investor presentation 1h 2017 ifrs results · by gross written premiums (2016) non-state pension...

1

INVESTOR PRESENTATION1H 2017 IFRS RESULTS

August 2017

2

CONTENTS

DISCLAIMER

SECTION 1. BUSINESS DESCRIPTION

SECTION 2. ASSET PORTFOLIO

ANNEX

CONTACTS

3

4

10

18

23

Financial investments

3

DISCLAIMER

Presentation

This presentation (the ‘Presentation’) contains information, documents and other materials regarding PJSC SAFMAR Financial investments (SFI) in general, as well as individual PJSC SAFMAR Financial investments businesses.

The Presentation is intended for informational purposes only and does not constitute an offer or an invitation to make an offer to buy or sell any goods, work, services as well as any securities and other investment instruments.

The Presentation may include assessments and/or judgments, specifically in relation to the financial results of selected businesses of PJSC SAFMAR Financial investments and to other matters of operation thereof.

Ownership and title to the contents of the Presentation belong to JSC INDUSTRIAL FINANCIAL GROUP SAFMAR and/or a specific company within PJSC SAFMAR Financial investments and/or specific persons, who are employees, officers, agents, proxies, partners and those otherwise related to JSC INDUSTRIAL FINANCIAL GROUP SAFMAR and/or specific companies within PJSC SAFMAR Financial investments (each individually referred to as “SAFMAR”).

The Presentation, including text and graphic images, comprise SAFMAR intellectual property and/or may be protected otherwise.

The ‘SAFMAR’ designation is a registered trademark.

Limitation of Liability

SAFMAR is under no obligation to ensure, and is not liable for, the accuracy, up-to-dateness and completeness of the Presentation.

SAFMAR is not liable for any explicit, implicit, accidental, consequential, punitive or any other damages (including loss of use, data loss or loss of profit) regardless of the form of action, including, without limitation, arising from contract, negligence or tort, arising in connection with the Presentation, its contents or from other use of the Presentation.

SAFMAR’s liability to users of the Presentation is limited to the fullest extent permitted by applicable law.

Use of Presentation

The Presentation is not to be reproduced or transmitted in any manner using any means whatsoever without prior written consent of SAFMAR, unless otherwise provided by applicable law.

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SECTION 1. BUSINESS DESCRIPTION


5

680,00

700,00

720,00

740,00

760,00

780,00

800,00

31.0

8.2

017

17.0

8.2

017

03.0

8.2

017

20.0

7.2

017

06.0

7.2

017

22.0

6.2

017

07.0

6.2

017

24.0

5.2

017

10.0

5.2

017

21.0

4.2

017

07.0

4.2

017

24.0

3.2

017

10.0

3.2

017

22.0

2.2

017

08.0

2.2

017

25.0

1.2

017

11.0

1.2

017

27.1

2.2

016

13.1

2.2

016

SAFMAR FINANCIAL INVESTMENTS AT A GLANCE

HOLDING STRUCTURE

SAFMAR Group(1)

65%Free-float

35%

SAFMAR Financial investments (SFI)

• The largest private car leasing company in Russia

• Leasing portfolio is RUB 32.3 bnafter impairment allowance

• Net profit(2): RUB 1.8 bn

• Top-10 insurance company in Russia

• RUB 31+ bnof gross written premiums in 1H 2017

• Net profit(2): RUB 2.5 bn

• #4 participant on the market of compulsory pension insurance (CPI)

• RUB 202+ bnof pension assets under management

• Net profit(2):RUB 784 mln

• Investment of funds raised during the SPO

• Possible reinvestment of profits of portfolio companies

New projects

NOTES:

(1) SAFMAR Group is one of Russia’s largest industrial and financial groups, which manages financial assets, commercial real estate and development projects, oil and gas companies, household appliances and consumer electronics retail chains, media and other non-financial assets.

(2) Consolidated financial statements (IFRS) for the six months ended 30 June 2017.

(3) Starting from the SPO of PJSC Europlan in December 2016 (PJSC Europlan changed its name to PJSC SAFMAR Financial investments on August 21, 2017).

(4) 6 months ratios have been annualized. PJSC SAFMAR Financial investments (PJSC Europlan) IFRS consolidated financial statements for the six months ended 30 June 2017 are available at: www.safmarinvest.ru/docs.

