NORWEIGAN SEMINAR IN SWEDEN 4th September 2015
OUR VISION Our vision is to offer insurance solutions that provide customers with security and stability in their daily lives and business operations with such excellence that we are the preferred insurance provider in the Nordic and Baltic markets.
•
– Expressed as ”Relax, we’ll help you.”
SWEDEN
QUICK FACTS - SWEDEN
SWEDEN – STRONG GROWTH, BUT NEW ECONOMIC POLICY CHALLENGES Source: Nordic Outlook Economic Research May 2015 by SEB
SWEDISH EXPORT 2014 BY COUNTRY Total export 1 025 SEK bn Norway 11%
Germany 10% Other 34%
Great Britain 7%
Finland 7% China 4% France 4%
Denmark 7% Belgium Netherlands 4% 5%
US 7%
ARE WE ”DOPED”?? Reported growth in sales vs organic growth – Q2 2015 in %
Source: DI 31.8..2015
IF SWEDEN
BREAK-DOWN OF GROSS WRITTEN PREMIUMS Total gross written premium 2014: EUR 4,6bn By Business Area
By Country 3% 3%
12%
8% 33%
18% 28% 57% 38%
If Industrial 14% of If Sweden Private
Commercial
Industrial
Baltic
Norway
Sweden
Finland
Baltic
Denmark
9
GWP GROWTH PER COUNTRY GWP growth excl currency effects 6M-2015 compared to 6M-2014
10
COMBINED RATIO BY COUNTRY NORWAY
SWEDEN
87,0%
82,8%
Q2-2015
Q2-2014
84,6%
94,1%
Q2-2015
Q2-2014
DENMARK
FINLAND 129,0% 83,8%
Q2-2015
Q2-2014
82,5%
83,6%
Q2-2015
Q2-2014
11
INDUSTRIAL SWEDEN
We insure large Nordic companies and companies which are considered to have a significant share of their operations in the Nordic Region, • with more than 500 MSEK in turnover, and more than 500 employees, or • with more than 1 000 MSEK in turnover regardless of the number of employees
BUSINESS AREA INDUSTRIAL GWP (%) BY COUNTRY, TOTAL 570 MEUR
A STRONG STRATEGIC PARTNER Gross written premiums •
EUR 570 million (2014)
Employees •
335
Clients •
1,300
Estimated market position in industrial segment
14
•
Denmark 20 %
•
Finland 30 %
•
Norway 35 %
•
Sweden 30 %
Industrial organization
Niclas Ward Head of BA Industrial
Country Mgr Denmark, SCS Anne Ramsby
If Care Sweden Frida Lagergren
Head of Controlling Marianne Sjöquist
Executive Assistant Helle Gulbrandsen
Chief Actuary Reidun Nymark
IT Joakim Eldin
Reinsurance Anna-Kitty Ekstam
HR Ylva Skagerlund
Country Mgr Finland, SCS Roland Möller
Country Mgr Norway, SCS
Anne Negård
Country Mgr Sweden, SCS Helene LundborgSteinsaphir
Underwriting Poul Steffensen
Risk Management Laura RastasJansson
Marketing & International Reija Laatikainen
Claims Klaus Vogel
BUSINESS AREA INDUSTRIAL SWEDEN A STRONG STRATEGIC PARTNER
GWP split by LoB
Gross written premiums •
4%
MSEK 2 250
11% Clients Property
15%
47%
Marine If Care Motor
23%
16
•
500
Casualty
Employees
•
135
•
30 Underwriters
•
12 Riskengineers
•
8 Account Executives
OUR CLIENTS -> LARGE CAP ON NASDAQ STHLM
17
COMPETITORS
SWEDEN - MARKET / COMPETITIVE SITUATION – SUBJECTIVE!
