CITIGROUP - ANNUAL PAN EUROPEAN SMALL/MID CAP CONFERENCE
LA VIA CATTOLICA
Searching for new ways to create value and new value to create
London, October 17th 2007
Contents
ƒ
Cattolica: a reshaped Group – transformation ongoing
ƒ
Going on the Cattolica way: Group strategy
ƒ
Economic and financial objectives to 2010
ƒ
1H 2007 Interim results
ƒ
Cattolica stock
1
A solid base for the generation of value
A history of overall growth of
premiums
ƒ € 4.5 bn in 2006 (+8.5% CAGR compared to 2000), of
which 35% is non-life and 65% is life insurance
ƒ 6th largest operator in the Italian market, 5th in Motor
Strong growth of the agency
network
ƒ From ~550 to ~1,500 agencies during 2000-06
A broad customer base with
potential for further
development
ƒ Approximately 2 million direct customers in the
agency network alone
A successful model in
Bancassurance
The Group has a firmly rooted
system of economic relations
Flexibility and financial
strength
ƒ Over 30 agreements with partner banks involving over
2,700 branches
ƒ ~ 26,000 Shareholder members
ƒ Network of relations with Ecclesiastic and Non-profit
entities
ƒ “A” rating from A.M. Best (negative outlook)
ƒ "A-" rating from Standard & Poors (stable outlook)
2
The strategic concept
Strategic objectives 2007-2010
Focused, organic growth, with
specialization and further development of
Group's system of relations
Leading insurance
company for retail
and small business
customers
Increased value with focus on operating
efficiency and risk and capital
management
Plan perimeter
Systematic development of growth
opportunities in Italy and abroad
3
The Business Pillars which constitute the Group's strategy
Strategic Pillars
Unification
Unification and
and development
development of
of the
the Group's
Group's agency
agency networks,
networks,
widespread
widespread throughout
throughout the
the country
country
Focused, endogenous
growth, with
specialization and further
development of Group's
system of relations
Growth
Growth in
in value,
value, quality
quality of
of service
service and
and efficiency
efficiency of
of the
the motor
motor
business,
through
the
specialized
business
partnership
business, through the specialized business partnership with
with
Mapfre
Mapfre Group
Group
Development
Development of
of life
life and
and non-life
non-life bancassurance:
bancassurance: reinforcement
reinforcement and
and
extension
of
the
partnerships
with
regional
banks,
intensification
extension of the partnerships with regional banks, intensification of
of
the
the strategic
strategic relation
relation with
with Banca
Banca Lombarda
Lombarda and
and extensive
extensive
development
of
the
new
agreement
with
Banca
development of the new agreement with Banca Popolare
Popolare di
di Vicenza
Vicenza
Exploitation
Exploitation of
of the
the relations
relations with
with shareholders
shareholders
Focused
action
on
ecclesiastic
Focused action on ecclesiastic and
and non-profit
non-profit entities
entities
Increased value with
focus on operating
efficiency and risk and
capital management
Corporate,
Corporate, organizational
organizational and
and operational
operational integration
integration
Development
Development of
of Group
Group investment
investment policies
policies
Strategic
Strategic risk
risk and
and capital
capital management
management
4
Reshaping the Group: New Shareholders’ and Corporate Structure
2007 Shareholders’ Structure
2007 Cattolica Shareholders’ structure
ƒ New Board of
Directors in place
since the AGM
approval (28th April)
ƒ Institutional investors show
stronger interest on the Stock
with acquisition of important
stakes
ƒ In September capital increase
reserved to Banca Popolare
di Vicenza for the 8% of
Cattolica’s post-increase share
capital, raising its stake to
12.4%
Banca Pop.
Other
Vicenza
Institutional
12.4%
Investors
15.3%
Further actions
ƒ Stakebuilding plan
announced by Mapfre who will
acquire extra 10% Cattolica’s
shares on the market
ƒ Another 4% of capital, will be
sold to Banca Popolare di
Vicenza starting on July 1°
2010.
