DELTA LLOYD GROUP FURTHER STRENGTHENS FINANCIAL BASE
(Thomson Reuters ONE) -
PRESS RELEASE Corporate Communications
CONTACT TELEPHONE
David Brilleslijper (+31) 20 594 44 88 (press)
(+31) 20 594 96 93 (analysts)
Amsterdam, 4 March 2010
DELTA LLOYD GROUP FURTHER STRENGTHENS FINANCIAL BASE
* Net operational result((1)) up 19% at ? 366 million
* shareholders' equity((2)) 23% higher
* Proposed dividend of ? 0.50 per ordinary share
Delta Lloyd Group highlights in 2009
* Net operational result up 19% at ? 366 million (2008: ? 308 million)
* Operational result before tax ? 541 million (2008: ? 455 million)
* Net result((3)) (IFRS) ? -124 million (2008: ? -161 million)
* Shareholders' equity: ? 3,888 million, up 23% on 2008 level (? 3,150
million)
* Operating expenses: ? 976 million, down 13% on 2008 level (? 1,122 million)
* Solvency((4)): strengthened to 201% (regulatory) and 256% (IFRS)
* Life Insurance: embedded value (MCEV) up 23% at ? 4.2 billion
* General Insurance: combined ratio of 98%
* Belgium: integration of activities makes good progress, excellent result
* Germany: intention to cease sales of new business
* Mortgage business: Arena transaction of ? 0.9 billion reopens continental
European securitisation market
* Organisation: focus in 2010 on simplification of organisation and efficiency
enhancement
* Stock exchange listing: included in Midkap (AMX index) from 2 March 2010
Executive Board Chairman Niek Hoek of Delta Lloyd Group: 'Delta Lloyd Group once
again demonstrated its solidity and financial strength in 2009. This was not
only reflected in the successful IPO in challenging economic times, but
definitely in the reinforcement of shareholders' equity by 23% to ? 3.9 billion.
The latter was accomplished despite the IFRS-based result of
? -124 million, which was caused partly by the negative results on hedging
transactions and impairments.The operational result developed strongly,
underpinned by the cost reductions we were able to achieve. Delta Lloyd Group's
solvency improved substantially. Our proven risk management, which is aimed at
protecting the interests of our stakeholders, contributes to this stability and
reliability, which is also reflected in a dividend of ? 0.50 per share. In
short, the objectives we set at the time of the IPO were virtually achieved in a
challenging market. The focus of our prudent approach will remain on margin
improvement and volume growth in 2010. We expect growth opportunities in group
pensions, in our bank products and in our online insurance products.'
Key figures
+--------------------------------------------------------+-----+-----+---------+
|(in millions of euros, unless otherwise stated) |2009 |2008 | Change |
+--------------------------------------------------------+-----+-----+---------+
|Result (IFRS) after tax and non-controlling interests | -124| -161|n.m.((5))|
+--------------------------------------------------------+-----+-----+---------+
|Operational result after tax and non-controlling | 366| 308| 19%|
|interests | | | |
+--------------------------------------------------------+-----+-----+---------+
|Gross written premiums ((6)) |5,065|5,911| -14%|
+--------------------------------------------------------+-----+-----+---------+
|Total share capital and reserves ((7)) |3,888|3,150| 23%|
+--------------------------------------------------------+-----+-----+---------+
|Operating expenses | 976|1,122| -13%|
+--------------------------------------------------------+-----+-----+---------+
|Life new business margin (excl. Germany) | 1.6%|-0.4%| 2.0pp|
+--------------------------------------------------------+-----+-----+---------+
|Life MCEV |4,224|3,445| 23%|
+--------------------------------------------------------+-----+-----+---------+
+--------------------------------------------------------+-----+-----+---------+
Key figures per ordinary share
+--------------------------------------------------------------------+-------+
| (in euros) | 2009 |
+--------------------------------------------------------------------+-------+
| Closing price on 31 December 2009 | 16.93 |
+--------------------------------------------------------------------+-------+
| Shareholders' equity | 23.47 |
+--------------------------------------------------------------------+-------+
| Result (IFRS) after tax and non-controlling interests | -0.75 |
+--------------------------------------------------------------------+-------+
| Operational result after tax and non-controlling interests | 2.21 |
+--------------------------------------------------------------------+-------+
| Price / operational result after tax and non-controlling interests | 7.7 |
+--------------------------------------------------------------------+-------+
| Proposed dividend | 0.50 |
+--------------------------------------------------------------------+-------+
+--------------------------------------------------------------------+-------+
At the time of the initial public offering of Delta Lloyd Group, operational and
financial objectives were formulated. The table below shows the realisation of
the set objectives in 2009.
