Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SWISS LIFE HOLDING AG-REG. We currently have 6 research reports from 1 professional analysts.
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SWISS LIFE HOLDING AG-REG
SWISS LIFE HOLDING AG-REG
Limited 9M 16 information
09 Nov 16
Group premium income decreased by 8% to CHF13.4bn in 9M 16 compared to the same period last year. Premium income declined by 6% to CHF8.2bn in the Swiss home market, the most important market (60% share) for the group in the same period. Premium income was down in local currency by 6% to CHF3.3bn in France and down by 5% to CHF905m in Germany. Premiums of the Insurance International segment fall by 40% in local currency to CHF1.0bn. Fee and commission income rose by 5% to CHF974m for 9M 16. The group’s Swiss solvency ratio (SST) was above 140% at the end of September 2016 compared to around 140% at the end of 2015. The non-annualised RoI was 2.3% for 9M 16, at the same level as for the same period last year. Profit figures were not released. Swiss Life has half-year reporting.
Slightly better H1 16 earnings
11 Aug 16
Pre-tax profit increased by 3% to CHF644m for H1 16 compared to the same period last year. Net earned premiums were down by 4% to CHF8.2bn for H1 16. Investment income rose by 2% to CHF2.2bn for H1 16. Total income declined by 6% to CHF11.4bn for H1 16 compared to H1 15. Total expenses decreased by 7% to CHF10.7bn. Net profit attributable to common shares was up by 2% to CHF499m for H1 16 compared to H1 15. Shareholders’ equity rose by 18% to CHF14.3bn at end June 2016 compared to the previous year-end mainly due to higher unrealised gains. The SST ratio was 146% and the Solvency II ratio was above 200% at January 2016.
Weak start in Switzerland
12 May 16
Swiss Life released a Q1 statement with limited information (no income statement or balance sheet) and not a Q1 report. Premium income decreased by 10% to CHF6.7bn in Q1 16 compared to the same period last year. The core market, Switzerland, was down by 9%. Premium income of France and Germany was mainly unchanged whereas International was down by 41%. Fee income rose by 5% to CHF332m for Q1 16 compared to Q1 15. Swiss Life posted a non-annualised RoI of 0.7% for Q1 16 compared to 0.9% for Q1 15. Swiss Life said it expects a RoI of at least 3% for FY2016. Swiss Life had an SST ratio of 146% at 1 January 2016. Net new asset inflows came to CHF2.3bn in Q1 16 compared CHF1.5bn in Q1 15. Profit figures were not released. Swiss Life has half-year reporting.
Good FY2015 figures
01 Mar 16
Preliminary pre-tax profit increased by 15% to CHF1.17bn for 2015. Net earned premiums were flat at CHF13.8bn for 2015 compared to 2014 and up by 5% in local currency. Investment income was up by 1% to CHF5.2bn in 2015. RoI was 3.7% for 2015 compared to 3.8% in 2014. Total income rose by 0.4% to CHF20.55bn in 2015. Total expenses declined by 0.5% to CHF19.2bn in 2015. The tax ratio increased from 19% for FY2014 to 25% for FY2015. The net profit attributable to shareholders rose by 7% to CHF872m in 2015 compared to 2014. Assets under management grew by 1% overall to CHF185bn, of which CHF38.87bn was attributable to investment business with external customers, as Swiss Life generated net new asset inflows of CHF7.2bn for 2015 compared to CHF4.5bn for 2014. Shareholders’ equity was down by 5% to CHF12.2bn at the end of 2015 compared to the previous year-end mainly due to lower unrealised gains (-CHF927bn) and negative currency effects. The RoE was 7.0% for 2015. The RoE was 9.7% for FY2015 compared to 9.6% for FY2014 on a company adjusted basis. Swiss Life expects its SST ratio to be around 140% as of 1 January 2016 (based on the internal model approved with conditions). The dividend proposal rose from CHF6.50 for FY2014 to CHF8.50 per share for FY2015.
Limited 9M 15 information
12 Nov 15
Group premium income increased by 7% in local currency or 1% in CHF to CHF14.6bn in 9M 15 compared to the same period last year. Premium income rose by 6% to CHF8.7bn in the Swiss home market, the most important market (60% share) for the group in the same period. Premium income was up in local currency by 6% to CHF3.36bn in France and down by 6% to CHF930m in Germany. Premiums of the Insurance International segment rose by 30% in local currency to CHF1.64bn. The group’s solvency ratio was 257% at the end of September 2015 compared to 252% at the end of June 2015 and 269% at the end of 2014. The non-annualised RoI was 2.3% for 9M 15 compared to 2.9% for the same period last year. Profit figures were not released. Swiss Life has half-year reporting.
Slightly better H1 15 figures
14 Aug 15
Pre-tax profit increased by 4% to CHF623m for H1 15 compared to the same period last year. Net earned premiums were up by 2% to CHF8.6bn for H1 15. Investment income declined by 2% to CHF2.2bn for H1 15. Overall financial result rose by 3% to CHF2.7bn. Total income was up by 5% to CHF12.2bn for H1 15. Total expenses increased by 5% to CHF11.5bn. Net profit attributable to common shares increased by 1% to CHF493m for H1 15 compared to H1 14. Net profit was up by 5% in H1 15 adjusted for forex effects said Swiss Life. Shareholders’ equity declined by 8% to CHF11.8bn at end June 2015 compared to the previous year-end mainly due to lower unrealised gains and forex effects. The group's solvency ratio was therefore 252% at the end of June 2015 compared to 269% 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.