Right. Hello everyone, and thanks for joining. I'm really excited to have Reinhard Loose, the CFO of MLP, with me today in this roundtable format. We will give you, or he will give you, a presentation on MLP for roughly 30 minutes. Afterwards, we will open the floor for questions, that these can come verbally, if you raise your hand basically on your live stream, or written. If you have a written question, you can also already write them and raise them during the presentation, and we'll only come back to them in the Q&A session. Without further ado, Mr. Loose, please go ahead.
Yeah, thank you very much, and hello also from my side. Also very interesting to have this format. Virtual roundtable sounds very nice. The table where I'm standing at isn't round, but nevertheless, at least it's virtual. I'm happy to share with you 15 slides. We forgot the legal disclaimer. We start with the overview of some highlights of the MLP Group, just for everyone in the call who perhaps doesn't know MLP that well. First, our highlights of the group is that our business model is, in some case, unique. We see our business model as a very interesting connection between stability on one side and growth prospects on the other side.
Stability, and I'll explain all these points later, is especially seen with the high share of recurring revenues we have and on the other side, with the prospects we see out of some future trends where we definitely will participate. We also see this balance between two points in our business model where we are focusing on advisory model, but this advisory model we support with IT for many, many years now. Definitely, in the surrounding we are at the moment, we support and are supporting this more and more with AI enhanced processes. This also, we believe, will bring us advantages also in the future. We see also, again, two areas. On one side, the track record we have, and I'll explain to you in a second, with growth now for many, many years in a row.
Also we plan to continue on this path with the future plannings we have. All these three points are backed up with, we believe, an interesting dividend policy we continue also in the future. Going a little bit deeper into our business model. We are in our MLP Group financial advisory network, operating with different brand names. But we all share that we advise family and corporate clients in the three areas we are operating in wealth, in life and health, and in property and casualty. Our idea is to support families and more and more also corporate clients in the entire life cycle of their financial, let's say, living.
And we see with our subsidiaries that we support this network and the core, let's say the MLP core, with some specialties we, during the last year, acquired or started with in the areas of financial advisory, in industrial brokerage, obviously in banking asset management, underwriting, or also real estate. As I said before, all this is building this financial advisory network we are in. As said before, we are working in a personal client relationship. This is something which is extremely important for us.
There are many in the markets who are focusing on digital networks, which is great, but our part where we are in is the personal relation, and we believe that the families we are supporting, also the corporate customers we are supporting, that they also in the future will need this personal relationship with the support, with the possibility to answer not only question, but also from time to time, give them advice directly without asking questions. To do this, and this is just one example, for our private customers, we are having a financial home where we give our private customers the overview, where they can manage their asset structure, where they can see all what they are doing on their financial service side.
Also we give something similar to our consultants where we are already having in place, but building up this even better and better central tool for client-oriented and comprehensive consulting. These two interfaces towards the client and towards the consultant, we are supporting more and more, not only with not say normal IT, but also with AI agents who, for example, support the client in finding the correct answer for the questions in P&C, finding the right contracts, supporting there also the consultants to give an answer even faster. This just an example where we are using AI. We are using AI, for example, in our subsidiary, DOMCURA, where we are doing the claims management, AI supported, fully automatically until a certain threshold.
Therefore, we see us there on one side with many things still to do and many things still open, but nevertheless, on a very good way to continue giving support, improving processes, and giving the right answer. If we are looking back now to the growth track, we believe that we have supported or given a good track record over the last years. The revenue in the last years, here we show only from 2020, but we can go backward. Since 2011, every year, the revenue has increased in the last years in average by 7% to a little bit more than EUR 1 billion revenue. If you look a little bit closer into the revenue, we will see that the majority nowadays is done in the field of wealth. The second part is life and health. The third part is P&C.
Obviously, there is a ranking in between these three areas, but nevertheless, all these strong areas supporting the overall revenue stream. As mentioned on the first page also, out of this EUR 1 billion, a little bit more than EUR 1 billion revenue, we generate more than 70% at year-end 2025 as recurring revenues. I always make the joke that when I wake up on the January 1st, I know that EUR 700 million already is in the book. Obviously, it is not totally correct.