Operational and financial objectives
+----------------------------------------------------+-------------+-----------+
| | Result 2009 | Objective |
+----------------------------------------------------+-------------+-----------+
+----------------------------------------------------+-------------+-----------+
| 1. Life: new business | | |
| | | |
| * Individual life insurance (excl. Germany)((8)) | | |
| * Group life insurance | 0.8% | 2% |
| | 2.0% | 1% |
| 2. General insurance | | |
| | 98.3% | 98% |
| * Combined ratio across the cycle | | |
| | 146 | 125 |
| 3. Efficiency | | |
| | | |
| * Cost savings in 2009 (in millions of euros) | | |
+----------------------------------------------------+-------------+-----------+
| 4. Shareholder return | | |
| | 11.6% | 10% |
| * Operational return on equity | 41% | 40-45% |
| * Dividend pay-out ratio((9)) | | |
+----------------------------------------------------+-------------+-----------+
| 5. Capitalisation | | |
| | 201% | >175% |
| * Regulatory solvency | | |
+----------------------------------------------------+-------------+-----------+
DELTA LLOYD GROUP IN 2009
Delta Lloyd Group will remember 2009 as the year the company went public, at a
time when the (financial) world appeared to be slowly starting to recover from
the credit crisis. Delta Lloyd Group was also hit by the crisis, but managed to
weather the storm entirely under its own steam and without any form of state aid
or shareholder support. High-quality risk management and a strong capital base
were the underlying factors.
Development of results
The IFRS result after tax and non-controlling interests amounted to ? -124
million. Shareholders' equity grew by ? 738 million (including the conversion of
two subordinated loans totalling ? 231 million and the IFRS result of ? -124
million). Due to the choices made under IFRS, not all equity movements are
recognised in the income statement, however they are fully reflected in
shareholders' equity. As a result, Delta Lloyd Group considers the operational
result and the movement in shareholders' equity to be more relevant measures of
its performance. This is also the reason underlying the decision to declare a
dividend on the basis of the operational result after tax and non-controlling
interests. The operational result increased by 19% to ? 366 million (2008: ? 308
million). Shareholders' equity was 23% higher (15% after conversion of the
subordinated loans).
Liabilities valued at market interest rates
Since 2005, Delta Lloyd Group has predominantly used market interest rates to
measure its balance sheet. This ensures full transparency of both the Group's
investments and its insurance liabilities. The risk-free yield curve that Delta
Lloyd Group uses to measure the majority of its insurance liabilities is derived
from AAA-rated collateralised eurozone bonds. In the opinion of Delta Lloyd
Group, this curve reflects the nature of its liabilities and developments in the
financial markets. In 2009 also, risk management worked properly. The risks of a
strong depreciation in the value of equities and a sharp decrease in long-term
interest rates are largely hedged.
Equity and solvency
Shareholders' equity grew by 23% to ? 3.9 billion. Of this growth, ? 231 million
stemmed from the conversion of two subordinated loans from Aviva and Fonds
NutsOhra. The biggest contribution came from unrealised price gains on the
investment portfolio. Delta Lloyd Group's regulatory solvency improved to 201%
of the required capital (year-end 2008: 145%). IFRS solvency was 256% (year-end
2008: 205%). Delta Lloyd Group further strengthened the BIS ratio of the banking
operations to 12.3% (year-end 2008: 11.3%).
