Annual Report 2018 Data
In addition to the MLP Group, the following joint management report also encompasses MLP SE.
The values disclosed in the following have been rounded to one decimal place. As a result, differences to reported total amounts may arise when adding up the individual values. The previous year's figures are given in brackets.
Broad range of services
The MLP Group (MLP) is the partner for all financial matters – for private clients, companies and institutional investors. Four brands, each of which enjoys a leading position in their respective markets, are used to offer a broad range of services:
Client requirements in focus
Since it was founded by Manfred Lautenschläger and Eicke Marschollek in 1971, the MLP Group has consistently striven to establish long-term relationships with its clients. This requires profound understanding of their individual requirements. Each of our approximately 1,900 consultants in the private client business therefore focuses on one professional group. MLP's clients primarily include physicians, economists, engineers and lawyers. We support these clients in all financial matters – from old-age provision and wealth management, through health and non-life insurance to loans and mortgages, real estate brokerage and banking business.
The views and expectations of our clients always represent the starting point in each of these fields. Building on this, we then present them with suitable options in a comprehensible way so that they can make the right financial decisions themselves. In terms of implementation, we examine the offers of all relevant product providers in the market. Our products are selected and rated on the basis of scientifically substantiated market and product analyses.
Transparent partner and product selection process
MLP places great emphasis on the use of objective and transparent criteria when selecting partners and products. An analysis and quality check of the providers in the market, as well as their respective products, are performed on the basis of client requirements. The product selection process is continually improved and optimised.
Further training of key importance
Qualifications and further training of our employees and clients play an important part in our Company's ability to ensure sustainably high-quality consulting services. You can find more detailed information on this in the chapter entitled "Employees and self-employed client consultants".
MLP Banking AG
MLP Banking AG combines the features of a direct bank with consulting services, which are provided by our consultants. It offers typical banking services to both private and business clients – including everything from accounts, cards and loans to wealth management. MLP Banking AG role within the MLP Group entails:
As a financial institution, MLP Banking AG is supervised by the Federal Financial Supervisory Authority (BaFin) and represents the controlling company of the Financial Holding Group in terms of the supervisory regulations.
MLP Finanzberatung SE
The business activities of MLP Finanzberatung SE focus on providing advisory services to both private and corporate clients on financial issues, as well as brokerage of corresponding products. These are closely intertwined and complement each other. Consulting services include the areas of old-age provision, health insurance, non-life insurance and real estate brokerage.
As an insurance broker, MLP Finanzberatung SE is also committed to selecting the most suitable product options for clients from the broad scope of offers available on the market. These products clearly set us apart from the majority of players in the market, that either only offer their own products or a very limited selection of third-party products.
DOMCURA – The non-life insurance specialist
As an underwriting agency, DOMCURA AG provides extensive coverage products for private and commercial clients in the non-life insurance area. DOMCURA offers special expertise in the development and administration of residential building concepts. Its products are currently used by approximately 5,000 insurance brokers and insurance sales agents.
nordias – Focussing on commercial and industrial insurance products
nordias GmbH Versicherungsmakler is home to specialist brokers for commercial and industrial insurance products.
FERI – Wealth management with independent research
As an investment house for institutional investors, high net-worth families and foundations, the FERI Group (FERI) offers services in the fields of investment research, investment management and investment consulting. The FERI Cognitive Finance Institute acts as a strategic research centre within the FERI Group with a focus on analyses and method development for long-term economic and capital market research.
In the Investment Management business area, FERI Trust GmbH offers a broad spectrum of wealth management services in all asset classes. These services range from the development and implementation of individual investment strategies, right through to quantitative risk spreading and control. Investment consulting involves long-term advisory services to institutional investors and the provision of family office services to high net-worth families. Investment Research draws up economic forecasts and individual asset allocation analyses, which provide an important basis for the investment strategies.
TPC – Sector concepts for occupational pension provision management
As a specialist in occupational old-age provision management, TPC GmbH (TPC) offers companies and associations consultancy services covering all issues relating to occupational pension provision and remuneration – from requirements analysis, individual concept development and implementation, to continuous review of existing company old-age provision systems. The key focus here is on providing consulting services to small and medium-sized companies from various sectors, as well as employer consulting services to tax advisers, auditors, solicitors, physicians and architects. In addition to this, a digital service is set to be established in 2019 in the form of the TPC Portal, which employers can then use to provide information on their entire portfolio and also advise clients with the support of MLP. Employees will also have dedicated access to their contracts via this portal.
