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.

Latest Content

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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Swiss Life Holding

Limited Q1 business indications

Swiss Life released, as always, a Q1 statement with limited information (no income statement or balance sheet) and no Q1 report. Gross written premium income increased by 4% to CHF7.0bn in local currency (+7% in CHF) for Q1 18 compared to the same period last year. The core market, Switzerland, was flat at CHF4.6bn. Premium income was up by 17% in France, by 0% in Germany and by 12% for International business in local currency for Q1 18. Fee income rose by 9% to CHF395m for Q1 18 compared to Q1 17. Swiss Life posted an unchanged non-annualised RoI of 0.7% for Q1 18. Swiss Life had an SST ratio of 170% at 1 January 2018. Net new asset inflows came to CHF2.4bn in Q1 18 compared to CHF2.7bn in Q1 17. Profit figures were not released. Swiss Life has half-year reporting.

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  • 08 May 18
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Hannover Rueck

Good Q1 figures, strong growth at constant currency

Net income attributable to shareholders increased by 3% to €273m for Q1 18 versus Q1 17. Net premiums earned were up by 7% to €4.0bn for Q1 18 versus the same period last year. At constant exchange rates, the increase would have been 16%. Net investment income was unchanged at €392m in Q1 18. Total revenues rose by 6% to €4.4bn in Q1 18. Insurance claims were up by 3% to €2.95bn for Q1 18 versus Q1 17. Total expenses rose by 5% to €3.96bn for Q1 18. Pre-tax income increased by 9% to €416m for Q1 18 versus the same period last year. The tax rate rose from 25% for Q1 17 to 28% for Q1 18. Shareholders’ equity attributable to shareholders was down by 2% to €8.35bn at the end of March 2018 versus the end of 2017. The return on equity was 13.0% for Q1 18 compared to 11.6% for Q1 17.

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  • 07 May 18
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Assicurazioni Generali

Profit up

Excellent figures released this morning by Generali. Life and Non-Life sales improved by 3% and 1.4%, respectively. The operating earnings, which amounted to €1,253m, up 4.3% yoy, boosted the consolidated earnings as the the Life segment posted a slight declining operating result at €760m (-0.5% yoy). This is not bad news as the business mix is strongly changing towards Unit-Linked products. Net profit income stood at €581m (+8.6% yoy). No changes are expected in our model.

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  • 04 May 18
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