Solid performance, integration commenced
May 18 2017 - 1:00AM
-
Solvency Standard Formula ratio stable at 144%
within target range (year-end 2016: 143%)
-
Life new business volume of € 119 million (3M
2016: € 132 million), reflecting discipline in defined
benefits business
-
Combined ratio of 97.9% in line with target (3M
2016: 97.0%)
-
Gross written premiums (GWP) in General
Insurance decreased to € 447 million (3M 2016: € 465 million),
reflecting exit of unprofitable and unattractive business
segments
-
Integration NN Group and Delta Lloyd
commenced
Update
on acquisition by NN Group
During the first quarter, we continued to deliver on management
priorities of capital, performance and customer and also initiated
high-level preparations for the integration with NN Group. On 7
April, the offer by NN Group became unconditional and following the
post-closing acceptance period, 93.3% of the Delta Lloyd ordinary
shares had been tendered to NN Group. On 10 April, NN Group
bought the subordinated loan and related preference shares A from
Stichting Fonds NutsOhra. The legal merger preparations continue
and are anticipated to be completed ultimately on 3 August 2017.
Delisting of Delta Lloyd shares will take place as per the date of
completion of the legal merger. From the second quarter 2017, our
results will be reported as part of NN Group.
In April, senior
leaders from both companies were appointed to roles in the combined
business. Going forward, both companies will align and integrate
their operations in the Netherlands and Belgium, to fully benefit
from the additional scale, capabilities, combined reach and
resources.
Financial and operational performance
Over the first three months, the Standard Formula solvency ratio
was stable at 144% (year-end 2016: 143%), and within our target
range of 140-180%. During the quarter, available own funds were
down modestly, reflecting higher interest rates and higher credit
spreads, while capital requirements also reduced, reflecting higher
interest rates. Together these effects resulted in an overall
stable solvency ratio and a modest increase in non-eligible
capital.
Volume of life new
business (SII NAPI) decreased to € 119 million (3M 2016:
€ 132 million), mainly reflecting lower Defined Benefit
business in Belgium and the Netherlands. We delivered higher
Defined Contribution volumes.
The combined ratio
(COR) at 97.9% was just below our target of 98% or better across
the cycle. During the quarter we saw some underlying improvement
compared to last year (year-end 2016: 105.4%), reflecting actions
on costs, pricing and our exiting of unprofitable and unattractive
business segments. However, the COR in Property & Casualty
remains high at 104.8%, reflecting adverse claims experience in
Fire and the brokers (beurs) channel. The COR
in Income & Protection decreased by 8pp to 65.3%, due to prior
year reserve releases. GWP in General Insurance decreased to
€ 447 million (3M 2016: € 465 million), reflecting
actions to exit unprofitable and unattractive business
segments.
Total assets under
management were down modestly at € 69 billion (year-end 2016:
€ 71 billion), reflecting net outflows and the effect of higher
interest rates on the fixed income portfolios. The production of
new mortgages at Delta Lloyd Bank increased to € 356 million
(3M 2016: € 289 million).
More information about this press
release:
Media
Relations
+31 (0)20 594 44 88
mediarelations@deltalloyd.nl
Investor
Relations +31
(0)20 594 96 93
ir@deltalloyd.nl
This press release has
been issued as Delta Lloyd has ongoing listing obligations. There
will be no analyst or wires call regarding the results disclosed
today. Investors and representatives of the press may contact
Delta Lloyd Investor Relations or Media Relations for
enquiries. It is anticipated that the delisting of Delta Lloyd
will be completed ultimately on 3 August 2017. From the second
quarter of 2017, the Delta Lloyd results will be reported as
part of NN Group and the numbers will be reported on NN Group
accounting principles. The results presented in this document are
based on Delta Lloyd accounting principles.
About Delta Lloyd NV
Delta Lloyd offers
products and services in insurance, pensions, investment and
banking, serving 4.2 million commercial and retail clients in The
Netherlands and Belgium. Our four brands are Delta Lloyd, ABN
AMRO Insurance, BeFrank and OHRA. Delta Lloyd is listed on Euronext
Amsterdam and Brussels, and included in the DJSI World and DJSI
Europe.
