Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HELVETIA HOLDING AG-REG. We currently have 4 research reports from 1 professional analysts.
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HELVETIA HOLDING AG-REG
HELVETIA HOLDING AG-REG
Solid 2016 figures, dividend increased
13 Mar 17
Pre-tax profit was up by 8% to CHF428m for FY2016 compared to FY2015. Net premiums earned rose by 4% to CHF8.1bn. Investment income increased by 1% to CHF1.0bn for FY2016. Realised gains and losses on investments were up by 24% to CHF145m for 2016 compared to 2015. Overall income rose by 3% to CHF9.36bn for 2016 compared to 2015. Total expenses were up by 2% to CHF8.9bn in the same period. The net combined ratio of the non-life business improved from 92.1% for 2015 to 91.6% for 2016. The tax ratio was down from 22% for 2015 to 12% for 2016. Net attributable profit increased by 23% to CHF377m in 2016 compared to 2015. Underlying earnings after tax calculated by Helvetia rose by 12% to CHF492m in the same period. Total equity increased by 3% to CHF4.8bn at the end of 2016 compared to the end of 2015. Helvetia said that the SST ratio was in the range of 140% to 180% at the end of 2016 compared to 150% to 200% for 2015. The proposed dividend rose from CHF19.00 for FY2015 to CHF21.00 per share for FY2016.
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.
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.
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.
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.
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)
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades