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Corporate Presentation
3Q16
1
Business Fundamentals
Decentralization Service offices have independent
decision-making Distribution network for costumers’
service
Outstanding Service Top quality service State of the art technology Nationwide network with 363 offices Experienced management team
Specialization Unique Business Model #1 auto insurance company in Mexico
with 30.9% of market share
Cost Control Strict Cost Control Policy Costs Indicators' Program
2
Focus on service rather than branding
Flexibility to meet each client’s needs
Interests alignment through variable compensation
Identification of opportunity areas in each process
Service Offices • Owned by specialized entrepeneurs • Independent decision-making • Compensation to office
representatives links sales with claims costs
Agents • Agents are not exclusive • Agents look after the interests of
policyholders
Quálitas • Call center • IT support • Product pricing • Claims Infrastructure • New channels: telephone & internet
Business Model
3
1. Mexico 2. United States 3. El Salvador 4. Costa Rica
3,391,975 Insured Vehicles
181 Service Offices
193 *ODQs
4,273 Employees
11,896 Agents
982 Claims Officers
Network
4
*ODQs: Development Offices Quálitas
*CAGR: 15.0%
Insured Vehicles
*CAGR: Compound Annual Growth Rate
5
Business Line 9M16 9M15 ∆ %
Automobiles 2,323,333 1,852,566 25.4%
Trucks 817,585 664,187 23.1%
Tourists 91,805 89,231 2.9%
Motorcycles 93,550 78,337 19.4%
El Salvador 11,790 16,470 (28.4%)
Costa Rica 41,006 22,731 80.4%
USA 12,906 3,468 272.1%
Insured Vehicles 3,391,975 2,726,990 24.4%
Written Premiums
3Q16 3Q15
6
Sales and Financing of New Cars in Mexico
Source: AMDA
Segment
(MM MXN)3Q16 3Q15 ∆ %
Premiums
Breakdown
Individual 1,201 900 33.4% 15.8%
Fleets 1,740 1,282 35.7% 22.9%
Financial Institutions 4,165 1,897 119.5% 54.8%
Subsidiaries 363 189 92.0% 4.8%
Other 129 153 (15.8%) 1.7%
Total 7,598 4,421 71.8% 100.0%
Financial Highlights
7
(MM MXN) 3Q16 3Q15 ∆% 9M16 9M15 ∆%
Written Premium 7,598 4,421 71.8% 20,958 13,971 50.0%
Net Written Premium 7,598 4,421 71.8% 20,855 13,971 49.3%
Net Increase of Unearned
Premiums Reserve 1,532 224 NA 3,883 1,555 149.7%
Earned Premium 6,066 4,197 44.5% 16,972 12,416 36.7%
Acquisition Cost 1,897 1,004 89.0% 4,969 3,132 58.6%
Claims Cost 3,875 2,961 30.9% 10,109 8,392 20.5%
Technical Result 294 233 26.0% 1,895 892 112.3%
Operating Expenses 187 222 (15.8%) 648 637 1.7%
Operating Result 107 11 838.7% 1,247 255 389.0%
Investment Income 401 190 111.5% 784 511 53.5%
Taxes 126 68 84.2% 636 255 149.1%
Net Result 382 133 187.9% 1,395 510 173.3%
Ratios ∆ bp ∆ bp
Claims Ratio 63.9% 70.5% (665) 59.6% 67.6% (803)
Acquisition Ratio 25.0% 22.7% 226 23.8% 22.4% 141
Operating Ratio 2.5% 5.0% (256) 3.1% 4.6% (147)
Combined Ratio 91.3% 98.3% (694) 86.5% 94.6% (809)
NA: Not Applicable
Market Share and Growth
Source: INEGI, AMIS
*CAGR: Compound Annual Growth Rate
Market Share Q
Market Penetration in Mexico
8
Cumulative Growth
Q 16.5%
Market 7.8%
5.5%
Market
without Q
*CAGR (%)
0%
50%
100%
150%
200%
250%
300%
350%
400%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 9M16
Market Share
Source: AMIS
9
2010 2011 2012 2013 2014 2015 9M16
Quálitas 19.6 20.1 21.5 22.5 24.9 25.3 30.9
G.N.P. 12.4 11.1 12.3 12.4 12.5 14.3 12.4
AXA Seguros 17.4 18.6 18.1 16.5 14.0 12.1 10.8
ABA 9.5 8.6 7.5 7.8 7.7 7.0 6.6
Mapfre México 5.4 5.5 7.4 5.9 6.5 6.3 5.3
Other 15.6 15.3 14.3 16.5 16.2 16.8 16.4
Bank-owned 20.1 20.8 18.9 18.4 18.3 18.2 17.6
Total Market 100 100 100 100 100 100 100
Auto Insurance Industry
Source: AMIS
