Cat XL
Shizuka Minamoto
Un S2 a questo livello si potrebbe ai vertici della categoria. Per avere un' idea Delta gira sui 130 se non sbaglio.
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Un S2 a questo livello si potrebbe ai vertici della categoria. Per avere un' idea Delta gira sui 130 se non sbaglio.
solovaloreaggiunto
Forumer storico
Groupama - Fiscal Year 2015 Results
Strong increase in net income
o Business activity consistent with the strategy
o Group premium income of €13.7 billion
o Selective development in France and in International markets
o Far-reaching partnerships, for the future
o Solid technical and operating performance
o Stable non-life combined ratio of 99.2%
o Active portfolio transformation in life with a share of unit-linked
in individual savings reserves of 20.7%
o Continued control of general expenses in 2015
o Significant growth in economic operating income to €163 million
o An increase in net income of +43% to €368 million
o A robust solvency margin
o 263% under Solvency 2
"Groupama posted a strong growth in income thanks to the mobilisation of its
elected representatives and its employees. This mobilisation is the fruit of
the high standard that we all share regarding the way in which we practise our
profession as a mutual insurer close to its customers and present locally in
each region. At the same time, we improved our financial flexibility with a
successful launch of our mutual certificates and we invest in the future by
being open to new practices and win-win agreements with top-tier partners",
stated Jean-Yves Dagès, Chairman of the Board of Directors of Groupama SA.
"We will continue to follow our strategic roadmap, which means tirelessly
reinforcing our economic performance in order to promote our mutualist values
of proximity, trust and innovative services by investing in the technologies
of the future, so as to keep in line with our customers' daily lives. In doing
so, we develop our own know-how and tie partnerships with leading companies in
order to create innovative and differentiating customer experience", added
Thierry Martel, Chief Executive Officer of Groupama SA.
Paris, 17 March 2016 - The board of directors of Groupama S.A. met on 16 March
2016, under the chairmanship of Jean-Yves Dagès, and approved the Group's
combined financial statements and the consolidated accounts of Groupama SA for
fiscal year 2015.
The Group's combined financial statements include all business of the Group as
a whole (i.e. the activity of the regional mutuals and of the subsidiaries
consolidated within Groupama SA). The consolidated accounts of Groupama SA
include the business of all subsidiaries as well as internal reinsurance
(nearly 35% of the premium income of the regional mutuals ceded to Groupama
SA).
The analysis below focuses on the combined scope. The key figures of the
consolidated scope are presented in the notes.
o Business activity focused on profitable growth
At 31 December 2015, Groupama's combined premium income stood at €13.7
billion, a +0.9% increase on a like-for-like basis.
In property and casualty insurance, the Group posted premium income growth of
+0.8% to €7.1 billion at 31 December 2015 thanks to a selective underwriting
policy and targeted tariff increases.
Premium income from life and health insurance was €6.3 billion at 31 December
2015, up +1.1%. This change was due in particular to the strong growth in the
group health insurance business both in France and internationally and the
turnaround in the savings/pension business in France with premium income
stabilising over the period after several years of decline.
Groupama's combined premium income by business activity at 31 December 2015
€ million 31/12/2015 Like-for-like change (%)
Property and casualty insurance 7,141 +0.8 %
Life and health insurance 6,324 +1.1 %
Financial and banking businesses 280 +0.1 %
GROUP TOTAL 13,745 +0.9 %
o In France
Insurance premium income in France at 31 December 2015 was €10.7 billion.
In property and casualty insurance, premium income rose +1.1% to €5.4 billion.
This reflects notably the +1.1% rise in insurance for individuals and
professionals to €3.2 billion (or almost 60% of written premiums in property
and casualty insurance). It benefited from the growth in the home insurance
(+2.6%) and professional risks (+5.9%) segments, which eased the slight
decline in premium income in motor insurance (-0.4%). The Group's specialised
subsidiaries (assistance, legal protection, credit insurance) continued their
development (+9.7%).