Nevertheless, it gives our P&L a lot of support, strength, and stability. I think this number shows very good as one indicator of the stability of the group. We have two other indicators, which also gives us, let us say, support for the growth in the next years. This is the assets under management, which is now at EUR 68.8 billion, almost EUR 70 billion assets under management.
Also growing almost every year in the last years. We also see this in the non-life insurance premium volume, where we have an annual growth rate of around 30% in the last years. We are now at the half year at EUR 865 million insurance premium volume, which also definitely is, I think, a strong support and gives us towards our customers, but also towards the insurers with which we are working, a very good standing and also stability for the future. If we are then going to the numbers for the half year, we see on the right side the income statement, and we are comparing the six-month figures from 2026 toward the six months figures of 2025. You see the revenue increase of 10%, and also a very nice increase in the EBIT numbers with more than 40% to now around EUR 60 million.
On the left side, you see that in all areas, we are growing. Wealth is by 11%, in life and health by 3%, and the P&C by 12%. I think these are very good and strong growth figures of our sales areas. If I then go again into this figure, just to highlight again the record highs we have reached in these two areas, which are, as the portfolio figures for us, the most important to present you all three months. On the left side, we saw that the AUM supported us and also in this first half of the year, supported us not only with the portfolio but also on the P&L with the performance fees. In the first six months, we were able to generate around EUR 8.5 million performance fees.
You have seen from the numbers that we have generated in the third quarter, which you cannot see here on this page, that we have generated another EUR 21 million of performance fees, which definitely helps us for the overall P&L in this year. As I always say, it is very nice, but it is fluctuating a lot, and therefore, much more important for us is that we continue to grow these portfolio figures year by year, quarter by quarter. This you can see on the left side, but also even more on the right side, where in the last 20 years, to be precise, there was no year where the portfolio figure for the non-life insurance premium volume was below the figure of the last year. That means a continuous trend of growth, and I do not see any reason why this should change in the next years.
When I speak about the future and changes, I would like to bring you some examples of what we are doing next to, let's say, expanding and continuing the growth in our, let's say, normal areas. From time to time, definitely, we also try to do some new areas or new things. Praxeasy here in general is not a new area. We now are, for many, many years, very strong in the area of medical doctors. About 20% of all medical doctors in Germany are our customers, and we were asking ourself, how can we support them even better? The surrounding for medical doctors is quite competitive, quite challenging, I think is a better word. We were asking ourself, how can we support our customers, but also, obviously, how can we support our offering towards new customers?
We decided to start a small new company, which we call Praxeasy, with the idea of expand our support for the medical business even more. The idea is that we are, or were already in the past, covering the private client, normal financial service private client area, that we are supporting them in their professional sphere, for example, with insurance solutions for practices or for benefit solutions. Now we talked with many of our customers with the question, what would you need if we could support you even more? What they were saying is that we need some support in practice management and special advisory services. We said, okay, we start this obviously with the possibilities which all the new IT, which all the AI is giving.
Therefore, we started a new business there, as I said, with the idea to give us additional support and give our customers additional support in this medical area. We just started during this year. We already have the first customers. The feedback we receive is quite positive. Obviously, the most important thing is that we see that the feedback of our customers is positive, but what we also see is that this company, as a new founded company with the idea of give all the solution with the support of AI, that the speed of this small company obviously is extremely high. Therefore, it gives always good insights also for the rest of the company. Therefore, we are talking from time to time about the fast little boats which you need.
This is for us, one example of a small startup, which makes, to us, a lot of fun and hopefully also to more and more customers. Another example, and definitely for the P&L, much more important about new things is the so-called Altersvorsorgedepot. I guess you all have read about the changes in this support, in this area from the January 1st, 2027 onwards. We see this as, by the way, many participant in the market. We also see this for us as a good opportunity and a good possibility to continue our growth path there. What are we offering? I don't think it's necessary to explain you the new framework. What we are offering is that we are offering as well insurance solutions as well as banking solutions. Easy for us in the network, we have a bank.