Figures in million pesos. Q MX figures
10
Market without Q
growth: 10%
9M16 9M15 ∆% 9M16 9M15
Quálitas 19,945 13,527 47.4 50.54 30.9% 25.0%
G.N.P. 7,996 7,346 8.9 67.93 12.4% 13.6%
AXA Seguros 6,979 6,396 9.1 82.22 10.8% 11.8%
ABA 4,269 3,966 7.6 65.10 6.6% 7.3%
Banorte 3,851 3,388 13.7 70.99 6.0% 6.3%
Top 5 43,039 34,623 24.3 62.18 66.7% 64.1%
Mapfre México 3,436 3,357 2.4 72.41 5.3% 6.2%
BBVA Bancomer 3,122 2,711 15.2 62.71 4.8% 5.0%
Inbursa 3,095 3,038 1.9 56.44 4.8% 5.6%
HDI Seguros 2,889 2,677 8.0 71.03 4.5% 5.0%
Zurich Daños 2,005 1,876 6.9 48.91 3.1% 3.5%
Atlas 1,457 1,221 19.3 65.45 2.3% 2.3%
Afirme 1,040 718 45.0 55.14 1.6% 1.3%
General de Seguros 876 948 (7.6) 81.25 1.4% 1.8%
ANA 758 604 25.5 54.54 1.2% 1.1%
Royal & Sunalliance 432 429 0.5 60.67 0.7% 0.8%
Medium 19,110 17,578 8.7 63.53 29.6% 32.5%
Other 2,380 1,852 28.6 56.24 3.7% 3.4%
Total Market 64,530 54,053 19.4 62.36 100.0% 100.0%
Company Written Premiums Market ShareClaims/Written
Premiums
Operating Result – Automobile Segment
11
Source: AMIS
Figures in million pesos. Q MX figures
*During 2012 Q MX recorded a 94 million benefit due to the change in the booking of policy fees
2009 2010 2011 2012* 2013 2014 2015 Total Total
Quálitas (221) (76) 475 903 483 (95) 47 1,517 Quálitas 1,517
G.N.P. (499) (668) (371) (373) (27) (87) (221) (2,246) Other (6,699)
AXA Seguros (892) 82 (132) 173 (594) (453) (651) (2,468) Bank-owned 10,963
ABA (170) (200) 356 411 368 132 (79) 818 Total 5,781
Mapfre México 74 (133) (22) 69 3 (14) (170) (193)
Top 5 (1,708) (995) 305 1,183 234 (517) (1,075) (2,572)
HDI Seguros (20) (43) (47) (22) (46) (36) (276) (490)
Zurich Daños 116 (238) (92) 45 (108) (174) (379) (830)
Atlas 122 95 146 220 208 105 (6) 889
General de Seguros 3 (22) 27 8 3 (33) (277) (291)
ANA (23) (3) 6 (2) (2) (43) (30) (97)
Royal & Sunalliance (76) (164) (104) (84) (132) (189) (155) (904)
Medium 121 (374) (65) 165 (78) (370) (1,123) (1,724)
Other (117) (234) (60) 108 (11) (225) (347) (885)
Bank-owned 476 849 1,590 2,114 2,410 2,089 1,436 10,963
Total Market (1,228) (754) 1,771 3,570 2,555 976 (1,109) 5,781
Operating Result – All Business Lines
12
Source: AMIS
Figures in million pesos. Q MX figures
2009 2010 2011 2012 2013 2014 2015 Total Total
Quálitas (220) (75) 475 903 484 (93) 48 1,523 Quálitas 1,523
G.N.P. (2,050) (1,906) (2,112) (2,508) (2,469) (3,405) (3,553) (18,002) Other (29,481)
AXA Seguros (3,008) (1,560) (1,906) (1,223) (2,498) (1,951) (2,303) (14,449) Total (27,958)
ABA (106) (150) 482 517 433 70 10 1,255
Mapfre México (154) (247) (1) 42 43 (79) (495) (891)
Top 5 (5,538) (3,938) (3,062) (2,268) (4,007) (5,457) (6,293) (30,564)
HDI Seguros (49) (40) (37) (10) 12 (62) (166) (353)
Zurich Daños 19 (437) (109) (165) (485) (420) (742) (2,339)
Atlas 167 23 223 39 96 (10) (129) 407
General de Seguros 66 (5) (126) 37 47 (83) (317) (380)
ANA (23) (3) 6 (2) (2) (43) (30) (97)
Royal & Sunalliance (220) (250) (188) (179) (197) (154) (136) (1,323)
Medium (40) (711) (231) (281) (529) (772) (1,520) (4,084)
Other (1,038) (2,538) 347 (470) 3,261 3,992 3,134 6,690
Total Market (6,616) (7,186) (2,947) (3,019) (1,275) (2,237) (4,678) (27,958)
Net Result – Automobile Segment
13
Source: AMIS
Figures in million pesos. Q MX figures
2009 2010 2011 2012 2013 2014 2015 Total Total
Quálitas 226 392 833 1,254 840 680 619 4,844 Quálitas 4,844
G.N.P. (10) (209) 11 69 356 186 102 505 Other 8,191
AXA Seguros (372) 333 472 651 44 188 (163) 1,153 Bank-owned 16,215
ABA 48 316 842 819 845 567 304 3,742 Total 29,250
Mapfre México 179 (3) 91 187 109 78 (50) 592
Top 5 70 830 2,249 2,980 2,194 1,700 813 10,836
HDI Seguros 26 12 24 53 113 180 27 434
