Bank of Ireland 2021 Interim Results - Debt Investor Presentation
Wealth & Insurance delivering organic
growth
37%
of Group
Business
Income
35%
Bank channel
penetration
(34% H1 2020)
Bank of Ireland 2021 Interim Results - Debt Investor Presentation
Rebound in performance in H1 2021, but remains
impacted by restrictions
•
Operating profit grew 27% in H1 2021 vs H1 2020
c.€14bn
Excess deposits
held by HNW/
Affluent
customer cohort
Ireland's only universal
bancassurer
•
Market leading positions in Life &
•
•
•
.
Pensions and savings
In-house product manufacturing and
distribution platforms
Over 600k customers and €21.2bn
in AUM
Irish household net worth at a record
€855bn and Irish wealth market AUM
expected to grow at 6%
•
Positive investment market performance of €22m
•
New premium sales increased 34% to €186m
.
Cost base improved 1% to €69m
> €21bn
•
AUM
(+17% y/y)
.
.
Continuing to gather wealth assets through deposits and
investment products, AUM +17% y/y
Market share in single premium investment segment steady at c.33%
Embedded value €994m; 10% increase since Dec 2020
Delivering on
opportunities identified
Deposit opportunity continues to grow;
low risk investment product sales
c.€0.5bn H1 2021 (+83% y/y)
Digital platforms provide ability to scale
-
Broker portal: 68% of new individual
pensions applications via digital
Growth drivers in W&I
.
Building out wealth opportunity via existing
relationships with HNW and affluent
•
•
-
Wealth advice platform: 6,000
.
registrations, 60% digital STP and
sign up time -66%
Digital insurance wallet: generating
c.40% of all general insurance policies
customers
Further growth in Life, Pensions &
Investments activity (bulk deals +50% y/y in
H1 2021)
Increasing penetration of general insurance
customer market, with c.85k home and
motor policies already in place
Wealth growth strategy supported by Davy acquisition¹
1 Subject to regulatory and competition authority approvals
Bank of Ireland
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