Delta Lloyd: solid performance in challenging markets
February 23 2015 - 4:15PM
-
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 expenses3 (2014
objective: € 750 million) |
714 |
776 |
-8% |
Operational result after tax and non-controlling
interests3,5 |
377 |
426 |
-12% |
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: > 9%) |
10% |
10% |
- |
Shareholders' funds after non-controlling interests |
2,468 |
2,621 |
-6% |
Regulatory
(IGD) solvency insurance entities |
213% |
213% |
- |
Regulatory
(IGD) group solvency2 |
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@deltalloyd.nl
Investor
Relations +31
(0)20 594 96 93
Roeland Haanen
ir@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.
Financial supplement 2014
Press release FY2014
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1896638
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