In life and health insurance, premium income at €5.3 billion was up +0.7%
compared with 31 December 2014. This resulted mainly from the increase in the
health insurance business (+2.2%), supported by strong growth in group health
(+14.2%). On this business line, group health market, Groupama has more than
50,000 new "ANI" policies. In individual savings/pensions, premium income was
stable, as the decrease in business in euro-denominated savings (-2.9%) was
offset by the sharp rise in unit-linked policies (+7.3%). Unit-linked premium
income in individual savings/pensions represented 31.5% of gross inflows at
the end of 2015, outpacing the market (20.9%, source: FFSA). After taking into
account arbitrages (euro contracts for unit-linked contracts), "Fourgous"
transfers, and inflows in 2015, the share of unit-linked outstandings in
individual savings reserves was 20.7% versus 17.6% at 31 December 2014.
o International
The Group is present in 11 countries around the world, mainly in Europe. It
also has growth opportunities in Turkey and in China, country in which it
ranks second among foreign damage insurers with €235 million in premium
income^[1]. At 31 December 2015, international premium income totalled €2.8
billion, up +1.3% compared with 31 December 2014.
Premium income from life and health insurance increased +3.7% to €983 million,
driven by strong growth in group insurance (+7.0%), particularly for the group
protection (+10.2%) and group health (+13.3%) segments. In individual
savings/pensions, premium income increased +2.8%, pertaining mainly to Italy.
Property and casualty insurance premium income totalled €1.8 billion at 31
December 2015, a stable level compared with 2014. The growth in the
agricultural insurance segment in Turkey and the fleet segment in Hungary
offset the decline in motor insurance (-4.4%), under the effect of difficult
macroeconomic or market conditions in certain countries (Italy, Greece, and
Turkey in particular).
Premium income in main international countries at 31 December 2015
€ million 31/12/2015 Like-for-like change (%)
Italy 1,600 +0.2%
Turkey 411 +5.1%
Hungary 304 -2.8%
Romania 181 +13.2%
Other countries 274 0%
International insurance 2,770 +1.3%
^[1] On a basis of 100% of the premium income of Groupama Avic China, an
equity-method entity in Groupama's combined financial statements
o Financial and banking businesses
The Group's premium income was €280 million at 31 December 2015, of which €154
million from Groupama Banque, €121 million from Groupama Asset Management and
€5 million from Groupama Epargne Salariale.
o An active partnership policy
Groupama established major partnerships in 2015:
o Amaline and DIAC, the Renault Group's financing and services subsidiary,
teamed up in October 2015 to offer motor insurance to buyers of a new or
used car within the Renault and Dacia networks.
o On 4 January 2016, Groupama and Orange announced the beginning of
exclusive negotiations to enter into a partnership to develop a new
banking model that will allow Groupama to strengthen its online banking
activity and Orange to complete its diversification into banking services.
At the end of these negotiations, Orange could own 65% of Groupama
Banque.
The Group has also built numerous partnerships to support the collaborative
economy and innovation. For French VSEs and SMEs, Groupama Banque and Gan
Assurances established partnerships with the crowdfunding platforms Unilend
and Lendopolis respectively. To facilitate the management of motor claims,
Amaline signed a partnership with Coyote that enables its policyholders
equipped with a Coyote S to use video in the event of a car accident. In the
agricultural area, Groupama joined forces with Airinov, a leader in drones for
agriculture, to participate in the development of drones, risk protection and
deployment of new services for farmers. Groupama also teamed up with
WeFarmUp.com, the world's first farm equipment sharing platform. With this
partnership, Groupama wishes to provide its expertise as an insurer to both
owners and lessee to lease their equipment with confidence.
o Sharp increase in net income
Economic operating income increased 26% to €163 million at 31 December 2015,
despite two significant adverse factors: the low-interest rate environment and
changes in legislative environment for motor third-party liability in Turkey.
Economic operating income from insurance amounted to +€270 million in 2015
(+42% over the period).
o In life and health assurance, it reached +€152 million in 2015, up +€74
million compared with 2014 (+€61 million in France and +€13 million
internationally). This growth in France came mainly from the active
transformation of portfolios in recent years, particularly the development
of unit-linked contracts and cost control.
o In property and casualty insurance, economic operating income amounted to
+€118 million compared with +€112 million for the previous period. The
non-life net combined ratio was 99.2% in 2015, stable compared with 2014
(+0.2 points).
In France, it was 97.9% and improved by 0.5 points compared with 2014. This is
explained by the reduction in severe and climate-related claims and the
stability of the attritional loss experience.
