Q2 should be a clear improvement upon a turbulent first quarter, helped by strong financial markets, good premium growth and a higher AuM. We’ve lifted our Q2 and 2020 estimate for EPS, but have kept 21/22e relatively unchanged. Solvency should benefit from strong equity markets and tighter spreads, but lower rates and a sharp VA reduction means we see a slide to 151% (155%) excl. transitionals and a flat 172% q/q incl. transitionals.
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
From headwinds to tailwinds
Q2 should be a clear improvement upon a turbulent first quarter, helped by strong financial markets, good premium growth and a higher AuM. We’ve lifted our Q2 and 2020 estimate for EPS, but have kept 21/22e relatively unchanged. Solvency should benefit from strong equity markets and tighter spreads, but lower rates and a sharp VA reduction means we see a slide to 151% (155%) excl. transitionals and a flat 172% q/q incl. transitionals.