Therefore, at the moment, we are constructing the Altersvorsorgedepot on the banking side with, on one side, a standardized investment solution, on the other side, with the possibilities for customers get additional advice and then choose an individual investment solution there. This is what we will offer from January 1 on the banking side and on the insurance side, obviously, with all our insurance partners we have, we will offer insurance contracts there with or without a guarantee, and we will support our customers, the existing one and the new ones to find the correct solutions. Just to be complete there, we also have offering mortgage repayment solution.
To be quite honest, I don't believe that this will be the most interesting part for the customers, but nevertheless, the possibility exists, and due to the fact that we also there would like to give our customers the possibility to choose whatever is possible, we definitely will offer this as well. As the perspective for clients and MLP on the right side of the slide, I think is important. The opportunities for clients, definitely it's much more attractive. The incentives you get are higher, the possibilities you have that you can invest without a guarantee, which gives you on the long run, definitely higher possibilities for higher return or better possibilities for higher return. We, like everyone else, see this as a big advantage in comparison to the existing solutions. You definitely have more flexibility.
But on the other side, you can also have more possibilities, and I think that makes sense to, let's say, have a look on it and get consultancy there. There definitely is the opportunity for MLP because we can give this client guidance. We can give the advice, we can give the information about all possibilities which are in the market, about the special situation the client is in. There is a difference if there is a new customer being, I don't know, 25 or someone who is 50. The answer definitely will be or might be different. Therefore, I think it's interesting to get the right advice there. We see with the existing customers, but also with new customers, good possibilities here. We have around at the moment, I think it's also important, we have around 170,000 contracts in the old regime.
Definitely, therefore, we have 170,000 customers who will ask themselves, what shall we do? We are already in the mood and the phase of consulting our clients about the general possibilities which they have from the beginning of 2027 onwards. Therefore, I think here it's important to point this out, the flexibility at the capital market and participation is definitely a big advantage for our customers, but also there is a need for advice, which we already see people which are start asking our consultants what shall they do, and therefore we see this as backward for us in 2027, and the following years. But before we talk about the 2027 and the following years, I think it makes sense to also talk about 2026.
As mentioned before, we have seen that end of September we were able to see additional performance fees in our books, and this gives us, or convinced us to increase our forecast. The forecast which was before between EUR 100 million- EUR 110 million EBIT, we now see in the range of EUR 110 million- EUR 120 million EBIT at the year-end. Therefore, we are, I think, on a good way of reaching this figure, which will, in this area definitely will be a new record EBIT for MLP.
We would like to continue bringing record results, and therefore we plan to increase these results even more until 2028. We already last year announced that we see in 2028 the EBIT between EUR 140 million- EUR 155 million, and everyone can calculate this, which then will lead to an earning per share between EUR 0.90 and EUR 0.99.
This just for keeping in mind when we talk a little bit later about the dividend policy. You might ask, where will this increase come from? We see in general, this increase in all our three areas we are in. Property and casualty, as I said before, 20 years of growth in a row. We will continue this in the private customer segment, but even more in the segment of corporate clients, where we are growing even more and where we see many opportunities in the markets, but also in existing customers, which we already have in our network. We see continuation in life and health due to the demographic development.
We see and continue to see the opportunities, especially in the corporate benefit sector, by the way, where we also some years ago started with a nice little startup, Packstrat it's called, where we generate customers in the area of corporate benefit, supporting this life and health area. Finally, we also see the continuation in the wealth area, where we see for 2028 assets under management between EUR 75 billion- EUR 81 billion. Also with the continuation, we have as well in the private family client business, high-net-worth individuals and also institutional clients. In the institutional clients area, where we perhaps didn't grow that much during the last two to three years, but we see opportunities there, especially with the area of alternative assets, where we at the moment manage around EUR 18 billion in alternative assets.
