2021 RESULTS INVESTOR PRESENTATION 16/05/2022 - AEMA Groupe
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2021 RESULTS
INVESTOR PRESENTATION
16/05/2022
PARTICIPANTS
ADRIEN COURET FRANÇOIS BONNIN
Chief Executive Officer Deputy Chief Executive Officer,
of Aéma Groupe Finance & Risks
of Aéma Groupe
2
CONTENTS
01 2021, A SUCCESSFUL FIRST YEAR
Adrien Couret, Chief Executive Officer of Aéma Groupe
02 FINANCIAL PERFORMANCE AS EXPECTED
François Bonnin, Deputy Chief Executive Officer Finance & Risks of Aéma
Groupe
03 CHALLENGES & OUTLOOK
Adrien Couret, Chief Executive Officer of Aéma Groupe
04 NOTES
3
2021, A SUCCESSFUL FIRST YEAR
ADRIEN COURET
Chief Executive Officer of Aéma Groupe
4FULFILLING A POLITICAL AND SOCIAL PURPOSE
THROUGH THE CREATION OF A LEADING MUTUAL INSURANCE GROUP
BIRTH OF AÉMA GROUPE
the union of AÉSIO Mutuelle
and Macif AÉMA GROUPE,
THE FIFTH LARGEST INSURER
IN FRANCE
AVIVA FRANCE IS NOW
THE 3RD PILLAR OF THE
GROUP
5AÉMA GROUPE
A LEADING GROUP IN PROTECTION IN FRANCE
of
revenue1
policyholders of revenue
on a full-year basis
Largest insurer
in France
providing help to speaking for the policyholders
more than 1 French person in 6 and members
1. Based on the consolidation of Abeille Assurances as of 30/09/2021 6AÉMA GROUPE A GROUP SERVING ITS POLICYHOLDERS FOR ALL THEIR ESSENTIAL INSURANCE NEEDS Largest French insurer Largest French insurer Largest French company Largest French company in Motor and Home in Health/Personal risk in Savings & Retirement in Asset Management 1. 2020 figures 7
AÉMA GROUPE
A GROUP NOW BASED ON THREE PILLARS
Financial solidarity obligations (affiliation agreement) SGAM
Capital shareholdings
SAM UMG
85%
10%
5%
100% 98.47% 60.93% 100% 100% 95.60%
Abeille Abeille IARD Abeille Asset
Vie et Santé Management
(AAM and AREIM)
82021-2023 STRATEGIC PLAN
3 YEARS TO BUILD A LEADER IN MUTUAL INSURANCE
PUTTING PEOPLE FIRST
MUTUALIST PERFORMANCE
GROWTH THROUGH INCLUSIVENESS
92021, BUILDING BIGGER WITH THE ADDITION OF AVIVA FRANCE
A STRATEGIC ACQUISITION OF €3.2 BILLION,
COMPLETED IN LESS THAN ONE YEAR
A NEW GOVERNANCE
A NEWFOUND IDENTITY
10AÉMA GROUPE IN 2021
€11 BILLION OF REVENUE AND BALANCED ACTIVITIES
P&C HEALTH/PERSONAL RISK
OF REVENUE IN 2021
36% 28% OF REVENUE IN 2021
36%
SAVINGS/RETIREMENT
OF REVENUE IN 2021
11P&C
CHALLENGES PROLIFERATE
• A resilient market thus far
OF REVENUE
P&C • An upward trend in claims
IN 2021
Motor
insurance • Change in premiums: +3.3% (full-year)
59%
• Cost reduction: actions for the deregulation of spare
Home
Personal parts and for their recycling
Assistance insurance
1% 26% • “Green” pricing policy for less-polluting vehicles
Professional/
Company
insurance1 Personal injury
5% 9%
1. Property damage insurance for companies, and agricultural and construction
insurance 12HEALTH/PERSONAL RISK
MEETING GROWING NEEDS
• Impact of 100% healthcare: increased services for
OF REVENUE premiums of about 2-3 points
IN HEALTH/PERSONAL RISK
IN 2021
Individual
Health
53%
• Change in premiums: +6.4% (full-year)
Collective
Personal Risk • Apivia Macif Mutuelle and Aésio mutuelle joint-care
2% Collective networks
Health
Individual
39%
• Actions by Aéma to open up the insurance market