Commercial performance
From a commercial perspective, 2009 can be described as a satisfactory year
considering the difficult market conditions. Gross written premiums((10)) were
lower than in 2008 (? 5,065 million versus ? 5,911 million). Delta Lloyd Group
is continuing to focus primarily on profitable growth in new group pension
contracts. Regulations limited the scope for underfunded Dutch pension funds to
transfer their pension obligations to insurers. Nevertheless, Delta Lloyd Group
concluded two large pension contracts in the second half of 2009. In the life
insurance market, a shift is visible from unit-linked insurance to bank
annuities in combination with more traditional forms of life insurance. Delta
Lloyd Group has strong positions in both markets. The Group also managed to
boost its mortgage market share and origination volume, both in the Netherlands
and in Belgium. In its efforts to attract new assets for investment in 2009,
Delta Lloyd Asset Management faced the effects of the credit crisis. The inflow
of new assets from major institutional clients lagged behind and fewer large
pension contracts were concluded than in 2008.
Costs successfully reduced
Delta Lloyd Group had set itself the task of significantly reducing its costs.
This is key to the further improvement of the Group's competitive position. And
such improvement is absolutely essential given the changing market conditions
and ever tighter margins. Thanks to the cost savings of ? 146 million realised
in 2009, operating expenses in 2009 ultimately worked out at ? 976 million, well
below the ? 1 billion target. This was achieved through a combination of
initiatives, the most important of which were a selective recruitment policy, a
strong reduction in the hiring of external staff and advisers, the critical
assessment of the necessity of projects and the non-payment of
performance-related remuneration for 2008 to managers, directors and the
Executive Board. The aim for 2010 is to reduce costs below the level of ? 950
million.
Delta Lloyd Group is also working hard on structural cost reductions in other
areas. This effort chiefly concerns simplifying and optimising processes and the
organisational structure as well as accelerating the modernisation and
standardisation of IT systems.
Strategy and organisation
'The Future Secured' strategy is proving its value with undiminished vigour and
was largely instrumental in bringing the Group to where it is today. The Group
is a solid and successful financial services provider, which enjoys considerable
trust among stakeholders and has a proven track record on corporate social
responsibility and transparency in products, reporting, remuneration and
governance. This strategy is continually being refined and enhanced. One case in
point is the direct division of Delta Lloyd Group, which was set up on a new
footing in 2009. The central focus is now on the sale of standardised,
transparent products, mainly via the internet. In 2009, Erasmus Insurance was
integrated into Delta Lloyd Insurance and partly into the Personal General
Insurance Business, in which the activities for most personal general insurance
products were united in 2009. Meanwhile, the group-wide activities in the field
of income and absenteeism insurance were combined into the Income & Absenteeism
Business. These two initiatives represent important milestones in the process of
reducing complexity and enhancing efficiency. In 2009, Delta Lloyd Life Belgium
made major steps towards its continued development through the further
integration of Swiss Life Belgium, combined with good results. With effect from
1 January 2009, the health insurance operations were transferred successfully to
CZ.
Strategy and scenario exercises
The current economic and social developments also demand a new vision for the
future. To develop this vision, Delta Lloyd Group applies scenario-based
thinking. By thoroughly considering the consequences of entirely different
scenarios, it gains a deeper understanding of the forces that will shape the
dynamics of its prospective environment. In 2009, two future scenarios were
worked out into fully-formed pictures of the future, after intensive sessions
with experts from inside and outside the Group.
Retracing these new scenarios to our present times, they provide tangible
pointers for tightening up 'The Future Secured' strategy. Meanwhile, we have
already formed a broad picture of the strategic implications the scenarios will
have for Delta Lloyd Group. Four key factors, which already receive a great deal
of attention, are involved:
* Simplification. Simple products and processes are crucial to realise
substantial cost reductions and achieve success in the rapidly changing
market.
* Customer knowledge. An absolute precondition for achieving responsible and
distinctive risk differentiation whilst responding actively to the
customer's changing needs.
* Positioning in the chain. Only after the Group determines its role in each
part of the chain can it retain its leadership in a market where new
providers rapidly emerge.
* Innovation for growth. A strong lasting position cannot be secured without
the capability of rapid business innovation.
This refinement of 'The Future Secured' strategy is expected to materialise in
the first half of 2010.
Delta Lloyd Germany
On 4 March 2010, Delta Lloyd Germany will announce the intention to cease
writing new business. This is in line with the choice, as indicated in the
prospectus for the initial public offering, to discontinue Germany as a core
market.