Internationally, the non-life net combined ratio stood at 104.4%, up +3.0
points compared with 31 December 2014. Much of this change (+5.7 points) came
from the sharp deterioration of the motor third-party liability market in
Turkey, related to changes in legislative environment, thus masking an
improvement in the combined ratio in Italy (-3.2 points) and Greece (-3.1
points).
The Group continues to control its general expenses, contained at a level
equivalent in absolute value to 2014, while increasing its investments
particularly in digital to cope with the rapid changes in technology and
customer expectations. Groupama has thus reduced its annual costs by €400
million since the beginning of 2012.
Banking and financial businesses contributed €9 million to economic operating
income, while holding companies (which bear the Group's holding and financing
costs) contributed -€117 million in economic operating income at 31 December
2015.
The transition from economic operating income to net income incorporates
non-recurring items of €205 million at 31 December 2015 versus €128 million at
31 December 2014. These non-recurring items mainly correspond to the capital
gains realised with the divestments in Véolia Environnement and Mediobanca and
the favourable effect of the change in fair value of assets recognised through
profit or loss.
The Group's overall net income increased sharply (+43%) to €368 million at 31
December 2015.
o A solid balance sheet
At 31 December 2015, insurance investments amounted to €83.9 billion, and
unrealised gains totalled €10.1 billion, including €7.3 billion on bonds, €0.7
billion on equities, and €2.1 billion on real estate assets.
The Group continued its asset derisking policy particularly by reducing its
equity portfolio, which, net of hedges, represented 5.0% of the asset
portfolio^[2] at 31 December 2015 versus 5.3% at 31 December 2014.
The Group's shareholders' equity totalled €8.2 billion at 31 December 2015, up
+2% compared with 31 December 2014.
During 2015, the Group strengthened its financial flexibility.
o Groupama is the first mutual insurer to have issued mutual certificates
"Certificats Mutualistes", a new source of funding dedicated to joint
mutualist organisations, created by the law on the Social and Solidarity
Economy of 31 July 2014. Groupama Rhône Alpes Auvergne's launch of the
first issue in December 2015 was very satisfactory. All of the Group's
regional mutuals will start issuing mutual certificates in June 2016.
o As at 31 December 2015, dated subordinated debt amounted to €750 million
versus €791 million as at 31 December 2014. This decrease came from the
early redemption of the 2005 perpetual subordinated bond (TSDI) for its
outstanding amount of €41 million. Groupama's debt to equity ratio
excluding revaluation reserves thus decreased to 10.2% in 2015 versus
11.6% in 2014.
^[2] Asset breakdown calculated at market value, excluding minority
interests, unit-linked products, and repurchase agreements
o A robust solvency margin
At 31 December 2015, the Solvency 2 coverage ratio was 263%. Groupama
calculates its Solvency 2 ratio at the Group level, with the incorporation of
a transitional measure on technical reserves in accordance with the statutory
regulation.
The margin requirement under Solvency 1 is also covered more than 2.5 times by
the Group.
Group Communications Department
Press contact Analyst and investor contacts
Guillaume Fregni - + 33 (0)1 44 56 28 56 Yvette Baudron - +33 (0)1 44 56 72 53
[email protected] [email protected]
Valérie Buffard - +33 (0)1 44 56 74
54
[email protected]
* * *
Groupama financial information on the accounts closed at 31/12/2015 includes:
o This press release, which is available on the groupama.com website,
o Groupama SA's registration document, which will be filed with the AMF on
28 April 2016 and posted on the groupama.com website on 29 April 2016,
o The financial statements for the Groupama combined accounts at 31/12/2015,
which will be posted on the groupama.com website on 29 April 2016.
-------------------------
Appendix 1: key figures for Groupama - combined financial statements
o Premium income
2014 2015 2015/2014
Reported Pro forma Reported
premium income premium premium income Change **
€ million income* %
> FRANCE 10,567 10,602 10,695 +0.9%
Life and health insurance 5,303 5,305 5,341 +0.7%
Property and casualty
insurance 5,264 5,298 5,354 +1.1%
> INTERNATIONAL & Overseas 2,788 2,736 2,770 +1.3%
Life and health insurance 953 948 983 +3.7%
Property and casualty
insurance 1,835 1,788 1,787 0%
TOTAL INSURANCE 13,355 13,338 13,465 +1.0%
FINANCIAL AND BANKING 279 279 280 +0.1%
BUSINESSES
TOTAL 13,634 13,617 13,745 +0.9%
* Based on comparable data
** Change on a like-for-like basis at constant exchange rates
o Economic operating income*
€ million 2014 2015 2015/2014 change
Insurance - France 142 271 +129
Insurance - International 48 -1 -49
Financial and banking businesses 16 9 -7
Holding companies -77 -117 -40
Economic operating income* 129 163 +34
* Economic operating income: equals net income adjusted for realised capital
gains and losses, long-term impairment provision allocations and write-backs,
and unrealised capital gains and losses on financial assets recognised at fair
value (all such items are net of profit sharing and corporate income tax).