With this experience, with the knowledge we have in this area, I think we can bring this advice also to even more clients. This will support our growth path. Obviously, everything there also is supported with our digitalization strategy. We are looking for cost savings or cost reduction. Our target, and that was also the fact in the last years, that obviously revenue grows very, very easy. Revenue grows faster than costs. Extremely simple, but during the last year, it worked and we'd like to continue this. Speaking of this, obviously, we like to also participate our shareholders in our growth. On the left side, you see the dividend yield over the last years. What you see there is, I think, a quite attractive dividend yield over the last years. I would say we'd like to continue our dividend policy.
The policy is that we pay out between 50%-70% of the profit. Now coming back to the EUR 0.90-EUR 0.99 per share we are planning to earn in 2028. That definitely is our plan, that we continue to increase also our dividend. Therefore, I think this gives our share some support, which we happily have seen also in this share price, especially in the last weeks and months. Therefore, if you go now to the right side, the analyst estimates. I think we will see in the next weeks also some updates there. I would say, in my words, everyone is saying buy. I think I am not happy with all the share prices which you see at the moment right there.
But as I said before, I would estimate, I would think that we will see some updates in the share prices in the next weeks after we will publish the Q3 numbers. But in general, I think the analysts are supporting us and are supporting the way we are working. With this, Simon Keller said I have 30 minutes time to present. 29 minutes of the 30 I have used. Therefore, with this, I have now the last slide. I think the summary is very easy for us to just to remember. We have some developments, some new business started, where we believe perhaps not all of them, but the majority will pay off. With the whole network we are in, we see a growth potential from ourselves, but also from the general trends the market is in. For example, Altersvorsorgedepot.
I think we delivered some good numbers in the first six months of the year. I am quite optimistic that we will also see some nice numbers after Q3. Therefore, we plan to continue our growth path to again reaffirm our planning for 2028. With this, I would like to finalize or finish my short presentation, and I would be happy to answer your questions. Thank you for listening, and I would like to give it back to you, Simon Keller.
Thanks for the presentation, for the insightful presentation, I should say. Dear participants and investors, feel free to raise the hand to basically ask a question with voice. But I already see that we have a short backlog of questions that came in written, and I will go through them chronologically. I think that is also already really interesting because I saw some of them. The first question, actually, it is a couple of questions within one question box. But the first question is, are MLP's advisors already using leads to acquire new clients? The background is that many brokerage firms are coming under increasing pressure, as Meta is also now using AI agent Muse to approach customers directly. For example, to book a trip, open an account, or even compare insurance policies on a customer's behalf. How is your company responding to this development?
I guess that's part one of the question, and the second question will come up next.
The question was, are we using leads or are we using?
Basically, I guess it's two parts. One is, are you using leads to acquire new clients? Also, how are you responding to this development? Or maybe even do you see this as a risk or that some of your clients say they start using Muse or maybe other AI agents to basically book or compare insurance policies?
Yeah. Okay. Thank you. I wasn't quite sure if I misunderstood between leads and news about what. Okay, I try to answer. Yes. For many, many years, we using, especially in the younger segments, leads to acquire. We have another startup we have, it's called Uniwunder. It's a platform where more than two million students in Germany are listed, registered, or are using this. This is a company which belongs to us. When you are on this platform, we there generate as one example, leads. This is one opportunity for us or one channel for us to get in contact to new potential customers, and then finally to customers. That's not the only one. We also use a different platform. We have a YouTube channel, we have a TikTok channel, but the majority of the leads comes with this called Uniwunder platform.
In this younger segments, more than 50% of the clients coming to us via online contact. Definitely AI, Muse or whatsoever, is a question that we are dealing with. It's another possibility to answer questions you can also ask to an advisor. We believe, and I think this is something which we always should have in mind normally, also the community which are now listening in on this call, we are all more or less interested in financial services. The majority, at least in this country, isn't too much interested in this. Therefore, not everyone has the own intention to ask AI to ask whomsoever. They also need some support, and this is a point where personal contact, let's say, is in many, many cases easier, simpler, and a better advisor.
