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.

  • 07 Jul 20
Finally, a change of strategy?

With a new CEO, Amanda Blanc, Aviva’s shareholders could dream of a possible change in the group’s strategy, with a more focused insurance business. The new Chief has an opportunity to take painful decisions in a year where no one will require a high operating performance.

Companies: Aviva Plc
  • 01 Jun 20
The Monthly June 2020

Much has been written about the effects of the virus on the world and on the stock market. Here is one analyst’s take on some of the likely impacts on the way we should look at companies. This article was originally produced as a blog, “10 Changes Post Virus”, which was published a few weeks ago.

Companies: AGY ARBB ARIX DNL GDR NSF PCA PIN PHNX PHP RE/ RECI STX SCE SIXH TRX SHED VTA

  • 17 Jun 20
Randall & Quilter Update - A Record Year

The impressive full year 2019 results included some eye-catching numbers, including a record PBT of £40.1m (nearly 3x FY18 @ £14.3m), £620m of reserves acquired over 16 legacy deals, and $842m of (estimated) Contracted Premium in the Program business – on track to breach $1bn in FY20 as previously guided and $1.5bn-$2bn in 2022-2023.

Companies: Randall & Quilter Investment
  • 07 Jul 20
A record FY19 result and strong pipeline

Impressive FY19 results met expectations via a combination of record Legacy deals and growth in the scale, product range and geographical reach of Program Management income. The latter is key, as this builds a base for future growth in complementary, visible, and reproducible fee-based revenues and commissions.

Companies: Randall & Quilter Investment
  • 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 REC SDR SLA EMG

  • 21 Apr 20
Cenkos: Personal Group Holdings Plc -- 2019 better than expected, but uncertainty ahead

Personal Group Holdings (PGH) has produced FY19A results comfortably ahead of previous forecasts (£66.9m revenue, £10.3m adj EBITDA), reflecting growth in lower margin services beyond Insurance. However, FY20E trading will be impacted adversely by COVID-19 through a possible rise in Insurance claims, policyholder churn, as well as reduced activity levels across the group. It is too early to accurately predict the severity of impact, hence we withdraw forecasts and move our recommendation to Under review. PGH should remain profitable and is backed by significant reserves to weather any storm.

Companies: Personal Group
  • 09 Jul 20
Generali is preparing rapidly for the future

While the impact of COVID-19 on the accounts is not yet clear, Generali seems to be accelerating its strategic moves. The insurer is to leave some low-growth markets to reinvest in the US and Asian asset management industry. The debt structure is also being improved and the buy-back of three series of subordinated notes and the issue of a new green one will allow the company to reach its targets of gross interest expense reduction.

Companies: Assicurazioni Generali

Latest Content

Generali is preparing rapidly for the future

While the impact of COVID-19 on the accounts is not yet clear, Generali seems to be accelerating its strategic moves. The insurer is to leave some low-growth markets to reinvest in the US and Asian asset management industry. The debt structure is also being improved and the buy-back of three series of subordinated notes and the issue of a new green one will allow the company to reach its targets of gross interest expense reduction.

Assicurazioni Generali

  • 09 Jul 20
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Finally, a change of strategy?

With a new CEO, Amanda Blanc, Aviva’s shareholders could dream of a possible change in the group’s strategy, with a more focused insurance business. The new Chief has an opportunity to take painful decisions in a year where no one will require a high operating performance.

Aviva Plc

  • 07 Jul 20
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A record FY19 result and strong pipeline

Impressive FY19 results met expectations via a combination of record Legacy deals and growth in the scale, product range and geographical reach of Program Management income. The latter is key, as this builds a base for future growth in complementary, visible, and reproducible fee-based revenues and commissions.

Randall & Quilter Investment

  • 07 Jul 20
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From headwinds to tailwinds

Q2 should be a clear improvement upon a turbulent first quarter, helped by strong financial markets, good premium growth and a higher AuM. We’ve lifted our Q2 and 2020 estimate for EPS, but have kept 21/22e relatively unchanged. Solvency should benefit from strong equity markets and tighter spreads, but lower rates and a sharp VA reduction means we see a slide to 151% (155%) excl. transitionals and a flat 172% q/q incl. transitionals.

STOREBRAND

  • 06 Jul 20
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Stars aligned for a strong Q2

We’ve increased our 2020 EPS by ~30% following a strong quarter for financial returns as well as expectations of a strong Q2 on UW (ARCe 80.1% CR). Our estimates for 2021/2022 remain relatively unchanged at NOK 9.0 and 9.1 respectively. We’ve also lowered our 2020 DPS slightly as we await more clarity from regulators, though GJF’s dividend capacity remains extremely strong. We expect a strong Q2, but stick to Hold and NOK 180 target price.

GJENSIDIGE FORSIKRING

  • 06 Jul 20
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Eternally Italian

The acquisition of 24.4% of Cattolica by Generali, through a reserved capital increase, is none other than a rescue operation to preserve an Italian insurer. The main conclusion from this transaction is that Generali is in good shape and has enough cash after the pandemic.

Assicurazioni Generali

  • 25 Jun 20
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Higher cost reduction and capital generation at the heart of strategy

NN Group is targeting Operating Capital Generation of €1.5bn in 2023, mainly thanks to additional cost savings. The insurer had a solid Solvency II ratio at 227% in May 2020, including the impact of the longevity transactions. The net impact of COVID-19 is estimated at €-100m on the 2020 operating result and OCG. The dividend strategy should remain progressive.

NN Group

  • 24 Jun 20
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Randall & Quilter Update - A Record Year

The impressive full year 2019 results included some eye-catching numbers, including a record PBT of £40.1m (nearly 3x FY18 @ £14.3m), £620m of reserves acquired over 16 legacy deals, and $842m of (estimated) Contracted Premium in the Program business – on track to breach $1bn in FY20 as previously guided and $1.5bn-$2bn in 2022-2023.

Randall & Quilter Investment

  • 17 Jun 20
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The Monthly June 2020

Much has been written about the effects of the virus on the world and on the stock market. Here is one analyst’s take on some of the likely impacts on the way we should look at companies. This article was originally produced as a blog, “10 Changes Post Virus”, which was published a few weeks ago.

AGY ARBB ARIX DNL GDR NSF PCA PIN PHNX PHP RE/ RECI STX SCE SIXH TRX SHED VTA

  • 01 Jun 20
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Doubts on 2021 targets

Net profit was hit by important impairments on investments (€655m) and stood at only €113m. The operating result showed resilience (+7.6% yoy to €1,448m), but this should not continue in Q2. Generali did not give estimates on the impact of the COVID-19 on its annual figures, but it said that it would be significant. It is working on a cost reduction plan that may noy be enough for it to reach all 2021 targets.

Assicurazioni Generali

  • 21 May 20
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