荷兰全球保险集团Aegon-201409-UK-Analyst-Presentation_By_CEO.pdf

1、Aegon UK Strategy Update Adrian Grace Clare Bousfield Management Board Member UK Chief Financial Officer&UK Chief Executive Officer London,September 2nd 2014 2 Overview Key Messages Agenda Strategy Our clear strategy has not changed,with our customer-focused platform making the most of the market op

2、portunities Targets We will continue to deliver on our plans,leading to growing earnings,ROC and cashflow which will produce dividends Conclusions We have a strong strategy which is able to make the most of the regulatory change,we will continue to deliver on our plans Delivery We are delivering on

3、our strategy through proposition development and distribution,backed up by delivering on our financial targets Regulatory Change&Our Advantage The Government and the DWPs announcements will have a significant effect on the industry.These changes support our strategy giving us an advantage 3 Aegon UK

4、 at a glance At Retirement Workplace Aegon UK Board Aegon UK Executive Non-advised OPERATING STRUCTURE Distribution Channels Support Services Finance Risk Legal HR Aegon Ireland ADMS Origen 2 million CUSTOMERS+2,000 EMPLOYEES 6 locations FUNDS UNDER MANAGEMENT 58bn EDINBURGH MANCHESTER LONDON DUBLIN

5、 LYTHAM MAIDENHEAD Aegon UK Marketing Customer Services 4 Component parts of the Aegon UK business Pensions Legacy Products on Systems Annuities(Central to strategy)Current AUM c41bn Platform Focus on internal vesting annuities Generates Earnings and Capital Intensive Currently c9bn portfolio With-P

6、rofits Closed fund with extensive guarantees Current AUM c6.1bn Core Distribution Channels:At Retirement,Workplace&Non-advised Protection Growth plans&Clear Strategy Annual premiums 250m Distribution Origen Strategic Delivery Aegon Ireland Products Sold through the UK Inc Variable Annuity 5 *AMD=Act

7、ive Member Discount*IGC=Independent Governance Committee UK Government Distribution Business Models Pricing Challenges Strategy Execution Regulators Significant Change Capital Solvency II Price Cap Remove commission Remove AMD*Retirement flexibility Guidance guarantee IGCs*Collective pensions Non-ad

8、vised customers Pricing approach Cost base Agile proposition Execution roadmap Business Transformation Outcomes Investing in enabling solutions Improving customer outcomes Speed of execution&preparedness Short term financial challenges Extensive challenges to existing models Persistency risk increas

9、e Regulatory,Government and Market changes have challenged our strategy but it remains fundamentally strong 6 6 Workplace Government requiring employees to be auto-enrolled 1.2trn pension assets 6-9 million new savers under auto-enrolment 2.6bn net revenue from DC pension by 2022 At Retirement Agein

10、g population with accumulated assets 820bn individual retirement assets 2bn of collective investments per annum AUK has less than 1%share of assets on platform 840k existing customers 18bn of existing FUM Under-consolidated potential of 100bn 33%of Retail attrition Less pressure on charges Access to

11、 valuable customers Access to valuable customers Regulation creating under-served population of existing customers Proposition launched June 2012 Proposition launched November 2011 Proposition launched March 2014 Clear customer promise Compelling customer solutions Award winning platform Simple Reas

12、suring Rewarding Focused&consistent strategy To grow assets&margin Non-Advised Our strategy is to use our platform to acquire,retain and consolidate the retirement assets of our target customers across a very large market 7 A wide range of experience to drive our progress Date joined Aegon David Mac

13、millan CMO 2011 Clare Bousfield CFO 2010 Neil Machray Internal Audit 2013 Jim Ewing CRO 2011 Tommy Young COO 2009 Angela Seymour Jackson MD Workplace 2012 Duncan Jarrett MD Retail 1986 David Beattie MD Direct 2008 8 Customer Acquisition(150 income/customer)Most Valuable Customers(315 income/customer

14、)We understand customer value and our battleground we are focused on retaining and growing our share of the critical age 50+market 9 Clear accountabilities and responsibilities for value management across the business will that drive consolidation opportunities Retain Digitise/Upgrade Consolidate In

15、tegrated solution for Workplace,Advisers and Direct to Customer 65%of our customers are between the ages of 40-64(30bn AUM)We have the customers today Optimising value by focussing on persistency drivers Developing capability for Orphan customers for non-advised solutions Look through capability to

16、a digital customer experience Developing digital relationships to encourage engagement Targeting our valuable customers to bring their pots together Building a Consolidation service,capability and customer journey make it easy to do business A focussed strategy to optimise value Current total unconsolidated assets amount to 100bn Digital platform capability to provide a full view of customers assets Average AUM for this segment is 32k for Packaged and 56k for Platform Unconsolidated retirement a