Employees
The number of permanent employees fell from 6,404 FTEs at year-end 2008 to
6,297 FTEs at year-end 2009, and the number of temporary staff decreased to 624
FTEs (2008: 914 FTEs). The total workforce amounted to 6,920 FTEs as at 31
December 2009. Delta Lloyd Group emerged as the best financial services provider
(and fourth in the overall rankings) in the annual Incompany200 employee
satisfaction survey held among the largest corporations, public authorities and
organisations in the Netherlands. With an overall rating of 7.45, achieving this
top position follows four years of successive rises in the rankings.
Supervisory Board changes
Messrs Ph.G. (Philip) Scott and M.H.M. (Marcel) Smits resigned from the
Supervisory Board with effect from 1 January 2010 and 1 February 2010,
respectively. Subject to their appointment by the General Meeting of
Shareholders on 27 May 2010, the candidates nominated to succeed them and fill
the existing vacancy in the Supervisory Board are S.G. (Fieke) van der Lecq
(Professor in Pension Markets), P.F. (Peter) Hartman (President and CEO of KLM
Royal Dutch Airlines) and Aviva nominee P. (Patrick) Regan (Chief Financial
Officer of Aviva).
Dividend proposal
Based on the achieved operational result after tax and non-controlling
interests, Delta Lloyd Group proposes to pay out a dividend((11)) of ? 82.8
million, or ? 0.50 per ordinary share, from the share premium account. The
shareholder can elect to have the dividend paid out either wholly in cash or
wholly in shares. The stock dividend will have approximately the same value as
the cash dividend and will be charged to the share premium account. If no choice
is indicated, the dividend will be paid out in cash.
Dates for 2009 dividend (subject to approval by the General Meeting of
Shareholders to be held on 27 May 2010)
* Ex-dividend date: Monday 31 May
* Record date: Wednesday 2 June
* Start of dividend election period: Thursday 3 June
* End of dividend election period: Wednesday 16 June
* Payment date: Thursday 24 June
ResultS FOR 2009 BY SEGMENT
LIFE INSURANCE
Gross written premiums decreased from ? 4,533 million to ? 3,642 million, mainly
due to the market conditions in the first half of 2009. A slight market recovery
was noted in the last six months of the year. Regulations limited the scope for
underfunded Dutch pension funds to transfer their pension obligations to
insurers. Delta Lloyd Group continued to focus on profitable growth in new group
pension contracts. This led to the conclusion of two large group contracts in
the second half of the year. In the life insurance market, a shift is visible
from unit-linked insurance to bank annuities in combination with more
traditional forms of life insurance. Delta Lloyd Group has strong positions in
both markets.
The negative life result after tax (? -119 million) is principally attributable
to impairments and losses on the derivatives portfolio used to hedge the equity
risk. The segment's operational result after tax and non-controlling interests
was higher at ? 242 million (2008: ? 187 million).
The new business margin was clearly above target for group contracts (2% versus
1%), but undershot the target for individual contracts (excluding Germany) (0.8%
versus 2%). An extra effort will be necessary to raise customer satisfaction in
the Netherlands to a higher level, particularly in terms of quality of service.
The first steps in this direction were taken in 2009.
+-----------------------------------------------------------+-----+-----+------+
|(in millions of euros) |2009 |2008 |Change|
+-----------------------------------------------------------+-----+-----+------+
+-----------------------------------------------------------+-----+-----+------+
|Total gross written premiums Life |3,642|4,533| -20%|
+-----------------------------------------------------------+-----+-----+------+
|The Netherlands |2,448|3,586| -32%|
+-----------------------------------------------------------+-----+-----+------+
|Belgium | 615| 500| 23%|
+-----------------------------------------------------------+-----+-----+------+
|Germany | 579| 447| 29%|
+-----------------------------------------------------------+-----+-----+------+
|IFRS result after tax and non-controlling interests | -119| 25| n.m.|
+-----------------------------------------------------------+-----+-----+------+
+-----------------------------------------------------------+-----+-----+------+
|Operational result after tax and non-controlling interests | 242| 187| 30%|
+-----------------------------------------------------------+-----+-----+------+
+-----------------------------------------------------------+-----+-----+------+
The table below shows an analysis of the embedded value movements for the Life
activities.