Group & Plan Governance
Retail
investors
65.6%
Fond. Cari
Trento e
Rovereto
2%
Mapfre
7.5%
ƒ Cattolica new General
Manager and new
Deputy General
Manager hired and
already in place
ƒ General Manager of
Mapfre Cattolica
Auto appointed by
Mapfre
ƒ In place new
organizational
structure
5
New Corporate organizational structure
Chairman
Paolo Bedoni
General
Manager
Group Auditing
Giovan Battista
Mazzucchelli
Werther
Montanari
Deputy General
Manager
Strategic
Planning &
Institutional
Relationships (*)
Legal &
Corporate
Group Finance
and
Investments
Marco
Cardinaletti
Giulio Fezzi
Massimo Mella
Piero Gavazzi
Non-life and
Reinsurance (*)
Mayer Nahum
(*) Central Managers
Commercial
Group
Bancassurance,
Pension and Life
(*)
Group Motor
Business Unit
(*)
Group HR &
Organization
Antonello Cattani
Andrea Battista
Luca Lanzoni
Paolo Masini
6
New business and service model
INSURANCE
Motor
Factory JV
(1)
Non Motor
P&C
Life
BANCASSURANCE
Banking and
financial
products
Pension
planning
INSURANCE CHANNEL
Life
Non-life
BANKING CHANNEL (2)
Finance and Investments
Shared operational services
(1)
(2)
Including Motor FTK, Assistance and all accessories to the overall Motor product , except the business developed with Shareholder members and the banking
channel
Only the JVs will tend to have an autonomous corporate standing with respect to the parent company
7
Contents
ƒ
Cattolica Assicurazioni: a reshaped Group – transformation ongoing
ƒ
Going on the Cattolica way: Group strategy
ƒ
Economic and financial objectives to 2010
ƒ
1H 2007 Interim Results
ƒ
Cattolica stock
8
Corporate simplification and reorganization ongoing
Simplification and rationalization of corporate organization
and business structure ongoing
Establishment of Motor Factory JV
Corporate
Business / brokers
Integration of
non motor business
Agency motor
classes
tor
mo
y
c
s
en se
Ag clas
9 Agreement with trade unions signed which
approved all corporate operations
New name
Motor Factory JV
Centralization of claims management
Claims Management
branches
“Cattolica Claims
Management”
(new diCa)
Centralization of life divisions in Cattolica
MERGER
(1)
Our actions - Update
9 Approved the integration of CIRA and Duomo
UniOne non motor business by Cattolica
9 Approved the integration of motor classes of
Cattolica, Duomo UniOne and CIRA in the
new Motor Factory JV
Our actions - Update
9 Integration of Cattolica and DuomoUnione
claims management branches into the new
diCA, the company dedicated to Group
claims management
Our actions - Update
9 Approved the merger of Duomo Previdenza
in Cattolica
9 Approved the merger of Persona Life in
Cattolica
Note: The transactions are subject to the authorization of the competent authorities
9
Insurance Business - Focus on proprietary channel
Insurance
Insurance Business
Business
Actions in place
ƒ Unification and integration of the agency
networks started
- Segmentation of agencies into the types and
models profiled
- Progressive development of range of
products and services
ƒ Increase in commercial efficiency and
exploitation of the agency network
- New sales structure, unifying and
strengthening of the central and local sales
structures
- Expanding Agency sales force, by introducing
Insurance Consultants and Life and Pension
Planning Consultants
- Intense training program
- Incentives aimed at increasing profitability and
cross-selling
- Development of support and sales monitoring
tools
Target
Increased penetration
of non motor
and life products in
the agency network
10
Rationalization of agency insurance business structure
Insurance
Insurance Business
Business
FROM FRAGMENTATION ……..
……….. TO CONSOLIDATION
Insurance Business
Agency
Agency
Agency
A unified Agency
network
network
network
network
Administrative Administrative Administrative
Administrative
Services
Services
Services
Services
IT
IT
IT
IT
Claims
Claims
Claims
Claims
Management
Management
Management
Management
Commercial
Commercial
Commercial
Marketing
Marketing
Marketing
Product
Product
Product
development
development
development
Commercial
Marketing
Product development
Two agency mandates
Motor Factory JV
11
Unification and integration of the agency networks
Insurance
Insurance Business
Business
A unified agency network
Our actions - Update
Number of Agencies
15
2
1,231
625
569
21
225
N: 645
141
88
C: 361
125
S: 225
52%
35
77
19
46
18%
8
52
29%
9 Agency clustering by dimensions and
performance at advanced stage
9 Geographical marketing analysis
under development
9 Operational re-configuration and
integration
48
125
39
(1)
13
9 Year end unified commercial
campaign
68
41
51
(1)
Updated June 2007. Excluding 125 Persona Life multymandatary agencies
12
Strategy of integrated products and services
Insurance
Insurance Business
Business
Retail and Small Business Customers
Our actions - Update
9 Set-up of a Group
strategic marketing
function
9 Non-stop analysis of
motor tariffs and new
tariff to be launched in
October
9 New health care products
ready to be launched
9 Financial value
proposition at advanced
stage in cooperation with
B.P. Vicenza
13
Commercial reorganization going on: unification and
strengthening of the sales force
Insurance
Insurance Business
Business
Our actions - Update
Commercial Division - Agents
From:
Commercial Division Agents
ƒ Geographical overlapping of sales
supervisors
Sales Planning
ƒ No presence in some geographical areas
ƒ Unbalanced sharing of span of control per
sales assistant
Operational Marketing
Sales
Network
To:
Area Manager
Life spec.
