Solid performance, integration commenced
(Thomson Reuters ONE) -
* Solvency Standard Formula ratio stable at 144% within target range (year-end
2016: 143%)
* Life new business volume of ? 119 million (3M 2016: ? 132 million),
reflecting discipline in defined benefits business
* Combined ratio of 97.9% in line with target (3M 2016: 97.0%)
* Gross written premiums (GWP) in General Insurance decreased to ? 447 million
(3M 2016: ? 465 million), reflecting exit of unprofitable and unattractive
business segments
* Integration NN Group and Delta Lloyd commenced
Update on acquisition by NN Group
During the first quarter, we continued to deliver on management priorities of
capital, performance and customer and also initiated high-level preparations for
the integration with NN Group. On 7 April, the offer by NN Group became
unconditional and following the post-closing acceptance period, 93.3% of the
Delta Lloyd ordinary shares had been tendered to NN Group. On 10 April, NN Group
bought the subordinated loan and related preference shares A from Stichting
Fonds NutsOhra. The legal merger preparations continue and are anticipated to be
completed ultimately on 3 August 2017. Delisting of Delta Lloyd shares will take
place as per the date of completion of the legal merger. From the second quarter
2017, our results will be reported as part of NN Group.
In April, senior leaders from both companies were appointed to roles in the
combined business. Going forward, both companies will align and integrate their
operations in the Netherlands and Belgium, to fully benefit from the additional
scale, capabilities, combined reach and resources.
Financial and operational performance
Over the first three months, the Standard Formula solvency ratio was stable at
144% (year-end 2016: 143%), and within our target range of 140-180%. During the
quarter, available own funds were down modestly, reflecting higher interest
rates and higher credit spreads, while capital requirements also reduced,
reflecting higher interest rates. Together these effects resulted in an overall
stable solvency ratio and a modest increase in non-eligible capital.
Volume of life new business (SII NAPI) decreased to ? 119 million (3M 2016:
? 132 million), mainly reflecting lower Defined Benefit business in Belgium and
the Netherlands. We delivered higher Defined Contribution volumes.
The combined ratio (COR) at 97.9% was just below our target of 98% or better
across the cycle. During the quarter we saw some underlying improvement compared
to last year (year-end 2016: 105.4%), reflecting actions on costs, pricing and
our exiting of unprofitable and unattractive business segments. However, the COR
in Property & Casualty remains high at 104.8%, reflecting adverse claims
experience in Fire and the brokers (beurs) channel. The COR in Income &
Protection decreased by 8pp to 65.3%, due to prior year reserve releases. GWP in
General Insurance decreased to ? 447 million (3M 2016: ? 465 million),
reflecting actions to exit unprofitable and unattractive business segments.
Total assets under management were down modestly at ? 69 billion (year-end
2016: ? 71 billion), reflecting net outflows and the effect of higher interest
rates on the fixed income portfolios. The production of new mortgages at Delta
Lloyd Bank increased to ? 356 million (3M 2016: ? 289 million).
More information about this press release:
Media Relations +31 (0)20 594 44 88
mediarelations(at)deltalloyd.nl
Investor Relations +31 (0)20 594 96 93
ir(at)deltalloyd.nl
This press release has been issued as Delta Lloyd has ongoing listing
obligations. There will be no analyst or wires call regarding the results
disclosed today. Investors and representatives of the press may contact
Delta Lloyd Investor Relations or Media Relations for enquiries. It is
anticipated that the delisting of Delta Lloyd will be completed ultimately on 3
August 2017. From the second quarter of 2017, the Delta Lloyd results will be
reported as part of NN Group and the numbers will be reported on NN Group
accounting principles. The results presented in this document are based on Delta
Lloyd accounting principles.
About Delta Lloyd NV
Delta Lloyd offers products and services in insurance, pensions, investment and
banking, serving 4.2 million commercial and retail clients in The Netherlands
and Belgium. Our four brands are Delta Lloyd, ABN AMRO Insurance, BeFrank and
OHRA. Delta Lloyd is listed on Euronext Amsterdam and Brussels, and included in
the DJSI World and DJSI Europe.
Financial tables
1. Key performance indicators
2. Solvency II Standard Formula
3. Combined ratio
1. Key performance indicators
-------------------------------------------------------------------------------
(in millions of euros, unless otherwise stated) 3M 2017 3M 2016 Change
-------------------------------------------------------------------------------
Solvency II Standard formula (SF) ratio 144% 143%* 1.8pp
-------------------------------------------------------------------------------
Solvency II NAPI 119 132 -10%
-------------------------------------------------------------------------------
NAPI Netherlands 51 42 22%
-------------------------------------------------------------------------------
NAPI Belgium 68 90 -25%
-------------------------------------------------------------------------------
Combined ratio 97.9% 97.0% 0.9pp
-------------------------------------------------------------------------------
GWP General Insurance 447 465 -4%
* Compared to year end 2016
2. Solvency II - Standard Formula
---------------------------------------------------------
(in millions of euros) 3M 2017 FY 2016 Change
---------------------------------------------------------
Available Own funds 4,439 4,483 -1%
---------------------------------------------------------
Non eligible Own funds 585 481 22%
---------------------------------------------------------
Eligible Own funds 3,854 4,002 -4%
---------------------------------------------------------
Required Economic Capital 2,667 2,806 -5%
---------------------------------------------------------
Surplus/Deficit 1,186 1,197 -1%
---------------------------------------------------------
SF ratio 144% 143% 1.8pp
3. Combined ratio
---------------------------------------------------
3M 2017 3M 2016 Change
---------------------------------------------------
Property & casualty 104.8% 101.8% 3.0pp
---------------------------------------------------
Income protection 65.3% 73.3% -8.0pp
---------------------------------------------------
Total COR 97.9% 97.0% 0.9pp
Important information
* This press release contains the figures of the IMS M3 2017 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 and Delta Lloyd Bank.
* Certain statements contained in this press release that are not historical
facts are 'forward-looking statements'. Forward-looking statements are
typically identified by the use of forward looking terminology such as
'believes', 'expects', 'may', 'will', 'could', 'should', 'intends',
'estimates', 'plans', 'assumes', 'anticipates', 'annualised', 'goal',
'target' or 'aim' or the negative thereof or other variations thereof or
comparable terminology, or by discussions of strategy that involve risk and
uncertainties. 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 including 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, or other factors referred
to in this press release.
* 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.
* Please see the Annual Report for the year-ended 31 December 2016 for a
description of certain important factors, risks and uncertainties that may
affect Delta Lloyd's businesses.
Full press release:
http://hugin.info/142905/R/2105742/799271.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Delta Lloyd via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 18.05.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 544062
Anzahl Zeichen: 12453
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"Solid performance, integration commenced"
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