2% 101,6%
Total reserves 143,0% 146,6% 140,8% 139,4%
TECHNICAL RESERVES AS A PERCENTAGE OF PREMIUMS
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Vittoria Assicurazioni
2003
Descriptionforecast
onmarch figures
Personnel expenses 5,2% 5,2% 5,3%
Other costs 3,5% 4,0% 3,8%
Amortisation/depreciation 1,0% 1,3% 1,5%
Total costs 9,7% 10,5% 10,6%
2001 2002
OVERHEADS AS A PERCENTAGE OF PREMIUMS
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Vittoria Assicurazioni
Retained insurance
2001 2002 2003
Description
forecaston
september figures
actual
forecaston
march figures
% % % %
EARNED PREMIUS 100,0 100,0 100,0 100,0
INCURRED CLAIMS -71,9 -66,0 -63,8 -67,2
COSTS -27,2 -28,8 -26,8 -27,4
TECHNICAL POSITIONS -1,2 -1,1 -1,3 -1,4
OPERATING RATIO 100,3 95,9 91,9 96,0
ORDINARY INCOME 6,4 3,5 2,4 4,3
RESULT 6,1 7,6 10,5 8,3
amount in thousands of Euros
amount in thousands of Euros
amount in thousands of Euros
amount in thousands of Euros
TARGET 6% of direct insurance earned premiums 16.302 18.012 18.068
7% of direct insurance earned premiums 23.919
RESULT 12.519 17.353 24.101 21.461
DIFFERENCE -3.783 -659 6.033 -2.458
TOTAL NON-LIFE BUSINESS OPERATING RATIO
10
Vittoria Assicurazioni
Retained insurance
2001 2002 2003
Description
forecaston
september figures
actual
forecaston
march figures
% % % %
EARNED PREMIUS 100,0 100,0 100,0 100,0
INCURRED CLAIMS -75,6 -66,6 -63,6 -67,1
COSTS -21,9 -22,9 -19,8 -21,7
TECHNICAL POSITIONS -0,7 -0,8 -0,8 -1,0
OPERATING RATIO 98,2 90,3 84,2 89,8
ORDINARY INCOME 6,3 3,2 2,1 4,0
RESULT 8,1 12,9 17,9 14,2
amount in thousands of Euros
amount in thousands of
Euros
amount in thousands of Euros
amount in thousands of Euros
TARGET 6% of direct insurance earned premiums 11.727 13.230 13.258
7% of direct insurance earned premiums 17.643
RESULT 11.108 20.560 28.202 25.271
DIFFERENCE -619 7.330 14.944 7.628
TOTAL MOTOR BUSINESS OPERATING RATIO
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Vittoria Assicurazioni
Retained insurance
2001 2002 2003
Description
forecaston
september figures
actual
forecaston
march figures
% % % %
EARNED PREMIUS 100,0 100,0 100,0 100,0
INCURRED CLAIMS -64,3 -64,8 -64,1 -67,3
COSTS -38,2 -42,1 -42,1 -40,3
TECHNICAL POSITIONS -2,0 -1,8 -2,5 -2,3
OPERATING RATIO 104,5 108,7 108,7 109,9
ORDINARY INCOME 6,6 4,2 3,0 5,0
RESULT 2,1 -4,5 -5,7 -4,9
amount in thousands of Euros
amount in thousands of Euros
amount in thousands of Euros
amount in thousands of Euros
TARGET 6% of direct insurance earned premiums 4.575 4.783 4.810
7% of direct insurance earned premiums 6.276
RESULT 1.411 -3.207 -4.101 -3.810
DIFFERENCE -3.164 -7.990 -8.911 -10.086
OTHER NON-LIFE BUSINESS OPERATING RATIO
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Vittoria Assicurazioni
Description 2000 2001 2002
Number of employees (annual average) 301 325 339
Operating units:
Agencies 186 186 194
Sub-agencies 180 182 185
Banks (bankinsurance agreements) 251 260 252
COMPANY STRUCTURE
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Vittoria Assicurazioni
DESCRIPTION 2000 2001 2002
Premiums composition(in millions of Euros)Annual premiums: First-year premiums 8,3 3,2 1,8 Subsequent-year-premiums 58,6 61,0 56,8 Total annual premiums 66,9 64,2 58,6Single premiums 51,5 34,3 24,6Total life businesses 118,4 98,5 83,2PREMIUM COMPOSITION RATIOAnnual premiums 56,5 65,1 70,4Single premiums 43,5 34,9 29,6Surrenders 14,2 16,8 15,2Matured policies 27,7 43,1 45,7
Average life of the premium portfolio at 31 December 2002 (years) 14,2 Average premium excluding single premiums at 31 December 2002 (in thousands of Euros) 973
LIFE BUSINESS FIGURES
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Vittoria Assicurazioni
(premiums in millions of Euros)
Description 12/2001 12/2002 3/2002 3/2003
Agencies 59,2 56,6 15,3 11,5
Bankinsurance 39,4 26,6 5,0 3,8
LIFE BUSINESS PORTFOLIO
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Vittoria Assicurazioni
(policies number)
Description 12/2001 12/2002 3/2002 3/2003
Policies: Motor business 462.727 510.334 472.790 522.136
Other non-life business
235.255 249.178 235.413 252.315
Affinity Groups 130.234 155.331 131.448 163.842
NON-LIFE BUSINESS PORTFOLIO
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Vittoria Assicurazioni
PORTFOLIO COMPOSITION
1990-2002
1995Life26% Third party
motor liability35%
Other Non-life39%
2001Life26%
Third party motor liability42%
Other Non-life32%
1990Life19% Third party
motor liability37%
Other Non-life44%
Life
Other Non-life
Third part
motor liability
17
Vittoria Assicurazioni
% % %
Description 2000 comp. 2001 comp. 2002 comp.
