• Net result was a profit of $1.05bn for H1 21 compared to a loss of $1.13bn for H1 20.
• Impact of the COVID-19 crisis on the underwriting result of the group was $870m for H1 21 compared to $2.5bn for H1 20.
• Treaty premium remained largely stable but the price improved by a nominal 4% in the July renewals.
• Shareholders´ equity declined by 12% in H1 21, mainly due to $2.5bn unrealised investment losses.
Companies: Swiss Re AG
• 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
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
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Palace Capital has released a good trading update of for the 6 months to 30 September. The Group has achieved good progress both across the portfolio and in sales achieved at Hudson Quarter. With cash reserves rising, the Group continues to look for value creative opportunities to recycle capital which should realise value for shareholders. Buy
Companies: Palace Capital plc
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
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The third quarter continued to enjoy record CIB revenues and loan provision recoveries. Consensus expectations have now largely aligned with our projections, thus leaving limited upside potential in our view.
Companies: Barclays PLC
Non-Standard Finance (‘NSF’), one of the leading providers of unsecured credit to UK adults, published interim results for the half year to 30 June 2021 on 28 September. Overall, these showed a significantly lower loss before tax due to improved operational performance and lower below the line charges. The group also reported that current trading was ahead of plan primarily due to strong collections performance. Discussions with the FCA regarding the redress programme for guarantor loans custome
Companies: Non-Standard Finance Plc
NextEnergy Solar Fund’s investment in NextPower III opens up geographic opportunities in Latin America, Asia and other parts of Europe much earlier than could have been delivered by direct project investment. Additionally, the JV announcement with energy storage system (ESS) developer Eelpower is also an attractive way to accelerate portfolio diversity as well as opening up the door to further asset growth. By working with partners experienced in different geographies and the energy storage segm
Companies: Nextenergy Solar Fund
What’s new: Tatton’s interims trading update confirm it has “delivered strong growth in all its key metrics during the period including revenue, profits and assets under management” (AUM). It is “trading in line with expectations”.
Companies: Tatton Asset Management Plc
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
AuM pushed on in Q2, hitting £10.8bn – including the acquisition of the Verbatim funds (+13% in H1 organic only). Crucially, net inflows have remained strong through the whole of H1 at £109m avg pcm. This flow momentum underpins an encouraging outlook, both near and medium-term. We leave our forecasts unchanged although note risk to the upside heading into H2. We will review our model again at the Interims. Given the pace of growth and scale of opportunity from already established relationships,
Gore Street’s trading update confirms expectations of a strong trading environment for batteries in both the GB and Irish markets. Driven principally by high gas prices creating electricity market volatility and with tight capacity margins likely to remain, we see the company continuing to generate excess cash returns in this financial year at least.
Companies: Gore Street Energy Storage Fund PLC
Currently, Gore Street Energy Storage Fund (GSF) primarily relies on revenue from frequency response services, including Dynamic Containment (DC), to estimate near-term returns. The dislocation in the UK power market has led to a sharp rise in returns available from energy arbitrage leaving GSF’s assets well placed to benefit from this increased volatility. In September, those of GSF’s GB storage assets that participated in the actively-traded GB power markets generated revenues that were signif
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Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
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Companies: Chrysalis Investments Limited
Today's news & views, plus announcements from BHP, MGGT, RIO, BWY, MONY, BGO, YOU, AVAP, PCA & SOLG.
Companies: AVAP BGO RIO SOLG
TMT Investments PLC have provided a portfoloio update. We have published research on this which is attached and a snapshot of the research is below.
The venture capital company investing in high-growth technology companies has moved one step closer to its first IPO driven exit. In a portfolio update announced this week TMT noted that its portfolio company Backblaze, Inc. publicly filed with the SEC on 18 October 2021. TMT currently holds a 9.97% interest in Backblaze, Inc. (pre its expected fun
Companies: TMT Investments
Companies: Shaftesbury PLC