I wouldn't say a better advisor, but a better contact, and better support perhaps for supporting in financial questions. Therefore, definitely we asking always ourself, is there a, let's say, a nightmare competitor? That's our expression. Is there a nightmare competitor out who can, let's say, attack us via AI that much that we don't see a future for MLP? At the moment, we believe we have enough answers internally that we can compete against the digital and AI attackers. They are there. No question.
That was a detailed response. Thank you. The second part of this question block is on the corporate client segment and how the build-out is developing. There are some sub-questions which you might want to use as bullets to go through this to answer this. Firstly, has it improved or have you improved the ability to find qualified advisors? Is this a challenge? What revenue do you expect from the segment next year compared to this year? Do you plan to make an acquisition of a brokerage distribution business? The example here is Warburg Pincus. Warburg Pincus has acquired Netfonds and blau direkt, and therefore the market appears to be consolidating. Do you take an active stance here?
First of all, in the area of corporate clients, we did some acquisitions in the past. Let's say the biggest one was the RVM, which was in the P&C area, let's say our step into the market. We then did some smaller acquisitions there. Let's say, I would more say we're looking for other acquisitions as well. Why I'm using the past and not the present. The prices in the last years were extremely high, and from our point of view, not too attractive. Therefore, we didn't participate in some acquisitions, especially in the industrial broker segment. We are still open and from time to time, we have talks. What we find out the market is a lot of movement is there, but not only with companies, but also with people. We found out that many people or even teams are now willing to change.
During the last 12 months, we were able to acquire some teams, which we found even more interesting than acquire whole companies. I have nothing against if this continues. Blau Direkt and Netfonds, from my point of view, does not fit as much to this. These are also brokerage channels, but not that much in the area we are looking in for corporate clients. That is something different. But, I think a little bit this comes also out of the answer, it is extremely difficult to find good advisors there in the corporate client business. Yes, definitely, we would be happy to find even more there.
Okay, maybe one follow-up question. Are you satisfied with how the build-out is developing from this point? Probably more organically, but is this going in the right direction in your view?
It is going in the right direction. It could be a little bit faster, definitely. But when we started with the idea, as I said, we thought of acquiring even more, but due to the price development, we said, "No, it is better to have a sustainable growth path." Therefore, we are growing and we will, therefore, as I said, happy, could be more, but we are happy with the growth over there.
All right. Then we have one hands-up question from Klaus Brunner. I will connect you now. Hello, Mr. Brunner, can you hear us?
Yes, I can. Thank you. Thanks for taking my question.
Hello, Mr. Brunner.
Hello there, Mr. Loose. Thanks for taking my question. Shall I put it in English, or should I switch to German? What's your preference? I don't know who's-
Preferably in English, because we have English-
Okay
investors tuned in as well.
Not a problem. All right. First of all, congratulations to the development of the share price, which is above EUR 11, I think for the first time the past 17 years or so. Part of it, of course, is the result of your guidance raise that you did at the end of September. Now, in that connection, you talked about performance-based fees, and I would first of all like to know how to compare the Q3 figure that you gave historically. I think it was EUR 21 million in performance-based fees. Is that a record? Was it ever that high before? The second question in that connection, how earnings relevant are these performance-based fees? In other words, what percentage of them goes straight into the EBIT? Thank you.
Thank you for the question. For Q3, it was a record. We twice had around EUR 70 million performance-based fees in Q3. We never had more than EUR 20 million in Q3. By the way, we only had once in a quarter more than EUR 20 million. There was one year when we had EUR 25 million performance fees. But there were also fees where we had EUR 200,000 performance fees, and that's definitely the, let's say, the volatility in this part, and therefore, normally, I don't like this performance fee. We are always happy when they are there, but they are extremely difficult to plan, and that's the negative side of it. But also nice is that, let's say the overall margin of these performance fees is, in general, relatively higher. There are parts where the margin also is extremely low, by the way.
But in general, as a rough estimate, you can calculate between a little more than 60% of the performance fees goes to EBIT.