Personal Risk
6%
13SAVINGS/RETIREMENT
ANTICIPATE AND ASSIST THE CHANGES
• Strong savings culture in France
OF REVENUE
SAVINGS/RETIREMENT • Fast growth in PERs (retirement savings plans)
IN 2021
• Appetite for diversification (unit-linked products) and
responsible savings
Unit-
linked…
• Change in premiums: +17.9% (full-year)
Traditional life
76% • Defending the guaranteed euro fund
• Inclusion of SRI-labelled unit-linked products in asset-
based policies
14ASSET MANAGEMENT
A NEW DIMENSION
• A good year for the markets, with some initial signs of
UNDER change
MANAGEMENT
at 31/12/2021 • An ambitious European framework for responsible
finance
OFI
37%
Abeille • Many SRI funds launched
63% • Acquisition of stakes in impact finance
• An opportunity: to become a leader in responsible
finance
15FINANCIAL PERFORMANCE AS EXPECTED
FRANÇOIS BONNIN
Deputy Chief Executive Officer, Finance & Risks, Aéma Groupe
162021, A SUCCESSFUL FIRST YEAR FINANCIALLY, UNDER VERY PARTICULAR CIRCUMSTANCES
INTERNAL FACTORS EXTERNAL FACTORS
COMBINED DATA
2021 per French GAAP 100%
Year zero SANTÉ
for Aéma Groupe (Healthcare)
ABEILLE ASSURANCES
ACQUISITION INFLATION
Consolidated AND
at 30/09/2021 CHANGES
IN RATES
NON-RECURRING EXPENSES
CONSOLIDATION from the acquisition /
of the income unwinding of internal
HIGHER COST
statement over INCREASE reinsurance transactions
one quarter at Aviva PLC OF CLAIMS
in inventory
in debt
172021, A SUCCESSFUL FIRST YEAR FOR AÉMA GROUPE
KEY GROUP FIGURES
Data
based on
Fourth
quarter 2021 31/12/2021 31/12/2020 3
only
Earned premiums 5,920 3,153 1,959 11,033 N/A
• Abeille Assurances: consolidation
TURNOVER of which P&C 3,509 - 438 3,947 N/A as of 30 September 2021
(in millions of (one quarter’s income statement)
euros) of which Health/Personal Risk 2 3,153 - 3,156 N/A
• For the full year 2021, estimated
revenue would be €16,059 million,
of which Savings/Retirement 2,409 - 1,522 3,930 N/A
including €3,156 million for
Health/personal risk, €5,254 million for
TECHNICAL P&C combined ratio 100.7% - 115.4% 101.9% N/A
Property & Casualty and €7,650 million
PROFITABILITY for Savings/Retirement
(in %) Health/Personal Risk combined ratio - 104.4% - 104.4% N/A
• In Health/Personal Risk, excluding the
Operating income1 244 -44 5 205 N/A reclassification of €552 million on a 2020
EARNINGS basis, revenues rose by €189 million
(in millions of Net profit 158 -48 -6 104 N/A
euros) • Comparability of Non-Life and
Net profit (excl. extraordinary profit) 155 -52 -6 96 N/A Health/Personal risk combined ratios is
difficult given the atypical nature of
Total balance sheet 38,528 3,864 99,493 141,885 141,268 the years 2020-2021
BALANCE • Net profit for 2021 penalized by one-off
Net technical provisions 31,584 1,142 64,768 97,494 97,665
SHEET and exceptional items related to the
(in millions of acquisition of Aviva France and a
Equity attributable to the Group - - - 4,977 4,894
euros) difficult environment in Health
Subordinated debt2 - - - 2,305 2,2944
1. Before amortisation and impairment of goodwill
2. Issued by Macif SAM
3. Documentation of the subordinated issues of June 2021 18
4. Including recognition of the issue completed in June 2021P&C PERFORMANCE
