MLP SE

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MLP SE

logo
legal form Corporation
ISIN DE0006569908
founding 1st January 1971
Seat Wiesloch , GermanyGermanyGermany 
management
  • Uwe Schroeder-Wildberg, CEO
Number of employees 1722 (2018)
sales 666 million euros (2018)
Branch Financial distribution
Website mlp-se.de
As of December 31, 2018

  MLP Banking AG
logo
Exterior view of the company headquarters in Wiesloch
Country GermanyGermany Germany
Seat Wiesloch
legal form Corporation
Bank code 672 300 00
BIC MLPB DE61 XXX
founding 1997
Website www.mlp-banking.de
Business data 2018
Total assets 1903 million euros
insoles 1720 million euros
Employee 179
management
Board Uwe Schroeder-Wildberg (Chairman)
Manfred Bauer
Reinhard Loose
Supervisory board Peter Lütke-Bornefeld (Chairman)

The MLP SE (until September 22, 2017 MLP AG ), based in Wiesloch in Baden-Württemberg is a 1971 in Heidelberg , was established in financial sales . The subsidiary MLP Banking AG (until November 30, 2017 MLP Finanzdienstleistungen AG) has a banking license and operates as a credit institute .

Another subsidiary, MLP Finanzberatung SE, acts as a broker in accordance with Section 93 of the German Commercial Code (HGB), brokering financial products such as insurance , investments and financing . The company names academics and discerning private customers as the target group.

In addition, the MLP SE is 100 percent of the FERI AG , an asset manager and consultant based in Bad Homburg , and the DOMCURA AG, an underwriting agent involved.

Companies

The company sells offers from around 100 partner companies in the areas of investment , asset management and risk management . The company has specialized in the core target group of academics (in particular doctors , lawyers , economists and engineers ).

The majority of the offers brokered by MLP consists of life and pension insurance of layers 1, 2 and 3, i.e. old-age provision , occupational disability insurance , health insurance , all lines of property insurance , investment products, as well as real estate and practice financing. In addition, through its subsidiary MLP Banking AG , MLP offers banking services such as current accounts and credit cards .

In 2018, the company achieved sales of 666.0 million euros with around 562,000 customers and managed customer assets of 34.5 billion euros. In the same year it employed an average of 1722 permanent employees and 1928 self-employed consultants .

Business model

The core business of MLP is the sale of financial products to academics. This group is an attractive target group for the sale of products from financial companies such as insurers and funds , primarily because of the relative wealth of academics and their work, which has been known to be safe . MLP is not a structured sales organization , because employees are not asked to recruit additional employees whose contracts they can then earn.

The company already recruits potential customers at the universities , and if possible, each customer is assigned an academic from his profession as a discussion and business partner. For advice and product brokerage, the sales representatives receive a commission from the brokerage fee of the company whose product was brokered.

commercial agent

The customers are looked after by independent MLP sales representatives . Every sales representative has his office in a branch, which the branch manager runs as a profit center at his own economic risk.

Due to its target group orientation, the company prefers consultants with an academic background. But the commercial agents also include bank and insurance clerks .

New commercial agents first go through a three-month basic training course, which is concluded with a proficiency test in accordance with § 34d GewO . After this exam to become an insurance specialist (IHK), the knowledge you have learned will be applied in practice in a further three months and the final exam to become an MLP Financial Consultant follows . This is followed by part-time training to become a Senior Financial Consultant . This lasts another 18 months and consists of target group-specific seminars and training courses. The training is completed after a total of 24 months.

Since April 2007, MLP has been granting a fixed monthly minimum remuneration (1,250 euros) in the first year in order to become more attractive for new sales representatives and thus to increase business with new customers.

Lawsuits were repeatedly filed to determine whether MLP sales representatives should be classified as employees subject to social insurance contributions and thus pseudo-self-employed . This was last confirmed in May 2014 by the Baden-Württemberg State Social Court in a specific case.