ƒ Many agencies managed directly by sales
supervisors
9 New integrated commercial division started
in September
9 Reorganization of the commercial division
based on a new territorial structure:
Sales Assistants
ƒ 9 areas
Agents
Agents
working under an
company department
ƒ 56 zones
ƒ >80 people on the field
ƒ 1 sales commercial assistant every 20
agencies
9 New life sales department
14
Motor Factory JV
Motor
Motor Factory
Factory JV
JV
Drivers of development
• Company specialized in the Motor
segment in a joint-venture with Mapfre
• Expanding the range of products and
services; careful selection of risks and
customized pricing
• Actions focused optimizing claims
management, with focus on
customer service and profitability over
the entire life of the claim
ƒ
Target
Increase in profitability of
the Motor segment,
with increased penetration
of coverage with higher
added value and
improvement in technical
results
Completion of on-going re-alignment
strategy
15
Optimization of claims management
Claims
Claims Management
Management
Action points
ƒ All Group activities involving claims
management centralized in di.Ca
ƒ Development of operating platforms:
– Industrialization of processes
– Flexible organization
– New Technologies
Our actions - update
9 Integration of claims management
structures in di.CA by 1° July 2007
9 Integration & Improvement Task force
started in September
9 Reorganization of IT platforms started
ƒ Process integration
– Reduction of management and claim
settlement costs (e.g. legal expenses
and inspections)
– Reduction of logistics costs in
adjustment centers (unification of
adjustment center networks)
17
– Centralization and diffusion of information
and knowledge
16
Targets of the strategic actions
Targets
Targets
Premiums - Motor Agents (€ mln)
2.0%
Total MCA
1,138
1,052
Group share of MCA
569
2006
Claims ratio MCA (2) (%)
(1)
(2)
Normalized value
Estimate - Gross of reinsurance
80.3% (1)
2010T
- 4.3 p.p.
76.0%
CAGR
06-10
17
Bancassurance - strategic drivers
Bancassurance
Bancassurance
Drivers of development
ƒ Reconfirmation of the partnership oriented
model: sales agreements, focused partnerships,
joint ventures
ƒ Strategic partnership with BPVI
ƒ Consolidation of life bancassurance
Target
Consolidation of the
life market share
and development of
non-life
bancassurance
ƒ Development of non-life bancassurance
18
Bancassurance: the "repositioning" of the model
Bancassurance
Bancassurance
Number of branches
Maximum exploitation of the
management model for a
differentiate portfolio of
partnerships
Joint ventures
Focused partnerships
Sales agreements
1,539
252
946
Joint-ventures, with a strategic
partnership
Distribution and product agreements,
reinforced by
capital investments (in certain cases
featuring a cross over)
Product distribution agreements
ƒ Taking advantage of existing
agreements
ƒ Development of new agreements,
aimed at completing geographic
coverage
ƒ Taking advantage of existing agreements ƒ Taking advantage of partnerships
ƒ Business development aimed at selecting
new agreements
19
The agreement with Banca Popolare di Vicenza
Bancassurance
Bancassurance
The key points of the agreement
ƒ Life Bancassurance: acquisition of a 50% share
in Berica Vita SpA (governed by Italian law) and
Vicenza Life Ltd (governed by Irish law)
ƒ Non-life Bancassurance: disposal to BPVI of a
50% share of ABC Assicura SpA
ƒ Asset management: integration of Verona
Gestioni SGR with BPVI Fondi SGR. Equal
stakes
Our actions - update
By 5th September the partnership with
Banco Popolare di Vicenza is
operative:
9 Started distribution of non-life products
9 Started distribution of life and pension
products
9 Next distribution of bank products
through the agency network
Significant growth potential in Life Bancassurance
Average premiums per branch (€ mn)
Reserves/AUM
1.6
0.9
BPVI
(%)
22.4
16.4
Average for
comparable
banks
BPVI
Average for
comparable
banks
20
The agreement with Banca Lombarda
Bancassurance
Bancassurance
Renewal until 2010 of Cattolica and
Banca Lombarda agreement
LOMBARDA VITA
2006 premiums:
Business and commercial agreement
ƒCattolica Group insurance products will
continue to be sold via the 811 bank
branches and 567 Financial advisors of
Banca Lombarda
1.376 € mn
1H 2007: +5.5%
Market new business:
- 4.2%
ƒConfirmation of Lombarda Vita activity: the
joint-venture founded in 2000, 50.1% owned
by Cattolica and 49.9 by Banca Lombarda
21
Life Bancassurance: action points and objectives