TURNOVER AND TECHNICAL PROFITABILITY
Fourth quarter
31/12/2021 31/12/2021
20211
2021 earned premiums1 3,509 438 3,947
of which Motor Insurance 2,175 171 2,346
• In 2021 on a full year basis, estimated
non-Life premiums would have been
VOLUME of which Home Insurance 952 63 1,015 €5,254 million (vs. €4,835 million in 2020), of
(in millions of which €3,509 million were for Macif and
euros) €1,745 million for Abeille Assurances
of which Personal injury - - 356
• Change in the Non-Life combined ratio
of which Personal Assistance - - 34 due to the increase in the average cost
of claims, the return of Motor claims to
their pre-Covid level, and an increase in
of which Other - - 195 “water damage” claims for Home
Insurance
TECHNICAL Net Combined Ratio 2021 100.7% 115.4% 101.9%
PROFITABILITY
(in %) Net Combined Ratio 2020 97.3% 98.7% N/A
1. Abeille Assurances: based on consolidation as of 30/09/2021
19
Dat eHEALTH/PERSONAL RISK PERFORMANCE
TURNOVER AND TECHNICAL PROFITABILITY
31/12/2021
Earned premiums 3,156
VOLUME
(in millions of of which Health 2,906
euros)
of which Personal Risk 250
TECHNICAL
PROFITABILITY Net Combined Ratio 2021 104.4%
(in %)
• Almost all the Health/Personal risk business is carried out by the UMG AÉSIO Macif.
• At end 2021, Health/Personal risk premiums were €3,156 million (up €189 million
excluding the reclassification mentioned above).
• The combined ratio was especially affected by the impact of France’s universal health
care law “100% Santé” (around 4 points).
20
Dat eSAVINGS/RETIREMENT PERFORMANCE
TURNOVER AND PROVISIONS
Fourth quarter
31/12/2021 31/12/2021
20211
Earned premiums 2021 2,409 1,522 3,930
VOLUME
(in millions of of which euros 2,250 754 3,004
euros)
of which Unit-Linked 159 768 927
Mathematical provisions 24,886 90,690 116,038 2
of which euros 23,932 61,749 86,143
PROVISIONS
(Gross- € millions)
of which Unit-Linked 953 28,941 29,894
Compare mathematical provisions
22,918 77,663 100,618 2
2020
• In 2021 on a full year basis, estimated Life premiums would have been €7,650 million
(vs. €6,188 million in 2020)
• Positive net inflows of €770 million (€570 million on unit-linked products and €200 million
on Euro products)
• Group unit-linked rate of 24% on inflows (26% on outstandings) driven by Abeille
Assurances (50%)
1. Abeille Assurances: based on consolidation as of 30/09/2021
2. Including Mathematical Reserves from UMG AÉSIO Macif for €462 million
(Traditional life MR) in 2021 and €37 million in 2020. 21
Dat eASSET MANAGEMENT PERFORMANCE
ASSETS 2021 70 122 1 192
UNDER
MANAGEMENT
(€ billions) 2020 67 125 2 192
• Net inflows of the Abeille Assurances group’s asset management division:
o - €635 million for Abeille Asset Management due to less attractive market
opportunities in the repo business
o + €710 million invested by AIREF
• The decline in assets under management in the Abeille Assurances group’s
management division was mainly due to the negative market effect of the rise in
interest rates on assets under insurance mandates.
• Increase in OFI Group’s assets under management by €3 billion in 2021, with the positive
effect of the markets, adding more than €1.6 billion to inflows.