Shareholders

proportion of Shareholders
23.22% Manfred Lautenschläger ; D.
9.36% HDI Pensionskasse AG ; D.
2.95% FMR LLC
5.49% Barmenia Beteiligungsgesellschaft mbH
6.18% ALLIANZ SE ; D.
5.94% Angelika Lautenschläger; D.
5.03% Internationale Kapitalanlagegesellschaft mbH; D.
2.99% Schroders PLC; UK
49.81% Free float

history

founding

Eicke Marschollek and Manfred Lautenschläger founded the company as Marschollek Lautenschläger und Partner GbR on January 1st, 1971 in Heidelberg . The business idea initially consisted of winning law students as customers as a local insurance broker before they graduated from college. MLP later expanded its target group to include other academic target groups. By specializing in the academic clientele, the company served a niche in the market and participated in the increasing need for advice, investment and provision of customers in the course of their professional careers - and in their increasing wealth. In addition to lawyers, the company has also been looking after doctors and dentists since 1972. In the same year, the name was changed to a limited partnership . In 1974 the KG was converted into a GmbH and opened offices in Düsseldorf , Wiesbaden , Stuttgart and Bonn . With the conversion into a stock corporation in 1984 , the prerequisites for a stock exchange listing were created. After new target groups such as economists and engineers were added, the company was traded for the first time on June 15, 1988 on the regulated market of the Stuttgart stock exchange.

initial public offering

MLP-SE headquarters in Wiesloch

After going public in 1988, MLP founded MLP Versicherung AG and MLP Lebensversicherung AG in 1991 and transformed into a holding company in 1993 . In 1994 the MLP Vermögensverwaltungs AG was added, in the following year there were 50 MLP branches in Germany. The company gained its first experience abroad with the opening of its first branch in Austria in 1995. In 1997 it was included in the MDAX . In 1998 the company had 101 branches, seven of which were abroad. In addition to Austria, MLP was also active in Switzerland . In 2000 MLP opened the first branch in the Netherlands . In 2001 the corporate headquarters moved from Heidelberg to Wiesloch, opened the first branch in Great Britain and expanded to Spain the following year . During the period of strong expansion under Bernhard Termühlen , who had been CEO since 1999 , the MLP share rose from the equivalent of 55 cents in the initial listing to over 170 euros at its peak. On July 30, 2001, the share was included in the DAX .

Accounting scandal in 2002

With the balance sheet crisis in 2002, the company experienced a severe crisis after 31 years of uninterrupted expansion. According to the balance sheets, Termühlen always achieved the growth targets of 20 to 30 percent per annum that it specified. In 2002 the trade press doubted the legality of the balance sheets as a result of the article “The true MLP story” published on May 16, 2002 in the stock exchange magazine Börse Online . The magazine claimed that loans from reinsurers were recorded as corporate profits. MLP then commissioned several expert reports that attested that the group subsidiaries had a controversial but proper accounting. One of the SdK required total accounting ( " Consolidated Balance Sheet ") rejected the group from.

The statements in the article were later referred to in the specialist press as "misinterpretations", which were not invalidated by the company's defensive communication. Because of the allegations and the loss of confidence among investors, the company's share price plummeted by almost 90 percent. In 2004, charges were brought against Termühlen and two employees. In May 2007 the proceedings against the imposition of monetary payments were discontinued. In addition, the Mannheim Regional Court expressed legal concerns and doubts about the proportionality between the expected sentence and the length of the proceedings.

Consolidation from 2003

In January 2003, Uwe Schroeder-Wildberg initially took over the position of CFO , which until then had been held by MLP CEO Bernhard Termühlen. At the end of October 2003, Termühlen, who had come under great criticism, resigned as CEO of MLP AG. On December 17, the Supervisory Board officially appointed Schroeder-Wildberg as Chairman of the Management Board with effect from January 1, 2004. In 2003 the company's share left the DAX and was listed in the MDAX until June 18, 2010 and in the SDAX until March 20, 2016 . The MLP share was then no longer in any index until it was reassigned to the SDAX between March 22, 2017 and March 19, 2018 and between May 29 and June 22, 2020.

2005 was MLP Lebensversicherung AG to the Halifax Bank of Scotland is part of Clerical Medical International Holdings BV sold and subsequently traded as Heidelberger Lebensversicherung AG. The MLP Versicherung AG was the Gothaer sold and is now called Janitos .

In 2006 MLP AG took over the financial advisor Feri Finance AG at a price of 64.4 million euros. In the same year, the Federal Financial Supervisory Authority (BaFin) granted the MLP Group's sales subsidiary, MLP Finanzdienstleistungen AG, the license for investment and contract brokerage in accordance with Section 32 of the KWG . This gives MLP account managers the opportunity to broker forms of investment that go beyond investment funds. In mid-2007, MLP Bank AG merged with MLP Finanzdienstleistungen AG . MLP thus operates as a financial broker with a full banking license.

