1
1
Presentation
to financial
analysts
Milan, 12 May 2003
Vittoria Assicurazioni
2
SHAREHOLDING STRUCTURE
Carlo Acutis
66%
BNP Paribas
Vittoria Capital N.V.
51,02%
2%
5,50
Vittoria Assicurazioni S.p.A.
12,75%
32,49%
Vittoria
Immobiliare S.p.A.
80%
80%
80%
51%
Immobiliare Bilancia
S.r.l.
54,76%
Yarpa International
Holding N.V.
Gestimmo bili S.r.l.
Gestimmo bili
Intermediazio ne S.r.l.
Interimmo bili S.r.l.
25%
15%
V.R.G. Do mus S.r.l.
100% 24%
Touring
Vacanze S.r.l.
25% 25%
Laumor B.V.
14,80%
41,80%
S.IN.T. S.r.l.
49%
Interbilancia S.r.l.
100%
A spevi S.r.l.
Vitto ria.net S.r.l.
A speca S.r.l.
51%
100%
80%
Services and Distribution
Real estate
Vittoria Assicurazioni
3
SHAREHOLDERS OF VITTORIA
ASSICURAZIONI S.p.A.
NR. SHARES
%
OF SHARE
CAPITAL
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
1 VITTORIA CAPITAL N.V. - Holland
Equal to
65,6
The floating portion is equal to
34,4
100,0
Vittoria Assicurazioni
4
SHAREHOLDERS OF VITTORIA CAPITAL N.V.
%
OF SHARE
CAPITAL
1
YURA INTERNATIONAL HOLDING B.V.- Holland
66,0
2
MUNCHENER RUCK GROUP – Germany
12,0
10,0
2,0
Münchener Rückversicherungs - Gesellschaft
Victoria Düsseldorf
3
PIRELLI & C. - Milan
5,0
4
MALUJA – Holland
5,0
5
CREDIT INDUSTRIEL – Switzerland
4,0
6
MARINT – Luxembourg
2,0
7
PFAT.I.A.R.D. (Gruppo AGF Athena) – France
2,0
8 BANCA
PASSADORE – Genoa
1,0
9 OTHER
3,0
Equal to
100,0
Vittoria Assicurazioni
5
PREMIUMS
DESCRIPTION
Motor Business
2000
2001
increase
%
over
previous
year
increase
%
over
previous
year
(in millions of Euros)
2002
Amount
3/2002
increase
%
over
previous
year
Amount
3/2003
Amount
increase
%
over
previous
year
13,0%
7,6%
233,2
15,6%
53,5
59,1
10,5%
Non-marine business
2,0%
8,8%
73,4
8,3%
14,2
16,2
14,1%
Special lines business
59,7%
-25,7%
16,6
0,6%
3,4
2,1
-38,2%
Total non-life business
12,9%
5,1%
323,2
13,0%
71,1
77,4
8,9%
Life Business
20,7%
-16,8%
83,2
-15,6%
20,3
15,3
-24,6%
Total
15,2%
-1,5%
406,4
5,7%
91,4
92,7
1,4%
Vittoria Assicurazioni
6
LOSS RATIO
2000
2001
2002
forecast
on
september
figures
Description
2003
forecast
on
march
figures
actual
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%
Vittoria Assicurazioni
7
TECHNICAL RESERVES AS A PERCENTAGE
OF PREMIUMS
Description
2000
2001
2002
forecast
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%
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%
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%
Other non-life business
Non-life business
Premium reserve
Vittoria Assicurazioni
8
OVERHEADS AS A PERCENTAGE OF
PREMIUMS
2001
2002
2003
forecast
on
march figures
Description
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%
Vittoria Assicurazioni
9
TOTAL NON-LIFE BUSINESS OPERATING RATIO
Retained insurance
2001
2002
forecast
on
actual
september
figures
%
%
Description
%
2003
forecast
on
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
-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
TECHNICAL POSITIONS
RESULT
TARGET 6% of direct insurance earned premiums
6,1
7,6
10,5
8,3
amount in
amount in
amount in amount in
thousands thousands thousands thousands
of Euros
of Euros
of Euros
of Euros
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
Vittoria Assicurazioni
10
TOTAL MOTOR BUSINESS OPERATING RATIO
Retained insurance
2001
2002
forecast
on
actual
september
figures
%
%
Description
%
2003
forecast
on
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
TARGET 6% of direct insurance earned premiums
8,1
12,9
17,9
14,2
amount in
amount in
amount in amount in
thousands thousands of thousands thousands
of Euros
Euros
of Euros
of Euros
11.727
13.230
13.258
7% of direct insurance earned premiums
17.643
RESULT
DIFFERENCE
11.108
20.560
28.202
25.271
-619
7.330
14.944
7.628
Vittoria Assicurazioni
11
OTHER NON-LIFE BUSINESS OPERATING RATIO
Retained insurance
2001
2002
forecast
on
actual
september
figures
Description
%