1. Of which €3 billion for UFF (management data)
2. Of which €2 billion for UFF (management data)
22
Dat eCAPITAL ADEQUACY RATIO UNDER SOLVENCY 2
AÉMA GROUPE MACIF SAM ABEILLE VIE
Taux
SCRde couverture
coverage SCR
ratio Taux
SCRde couverture
coverage SCR
ratio Taux
SCRde
coverage
couverture
ratio
SCR
10 675
10,675 10 920
10,920 8 887
8,887 8,941
8 941 4 665
4,507
4 031
4,031
6 796
6,796 7 062
7,062
2 506
2,506 2 564
2,564
3 034
3,034 3,150
3 150
157% 155% 293% 284% 161% 176%
Third quarter
T3 2021 Fourth quarter
T4 2021 Third quarter
T3 2021 Fourth quarter
T4 2021 Third quarter
T3 2021 T4Fourth
2021
2021 2021 2021 2021 2021 quarter 2021
Eligible equity SCR
Fonds propres coverage
éligibles couverture du SCR SCR Eligiblepropres
Fonds equity SCR coverage
éligibles couverture du SCR SCR Eligiblepropres
Fonds equity SCR coverage
éligibles couverture du SCR SCR
AÉMA GROUPE AÉSIO MUTUELLE APIVIA MACIF MUTUELLE
MCR
Taux decoverage ratio
couverture MCR SCR
Taux decoverage ratio
couverture SCR SCRde
Taux coverage ratio
couverture SCR
8 859
8,859 9,131
9 131 1 756
1,698 616 647
1 581
1,581
309 337
3,176
3 176 3,342
3 342 605 712
709
279% 273% 261% 238% 199% 192%
Third Fourth quarter Third quarter
T3 quarter
2021 T4 2021 T3 2021 Fourth quarter
T4 2021 Third quarter
T3 2021 Fourth quarter
T4 2021
2021 2021 2021 2021 2021 2021
Fonds propres
Eligible éligibles
equity MCR couverture du MCR
coverage MCR Eligible equity SCR
Fonds propres coverage
éligibles couverture du SCR SCR Eligible equity SCR
Fonds propres coverage
éligibles couverture du SCR SCR
23SENSITIVITY OF AÉMA GROUPE COVERAGE RATIO
AT 31/12/2021
A full range of management actions available to strengthen the
INTERESTS RATES solvency of Aéma Groupe
+50 bps 13 pts
SHORT TERM POSSIBLE ACTION
INTERESTS RATES • Divestment in shares, corporate bonds or real estate and reinvestment
-17 pts of proceeds in government bonds or cash.
-50 bps
EQUITIES MID-RANGE POSSIBLE ACTIONS
-5 pts
-25 % • Issues of subordinated debt
• Strengthening the reinsurance program
CORPORATES SPREAD • Reduction of costs
-9 pts
+50 bps • Suspension or reduction of new business underwriting
• Changeover to an internal model for assessing the Group’s solvency
INFLATION
-12 pts
+100 bps These management actions could be implemented if the Group’s
solvency ratio is in the alert zone of the risk appetite framework.
24MOODY’S RATING
IFSR
A2
Stable Outlook
MACIF: A2 MOODY’S RATING (STABLE THE ENTITIES OF ABEILLE ASSURANCES
OUTLOOK) (ABEILLE IARD & SANTÉ, ABEILLE VIE ET ARP)
ALSO RATED: A2 STABLE
• “Strong position in the French retail non-life
market […] low business risk profile” (March • Alignment of financial ratings with Macif’s:
2021 score) • Abeille Assurances: a “Core and Strategic”
• A rating confirmed by Moody’s following the asset of Macif.
announcement of the acquisition of Aviva
France.
