close

Вход

Забыли?

вход по аккаунту

?

Handelsbanken sells SPP to Storebrand 2 The transaction

код для вставкиСкачать
Handelsbanken sells
SPP to Storebrand
The transaction
Handelsbanken
Included in the transaction
Handelsbanken
Fonder AB
Handelsbanken Liv
SPP Livförsäkring AB
SPP Fonder AB
50%
SPP Irland (3)
Nordben
пЃ®
SPP Livförsäkring AB and related subsidiaries are being sold for SEK 18.0bn in cash. The following companies are also
included in the transaction
пЃ®
SPP Fonder
пЃ®
SPP Ireland(1)
пЃ®
Handelsbanken Varumärkes AB
пЃ®
50% share of Nordben
пЃ®
Capital gain of approx. SEK 4.0(2) bn
пЃ®
During a transitional period, SPP's assets will continue to be managed by Handelsbanken
пЃ®
Handelsbanken’s mutual funds will be part of Storebrand's range
пЃ®
Storebrand has an exclusive right, within a two-year period, to acquire Handelsbanken Liv's occupational pensions portfolio
Only occupational pensions – the remainder stays with Handelsbanken Liv
Before any restructuring costs
(3) Handelsbanken Life & Pension’s name is being changed to SPP Irland
(1)
2
Handelsbanken
Varumärkes AB
(2)
Handelsbanken
A good deal for all parties
Customers
Employees
Storebrand
Handelsbanken
3
пЃ®
Access to a broader range of competitive and innovative solutions
пЃ®
Become customers of a Nordic occupational pensions company with a strong track
record
пЃ®
Carefully selected purchaser
пЃ®
Will move to a group with an explicit focus on occupational pensions
пЃ®
Storebrand is one of the oldest life insurance companies in the Nordic region
пЃ®
Storebrand plans to invest in the Swedish operations
пЃ®
Will gain a strong position on the Swedish occupational pensions market
пЃ®
SPP is one of the leading insurance companies with a strong brand name
and broad distribution
пЃ®
Gains new and unique expertise
пЃ®
An attractive offer
пЃ®
Frees up resources
пЃ®
The Group's complexity, risks and volatility in the financial results will decrease
Handelsbanken
Why Handelsbanken is selling SPP
Focus on core
business
Increased value
Reduced risk
exposure
A good deal
for all parties
пЃ®
SPP's products are sold via different channels than the Bank's branches
пЃ®
Handelsbanken Liv will continue to focus on long-term savings
пЃ®
An attractive offer- SEK 18.0 bn for SPP - values SPP at 14.5 times profits 06PF
(2006 pro forma) (1)
пЃ®
Makes a capital gain of approx. SEK 4.0bn (1)
пЃ®
Positive impact on RoE and EPS compared with consensus estimates
пЃ®
Capital can be used for organic growth and buyback of shares
пЃ®
Tier 1 capital ratio rises by around 20bp before buybacks
пЃ®
Volatility in the Bank’s financial results reduced
пЃ®
Partnership with Storebrand benefits customers, employees and shareholders
пЃ®
Increased value for the shareholders
(1) Excluding Deferred capital contribution and hedge
(2) Profit before possible provisions
4
Handelsbanken
Why Handelsbanken is selling SPP
Reduced financial risks in SPP
SEK m
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
1 774
955
259
218
110
Impact of interest shock -100 bp
parallel shift
-1 886
-1 373
-30
286
144
Impact of equity shock -20%
-2 387
-1 544
-195
-313
-97
1 394
288
-88
75
-19
The right time
Value-at-Risk
Impact of equity shock +20%*
*excl yield split
Reduced volatility in Handelsbanken's income statement
1 200
1 000
Change in deferred capital
contribution incl. hedges, net
800
600
400
200
0
2006 Q1
2006 Q2
2006 Q3
2006 Q4
2007 Q1
2007 Q2
-200
-400
5
-600
Handelsbanken
Why Handelsbanken is selling SPP
Improved administration result (incl.
SPP Fondförsäkring)
100
The right time
-100
2002
2003
2004
2005
2006
2007 Q2
-300
-500
-700
Growth in premium income
and new premiums, SPP
-900
-1 100
Premium income
New premiums
3 500
3 000
2 500
2 000
1 500
1 000
500
0
Q1-05
6
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
* Excluding a major portfolio transfer of SEK 7.7bn.
Q2-07
Handelsbanken
SPP over a six-year period
– cash flow summary
+ 2.7
SEK bn
- 7.1
+ 0.7
Operations ~ + 1.5
- 15.3
- 7.8
18,0
- 2.6
Acquisition
2001
Capitalisation
Net
DCC
Asset
Management
Yield
split
Other
operations
Tax
effects
Total
excl.
subordinated loans
Sales
price
Financed with Tier 2 capital
7
Handelsbanken
Handelsbanken Liv – a vital part of
Handelsbanken’s customer offering
пЃ®
Handelsbanken Liv:
пЃ®
focuses on long-term savings
пЃ®
is fully integrated with the branch operations
пЃ®
is an important part of the Bank’s product range
– insurance is necessary in order to offer a complete range of products
пЃ®
8
will in future be reported within the Asset Management business area
Handelsbanken
Lower volatility - reduced risk
Key figures
30 June 2007
Handelsbanken
Liv
Assets managed (SEK bn)
Share
64.5
SPP and
subsidiaries
Share
125.5
of which:
9
- Unit-linked (SEK bn)
36.3
56%
31.0
25%
- Traditional (SEK bn)
28.2
44%
94.5
75%
Profit after tax (SEKm)
223
487
пЃ®
Handelsbanken moves from traditional insurance to a higher proportion of unitlinked insurance
пЃ®
Life expectancy risks are reduced
пЃ®
Exposure to asymmetric market risks (yield split/DCC) is reduced
Handelsbanken
Financial effects of the transaction
Profit
Capital
пЃ®
Volatility substantially reduced following the sale of SPP
пЃ®
Earnings per share expected to increase from 2008 relative to consensus estimates
пЃ®
Capital can be used for organic growth and/or buyback of shares
пЃ®
Tier 1 capital ratio goes up by around 20bp before buyback of shares
пЃ®
Equity is re-invested in operations with higher return or returned to the
shareholders
пЃ®
Return on equity is expected to increase from 2008 relative to
consensus estimates
Return on equity
10
Handelsbanken
Appendix: Key figures, pro forma
Handelsbanken Liv
SPP and subsidiaries
30 Jun 2007
30 Jun 2007
31 Dec 2006
31 Dec 2006
Balance sheet
Assets managed
(SEK bn)
64.5
58.9
125.5
112.1
Subordinated loans
(SEK m)
1 129
1 129
1 600
1 600
Income statement (SEK m)
Premium income
4 627
8 465
4 916
8 170
Administration
result
77
124
70
43
Risk result
104
218
127
352
Financial result
35
212
-
2
1 579
Of which DCC and
hedges
-4
-3
-
54
+1 045
Profit after tax
223
487
2 056
11
558
Handelsbanken
Документ
Категория
Презентации
Просмотров
13
Размер файла
282 Кб
Теги
1/--страниц
Пожаловаться на содержимое документа