October 2013 2013 Half Year Figures
Cautionary note At half-year, La Mondiale does not produce full financial statements but only prepares a balance sheet and an income statement. Auditors are not required and do not issue any audit or limited review report on these financial figures. They have been presented and reviewed by La Mondiale Board of Directors on September 25, 2013 2
La Mondiale – Company overview Founded in 1905 Long story of sustained growth French Mutual Life Insurance Company In the capital market since 1989 Leading positions on High Networth Savings, Group and Self Strong risk management and well diversified asset allocation Employed Retirement Plans Multi channel distribution networks GROUP STRUCTURE SGAM AG2R LA MONDIALE La Mondiale AG2R Prévoyance Isica Prévoyance INPCA 65% Prima La Mondiale AG.Mut 35% Participations Prado Epargne 50% 50% 100% 100% Arial La Mondiale La Mondiale assurance Partenaire Europartner 3
4 KEY HIGHLIGHTS
La Mondiale – HY 2013 Key Figures (1/ 2) I n EUR m io HY20 1 2 FY2 01 2 HY2 01 3 HY13 / HY1 2 Prem ium s 3 ,2 41 6 ,2 34 3,36 3 + 3 .8 % Net I ncom e 1 45 3 10 10 8 -25 .9 % Equity 2 ,4 39 2 ,7 26 2,77 0 + 13 .5 % Gearing Ratio ( 1) 1 8.0% 16 .6 % 3 1 .7 % + 13 .7 pts Technical Provisions 5 2,13 3 55 ,6 4 2 5 7 ,8 47 + 11 .0 % Total Balance Sheet 6 2,44 4 67 ,0 1 3 6 9 ,8 03 + 11 .8 % Solvency I ratio 2 12 % 24 6% 2 46 % + 34 pts Num ber of em ployees 2 ,7 72 2 ,8 11 2,79 4 + 0 .8 % (1) Financing debt / total equity 5
La Mondiale – HY 2013 Key Figures (2/ 2) Equity Net Results in €mio in €mio French GAAP IFRS French GAAP IFRS 350 2 800 300 2 400 250 2 000 200 1 600 150 1 200 100 800 50 0 400 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2 HY201 3 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2HY201 3 Technical Reserves and Premiums Solvency I Margin in €bn Technical Reserves (left) 300% in €mio Regulatory Solvency Margin Premiums (IFRS since 2004) (right) 246% 246% Core Solvency Margin 70 10 000 250% 189% 60 183% 175% 8 000 200% 156% 50 136% 150% 6 000 112% 40 138% 130% 100% 30 125% 4 000 116% 114% 110% 112% 106% 20 50% 2 000 10 0% 0 0 2006 2007 2008 2009 2010 2011 2012 HY2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2HY201 3 A Resilient Business Model & Capitalisation 6
7 BUSINESS ACTIVITY
HY 2013 – Revenues, Claims, Net inflows Net inflows (in €mio) Revenues (in €mio) 6,234 1,385 1,368 1,985 339 Protection 395 3,364 3,240 Pension 836 Savings 1,062 4,020 2,411 UL 2,072 € HY 2012 FY 2012 HY 2013 487 € 85% € 85% € 78% 1,046 UL 15% UL 22% 973 UL 15% Insurance claims 466 10.5% 8.7% HY 2012 FY 2012 HY 2013 6.9% € 76% € 71% € 96% UL 24% UL 29% UL 4% • Revenues : further development. UL/ € mix is improving and is still above market mix. • Claim s : back to normal, in line with the market HY 2012 FY 2012 HY 2013 • Net inflow s : level of full year 2012 reached in 6 months in 2013. UL/ € mix at 29% . 8
HY 2013 – Liabilities Total technical provisions € 57.8bn +4.0% vs FY 2012 Liabilities by Products Outstanding Liabilities Protection Retail Savings 3% Individual (3% ) 7% Pension (7% ) 1 1 % (11% ) Unit Linked 26% (26% ) Group Pension 26% Guaranteed (25% ) C o ntracts Private Wealth 74% M anagement (74% ) 53% (54% ) Figures (x% ) in FY 2012 9
10 AND SOLVENCY PROFITABILITY EARNINGS,
HY 2013 – Earnings and profitability Cumulated Net Results (in €mio, IFRS) Policyholder surplus reserves (in €mio, IFRS) 1500 1.82% 1.80% HY2013 108 1200 2012 310 1.20% 1.13% 0.99% 2011 227 759 900 726 0.73% 0.56% 430 2010 335 370 600 291 233 161 172 2009 300 68 2008 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 HY 2013 123 2007 Profit-sharing reserve in % of insurance liabilities 111 2006 0 Return on Equity 25% • Net income at €mio 108 in six months after an 20% 19% 17% 19% increase of policyholder surplus reserve by 20% €mio 33 15% 15% 13% 14% 15% 12% • €mio 1,454 accumulated earnings since 2006 10% 10% 10% 9% 9% 8% 10% 11% 12% 9% French GAAP 8% 5% IFRS 5% 0% 3 1 2 3 4 5 6 7 8 9 0 1 2 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 Y H 11