Represented throughout Germany
The registered office of MLP SE as the holding company, as well as MLP Finanzberatung SE and MLP Banking AG is in Wiesloch, Germany, where all internal divisions are centralised. In addition to this, we are represented by our client consultants, branch offices and university teams in all German urban centres, including all important university locations. DOMCURA and nordias have their headquarters in Kiel, while TPC operates out of Hamburg. Alongside its HQ in Bad Homburg vor der Höhe, Germany, FERI maintains offices in Düsseldorf, Munich, Luxembourg, Vienna and Zurich.
MLP is organised as a holding company, in which central management duties are performed by the Group's parent company, MLP SE. The five subsidiaries MLP Finanzberatung SE, MLP Banking AG, FERI AG, DOMCURA AG and nordias GmbH are arranged below this (see chart). The business divisions each carry end-to-end accountability for results. This organisation reflects the Group's strategic goals and client requirements.
MLP Finanzberatung SE is registered as an insurance broker for the brokerage of insurance products. MLP Finanzberatung SE includes TPC GmbH in Hamburg, ZSH GmbH Finanzdienstleistungen (ZSH) in Heidelberg, MLPdialog GmbH in Wiesloch. Another holding is MLP Hyp GmbH, Wiesloch, which we operate together with the mortgage lending broker Interhyp AG in Munich.
MLP Banking AG holds a banking licence and bundles all banking services for both private and corporate clients.
The business conducted by FERI AG revolves around investment research, investment management and investment consulting for institutional investors, high net-worth families and foundations. These are anchored in FERI Trust GmbH, Bad Homburg v.d.H. FEREAL AG acts as a capital management company for alternative asset classes, such as real estate, private equity and infrastructure. FERI (Switzerland) AG offers investment solutions for private and institutional investors outside the eurozone from its Zurich location. As fund administrator, FERI Trust (Luxembourg) S.A. coordinates the entire fund structuring and fund floating process.
DOMCURA AG specialises in designing, developing and implementing comprehensive coverage solutions in the non-life insurance area for both private and commercial clients. nordias GmbH Versicherungsmakler is home to specialist brokers for commercial and industrial insurance products.
There were no changes to the corporate structure and the scope of consolidation in the reporting period.
Economic developments in Germany have a significant impact on the business model of the MLP Group, as the Company generates almost all of its revenue in this country. Particularly important non-financial performance indicators in this regard are economic growth, developments on the employment market, salary levels and the general savings rate. They are described in further detail in the chapter entitled "Economic report – Overall economic climate".
The results of operations are influenced even more acutely by market conditions in the consultancy areas of old-age provision, wealth management, non-life insurance, health insurance, real estate as well as loans and mortgages, which we analyse in the corresponding chapters of the "Economic report and forecast". Another important factor is the regulatory environment, which is examined in more detail in the chapters "Economic report and forecast – regulation and competition".
The Executive Board at MLP SE comprises three members. The positions on the Board continue to be held by Dr. Uwe Schroeder-Wildberg (Chairman of the Executive Board), Manfred Bauer (Products and Services) and Reinhard Loose (Finance). In the last year, the Supervisory Board at MLP SE unanimously voted to extend the contract of Chief Financial Officer Reinhard Loose, which expired on January 31, 2019, by five more years to 2024. The Chief Financial Officer at MLP SE is responsible for Compliance, Controlling, Purchasing, IT, Human Resources, Accounting, and Legal and Risk Management. In his role, he also holds a position on the Executive Board at the two subsidiaries MLP Finanzberatung SE and MLP Banking AG.
The Supervisory Board, which is required to monitor the Executive Board under German law, comprises six members. Maximilian Lautenschläger, second son of Company founder Manfred Lautenschläger, joined the Group's supervisory bodies in 2018. He has been a member of the Supervisory Board at MLP Finanzberatung SE since March 2018. Matthias Lautenschläger had already been a member of the Supervisory Board at the former MLP Finanzdienstleistungen AG since August 2015. This office ended in May 2018. He was elected to the Supervisory Board of MLP SE at the Annual General Meeting held on June 14, 2018. The other members of the Supervisory Board at MLP SE were also re-elected or appointed by the employees of the MLP Group during the Annual General Meeting. The Supervisory Board at MLP SE therefore comprises the following members: Dr. Peter Lütke-Bornefeld (Chairman), Dr. Claus-Michael Dill, Matthias Lautenschläger and Tina Müller as representatives of the shareholders, as well as Alexander Beer and Burkhard Schlingermann as employee representatives. In addition to this, the Supervisory Board at MLP SE appointed Company founder Manfred Lautenschläger as its Honorary Chairman.
Carsten Hermann became a member of the Executive Board at FEREAL AG, which is part of the FERI Group, on January 1, 2018. His predecessor, Marcel Renné, joined the Supervisory Board at the start of H2 2018. At the same time, Arnd Thorn stepped down from the Supervisory Board at FEREAL AG.
