Delta Lloyd: solid performance in challenging markets
(Thomson Reuters ONE) -
* Due to a technical error this publication was coincidently released ahead of
time (after trading on Monday 23 February 2015). For this reason we decided
to publish on Monday 23 February 22.15 CET. From 7.30 am CET we will be
available for questions.
* Focus on profitable new business and annual premiums in Life (NAPI[1]: ?
418 million, IRR: 10%) and strong performance in General insurance (COR:
94.5%)
* Operational result ? 377 million (2013: ? 426 million), reflecting stable
technical results and lower LTIR, due to lower yield curve
* IGD group solvency at 183%[2], due to impact mortgage valuation and yield
curve
* Shareholders' funds declined to ? 2.5 billion (2013: ? 2.6 billion), IFRS
net profit was ? 361 million (2013: ? 183 million[3])
* Proposed total dividend ? 1.03, premium on stock reduced to 2%
* Annemarie Mijer-Nienhuis nominated as chief risk officer
Hans van der Noordaa, chairman of the Executive Board: "Delta Lloyd remains
focused on serving our customers in the best possible way and on improving our
core businesses. Delta Lloyd has delivered a solid performance in 2014, making
good progress in further adapting our business model to a new reality of
changing customer preferences, sustained low interest rates and a rapidly
changing regulatory framework. In our Life business, we have successfully
accelerated the shift to less capital intensive pension schemes, with a clear
focus on inflow of annual premiums. Following the restructuring of the
portfolio, our General insurance business has performed well, due to strict
underwriting, lower costs and improved profitability. The sale of non-core
activities in Belgium and Germany will enable management to focus even more on
our core business. For 2015, customer centricity, prudent capital management and
improving efficiency will be our key priorities."
Key figures
------------------------------------------------------------+-----+-----+------
(in millions of euros, unless otherwise stated) | 2014| 2013|Change
------------------------------------------------------------+-----+-----+------
Gross written premiums (GWP)[4] |3,946|4,709| -16%
------------------------------------------------------------+-----+-----+------
NAPI | 418| 431| -3%
------------------------------------------------------------+-----+-----+------
Operational expenses(3 )(2014 objective: ? 750 million) | 714| 776| -8%
------------------------------------------------------------+-----+-----+------
Operational result after tax and non-controlling | 377| 426| -12%
interests(3,5) | | |
------------------------------------------------------------+-----+-----+------
Result (IFRS) after tax and non-controlling interests[5] | 361| 183| 97%
------------------------------------------------------------+-----+-----+------
COR[6] (2014 objective: <98%) |94.5%|97.7%|-3.2pp
------------------------------------------------------------+-----+-----+------
Internal rate of return of new life sales (2014 objective: | 10%| 10%| -
> 9%) | | |
------------------------------------------------------------+-----+-----+------
Shareholders' funds after non-controlling interests |2,468|2,621| -6%
------------------------------------------------------------+-----+-----+------
Regulatory (IGD) solvency insurance entities | 213%| 213%| -
------------------------------------------------------------+-----+-----+------
Regulatory (IGD) group solvency(2) | 183%| 184%| -1pp
------------------------------------------------------------+-----+-----+------
Group European Embedded Value |4,346|4,447| -2%
------------------------------------------------------------+-----+-----+------
Presentation of the 2014 results on 24 February 2015
On Tuesday 24 February 2015 at 11.30 am (CET) Hans van der Noordaa (Executive
Board chairman) and Emiel Roozen (CFO) will host a presentation for analysts;
the presentation can also be viewed via webcast on our website.
Analyst presentation: 24 February 2015, 11.30 am (CET)
Conference call: +31 20 531 58 71
(English language)
Location: Delta Lloyd Auditorium, Spaklerweg
4, 1096 BA Amsterdam
This press release and the financial supplement 2014 are available at
www.deltalloyd.com. The analyst presentation is also available at
www.deltalloyd.com.
