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.

  • 18 Sep 18

Cenkos: Personal Group Holdings Plc - A return to earnings growth

Today's results are arguably the most positive from the company in the past three years, with all three divisions trading ahead of H1/17A comps and in-line with our FY18E forecasts. The outlook is also encouraging, particularly at Let's Connect, which faces its largest ever pipeline and will benefit this year from Royal Mail's re-launch. While full year delivery will be dictated by the key Q4 period, we expect the company to meet expectations, which would imply 6% EPS growth and a 1.3% uplift in DPS.

Companies: Personal Group
  • 18 Jul 16

Political risk over-hang

Mixed messages from UK and EU governments already highlight a potential for on-going political risk, with any sector volatility accentuated by Solvency II. With significant value in the sector we would look to now buy shares with strong fundamentals to be confirmed by upcoming results.

Companies: ALV CS PRU LGEN PHNX

  • 08 Aug 18

On track

Prudential announced operating profit of £2,405m (up 9% lfl). All business units posted improved earnings: +14% for Asia (£1,016m), USA (+2% to £1,002m) and M&G Prudential (+4% at £778m). The planned demerger of M&G Prudential from the group, which will result in two separately-listed companies, is progressing well. The insurer’s status of a good dividend payer is confirmed with an interim dividend of 15.67p/share, up 8%.

Companies: Prudential
  • 13 Sep 18

Coverage terminated

As Old Mutual has completed its reorganisation, the listed company now happens to be entirely focused on African operations. It has also decided to move its reporting currency to South African rand. As a result of these changes, AlphaValue has decided to end coverage of Old Mutual as it is now too far away from its European expertise.

Companies: Old Mutual

Latest Content

Personal Group

Cenkos: Personal Group Holdings Plc - A return to earnings growth

Today's results are arguably the most positive from the company in the past three years, with all three divisions trading ahead of H1/17A comps and in-line with our FY18E forecasts. The outlook is also encouraging, particularly at Let's Connect, which faces its largest ever pipeline and will benefit this year from Royal Mail's re-launch. While full year delivery will be dictated by the key Q4 period, we expect the company to meet expectations, which would imply 6% EPS growth and a 1.3% uplift in DPS.

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  • 18 Sep 18
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Old Mutual

Coverage terminated

As Old Mutual has completed its reorganisation, the listed company now happens to be entirely focused on African operations. It has also decided to move its reporting currency to South African rand. As a result of these changes, AlphaValue has decided to end coverage of Old Mutual as it is now too far away from its European expertise.

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  • 13 Sep 18
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SCOR

Go for a SCOR

Becoming a possible target in a rich industry contemplating consolidations is good news for shareholders and seemingly less so for Scor’s management. The insurer has a healthy in-force portfolio and is on the right track to achieve all its strategic targets. Its €7bn market is within reach for most of the bigger players and at 1.1x book this is not excessive. The odds are high that the ball has started rolling as Scor starts disclosing its hitherto lesser-known strengths.

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  • 11 Sep 18
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SCOR

Under the microscope

Within two days, Scor has rejected Covéa’s friendly bid (€43/share) and denied rumours linking it to Partner Re. The French reinsurer confirmed, at its Investors Day, its targets for all business segments. There are no worries about the dividend distribution which should continue on its upward trend. These figures affirm the interesting profile of the company which should be a preferred target for operators looking for larger scale. Covéa is unlikely to be the only candidate.

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  • 05 Sep 18
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Helvetia Holding

Unspectacular H1 earnings

Pre-tax profit was up by 4% to CHF274m for H1 18 compared to H1 17. Net premiums earned increased by 5% to CHF4.35bn in H1 18. The investment result declined by 15% to CHF506m for H1 18 due to no gains on group investments compared to gains of CHF78m for H1 17. Overall income was flat at CHF4.9bn for H1 18 compared to H1 17. Total expenses were flat too at CHF4.6bn in the same period. The net combined ratio of the non-life business rose from 91.3% for H1 17 to 92.7% for H1 18. The tax ratio declined slightly from 20% for H1 17 to 18% for H1 18. Net attributable profit increased therefore by 7% to CHF225m in H1 18 compared to H1 17. Total equity rose by 4% to CHF5.0bn at the end of June 2018 compared to the end of 2017. The SST ratio increased from 165% at the end of 2017 to 212% at the end of June 2018.