+--------------------------------+-------+--------+
| (in millions of euros) | 2009 | 2008 |
+--------------------------------+-------+--------+
+--------------------------------+-------+--------+
| MCEV as at 1 January | 3,445 | 5,253 |
+--------------------------------+-------+--------+
+--------------------------------+-------+--------+
| Value of new business | 31 | -20 |
+--------------------------------+-------+--------+
| Value in force | 486 | 220 |
+--------------------------------+-------+--------+
| Operational MCEV income (LEOR) | 517 | 200 |
+--------------------------------+-------+--------+
| Exceptional items | 0 | -307 |
+--------------------------------+-------+--------+
| Asset outperformance | 163 | -1,834 |
+--------------------------------+-------+--------+
| Capital (re)allocation | 99 | 133 |
+--------------------------------+-------+--------+
+--------------------------------+-------+--------+
| MCEV as at 31 December | 4,224 | 3,445 |
+--------------------------------+-------+--------+
The cost reductions within the Life Insurance segment had a positive effect on
the level of the Market Consistent Embedded Value (MCEV) and the MCEV-based
operational result (LEOR). The adjustment for new mortality tables had a limited
negative impact. The total embedded value increased 23% to ? 4.2 billion.
Value of new business
The following table sets out the premium volumes and the contribution from new
business written by the life operations. The contribution generated by new
business written during the period is the present value of the projected stream
of after-tax distributable profit from that business. New Business Contribution
(NBC) is calculated using economic assumptions as at the start of the relevant
period and operating (demographic) assumptions as at the end of the period, and
is rolled forward to the end of the reporting period.
+------------------------------------------------------------------------------+
|Value of new business |
+----------------+------------++-----------++-----------++------------++------++
|In millions of | Single|| Annual||PVNBP((12))||Value of new||Margin||
|euros | premium|| premium|| || business|| ||
+----------------+------------++-----------++-----------++------------++------++
|The Netherlands | 1,311|| 174|| 2,836|| 40|| 1.4%||
+----------------+------------++-----------++-----------++------------++------++
|Belgium | 397|| 40|| 829|| 19|| 2.3%||
+----------------+------------++-----------++-----------++------------++------++
|Germany | 246|| 20|| 385|| -28|| -7.2%||
+----------------+------------++-----------++-----------++------------++------++
|Total | 1,954|| 234|| 4,050|| 31|| 0.8%||
+----------------+------------++-----------++-----------++------------++------++
GENERAL INSURANCE
In 2009, the general insurance market was characterised by fierce price
competition and the impact of internet providers. Through OHRA, Delta Lloyd
Group is well positioned in this market. New premium income (? 185 million) fell
short of the 2008 result (? 203 million), partly owing to switching customers
(liability and home insurance). Contrary to the trend of falling car sales,
motor insurance sales to personal customers were up on the 2008 level. Gross
written premiums amounted to ? 1,423 million (2008: ? 1,378 million), an
increase of 3%. The segment's operational result after tax and non-controlling
interests fell to ? 88 million (2008: ? 112 million). The combined ratio for the
segment as a whole was 98.3%, in line with the target of 98%.
The claims ratio increased due to lower premium rates, more fires and the
growing cost of claims in motor insurance. The expense ratio fell sharply, owing
to the successful cost savings.
+-----------------------------------------------------------+-----+-----+------+
|(in millions of euros) | 2009| 2008|Change|
+-----------------------------------------------------------+-----+-----+------+
+-----------------------------------------------------------+-----+-----+------+
|Gross written premiums GI |1,423|1,378| 3%|
+-----------------------------------------------------------+-----+-----+------+
|IFRS result after tax and non-controlling interests | 111| 13| n.m.|
+-----------------------------------------------------------+-----+-----+------+
|Operational result after tax and non-controlling interests | 88| 112| -21%|
+-----------------------------------------------------------+-----+-----+------+
+-----------------------------------------------------------+-----+-----+------+
Bank
Sales of bank annuities grew very strongly in the Netherlands while new bank
mortgages also yielded excellent results. The mortgage origination market share
almost doubled, jumping from 1.3% in 2008 to 2.5% in 2009. Mortgage origination
in Belgium benefited from the fact that Delta Lloyd Bank Belgium continued to
extend loans while several competitors withdrew from the market. Savings
deposits surged from ? 2.4 billion to ? 5.7 billion as customers showed a
distinct preference for saving over investing. The segment's operational result
after tax and non-controlling interests of the banking operations amounted to
? 17 million, after showing a loss of ? 7 million in 2008.
