Solid H1 23 figures, IFRS 17 and 9 transition disturbing

• Insurance revenues were up by 1% to CHF2.7bn for H1 23 compared to H1 22 • Net profit attributable to shareholders decreased by 4% to CHF206m for H1 23 • RoE was 12.3% for H1 23

Solid 2022 figures hit by interest rate hikes, higher DPS

• Net profit attributable to shareholders decreased by 7% to CHF548m for 2022 • RoE was 9.4% for FY2022 compared to 8.3% for FY2021 • The dividend per share proposal increased from CHF7.00 for FY2021 to CHF7.40 for FY2022

Good 2021 figures and higher DPS

• Net profit attributable to shareholders rose by 36% to CHF583m for 2021 • RoE was 8.3% for FY2021 compared to 6.4% for FY2020 • The dividend per share proposal increased from CHF6.40 for FY2020 to CHF7.00 for FY2021

Solid 2020 figures impacted by one-off effects

• Net profit attributable to shareholders declined by 38% to CHF434m for 2020 • COVID-19 net claims were CHF72m and a negative tax swing in 2020 due to a positive one-off tax effect of CHF149m for 2019 • The dividend per share proposal is unchanged CHF6.40 for FY2020

Disappointing H1 20 results burdened by one-offs

• Net profit attributable to shareholders declined by 55% to CHF178m for H1 20 due to COVID-19 net claims of CHF63m and a negative tax swing of CHF129m due to a positive one-off tax effect in H1 19 • Net premiums earned were down by 13% to CHF3.9bn for H1 20 compared to H1 19 due to a positive one-off effect in 2019

Good 2019 figures, strong profit growth due to one-off tax effect

• Net profit attributable to shareholders rose by 32% to CHF690m due to a positive one-off tax effect • The switch from tax expenses to a tax credit (income) in 2019 is attributable to the effects of Switzerland’s cantonal tax reform • Total equity and investment gains benefited from the favourable financial markets in 2019 • The dividend per share proposal increased from to CHF6.00 for FY2018 to CHF6.40 for FY2019

Good figures for H1 19, net profit pushed by positive tax one-off

• Net profit attributable to shareholders rose by 46% to CHF395m due to a positive one-off tax effect • The switch from tax expenses to a tax credit (income) in H1 19 is attributable to the effects of Switzerland’s cantonal tax reform • Total equity and investment gains benefited from the favourable financial markets in H1 19

Mixed FY2018 figures, higher dividend proposal

Preliminary net attributable profit decreased by 5% to CHF523m for FY2018 compared to FY2017. Net premiums earned were flat at CHF6.53bn for 2018 compared to 2017. Investment income declined by 1% to CHF1.38bn for 2018 compared to 2017. Realised gains and losses on investments dropped from a profit of CHF1.12bn for 2017 to a loss of CHF992m for 2018, of which a loss CHF1.09m for 2018 belonged to “Realised gains and losses on investments at the risk of life insurance policyholders and third parti

Mixed H1 figures, again additional reserve needs in Germany

Pre-tax profit decreased by 11% to CHF341m for H1 18 compared to the same period last year. H1 18 was burdened by the addition of CHF46.8m to reserves for a run-off portfolio in the German non-life business. This reduced profit by a net CHF32.4m in H1 18. Net premiums earned were down by 3% to CHF3.77bn. Investment income rose by 2% to CHF732m for H1 18 compared to H1 17. “Realised gains and losses on investments at the risk of life insurance policyholders and third parties” switched from a prof

Solid FY2017 figures, higher dividend proposal

Net attributable profit increased by 2.5% to CHF548m for FY2017 compared to FY2016. Net premiums earned were slightly up by 0.5% to CHF6.54bn for FY2017 compared to FY2016. The investment income declined by 6% to CHF1.39bn for 2017. Realised gains on investments rose from CHF667m for FY2016 to CHF1.12bn for FY2017. The investment yield was unchanged at 2.9% in 2017. Overall income was up by 6% to CHF9.4bn in 2017 compared to 2016. Insurance claims rose by 1% to CHF5.7bn in the same period. Total

Higher H1 profit due to less reserve needs

Pre-tax profit increased by 41% to CHF382m for H1 17 compared to the same period last year. H1 16 was burdened by the addition of CHF54.8m to reserves in the German non-life business. Net premiums earned were slightly up by 0.4% to CHF3.9bn. Investment income declined by 8% to CHF716m for H1 17 compared to H1 16. Realised gains and losses on investments rose from CHF93m for H1 16 to CHF433m for H1 17 (CHF366m for H1 15). Overall income increased by 7.5% to CHF5.2bn for H1 17 compared to H1 16. I

Net profit above expectations, new share buy-back programme over three years

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 expen

Weaker H1 profit due to additional reserve needs

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 CHF

Solid 2015 figures without disposal gains

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 compa

Very limited Q3 15 information released

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.

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Morning Note – 18 April 2024

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

Hybridan Small Cap Feast - 16/04/2024

16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net