SHARE PRICE PERFORMANCE (MOEX: EPLN), RUB(3)

Market capitalisationas of 31.08.2017:

RUB 87.4 bn

100% 100% 49%

SPO price

SFI IFRS FINANCIALPERFORMANCE(4) (6M 2017)

5.3 RUB bn

Total income from operations and finance income

3.9 RUB bn

Net profit

9.7 %

ROAE

2.6 %

ROAA

http://www.safmarinvest.ru/docs

6

INVESTMENT HIGHLIGHTS

1

2

3

4

5

6

The first public diversified investment holding in Russia with exclusive focus on the financial sector

High resilience to macroeconomic fluctuations owing to the diversified investment portfolio

Clear development strategy to ensure strong portfoliosynergies

Value creation model based on long-term growth and sustained increases in dividend yields

Focus on leaders in every dedicated segment

Professional investment team with unique expertise and competencies in the financial industry

RATIONALE FOR SETTING UP A HOLDING COMPANYTo establish a large public financial holding which pursues investments and transparent management of assets in the Russian financial sector.

7

HOLDING CREATION STAGES

STAGE 1. FORMATION OF THE HOLDING STRUCTURE

STAGE 2. ADDITIONAL SHARE ISSUANCE (SPO)

STAGE 3. TARGET HOLDING STRUCTURE

• Structure formation and strategy development for the future holding company

• Shares exchange ratios were determined by an independent BIG Four advisor

• Full compliance with the rights of minority shareholders and creditors

• PJSC Europlan share issuance with payment in shares of NPF SAFMAR, shares of VSK Insurance House and in cash via public offering (SPO)

• Additional capital raised for the expansion of the holding company’s investment portfolio

• Minority shareholder base was significantly expanded

• To achieve its target structure the holding company has completed the spin-off of the leasing business from PJSC Europlan into a separate legal entity (JSC Leasing company Europlan – LC Europlan) with 100% equity participation of SFI effective from 30 June 2017

• PJSC Europlan changed its name to PJSC SAFMAR Financial investments on August 21, 2017. This procedure of name changing completed a long incorporation process of the financial holding company

8

MARKET POSITIONS OF PORTFOLIO COMPANIES

CAR LEASING

SHARE IN THE VOLUME OF CAR LEASING DEALS (2016)

Европлан

• The largest private car leasing company in Russia

• Outstanding operational effectiveness with ROE of 29% and NPL 60+ before impairment allowance resulted 0.12% (1H 2017)

• Rating by Fitch: BB-(Outlook – ‘stable’)

• Rating by Expert RA: ruA

INSURANCE

BY GROSS WRITTEN PREMIUMS (2016)

NON-STATE PENSION FUNDS

BY RETIREMENT SAVINGS UNDER MANAGEMENT (2016)

14.3%

13.3%

11.4%

7.7%

6.1%

5.8%

Европлан

ВЭБ лизинг

ВТБ лизинг

Сбербанк лизинг

Балтийский лизинг

Ресо-лизинг

12.1%

10.4%

7.5%

7.3%

5.5%

5.3%

5.3%

4.5%

3.8%

2.8%

СОГАЗ

РГС

РЕСО

Ингосстрах

Сбербанк-Жизнь

Альфа

ВТБ

ВСК

РСГ-Жизнь

Согласие

16.6%

12.2%

11.8%

8.7%

7.8%

7.7%

НПФ Сбербанка

НПФ БУДУЩЕЕ

НПФ ЛУКОЙЛ-ГАРАНТ

НПФ САФМАР

НПФ ГАЗФОНД

НПФ РГС

Европлан

• Top-10 insurance company in Russia

• Excellent operating performance –combined ratio is below 100%, while ROE resulted 31% (1H 2017)

• Rating by Fitch: BB-(Outlook – ‘stable’)

• Rating by Expert RA: ruAA

Европлан

• NPF SAFMAR is among the Top-4 largest funds on the market of compulsory pension insurance (CPI)

• Return on investment of retirement savings is on par with the market or better than market average

• Rating by Expert RA: ruA-

Europlan

VEB Leasing

VTB Leasing

Sberbank Leasing

Baltiyskiy Leasing

Reso-Leasing

SOGAZ

RGS

RESO

Ingosstrakh

Sberbank-Life

Alfa

VTB

VSK

RGS-Life

Soglasie

NPF Sberbank

NPF BUDUSHEE

NPF LUKOIL-GARANT

NPF SAFMAR

NPF GAZFOND

NPF RGS

9

INVESTMENT STRATEGY

KEY PRINCIPLES OF OUR INVESTMENT STRATEGY

KEY INVESTMENT CONSIDERATIONS

Focus on the financial industry only

TARGET INDUSTRY

Leasing, insurance, pension funds, financial technologies, banks, etc.

