Meritz Insurance 1HFY08 Overview - ir. ¢â‚¬› ir ¢â‚¬› upload ¢â‚¬› FY08_1H_final_eng.pdf¢  [[[[MeritzMeritzMeritz

  • View
    0

  • Download
    0

Embed Size (px)

Text of Meritz Insurance 1HFY08 Overview - ir. ¢â‚¬› ir...

  • MeritzMeritzMeritzMeritzMeritzMeritzMeritzMeritz Insurance Insurance Insurance Insurance Insurance Insurance Insurance Insurance

    1HFY08 Overview1HFY08 Overview1HFY08 Overview1HFY08 Overview1HFY08 Overview1HFY08 Overview1HFY08 Overview1HFY08 Overview

    Nov. 2008Nov. 2008Nov. 2008Nov. 2008Nov. 2008Nov. 2008Nov. 2008Nov. 2008

  • 1111

    This material has been prepared based on internally audited

    figures and final figures may change due to the results of

    an independent audit without notice.

    This presentation includes forward-looking statements

    regarding the company’s outlook for FY08 and beyond,

    including projected premium and net income. These

    forecasts are subject to unknown risks and uncertainties

    that may cause actual figures to differ from those stated or

    implied by such statements. We have no obligation or

    responsibility regarding investment made based on such

    forward-looking statements.

    DisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimer

  • 2222

    1111

    2222

    ※※※※

    ContentsContentsContentsContentsContentsContentsContentsContents

    11111111HFY08 Financial HighlightsHFY08 Financial HighlightsHFY08 Financial HighlightsHFY08 Financial HighlightsHFY08 Financial HighlightsHFY08 Financial HighlightsHFY08 Financial HighlightsHFY08 Financial Highlights

    2HFY08 Outlook2HFY08 Outlook2HFY08 Outlook2HFY08 Outlook2HFY08 Outlook2HFY08 Outlook2HFY08 Outlook2HFY08 Outlook

    Appendix (1Appendix (1Appendix (1Appendix (1Appendix (1Appendix (1Appendix (1Appendix (1HHHHHHHHFY08 Financials)FY08 Financials)FY08 Financials)FY08 Financials)FY08 Financials)FY08 Financials)FY08 Financials)FY08 Financials)

  • 3333

    P&LP&LP&LP&LP&LP&LP&LP&L

    10.4%

    3,816

    33

    21

    -12

    126

    -87

    1,695

    1,392

    FY04FY04FY04FY04

    G/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/R

    0.9%p

    -

    18.2%

    25.0%

    -

    19.0%

    -

    10.7%

    15.3%

    1.7%p

    22.7%

    22.7%

    35.6%

    -

    6.5%

    -

    16.2%

    18.2%

    4.9%p

    23.5%

    78.3%

    98.7%

    -

    12.5%

    -

    16.2%

    19.6%

    18.6%

    684

    85

    71

    -1

    179

    -77

    2,534

    2,267

    FY07FY07FY07FY07

    13.7%

    554

    48

    36

    1

    159

    -116

    2,180

    1,896

    FY06FY06FY06FY06

    11.3%

    451

    39

    26

    -3

    150

    -114

    1,877

    1,604

    FY05FY05FY05FY05

    ----6.4%6.4%6.4%6.4%pppp19.4%19.4%19.4%19.4%Adjusted ROE Note)

    ----21.5%21.5%21.5%21.5%802802802802Adjusted EPS Note)

    ----21.5%21.5%21.5%21.5%50505050Adjusted net income

    ----25.6%25.6%25.6%25.6%42424242Net income

    --------0.40.40.40.4Non-operating profit

    ----34.0%34.0%34.0%34.0%71717171Investment profit

    --------12121212Operating profit

    16.2%16.2%16.2%16.2%1,4031,4031,4031,403Gross premium written

    16.4%16.4%16.4%16.4%1,2641,2641,2641,264Earned premium

    G/RG/RG/RG/R

    1111HFY08HFY08HFY08HFY08 ((((KRW KRW KRW KRW bnbnbnbn))))