Also adjusted are non-recurring items net of corporate income tax, impairment
of value of business in force, and impairment of goodwill (net of corporate
income tax).
o Net income
2014 2015 2015/2014 change
€ million
Economic operating income* 129 163 +34
Net realised capital gains 219 269 +50
Impairment losses on financial instruments -12 -26 -14
Gains and losses on financial assets and -59 38 +97
derivatives recognised at fair value
Amortisation of intangible assets and other -20 -75 -55
transactions
Net income 257 368 +111
Contribution of business activities to combined net income
€ million 2014 2015
Insurance and services - France 380 360
Insurance - international subsidiaries 71 1
Financial and banking businesses 4 11
Groupama SA and holding companies -204 2
Other 6 -7
Net income 257 368
o Balance sheet
€ million 2014 2015
Book equity (Group share) * 8,062 8,219
Gross unrealised capital gains 10,635 10,156
Subordinated debt 791 750
Total balance sheet 106,439 107,295
* Including perpetual subordinated debt recognised as equity instruments
o Main ratios
2014 2015
Non-life net combined ratio 99.0% 99.2%
Debt-to-equity ratio 11.6% 10.2%
Solvency 1 margin* 253% 255%
Solvency 2 margin** n/a 263%
* according to French standards
** preliminary data
Appendix 2: key figures for Groupama SA - consolidated financial statements
A/ Premium income
2014 2015 2015/2014
Reported Pro forma Reported
premium income premium premium income Change **
€ million income* %
> FRANCE 7,133 7,133 7,239 +1.5%
Life and health insurance 3,976 3,976 4,021 +1.1%
Property and casualty
insurance 3,157 3,157 3,218 +1.9%
> INTERNATIONAL & Overseas 2,788 2,736 2,770 +1.3%
Life and health insurance 953 948 983 +3.7%
Property and casualty
insurance 1,835 1,788 1,787 0.0%
TOTAL INSURANCE 9,920 9,869 10,009 +1.4%
FINANCIAL AND BANKING
BUSINESSES 282 282 282 +0.2%
TOTAL 10,202 10,151 10,292 +1.4%
* Based on comparable data
** Change on a like-for-like basis at constant exchange rates
B/ Economic operating income*
€ million 2014 2015 2015/2014 change
Insurance - France -48 82 +130
Insurance - International 48 -1 -49
Financial and banking businesses 16 9 -7
Holding companies -76 -116 -40
Economic operating income* -60 -27 +33
* Economic operating income: equals net income adjusted for realised capital
gains and losses, long-term impairment provision allocations and write-backs,
and unrealised capital gains and losses on financial assets recognised at fair
value (all such items are net of profit sharing and corporate income tax).
Also adjusted are non-recurring items net of corporate income tax, impairment
of value of business in force, and impairment of goodwill (net of corporate
income tax).
C/ Net income
€ million 2014 2015 2015/2014 change
Economic operating income* -60 -27 +33
Net realised capital gains 168 214 +46
Impairment losses on financial instruments -11 -24 -13
Gains and losses on financial assets and -68 34 +102
derivatives recognised at fair value
Amortisation of intangible assets and other -14 -65 -51
transactions
Net income 15 133 +118
Contribution of business activities to consolidated net income
€ million 2014 2015
Insurance and services - France 136 118
International insurance 71 6
Financial and banking businesses 4 11
Groupama SA and holding companies -201 4
Other 6 -7
Net income 15 133
Strong increase in net income
o Business activity consistent with the strategy
o Group premium income of €13.7 billion
o Selective development in France and in International markets
o Far-reaching partnerships, for the future
o Solid technical and operating performance
o Stable non-life combined ratio of 99.2%
o Active portfolio transformation in life with a share of unit-linked
in individual savings reserves of 20.7%
o Continued control of general expenses in 2015
o Significant growth in economic operating income to €163 million
o An increase in net income of +43% to €368 million
o A robust solvency margin
o 263% under Solvency 2
"Groupama posted a strong growth in income thanks to the mobilisation of its
elected representatives and its employees. This mobilisation is the fruit of
the high standard that we all share regarding the way in which we practise our
profession as a mutual insurer close to its customers and present locally in
each region. At the same time, we improved our financial flexibility with a
successful launch of our mutual certificates and we invest in the future by
being open to new practices and win-win agreements with top-tier partners",
stated Jean-Yves Dagès, Chairman of the Board of Directors of Groupama SA.