830,3 100,0 906,2 100,0 956,0 100,0
BUILDINGS 10,9 1,3 9,2 1,0 9,1 1,0
STRATEGIC EQUITY INVESTMENTS 27,6 3,3 46,5 5,1 53,6 5,6
SHARES 1,0 0,1 0,7 0,1 0,0 0,0
BONDS 755,1 90,9 789,7 87,2 849,7 88,9
LOANS 10,4 1,3 13,1 1,4 14,4 1,5
NET INSURANCE DEPOSITS -82,3 -9,9 -86,1 -9,5 -86,0 -9,0
LIQUID FUNDS 25,6 3,1 34,7 3,8 15,5 1,6
INVESTMENTS BENENFITING
LIFE POLICYHOLDERS
(Index-linked and unit-linked) 82,0 9,9 98,5 10,9 99,7 10,4
(in millions of Euros)
INVESTMENTS AND LIQUID FUNDS
INVESTMENT COMPOSITION
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Vittoria Assicurazioni
(in millions of Euros)
DESCRIPTION 2000 2001 2002
SHARE CAPITAL 15,5 30,0 30,0EQUITY RESERVES 67,0 56,2 63,6NET PROFIT FOR THE YEAR 6,8 10,7 12,8SHAREHOLDERS EQUITY 89,3 96,9 106,4
NON-LIFE BUSINESS SOLVENCY MARGIN FABBISOGNO REQUIREMENT 30,7 33,4 36,3 ECCEDENZA SURPLUS 18,7 27,7 28,2
LIFE BUSINESS SOLVENCY MARGIN FABBISOGNO REQUIREMENT 20,8 22,2 22,6 ECCEDENZA SURPLUS 8,4 13,9 14,9
SHAREHOLDERS' EQUITY AND SOLVENCY MARGIN
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Vittoria Assicurazioni
CALCULATION OF EMBEDDED VALUE
(in millions of Euros)
SHAREHOLDERS' EQUITY 96.9 106.4
COMMISIONS AND OTHER PROVISIONS (1) 11.0 12.8
LIFE BUSINESS PORTFOLIO (2) 19.4 (3) 20.8
EMBEDDED VALUE 127.3 140.0
DEFERRED TAX RATE: 35%
DEFERRED TAX RATE: 42%RETURN ON ASSETS: 5.25%DISCOUNTING RATE: 7.87%
DEFERRED TAX RATE: 42%RETURN ON ASSETS: 5%DISCOUNTING RATE: 7.50%
(2)
(3)
2001 2002
(1)
20
Vittoria Assicurazioni
2001 2003
forecast on september
figuresactual
forecast on march figures
11,5 12,5 12,6 13,5
2002
NET ROE - TARGET
21
Vittoria Assicurazioni
(in Euros)
Description 2000 2001 2002
ANNUAL AVERAGE STOCK EXCHANGE PRICE 4,76 4,05 3,91
BOOK VALUE PER SHARE (BVPS) 2,98 3,23 3,55
EARNINGS PER SHARE (EPS) 0,23 0,36 0,43
EMBEDDED VALUE PER SHARE 3,99 4,24 4,67
INDEXES
22
Vittoria Assicurazioni
(in Euros)
Description 2000 2001 2002
DIVIDEND PER SHARE 0,10 0,11 0,12
TOTAL DIVIDEND IN MILLIONS (PAY OUT) 3,08 3,30 3,60
DIVIDEND YIELD 2,16 2,72 3,07
PRICE/EARNING RATIO (P/E) 20,89 11,31 9,16
RETURN ON EQUITY (ROE) 7,83 11,54 12,59
PRICE/BOOK RATIO 1,60 1,25 1,10
PRICE/EMBEDDE VALUE RATIO 1,19 0,95 0,84
INDEXES