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Under the wings of the lion

Under the wings of the lion. Generali Kazakhstan Generali PPF Holding. 2. Generali Group. Founded in 1831 , Headquarter in Trieste ( Italy ) Operating in more than 60 countries Included to the TOP - 4 0 largest companies in the world Top 3 in European life insurance market

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Under the wings of the lion

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  1. Under the wings of the lion

  2. Generali Kazakhstan Generali PPF Holding 2 Generali Group • Founded in 1831, Headquarter in Trieste (Italy) • Operating in more than 60 countries • Included to theTOP-40 largest companies in the world • Top 3 in European life insurance market • Over65 millionclients • Over82 000employees • Total written premiums in 2011 exceeded € 69 billion • Manages the assets of € 460 billion • 2007 - Establishment of holding company Generali PPF Holding B.V.

  3. h Generali Kazakhstan Generali PPF Holding 3 Created in 2007 Generali PPF Holding became leading insurer in CEE • Leading European insurer in Life&Health and P&C segments: • 65 Mln. clients • 82 Ths. employees • 69 Bln. Euro 2011 GPW • 460 Bln. Euro AuM • One of the largest finance groups in CEE. Approx. EUR 13 B under management. Businesses in: • Banking • Real estate • Consumer electronics • Agriculture • Energy and mining 51% 49% Countries of operation • Belarus • Bulgaria • Croatia • Czech Republic • Hungary • Kazakhstan • Montenegro • Poland • Romania • Russia • Serbia • Slovakia • Slovenia and Ukraine More than 13 million clients Assets of €14.8 billion GPW €3.3 billion in 2011

  4. Generali Kazakhstan Generali PPF Holding 4 Life Insurance Market Structure in Kazakhstan – GLKZ Main Focus on Traditional Life Insurance LIFE INSURANCE Traditional Life Insurance Annuity Insurance Life Endowment Term Life Annuities under Workmen's’ compensation contracts Pension annuities Other annuities

  5. Generali Kazakhstan Generali PPF Holding 4 Generali Life Kazakhstan • One of the leaders on the Kazakhstan insurance market; • Specialized in Life Insurance and Personal Accident; • Representative of Generali Employee Benefits (GEB): • – a world-leading provider of employee benefit solutions for multinational • companies. • Following the results of 2011 «Generali Life»: • №1 on the traditional life insurance market • The only international life insurance company • Total premiums collected- 30 mln Euro

  6. Generali Kazakhstan Generali PPF Holding 6 Life Insurance Market Growth • The fastest growing segment in KZ insurance market. • Traditional Life insurance market growth – 420.6%(12.4 mEUR): Main driver is bank assurance • Annuity insurance market growth – 52.7% (34.9 mEUR)

  7. Generali Kazakhstan Generali PPF Holding 7 7 life insurers (overall 36 insurers) Life GPW share is 16.2% in Total GPW (vs. 15.3% in 2011) Generali Life market shares: No. 3 in whole Life market with 15.4% market share No. 1 in Accident (amongst life insurers) with 75.5% market share No. 1 in Traditional Life incl. workmen’s compensation annuities with 52.1% 1Q 2011 – 1Q 2012 Generali’s total growth rate 322.4% Market Position

  8. Generali Kazakhstan Generali PPF Holding 8 Generali Employee Benefits - GEB

  9. Generali Kazakhstan Generali PPF Holding 9 Generali Employee Benefits • Consolidates a Clients worldwide Employee Benefits assets • & liabilities in coordinated global plans • Each local insurance company of the Network is linked to GEB via a Reinsurance Treaty. • Local contracts are reinsured to Generali, in most cases • 100%, i.e. Generali is the ultimate bearer of the risk. • GEB provides: • Pooling arrangements • Captive solutions • Reinsurance

  10. Main advantages: Financial return (experience rating); Active risk management (Stop Loss, Loss Carry Forward, Pooling Point); Better coordination of Employee Benefits plans; Economies of scale thank to a better control on local costs; Flow of information through a unique interface. Pooling Arrangements Generali Kazakhstan Generali PPF Holding 11 1 1 1 2 2 Azerbaijan Client Insurer Georgia GEB (Generali Trieste) Client Insurer Global customer account Country ... Insurer Client