In the course of the consolidation, MLP decided to concentrate on the core market of Germany, in which it had the most experience, and withdrew from Great Britain and Spain in 2007. In 2008 the company also gave up its remaining foreign activities in Austria and the Netherlands. In 2009 MLP took over ZSH GmbH, a financial broker specializing in advising medical professionals, for around eleven million euros.

Further development

In 2008 MLP was confronted with an attempt at a hostile takeover . The then AWD board chairman Carsten Maschmeyer surprisingly announced that he owned 26.76 percent of the MLP shares, which were transferred to the insurance company Swiss Life . Swiss Life had previously bought AWD. To fend off the takeover attempt and to maintain independence, MLP responded with a capital increase of almost ten percent, in which the insurance companies Allianz SE , Axa and HBOS participated. This meant that Swiss Life's MLP share fell below the 25 percent limit, which is decisive for a blocking minority . After the failed takeover attempt, Swiss Life sold part of its MLP shares (almost 9.9 percent) to the Talanx insurance group in early 2009 . Swiss Life thus reduced its MLP stake to 15.9 percent. In December 2009, Swiss Life sold other MLP shares, so that their stake fell further to 9.9 percent. This means that there is no longer a company that has a stake of 10 percent or more in MLP.

At the end of 2008, the founder and long-time chairman of the supervisory board, Manfred Lautenschläger, handed over the chairmanship of the supervisory board to Peter Lütke-Bornefeld, but remained a member of the supervisory board .

In April 2011, as planned in 2006, MLP took over the remaining 43.4% shares in Feri Finance AG from the partners.

literature

Corporate employee literature

  • Manfred Lautenschläger, Imre Török: The MLP Myth. Success story of a financial service provider . Campus textbook, Frankfurt / Main 1996, ISBN 978-3-593-35464-4 .
  • Manfred Bauer: The added value approach as the basis of a modern broker concept - illustrated using the example of MLP AG . In: Thomas Köhne (ed.): Strategic cooperation in the insurance industry . Gabler, Wiesbaden 2004, ISBN 3-409-12493-4 .
  • Niels Joeres: With Humboldt into management. Humanities professionals as executives in business . In: Bernd-Joachim Ertelt, Andreas Frey, Christian Kugelmeier (eds.): HR between adaptation and emancipation: Contributions to the development of an independent professional personality (series of publications on work and education by the Heinrich Vetter Research Institute, Vol. 3) . Lang, Frankfurt a. M. 2012, ISBN 978-3-631-63195-9 .

