14.05.2014
OVB Holding AG DE0006286560
DGAP-News: OVB with strong new business in the first quarter
DGAP-News: OVB Holding AG / Key word(s): Interim Report/Quarter
Results
OVB with strong new business in the first quarter
14.05.2014 / 07:45
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- OVB sees growing objectivity in discussions regarding the regulation of
financial advisory
- Continued dynamic business development in Southern and Western Europe
- Client and consultant numbers have increased
- Confirmation of our 2014 sales and earnings forecast
Cologne, 14 May 2014 - In the first quarter of 2014, the OVB Group
generated total sales commission of EUR49.7 million, which, as expected,
was 9.3% lower than the strong start of the previous year. The latter was
driven by carry-over effects due to the "unisex" issue and pension reforms
in Central and Eastern Europe. With regard to the 2014 sales forecast, this
puts the Group on target. Much better new business than in the previous
year gives reason to be confident.
"We are satisfied with the start into 2014. For further positive
development, stable regulatory and political conditions are of course
particularly important. We therefore welcome an increasingly objective
discussion of financial intermediation and its essential importance for
private pension provision in Germany," said Michael Rentmeister, CEO of
OVB, a financial services group operating throughout Europe, at the
presentation of the results for the first quarter of 2014.
"A more nuanced view can be seen both regarding the issue of transparency
and in the discussion of commissions, which is considering cause and effect
more closely. While large financial advisors have already been documenting
their consulting sessions for twenty years, it cannot be hoped that
insurers with uniform, standardised information sheets will also make their
contribution and thus create transparency and comparability, which was
already supposed to have been achieved by the reform of the Insurance
Contract Act (VVG) in 2008. Moreover, the criticism of financial consulting
based on commission has been muted considerably by concerns recently
expressed by researchers with the methods used in various studies," said
Rentmeister on the current discussions, which in his opinion are in fact
interest-driven - under the guise of consumer protection. "Those looking
for truly suitable role models for regulation requirements in a
low-interest environment must not look in Europe but in Japan. There you
can learn how important it is to leave the solutions to the market
participants even in difficult situations instead of creating new political
regulations."
Business development in Q1 2014
As expected, the individual national markets where OVB operates saw varying
developments in total sales commission: For example, the carry-over effects
mentioned above particularly affected certain national markets in Central
and Eastern Europe and in Germany. This was countered by considerable
growth in Southern and Western Europe, also as expected. However, due to
the differences in size, the excellent sales success in Spain and Italy,
for example, was not enough to offset this completely.
As a result, in the first three months of the 2014 financial year the Group
generated operating income of EUR1.6 million, exceeding its own
expectations. OVB therefore sees itself as fully on target in terms of
earnings and confirmed the forecast made at the end of March of achieving
operating income at the same level as in the previous year.
OVB increased both its number of clients and of financial advisors. 5,118
financial consultants currently advise 3.10 million clients.
"In Europe, a demographic time bomb is ticking. There is no alternative to
long-term private pension savings for securing a good standard of living in
old age for broad sections of the population. With their advice, financial
advisors provide a socially and socio-politically important service.
However, this requires stable conditions and an objective discussion of the
private pension provision issue. Tens of thousands of brokers in different
companies are noting with increasing consternation how people are talking
about them and how little is known about the tight regulatory constraints
they have to contend with every day to provide their services. Whoever
thinks they have to add to these constraints should be very aware of the
consequences," Rentmeister warned politicians and the public. "At OVB, our
doors are always open to anyone wanting to enter into objective and fair
dialogue."
About the OVB Group
The OVB Group, with its holding company headquartered in Cologne, is one of
the leading European financial sales organisations. Since its founding in
1970, customer-oriented consulting for private households with regard to
asset protection, asset building, pension plans and real estate acquisition
has been the focus of OVB's business activities. OVB currently advises 3.1
million clients across Europe, working in cooperation with over 100
renowned product partners. OVB is presently active in 14 countries, with
approximately 5,100 full-time financial advisors working for the Group. In
2013, OVB Holding AG and its subsidiaries generated total sales commission
of EUR204.8 million and EBIT of EUR10.2 million. OVB Holding AG has been
listed on the Frankfurt Stock Exchange (Prime Standard, ISIN DE0006286560)
since July 2006.
This press release is also available on the Internet at:
www.ovb.ag > Press > Press Releases
End of Corporate News
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Language: English
Company: OVB Holding AG
Heumarkt 1
50667 Köln
Germany
Phone: +49 221 2015 - 0
Fax: +49 221 2015 - 264
E-mail: [email protected]
Internet: www.ovb.ag
ISIN: DE0006286560
WKN: 628656
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
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