  11. Reinsurance to Captive Company Main advantages: Tax efficiency; Cash flow management; Efficient use of capital; Custom coverage otherwise unavailable; Clear reports and easily accessible data warehouse. Generali Kazakhstan Generali PPF Holding 10 1 1 1 2 2 3 Azerbaijan Client Insurer GEB (Generali Trieste) Captive Georgia Client Insurer Country ... Client Insurer

  12. Generali Kazakhstan Generali PPF Holding 12 Generali Employee Benefits • Supplier of social programs for multinational corporations; • Operates since 1966; • Headquarters - Brussels, Belgium; • One of the three largest global network in the world; • World market share of corporate life insurance over 25%; • GEB total written premiums in 2011 exceeded 1.5 billion Euros

  13. Generali Kazakhstan Generali PPF Holding 13 GEB’s Global Clients

  14. Credit Life Generali Kazakhstan Generali PPF Holding 23

  15. Generali Kazakhstan Generali PPF Holding 15 Benefits of Bank Assurance To the banks To the insurers To the customers • Fee based income • Increase of return on assets • Increase staff productivity • Profitability • Enhances customer relationship • Creating universal banking platform • Increasing customer base • Cheaper than agents • High penetration • Cost reduction • Greater control of their business • Target middle income customers • Provides competitive advantage • Reduced costs • Good quality product • Time saving and convenience • Security of finance exposure

  16. Insurance is bought in order to have a loan Low understanding of the product purchased Reputational risk due to misunderstanding of the product by insureds Disadvantages of Bank Assurance Generali Kazakhstan Generali PPF Holding 22

  17. Reinsurance Generali Kazakhstan Generali PPF Holding 16

  18. Life insurance Medical insurance (to be available in 2013) Strong financial rating: S&P «АА-» The amount of reinsured premiums for Y2011 - 99 538 982 Euro Strong capital position: Excess capital of € 2 billion Low equity exposure High quality asset portfolio Reinsurance Generali Kazakhstan Generali PPF Holding 14

  19. Generali Life Kazakhstan is approved as reinsurer by Republic of Azerbaijan Ministry of Finance. Generali Kazakhstan Generali PPF Holding 15 Reinsurance Accreditation in Azerbaijan

  20. Endowment Life Insurance Generali Kazakhstan Generali PPF Holding 16

  21. Generali Kazakhstan Generali PPF Holding 18 Endowment Products Main Programme • Maturity • Death due to any reason • Accidental: • Death; • Disability group 1 – 2; • Bodily injuries; • Temporary disability; • Hospitalization. Endowment Products Additional coverages Additional coverage for the Insurant • The premium-exemption due to disability group 1-2

  22. Distribution Channels in Europe Generali Kazakhstan Generali PPF Holding 20 • European insurers use a wide range channels • The importance of each distribution channel varies according to local specificities,national legislation, the type of product, consumer preferences, etc.

  23. Distribution Channels in Kazakhstan Generali Kazakhstan Generali PPF Holding 21 • Endowment market is less developed than in Europe • MLM is the main sales channel • Tied agents is second largest channel • Banks are on the early development stage (mainly segmented clients) 1 1 1 4 2 3 2 Client Insured Agent Network Leading Agent MLM Agency Generali Client Insured Agent Client Insured Agent

  24. MLM Advantages: Boost and rapid sales from the beginning Motivated sales force Finance savings on advertising Disadvantages: Spoiled reputation of MLM structures Lack of insurance knowledge of MLM agents MLM-Network leads to higher rate of insurance premium which supports MLM-Network commissions Non-insurance motivation for policy purchase Advantages and Disadvantages of Distribution Channels Generali Kazakhstan Generali PPF Holding 22

  25. Direct sales and Tied agents Advantages: Full control and responsibility on sales Strong reputation Agents deeply knows the product Disadvantages: High fixed costs (salaries, trainings, offices…) Slow and gradual start of sales focused on long-term success Advantages and Disadvantages of Distribution Channels Generali Kazakhstan Generali PPF Holding 22

  26. Continue cooperation with MLM Networks Development of Tied agents on “Step-by-Step” mode Tied agents shall act as finance consultants Start cooperation with the banks offering products: Linked to deposits Combined with assistance services Understanding and developing true meaning and values of products Distribution Channels Development Strategy Generali Kazakhstan Generali PPF Holding 22

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