Insurance & Reinsurance

Insurance & Reinsurance equity research

Explore the most viewed and latest equity research and media content for companies within the Insurance & Reinsurance sector. Stocks in this sector provide insurance and broker services within life insurance, full line, and reinsurance.

26 Nov 20

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from AV, BVIC, PZC, RQIH, PMI, MUL, AEXG, INCE

Companies: AEX RQIH INCE

22 Sep 20

Cenkos: Personal Group Holdings Plc -- Resilience through turbulent times

Interim results demonstrate YoY growth and a resilient outcome that has exceeded management's expectations from the start of the Covid-19 pandemic. This is testament to the degree of recurring revenue generated across the business. FY21 trading looks to be more challenging, as notably lower new insurance sales post-lockdown will translate into lower premium income. A number of organic opportunities are being worked on to fill the shortfall. Rising UK redundancies and their impact on policyholder retentions creates great uncertainty, hence our forecasts remain withdrawn and recommendation remains Under Review.

Companies: Personal Group Holdings Plc

16 Oct 20

Randall & Quilter Interim Update - Progress & Further Opportunities

Following on quickly from its impressive full year results, these interim results confirm that our confidence for growth in the Program Management business was not misplaced.Contracted Premium increased 95% YoY (and 12% ahead of December 2019) to $925m –a stone's throw away from the $1bn 2020 guidance set in 2018. At the same time, Gross Written Premium (GWP) grew 42.6% to £247.2m, resulting in Economic EBITDA turning positive, at £0.8m compared to a loss of £0.3m in 1H19

Companies: Randall & Quilter Investment Holdings Ltd.

21 Oct 20

Record first half, momentum building

The interims confirmed that Covid-19 was minimally disruptive operationally in H1 20 and, ironically, may have improved both of R&Q’s divisions’ mediumterm trading outlooks. As the pandemic and other industry events have generated significant losses for insurers, they have created the current ‘hardening’ market driving demand for Legacy and Program Management.

Companies: Randall & Quilter Investment Holdings Ltd.

03 Sep 20

Solid H1 outturn as organic growth continues

Interims are in line and unchanged yoy. This masks a resilient performance which has seen organic new scheme additions maintained – a reflection of marketing efforts. Some uncertainty remains for H2, particularly around the key treasury refinancing, which may impact interest income. There is competitive advantage in the holistic fee structure. Long term growth may come at the expense short term returns on interest income. We leave forecasts unchanged and will review again around the year end.

Companies: Curtis Banks Group PLC

09 Oct 18

Randall & Quilter Initiation Note - Radical & Quality

Randall & Quilter has undergone a transformation over the last two years; simplifying its operating model, releasing cash, and developing an exciting Live (Program Management) business which promises to provide a key balance for its core Legacy business in terms of earnings visibility, capital use, and cash generation. The company's interim results reported several key milestones in both areas, notably the largest ever Legacy acquisition and significant future Gross Written Premiums for Program Management. An announcement which exuded optimism highlighted the potential for current year profitability to be strong and, possibly, ahead of expectations. Longer term growth is likely to come from a more balanced combination of Legacy and Program Management earnings with the potential for greater cash generation. Accordingly, consensus forecasts for adjusted 2018 EPS have increased by over 30.0% while both distribution and Net Tangible Assets per share moved higher.

Companies: Randall & Quilter Investment Holdings Ltd.

18 Mar 20

Finals in line, interest to reduce on lower base rate

Curtis Banks has reported in line final results, with growth in fee income – benefiting from an inflation link – and better than expected interest income. Activity levels were strong in Q4 and the headline Mid SIPP product saw momentum during the year. We reduce forecast adj. PBT by 10% in FY20e following a higher than expected cost base in FY19. We lower forecast earnings by 35% in FY21e on reduced interest income (£4m) using current parameters post the base rate cut, assuming no interim change or mitigation.

Companies: Curtis Banks Group PLC

24 Jul 20

£25m placing to fund two accretive acquisitions

Curtis Banks has raised £25m (gross) new equity to fund two accretive and strategically valuable acquisitions – Talbot & Muir and Dunstan Thomas – diversifying the group’s sources of income. Initial consideration totals £38m – implying a c.6.5x FY20e EV/EBITDA multiple for both - to be funded using placing proceeds and renewed debt facilities. There is an additional c.£15m deferred contingent on profitability. The group will remain net cash positive (FY20e £13m). The acquisitions are expected to be immediately earnings enhancing and 29% accretive in FY21e.

Companies: Curtis Banks Group PLC

15 Sep 20

First strategic revamp

With the sale of the Singaporean operations for £1.6bn, the new CEO, Amanda Blanc, shows her intention to focus rapidly on its preferred markets (the UK, Ireland and Canada). The next candidate for sale is the French unit. This transaction is more complicated than the previous one, with the necessity to obtain the agreement of Afer, its key partner in France. With potential proceeds of £2.9bn, Aviva could reduce its debts significantly and allocate more capital to the UK bulk annuity business.