Competitive power in Industrial segment
PREMIUM DEVELOPMENT 74,0
10,00% 72,4
9,00%
72,0 8,00% 69,9
70,0
7,00% 68,5 6,00%
68,0
5,6%
5,6%
4,8%
4,9%
66,7 66,0
65,4
4,0%
5,6% 5,00% 4,5%
Market change (%)
4,00%
64,1 64,0
Official market as reported MSEK
3,00%
If change (%)
2,6% 2,00%
62,0
1,5% 1,00% 0,5%
60,0
0,00% 2012
2013
2014
R12 6M 2013
R12 6M 2014
R12 6M 2015
Source: Official statistics published by Svensk Försäkring
21
TOTAL MARKET (SEK 72,4bn) Market share
By line of business
LF
29,9%
If
18,1%
Folksam
16,5%
Trygg-Hansa Moderna Captivebolagen
15,5%
3,0%
Motor Other
25,5%
Homeowners insurance & House insurance
21,2%
Property & Liability
21,1%
Personal Accident
12,0% 11,7%
2,4%
Zurich
1,5%
Motor TPL
Gjensidige
1,5%
Pet
4,4%
Landstingen
1,4%
Other
4,1%
Other 0,0%
10,0% 5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
0%
5%
10% 15% 20% 25% 30%
Source: Official statistics published by Svensk Försäkring 22
If LF
2010 2011 2012
Trygg-Hansa 2013 2014
18,1% 15,5%
Q2 2014
21,1% 21,2% 20,4% 19,8% 19,2% 19,9%
15,1% 15,4% 15,4% 16,2% 16,4% 16,2%
16,4% 15,8% 16,2% 16,0% 15,7% 15,6%
28,7% 28,9% 29,5% 29,8% 30,3% 30,0%
18,7% 18,7% 18,5% 18,2% 18,4% 18,3%
MARKET SHARE DEVELOPMENT – TOP 4 ACCOUNT FOR 80,0% 29,9%
16,5%
19,9%
Folksam Other
Q2 2015
23
MARKET SHARE PROPERTY & LIABILITY (SEK 15,3bn)
Market share LF
36,7%
If
12,7%
Trygg-Hansa
11,3%
Captivebolagen
10,5%
Landstingen
6,7%
Zurich Folksam
6,0% 3,8%
Dina-gruppen
3,4%
Moderna
3,5%
Other 0,0%
5,4% 5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
40,0%
24
COMPETITORS UPDATE Zürich
AIG
XL Catlin
•
Manager: David Haak
•
Will most probably acquire RSA!
•
Manager: Rasmus Nygård
•
Due to bad result in Crime Insurance +25% premium increases.
•
Manager: Peter Wullimann
•
XL acquired Catlin
COMPETITORS UPDATE • Manager: Patrik Bergnander
RSA Trygg-Hansa
?
• Out for sale – Zürich is bidding
FM Global
• Manager: Tomas Fehrling
Tryg Moderna
• New manager: Linnéa Ecorcheville
COMPETITORS UPDATE
Allianz (AGCS)
• Stig Jensen has left • New organization – Nordics (London) & East (Germany)
ACE
• Acquired Chubb
CAPTIVES
TOP TEN DIRECT CAPTIVES IN SWEDEN 44 active Captives in Sweden Total premium income (2013) Msek 2.278 -> dropped from Msek 2.553 (2010) Total Technical Result (2013) Msek 241
Source: RF 15/16.14
BROKERMARKET
BROKER MARKET DOMINATED BY FEW Net income 2009 – 2013 (Msek)
Source: RF 11.14
PO SÖDERBERG & PARTNERS AB CEO – Gustaf Rentzhog
• No 1 in Sweden (total market)
Source: allabolag.se/foretagsinfo
WILLIS AB CEO – Johan Forsgård
• Merged with Max Matthiessen and is now No 2 in Sweden (total market) • Moved to new office
Source: allabolag.se/foretagsinfo
MARSH AB CEO – Henrik Gunolf (starts 1st October)
• New CEO Henrik Gunolf former manager of Commercial lines within Trygg-Hansa starts 1st October 2015. • No 3 in Sweden (total market)
Source: allabolag.se/foretagsinfo
AON SWEDEN AB CEO – Jacob Schlawitz (also Nordic)
• No 4 in Sweden (total market)
Source: allabolag.se/foretagsinfo
JLT Risk Solutions AB CEO – Peder Schauman
• No 6 (total market) in Sweden • Former CEO Henrik Rydén appointed CEO for JLT Northern Europe
Source: allabolag.se/foretagsinfo
LARGE LOSSES SO FAR THIS YEAR
FERRUFORM AB (SCANIA) 2ND FEBRUARY Fire in surface treatement plant/production of frames for vehicles
OCTOWOOD AB (BORGEN TIMBER GROUP) 24TH MAY
Fire in production of fence posts/impregnated by creosote and other chemicals
KORTEDALABRANDEN, GÖTEBORG Fire in real estate, 200 people was evacuated. Started in kitchen.
VARFÖR IF INDUSTRI?
Hög kompetens
30 Underwriters i Sverige 8 Account Executives i Sverige
Full compliance
Egen stor skadeorganisation (”Nordic Touch”)
International Claim Team
Egen stor jurist avd
Hög Kapacitet & höga egna mandat
