Sell in May (or once FY2015 dividends are known/paid) and go away? A quiet H2 and FY2015 should be decent, with further capital returns (albeit below FY2013/14 levels). PBT is being supported by benign cat/large loss activity: impossible to predict and unsustainable. At some point it will revert. Softening rates and low investment yields mean a deteriorating outlook, yet valuations have risen, also rendering M&A expensive. This is a high quality, defensive sector in our view (bar big loss
02 Sep 2015
Insurance - Assuming low loss activity and M&A
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Insurance - Assuming low loss activity and M&A
Hiscox Ltd (HSX:LON), 1,199 | Lancashire Holdings Limited (LRE:LON), 584 | Novae Group (NVA:LON), 0 | Beazley Plc (BEZ:LON), 669 | Aston Martin Lagonda Global Holdings Plc (AML:LON), 152
- Published:
02 Sep 2015 -
Author:
Joanna Parsons -
Pages:
20
Sell in May (or once FY2015 dividends are known/paid) and go away? A quiet H2 and FY2015 should be decent, with further capital returns (albeit below FY2013/14 levels). PBT is being supported by benign cat/large loss activity: impossible to predict and unsustainable. At some point it will revert. Softening rates and low investment yields mean a deteriorating outlook, yet valuations have risen, also rendering M&A expensive. This is a high quality, defensive sector in our view (bar big loss