Annual report 2010 - Dexia.com

Activity and results of the business lines // Asset Management and ServicesInvestor services 31/12/09 31/12/10 VariationAssets under administration (1) (in billions of EUR) 1,706 2,101 +23.2%Number of funds under administration 6,120 6,736 +10.1%Number of shareholder accounts in transfer agency(in thousands) 8,913 9,580 +7.5%(1) Assets in custody, administration and transfer agency.This momentum is reflected by a 23%-growth of assetsunder administration, to EUR 2,101 billion. This progressrests in particular on a positive foreign exchange impact(appreciation of the Canadian dollar against the euro by 12%and the US dollar against the euro by 7%). Integration of theUBI Banca depository bank activities in May 2010, resulted inan increase of EUR 20 billion in assets under administration.The number of shareholder accounts in transfer agencyrose by approximately 667,000 accounts compared to theend of 2009.In October 2010, Dexia presented its financial and commercialtargets for 2014, within the context of an Investor Dayorganised in Brussels. The commercial ambitions set up forInvestor Services are detailed in the chapter “Strategy” onpage 19 of this annual report.InsuranceDexia Insurance Services is Dexia’s insurance pool for Retailand Commercial Banking clients (individuals, private, SME)and Public and Wholesale Banking clients (public, socialprofit). It is mainly active in Luxembourg and Belgium.In Luxembourg, Dexia offers its insurance products especiallyto wealthy clients, supported by the banking network. InBelgium, Dexia combines the strength of DVV-LAP, a tiedagent network (mainly non-life) with a banking and insuranceapproach through the banking network. This multi-channeloffer, which is at the heart of the strategy of Dexia InsuranceServices, is completed by Corona Direct, a direct insurer.Dexia Insurance Services recorded an excellent commercialperformance in 2010. Total gross written premiumsincreased by 52% to EUR 3.5 billion, driven by life insurance(+64% to EUR 3 billion) which benefited from high customerdemand.In 2010, customers invested back in life insuranceinvestment products: guaranteed-yield insurance products(branch 21) or unit-linked investment contracts depending onthe market (Belgium or Luxembourg), the client segment andthe distribution channel.• In Belgium, the bank network collected twice as muchin life insurance premiums as in 2009. Dexia Life Capitalproducts achieved real success and Dexia Life Horizon (mix ofbranch 21 and branch 23) was awarded the Decavi Trophy forInnovation. In Public and Wholesale Banking, the cross saleof insurance products contributed positively to the businessline’s performance and growth was observed in all segments(public sector, social profit and corporate). Dexia InsuranceServices successfully entered the second pillar pension marketfor public-sector related counterparties, which was a majorcommercial achievement in 2010.• In Luxembourg, Dexia Life & Pensions performed verywell and collected EUR 1.1 billion within the context of theforthcoming European Savings Directive. This 75% increasein premiums compared to 2009 was supported by the closecollaboration with Dexia Banque Internationale à Luxembourg,in both retail and private banking, and the development ofextra-Group distribution channels.Consequently life insurance reserves grew by 13% in 2010 toreach EUR 18.4 billion at year-end.In non-life, the 4% premium growth was mainly due tothe fire and car insurance lines. DVV Insurance received theDecavi Trophy for the Best Comprehensive Car Insurance.The company also launched its investment programme toenhance customer satisfaction and to optimise efficiency, asannounced in the Dexia 2014 strategic plan.Direct insurer Corona Direct also contributed to growth witha 10% rise in life premiums and good progress in non-life.Dexia Épargne Pension, Dexia’s subsidiary specializing in thesale of life insurance products in France, left the scope of theGroup in 2010.In October 2010, Dexia presented its financial and commercialtargets for 2014, within the context of an Investor Dayorganised in Brussels. The commercial ambitions set up forInsurance are detailed in the chapter “Strategy” on page 19of this annual report.Total gross written premiums (1)(in millions of EUR) 31/12/09 31/12/10 VariationTotal premiums 2,327 3,526 +51.5%Non-life 486 504 +3.7%Life 1,841 3,022 +64.1%Branch 21 (classical life included) 1,317 2,219 +68.4%Branch 23 (unit-linked contracts) 524 803 +53.2%(1) Pro forma figures as Dexia Épargne Pension left the scope of the Group in the second quarter of 2010.Management reportConsolidatedfinancial statementsAdditional information Annual financial statementsAnnual report 2010 Dexia109