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• Net income attributable to shareholders increased by 36% to $5.2bn for FY2021, above consensus expectations of $4.3bn.
• Total revenues increased by 18.4% to CHF69.9bn for FY2021.
• RoE after tax was 16.4% for 2021 compared to 13.0% for 2020.
• DPS proposal increased from CHF20 for FY2020 to CHF22 for FY2021.
Companies: Zurich Insurance Group Ltd
• Net income attributable to shareholders increased by 86% to $2.2bn for H1 21 compared to H1 20
• Group COVID-19 burdens were $73m in H1 21 compared to $686m for H1 20
• RoE was 14.0% for H1 21 compared to 8.1% for H1 20
• More than 600,000 net new retail customers in H1 21
• Net income attributable to shareholders decreased by 8% to $3.8bn for FY2020, above consensus expectations of $2.9bn.
• No additional COVID-19-related claims in H2 20.
• RoE after tax was 13.0% for 2020 compared to 14.4% for 2019.
• Unchanged DPS proposal of CHF20 for FY2020.
• Zurich subsidiary Farmers Group (FGI) and Farmers Exchanges have agreed to acquire MetLife’s US property and casualty business for $3.9bn.
• Farmers’ gross written premiums should increase by around 18% pro forma by the acquisition.
• The expected Zurich P&L impact of the acquisition from year 3 onwards is a BOP of around $260m p.a.
• Net income attributable to shareholders decreased by 42% to $1.2bn for H1 20
• Estimated COVID-19 claims for FY2020 of $750m for P&C business were fully booked in H1
• The non-life combined ratio rose from 95.1% for H1 19 to 99.8% for H1 20
• RoE was 8.1% for H1 20 compared to 14.2% for H1 19
• Net income attributable to shareholders increased by 12% to $4.15bn for FY2019.
• The non-life combined ratio fell from 97.8% for 2018 to 96.4% for 2019.
• RoE after tax was 14.4% for 2019 compared to 13.1% for 2018.
• The company exceeded all 2017 to 2019 targets.
• Net income attributable to shareholders increased by 14% to $2.04bn for H1 19
• The non-life combined ratio fell from 97.5% for H1 18 to 95.1% for H1 19
• RoE was 14.2% for H1 19 compared to 12.5% for H1 18
• Company is set to exceed all 2017 to 2019 targets
Preliminary net income attributable to shareholders increased by 24% to $3.72bn for FY2018 compared to FY2017. Gross written premiums rose by 1% to $47bn for 2018 compared to 2017. The net investment result on group investments decreased by 13% to $6.3bn for 2018 compared to 2017. RoI was 3.3% for 2018 compared to 3.8% in 2017. Net revenues declined by 26% to $47.2bn in the same period. Insurance claims and losses declined by 3.5% to $27.65bn for 2018. Total expenses were down by 28.5% to $42.1b
Net income attributable to shareholders increased by 19% to $1.79bn for H1 18 compared to H1 17. Gross written premiums were up by 3% to $25.9bn for H1 18 compared to the same period last year. The net investment result on group investments rose by 1.5% to $3.14bn for H1 18, an unchanged RoI of 1.6% (not annualised) for H1 18 compared to H1 17. Net investment result on unit-linked investments decreased by 70% to $1.75bn for H1 18 compared to H1 17. Total revenues declined by 11% to $27.6bn in H1
Preliminary net income attributable to shareholders decreased by 6% to $3.0bn for FY2017 compared to FY2016. Gross written premiums declined by 3% to $46.7bn for 2017 compared to 2016. The net investment result on group investments increased by 3% to $7.25bn for 2017 compared to 2016. RoI was unchanged at 3.8% in 2017. Net revenues declined by 5% to $64bn in the same period. Total expenses were down by 5% to $58.8bn in 2017. Pre-tax profit decreased by 4% to $5.13bn for 2017 compared to 2016. Sh
Zurich announced that it has entered into an agreement to acquire 100% of ANZ’s (Australia and New Zealand Banking Group) life insurance businesses, OnePath Life, in Australia for $2.14bn. On a pro forma basis, the operations to be acquired reported net earned premiums for the 12 months ended 30 September 2017 of $1.1bn and a net profit after tax of $142m. The acquisition is expected to be funded through a mixture of Zurich’s internal cash resources and senior debt, and is expected to reduce Zur
Zurich reduced its Q1 reporting in the spring, but still released some important key figures, such as revenues, insurance claims, net income attributable to shareholders or shareholders’ equity for Q1 17 by supplements. But it has not released this information for Q3 17. The only useful information to us was the repetition of the profit warning given in October that “aggregate claims in the third quarter of 2017 related to hurricanes Harvey, Irma and Maria, for the Group’s Property & Casualty bu
We have updated our 2017e earnings forecast to allow for a preliminary estimate for around USD1bn combined losses in the US hurricane season. However, we expect market capacity to continue to put pressure on pricing overall. On valuation, we downgrade shares from Hold to Underperform
Net income attributable to shareholders increased by 21% to $896m for Q2 17 compared to Q2 16. Gross written premiums were down by 5% to $12.35bn for Q2 17 compared to the same period last year. The net investment result on group investments declined by 18% to $1.47bn for Q2 17, a RoI of 0.7% (not annualised) after 0.8% for Q2 16. Insurance claims were down by 17% to $6.7bn in Q2 17. Pre-tax profit rose by 15% to $1.46bn for Q2 17 compared to the same period last year. The tax ratio was 35.5% fo
We upgrade our rating on Zurich Insurance from Underperform to Hold, with a modest increase in forecast earnings and valuation seeing some value come back to the shares. Reserving outlook is more reassuring but is coming at the expense of premium growth in commercial lines.
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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
Companies: TAL SNM XOM XOM TTE SEPL SHEL REP REP PAT OMV OMV HUR FAR ENI ENI EME EDR DELT DEC CEG AKRBP AKERBP ADX CE1 PEN PEN TETY TETY EGY VLE
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