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Research Tree provides access to ongoing research coverage, media content and regulatory news on BALOISE HOLDING AG - REG. We currently have 4 research reports from 1 professional analysts.
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BALOISE HOLDING AG - REG
BALOISE HOLDING AG - REG
Net profit above expectations, new share buy-back programme over three years
23 Mar 17
Net attributable profit increased by 4% to CHF535m for FY2016 compared to FY2015. Net premiums earned were down by 3% to CHF6.5bn for FY2016 compared to FY2015. The investment income declined by 3% to CHF1.48bn for 2016. Realised gains on investments rose from CHF386m for FY2015 to CHF667m for FY2016. The investment yield was 2.9% in 2016 compared to 3.0% in 2015. Overall income was flat at CHF8.9bn in 2016 compared to 2015. Insurance claims rose by 6% to CHF5.7bn in the same period. Total expenses were up by 1% to CHF8.2bn in 2016 mainly due to a lower contribution to insurance provisions. Pre-tax profit declined by 5% to CHF646m for FY2016. Tax ratio decreased from 24.7% for FY2015 to 17.3% for FY2016. The net combined ratio of the non-life business declined from 93.3% for 2015 to 92.2% for 2016. Equity capital increased by 6% to CHF5.8bn at the end of 2016 compared to 2015. RoE was 9.7% for FY2016 compared to 9.3% for FY2015. A SST solvency ratio was not released. The dividend proposal rose from CHF5.00 per share for FY2015 to CHF5.20 for FY2016. Baloise also announced a new share buy-back programme over three years of up to three million treasury shares to begin in the first half of 2017.
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.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.