MS&AD IR Day 2016 MS Amlin : Growth strategy 28th September,2016
Agenda 1. MS Amlin’s aspiration, strategy and priorities within the MS&AD Group 2. Synergy activities with MS&AD 3. Financial results of FY2016 (Q1) 1
1. MS Amlin’s aspiration, strategy and priorities within the MS&AD Group 2
MS Amlinʼs history Amlin’s first step Acquisition of Opened offices outside of Lloyd's AUA Insolvency in Miami, Dubai – start-up of Risk Services. and presence in Amlin Bermuda. Shanghai. Start-up of Amlin Angerstein Acquisition of Start-up of Amlin Reinsurance Became part of Underwriting Anglo French Re Europe in Managers Inc. in MS&AD. Trust formed. Underwriters. Zurich. US. 1903 1993 1998 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Coles Syndicate Start-up of Amlin Acquisition of Acquisition of Acquisition of Opened Hong 40 at Lloyd's was Singapore. Fortis Corporate Lead Yacht. RaetsMarine. Kong offices. founded. Insurance in the Benelux. Acquisition of J R Angerstein Clare. Underwriting Trust and Murray Lawrence Group which came together to form Acquisition of Amlin. Crowe Livestock. 3
MS Amlinʼs global locations 9. Hamburg 1. London Property and casualty insurance Global reinsurance and speciality insurance lines, UK commercial 10. New Jersey insurance Casualty reinsurance 9 2. Chelmsford 5 2 11. Miami 3 UK commercial insurance 1 Global reinsurance 4 6 3. Rotterdam 12. Bermuda 7 Marine insurance 8 Global reinsurance 10 4. Antwerp Marine insurance 12 16 15. Hong Kong 11 13 15 5. Amstelveen Marine insurance Property and casualty insurance 16. Shanghai 6. Brussels Reinsurance 14 Property and casualty insurance 13. Dubai 7. Paris Marine reinsurance Marine, property and casualty and insurance insurance 14. Singapore 8. Zurich Reinsurance, marine, Reinsurance for property and casualty insurance European clients 4
Ten year growth CAGR 10.7% Gross Written Premium (%) Start up of Zurich reinsurance Acquisition of Anglo French Underw riters Acquisition of Fortis Corporate Insurance 5
Ten year average ROE of 16.4% Return on equity (%) Low er Major Softening Diversification interest catastrophe m arkets in reinsurance rates loses 6
2015 GWP by class and geography Geography Class 2015 GWP £2,743.5m 13% 14% 24% 29% 6% 6% 27% 8% 15% 9% 35% 14% Property catastrophe insurance Casualty insurance UK Marine insurance Casualty reinsurance North America Property insurance Special risks reinsurance Europe Motor insurance Classes <4% Other 7
What is our aspiration? “ MS&AD expects MS Am lin to be the driver for the organisation to becom e a w orld leading insurance and financial services group. The com bined business of MS Am lin w ill achieve this by establishing a leading position at Lloyd’s and globally in our P&C, Reinsurance and Marine & Aviation m arkets.” 8
What is our strategy? Client intimacy Deepening client relationships Improving our understanding of clients and their needs Responding to feedback Continuous service improvement Differentiation in the market Profitable growth SBU strategies that focus on sustainable growth Getting closer to markets we want to serve A focus on key emerging markets Positioning Amlin for scalable, long-term growth 9
How are we organised to deliver our strategy? Client Intimacy & Profitable Growth 3 SBUs 3 SBUs Consolidated support Consolidated support Go to market under a Go to market under a • Reinsurance • Reinsurance functions functions single brand single brand • Marine & Aviation • Marine & Aviation • Property & Casualty • Property & Casualty Deeper client Client ‐ centric Integrated business relationships High quality services Consistent approach Excellent Service and and values Marketing Minimise duplication Recognised for quality of products and Profitable Growth services 10
