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Research Tree provides access to ongoing research coverage, media content and regulatory news on HELVETIA HOLDING AG-REG. We currently have 3 research reports from 1 professional analysts.
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HELVETIA HOLDING AG-REG
HELVETIA HOLDING AG-REG
Solid H1 figures
05 Sep 16
Pre-tax profit was down by 5% to CHF211m for H1 16 compared to H1 15. Net premiums earned were up by 6% to CHF5.3bn. Investment income declined by 11% to CHF466m for H1 16 due to higher losses on group investments (equities). Overall income rose by 1.5% to CHF4.72bn for H1 16 compared to H1 15. Total expenses were up by 1.7% to CHF4.51bn in the same period. The net combined ratio of the non-life business improved from 92.4% for H1 15 to 91.9% for H1 16. The tax ratio came down from 23% for H1 15 to 9% for H1 16. Net attributable profit increased by 16% to CHF186m in H1 16 compared to H1 15. Underlying earnings after tax rose by 8% to CHF238m in the same period. Total equity was up by 4% to CHF4.8bn at the end of June 2016 compared to the end of 2015, mainly due to higher unrealised gains. Helvetia said that the SST ratio was in the range of 150% to 200% at the end of 2015. Helvetia said it will take a fundamental step by establishing a new corporate structure as of 1 January 2017. Alongside the existing Europe and Speciality Markets market areas, Executive Management will be supplemented by the Non-life Switzerland, Individual Life Switzerland, Group Life Switzerland and Sales Switzerland market areas.
New strategy 2020, satisfying underlying profit in 2015
14 Mar 16
Pre-tax profit was down by 14% to CHF396m for FY2015 compared to FY2014. Net premiums earned were up by 5% to CHF7.8bn. Investment income was mainly unchanged at CHF988m for FY2015. Realised gains and losses on investments were CHF117m for 2015 compared to CHF283m for 2014. Overall income rose by 1% to CHF9.1bn for 2015 compared to 2014. Total expenses were up by 2% to CHF8.7bn in the same period. The net combined ratio of the non-life business improved from 93.5% for 2014 to 92.1% for 2015. The tax ratio was up from 15% for 2014 to 22% for 2015. Net attributable profit decreased by 21% to CHF308m in 2015 compared to 2014. Underlying earnings after tax rose by 4% to CHF439m in the same period. Total equity was down by 6% to CHF4.7bn at the end of 2015 compared to the end of 2014 mainly due to lower unrealised gains, currency effects and a change in pension liabilities in Switzerland. Group Solvency I was 205% at the end of 2015 compared to 216% at the end of 2014. The dividend proposal rose from CHF18.00 for FY2014 to CHF19.00 per share for FY2015. Helvetia set up a new strategic programme “2020” as a successor to the finished “2015+” programme. The main financial targets for 2020 are a RoE of 8% to 11%, a combined ratio below 93% for the non-life business, a SST ratio of 140% to 180% and a dividend payout ratio of 40% to 50%.
Solid underlying profit
01 Sep 15
Pre-tax profit was down by 13% to CHF209m for H1 15 compared to H1 14. Net premiums earned were up by 10% to CHF5.0bn. Investment income declined by 10% to CHF522m for H1 15 due to currency effects and the low interest rate environment. Overall income rose by 6% to CHF4.65bn for H1 15 compared to H1 14. Total expenses were up by 7% to CHF4.42bn in the same period. The net combined ratio of the non-life business improved from 94.0% for H1 14 to 92.4% for H1 15. Net attributable profit decreased by 18% to CHF161m in H1 15 compared to H1 14. Underlying earnings after tax rose by 12% to CHF221m in the same period. Total equity was down by 12% to CHF4.4bn at the end of June 2015 compared to the end of 2014 mainly due to lower unrealised gains, currency effects and a change in pension liabilities in Switzerland. Group Solvency I was 200% at the end of June 2015 compared to 216% at the end of 2014.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.