    Note) Annualized figure, 10:1 stock split in February 2006

  • 4444

    SalesSalesSalesSalesSalesSalesSalesSales

    ※ New contract : excluding lump-sum payment

    ----8.2%8.2%8.2%8.2%0.1%p8.2%0.1%p8.1%0.1%p8.0%7.9%Market Share

    1,695

    269

    660

    36

    766

    FY04FY04FY04FY04

    G/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/R

    10.7%

    1.9%

    -5.8%

    16.3%

    28.1%

    16.2%

    0.1%

    8.0%

    25.7%

    25.8%

    16.2%

    8.0%

    2.1%

    18.7%

    25.7%

    2,534

    296

    686

    63

    1,553

    FY07FY07FY07FY07

    2,180

    274

    672

    53

    1,235

    FY06FY06FY06FY06

    1,877

    274

    622

    42

    981

    FY05FY05FY05FY05

    16.2%16.2%16.2%16.2%1,4031,4031,4031,403Total

    6.6%6.6%6.6%6.6%149149149149Commercial

    7.3%7.3%7.3%7.3%358358358358Auto

    11.9%11.9%11.9%11.9%35353535New contract

    22.1%22.1%22.1%22.1%895895895895Long-term

    G/RG/RG/RG/R

    1111HFY08HFY08HFY08HFY08 ((((KRW KRW KRW KRW bnbnbnbn))))

    [[[[LongLongLongLong----term average premium per month]term average premium per month]term average premium per month]term average premium per month]

    G/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/RG/R

    1.1%1.1%1.1%1.1%

    1.8%1.8%1.8%1.8%

    11.9%11.9%11.9%11.9%

    16.1%

    22.5%

    18.7%

    27.6%

    30.4%

    25.7%

    34.0%

    29.7%

    16.3%

    4.14.14.14.14.03.42.72.0 Protection type

    monthly payment

    4.64.64.64.64.63.82.92.2protection type

    FY05FY05FY05FY05 1111HFY08HFY08HFY08HFY08FY06FY06FY06FY06

    4.43.5 5.85.85.85.85.23.0New contract

    FY07FY07FY07FY07FY04FY04FY04FY04 ((((KRW KRW KRW KRW bnbnbnbn))))

    ※ Excluding lump-sum payment

  • 5555

    17.6%18.6%20.2%19.4%

    11.6%12.7% 14.3%17.4%

    9.4%9.8% 10.8%12.4%

    16.3%15.8% 17.1%

    21.5% 23.2%21.4%

    16.9% 9.3%

    21.7%20.5%20.0% 21.6%

    FY08 1HFY07FY06FY05

    Savings

    Bundle

    Disease

    Property

    Drivers

    Accident

    43.8% 36.8%

    25.8% 17.6%

    16.1% 17.9%

    20.5% 22.5%

    9.3% 10.5%

    13.2% 16.1%

    9.8% 12.6%

    16.2%18.0%

    2.8% 2.1%

    14.6%19.3%21.3%23.8% 2.7%

    2.9%

    FY08 1HFY07FY06FY05

    Savings

    Bundle

    Disease

    Property

    Drivers

    Accident

    Sales PortfolioSales PortfolioSales PortfolioSales PortfolioSales PortfolioSales PortfolioSales PortfolioSales Portfolio

    [[[[MeritzMeritzMeritzMeritz Sales Portfolio]Sales Portfolio]Sales Portfolio]Sales Portfolio]

    [[[[Sales Portfolio Comparison Sales Portfolio Comparison Sales Portfolio Comparison Sales Portfolio Comparison ---- 1HFY08]1HFY08]1HFY08]1HFY08]

    [[[[MeritzMeritzMeritzMeritz LT Portfolio]LT Portfolio]LT Portfolio]LT Portfolio]

    [[[[LT Portfolio ComparisonLT Portfolio ComparisonLT Portfolio ComparisonLT Portfolio Comparison----Top 4]Top 4]Top 4]Top 4]