%
2003
forecast
on
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
-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
TECHNICAL POSITIONS
RESULT
TARGET 6% of direct insurance earned premiums
2,1
-4,5
-5,7
-4,9
amount in
amount in
amount in amount in
thousands thousands thousands thousands
of Euros
of Euros
of Euros
of Euros
4.575
4.783
4.810
7% of direct insurance earned premiums
6.276
RESULT
DIFFERENCE
1.411
-3.207
-4.101
-3.810
-3.164
-7.990
-8.911
-10.086
Vittoria Assicurazioni
12
COMPANY STRUCTURE
Description
Number of employees (annual average)
2000
2001
2002
301
325
339
Agencies
186
186
194
Sub-agencies
180
182
185
Banks (bankinsurance agreements)
251
260
252
Operating units:
Vittoria Assicurazioni
13
LIFE BUSINESS FIGURES
DESCRIPTION
Premiums composition
(in millions of Euros)
Annual premiums:
First-year premiums
Subsequent-year-premiums
Total annual premiums
Single premiums
Total life businesses
PREMIUM COMPOSITION RATIO
Annual premiums
Single premiums
Surrenders
Matured policies
Average life of the premium portfolio at 31 December 2002 (years)
Average premium excluding single premiums at 31 December
2002 (in thousands of Euros)
2000
2001
2002
8,3
58,6
66,9
51,5
118,4
3,2
61,0
64,2
34,3
98,5
1,8
56,8
58,6
24,6
83,2
56,5
43,5
14,2
27,7
65,1
34,9
16,8
43,1
70,4
29,6
15,2
45,7
14,2
973
Vittoria Assicurazioni
14
LIFE BUSINESS PORTFOLIO
(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
Vittoria Assicurazioni
15
NON-LIFE BUSINESS PORTFOLIO
(policies number)
Description
Policies: Motor business
Other non-life
business
Affinity Groups
12/2001
12/2002
3/2002
3/2003
462.727
510.334
472.790
522.136
235.255
249.178
235.413
252.315
130.234
155.331
131.448
163.842
Vittoria Assicurazioni
16
PORTFOLIO COMPOSITION
1990-2002
Life
Vita
19%
19%
Altri
Other
Danni
Non-life
44%
44%
2002
2001
1995
1995
1990
1990
Third party
motor
liability
R.C.A.
37%
37%
Vita
Life
26%
26%
Other
Altri
Non-life
Danni
39%
39%
Third party
motorR.C.A.
liability
35%
35%
Life
Vita
Life
20%
26%
Third
part
motor
Third party
liability
R.C.A.
motor liability
47%
42%
OtherAltri
Danni
Non-life
Other
33%
Non-life
32%
Vittoria Assicurazioni
17
INVESTMENT COMPOSITION
(in millions of Euros)
Description
INVESTMENTS AND LIQUID
FUNDS
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
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
-82,3
-9,9
-86,1
-9,5
-86,0
-9,0
25,6
3,1
34,7
3,8
15,5
1,6
82,0
9,9
98,5
10,9
99,7
10,4
SHARES
NET INSURANCE DEPOSITS
LIQUID FUNDS
INVESTMENTS BENENFITING
LIFE POLICYHOLDERS
(Index-linked and unit-linked)
Vittoria Assicurazioni
18
SHAREHOLDERS' EQUITY AND SOLVENCY MARGIN
(in millions of Euros)
DESCRIPTION
2000
2001
2002
SHARE CAPITAL
EQUITY RESERVES
NET PROFIT FOR THE YEAR
SHAREHOLDERS EQUITY
15,5
67,0
6,8
89,3
30,0
56,2
10,7
96,9
30,0
63,6
12,8
106,4
NON-LIFE BUSINESS SOLVENCY MARGIN
FABBISOGNO
REQUIREMENT
ECCEDENZA
SURPLUS
30,7
18,7
33,4
27,7
36,3
28,2
LIFE BUSINESS SOLVENCY MARGIN
FABBISOGNO
REQUIREMENT
ECCEDENZA
SURPLUS
20,8
8,4
22,2
13,9
22,6
14,9
Vittoria Assicurazioni
19
CALCULATION OF EMBEDDED VALUE
(in millions of Euros)
2001
2002
SHAREHOLDERS' EQUITY
96.9
106.4
COMMISIONS AND OTHER PROVISIONS (1)
11.0
12.8
(2)
LIFE BUSINESS PORTFOLIO
127.3
EMBEDDED VALUE
(1) DEFERRED TAX RATE:
35%
(2) DEFERRED TAX RATE:
42%
5.25%
7.87%
RETURN ON ASSETS:
DISCOUNTING RATE:
(3) DEFERRED TAX RATE:
RETURN ON ASSETS:
DISCOUNTING RATE:
19.4
(3)
20.8
140.0
42%
5%
7.50%
Vittoria Assicurazioni
20
NET ROE - TARGET
2002
2001
forecast on
september
figures
11,5
12,5
2003
actual
forecast on
march figures
12,6
13,5
Vittoria Assicurazioni
21
INDEXES
(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
Vittoria Assicurazioni
22
INDEXES
(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
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
PRICE/EARNING RATIO (P/E)
Vittoria Assicurazioni