Delta Lloyd:solid commercial performance and strengthened capital position
(Thomson Reuters ONE) -
* Life: New business (NAPI[1]) remains stable at ? 101 million
* Supporting clients in ongoing shift from defined benefit to defined
contribution pension plans
* General Insurance: Gross Written Premiums (GWP) remain stable at ? 434
million
* COR[2] developed positively to 96.6% (Q1 2014: 97.5%)
* Improvement of IGD group solvency from 183%[3] to 208%[4]; supported by
successful equity offering and strong capital generation
* Shareholders' funds up 25% to ? 3.1 billion (year-end 2014: ? 2.5 billion),
underpinned by equity offering and strong IFRS result
* Application for Solvency II Internal Model submitted to Dutch central bank
Hans van der Noordaa, chairman of the Executive Board: "Today's commercial
update illustrates Delta Lloyd's resilience. We are operating in a challenging
environment with low interest rates and volatile markets. However, despite the
challenging market we remained focused on supporting our customers, resulting in
a solid commercial performance in the first three months of this year. Delta
Lloyd's approach is driven by our customers' preferences, for example supporting
them in an ongoing shift from defined benefit to defined contribution pension
plans."
"Our successful equity offering in March was an important step in strengthening
our capital position, anticipating the new Solvency II regime. Delta Lloyd
continuously looks for ways to optimise our capital structure and strengthen our
balance sheet, through our product mix, earnings, asset optimisation and capital
market transactions, such as a longevity swap. We are currently sharpening our
strategy. Meanwhile, we remain committed to our key priorities for 2015:
customer centricity, prudent capital management and improving efficiency."
Key figures
-------------------------+---------+---------+--------
(in millions of euros) | Q1 2015 | Q1 2014 | Change
-------------------------+---------+---------+--------
Gross written premiums | 1,394 | 1,343 | 4%
-------------------------+---------+---------+--------
Key figures Q1 2015 compared to year-end 2014
--------------------------------------------------+-------+-------------+------
(in millions of euros, unless otherwise stated) |Q1 2015|Year-end 2014|Change
--------------------------------------------------+-------+-------------+------
Shareholders' funds after non-controlling | 3,075| 2,468| 25%
interests | | |
--------------------------------------------------+-------+-------------+------
IGD group solvency |208(4)%| 183(3)%| 25pp
--------------------------------------------------+-------+-------------+------
Group European embedded value | 4,229| 4,346| -3%
--------------------------------------------------+-------+-------------+------
Key figures per Delta Lloyd ordinary share
---------------------------------+-----------
(in euros) | Q1 2015
---------------------------------+-----------
Closing price on 31 March 2015 | 17.54
---------------------------------+-----------
Shareholders' funds | 14.10
---------------------------------+-----------
Group European embedded value | 19.40
Important developments
Customers
IG&H, a specialised consulting firm, conducts an annual performance survey among
independent financial advisors, who are our primary channel in terms of premium
income. Delta Lloyd obtained a number one position for the performance towards
underwriting agents in general insurance and, once again, was considered best
performing pension insurer. All labels (Delta Lloyd, OHRA, ABN AMRO Insurance
and Erasmus Life) retained the quality hallmark awarded by Stichting Toetsing
Verzekeraars.
Solvency II: submission Internal Model application
We recently submitted the application for the usage of an Internal Model for our
insurance entities in the Netherlands and Belgium to the Dutch regulator DNB.
The outcome of the application process remains subject to significant
uncertainties, including the final interpretations of the Solvency II
regulations and the regulatory approval process.
Equity offering raised ? 339 million
Delta Lloyd successfully completed an equity offering of ordinary shares on 16
March 2015. The shares were sold at ? 17.00 per share (closing price on 16
March: ? 17.05) raising a total of ? 339 million. The transaction was several
times oversubscribed within 2.5 hours.
Legal proceedings with DNB
As disclosed in our press releases of 22 and 23 December 2014, Delta Lloyd asked
an independent legal decision of measures taken by the Dutch regulator DNB.
Given the legal proceedings, Delta Lloyd will not make any further comments on
the case at this time, but expects to be able to update the market during the
summer. We maintain a good relationship with our regulators and continue to work
with them in a constructive and professional way.
Delta Lloyd Bank Belgium and Delta Lloyd Deutschland
In December 2014 and January 2015, we reached an agreement to sell Delta Lloyd
Bank Belgium and Delta Lloyd Deutschland. Both transactions are subject to
regulatory approval and are expected to close in the second quarter and the
second half of this year, respectively.
Conference call for analysts
On 19 May 2015, at 09.30 am (CET), Hans van der Noordaa (Chairman Executive
Board) and Emiel Roozen (CFO) will host a conference call for analysts and
investors (in English). The number for this call is +31 (20) 531 5871. A live
audiocast will also be available at www.deltalloyd.com.
This press release is 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, Pei Lin Pan
ir(at)deltalloyd.nl
Important information
* 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'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 2014 for a
description of certain important factors, risks and uncertainties that may
affect Delta Lloyd's businesses.
--------------------------------------------------------------------------------
[1] NAPI: new annualised premium income, consisting of 100% of new regular
premiums and 10% of new single premiums
[2] Combined ratio, excluding terminated and run-off activities and market
interest movements
[3] Including the effect of 10pp of the sale Delta Lloyd Bank Belgium
[4] Including the effect of 10pp of the sale of Delta Lloyd Bank Belgium and
1pp of the sale of Delta Lloyd Deutschland
[5] End of quarter, excluding Delta Lloyd Bank Belgium and Delta Lloyd
Deutschland
[6] The contractual terms for group pension plans are up to five years
[7] Excluding Delta Lloyd Deutschland
Read the full press release:
http://hugin.info/142905/R/1922300/689111.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#1922300]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2015 - 07:30 Uhr
Sprache: Deutsch
News-ID 394118
Anzahl Zeichen: 11717
contact information:
Town:
Amsterdam
Kategorie:
Business News
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