+---------------------------------------------------------+------+------+------+
|(in millions of euros) | 2009 | 2008 |Change|
+---------------------------------------------------------+------+------+------+
+---------------------------------------------------------+------+------+------+
|Mortgage origination | 2,402| 1,848| 30%|
+---------------------------------------------------------+------+------+------+
|Total mortgage portfolio |15,019|13,254| 13%|
+---------------------------------------------------------+------+------+------+
|Savings accounts | 5,671| 2,361| 140%|
| | | | |
|IFRS result after tax and non-controlling interests | 10| -114| n.m.|
|Operational result after tax and non-controlling | | | |
|interests | 17| -7| n.m.|
+---------------------------------------------------------+------+------+------+
+---------------------------------------------------------+------+------+------+
FUND management
+---------------------------------------------------------+------+------+------+
|(in millions of euros) | 2009 | 2008 |Change|
+---------------------------------------------------------+------+------+------+
+---------------------------------------------------------+------+------+------+
|Total assets under management (as at 31 December) |67,799|61,212| 11%|
+---------------------------------------------------------+------+------+------+
| | | | |
|IFRS result after tax and non-controlling interests | 22| 10| 124%|
|Operational result after tax and non-controlling | | | |
|interests | 26| 16| 66%|
+---------------------------------------------------------+------+------+------+
+---------------------------------------------------------+------+------+------+
The Group managed assets valued at ? 67.8 billion as at 31 December 2009. Assets
under management increased 11% compared to year-end 2008.
Initially, the financial markets were expected to recover from the end of 2008,
but the malaise continued until March 2009. It was only then that the financial
markets resumed an upward trend. The second half of 2009 was clearly better than
the first half. The Euro Credit Fund and the Delta Deelnemingen Fonds proved
popular among retail investors. In February 2010, Delta Lloyd Group assumed the
full management of the Delta Deelnemingen Fonds. Until that time, the fund was
managed by Delta Lloyd Group and Dresdner VPV jointly.
The inflow of new assets into Delta Lloyd retail investment funds through
third-party distribution was ? 320 million (2008: outflow of ? 410 million).
Delta Lloyd Group's principal investment funds significantly outperformed the
benchmark. The segment's operational result after tax and non-controlling
interests was ? 26 million (2008: ? 16 million).
OTHER
In the Other segment, Delta Lloyd Group reports the results of business
operations that are not related to the specific segments. This comprises the
Group's mortgage activities that do not fall within the Life Insurance or Bank
segments (Amstelhuys), the label activities for Health, overhead costs (Group
funding and Corporate Staff) and other non-core activities, principally the
Health run-off. These run-off activities cover all current income and expenses
relating to risks of the former health operations that already existed on 1
January 2009. Including the initial sales proceeds, this generated in 2009 a
positive result after tax and non-controlling interests of ? 72.3 million.
+----------------------------------------------------------+----+----+------+
|(in millions of euros) |2009|2008|Change|
+----------------------------------------------------------+----+----+------+
+----------------------------------------------------------+----+----+------+
|IFRS result after tax and non-controlling interests |-147| -95| n.m.|
|Operational result after tax and non-controlling interests| | | |
| | -9| 0| n.m.|
+----------------------------------------------------------+----+----+------+
+----------------------------------------------------------+----+----+------+
Outlook for 2010
The tentative recovery of the financial markets may be sustained in 2010, but
the revival is fragile and the sector remains vulnerable. The improved funding
ratios of pension funds create fresh scope for growth in the group pensions
market. Bank products, notably mortgages and individual pensions, will become
increasingly important. The same undoubtedly applies to online insurance, in
particular straightforward commodity products. At the same time, Delta Lloyd
Group will maintain its focus on cost savings and efficiency gains. Margin
improvement and volume growth take priority in a market characterised by
increasing transparency and tightening margins.
Partly thanks to the stock market launch, Delta Lloyd Group is well-positioned
in the Netherlands and Belgium for consolidation. The Group will give serious
consideration to any opportunities that can strengthen its position and
contribute towards attaining the return targets.
