• Net premiums earned rose by 7% to $10.2bn
• Impact of the COVID-19 crisis on the underwriting result of the group was $643m for Q1 21.
• Net result was a profit of $333m for Q1 21 compared to a loss of $225m for Q1 20
• Treaty premium volumes increased by 20% in the April renewals
Companies: Swiss Re AG
Net loss was $878m for 2020 and higher than consensus expectations.
Management proposed an unchanged dividend of CHF5.90 per share for FY2020.
Swiss Re renewed $7.8bn in premium volume on 1 January 2021, representing a decrease of 11%.
• Net premiums earned rose by 6% for 9M 20.
• Net result attributable to shareholders was a loss of $691m for 9M 20 compared to net income of $1.34bn for 9M 19.
• COVID-19-related claims and reserves rose from $2.5bn for H1 20 to $3.0bn for 9M 20.
• Net income of $444m for Q3 20 was above consensus expectations of $248m.
• COVID-19-related claims and reserves rose from $0.5bn for Q1 20 to $2.5bn for H1 20
• Net loss of c.$1.1bn for H1 20 compared to a net profit of $953m for H1 19
• Closing of ReAssure sale pushed the SST ratio above the target level of 220%, despite the significant claims and reserves set up in H1 20
• Net premiums earned rose by 7% to $9.6bn
• $476m claims for cancelled or postponed events and a mark-to-market charge of $251m pre-tax due to the decline in the Phoenix share price.
• Net result was a loss of $225m for Q1 20
• Treaty premium volumes increased by 4% in the April renewals
• Net profit was 46% below consensus expectations.
• The combined ratio of P&C Re increased to 107.8% and to 127.9% for Corporate Solutions in 2019.
• Management proposed a 5% higher dividend of CHF5.90 per share for FY2019 and a new share buy-back programme of up to CHF1.0bn.
• However, Swiss Re has funded the biggest share of the dividend payments for FY2017 to FY2019 and the share buy-back programme by its equity substance and not by EPS generation in this period.
• Swiss Re sells ReAssure for £3.25bn to Phoenix Group Holding
• Swiss Re will receive a cash payment of £1.2bn and shares in Phoenix
• Expected result of the sale is a SST ratio increase of 12pp and a pre-tax loss of around $300m in 2019
• Net premiums earned rose by 10% for 9M 19.
• Net profit attributable to shareholders increased by 23% to $1.34bn for 9M 19 compared to a weak 9M 18.
• Corporate Solutions contributed a loss of $441m to group net profit.
• Management has decided that the second tranche of the public share buy-back programme of up to $1bn will not be launched.
• Net premiums earned rose by 8% for H1 19.
• Net profit attributable to shareholders decreased by 5% to $953m for H1 19 compared to a weak H1 18.
• Corporate Solutions contributed a loss of $403m to group net profit.
• Treaty premium volumes increased by 17% and price quality by 2% in the July renewals.
• Net premiums earned rose by 5.5% to $8.8bn
• The combined ratio of P&C Reinsurance was 110.3%
• Net profit decreased by 6% to $429m, clearly below consensus of $657m
• Treaty premium volumes increased by 18% in the April renewals
Net profit attributable to shareholders increased by 27% to $421m for FY2018 compared to FY2017. Premiums earned rose by 2% to $33.9bn for FY2018 compared to FY2017. Investment income declined by 29.5% to $3.2bn for 2018. Total revenues were down by 13% to $37.0bn in FY2018. Claims decreased by 11% to $14.9bn for FY2018. Total expenses declined by 13% to $35.9bn for FY2018 compared to FY2017. The group’s P&C combined ratio was down from 111.5% for 2017 to 104.0% for 2018 due to large losses decr
Swiss Re released again only key figures for the 9M. Gross premiums written rose by 7% to $28.4bn for 9M 18 compared to 9M 17. Net profit attributable to shareholders was $1.1bn for 9M 18 compared to a loss of $468m for 9M 17, which was burdened by claims of $3.6bn from the hurricanes and the earthquakes in Mexico in Q3 17. The estimated claims burden was $1.6bn from natural catastrophes and large man-made events for 9M 18. Swiss Re reported a return on investment of 2.8% for the group for 9M 18
Net profit attributable to shareholders decreased by 17% to $1.0bn for H1 18 compared to H1 17, also reflecting an estimated negative pre-tax impact of $265m due to a change in US GAAP accounting. Premiums earned were up by 4% to $16.5bn for H1 18. Net investment income rose by 13% to $2.0bn for H1 18 compared to H1 17. However, the net realised investment gains dropped by from $574m in H1 17 to a loss of $228m in H1 18 and the unit-linked investment result was down by 76% to $385m for H1 18 com
Swiss Re released again only key figures for Q1, making any meaningful analysis of the Q1 business trends rather limited. Gross premiums written rose by 13% to $11.5bn for Q1 18 compared to Q1 17. Net profit attributable to shareholders decreased by 30% to $457m for Q1 18 compared to Q1 17, also reflecting an estimated negative pre-tax impact of $280m due to a change in US GAAP accounting. The net profit attributable to shareholders adjusted for the tax effect was $678m for Q1 18. Swiss Re repo
Net profit attributable to shareholders decreased by 91% to $331m for FY2017 compared to FY2016. Premiums earned rose by 1% to $33.2bn for FY2017 compared to FY2016. Total revenues were down by 3% to $42.5bn in FY2017. Claims increased by 33% to $16.7bn for FY2017. Total expenses were up by 7% to $41.4bn for FY2017. The group’s P&C combined ratio rose from 93.5% for 2016 to 111.5% in 2017 due to natural catastrophe losses of $4.7bn. Swiss Re’s return on investment (RoI) was 3.9% in 2017 compared
Research Tree provides access to ongoing research coverage, media content and regulatory news on Swiss Re AG.
