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• Net profit attributable to shareholders rose by 36% to CHF583m for 2021
• RoE was 8.3% for FY2021 compared to 6.4% for FY2020
• The dividend per share proposal increased from CHF6.40 for FY2020 to CHF7.00 for FY2021
Companies: Baloise-Holding AG
• Net profit attributable to shareholders declined by 38% to CHF434m for 2020
• COVID-19 net claims were CHF72m and a negative tax swing in 2020 due to a positive one-off tax effect of CHF149m for 2019
• The dividend per share proposal is unchanged CHF6.40 for FY2020
• Net profit attributable to shareholders declined by 55% to CHF178m for H1 20 due to COVID-19 net claims of CHF63m and a negative tax swing of CHF129m due to a positive one-off tax effect in H1 19
• Net premiums earned were down by 13% to CHF3.9bn for H1 20 compared to H1 19 due to a positive one-off effect in 2019
• Net profit attributable to shareholders rose by 32% to CHF690m due to a positive one-off tax effect
• The switch from tax expenses to a tax credit (income) in 2019 is attributable to the effects of Switzerland’s cantonal tax reform
• Total equity and investment gains benefited from the favourable financial markets in 2019
• The dividend per share proposal increased from to CHF6.00 for FY2018 to CHF6.40 for FY2019
• Net profit attributable to shareholders rose by 46% to CHF395m due to a positive one-off tax effect
• The switch from tax expenses to a tax credit (income) in H1 19 is attributable to the effects of Switzerland’s cantonal tax reform
• Total equity and investment gains benefited from the favourable financial markets in H1 19
Preliminary net attributable profit decreased by 5% to CHF523m for FY2018 compared to FY2017. Net premiums earned were flat at CHF6.53bn for 2018 compared to 2017. Investment income declined by 1% to CHF1.38bn for 2018 compared to 2017. Realised gains and losses on investments dropped from a profit of CHF1.12bn for 2017 to a loss of CHF992m for 2018, of which a loss CHF1.09m for 2018 belonged to “Realised gains and losses on investments at the risk of life insurance policyholders and third parti
Pre-tax profit decreased by 11% to CHF341m for H1 18 compared to the same period last year. H1 18 was burdened by the addition of CHF46.8m to reserves for a run-off portfolio in the German non-life business. This reduced profit by a net CHF32.4m in H1 18. Net premiums earned were down by 3% to CHF3.77bn. Investment income rose by 2% to CHF732m for H1 18 compared to H1 17. “Realised gains and losses on investments at the risk of life insurance policyholders and third parties” switched from a prof
Net attributable profit increased by 2.5% to CHF548m for FY2017 compared to FY2016. Net premiums earned were slightly up by 0.5% to CHF6.54bn for FY2017 compared to FY2016. The investment income declined by 6% to CHF1.39bn for 2017. Realised gains on investments rose from CHF667m for FY2016 to CHF1.12bn for FY2017. The investment yield was unchanged at 2.9% in 2017. Overall income was up by 6% to CHF9.4bn in 2017 compared to 2016. Insurance claims rose by 1% to CHF5.7bn in the same period. Total
Pre-tax profit increased by 41% to CHF382m for H1 17 compared to the same period last year. H1 16 was burdened by the addition of CHF54.8m to reserves in the German non-life business. Net premiums earned were slightly up by 0.4% to CHF3.9bn. Investment income declined by 8% to CHF716m for H1 17 compared to H1 16. Realised gains and losses on investments rose from CHF93m for H1 16 to CHF433m for H1 17 (CHF366m for H1 15). Overall income increased by 7.5% to CHF5.2bn for H1 17 compared to H1 16. I
Net attributable profit increased by 4% to CHF535m for FY2016 compared to FY2015. Net premiums earned were down by 3% to CHF6.5bn for FY2016 compared to FY2015. The investment income declined by 3% to CHF1.48bn for 2016. Realised gains on investments rose from CHF386m for FY2015 to CHF667m for FY2016. The investment yield was 2.9% in 2016 compared to 3.0% in 2015. Overall income was flat at CHF8.9bn in 2016 compared to 2015. Insurance claims rose by 6% to CHF5.7bn in the same period. Total expen
Pre-tax profit decreased by 17% to CHF289.5m for H1 16 compared to the same period last year. The decrease was mainly due to the addition of CHF54.8m to reserves in the German non-life business, which reduced the net profit for the period by CHF37.9m. Net premiums earned were down by 5% to CHF3.9bn. Investment income was flat at CHF780m for H1 16 compared to H1 15. Realised gains and losses on investments decreased from CHF366m for H1 15 to CHF93m for H1 16. Overall income declined by 10% to CHF
Net attributable profit decreased by 28% to CHF512m for FY2015 compared to FY2014. 2014 was boosted by disposal gains of around CHF160m due to the sale of the shareholdings in Nationale Suisse and Helvetia and the sale of Basler Austria. Net premiums earned were down by 5% to CHF6.7bn for FY2015 compared to FY2014. The investment result declined by 24% to CHF1.84bn for 2015. The investment yield was down from 4.1% in 2014 to 3.1% in 2015. Overall income decreased by 14% to CHF8.9bn in 2015 compa
Total volume of business rose by 1.4% to CHF7.05bn for 9M 15 compared to the same period last year in local currency and on a like-for-like basis. The Group Solvency I ratio was 341% at the end of September 2015 compared to 354% at the end of 2014. No other hard figures were released. Baloise said that it is confident of achieving a combined ratio at the lower end of its own target range of 93-96% in 2015.