Bancassurance
Bancassurance
Action points
Premiums - Life Bancassurance (€ mn)
ƒ Focus on pension planning as a growing
business
ƒ Balanced product mix, to maintain flexibility in
relation to market performance
ƒ Selective introduction of innovative product
elements to respond to pension planning
challenges (e.g. class I and class III mixed
products)
ƒ Monitoring and, where possible, development of
the insurance content of life products with
financial content
5.4%
3,107
2,517
BPVN
Other
partnerships
720
3,107
1,797
2006
MS (%)
~4.9%
2010T
~5.0%
ƒ Sales actions focused on medium to high level
bank customers (affluent and private insurance,
also through Irish operations) and testing of
corporate bancassurance products (collective /
employee benefit)
ƒ Maintenance of penetration of current
partnerships, with a focus on service and sales
support to Partners
ƒ Continuous search for new partnership
opportunities (not taken into account for the Plan)
CAGR
06-10
22
Non-life Bancassurance: action points and objectives
Bancassurance
Bancassurance
Action points
ƒ Gradual activation of the range of products
offered through all major partner networks,
with a focus on collective products coupled with
banking products (credit protection on personal
loans and mortgages, accident and injury
coverage for c/a and fire insurance on
mortgages) and on stand-alone products
ƒ Maintenance of wide range of
products/services (asset, vehicle, current
account, credit line and personal coverage), but
with a particular focus on personal coverage
for the retail segment
Our actions - update
ƒ In September 2007 start-up of ABC
Assicura, JV with BPVI specialized in non-life
bancassurance
ƒ In 1H2007 significant growth of non-life
bancassurance: + 66,7% despite the
expiration of BPVN agreement
ƒ Continuous exploration of opportunities for
new agreements with banks and financial
companies
Premiums - Non-Life Bancassurance (€ mn)
31%
ƒ Subsequent focus on products for the small
business segment, in particular with “all risk”
coverage products (theft, fire, civil liability)
ƒ Extension of the penetration of current
partnerships
28
Non motor
Motor
MS (%)
24
82
62
20
4
2006
2010T
~4.1%
~7.3%
CAGR
06-10
23
Grasping opportunities from pension market reform
Pension
Pension Planning
Planning
Complementary pension reform became
effective on January 1, 2007
By now the Italian market grew less than
expected. In comparison with other
European countries, Italy shows strong
potential market growth in this business
Action points
ƒ Reinforcement of the Central Competence
Business Unit specialized in
complementary pension planning through
reorganization and consolidation of activities
and units
ƒ Achieve economies of scale and exploit
Group resources and experience in pension
field to create competitive advantages in
terms of know-how
ƒ Exploit potential strength of Group
distribution network
Our actions - update
ƒ Capabilities and competitiveness in all business
areas (closed funds, open funds, individual
policies)
ƒ Distribution of products through all Group
networks (banks, agencies, brokers, direct
channel)
ƒ Development of services to support the
distribution network
ƒ Acquisition of the remaining 50% of AXA
Cattolica Previdenza in Azienda, specialized in
employee benefits business area and integration
of the operational processes in the Group
Results
In 2007 growth in all business areas:
ƒ Closed funds: from 4funds in 2006 to 10 funds in
2007
ƒ Open Funds: from 1.267 adhesions in 2006 to 4.707
in August 2007 (market share growing from 0.28% in
2006 to 2.2% in 2007)
ƒ PIP: market share to 2% in terms of adhesions (0%
in 2006)
24
IT intervention guidelines
Corporate,
Corporate, organizational
organizational
and
and operational
operational integration
integration
Organizational acceleration
strategies
Main objectives
ƒ Support the corporate and organizational
evolution expected in the near future
ƒ Support the operating launch of the new
Motor Factory JV, through unification of the
agency network
ƒ Unification and innovation of Group
systems, rationalizing the platform and
facilitating efficiency
ƒ Support the evolution of the integrated
agency network
ƒ Partnership in IT
application and facility
management selected
and in place
ƒ New management team
for the IT company
hired: Chairman, CEO
and General Manager
in place since 1H 2007
ƒ Investment Plan for
strategic projects
defined and under
implementation.