The seven trends impacting our markets… • Consolidation • Control of client 1. Increasing power of • Data/technology abilities • Brand • Broker placement platforms • Differentiators brokers • Broker facilities • Direct sales/marketing • Get closer to client 2. Market push towards • Gain greater control of client • Ability to differentiate with client greater client intimacy • Direct sales/marketing • Outstripping core markets • Emerging markets are able to retain 3. Economic growth in • Opportunities more risk locally emerging markets • Abundance of traditional capital • Side cars and companion capital reinsurers 4. Growth and speed of • Pension funds & other institutional money • ILS funds • Cat bonds capital • Flatter insurance cycles • Broker focus on larger insurers and clients • Bundling 5. Efficiency • Insurer expense base • Technological solutions • Putting a greater focus on underwriting • Lower investment income 6. Low interest rate profitability • Depressing RoEs environment • Ongoing impact on expense base • Potential impact on M&A activity, start- ups 7. Increasing regulation • Potential effect on corporate structure 11
Common values with MS&AD • Both companies have common values and corporate culture because of similar mission ,vision and value. Values of MS Amlin Values of MS&AD sustainability Leadership Focus on Amlinʼs Values 出典： Amlin Annual Report 2014 12
Our corporate culture Integration Integration Client Client + + + with with MS&AD’s MS&AD’s intimacy and intimacy and Regulatory Regulatory S 3210 and S 3210 and Values Values Client Client focus focus MSF MSF experience experience Designing and em bedding the behaviours for success 13
Some of our current priorities Successfully Successfully integrating MS integrating MS Client Client Developing our Developing our Core systems Core systems MS Amlin Edge MS Amlin Edge Frontier and Frontier and intimacy intimacy overseas hubs overseas hubs and MI and MI Syndicate 3210 Syndicate 3210 • Talent • Client experience • Miami, Dubai, • Consolidating • Future programme Hong Kong and data (Nexus) technology • Systems Hamburg • CRM • Solvency II, Pillar • Big data • Synergies • Synergies with 3 • NPS • Disruptors MSIG in South • Medium term East Asia strategy Culture 14
Future perspective（RI SBU Strategy） 15
Future perspective（P&C SBU Strategy） 16
Future perspective（M&A SBU Strategy） M&A means “Marine & Aviation “ in this page. 17
2. Synergy activities with MS&AD 18
International Business Strategy Committee The “ Global Meeting ” (launched in 2016) focuses on studying specific synergy ideas and includes participants of MSIʼs three Holding Companies, the East Asia and India Division and MS Amlin. International Business Strategy Committee Senior Executive Global Meeting Meeting Purpose Strategy discussions Discussions among Senior (In particular on Executives on strategy synergies). and progress in each region. As occasion calls Frequency 3 times/year (6 times in FY2016) 19
Areas Where Synergy is Expected Areas where synergy is expected Integration • Increase influence as a market leader at Lloyd's with the integration of syndicate Business Lloyd‘s 2001 and 3210. 1 • Increase our presence in the reinsurance market with the integration of MS Amlin AG Reinsurance and MS Frontier Re. • Use MSIG’s network in Asia, the largest in the region, to provide MS Amlin’s specialized products directly to local markets. Asia • Share MS Amlin’s expertise in underwriting and business management with our local Business Expansion partners to entrench the partnership. Continental • Complement businesses through cross-selling between MS Amlin SE and MSIGEU. Europe 2 • Use MSIG USA’s admitted paper and MS Amlin’s E&S paper to widen our U.S. underwriting capability. • Share MS Amlin’s expertise in developing specialized products in Japan. Japan, etc. • Provide global companies with products and services using MS Amlin’s underwriting capability (e.g. D&O) • Share MS Amlin’s expertise in ERM and developing Internal Models Business 3 • Collaborate in Talent Management Improvement • Provide Leadenhall Capital Partners’ services to especially Japanese pension funds. 20
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