More information about this press release:
Media Relations +31 (0)20 594 44 88
Martijn Donders, Anneloes Geldermans
mediarelations(at)deltalloyd.nl
Investor Relations +31 (0)20 594 96 93
Roeland Haanen
ir(at)deltalloyd.nl
Important information
* This press release contains the figures of the full year 2014 for Delta
Lloyd NV ('Delta Lloyd'), inclusive of Delta Lloyd Levensverzekering, Delta
Lloyd Schadeverzekering, ABN AMRO Verzekeringen, Delta Lloyd Life Belgium,
Delta Lloyd Asset Management, Delta Lloyd Bank Netherlands, Delta Lloyd Bank
Belgium and Delta Lloyd Deutschland.
* As the German business is in run-off and no commercial activities are
undertaken by the German business, Delta Lloyd Deutschland is excluded from
the volume based KPI's (Gross Written Premiums and New Business) in this
press release. In all other KPI's Delta Lloyd Deutschland is included, as
the run-off results of the German operations will be recorded in the books
of Delta Lloyd.
* The results and income of the ABN AMRO Verzekeringen joint venture are fully
consolidated in the figures. Adjustment for the 49% interest of ABN AMRO
Bank Netherlands is included in 'non-controlling interests' in the
consolidated income statement.
* The figures in this press release have not been audited. They are partly
based on the enclosed financial supplement 2014 and partly on internal
management information reports.
* The financial supplement 2014 in the appendix contains the most important
financial data from the preliminary consolidated financial statements for
2014. This financial supplement was approved by the Supervisory Board on 23
February 2015. These figures have not been audited nor reviewed by an
external auditor. The 2014 financial statements will be adopted at the
General Meeting of Shareholders on 21 May 2015.
* Delta Lloyd's 2014 annual report - including the consolidated financial
statements - is available online from 23 March 2015 via www.deltalloyd.com.
This is an integrated report, comprising both the financial and
sustainability report and published in English. A Dutch summary will be
available on our website in PDF from 7 April 2015.
* The 2014 Embedded Value report of Delta Lloyd will be available on our
website in PDF from 23 March 2015.
* The application of the new IFRS10 standard affected the financial figures of
Delta Lloyd (see the financial supplement 2014). Several investment funds
now have to be consolidated; this leads to a balance sheet extension for the
third party interests amounting to ? 3,790.0 million at year-end 2013.
* Certain statements contained in this press release that are not historical
facts are "forward-looking statements". Forward-looking statements usually
use terminology such as "targets", "believes", "expects", "aims", "assumes",
"intends", "plans", "seeks", "will", "may", "anticipates", "would", "could",
"continues", "estimate", "milestone" or other words of similar meaning and
similar expressions or the negatives thereof. The forward-looking statements
in this press release are based on management's beliefs and projections and
on information currently available to them. These forward-looking statements
are subject to a number of risks and uncertainties, many of which are beyond
Delta Lloyd's control and all of which are based on management's current
beliefs and expectations about future events.
* Forward-looking statements involve inherent risks and uncertainties and
speak only as of the date they are made. Delta Lloyd undertakes no duty to
and will not update any of the forward-looking statements in light of new
information or future events, except to the extent required by applicable
law. A number of important factors could cause actual results or outcomes to
differ materially from those expressed in any forward-looking statement as a
result of risks and uncertainties facing Delta Lloyd and its subsidiaries.