TARGET SEGMENTS

Mainly Russian-based assets of federal or regional significance

GEOGRAPHY

Desirable but not a prerequisite for investment decisions

CROSS-BUSINESS SYNERGIES

Rapidly growing companies or mature business models with a steady dividend flow

MATURITY OF THE TARGET COMPANIES

A sizeable minority interest or a controlling stake

TARGET OWNERSHIP

Three years or more

INVESTMENT HORIZON

Developed investment policy allows to implement value creation model based on long-term growth and consistently increasing dividend yield.

10

SECTION 2. ASSET PORTFOLIO


11

KEY VALUE DRIVERS AND STRATEGIC OBJECTIVES

For each asset SAFMAR Financial investments has a deep industry expertise and a clear strategy to create value for the holding’s shareholders.

NOTES:

(1) According to the Central Bank of Russia, the data on retirement savings are indicated in accordance with the market value.

(2) Latest data according to the CBR: http://cbr.ru.

(3) Taking into account restrictions in the Russian legislation in respect to regulation of Non-State Pension Funds.

INVESTMENT DESCRIPTION STRATEGYAPROACH TO VALUE CREATION

• One of the largest car leasing companies in Russia

• Leasing portfolio: RUB 32.3 bn as at 30.06.2017 after impairment allowance

• Own client base: over 67,000 companies,1.5 mln potential clients-legal entities

• Preserving of leadership positions in car leasing both for companies / SME and for individuals

• Business growth

• Dividends

• Universal insurance company with a well-balanced product portfolio

• Client base: 15.8 mln individuals and over 230,000 companies across Russia

• In 1H 2017, gross written premiums amounted to RUB 31.2 bn

• Regional network comprises 400 branches and representative offices

• Preserve / enhance positions in profitable segments of insurance market

• Business growth

• Dividends

• Assets under management: RUB 193.5 bnof retirement savings and RUB 8.8 bn of pension reserves as of 30.06.2017(1)

• Over 2.27 mln clients under compulsory pension insurance (CPI) and 82,000 customers under non-state pension plans (NSPP)

• Top 4 by retirement savings and Top 16 by pension reserves, Top 5 by the number of clients(2)

• Preserve / enhance positions in compulsory pension insurance

• Improve positions in voluntary pension insurance (NSPP)

• Business growth

• Dividends(3)

12

LEASING PORTFOLIO STRUCTURE, % (NIL, AS AT 30.06.2017)

By regions

By the type of leased assets

LEASING BUSINESS – EUROPLAN (1/2)

The company handles over 39,000 active leasing agreements and has own client base which includes more than 67,000 companies and 1.5 mln potential corporate clients (ca. 35% of all legal entities registered in Russia)

EUROPLAN IS THE LARGEST BY VOLUME OF BUSINESS CAR LEASING COMPANY IN RUSSIA WITH THE MARKET SHARE OF MORE THAN 14%

72representative offices

>500own managers

>6,500agents

4,000dealers throughout the country Europlancooperates with

Due to the efficient risk management system the share of NPL 60+ is extremely low –0.12% (for example, share of NPLs in banking business accounts for 7-9%)

CREDIT

RATINGS

Fitch: BB-

Expert RA: ruA

41%

19%

10%

9%

9%

8%4%

Центральная Россия

Поволжье

Северо-Запад

Юг

Сибирь

Урал

Северо-Кавказский и другие

55%28%

7%

6%4%

0.4%Легковые автомобили

Коммерч. автотранспорт

LCV

Самоход. техника

Автобусы

Прочее

Central Russia

Volga region

North-West

South

Siberia

Ural

North Caucasus and others

Passenger cars

Commercial vehicles

LCV

Self-propelled machines

Buses

Other

PORTFOLIO QUALITY: NPL 60+ BEFORE IMPAIRMENT ALLOWANCE (IFRS)