"We will continue to follow our strategic roadmap, which means tirelessly
reinforcing our economic performance in order to promote our mutualist values
of proximity, trust and innovative services by investing in the technologies
of the future, so as to keep in line with our customers' daily lives. In doing
so, we develop our own know-how and tie partnerships with leading companies in
order to create innovative and differentiating customer experience", added
Thierry Martel, Chief Executive Officer of Groupama SA.
Paris, 17 March 2016 - The board of directors of Groupama S.A. met on 16 March
2016, under the chairmanship of Jean-Yves Dagès, and approved the Group's
combined financial statements and the consolidated accounts of Groupama SA for
fiscal year 2015.
The Group's combined financial statements include all business of the Group as
a whole (i.e. the activity of the regional mutuals and of the subsidiaries
consolidated within Groupama SA). The consolidated accounts of Groupama SA
include the business of all subsidiaries as well as internal reinsurance
(nearly 35% of the premium income of the regional mutuals ceded to Groupama
SA).
The analysis below focuses on the combined scope. The key figures of the
consolidated scope are presented in the notes.
o Business activity focused on profitable growth
At 31 December 2015, Groupama's combined premium income stood at €13.7
billion, a +0.9% increase on a like-for-like basis.
In property and casualty insurance, the Group posted premium income growth of
+0.8% to €7.1 billion at 31 December 2015 thanks to a selective underwriting
policy and targeted tariff increases.
Premium income from life and health insurance was €6.3 billion at 31 December
2015, up +1.1%. This change was due in particular to the strong growth in the
group health insurance business both in France and internationally and the
turnaround in the savings/pension business in France with premium income
stabilising over the period after several years of decline.
Groupama's combined premium income by business activity at 31 December 2015
€ million 31/12/2015 Like-for-like change (%)
Property and casualty insurance 7,141 +0.8 %
Life and health insurance 6,324 +1.1 %
Financial and banking businesses 280 +0.1 %
GROUP TOTAL 13,745 +0.9 %
o In France
Insurance premium income in France at 31 December 2015 was €10.7 billion.
In property and casualty insurance, premium income rose +1.1% to €5.4 billion.
This reflects notably the +1.1% rise in insurance for individuals and
professionals to €3.2 billion (or almost 60% of written premiums in property
and casualty insurance). It benefited from the growth in the home insurance
(+2.6%) and professional risks (+5.9%) segments, which eased the slight
decline in premium income in motor insurance (-0.4%). The Group's specialised
subsidiaries (assistance, legal protection, credit insurance) continued their
development (+9.7%).
In life and health insurance, premium income at €5.3 billion was up +0.7%
compared with 31 December 2014. This resulted mainly from the increase in the
health insurance business (+2.2%), supported by strong growth in group health
(+14.2%). On this business line, group health market, Groupama has more than
50,000 new "ANI" policies. In individual savings/pensions, premium income was
stable, as the decrease in business in euro-denominated savings (-2.9%) was
offset by the sharp rise in unit-linked policies (+7.3%). Unit-linked premium
income in individual savings/pensions represented 31.5% of gross inflows at
the end of 2015, outpacing the market (20.9%, source: FFSA). After taking into
account arbitrages (euro contracts for unit-linked contracts), "Fourgous"
transfers, and inflows in 2015, the share of unit-linked outstandings in
individual savings reserves was 20.7% versus 17.6% at 31 December 2014.
o International
The Group is present in 11 countries around the world, mainly in Europe. It
also has growth opportunities in Turkey and in China, country in which it
ranks second among foreign damage insurers with €235 million in premium
income^[1]. At 31 December 2015, international premium income totalled €2.8
billion, up +1.3% compared with 31 December 2014.
