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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.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
17 Nov 16
Topic of the quarter: Following on from our last quarterly we have delved further into the potential and challenges that the Internet of Things present the sector. Having spoken to a wide variety of companies from the sector (large and small, UK and overseas) it is apparent that there is going to be a very significant increase in the amount of data either generated by or available to Support Service companies. The key to generating value from this change will be breaking down the silos in which data is currently held, attracting and investing in the right skills and talent, seeing beyond the short-term investment that is likely to be needed and engaging with clients on a higher, more strategic level. If the sector doesn’t react, then the door is wide open for the Technology sector.