    85.4%

    78.3%

    52.3% 56.6% 61.3% 63.8%

    33.1% 30.8% 27.1%

    25.5%

    12.6% 11.7% 10.6%14.6%

    FY05 FY06 FY07 FY08 1H

    Commercial

    Auto

    LT

    57.6%

    30.3% 31.4%

    11.0%

    58.0%

    11.7%

    Top 4 Industry

  • 6666

    Loss RatioLoss RatioLoss RatioLoss Ratio

    [[[[LongLongLongLong----term Loss Ratio]term Loss Ratio]term Loss Ratio]term Loss Ratio]

    [[[[Auto Loss Ratio]Auto Loss Ratio]Auto Loss Ratio]Auto Loss Ratio] [[[[Commercial Loss Ratio]Commercial Loss Ratio]Commercial Loss Ratio]Commercial Loss Ratio]

    [[[[LongLongLongLong----term Risk Premium Loss Ratio]term Risk Premium Loss Ratio]term Risk Premium Loss Ratio]term Risk Premium Loss Ratio]

    92.2%

    86.6%

    83.9% 83.1%

    89.4%

    84.9%

    82.6% 80.5%

    88.8%

    90.3%

    FY04 FY05 FY06 FY07 FY08 1H

    Meritz

    Top 4

    81.0% 81.5%

    83.4%

    78.3% 79.2%

    77.1% 78.2%

    82.2%

    78.5% 77.0%

    FY04 FY05 FY06 FY07 FY08 1H

    Meritz

    Top 4

    76.2%

    72.8%

    76.6%

    75.1%

    78.5% 74.2%

    68.1%

    78.7%

    66.9%

    72.6%

    FY04 FY05 FY06 FY07 FY08 1H

    Meritz

    Top 4

    43.5%

    48.5%

    53.0%

    59.8%

    53.0%

    49.1%

    46.9%

    54.2% 54.5%

    51.0%

    FY04 FY05 FY06 FY07 FY08 1H

    Meritz

    Top 4

  • 7777

    23.1% 24.4% 24.3% 23.9% 24.6%

    13.1% 13.1% 13.7%

    7.2% 7.1% 7.0% 6.5% 6.3%

    12.6%

    6.9% 6.6% 6.6%

    -3.9% -3.3% -2.6% -2.3% -2.0%

    7.9%

    10.1%

    9.7%

    -8.0%

    -4.0%

    0.0%

    4.0%

    8.0%

    12.0%

    16.0%

    20.0%

    24.0%

    28.0%

    FY04 FY05 FY06 FY07 FY08 1H

    Expense Ratio

    Sales related expenses

    Wages

    Business Administra tion

    Expenses recovered

    Expense / Combined RatioExpense / Combined RatioExpense / Combined RatioExpense / Combined Ratio

    ※ Other expenses are included in business administrations, FY08 monthly allocated cost is KRW 3.3bn

    [[[[Expense Ratio]Expense Ratio]Expense Ratio]Expense Ratio]

    [[[[Combined Ratio]Combined Ratio]Combined Ratio]Combined Ratio]

    105.3% 106.3%

    105.4%

    102.8%

    100.4%

    100.0%

    104.0%

    108.0%

    FY04 FY05 FY06 FY07 FY08 1H

    Combined ratio

  • 8888

    12.5%

    13.8%

    9.4% 8.8%9.2%

    FY04 FY05 FY06 FY07 FY08 1H

    Distribution ChannelDistribution ChannelDistribution ChannelDistribution Channel

    [[[[Number of Channels]Number of Channels]Number of Channels]Number of Channels]

    (KRW bn, %)

    [[[[Certificate/License Exam Share]Certificate/License Exam Share]Certificate/License Exam Share]Certificate/License Exam Share]

    63

    18

    15

    11

    19

    FY07FY07FY07FY07

    18.7

    0.4

    28.9

    39.3