Investor Presentaiton
Core messages during the investor presentation
a.s.r
►No changes to underlying
business fundamentals or
cashflows
► No impact on existing share
buyback commitment and
progressive dividend policy
►Higher volatility expected in net
result, mostly driven by
operating result
► Change in timing of earnings
recognition anticipated mostly
impacting Life products
Admiral Group PLC
No change in ultimate
profitability of business written
No impact on group strategy,
solvency, dividend policy and
cash generation
► No effect on investment and
interest income on assets
►Equity to reduce
► Will maintain conservative
reserving policy
Enhanced disclosures in respect
of claims reserves
Ageas
No change to dividend strategy,
economic leverage, capital and
cash generation, and solvency
position
Limited impact on net-
operating result and non-life
liabilities
Limited transition impact on
shareholders' equity for
consolidated entities while
more stable equity
development is expected over
time
Allianz
►Limited economic impact (SII,
cash flows, dividend)
► Strong fundamentals (operating
profit slightly higher, net
income similar level, equity less
volatile and adjusted for OCI
slightly lower, ROE slightly
higher)
➤Improved disclosures
(transparency, comparability,
simplicity, profitability)
Aviva
No impact on cash remittances,
capital generation, financial
targets, dividend guidance
► £3b reduction in shareholders'
equity although adjusted
shareholders' equity (including
CSM) higher by circa £2b and
broadly equal to Solvency II net
assets
► Operating profit to reduce by
circa 15% per annum
60% of operating profit
unaffected by IFRS 17
15
Market updates on impact of IFRS 17 and IFRS 9
EYView entire presentation