Financial tables
-
Key performance
indicators
-
Solvency II Standard
Formula
-
Combined ratio
1. Key performance indicators |
(in millions of euros, unless otherwise
stated) |
3M 2017 |
3M 2016 |
Change |
Solvency II
Standard formula (SF) ratio |
144% |
143%* |
1.8pp |
Solvency II
NAPI |
119 |
132 |
-10% |
NAPI
Netherlands |
51 |
42 |
22% |
NAPI
Belgium |
68 |
90 |
-25% |
Combined
ratio |
97.9% |
97.0% |
0.9pp |
GWP General
Insurance |
447 |
465 |
-4% |
* Compared to year end 2016
2. Solvency II - Standard Formula |
(in millions of euros) |
3M 2017 |
FY 2016 |
Change |
Available
Own funds |
4,439 |
4,483 |
-1% |
Non
eligible Own funds |
585 |
481 |
22% |
Eligible
Own funds |
3,854 |
4,002 |
-4% |
Required
Economic Capital |
2,667 |
2,806 |
-5% |
Surplus/Deficit |
1,186 |
1,197 |
-1% |
SF
ratio |
144% |
143% |
1.8pp |
3. Combined ratio |
|
3M 2017 |
3M 2016 |
Change |
Property
& casualty |
104.8% |
101.8% |
3.0pp |
Income
protection |
65.3% |
73.3% |
-8.0pp |
Total
COR |
97.9% |
97.0% |
0.9pp |
Important information
-
This press release contains the figures of the
IMS M3 2017 for Delta Lloyd NV ('Delta Lloyd'), inclusive of Delta
Lloyd Levensverzekering, Delta Lloyd Schadeverzekering, ABN AMRO
Verzekeringen, Delta Lloyd Life Belgium, Delta Lloyd Asset
Management and Delta Lloyd Bank.
-
Certain statements contained in this press
release that are not historical facts are 'forward-looking
statements'. Forward-looking statements are typically identified by
the use of forward looking terminology such as 'believes',
'expects', 'may', 'will', 'could', 'should', 'intends',
'estimates', 'plans', 'assumes', 'anticipates', 'annualised',
'goal', 'target' or 'aim' or the negative thereof or other
variations thereof or comparable terminology, or by discussions of
strategy that involve risk and uncertainties. The forward-looking
statements in this press release are based on management's beliefs
and projections and on information currently available to them.
These forward-looking statements are subject to a number of risks
and uncertainties, many of which are beyond Delta Lloyd's
control and all of which are based on management's current beliefs
and expectations about future events.
-
Forward-looking statements involve inherent
risks and uncertainties and speak only as of the date they are
made. Delta Lloyd undertakes no duty to and will not update any of
the forward-looking statements in light of new information or
future events, except to the extent required by applicable law. A
number of important factors could cause actual results or outcomes
to differ materially from those expressed in any forward-looking
statement as a result of risks and uncertainties facing Delta Lloyd
and its subsidiaries. Such risks, uncertainties and other important
factors include, among others: (i) changes in the financial markets
and general economic conditions, (ii) changes in competition from
local, national and international companies, new entrants in the
market and self-insurance and changes to the competitive landscape
in which Delta Lloyd operates, (iii) the adoption of new, or
changes to existing, laws and regulations including Solvency II,
(iv) catastrophes and terrorist-related events, (v) default by
third parties owing money, securities or other assets on their
financial obligations, (vi) equity market losses, (vii) long-
and/or short-term interest rate volatility, (viii) illiquidity of
certain investment assets, (ix) flaws in underwriting assumptions,
pricing and/or claims reserves, (x) the termination of or changes
to relationships with principal intermediaries or partnerships,
(xi) the unavailability and unaffordability of reinsurance, (xii)
flaws in Delta Lloyd's underwriting, operating controls or IT
systems, or a failure to prevent fraud, (xiii) a downgrade (or
potential downgrade) of Delta Lloyd's credit ratings, and (xiv) the
outcome of pending, threatened or future litigation or
investigations, or other factors referred to in this press
release.
-
Should one or more of these risks or
uncertainties materialise, or should any underlying assumptions
prove to be incorrect, Delta Lloyd's actual financial condition or
results of operations could differ materially from those described
herein as anticipated, believed, estimated or expected.
-
Please see the Annual Report for the year-ended
31 December 2016 for a description of certain important factors,
risks and uncertainties that may affect Delta Lloyd's
businesses.
Full press release
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Delta Lloyd via Globenewswire
China Distance Education (NYSE:DL)
Historical Stock Chart
From Mar 2024 to Apr 2024
China Distance Education (NYSE:DL)
Historical Stock Chart
From Apr 2023 to Apr 2024