Financial calendar 2010
11 May 2010 First quarter 2010 interim management statement
27 May 2010 General Meeting of Shareholders
31 May 2010 Ex-dividend quotation
5 August 2010 Half-year figures for 2010, proposal for interim dividend
9 August 2010 Ex-dividend quotation interim dividend 2010
4 November 2010 Third quarter 2010 interim management statement
All the above dates are provisional. Consult our website
(www.deltalloydgroup.com) for the most up-to-date calendar.
MORE INFORMATION
* This press release contains the 2009 annual figures of Delta Lloyd NV (Delta
Lloyd Group), including Delta Lloyd Insurance, OHRA Insurance, ABN AMRO
Insurance, Delta Lloyd Banking, Delta Lloyd Asset Management, Delta Lloyd
Life Belgium and Delta Lloyd Germany.
* The figures included in this press release are based on the same accounting
principles as used in the prospectus of 19 October 2009 for the initial
public offering (IPO) of Delta Lloyd NV.
* The results and income of the ABN AMRO Insurance 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 comparative figures for 2008 have been restated, due to the sale of the
health insurance operations to CZ with effect from 1 January 2009.
* Further examination revealed that part of the investment result relating to
actuarial profits and losses from the company's own pension contract for the
years 2004 to 2006 had not been fully accounted for. The total impact of the
adjustment is an increase of ? 131.4 million in shareholders' equity, which
is recognised in the 2008 opening balance. Further details are given in the
accounting policies of the financial statements.
* Swiss Life Belgium is included in the income statement from 30 June 2008.
* Due to the IPO of Delta Lloyd Group in 2009 and the accompanying share
restructuring, the capital and voting rights were distributed as follows as
at 31 December 2009:
+------------+-----------------+-------+---------------+---------+
| | Ordinary shares | % | Voting rights | % |
+------------+-----------------+-------+---------------+---------+
| Aviva | 96,488,795 | 58.3% | 96,488,795 | 54.0% |
+------------+-----------------+-------+---------------+---------+
| FNO | 1,068,790 | 0.6% | 14,090,285 | 7.9% |
+------------+-----------------+-------+---------------+---------+
| Free float | 68,050,000 | 41.1% | 68,050,000 | 38.1% |
+------------+-----------------+-------+---------------+---------+
| Total | 165,607,585 | 100% | 178,629,080 | 100.0% |
+------------+-----------------+-------+---------------+---------+
* The figures in this press release have not been audited. The figures in the
annexes have been taken from the 2009 financial statements, which were
audited by Ernst & Young Accountants LLP. The 2009 financial statements will
be adopted at the General Meeting of Shareholders on 27 May 2010.
This press release is available in Dutch and in an English translation at
www.deltalloydgroup.com
analyst presentation. The 2009 annual report of Delta Lloyd Group is available
online at annualreport.deltalloydgroup.com or can be requested from
IR(at)deltalloyd.nl. The Corporate Responsibility Report will appear on 6 May 2010.
NOTES
facts are "forward-looking statements". These forward-looking statements 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 Group'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 Group 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 Group 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 Group operates, (iii) the adoption of new, or changes to existing,
laws and regulations, (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 Group's credit ratings, (xiv) the outcome of pending, threatened or future
litigation or investigations, and (xv) a conflict between Aviva and minority
shareholders in Delta Lloyd Group.
Should one or more of these risks or uncertainties materialise, or should any
underlying assumptions prove to be incorrect, Delta Lloyd Group 's actual
financial condition or results of operations could differ materially from those
described in this herein as anticipated, believed, estimated or expected.
a description of certain important factors, risks and uncertainties that may
affect Delta Lloyd Group's businesses.
[HUG#1390781]
press release: http://hugin.info/142905/R/1390781/348705.pdf
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 04.03.2010 - 02:05 Uhr
Sprache: Deutsch
News-ID 1010777
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Amsterdam
Phone:
Kategorie:
Business News
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Diese Pressemitteilung wurde bisher 58 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DELTA LLOYD GROUP FURTHER STRENGTHENS FINANCIAL BASE
"
steht unter der journalistisch-redaktionellen Verantwortung von
Delta Lloyd Groep (Nachricht senden)
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