Web links

Commons : MLP  - collection of images, videos and audio files

Individual evidence

  1. ↑ a b c d Annual Report 2018. (pdf) In: mlp-se.de. Retrieved October 29, 2019 .
  2. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  3. ↑
  4. ↑ Conversion of MLP Holding into an SE completed. In: mlp-se.de. Retrieved December 4, 2017 .
  5. ↑ Imprint MLP Finanzdienstleistungen AG - Registration number according to § 34d GewO: D-RCJ3-RS0O4-29. In: mlp.de. Retrieved March 8, 2017 .
  6. ↑ Register of intermediaries: research. In: vermittlerregister.info. German Chamber of Commerce and Industry , accessed on March 8, 2017 .
  7. ↑ MLP relies on a kind of Google for company knowledge. (No longer available online.) In: cio.de. September 25, 2008, archived from the original on August 14, 2009 ; Retrieved July 4, 2009 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.cio.de
  8. ↑ High- flyer MLP: How good are the offers from the financial service provider? In: WDR: market. October 9, 2000, archived from the original on February 26, 2003 ; Retrieved June 26, 2009 .
  9. ↑ MLP Banking: The best for your money. MLP AG, accessed on June 27, 2009 .
  10. ↑ "No structured sales". Stiftung Warentest, November 19, 2005, accessed on June 26, 2009 .
  11. ↑ MLP's pseudo-independence. In: Financial Times Germany. August 22, 2008, archived from the original on January 31, 2013 ; Retrieved October 6, 2008 .
  12. ↑ Independent but not alone. In: Focus online. August 15, 2007, accessed July 4, 2009 .
  13. ↑ Beware of MLP consultants. In: Frankfurter Allgemeine. August 17, 2008, accessed November 15, 2014 .
  14. ↑ Your entry as an MLP consultant. In: MLP AG. Retrieved March 24, 2017 .
  15. ↑ MLP will offer consultants a fixed salary in the future. In: handelsblatt.com. February 11, 2007, accessed July 6, 2009 .
  16. ↑ LSG Baden-Württemberg · Judgment of May 7, 2014 · Az. L 5 KR 5602/11. In: openjur.de. Retrieved November 15, 2014 .
  17. ↑ The MLP shareholder structure. MLP, accessed April 12, 2017 .
  18. ↑ Milestones in MLP history. In: official website. Retrieved October 9, 2014 .
  19. ↑ adh .: Trading starts the week nicely. March 25, 1997, Retrieved July 8, 2009 .
  20. ↑ MLP AG: Nine-Month Report 2001 January - September. (PDF) November 15, 2001, accessed July 2, 2009 .
  21. ↑ Does MLP owe its high profits to clever accounting? (No longer available online.) Börse Online, May 16, 2002, formerly in the original ; Retrieved June 29, 2009 .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.boerse-online.de  
  22. ↑ MLP AG: The SdK calls for the appointment of a new auditor and a special audit. In: sdk.org. Protection Association of Small Shareholders (SdK), May 16, 2002, archived from the original on September 29, 2007 ; Retrieved June 26, 2009 .
  23. ↑ Termühlen sharply rejects allegations. In: Manager Magazin. May 20, 2002, accessed July 19, 2009 .
  24. ↑ Forsaken by luck. In: Manager Magazin. June 21, 2002, accessed September 18, 2009 .
  25. ↑ Balance hook. In: Business journalist online. Archived from the original on August 14, 2003 ; Retrieved September 18, 2009 .
  26. ↑ Karsten Seibel: Charges against ex-MLP boss. In: Welt Online. December 18, 2004, accessed June 27, 2009 .
  27. ↑ MLP accounting scandal. Ex-boss Termühlen remains unpunished. In: manager-magazin.de. May 30, 2007, accessed June 27, 2009 .
  28. ↑ Uwe Schroeder-Wildberg appointed as the new CEO. MLP AG, December 17, 2003, accessed on June 28, 2009 .
  29. ↑ n-tv.de: Index changes cause criticism , March 4, 2016. Accessed June 14, 2016.
  30. ↑ MLP successfully sells its insurance subsidiaries. MLP AG, June 17, 2005, accessed on November 10, 2014 .
  31. ↑ a b MLP takes a majority stake in Feri Finance AG. In: mlp-ag.com. September 17, 2006, accessed May 3, 2011 .
  32. ↑ T. Gansneder: MLP operates in an attractive market. (No longer available online.) April 12, 2006, archived from the original on April 13, 2014 ; Retrieved July 19, 2009 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.boerse-go.de
  33. ↑ MLP ceases business in Great Britain and Spain. In: Handelsblatt. July 10, 2007, accessed August 7, 2014 .
  34. ↑ Leo Himmelbauer: MLP sells loss-making Austrian subsidiary. In : wirtschaftsblatt.at. February 17, 2009, archived from the original on November 10, 2014 ; Retrieved November 10, 2014 .
  35. ↑ Baron Oliver: MLP takes over financial broker ZSH. January 21, 2009. Retrieved July 19, 2009 .
  36. ↑ ROUNDUP: Swiss Life joins MLP and takes over AWD shares from Maschmeyer. (No longer available online.) In: Süddeutsche Zeitung. August 14, 2008, archived from the original on July 17, 2009 ; Retrieved June 28, 2009 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / finanzen.sueddeutsche.de
  37. ↑ Thomas Schmitt: MLP is building a bulwark. In: handelsblatt.com. August 22, 2008. Retrieved July 19, 2009 .
  38. ↑ Swiss Life and Talanx agree strategic partnership. (No longer available online.) In: swisslife.ch. March 24, 2009, archived from the original on May 17, 2011 ; Retrieved July 19, 2009 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.swisslife.ch
  39. ↑ The MLP shareholder structure. MLP, accessed on November 10, 2014 .
  40. ↑ MLP founder Lautenschläger withdraws. In: handelsblatt.com. December 11, 2008, accessed July 8, 2009 .
  41. ↑ MLP takes over rating agency Feri Finance AG. In: seminare.fgbraun.de. April 20, 2011, accessed May 3, 2011 .

Coordinates: 49 ° 17 ′ 49.3 "  N , 8 ° 40 ′ 41.9"  E