Premium income from life and health insurance increased +3.7% to €983 million,
driven by strong growth in group insurance (+7.0%), particularly for the group
protection (+10.2%) and group health (+13.3%) segments. In individual
savings/pensions, premium income increased +2.8%, pertaining mainly to Italy.
Property and casualty insurance premium income totalled €1.8 billion at 31
December 2015, a stable level compared with 2014. The growth in the
agricultural insurance segment in Turkey and the fleet segment in Hungary
offset the decline in motor insurance (-4.4%), under the effect of difficult
macroeconomic or market conditions in certain countries (Italy, Greece, and
Turkey in particular).
Premium income in main international countries at 31 December 2015
€ million 31/12/2015 Like-for-like change (%)
Italy 1,600 +0.2%
Turkey 411 +5.1%
Hungary 304 -2.8%
Romania 181 +13.2%
Other countries 274 0%
International insurance 2,770 +1.3%
^[1] On a basis of 100% of the premium income of Groupama Avic China, an
equity-method entity in Groupama's combined financial statements
o Financial and banking businesses
The Group's premium income was €280 million at 31 December 2015, of which €154
million from Groupama Banque, €121 million from Groupama Asset Management and
€5 million from Groupama Epargne Salariale.
o An active partnership policy
Groupama established major partnerships in 2015:
o Amaline and DIAC, the Renault Group's financing and services subsidiary,
teamed up in October 2015 to offer motor insurance to buyers of a new or
used car within the Renault and Dacia networks.
o On 4 January 2016, Groupama and Orange announced the beginning of
exclusive negotiations to enter into a partnership to develop a new
banking model that will allow Groupama to strengthen its online banking
activity and Orange to complete its diversification into banking services.
At the end of these negotiations, Orange could own 65% of Groupama
Banque.
The Group has also built numerous partnerships to support the collaborative
economy and innovation. For French VSEs and SMEs, Groupama Banque and Gan
Assurances established partnerships with the crowdfunding platforms Unilend
and Lendopolis respectively. To facilitate the management of motor claims,
Amaline signed a partnership with Coyote that enables its policyholders
equipped with a Coyote S to use video in the event of a car accident. In the
agricultural area, Groupama joined forces with Airinov, a leader in drones for
agriculture, to participate in the development of drones, risk protection and
deployment of new services for farmers. Groupama also teamed up with
WeFarmUp.com, the world's first farm equipment sharing platform. With this
partnership, Groupama wishes to provide its expertise as an insurer to both
owners and lessee to lease their equipment with confidence.
o Sharp increase in net income
Economic operating income increased 26% to €163 million at 31 December 2015,
despite two significant adverse factors: the low-interest rate environment and
changes in legislative environment for motor third-party liability in Turkey.
Economic operating income from insurance amounted to +€270 million in 2015
(+42% over the period).
o In life and health assurance, it reached +€152 million in 2015, up +€74
million compared with 2014 (+€61 million in France and +€13 million
internationally). This growth in France came mainly from the active
transformation of portfolios in recent years, particularly the development
of unit-linked contracts and cost control.
o In property and casualty insurance, economic operating income amounted to
+€118 million compared with +€112 million for the previous period. The
non-life net combined ratio was 99.2% in 2015, stable compared with 2014
(+0.2 points).
In France, it was 97.9% and improved by 0.5 points compared with 2014. This is
explained by the reduction in severe and climate-related claims and the
stability of the attritional loss experience.
Internationally, the non-life net combined ratio stood at 104.4%, up +3.0
points compared with 31 December 2014. Much of this change (+5.7 points) came
from the sharp deterioration of the motor third-party liability market in
Turkey, related to changes in legislative environment, thus masking an
improvement in the combined ratio in Italy (-3.2 points) and Greece (-3.1
points).
The Group continues to control its general expenses, contained at a level
equivalent in absolute value to 2014, while increasing its investments
particularly in digital to cope with the rapid changes in technology and
customer expectations. Groupama has thus reduced its annual costs by €400
million since the beginning of 2012.
Banking and financial businesses contributed €9 million to economic operating
income, while holding companies (which bear the Group's holding and financing
costs) contributed -€117 million in economic operating income at 31 December
2015.
