Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BALOISE HOLDING AG - REG. We currently have 3 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
BALOISE HOLDING AG - REG
BALOISE HOLDING AG - REG
Weaker H1 profit due to additional reserve needs
30 Aug 16
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 CHF4.86bn for H1 16 compared to H1 15. Insurance claims were up by 8% to CHF2.94bn for H1 16. Total expenses were down by 10% to CHF4.6bn in the same period. The net combined ratio of the non-life business was mainly unchanged with 92.5% for H1 16 compared to 92.3% for H1 15. The tax ratio was down from 24.6% for H1 15 to 17.2% for H1 16. Net attributable profit decreased by 10% to CHF224m in H1 16. If it had not added to its reserves, Baloise would have generated a profit of CHF261.5m, up by 5% compared to H1 15. Total equity was unchanged at CHF5.4bn at the end of June 2016 compared to the end of 2015. Baloise reports only on a half-yearly basis.
Solid 2015 figures without disposal gains
22 Mar 16
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 compared to 2014. Total expenses were down by 14% to CHF8.2bn in the same period. The net combined ratio of the non-life business declined from 93.6% for 2014 to 93.3% for 2015. Equity capital declined by 6% to CHF5.5bn at the end of 2015 compared to 2014. RoE was 9.3% for FY2015 compared to 13.5% for FY2014. Group solvency was 341% for 2015 compared to 354% for 2014. The dividend proposal was unchanged at CHF5.00 per share for FY2015. Baloise will update its financial targets and focus at its investors day on 26 October 2016.
Very limited Q3 15 information released
17 Nov 15
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.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
Dodging the bullets
17 Jan 17
FY2016 will be mixed with higher than first forecast PBT at Beazley, Hiscox and Helios but lower PBT at JLT, Lancashire and Novae. Lancashire’s Q3 special dividend (its key driver for now) beat consensus. Losses picked up but didn’t deliver the knockout blow needed. FX boosted returns, especially for the sterling reporters. 2017 will be more challenging and we remain cautious on a 12M view given the likely pressures from soft pricing, rising claims activity, unrealised bond losses etc. However, it does feel as if we are getting close to the bottom. Quality over quantity is key. Add JLT, Novae; Buy Helios.