This presentation was delivered by Mr Marc Beaujean (Executive Committee Member at P&V, Belgium) at the ICMIF-AOA Development Network Seminar (18-20 September 2013; Manila, The Philippines)

1. ICMIF-AOA Development Network Seminar
Manila, September 19, 2013
Can mutual insurance evolve into the
mainstream?

2. Agenda
• Mutual / Cooperative market
• The P&V journey
• Our strategy: how we strike
a balance between social
and financial goals
• Conclusions

3. 22.6%
25.2%
26.0%
27.4%
28.1%
20%
25%
30%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2007 2008 2009 2010 2011
EUR(millions)
Premiums and market share
Premiums Market share
Europe
Source: ICMIF

4. Europe
Mutual Market Share
2011
Mutual market
share increased
by a quarter
during the period
2007-
2011, growing
from 22,6% to
28,1%
Source: ICMIF

5. Source: ICMIF
The 17 Largest
Mutual Non-Life
Insurers in
Europe in 2011
Most of them
in TOP 10
of
local market
Top 10
(*)
(*)
(*)
(*) : in selected segments

6. Agenda
• Mutual / Cooperative market
• The P&V journey
• Our strategy: how we strike
a balance between social
and financial goals
• Conclusions

7. More than 100 years P&V
1907
Prévoyance
Sociale (PS)
created by
various
organizations
from the labor
movement
1910
Investigation by
an independent
actuary with
pricing
adjustments
1913
New Head Office
Sq. de l’Aviation
in Brussels
1922
Co-founder of
ICMIF
for exchange of
ideas
As from 1930
Socialization of
profits

8. More than 100 years P&V
1950
Professiona-
lization
(professional
network with
own training
center)
1953
Three provincial
offices in
Belgium, state
of-the-art data
processing
center
1957
New Head Office
with avant-garde
profile
(first tower
building in
Brussels)
1989
Creation of
Euresa :
european
structure for
cooperation and
exchange of
expertise
1993
PS  P&V
New name in
line with
linguistic reality
in the country

9. More than 100 years P&V
2000
Creation of Actel
(direct writing)
2001
Creation of
IMA Benelux
2003
Acquisition of
Piette & Partners
2004
Acquisition of a
large part of
Zurich Belgium
Creation of
VIVIUM
2007
Acquisition of
ING Insurance
Belgium

10. Agenda
• Mutual / Cooperative market
• The P&V journey
• Our strategy: how we strike
a balance between social
and financial goals
• Conclusions

11. • Regulatory pressure (Solvency II,…)
– Exponential cost of doing business
– Absolute necessity to ensure access to long-term funding
– State-of-the-art risk management systems a must
• Competition into “x-washing”: green-washing, solidarity-washing, ..
– Necessity for us to be true to our values and to demonstrate them consistently:
products, services, interactions with third-parties
• Tight talent market
– Offer a distinctive package on the labor market: attract people on values, development
opportunities, not just money
• ….while being on part with all other players on the industry fundamentals…
Challenges and
pitfalls

12. Expertise
Solidarity
Performance
Responsa-
bility
Respect for
the individual
Customer
orientation
Integrity, hon
esty and
respect
commitments
Values

13. Dual mission:
social and
sustainable
• FOCUS: be in the top three of the insurance sector in
Belgium in selected segments
• SUSTAINABLE: be a company with a solid financial
structure, based on state-of-the-art risk management
processes
• COOPERATIVE “OUTSIDE”:
• Quality of services, products and advices
• Loyal and reliable partner close to its intermediaries
and its customers
• COOPERATIVE “INSIDE” :
• Every employee is encouraged and supported in their
personal development
• teamwork and collaboration between departments
contribute to the objectives of the Group
Top 3
Quality
of
service
-
-
-
Loyal
partner-
-
Personal development
Solid financial structure

14. The cooperative model in insurance is promising
• In the aftermath of the financial crisis, more citizens are looking for meaningful
relationships with providers they can trust
• Solidarity and autonomy are core constituent of any typical insurance offering
• Value-based organizations are consistently over-performing other ones over
time
Conclusions