We currently have 30 research reports from 4
What’s new: Updates in April and early May reveal:
Group consolidated Funds Under Management “FuM” of US$11.3bn at the end of April 2021 is up 4.0% year to date (Dec20: US$10.9bn).
Strong investment performance across CLIG’s investment strategies, was offset by clients rebalancing, resulting in 3Q net outflow of US$278m.
CLIG continues to maintain an active pipeline across all its major products.
Income net of third-party commissions currently accrues at circa 74 bps (i.e. c. 73 bps
Companies: City of London Investment Group PLC
Forecast beating Final Results
Companies: Palace Capital plc
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
Avation is a lessor of 45 aircraft to a diversified airline client base of 19 commercial airlines across 15 countries. This morning, the group has provided a solid trading update to 31 March 2021, which points to a continued focus on managing the collection of customer revenue, with rent collections and overall cashflow having improved since the end of H1 2021. The remarketing of the eight returned ATR aircraft has also continued, while net debt reduced by $51.6m in Q3 FY 2021E to $988.1m, with
Companies: Avation PLC
HgCapital Trust (HGT) posted a strong NAV TR of 8.4% in Q121, driven primarily by double-digit earnings growth across the portfolio (LTM EBITDA for top 20 holdings up 30% y-o-y). After record-high transaction volumes in FY20 (investments at £403m and realisations at £364m), HGT has maintained a high transaction activity to date in 2021 (£147m and £112m, respectively). Its coverage ratio was a healthy 69% at 12 May 2021, supported by tap equity issues, which totalled c £50m to 8 June 2021 (versus
Companies: Hgcapital Trust
Hipgnosis Songs Fund (SONG LN) has today released a trading update and published an unaudited NAV of $1.6829 (122.5p) as at 31 March 2021 vs $1.5114 (116.7p) as at 31 March 2020. This is an increase of 11.3% (in US$ terms – to which the company changed its reporting currency back in October 2020), and a TR of 15.7%, giving a TR of 40.7% since inception in July 2018. The growth in the “Operative NAV” is 9.4% on like-for-like uplift in fair value catalogues which has been driven various factors: t
Companies: Hipgnosis Songs Fund Limited Shs GBP
Liontrust has delivered exceptional growth and there is much to be optimistic about, yet it continues to trade on an unexceptional 14x Mar-22e PER. We are expecting no surprises at Finals later this month after a post-period update in late May and supportive markets since. There is opportunity across the fund range (including the established Sustainable strategy) with continuing growth from flows and performance, and potential in recent acquisitions; set against compelling market dynamics. Liont
Companies: Liontrust Asset Management PLC
Today's news & views, plus announcements from SSPG, PNL, SHED, TUNG, ANX, BLTG, AVAP
Trident reports that Moxico Resources Plc has recently completed a US$73m equity financing. The proceeds will be used to fast-track development of the Mimbula copper mine in Zambia over which Trident holds a royalty. Mimbula is already producing copper and is in the ramp up stage, but the cash injection will allow Moxico to produce cathode copper onsite via the construction of a new SX-EW plant and Moxico anticipates a significant increase in copper production. As a royalty holder, Trident will
Companies: Trident Royalties Plc
OCI hosted its annual Capital Markets (CM) day on 18 May 2021.With presentations from Oakley Capital and investee companies, as well as Q&A, including the OCI board, it gave a clear view of the prospects of the organisation. We have argued in previous notes that OCI’s outperformance (five-year CAGR NAV total return 16%) is driven by i) high-growth companies and sector champions enjoying structural tailwinds and often digital disruption benefits (2020 average 20% EBITDA growth), ii) repeatable an
Companies: Oakley Capital Investments
AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
Finsbury Growth & Income Trust (FGT) is managed by Nick Train, one of the founding partners of boutique investment firm Lindsell Train. He is optimistic on the current outlook for UK equities, all the more so given several years of relative underperformance; in particular, the manager believes that global investors are underestimating the level of technological innovation within the UK corporate sector. While FGT’s relative performance has lagged that of its peers and the UK market in recent mon
Companies: Finsbury Growth & Income Trust PLC
Urban Logistics REIT (“ULR”) has delivered a watershed year: doubling the portfolio with a disciplined approach focusing on value-add opportunity through reversion and regear. Finals show rental income doubling from acquired assets, with recurring EPS in line with our forecast. EPRA NAV was 6% ahead of N+1Se, as valuation yields tightened. The manager has secured a further c.£150m pipeline of similarly attractive assets. We make a modest upgrade to EPRA NAV on better valuation. We see sustained
Companies: Urban Logistics REIT plc
Trident Royalties Plc (AIM: TRR) has, this morning, noted progress at the Mimbula Copper Project, over which Trident holds a gross revenue royalty (GRR). Mimbula's owner and operator, Moxico Resources Plc, recently completed a US$73million equity financing which will be used to develop and build a standalone SX-EW plant. We have also updated our production assumptions for the Thacker Pass Lithium Royalty based on comments by Lithium Americas Corp. (NYSE/TSX:LAC) in their Q1 2021 results last mon
Belvoir has exchanged contracts to acquire The Nottingham Building Society’s mortgage services business for £0.6m in cash. In isolation this adds c.1% to our EPS forecasts in a full year but we believe it could pave the way for Belvoir to significantly increase its Financial Services sales as it provides direct access to a substantial source of clients with savings and a high likelihood of needing a mortgage for the first time (50,000 18-39 year old Lifetime ISA savers). We will look to reflect
Companies: Belvoir Group PLC