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.

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.

  • 20 Jul 18

Cenkos: Personal Group Holdings Plc - Insuring the Full year

This morning Personal Group published a trading update for the first six months ending 30th June.

Companies: Personal Group
  • 03 May 18

The Money Bin

In the week to 1 May the FTSE All Share rose 1.2% vs. the Insurance Index at +0.5% and 0.9% for the Lloyd’s Index. The best performer was JLT (+2.5%); Beazley (-0.2%) was the worst performer. The Q1 reporting season has begun: newsflow has been mixed with a number of US insurers reporting improved PBT/rates, but also loss creep, higher Q1 losses and warnings from brokers about stalling rate rises ahead of the key Jun/Jul US renewals. The 2018 hurricane season starts 1 June with consensus for slightly raised activity.

Companies: BEZ HUW HSX JLT LRE

  • 05 Apr 18

Down one

The January wobble in markets has extended to a whole quarter, and the red pen is out as a result. Forthcoming quarterly updates will show to what extent investors have reacted to market wobbles, of course, but one quarter is no way to judge performance, as we are sure readers can only too happily agree with. The decline in share prices in the quarter was inevitable from a sector with a very high short term beta, but such moves throw up opportunities for investors willing to look through the noise. We would highlight Standard Life Aberdeen and Jupiter as having been dealt with too harshly in the year to date.

Companies: ASHM ICP JUP LIO EMG REC SDR SLA

  • 07 Mar 18

Performing insurer

L&G posted excellent figures: an increase in its operating profit by 32% to £2,055m, in pre-tax profit by 32% to £2,090m and in net profit by 50% to £1,902m. This exceptional performance is due to the positive impact of the mortality release (£332m) and the one-off US tax benefit (£246m). The proposed final dividend is 11.5p/share, bringing the total dividend to 15.35p/share. Excluding exceptional items, no major changes are expected in our model. We keep a positive opinion on the insurer.

Companies: Legal & General Group
  • 23 Feb 18

A rapid move to a simpler future

The inaugural full year results from Standard Life Aberdeen plc are accompanied by the announcement of the proposed sale of the majority of the company’s life and pensions business to Phoenix in return for £2.3bn of cash and a 19.99% stake in the enlarged Phoenix business. This is a welcome move, we believe, cementing the SLA business as a capital-light asset management business rather than a capital intensive life one. The business will be simpler to understand and value; it will retain the ownership and new business generation of the various platform businesses of the existing SLA business; it will free up capital; and it offers a potentially interesting enhancement to the relationship with Phoenix. In the meantime, maiden results were ahead of market and our expectations (with the main ASI business in line with expectations) and the dividend has been increased by 7.5% to 21.3p. Expected cost synergies from the merger have been increased by £50m to £250m while the company also states that it will be looking to reduce costs further as, when and if the Lloyds relationship does come to an end.

Companies: Standard Life Aberdeen

Latest Content

Personal Group

Cenkos: Personal Group Holdings Plc - Insuring the Full year

This morning Personal Group published a trading update for the first six months ending 30th June.

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  • 20 Jul 18
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STOREBRAND

Positive earnings momentum

Storebrand posted a H1 18 net profit of NOK1,315m, up 8.4% yoy. Operating profits increased by 24.5% to NOK1,280m. The major contributor to earnings was Guaranteed pensions, but this is unlikely to be the case by the end of the year. The Savings (non-guaranteed) business, despite the slight decline recorded in the Q2 earnings, is the insurer’s locomotive. We appreciate the performance of the Insurance segment and the improved capital position. A payout of 50% should be confirmed.

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  • 13 Jul 18
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GROW ERGO ECHO EUSP HUW NAK HAYD HYDG MTPH

Small Cap Breakfast

Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Cloud based automated management data system. Raising £6m at 15p. Mkt Cap £12m. Due 30 May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May

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  • 25 May 18
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Ageas

China drives earnings

Ageas posted a 6% decrease in its inflows to €11,852m, but this includes a 4% negative currency impact. The decline concerned both Life and Non-Life business, down 7% to €10,149m and 3% to €1,703m, respectively. The insurance results were up 35% to €299m, supported by the exceptional results in China. We expect a lower Asian contribution to earnings in Q2 18. The Solvency II ratio stood at 195%. These released figures are better than expected and we will raise our estimates.

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  • 16 May 18
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CNP Assurances

Brazilian headache

CNP announced its figures for Q1 18, which were marked by a 3.7% increase (9.3% at constant FX) in net profit to €313m. The insurer suffered from negative currency movements as the BRL dropped by 19% in this period. The business mix continued its transformation with €1.7bn of inflows in unit-linked products and a €2bn outflow from traditional ones. No information was released relating to the Brazilian partnership. France should be the driver of FY18’s profits. No changes in our model.

