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

Aviva

All tied in with the UK Life division

Aviva presented its strategy for 2019-22. The insurer will continue to simplify its structure, reduce costs (£300m by 2022) and debts (£1.5bn) and pay a progressively increasing dividend. The insurer aims to generate operating cash of £7.5bn over 2019-22 with remitted cash to the group by different business units of £8.5-9bn, of which 50% by the UK Life division. FY 19 will benefit from lower longevity reserves with a positive impact within the range £300-400m. No convincing strategy.

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  • 20 Nov 19
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CNP Assurances

Resilience to squeezing interest rates

9M 19 consolidated premium income came in at €25,898m, up 5.4% yoy as reported and 5.7% lfl. The shift in business mix decelerated with Unit-Linked contracts representing 20.5% of the French Savings/Pensions business (vs. 23.1% in 9M 18) and 40.7% at the group level (vs. 42.2% in 9M 18). 9M 19 EBIT reached €2,279m (+5.1% yoy) and net profit stood at €987m (+3.4% yoy). The Solvency II ratio stood at 161%. The recorded performance was in line with estimates.

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  • 15 Nov 19
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NN Group

The Dutch Life business is still pressurised

Like the previous quarter, NN Group’s operating result declined by 2.2% in Q3 19 to €453m under the weight of the Dutch Life business. In 9M, the insurer recorded a 6.5% increase in the operating earnings to €1,366m, thanks to the excellent Q1 accounts. The new regulations in Japan concerning the COLI products led to lower fees and premium-based revenues but the operating performance was positive. The Solvency II ratio stood at 217%. No significant changes in our estimates.

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  • 14 Nov 19
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Talanx

Good Q3 figures, company guidance for FY2020 released

• Net profit attributable to shareholders increased from €52m for Q3 18 to €265m for Q3 19 • Talanx confirmed its net profit target of more than €900m for FY2019 • It released a new profit target for FY2020, a range between more than €900m and €950m • Hannover Re has been the most profitable big global reinsurance company for years and remains the backbone of Talanx

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  • 11 Nov 19
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Allianz

Solid to good Q3 figures, AuM reached all-time high

• Net profit attributable to shareholders increased by 1% to €1.95bn • RoE was 14.1% in Q3 19 despite a 22% increase in shareholders’ funds to €74.6bn in 9M 19 • Net new money inflow was €18bn for Q3 19 • Third-party AuM reached €1,681bn, an all-time high

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  • 08 Nov 19
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Muenchener Rckvrrgs Gsllcht Mhn AG in mu

Good Q3 results despite high claims

• Net profit attributable to shareholders was up by 79% to €865m for Q3 19 • Investment result increased from €1.3bn for Q3 18 to €2.1bn for Q3 19 due to high disposal gains • P&C major-loss expenditure corresponded to 18.4% of net earned premium for Q3, which was significantly higher than the projected long-term average of 12% • Munich Re expects now to beat its target for the consolidated result of €2.5bn for FY2019

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  • 07 Nov 19
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RSA Insurance Group

Promising figures

RSA reported flat net written premiums at £4,864m. As expected, the UK & International segment recorded a scheduled decline in net premiums, and the Scandinavian and Canadian segments recorded growth. The insurer announced an improvement in 9M operating profit and in the combined ratio. The Solvency II coverage ratio was 169% by the end of September. Investors are focusing on the execution of the exit plan from the London market and RSA confirmed that it is on the right track.

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  • 07 Nov 19
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Assicurazioni Generali

Undisturbed insurer

Generali posted excellent figures. 9M 19 gross written premiums improved by 3.2% to €51,379m and the operating result increased by 9.1% to €3,934m. The higher increase in operating earnings was recorded by the targeted asset management segment (+16.8% to €268m). The net result stood at €2,163m (+16.6% yoy). The regulatory Solvency II ratio stood at 204%. The released figures were in line with estimates and confirmed our positive opinion on the insurer.

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  • 07 Nov 19
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Axa

Strong start to the hurricane season for AXA XL

AXA’s 9M 18 total revenues increased by 4% to €79,680m. The business mix continued its transformation with the preferred segments contributing up to 60% of the group’s revenues. AXL XL recorded an improvement in prices, but the adverse weather conditions in Q3 and the beginning of Q4 should lead to an excess of €400m compared to the normalised level for Nat Cats for H2 19. The Solvency II continued its downward trend, but remained within the targeted level.

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  • 07 Nov 19
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SAMPO OYJ-A SHS

The capacity to support low interest rates has come to an end

Sampo has posted a 9M 17 profit before tax of €1,073m, down 35% yoy (€92m in Q3 19, -81% relative to Q3 18). This decline is caused by the low interest rates that affected the performance of Nordea and Topdanmark. Mandatum Life’s figures should be adjusted by the exceptional €197m contribution from the cooperation agreement with Danske Bank in 2018. The insurer will be less generous with its shareholders in 2019. Our model will be revised down.

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  • 06 Nov 19
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