25
Dat eFINANCIAL FLEXIBILITY
AÉMA GROUPE DEBT RATIO 22%1 AÉMA GROUPE ISSUING CAPACITY …
7,936
7 936 …au format
…In RT1 RT1
format
SUBORDINATED DEBT ISSUED BY MACIF
• €400 million, 5.5%, Tier 2, bullet 10 years,
issued in March 2013
1,693
1693
1 166
1,166
• €124.4 million, 3.916%, RT1, PerpNC/10, 526
issued in October 2014 RT1
Tier
Tier 11 Non restreint
Unrestricted Emission
Max RT1 max RT1
issue RT1 emis Capacité
issued Additional Tier 1
additionnel
• €400 million, 3.5%, RT1, PerpNC/7, issued in issue capacity
d'emission Tier 1
June 2021
7,062
7 062 …au format
. . . T2, T2, T3
T3 format
• €850 million, 2.125%, Tier 2, 31NC11, issued
in June 2021
3,531
3531
• €500 million, 0.63%, Tier 3, maturing June
27, issued in June 2021 1,786
1 786 1,745
1745
SCR Groupe
Group SCR Emission max Tier 2 & Tier
Tier22&&33issued
émis Capacité
Max. Tier 2 & 3 issue Additional Tier 2 & 3
3 additionnel
issue capacity
d'emission Tier 2 & 3
1. Leverage ratio calculated per S2 as follows:
Subordinated debt / (Equity + subordinated debt) 26
Dat eMATURITY OF DEBT ISSUED ON THE MARKET
MATURITIES OR FIRST CALL DATES OF DEBTS ISSUED ON THE FINANCIAL MARKETS BY MACIF
RT1 T2 T3 850
500
400 400
124,4
124.4
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034
27AN INVESTMENT POLICY
DISTINGUISHED BY A HIGH LEVEL OF UNREALISED CAPITAL GAINS
TOTAL GROUP ASSETS ASSET ALLOCATION UNREALISED
Broken into UL and not UL Non UL CAPITAL GAINS
7% €9.4 billion1
20% 5%
10% 2,289
2 289
€140.6 €111.9 2,603
2 603
billion1 billion1
78% 4,470
4 470
80%
Actifs non
Non-UL UC
assets Actifs en UC
UL assets Obligations
Bonds et assimilés
and similar Obligations
Bonds et assimilés
and similar
Actions et
Equities assimilés
and similar Equities
Actions and similar
et assimilés
For UL assets, the risk is borne by the policyholder
Non-UL assets refer to the general Life fund, Property &
Trésorerie
Cash Real Estate
Immobilier
Casualty and Health/Personal Risk commitments, and the Immobilier
Real Estate
Group’s capital. As such, the risk is borne
by the Group.
1. Market value at 31/12/2021 28STRUCTURE OF THE BOND PORTFOLIO
QUALITY RATINGS AND MATURITIES LARGELY LESS THAN 5 YEARS*
BREAKDOWN BREAKDOWN BREAKDOWN
BY RATING BY MATURITY BY TYPE OF ISSUER
46%
2%
8%
23% 32%
29%
€75.1 €75.1 50%
billion* 41% billion*
10%
26% 4% 4% 21%
2% 2%
AAA AA A BBB < BBB/NR Sovereign
Souverain Financial
Financière Corporate
*at 31/12/2021 ex UL, at market value 29
Dat eSTRUCTURE OF THE BOND PORTFOLIO
CLOSE UP ON SOVEREIGN AND CORPORATE
BREAKDOWN OF THE SOVEREIGN BREAKDOWN OF THE CORPORATE
BOND PORTFOLIO BOND PORTFOLIO
Austria
Autriche
1% Finland
Finlande Autoroutes
Motorways
Distribution
Irlande
Ireland 1% 2%
Portugal Transport 2%
Italy
Italie 2% Service à la
Personal
1% 4%
2% services
personne
Pharmacie /
Pharmaceutical 0%
Belgique
Belgium Chimie
/Chemicals
3% 5%
5%
Pays Bas
Netherlands Pétrole /
Oil/Commo
€37.1 €22.1
3%
3% Matières
dities
France Premières
6% Autre
Other secteur
private
67% 6%
Espagne
Spain sector
privé
4%
billion* Automobiles
Automotiveet billion* 25%
Other
Autres and Suppliers
Equipementiers
5% 6%
Utilities
Germany
Allemagne Telecomsand
Telecoms et 16%
5% Equipementiers
Suppliers
9%
Supra
6% Real
Industriel
Industrial Immobilier
Estate
11% 14%
14%
*at 31/12/2021 ex UL, at market value 30