Zurich Daños 182 (76) 27 230 131 39 (165) 367
Atlas 144 153 151 245 211 143 58 1,107
General de Seguros 115 50 114 207 39 34 (40) 519
ANA 5 14 32 20 19 (16) 21 96
Royal & Sunalliance (55) (128) (55) (16) (67) (111) (57) (490)
Medium 417 25 294 739 446 269 (156) 2,034
Other 35 (76) 129 244 134 (90) (212) 165
Bank-owned 1,429 1,701 2,198 2,903 3,237 2,628 2,121 16,215
Total Market 1,952 2,479 4,869 6,866 6,011 4,506 2,566 29,250
Net Result – All Business Lines
14
Source: AMIS
Figures in million pesos. Q MX figures
2009 2010 2011 2012 2013 2014 2015 Total Total
Quálitas 246 415 835 1,256 841 682 621 4,895 Quálitas 4,895
G.N.P. 1,001 691 701 663 790 223 169 4,238 Other 118,169
AXA Seguros 418 26 413 622 (328) 358 319 1,828 Total 123,063
ABA 399 303 875 854 796 478 340 4,047
Mapfre México 114 119 177 198 323 246 (110) 1,066
Top 5 2,179 1,553 3,000 3,593 2,423 1,988 1,339 16,074
HDI Seguros 41 41 38 96 174 173 106 669
Zurich Daños 156 (208) 53 52 (174) (173) (487) (781)
Atlas 363 272 285 344 274 237 139 1,915
General de Seguros 375 163 46 431 77 81 282 1,454
ANA 5 14 32 20 19 (16) 21 96
Royal & Sunalliance (211) (221) (147) (103) (95) (9) 1 (786)
Medium 729 62 306 841 275 293 61 2,568
Other 10,324 10,774 13,686 15,648 17,141 19,729 17,119 104,421
Total Market 13,232 12,389 16,993 20,082 19,839 22,010 18,519 123,063
Q MX and Industry – Cost Ratios
Source: AMIS
15
Acquisition Claims
Operating Combined
Q Cost Ratios – 3Q16
Acquisition Claims
Operating Combined
16
Investment Income
Portfolio by Risk Type
17
Portfolio by Type of Issuer
Return on Investments
1
1 28 -Day Treasury issued by Mexican Federal Government
(MM MXN) 3Q16 9M16
Gain from Equities 150 233
Average Portfolio 3,688 3,407
Annualized Yield 16.1% 9.1%
Naftrac Yield 11.7% 12.9%
IRT Yield 12.7% 15.0%
Investment Income
2 Naftrac yield + dividends
Return on Equities
Equities
2
18
(MM MXN) 2010 2011 2012 2013 2014 2015 3Q16
Leverage 5.60 4.85 4.09 4.42 4.59 4.84 5.18
Stockholders' Equity 2,047 2,573 3,583 3,757 4,368 4,972 6,043
Equity Growth 0.26 0.75 0.84 1.13 1.43 1.95
Dividend Payment 180 - 225 675 - - 225
Wealth Growth 0.26 0.86 1.28 1.57 1.87 2.50
Profitability
LTM ROE
Equity
1 Variations relative to 2010 figures
1
Cash and Investments per Share**
** Mexican Pesos *CAGR: Compound Annual Growth Rate
*CAGR: 20.8%
$0.40
$0.50
$1.50
$2.90
Dividend Payments**
19
1
$0.50
Solvency Margin Analysis
Q's solvency margin was $2,419 and the solvency margin ratio was 83.7%
Dividend Policy Q aims to maintain a minimum stockholders’ equity of 1.5 times the regulatory capital requirement. Between 50% and 90% of the surplus will be distributed as a dividend, depending on the Company’s capital requirements for future projects.
20
Regulatory Capital Requirement computation differs in the countries where Quálitas has operations.
Q Mexico 2,456 2,126 86.6%
Q El Salvador 51 22 42.0%
Q Costa Rica 92 28 30.7%
Q USA 291 161 55.5%
Total 2,890 2,337
Q Cash 82
Q 2,890 2,419 83.7%
Regulatory Capital
RequirementSolvency Margin
Solvency Margin
Ratio (MM MXN)
Analysts
• Mariana Fernández T: + 52 55 1555 6103 email: [email protected] • Elba Salcedo T: + 52 55 1555 6316 email: [email protected]
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Institution Analyst E-mail
Actinver Enrique Mendoza [email protected]
BBVA Research Germán Velasco [email protected]
Grupo Bursátil Mexicano Luis Willard [email protected]
Interacciones Roberto Navarro [email protected]
Nau Securities Iñigo Vega [email protected]
Signum Research Armando Rodríguez [email protected]
Ve por Más Verónica Uribe [email protected]
IR Contacts