HY 2013 – Equity (in €mio, IFRS) 2,726 2,770 -54 +108 -10 2,466 2,432 294 304 2012 HY 2013 net Fair value Other impacts HY 2013 income adjustment • Fair value adjustment of €mio -54 mostly driven by the growth of long-term interest rates (2.32% vs 1.98% at the end of 2012 for OAT 10 years) 12
HY 2013 – Solvency margin Core Solvency Margin HY2 0 1 3 Regulatory Solvency 1 Margin 301 Other Subordinated Core Solvency 1 Margin 156% Debt * 828 Solvency 2 Margin Other unrealized gains * 138% Eligible unrealized 130% 2,046 gains 126% 125% Eligible 305% 246% 116% 120% 114% Subordinated Debt 112% 138% 110% 106% Own funds 819 2006 2007 2008 2009 2010 2011 2012 HY2013 1,899 1,804 (1 ) Excluding Unrealized gains (2 ) SCR Solvency 2 margin. Unaudited data based on current assumptions. These assumptions may change in the future Solvency Capital Eligible elements Requirement • Over the past years, La Mondiale has funded its * Other Subordinated Debt and Other unrealized gains temporary business developm ent thanks to internal capital above regulatory ceiling generation, strong cost control and im provem ent • Core S1 m argin has continued to im prove in of operational profitability 2 0 1 3 , including the growth of eligible • Core solvency m argin has increased by 32 points subordinated debt (€mio 819 vs €mio 693 at the since 2006 and has alw ays been com fortably end of 2012) above the m inim um regulatory requirem ents • Other Subordinated debt represents €mio 301 vs • Throughout the crisis, La Mondiale has demonstrated 0 at the end of 2012 (cf. p14). This debt will be the resilience of its business m odel eligible following the growth of the Solvency Capital Requirement. 13
Subordinated debt restructuring € 693 mio € 1,121 mio + 427 M€ in 2012 HY 2013 10 28 15 of April 2013 459 Issuance of USD 600 mio (EUR 459 mio) Undated January 2013 Subordinated Notes 15M€ redeemed 15 10 28 15 of April 2013 Exchange of € 332 mio Tender and Exchange offer on 332 TSDI for dated 400 Undated Subordinated Notes (TSDI) Subordinated Notes (TSR) EUR 17 mio redeemed TSDI unchanged 51 150 150 TSSDI : unchanged 91 91 14
15 INVESTED ASSETS
A Diversified Asset Allocation • La Mondiale’s sound asset allocation is key and enabled La Asset Allocation % ( as of I FRS ( in € m io) I FRS ( in € m io) excl. Unit- Mondiale to perfectly accom m odate the recent tw o crisis HY 2 0 1 3 ) ( as of HY 2 0 1 3 ) ( end of 2 0 1 2 ) Linked ( 2 0 0 8 and 2 0 1 1 ) w ithout a significant P&L or solvency 5.7% im pact Property 2,820 2,836 7.4% Equity 3,645 3,145 • Assets under m anagem ent have grow n significantly over the last decade at an average annual growth rate of 16% since 85.4% Bonds* 41,931 41,066 2002 1.4% Others 674 149 • La Mondiale kept a de-risking and diversified asset 100% Total 49,071 47,196 allocation over the years Historical Asset Allocation ( net book values) Property Equity Bonds 45bn 100% 40bn 35bn Property 80% 30bn Equity 60% 25bn Bonds 20bn 40% 15bn 10bn 20% 5bn 0bn 0% 3 3 9 0 1 2 3 4 5 6 7 8 9 0 1 2 6 7 8 9 0 1 2 1 1 9 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 1 1 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Y Y H H 16 * Including rate OPCVMs
Bonds - A Low Risk Asset Allocation • Total Bond exposure is at 4 1 bn as of 30/ 06/ 2013 * Credit Exposure by Credit Rating** Others • With a strategy based on lim ited exposure to risky AAA 8% BBB+ investm ents as less than 1 7 % of the investm ents 20% 9% are currently rated BBB+ or below A- • Credit Lim its decrease rapidly w ith the rating and 9% investments in subordinated debts are even more scrutinized A AA+ 10% • An estim ated 1 2 -year liabilities duration is a key 25% strategic element of our asset management policy and A+ therefore of asset allocations AA- AA 9% 4% 6% Portfolio by Maturity Band Credit Exposure by Issuer Type Securitiz. Other 30% 0% corporates Sovereign 20% 24% 25% 20% Guaranteed 15% Sub government Financials bonds 10% 9% 3% 5% Supra / 0% Agencies Senior < 1 year > 1 year to > 3 years to > 5 years to > 7 years to > 10 years to 11% 3 years 5 years 7 years 10 years 30 years Financials Covered 17% bonds 16% 17 * Excluding rate OPCVMs * * Second best rating methodology consists of using the second best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch
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