Okay. Now, if I may, one more question in that connection. I think your CEO said when the half-year figures came in, that all the performance-based fees that you used for the calculation of your guidance were already in the book at that point. Now, if you now had EUR 21 million in the third quarter, and let's say 50%, so that's EUR 10, EUR 11 million that goes straight into EBIT. You raised your EBIT guidance by EUR 10 million midpoint. Is it already conservative by now? Or how would you answer to that?
I wouldn't say that's an aggressive raise. That's true.
Thank you.
You are welcome.
Okay. We, in the meantime, also have further questions, or we already had questions during the presentation. First one also goes into the direction of the guidance, and it is: Following the guidance upgrade to EUR 110 million-EUR 120 million EBIT, what are the key assumptions for Q4, particularly regarding performance fees, AUM, and the interest result?
As my CEO, as Mr. Uwe Schroeder-Wildberg said to half-year figures, we both would say the same to the Q3 figures. For the rest of the year, we have no plans for further performance fees. Before the question comes, it can happen that there will be further performance fees. Every one of us knows what the market is doing at the moment, and although it's a little bit weaker in the last days, nevertheless, the overall level is still high. Therefore, there is a possibility that there will be more performance fees in the next weeks until year-end. But in our plans, there are no more performance fees included. Again, because we now have more than EUR 30 million performance fees, which is quite high.
The interest rate result, and again, the volatility in the performance fee is the highest, and therefore everything else, what I'm now mentioning, has definitely a smaller impact, or let's say less surprises. Less surprises, number one is, the interest rate result will continue to grow, like in the last quarter, due to the interest rates we see as well as a long-term, as also in the short-term area. Let's say the overall business. To bring some negative, I think it's also important, especially for a CFO, to also bring some negative points. The big question we see concerning the Altersvorsorgedepot, especially for 2027, we see a positive impact in our asset under management, but we also see positive impact for our insurance area, Altersvorsorge there.
We believe that this can be difficult in the next weeks until year-end because we see that many are preparing for signing this in 2027, and therefore, life and health can be a little bit weaker in the next weeks.
Okay. That's a comprehensive answer. The next question also looks at EBIT, and the question is: What would 2026 EBIT look like excluding performance fees and other volatile earnings drivers? What should we consider a sustainable operating run rate for 2027?
I would say our original plans for this year were between EUR 100 million- EUR 110 million, and this was including around EUR 8 million performance fees. This is something which we see as operative run rate or operative for this year.
Clear. With 2026 EBIT already expected at EUR 110 million- EUR 120 million, what could prevent MLP from reaching its 2028 EBIT target of EUR 140 million- EUR 155 million ahead of schedule? Do you see any risks that basically delay this good momentum that you have right now?
At the moment, I think one of the core strengths of the MLP business model is that we are based on several pillars. In general, all these pillars are rising. Obviously, there are some waves in and some smaller down also, but in general, we see overall, especially in these three areas, a general upwards trend. At the moment, we do not see a change, or obviously there are always a risk, but in general, we believe that the probability that this what we saw during the last years continues is from our point of view, even higher. Obviously, the capital market, I think can collapse, and if we would see the overall share price going 50% down, definitely we would not reach our target because then our assets under management also would decrease. The P&C, the non-life insurance sector is extremely stable there.
I do not see too many risks. Also in life and health is, I think, relatively stable at the moment. Therefore, the biggest volatility or the biggest risk, and also the biggest opportunity, is for us the wealth area.
Okay, that is clear. The next question also looks again at the underlying business development. Essentially, I think what it pins down to or what is incremental in this question is what would an underlying business look like in 2027? If we exclude some of the performance fees, also that helped this year.
I would say we will talk about 2027. When we normally talk about this in the beginning of the year, we will publish the plan for 2027. I think then we will talk about this in detail. In general, I think I would like to refer to my last answer. We see a growth trend, we see growth strength in P&C continuing like it was in the last years. We see general continuous growth in life and health and wealth. In both last mentioned areas, we also see support from Altersvorsorgedepot. Therefore, I think you can take, that would be my estimate right now, we can take 2026 figures without the one-time effect of the performance fees, and we will continue the growth path there.