Companies: Aviva plc

20 Nov 20

Nordic business behind high RSA valuation

RSA has accepted the £7.2bn takeover by Intact Financial Corporation and Tryg. The insurer was rewarded for its efforts to clean up its portfolios, but the valuation reflects mainly a profitable and rare Nordic business.

Companies: RSA Insurance Group plc

20 Nov 20

Curtis Banks commits £5m into technology pensions

03 Sep 20

Curtis Banks is 'delighted' by 'challenging but strong' six month period

25 Sep 20

Personal Group's Deborah Frost says first half has been 'surprisingly good'

03 Oct 19

Elevator Pitch - Personal Group Holdings PLC

24 Jul 20

Personal Group CEO says they've exceeded expectations and are ahead of last year's trading

23 Jul 20

Curtis Banks CEO delighted with two high quality acquisitions and £25mln fundraise

24 Apr 20

Personal Group to continue paying a dividend and expects to emerge from crisis in good shape

15 Apr 20

Chesnara PLC to continue to pay dividends despite pandemic disruption

20 Nov 20

Curtis Banks commits £5m into pensions technology

18 Mar 20

Curtis Banks in good shape to weather the storms ahead says CEO

29 Sep 20

Chesnara raises dividend in 'extraordinary half year'

15 Jan 16

Curtis Banks Group - Acquisition of Suffolk Life

Latest Content

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from AV, BVIC, PZC, RQIH, PMI, MUL, AEXG, INCE

AEX RQIH INCE

26 Nov 20
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Generali 2021 strategy remains valid

Generali confirmed its financial targets for FY 2021. The insurer, which posted resilient operating earnings, suffered from non-operating items that led to a decline in its net profit. Generali remains a solid European operator, with a capacity to pay the second tranche of the FY 19 dividend with FY 20’s one next year. The risk of Italian Sovereign bonds exists, but the company has always showed its capacity to manage all debt crises.

Assicurazioni Generali S.p.A.

20 Nov 20
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Curtis Banks commits £5m into technology pensions

Curtis Banks Group PLC

20 Nov 20

Curtis Banks commits £5m into pensions technology

Curtis Banks Group PLC

20 Nov 20

Nordic business behind high RSA valuation

RSA Insurance Group plc

20 Nov 20
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Signs of recovery

CNP announced 9M 20 consolidated premium income of €18,649m, -25.7%% yoy as reported (-21% lfl), but 7.7% higher than consensus. The French business (61.1% of total sales) recorded a 30.5% decrease in premiums to €11,402m. The shift in business mix accelerated with Unit-Linked contracts representing 50.7% of Savings/Pensions new money at the group level. EBIT reached €1,943m (-14.7% yoy) and net profit stood at €918m (-7% yoy), 3.3% lower than consensus. No material change is expected in our model.

CNP Assurances SA

19 Nov 20
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Good Q3 figures, net profit is above consensus

• Net profit attributable to shareholders decreased by 27% to €194m for Q3 20 • Net earned premiums rose by 3% to €8.6bn for Q3 20 • Net COVID-19 expenses were €252m for Q3 20 compared to €430m for Q2 20 • New net profit targets of clearly above €600m for FY2020 and a range between more than €800m and €900m for FY2021 • Hannover Re’s stake in talanx is valued at €8.8bn, whereas talanx is valued at only €7.9bn

TLX TLX TLX TLX TNX TNXXF

12 Nov 20
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Solid Q3 figures but strong profit

• Net profit attributable to shareholders increased by 6% to €2.1bn and is above consensus • COVID-19 contributed “only” a loss of €100m in Q3 20 • Net new money inflow was €26bn for Q3 20 • Allianz cancelled the outstanding part of the share buy-back programme 2020 of €750m

ALV ALV ALV ALV ALV ALV ALIZF ALLIANZ ALVEUR ALVN

06 Nov 20
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The reinsurer has absorbed the expensive pandemic cost

Scor posted 2.3% growth in its premiums to €12,283m but a drop in net income (€135m ytd). The bill due to the pandemic is heavy in 9M 20 at €256m on the P&C side (€8m in Q3 20) and €251m on the Life side (€57m in Q3), of which €233m in claims from the US mortality portfolio. The Wave 2 of COVID-19 should not affect the accounts in the same way as in H1 20, but Q4 risks could come from NatCats.

Scor SE

06 Nov 20
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A deep strategic transformation is being prepared

RSA received an offer from Intact Financial and Denmark’s Tryg to be acquired for £7.2bn, a very interesting offer for shareholders. If accepted, the group will be broken-up and will be transformed into a pure, and small, UK player.

RSA Insurance Group plc