2007/10 Investment ~ €
60 mn
25
Operating efficiency
Corporate,
Corporate, organizational
organizational
and
and operational
operational integration
integration
Action points
ƒ Freeze employee turnover
− Take advantage of existing skills
− Reassign staff to areas with greater
development, using dedicated training
programs
Our actions - update
ƒ Observed reduction in headcount
ƒ Strategic sourcing analysis near to
start
ƒ Rigid IT cost control
− Recruitment of staff with selected
specializations
ƒ Insourcing of currently outsource
tasks/departments to available staff
− once the corporate unification is
complete
− actions planned on information systems
ƒ Acceleration of the optimization and
centralization of purchases
ƒ Compliance with IT budget
Target 2010
Gross overall savings of
approximately € 35 million (1) in
operating costs compared to
inertial
(1) At a perimeter level with 100% aggregated with MCA
26
Guidelines for capital usage and management
Management
Management of
of risks
risks and
and
capital
capital
Systematic development of growth
opportunities in Italy and abroad
Growth
Confirmation
of rating
target ≥ A
Solidity
Capital availability
targets
Shareholders
Progressive
growth in the
dividend per share
In the medium
term with
absence of
opportunities
Capital management
actions
27
Contents
ƒ
Cattolica: a reshaped Group – transformation on going
ƒ
Going on the Cattolica way
ƒ
Economic and financial objectives to 2010
ƒ
1H 2007 Interim results
ƒ
Cattolica stock
28
Main targets of the plan: focus on growth aimed at generating
value…
TARGETS
Premium collection
(€ mn) (1)
3.4 %
Non-life Combined ratio (%)
109.2%
5,279
4,514
- ~ 6 p.p
Life
2,906
3,950
Non-life
1,608
1,330
2006
2010T
Normaliz.
(1) Including investment contracts
Note: Tua Assicurazioni included in the figures for 2006 (in the one-off item for the combined ratio)
~ 99%
~ 93%
2006
2010T
T: Target
CAGR
06-10
∆ p.p.
06-10
29
… with attention to the technical profitability and
operating efficiency levels
TARGETS
Claims Ratio 2006-2010 change (%)
85,6
-1.6
-1.3
-1.8
Expense Ratio 2006-2010 change (%)
Commission ratio
-1.5
+1.8
(1)
76.8
70.6
Pure expense ratio
-1.9
21
2006 Operations
Operations
involving
involving
portfolio
portfolio
realignment
realignment
(1) Normalized
Evolution
Evolution
of
of the
the
portfolio
portfolio
mix
mix with
with
increasing
increasing
weight
weight on
on
non
non motor
motor
business
business
Portfolio
Portfolio rerebalancing
balancing
effect
effect for
for the
the
MCA
MCA
operation
operation
Reduction
Reduction
of
of managemanagement
ment claim
claim
adjustment
adjustment
costs
costs
2010T
2006
20.9
Evolution
Evolution of
of
the
the
commission
commission
mix:
mix:
• increasing
weight of
non motor
business
• MCA effect
Actions
Actions
involving
involving
reduction
reduction of
of
operating
operating
costs
costs
2010T
F: Forecast; T: Target
30
Development of consolidated and net Group profits
TARGETS
Net consolidated profit (€ mn)
5,1%
Group net profit (€ mn)
195
5,2%
160
2006
170
139
2010T
2006
2010T
In the interim period
significant capital gains
are expected from
planned extraordinary
transactions
CAGR
06-10
T: Target
31
Contents
ƒ
Cattolica: a reshaped Group – transformation ongoing
ƒ
Going on the Cattolica way: Group strategy
ƒ
Economic and financial objectives to 2010
ƒ
1H 2007 Interim Results
ƒ
Cattolica stock
32
1H2007 Results: going on with the turnaround
1H2007
1H2007 Interim
Interim Results
Results
Gross premiums 2005
collection*
(€ mln)
5.2%
Focus
Focus on
on non-life
non-life
more
more profitable
profitable
businesses:
businesses:
•• Non-motor
Non-motor
business:
business: +6.7%
+6.7%
•• Motor
Motor premiums:
premiums:
-5.5%
-5.5% because
because of
of
portfolio
portfolio pruning
pruning
Improvement
Improvement of
of
claims
claims ratio
ratio to
to
78.1%
78.1% in
in 1H2007
1H2007
from
from 81.4%
81.4% in
in
1H2006.