The transition from economic operating income to net income incorporates
non-recurring items of €205 million at 31 December 2015 versus €128 million at
31 December 2014. These non-recurring items mainly correspond to the capital
gains realised with the divestments in Véolia Environnement and Mediobanca and
the favourable effect of the change in fair value of assets recognised through
profit or loss.
The Group's overall net income increased sharply (+43%) to €368 million at 31
December 2015.
o A solid balance sheet
At 31 December 2015, insurance investments amounted to €83.9 billion, and
unrealised gains totalled €10.1 billion, including €7.3 billion on bonds, €0.7
billion on equities, and €2.1 billion on real estate assets.
The Group continued its asset derisking policy particularly by reducing its
equity portfolio, which, net of hedges, represented 5.0% of the asset
portfolio^[2] at 31 December 2015 versus 5.3% at 31 December 2014.
The Group's shareholders' equity totalled €8.2 billion at 31 December 2015, up
+2% compared with 31 December 2014.
During 2015, the Group strengthened its financial flexibility.
o Groupama is the first mutual insurer to have issued mutual certificates
"Certificats Mutualistes", a new source of funding dedicated to joint
mutualist organisations, created by the law on the Social and Solidarity
Economy of 31 July 2014. Groupama Rhône Alpes Auvergne's launch of the
first issue in December 2015 was very satisfactory. All of the Group's
regional mutuals will start issuing mutual certificates in June 2016.
o As at 31 December 2015, dated subordinated debt amounted to €750 million
versus €791 million as at 31 December 2014. This decrease came from the
early redemption of the 2005 perpetual subordinated bond (TSDI) for its
outstanding amount of €41 million. Groupama's debt to equity ratio
excluding revaluation reserves thus decreased to 10.2% in 2015 versus
11.6% in 2014.
^[2] Asset breakdown calculated at market value, excluding minority
interests, unit-linked products, and repurchase agreements
o A robust solvency margin
At 31 December 2015, the Solvency 2 coverage ratio was 263%. Groupama
calculates its Solvency 2 ratio at the Group level, with the incorporation of
a transitional measure on technical reserves in accordance with the statutory
regulation.
The margin requirement under Solvency 1 is also covered more than 2.5 times by
the Group.
Group Communications Department
Press contact Analyst and investor contacts
Guillaume Fregni - + 33 (0)1 44 56 28 56 Yvette Baudron - +33 (0)1 44 56 72 53
[email protected] [email protected]
Valérie Buffard - +33 (0)1 44 56 74
54
[email protected]
* * *
Groupama financial information on the accounts closed at 31/12/2015 includes:
o This press release, which is available on the groupama.com website,
o Groupama SA's registration document, which will be filed with the AMF on
28 April 2016 and posted on the groupama.com website on 29 April 2016,
o The financial statements for the Groupama combined accounts at 31/12/2015,
which will be posted on the groupama.com website on 29 April 2016.
-------------------------
Appendix 1: key figures for Groupama - combined financial statements
o Premium income
2014 2015 2015/2014
Reported Pro forma Reported
premium income premium premium income Change **
€ million income* %
> FRANCE 10,567 10,602 10,695 +0.9%
Life and health insurance 5,303 5,305 5,341 +0.7%
Property and casualty
insurance 5,264 5,298 5,354 +1.1%
> INTERNATIONAL & Overseas 2,788 2,736 2,770 +1.3%
Life and health insurance 953 948 983 +3.7%
Property and casualty
insurance 1,835 1,788 1,787 0%
TOTAL INSURANCE 13,355 13,338 13,465 +1.0%
FINANCIAL AND BANKING 279 279 280 +0.1%
BUSINESSES
TOTAL 13,634 13,617 13,745 +0.9%
* Based on comparable data
** Change on a like-for-like basis at constant exchange rates
o Economic operating income*
€ million 2014 2015 2015/2014 change
Insurance - France 142 271 +129
Insurance - International 48 -1 -49
Financial and banking businesses 16 9 -7
Holding companies -77 -117 -40
Economic operating income* 129 163 +34
* Economic operating income: equals net income adjusted for realised capital
gains and losses, long-term impairment provision allocations and write-backs,
and unrealised capital gains and losses on financial assets recognised at fair
value (all such items are net of profit sharing and corporate income tax).