0.40%

0.99%

0.74%

0.08%0.12%

2013 2014 2015 2016 6M2017

13

3.54.1 4.4

4.0

4.3

2.3

1.31.6 1.6

1.9

2.8

1.8

5.0% 4.5% 3.6% 4.6%7.1% 7.6%

20.5%22.6%

18.2% 18.9%

22.9%

28.7%

2012 2013 2014 2015 2016 6M 2017

Чистый процентный доход

Чистая прибыль

ROAA

ROAE

30.4

41.6

47.1

37.639.9

41.7

24.4

30.1

34.5

25.8 27.5

32.3

6.6 7.99.9 10.7

13.4

8.3

3.3х

4.0х

3.2х

2.2х1.8х

3.5х

2012 2013 2014 2015 2016 6M 2017

Активы

NIL

Капитал

Долг/капитал

NOTE: (1) 6 months ratios have been annualized.2017 – calculated for the leasing segment and IC Europlan LLC (for 5M 2017, disposal from consolidation perimeter on 9 June 2017) based on interim carve-out consolidated financial statements (IFRS) of JSC LC Europlan. As a result of the spin-off, around RUB 7 bn of equity remained in the parent company.2016 – consolidated financial statements (IFRS) of PJSC Europlan excluding figures attributed to NPF SAFMAR and VSK.2014 and 2015 – consolidated financial statements (IFRS) of PJSC Europlan, excluding financial result from discontinued intragroup operations of Europlan Bank.2013 – combined financial statement (IFRS) of PJSC Europlan and its controlled companies. 2012 – combined financial statement (IFRS) of EUROPLAN HOLDINGS LIMITED.

BALANCE SHEET FINANCIAL INDICATORS DYNAMICS(1) (RUB BN)

P&L FINANCIAL INDICATORS AND PROFITABILITY DYNAMICS(1) (RUB BN)

LEASING BUSINESS – EUROPLAN (2/2)

Net interest income

Net profit

Assets

NIL

Equity

Debt/Equity

14

61% 60% 61% 55% 54%

30% 30% 28%

27%31%

12% 12% 12%12%

11%

103% 101% 101%94% 96%

2013 2014 2015 2016 6M 2017

Коэфф. операц. расходов

Коэфф. аквизиц. расходов

Коэфф. убыточности

35%

25%

11%

8%

10%

7%4%ОСАГО

КАСКО

ДМС

Имущество ЮЛ

НС

Ответственность

Имущество ФЛ

31.2RUB bn

INSURANCE BUSINESS – VSK (1/2)

COMBINED RATIO (%)

KEY FINANCIALS (IFRS)

VSK Insurance House is a universal insurance company providing services to individuals and corporate clients in Russia

VSK consistently ranks in the Top 10 insurance companies in Russia by gross written premiums

Well-balanced product portfolio

The company demonstrates high operational efficiency – combined ratio is below 100%, return on equity for 6M 2017 resulted 31% (annualized)

NET PROFIT (RUB BN) AND ROE (%)DYNAMICS(1)

Gross written premiums, RUB bn

Insurance portfolio structure, 6М 2017

NOTE: (1) Figures are based on IFRS financial statements. 6 months ratios have been annualized.

CREDIT RATINGS

Fitch: BB-

Expert RA: ruAA

CMTPL

MHI

VMI

Commercial property

Accidents

Liability

Residential property

0.6

1.3

3.1

3.8

2.5

11.2%

18.0%

32.3%

29.3%31.0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

0

1

2

3

4

5

2013 2014 2015 2016 6M2017

Чистая прибыль

RoE

Net profit 38.0 37.5

47.9

53.3

31.2

2013 2014 2015 2016 6M2017

Operating expenses ratio

Acquisition ratio

Loss ratio

15

32%

20%18%

9%

10%

7%4%

Прямые

Агенты

Дилеры

Нефинансовые посредникиБанки

Лизинг

Интернет

50%

12%

11%

8%

7%

7%4%

1%Центральный ФО

Приволжский ФО

Северо-Западный ФО

Сибирский ФО

Южный ФО

Уральский ФО

Дальневосточный ФО

Северо-Кавказский ФО

INSURANCE BUSINESS – VSK (2/2)

Insurance portfolio of VSK is vastly diversified by regions

The majority of sales are generated via direct sales (32% of total), as well as sales by agents (20% of total)