1H2006.
Expense
Expense ratio
ratio
raises
raises to
to 22.4%
22.4%
in
in 1H2007
1H2007 from
from
21.6%
21.6% in
in 1H2006
1H2006
due
due to
to one-off
one-off
expenses
expenses (for
(for
reorganization
reorganization
process)
process)
1,955
1.124
2.057
1.241
10.8%
1H2006
1H2006 income
income
was
was positively
positively
affected
affected by
by
extraordinary
extraordinary
gains
gains coming
coming
from
from real
real estate
estate
disposal
disposal and
and
strategic
strategic stake
stake
sale
sale
-1.8%
(€)
(%)
103.8%
1H2007
181
1H2007**
1H2006**
Consolidated net result
(€ mln)
1H2006
1H2006 result
result
was
was positively
positively
affected
affected by
by
extraordinary
extraordinary
gains
gains coming
coming
from
from real
real estate
estate
disposal
disposal and
and
strategic
strategic stake
stake
sale
82
sale worth
worth 82
mn,
mn, net
net of
of taxes
taxes
2006
-3.7%
(€)
Combined ratio
109.2%
188
816
1H2007**
1H2006**
(€ mln)
Dividendo per azione
Dividendo per azione
831
2005
Net financial income
- 42%
50
29
1H2006
1H2007
* Including investment contracts ** Excluding BPV VITA according to IFRS 5
33
Contents
ƒ
Cattolica: a reshaped Group – transformation ongoing
ƒ
Going on the Cattolica way: Group strategy
ƒ
Economic and financial objectives to 2010
ƒ
1H 2007 Interim Results
ƒ
Cattolica stock
34
Target Price Analyst
42,3
42
41
41
40.8
38
Average
Intermonte
UBM
Euromobiliare
02
/0
11 1/2
/0 00
22 1/20 7
/0 0
31 1/2 7
/0 00
09 1/20 7
/0 0
20 2/2 7
/0 00
01 2/2 7
/0 00
12 3/20 7
/0 0
21 3/2 7
/0 00
30 3/20 7
/0 0
12 3/2 7
/0 00
23 4/20 7
/0 0
03 4/2 7
/0 00
14 5/2 7
/0 00
23 5/20 7
/0 0
01 5/2 7
/0 00
12 6/20 7
/0 0
21 6/2 7
/0 00
02 6/2 7
/0 00
11 7/20 7
/0 0
20 7/2 7
/0 00
31 7/20 7
/0 0
09 7/2 7
/0 00
21 8/2 7
/0 00
30 8/20 7
/0 0
10 8/2 7
/0 00
9/ 7
20
07
Cattolica stock performance vs analysts’ target prices
Strategic Plan presentation 2007-2010
50
Target Price Analyst
47,5
46,8 Mediobanca
45
44 Caboto
43,5 Average
43.5 UBM
43,3 Cheuvreux
Banca Leonardo 42,5
Mediobanca, Kepler
42,3
41
Banca Leonardo
Intermonte
40
35
Evolution of volumes and capitalization since 2001
Turnover velocity
Volumes 2005
(%)
(number)
x4
x4
76,6%
142.820
54,6%
110.872
62.845
33.131
25.235
23.612
2001
2002
2003
33,8%
42.060
2004
2005
2006
9M2007
14,8%
13,8%
2001
2002
17,6%
2003
22,8%
2004
2005
Volumes – value in €
Capitalization
(€)
(€ mln)
2006
9M2007
x2
x8
6.461.890
4.903.868
1.802
2.144
2005
2006
2.278
1.546
2.389.304
1.137
1.372.249
631.657 521.990 794.978
2001
2002
2003
Source: Bloomberg and internal analysis
2004
2005
2006
9M2007
1.078
952
2001
2002
2003
2004
9M2007
36
Defensive stance of Cattolica Stock: Best performer
in Italy during market shock period
Stock performance in comparison with main
Italian insurance equities
Market shock period
13.07.2007 – 14.09.2007
Cattolica: best performer in Italy during
market shock period
CATTOLICA ASSICURAZIONI
01/07/2007
08/10/2007
Vittoria
+10,2%
Milano
- 5,03%
Generali
+0,78%
Unipol
-6,59%
Cattolica
-2,54%
Alleanza
- 8,61%
Fondiaria
-8,92%
Source: Bloomberg
+ 0,64%
VITTORIA ASSICURAZIONI
-1,32%
GENERALI ASSICURAZIONI
-1,52%
ALLEANZA
-2,93%
UNIPOL
-8,85%
FONDIARIA SAI
-11,30%
MILANO ASSICURAZIONI
-11,51%
ERGO PREVIDENZA
-12,63%
MEDIOLANUM
-15,26%
Cattolica: Third Best performer in
Europe during market shock period
37
ANNEX
38
Definitions
Ratio
Calculation method
Claims Ratio
Claims incurred/Earned premiums, net of reinsurance