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  • 04 Sep 18
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Old Mutual

Two pieces of good news: super dividend and cost efficiency

Old Mutual posted H1 18 results from operations of R4,848m, up 7% yoy. The Mass and Foundation Cluster is the cornerstone of the group’s profitability, representing 31.6% of the results from operations. The disappointment came from the Personal Finance segment, which recorded a 34% drop in its earnings. The insurer announced an extra dividend of 100c/share after the sale of Quilter, in addition to an interim dividend of 45c. The target of a cost reduction of R1bn by 2019 was confirmed.

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  • 31 Aug 18
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Baloise Holding

Mixed H1 figures, again additional reserve needs in Germany

Pre-tax profit decreased by 11% to CHF341m for H1 18 compared to the same period last year. H1 18 was burdened by the addition of CHF46.8m to reserves for a run-off portfolio in the German non-life business. This reduced profit by a net CHF32.4m in H1 18. Net premiums earned were down by 3% to CHF3.77bn. Investment income rose by 2% to CHF732m for H1 18 compared to H1 17. “Realised gains and losses on investments at the risk of life insurance policyholders and third parties” switched from a profit of CHF279m for H1 17 to a loss CHF177m for H1 18. However, it is not burdening shareholders. Overall, income decreased by 12% to CHF4.6bn for H1 18 compared to H1 17. Insurance claims were up by 6% to CHF3.26bn for H1 18. Change in technical reserve came strongly down from CHF647m for H1 17 to CHF168m for H1 18. Total expenses decreased by 13% to CHF4.2bn in the same period. The net combined ratio of the non-life business rose from 89.7% for H1 17 to 94.1% for H1 18, around 3% came from the additional reserves for the German run-off portfolio. The tax ratio decreased slightly from 22% for H1 17 to 21% for H1 18. Net attributable profit declined by 10% to CHF270m in H1 18. If it had not added to its reserves, Baloise would have generated a profit of CHF302m. Total equity was down by 4% to CHF6.15bn at the end of June 2018 compared to the end of 2017. The SST ratio as at January 2018 was 262%. Baloise reports only on a half-yearly basis.

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  • 28 Aug 18
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Swiss Life Holding

Good H1 18 figures

Pre-tax profit increased by 8% to CHF730m for H1 18 compared to the same period last year. Net earned premiums were up by 6% to CHF7.9bn for H1 18. Investment income rose by 2% to CHF2.23bn for H1 18 compared to H1 17. Fee and commission income was up by 18% to CHF798m in H1 18 versus H1 17. Total income increased by 9% to CHF11.7bn for H1 18 compared to H1 17. Insurance benefits and claims rose by 2% to CHF8.1bn for H1 18 compared to H1 17. Total expenses were up by 9% to CHF10.9bn in the same period. Net profit attributable to common shares was up by 7% to CHF558m for H1 18 versus H1 17. Shareholders’ equity declined by 5% to CHF14.7bn at end June 2018 compared to the previous year-end. The SST ratio was 170% and the Solvency II ratio was above 200% at the end of June 2018.

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  • 14 Aug 18
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OMG ALM ALT ASO IXI IMMO FAB HUW CHG ZEN

Small Cap Breakfast

Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Vitesse Media (VIS) — To be renamed Bonhill Group. RTO of the trade and assets of InvestmentNews, a Business Information and Data & Insight brand supporting the US financial adviser and wealth manager community Due 17 Aug. Raising £18.6m at 80p. Mkt cap £26.7m. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

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  • 13 Aug 18
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Talanx

Mixed Q2 figures, company profit guidance confirmed

Net attributable profit decreased by 3% to €219m for Q2 18 compared to Q2 17. Net premiums earned were up by 10% to €7.45bn for Q2 18 compared to Q2 17. The net investment result declined by 12% to €944m for Q2 18. Insurance claims were up by 6% to €5.9bn in Q2 18. The group’s net combined ratio of the non-life primary insurance business increased slightly from 97.8% for Q2 17 to 98.0% for Q2 18. Pre-tax profit was up by 13% to €577m for Q2 18 compared to the same period last year. The tax ratio rose from 24% for Q2 17 to 32% for Q2 18. Equity capital attributable to common shares declined by 3% to €8.6bn at the end of June 2018 compared to the end of 2017. RoE was 10.1% for Q2 18 versus 9.8% for Q2 17. Talanx confirmed its net attributable profit target for FY2018 of around €850m and anticipates a RoE of around 9.0%.

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  • 13 Aug 18
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