Yeah. Thank you for the answer. I assumed this would be a typical question that would also come up later in the year again.
No problem.
Once again, understanding the performance fees, the question is, should we view these Q3 performance fees as basically incremental, versus or should or would these have otherwise materialized in Q4? Probably it also refers to cut-off dates of some of the funds. Maybe you can share some color here on this.
In general, how does this performance work like? Number one, we are comparing with a benchmark, and we are comparing with the overall market and with high watermarks there. Therefore, yes, if the market is increasing, then it is easier to reach the high watermarks, and if we reach them, for example, end of September, then obviously it will be more difficult to reach them again later. Therefore, yes, if the market would be, I don't know, 10% lower end of September, then we presumably, and under the assumption that also at year-end, at the end of the quarter whatsoever, the comparison to the benchmark would be as good as it was as of September, then we would have seen the performance fees later.
But also speaking the other way around, if we continue doing a good job and being better than the benchmark, if the market continues to grow, then there are possibilities for more performance fees in the future.
All right. The next question is on the guidance buffer. What are the main downside in assumptions embedded in the new guidance range, particularly at the EUR 110 million lower EBIT end? So what would need to happen for you to basically only reach the lower end?
That is the advantage with the range, that we would be happy to be in the range. Obviously, I would say at the moment it will be easier to be in the upper part of the range than in the lower part of the range.
Let's keep it with this. That's a fair answer. The last question is against that we have currently in the queue, so if you have any further questions, feel free to raise them now. The question is against the backdrop of a very competitive market for the Altersvorsorgedepot, in which the German savings banks offer savings plans with a 0.1% fee, and where neobrokers, neobanks even undercut this offer, how can MLP compete? Which product can MLP offer for the Altersvorsorgedepot which other banks or neobanks can't offer? That probably is the second part of the question.
I think all the others, and definitely it will be extremely competitive market, and due to the fact that, let's say, the run of the market starts at the 1st of January, no one at the moment knows exactly where everyone will participate. What we believe is that not everyone will use the standard product, and all the prices you were just mentioning are the prices for the standard product in the banking area. We believe that for many it is still attractive or it's fitting better to the risk profile of the customers also to choose insurance solutions.
Definitely not for everyone, don't get me wrong, but I don't believe that 100% of all Germans now think, "I would invest everything in the capital market." We believe that many still are choosing insurance solutions, number one, and number two, we also believe that not everyone staying on the banking side will choose the standard product, but also would like to perhaps add additional funds or ETFs into this depot, which is not covered by the standard depot. If you see also the offers of the ones who were just published, you will see the difference in pricing between the standard depot and the depot where you have consulting in. This is where we also will stay.
We will also have, I think, attractive pricing in the standard depot, but also a solution in the individual depot where the margin will be a little higher for us.
All right. Mr. Loose, thank you for the Q&A already so far. This is the last call for any investors who have a question that they want to ask MLP CFO now. Type them in now or raise your hand and we'll put you on stage. Let's wait another 10 seconds, and if this would not be the case, we could conclude the call. Okay, this appears not to be the case, at least not so far. Mr. Loose, is there anything you wanted to mention at the end now, or is it fine for you if we conclude this, what I think was a rather successful roundtable, where you shared some really interesting insights into the guidance, into the outlook, into the business model of MLP more generally, and also clarified many of the questions, or all of the questions, and gave some helpful answers.
Is there anything, Mr. Loose?
No, I think it was fine. Just one thing perhaps to add, and also looking backward, especially for the one in the call who are following MLP now for a longer time. For many, many years, the last quarter was the by far strongest quarter of MLP, and from the underlying, it still is the most strongest quarter. Therefore, it's for us definitely important what will happen in the next weeks. But with the support of the first six and soon the first nine months of the year, there were times when the CFO was more nervous about the last weeks than this year.
Thank you, Mr. Loose. This concludes the call.