Expense Ratio (Non-life)
Operating expenses/Earned premiums, net of reinsurance
Combined Ratio
(1 - Non-life technical result/Earned premiums, net of reinsurance)
39
Corporate Events 2007
Calendar
21 March
27-28 April
Approval of the financial statements for the year and the
consolidated financial statements for 2006
Shareholders’ Meeting
ƒ 27 April – First call
ƒ 28 April– Second call
10 May
Approval of the quarterly financial statements for the period
ending 31 March 2007
12 September
Approval of the quarterly financial statements for the period
ending 30 June 2007
13 November
Approval of the quarterly financial statements for the period
ending 30 September 2007
40
Contacts
Giulio Fezzi
Chiara Adria
Group Chief Strategy and Operating Officer
Head of Investor Relations
Tel. +39 045 8391620
e-mail: [email protected]
Investor Relations
Tel. +39 045 8391229
e-mail: [email protected]
Andrea Battista
Head of Bancassurance
e-mail: [email protected]
Chiara Giordano
Investor Relations
Tel. +39 045 8391114
e-mail: [email protected]
Piero Gavazzi
Chief Financial Officer
e-mail: [email protected]
41
DISCLAIMER
This document has been prepared by Cattolica Assicurazioni – based on data from internal sources
(year-end financial statements, consolidated group financial statements, internal reporting and other
company documentation, etc.) – for the sole purpose of providing information on the group’s results
and future operating strategies. Given this, it can in no way be used as a basis for possible
investment decisions. It is not a solicitation to buy or sell shares. No part of the document can be
taken to be the cause of or reason for agreements or commitments of any type or kind whatsoever,
nor can it be relied upon for agreements and commitments.Information contained in the document
concerning forecasts has been prepared according to various assumptions and/or elements that
might ultimately materialise differently to present expectations. Results might therefore change.
Cattolica therefore in no way provides any guarantee, either explicit or tacit, as regards the integrity
or accuracy of the information or opinions contained in the document, nor can any degree of
reliability be attributed to the same, inasmuch as it has not been subjected to independent
verification. Responsibility for use of the information and opinions contained in the document lies
solely with the user. In any case Cattolica, within legally admissible limits, will not consider itself
liable for any damages, direct or indirect, that third parties might claim due to utilisation of incomplete
or inaccurate information. For any further information concerning Cattolica Assicurazioni and its
related group, reference must be made exclusively to the information given in the annual, quarterly,
and interim reports and financial statements. The full versions of these documents, which constitute
the factual basis and proof for all legal purposes, are lodged at the company’s registered offices and
are available to anyone requesting them. Reproduction or full or partial publication and distribution of
the information contained herein to third parties is prohibited. Acceptance of the present document
automatically signifies recognition of the aforesaid constraints.
42
CITIGROUP - ANNUAL PAN EUROPEAN SMALL/MID CAP CONFERENCE
LA VIA CATTOLICA
Searching for new ways to create value and new value to create
London, October 17th 2007