CLIENTS

MARKET SHARE IN KEY SEGMENTS (2016)

CMTPL MHI VMI

VSK IS ONE OF THE LEADERS IN AUTO INSURANCE AND RANKS IN THE TOP 10 IN VMI SEGMENT

PORTFOLIO STRUCTURE BY SALES CHANNELS (6M 2017)

>230,000companies

REGIONAL NETWORK COMPRISES

>400 branches and offices across the country

>15 mln

retail clients

Sources: Central Bank of Russia, company data

23.5%

15.1%

12.1%

8.7%

5.7%

4.5%

3.5%

2.6%

2.2%

2.2%

РГС

РЕСО


ВСК

Альфа

Согаз

Согласие

Макс

ГК Ренессанс

Югория

16.9%

16.4%

13.5%

8.0%

7.9%

7.9%

4.9%

4.3%

2.4%

1.7%


РЕСО

РГС

ВСК

Согласие

Альфа


СОГАЗ

ЭРГО

Энергогарант

32.2%

8.5%

7.0%

6.5%

5.8%

5.6%

4.2%

3.8%

3.3%

3.1%

СОГАЗ

РЕСО

Альянс жизнь

Альфа

РГС



ЖАСО

ВТБ

ВСК

RGS

RESO

Ingosstrakh

VSK

Alfa

Sogaz

Soglasie

Maks

Renaissance

Yuzhural-ASKO

Ingosstrakh

RESO

RGS

VSK

Soglasie

Alfa

Renaissance

Sogaz

ERGO

Energogarant

Sogaz

RESO

Allianz Life

Alfa

RGS

Ingosstrakh

Renaissance

JHASO

VTB

VSK

Direct

Agents

Dealers

Non-financial brokers

Banks

Leasing

Internet

Central Russia

Volga region

North-West

Siberia

South

Ural

Far-East

North Caucasus

PORTFOLIO STRUCTURE BY REGIONS (6M 2017)

16

19.939.9 42.1

103.8

186.0 193.5

7.0

7.9 8.8

9.5

8.4 8.8

26.9

47.8 50.9

113.3

2012 2013 2014 2015 2016 6M 2017

Пенсионные резервы

Пенсионные накопления

CLIENTS UNDER VOLUNTARY PENSION INSURANCE (THOUS.)(2)

RETIREMENT SAVINGS AND PENSION RESERVES (RUB BN)(2)

CLIENTS UNDER COMPULSORY PENSION INSURANCE (MLN)(2)

THE FUND’S CORE BUSINESSES INCLUDE COMPULSORY PENSION INSURANCE (CPI) AND PROVISION OF CORPORATE AND INDIVIDUAL NON-STATE PENSION PLANS FOR ITS CLIENTS (VOLUNTARY PENSION INSURANCE)

In August 2016, NPF SAFMAR completed consolidation of three other Group NPFs: NPF Europeyskiy, NPF Regionfond, NPF Obrazovaniye and Nauka

TOTAL ASSETS UNDER MANAGEMENT AS OF 30.06.2017

NOTES: (1) According to the Central Bank of Russia, the data on retirement savings are indicated in accordance with the market value(2) Historical data is provided on the aggregated basis in respect of all NPFs (disregarding the date of NPF acquisition)

Source: Central Bank of Russia

> 193.5 RUB bn

retirement savings

> 8.8 RUB bn

pension reserves

~ 2.3 mln

clients under CPI

82,000clients under voluntary pension insurance

> 202 RUB BN(1), including:

PENSION BUSINESS – NPF SAFMAR (1/2)

194.4202.3

CREDIT RATING

Expert RA: ruA-

80.2

84.486.2

81.3

74.9

82.0

2012 2013 2014 2015 2016 6M2017

0.5

0.7 0.7

1.4

2.3 2.3

2012 2013 2014 2015 2016 6M2017

Pension reserves

Retirement savings

17

53%

26%

9%

5%4%3%

Облигации

Акции

Государственные ценные бумаги

ИСУ

Депозиты

Прочие

RETURN ON INVESTMENT OF RETIREMENT SAVINGS(1)

NPF SAFMAT COMPETITIVE POSITION:

TOP 4by retirement savings

TOP 16by pension reserves

TOP 5by number of insured clients

NPF SAFMAR pension funds have a solid track record of market average and above-average historical returns

In 2016, the return on investment of retirement savings was in line with the market and accounted for 9.4%

INVESTMENT PORTFOLIO STRUCTURE (CPI, 6M 2017)

NOTES:(1) For merged NPFs up to and including 2015, weighted average rate of return is indicated.(2) IFRS data.