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  • 16 May 18
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Allianz

Solid Q1 figures

Net profit attributable to shareholders increased by 7% to €1.94bn for Q1 18 versus the same period last year. Premiums earned were down by 1% to €17.7bn for Q1 18. Operating investment result declined by 20% to €5.2bn for Q1 18 compared to Q1 17. Fee and commission income increased by 9% to €2.8bn in Q1 18. Insurance claims were down by 2% to €12.7bn in Q1 18. Changes in insurance reserves declined by 24% to €2.8bn for Q1 18. Operating profit was down by 6% to €2.76bn for Q1 18 compared to Q1 17. Non-operating items were a loss of €75m for Q1 18 compared to €220m for Q1 17. Pre-tax profit decreased by 1% to €2.7bn for Q1 18. The tax ratio declined from 29% for Q1 17 to 24% for Q1 18. The Solvency II ratio was slightly down from 229% at the end of 2017 to 225% at end March 2018. Shareholders’ equity declined by 3% to €63.3bn in the same period. RoE was 13.8% for Q1 18 compared to 12.4% for Q1 17. Third-party assets under management were down by 1% to €1,429bn at end March 2018 compared to the end of 2017. Net money inflow was €20.9bn in Q1 18 versus €19bn in Q1 17. Allianz confirmed the operating profit outlook for FY2017 of €11.1bn, +/- €500m.

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  • 15 May 18
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Talanx

Mixed start to 2018

Net attributable profit decreased by 8% to €218m for Q1 18 compared to Q1 17. Net premiums earned were up by 4% to €7.0bn for Q1 18 compared to the same period last year. The net investment result rose by 5% to €1.06bn for Q1 18. RoI was around 3.7% for Q1 18 compared to 3.5% in Q1 17. Insurance claims rose by 3% to €5.7bn in Q1 18 compared to Q1 17. The group’s net combined ratio of the non-life business was up from 96.3% for Q1 17 to 97.0% for Q1 18. Pre-tax profit increased by 2% to €551m for Q1 18. Tax ratio rose from 26.3% for Q1 17 to 29.6% for Q1 18. RoE after tax was 9.9% for Q1 18 compared to 10.3% for Q1 17. Equity capital attributable to common shares decreased by 2% to €8.7bn at the end of March 2018 compared to the end of 2017. Talanx confirmed its net attributable profit target for FY2018 of around €850m. The Solvency II ratio was 206% at the end of 2017 compared to 186% at the end of 2016 and a target range of 150% to 200%.

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  • 11 May 18
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RSA Insurance Group

A new bad weather bill

RSA released its trading update this morning, with declining underlying earnings. The tough winter increased the group’s weather-related costs by 5.1%. The improvement in large losses, attritional loss and controllable expense ratios were not enough to cover this impact. Investment income continued on its downturn trend. Sales were flat (up 1% at constant FX). The good news was its strong capital position, which is a guarantee for the dividend. Model under review.

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  • 10 May 18
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SAMPO OYJ-A SHS

Another victim of local currency

Sampo repoted a profit before tax of €445m, up 3.5% yoy. P&C’s pre-tax profit increased by 7% to €193m, while Mandatum, the insurer’s Life arm, posted a Q1 18 pre-tax profit of €73m vs. €54m a year before. The group’s solvency ratio stood at 145.7%. The mark-to-market results dropped due to a weaker SEK and weak investment markets. Topdanmark’s contribution to the group’s earnings is now important after the consolidation of its figures. We will adjust down our estimates.

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  • 09 May 18
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Muenchener Rckvrrgs Gsllcht Mhn AG in mu

Improved Q1 earnings ahead of 2018 target range

Munich Re released only a quarterly statement and not a full report on the Q1 18 results. Net profit attributable to shareholders increased by 49% to €826m for Q1 18 compared to Q1 17. Gross premiums written were up by 1.6% to €13.1bn in Q1 18 compared to the same period last year. At constant exchange rates, the rate of change would have been up by 7.8%. Net premiums earned were down by 5% to €11.25bn in Q1 18 versus Q1 17. Expenses for claims declined by 17% to €8.4bn in Q1 18. The technical result rose by 54% to €1.02bn for Q1 18 compared to Q1 17. The investment result was down by 17% to €1.8bn in Q1 18 compared to Q1 17. The annualised RoI was 3.1% for Q1 18 compared to 3.6% for the same period last year. The other non-operating result was a loss of €194m in Q1 18 compared to a loss of €153m in Q1 17. Pre-tax profit increased by 39% to €1.04bn in Q1 18 compared to Q1 17. The tax rate declined to 20% in Q1 18 compared to 25% for Q1 17. Shareholders’ equity was down by 4% to €27.2bn at the end of March 2018 compared to the end of 2017. The solvency ratio for Munich Re (Group) was mainly unchanged at 245% at the end of March 2018. The return on equity was 11.9% for Q1 18 compared to 7.0% for Q1 17. The company confirmed its net profit guidance of €2.1bn to €2.5bn for FY2018.

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  • 08 May 18
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