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Companies: Emmerson Plc
Aviva’s Q1 22 trading update was slightly above our expectations although this remains very much tied to the top-line and profitability could be impacted as of H1. Do the operations really mean that much for the share price with high dividends as a back-up? The latter are expected to continue as the firm has stated that it will release capital above its 180% solvency ratio.
Companies: Aviva plc
Duke has raised £20m in new equity capital, subject to shareholder approval, to fund their continued expansion. The new capital will also support the company's target of increasing their debt facility by a further £25m, and therefore providing a total of £45m of new capital to invest. The increasing scale and diversification of the portfolio is forecast to eventually increase free cash flow per share once full deployment has taken place and will allow Duke to seek a reduction in its debt facilit
Companies: Duke Royalty Limited
Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
*A corporate client of Hybridan LLP
Dish of the day
EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help
Companies: YGEN AFRN ALBA ART BLV CCS EPWN FIPP NWT KETL
ADF has released its first annual results as a public company and has made quite the entrance with a record set of numbers. FY21A revenues came in at £27.8m, 245% above prior year revenues given FY20A was impacted by lockdowns, and 75% above FY19A revenues. They supported 39 productions, including the latest series of The Crown, Peaky Blinders, and Doctor Strange. We have upgraded our forecasts for FY22E and FY23E on a top-line and bottom-line basis. We believe the company is undervalued on an F
Companies: Facilities by ADF PLC
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Clipper Logistics has left the Main Market following a Cash takeover.
What’s cooking in the IPO kitchen?
According to news reports, The Very Group, is looking to float after calling off their plan for a £4bn IPO last year due to a volatile market. The ecommerce group is owned by the Barclays family. According to the Sunday Times, the retailer has offered incentives to senior leaders at the firm for pulling off a flotation, which the Barclays family now hope to
Companies: AXS AMS EVG FRAN KMK MRL SDX TEK TGP
Companies: BLV POLB RBN
Belvoir has acquired TIME Group Ltd, an appointed representative of Mortgage Advice Bureau (MAB) for an initial £3.7m cash cost. TIME provides mortgage and related financial services and is a good step forward in Belvoir’s growth strategy, within which the potential in Financial Services plays a key part. The initial cost represents 5.8x FY 2021 PBT and we have upgraded our FY 2022E EPS by +3% and 2023E by +7%. In FY 2021, Belvoir’s Financial Services division grew revenue by +44% organically an
Companies: Belvoir Group PLC
Following its 30 April year end, Purplebricks preclose reveals instructions and revenue in 2H have resulted in an £8.8m EBITDA loss for the year.
Companies: Purplebricks Group Plc
ADX Energy (ADX AU)C; Target price of A$0.060 per share: Flow rate at the top end of expectations at important appraisal well - The Anshof-3 well flowed ~75 bbl/d of light oil (and no water) on test from the Eocene reservoir. This has positive implications for production, reserves and the upside case. The flow rate was at the upper end of expectations (40-80 bbl/d). The well has not been acidized yet which could boost production rate b
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Companies: Belvoir Group PLC (BLV:LON)Chaarat Gold Holdings Ltd. (CGH:LON)
Delivering outperformance when the macro becomes tough
In our initiation HICL INFRASTRUCTURE: A Public Partner in Private Infrastructures we argued that due to the defensiveness of HICL''s portfolio, the assets'' strong inflation hedge and the ongoing recovery of mobility-related assets and Affinity Water, HICL should fare well in a risk-off market amid rising inflation. HICL''s share price is roughly flat YTD but this compares to -3% for the FTSE all share. The 4% beat for FY22 vs. our NAV p.s
Companies: HICL Infrastructure PLC
Companies: Honeycomb Investment Trust Plc
LSL’s performance in 2022 YTD shows the benefits of its Financial Services growth strategy and significant progress in its Surveying Division. The impact of housing market cycles will have a reducing impact. As previously reported, the split of H1:H2 profit in 2022 will have a more typical profile (i.e. skewed to H2), after a record H1 2021.
Companies: LSL Property Services plc