KEY FINANCIALS(2)

(1H 2017, RUB BN)

221.9

23.0

Активы Капитал

PENSION BUSINESS – NPF SAFMAR (2/2)

8.3% 8.0%6.3%

11.7%9.4%

2012 2013 2014 2015 2016

Bonds

Shares

Government securities

MPC

Deposits

Other Assets Equity

18

ANNEX


19

NOTES: (1) The ticker will be altered resulting from Europlan’s change of its name to SAFMAR Financial investments on August 21, 2017.(2) As of 01.08.2017

SHARE CAPITAL STRUCTURE

Market capitalisation (as at 31 August 2017): RUB 87.4 bn

Total number of ordinary shares (pcs): 111,637,791

SAFMAR

Group75%

Free-float

25%

SAFMAR

Group65%

Free-float

35%

AFTER SPO(2)AFTER IPOBEFORE IPO

SAFMAR

Group100%

The company’s shares are traded on the Moscow Exchange (ticker: EPLN)(1).

On 16 June 2017, the company’s shares were included into the MICEX index, the capitalisation-weighted composite index based on prices of the 50 most liquid Russian stocks of the largest and dynamically developing Russian issuers. Company’s shares are also included into the Broad Market index and the Financial Industry index.

20

NOTES: (1) PJSC SAFMAR Financial investments (PJSC Europlan) IFRS consolidated financial statements are available at: www.safmarinvest.ru/docs.(2) Investments to VSK Insurance House using the equity method.

CONSOLIDATED FINANCIAL RESULTS (1/2)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS), RUB MLN(1)

2016 1H 2017

ASSETS

Cash and cash equivalents 54,801 27,157

Financial instruments at fair value through profit or loss 150,110 172,986

Bank deposits 14,351 9,200

Net investment in leases after impairment allowance 27,471 32,325

Investments in associates(2) 16,270 17,585

Goodwill 24,201 24,201

Other assets 6,699 27,240

Total assets 293,903 310,694

LIABILITIES

Obligations under compulsory pension insurance agreements 181,893 189,945

Obligations under non-government pension agreements 7,882 8,199

Borrowings 10,205 12,845

Bonds issued 11,208 13,285

Other liabilities 4,368 4,058

Total liabilities 215,556 228,332

EQUITY 78,347 82,362


21

NOTES: (1) PJSC SAFMAR Financial investments (PJSC Europlan) IFRS consolidated financial statements are available at: www.safmarinvest.ru/docs.(2) Prepared n accordance with IFRS with allowance on consolidation of assets during FY2016.

CONSOLIDATED FINANCIAL RESULTS (2/2)

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (IFRS), RUB MLN(1)

1H 2016(2) 1H 2017

Total income from operations and finance income 5,696 5,277

Operating expenses (1,717) (2,010)

Acquisition costs (261) (281)

Other non-operating income (expenses) (650) 879

Share in net profit of associates 615 1,235

Profit before income tax from continuing operations 3,682 5,099

Income tax expense (167) (1,169)

Net profit 3,514 3,930

Share in other comprehensive income of associates 262 80

Total comprehensive income for the period 3,776 4,010


22

GLOSSARY

‘000 thousand

bn billion

CIR cost to income ratio

CMTPL compulsory motor third-party liability

insurance

CPI compulsory pension insurance

FD federal district

IFRS International Financial Reporting Standards

IPO initial public offering

LC leasing company

LCV light-duty commercial vehicles

M month

mln million

MHI motor hull insurance

NIL net investments in lease

MPC Mortgage participation certificate

NPF non-governmental pension fund

NSPP non-state pension plans

ROA return on assets

ROE return on equity

RUB bn billions of Russian roubles

RUB mln millions of Russian roubles

SEB sole executive body

SPO secondary public offering

thous. thousand

VHI voluntary health insurance

23

CONTACTS

For more information please visit our web site: www.safmarinvest.ru

Contact us:

Investor Relations Department

[email protected]

tel.: +7 (495) 901 03 61


investor presentation 1h 2017 ifrs results · by gross written premiums (2016) non-state pension...

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