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• Net premiums earned rose by 4% to $10.6bn
• Impact of the COVID-19 on the underwriting result of the group was $524m for Q1 22
• Net result was a loss of $248m for Q1 22 compared to a profit of $333m for Q1 21
• Treaty premium volumes increased by 15% in the April renewals
Companies: Swiss Re AG
• Net result increased from a loss of $878m for 2020 to a profit of $1.44bn for 2021.
• Management proposed an unchanged dividend of CHF5.90 per share for FY2021.
• Swiss Re renewed $8.9bn in premium volume on 1 January 2022, representing an increase of 6%.
• Swiss Re announced a new group RoE target of 10% for 2022 and 14% for 2024
• Net premiums earned rose by 6% for 9M 21.
• Net result was a profit of $1.26bn for 9M 21 compared to a loss of $691m for 9M 20.
• COVID-19-related claims and reserves declined from $3.0bn for 9M 20 to $1.27bn for 9M 21.
• Net income of $212m for Q3 21 was above consensus expectations of a loss of $81m.
• Net result was a profit of $1.05bn for H1 21 compared to a loss of $1.13bn for H1 20.
• Impact of the COVID-19 crisis on the underwriting result of the group was $870m for H1 21 compared to $2.5bn for H1 20.
• Treaty premium remained largely stable but the price improved by a nominal 4% in the July renewals.
• Shareholders´ equity declined by 12% in H1 21, mainly due to $2.5bn unrealised investment losses.
• Net premiums earned rose by 7% to $10.2bn
• Impact of the COVID-19 crisis on the underwriting result of the group was $643m for Q1 21.
• Net result was a profit of $333m for Q1 21 compared to a loss of $225m for Q1 20
• Treaty premium volumes increased by 20% in the April renewals
Net loss was $878m for 2020 and higher than consensus expectations.
Management proposed an unchanged dividend of CHF5.90 per share for FY2020.
Swiss Re renewed $7.8bn in premium volume on 1 January 2021, representing a decrease of 11%.
• Net premiums earned rose by 6% for 9M 20.
• Net result attributable to shareholders was a loss of $691m for 9M 20 compared to net income of $1.34bn for 9M 19.
• COVID-19-related claims and reserves rose from $2.5bn for H1 20 to $3.0bn for 9M 20.
• Net income of $444m for Q3 20 was above consensus expectations of $248m.
• COVID-19-related claims and reserves rose from $0.5bn for Q1 20 to $2.5bn for H1 20
• Net loss of c.$1.1bn for H1 20 compared to a net profit of $953m for H1 19
• Closing of ReAssure sale pushed the SST ratio above the target level of 220%, despite the significant claims and reserves set up in H1 20
• Net premiums earned rose by 7% to $9.6bn
• $476m claims for cancelled or postponed events and a mark-to-market charge of $251m pre-tax due to the decline in the Phoenix share price.
• Net result was a loss of $225m for Q1 20
• Treaty premium volumes increased by 4% in the April renewals
• Net profit was 46% below consensus expectations.
• The combined ratio of P&C Re increased to 107.8% and to 127.9% for Corporate Solutions in 2019.
• Management proposed a 5% higher dividend of CHF5.90 per share for FY2019 and a new share buy-back programme of up to CHF1.0bn.
• However, Swiss Re has funded the biggest share of the dividend payments for FY2017 to FY2019 and the share buy-back programme by its equity substance and not by EPS generation in this period.
• Swiss Re sells ReAssure for £3.25bn to Phoenix Group Holding
• Swiss Re will receive a cash payment of £1.2bn and shares in Phoenix
• Expected result of the sale is a SST ratio increase of 12pp and a pre-tax loss of around $300m in 2019
• Net premiums earned rose by 10% for 9M 19.
• Net profit attributable to shareholders increased by 23% to $1.34bn for 9M 19 compared to a weak 9M 18.
• Corporate Solutions contributed a loss of $441m to group net profit.
• Management has decided that the second tranche of the public share buy-back programme of up to $1bn will not be launched.
• Net premiums earned rose by 8% for H1 19.
• Net profit attributable to shareholders decreased by 5% to $953m for H1 19 compared to a weak H1 18.
• Corporate Solutions contributed a loss of $403m to group net profit.
• Treaty premium volumes increased by 17% and price quality by 2% in the July renewals.
• Net premiums earned rose by 5.5% to $8.8bn
• The combined ratio of P&C Reinsurance was 110.3%
• Net profit decreased by 6% to $429m, clearly below consensus of $657m
• Treaty premium volumes increased by 18% in the April renewals
Net profit attributable to shareholders increased by 27% to $421m for FY2018 compared to FY2017. Premiums earned rose by 2% to $33.9bn for FY2018 compared to FY2017. Investment income declined by 29.5% to $3.2bn for 2018. Total revenues were down by 13% to $37.0bn in FY2018. Claims decreased by 11% to $14.9bn for FY2018. Total expenses declined by 13% to $35.9bn for FY2018 compared to FY2017. The group’s P&C combined ratio was down from 111.5% for 2017 to 104.0% for 2018 due to large losses decr
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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
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*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
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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
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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