Dat eSTRUCTURE OF THE BOND PORTFOLIO
CLOSE-UP ON FINANCIAL ISSUERS BY GEOGRAPHIC AREA
BREAKDOWN BY COUNTRY
Italie
Italy Autriche
Austria
Danemark
Denmark 1% 1%
2% Suède
Sweden
Switzerland
Suisse 1%
1% Finlande
Finland
2%2% 1%
Belgique
Belgium Irlande
Ireland
2% 1%
Greece
Grèce
Germany
Allemagne 0%
0%
3%
Luxembourg
5%
€15,7 France
billion* 33%
Spain
Espagne
6%
United
Royaume Uni
Kingdom
11%
11% Other
Autres
Netherlands
Pays-Bas 20%
13%
13%
*at 31/12/2021 ex UL, at market value 31
Dat eCHALLENGES & OUTLOOK
ADRIEN COURET
Chief Executive Officer of Aéma Groupe
32CHALLENGES & OUTLOOK IN 2022 FOR AÉMA GROUPE
IN A MORE THAN UNCERTAIN ECONOMIC CLIMATE, ACCENTUATE OUR “GUIDEPOST” ASPECT
CONSOLIDATE OUR ECONOMIC
AND FINANCIAL STRENGTH
AN ECONOMIC Continue the ongoing transformations within entities
EQUATION
Increased synergies
WITH MANY
UNKNOWNS Updating our risk management levers
33CHALLENGES & OUTLOOK IN 2022 FOR AÉMA GROUPE
BE A DRIVING FORCE IN THE FACE OF STRUCTURAL MARKET CHANGE
HELP PEOPLE MEET THEIR CHANGING NEEDS AS
LOCALLY AS POSSIBLE
An optimised customer journey
New offers
+
MAKING FASTER PROGRESS ON SRI, ESG AND SSE
NEW Group-wide commitments (responsible investment charter,
OUTLOOKS climate policy, carbon assessment for the 3 scopes etc.)
Being an active shareholder
Active contribution to shaping key policies in France and
in Europe
34CHALLENGES & OUTLOOK IN 2022 FOR AÉMA GROUPE
FACING SOCIETAL CHANGES IN FRANCE
ENCOURAGE DISCUSSION AND STAND UP FOR OUR
BELIEFS
In favour of sustainable financing and purchasing power
For Health/Personal Risk (elderly and dependency) and
concerning Mobility and the Company
NEW FURTHER STRENGTHENING OUR STATUS AS A
DIRECTIONS RESPONSIBLE EMPLOYER
Gender parity policy
Inclusion of young workers
35Q&A SESSION 36
CONTACT
INVESTOR RELATIONS
JEAN-YVES ICOLE
Head of financing
and investor relations
––––––––––––––
T: +33 (0)1 55 31 64 94
M: +33 (0)6 16 42 04 49
jeanyves.icole@mutavie.fr
NEXT DATE FOR YOUR DIARIES
Business indicators report at 30 June 2022
Wednesday, 5 October 2022
PLEASE FIND ALL THE FINANCIAL INFORMATIONS ON OUR WEBSITE :
http://aemagroupe.fr/
37THANK YOU FOR YOUR ATTENTION 38
NOTES
39RT1 SECURITIES: COUPON PAYMENT CAPACITY
DISTRIBUTION CAPACITY FOR RT1 COUPONS MACIF SAM DISTRIBUTABLE ITEMS
● Distributable items at end 2021: €1,150 million
● COUPON PAYABLE ON THE RT1 SECURITY ISSUED IN JUNE 2021: 1150
1,150
€14 million 1 109
1,109
● Profits are credited to shareholders equity. No dividend
distribution, which strengthens Macif’s payment capacity
14
2020 2021 RT1 COUPON
40STRUCTURE OF SHAREHOLDERS’ EQUITY AND SCR
STRUCTURE OF SHAREHOLDER’S EQUITY STRUCTURE OF THE SCR
SCR Opérationnel
Operational SCR 641
672 6% 10%
509 5% 7%
Market
SCR SCR
Marché 5,246
5246
1277 12% 18%
526 5% 7% Default SCR
SCR Défaut 248
Life
SCRSCR
Vie 1,263
1263
SCR Santé
Health SCR 791
7,93 73% 112% SCR Non-Vie
Non-Life SCR 1908
1,908
6
Equity-accounted
SCR entités mises and
en
financial entities
équivalence SCR
et financières 484
add-on add-on)
(+ capital capital)
AjustementTax
paradjustment
les impôts 824
- 824
Diversification -2,694
2694
T4 2021
2021 Q4 % de%fonds
of equity
propres % of SCR
SCR 7,062
7062
Tier 1 non-restreint
unrestricted Tier 1 restreint Tier 2 Tier 3 Autres
Other
restricted
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