Also adjusted are non-recurring items net of corporate income tax, impairment
of value of business in force, and impairment of goodwill (net of corporate
income tax).
o Net income
2014 2015 2015/2014 change
€ million
Economic operating income* 129 163 +34
Net realised capital gains 219 269 +50
Impairment losses on financial instruments -12 -26 -14
Gains and losses on financial assets and -59 38 +97
derivatives recognised at fair value
Amortisation of intangible assets and other -20 -75 -55
transactions
Net income 257 368 +111
Contribution of business activities to combined net income
€ million 2014 2015
Insurance and services - France 380 360
Insurance - international subsidiaries 71 1
Financial and banking businesses 4 11
Groupama SA and holding companies -204 2
Other 6 -7
Net income 257 368
o Balance sheet
€ million 2014 2015
Book equity (Group share) * 8,062 8,219
Gross unrealised capital gains 10,635 10,156
Subordinated debt 791 750
Total balance sheet 106,439 107,295
* Including perpetual subordinated debt recognised as equity instruments
o Main ratios
2014 2015
Non-life net combined ratio 99.0% 99.2%
Debt-to-equity ratio 11.6% 10.2%
Solvency 1 margin* 253% 255%
Solvency 2 margin** n/a 263%
* according to French standards
** preliminary data
Appendix 2: key figures for Groupama SA - consolidated financial statements
A/ Premium income
2014 2015 2015/2014
Reported Pro forma Reported
premium income premium premium income Change **
€ million income* %
> FRANCE 7,133 7,133 7,239 +1.5%
Life and health insurance 3,976 3,976 4,021 +1.1%
Property and casualty
insurance 3,157 3,157 3,218 +1.9%
> INTERNATIONAL & Overseas 2,788 2,736 2,770 +1.3%
Life and health insurance 953 948 983 +3.7%
Property and casualty
insurance 1,835 1,788 1,787 0.0%
TOTAL INSURANCE 9,920 9,869 10,009 +1.4%
FINANCIAL AND BANKING
BUSINESSES 282 282 282 +0.2%
TOTAL 10,202 10,151 10,292 +1.4%
* Based on comparable data
** Change on a like-for-like basis at constant exchange rates
B/ Economic operating income*
€ million 2014 2015 2015/2014 change
Insurance - France -48 82 +130
Insurance - International 48 -1 -49
Financial and banking businesses 16 9 -7
Holding companies -76 -116 -40
Economic operating income* -60 -27 +33
* Economic operating income: equals net income adjusted for realised capital
gains and losses, long-term impairment provision allocations and write-backs,
and unrealised capital gains and losses on financial assets recognised at fair
value (all such items are net of profit sharing and corporate income tax).
Also adjusted are non-recurring items net of corporate income tax, impairment
of value of business in force, and impairment of goodwill (net of corporate
income tax).
C/ Net income
€ million 2014 2015 2015/2014 change
Economic operating income* -60 -27 +33
Net realised capital gains 168 214 +46
Impairment losses on financial instruments -11 -24 -13
Gains and losses on financial assets and -68 34 +102
derivatives recognised at fair value
Amortisation of intangible assets and other -14 -65 -51
transactions
Net income 15 133 +118
Contribution of business activities to consolidated net income
€ million 2014 2015
Insurance and services - France 136 118
International insurance 71 6
Financial and banking businesses 4 11
Groupama SA and holding companies -201 4
Other 6 -7
Net income 15 133
vbrm
Forumer attivo
forse perchè la banca combinata diventa sistemica ?
fidw99
100% perpetual
è sempre tutto relativo, allora meglio avere delle piccole banche e non meravigliamoci se non si aggregano
Ventodivino
מגן ולא יראה
Obiezioni e adontamenti tutti condivisibili, però lo si sa da tempo che un'eventuale sposalizio (col problemino, maldigerito a Nord, della holding "furbata" da smaltire in 3 anni) di questo tipo avrebbe portato a certe letterine.
londonwhale
Forumer storico
Quindi ci possiamo scordare il richiamo di Banca Italease? visto come stanno gestendo la faccenda BP-PMI......
fabriziof
Forumer storico
stavo proprio leggendo il prospetto,possibile annuncio 30 giorni prima della prox cedola ma serve il nullaosta bankitalia
Similar threads
- Bloccata
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Bloccata
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