Such risks, uncertainties and other important factors include, among others:
(i) changes in the financial markets and general economic conditions, (ii)
changes in competition from local, national and international companies, new
entrants in the market and self-insurance and changes to the competitive
landscape in which Delta Lloyd operates, (iii) the adoption of new, or
changes to existing, laws and regulations such as Solvency II, (iv)
catastrophes and terrorist-related events, (v) default by third parties
owing money, securities or other assets on their financial obligations, (vi)
equity market losses, (vii) long- and/or short-term interest rate
volatility, (viii) illiquidity of certain investment assets, (ix) flaws in
underwriting assumptions, pricing and/or claims reserves, (x) the
termination of or changes to relationships with principal intermediaries or
partnerships, (xi) the unavailability and unaffordability of reinsurance,
(xii) flaws in Delta Lloyd Group's underwriting, operating controls or IT
systems, or a failure to prevent fraud, (xiii) a downgrade (or potential
downgrade) of Delta Lloyd's credit ratings, and (xiv) the outcome of
pending, threatened or future litigation or investigations.
* Should one or more of these risks or uncertainties materialise, or should
any underlying assumptions prove to be incorrect, Delta Lloyd's actual
financial condition or results of operations could differ materially from
those described herein as anticipated, believed, estimated or expected or
other words of similar meaning and similar expressions or the negatives
thereof.
* Please see the Annual Report for the year-ended 31 December 2013 for a
description of certain important factors, risks and uncertainties that may
affect Delta Lloyd's businesses.
About Delta Lloyd NV
Delta Lloyd has been a trusted partner for insurance, pensions, investing and
banking since 1807. It is our goal to offer financial security, now and in the
future. We deliver clear, reliable and contemporary products and services that
meet our customers' needs and create value for them, our shareholders and our
employees. Our primary markets are the Netherlands and Belgium. In the
Netherlands, we operate under the Delta Lloyd, OHRA and ABN AMRO Verzekeringen
brands, while in Belgium we use the Delta Lloyd brand. We employ 5,030 (FTE)
permanent staff, of which 3,802 in the Netherlands, 1,045 in Belgium and 183 in
Germany. In 2014, we achieved a premium income of ? 3.9 billion and a net
operational result of ? 377 million. Our shareholders' funds amount to ? 2.5
billion and we manage investments worth ? 85 billion. Delta Lloyd is listed on
Euronext Amsterdam and Brussels, and included in the DJSI World, DJSI Europe,
AEX- and Bel-20 indices.
--------------------------------------------------------------------------------
[1] New annualised premium income, consisting of 100% of new annual premiums and
10% of new single premiums.
[2] The positive effect (10pp) of the sale of Delta Lloyd Bank Belgium is
included in this percentage, without this effect IGD group solvency would have
been 173%.
[3] FY 2013 restated due to the application of the new IFRS 10 standard (see
financial supplement).
[4] Excluding terminated and run-off activities.
[5] FY 2013 restated due to the application of the new IFRS 10 standard and
change in discount rate used for part of the General insurance income portfolio
from fixed to market interest rate (see financial supplement).
[6] Excluding terminated and run-off activities and market interest movements.
[7] The positive effect (10pp) of the sale of Delta Lloyd Bank Belgium is
included in this percentage, without this effect IGD group solvency would have
been 173%.
[8] The ratios are based on Basel III phase-in including full year 2014 results
[9] The positive effect (10pp) of the sale of Delta Lloyd Bank Belgium is
included in this percentage, without this effect IGD group solvency would have
been 173%.
[10] FY 2013 restated due to the application of the new IFRS 10 standard (see
financial supplement).
[11] Inclusive of BeFrank.
[12] New business margin determined on market consistent basis, expressing NBV
as a percentage of the Present Value of New Business Premiums
[13] Excluding terminated and run-off activities.
[14] Excluding terminated and run-off activities and market interest movements.
[15] FY 2013 restated due to the application of the new IFRS 10 standard and
change in discount rate used for part of the General insurance income portfolio
from fixed to market interest rate (see financial supplement).
[16] Based on 198,116,582 outstanding shares.
Press release FY2014:
http://hugin.info/142905/R/1896638/672923.pdf
Financial supplement 2014:
http://hugin.info/142905/R/1896638/672924.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Delta Lloyd via GlobeNewswire
[HUG#1896638]
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