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.

  • 24 Feb 21
Decisive actions to transform the company

Aviva continues to execute rapidly its strategy, leaving France and Turkey. In the last few months, the insurer has realised six transactions. The cash will be used to improve business in the targeted markets (the UK, Ireland, Canada), reduce debt (£1.5bn in 2022) and to distribute a dividend to shareholders (14p per share to be proposed at the upcoming General Meeting).

Companies: Aviva plc
  • 24 Feb 21
Positive year despite pandemic

Ageas released net profit at €1,141m. The Non-Life business contributed significantly to this performance (up 49% to €391m), while the Life divisions suffered and posted a 32% drop to €569m. We appreciate the resilient top line and the €2.65 to be distributed per share. Ageas also announced the acquisition of a 40% stake in the Turkish Life insurance and pensions company AvivaSA for €142m. The insurer enters a new market, with rapid growth and without problems of low interest rates.

Companies: Ageas (AGS:EBR)ageas SA/NV (AGS:BRU)
  • 01 Aug 19
A sweep to unprofitable business

RSA posted lower underwriting earnings at £153m. However, we have to take into consideration the impact of the exits of some portfolios which led to a loss of £28m. RSA is preparing a cleaner business for the coming years. The Scandinavian operations posted reduced underwriting earnings, impacted mainly by high claims in Commercial lines. The interim dividend was revised up to 7.5p, +3% yoy. We will adjust our estimates, but the pace of business reorganisation satisfies us.

Companies: RSA Insurance Group plc
  • 05 Aug 20
Low interest rates wipe out operating resilience

L&G reported an operating profit from continuing divisions (excluding Mature Savings and General Insurance businesses) of £1,128m, -2.2% yoy. The COVID-19-related cost was £129m. LGR posted a growing operating profit to £721m. Net profit amounted to £290m vs. £874m a year before, being affected by the reduced discount rate used to calculate LGI reserves. The Solvency II ratio stood at 173%. The Board recommended an interim dividend of 4.93p/share, stable relative to H1 19.

Companies: Legal & General Group Plc
  • 15 Sep 20
First strategic revamp

With the sale of the Singaporean operations for £1.6bn, the new CEO, Amanda Blanc, shows her intention to focus rapidly on its preferred markets (the UK, Ireland and Canada). The next candidate for sale is the French unit. This transaction is more complicated than the previous one, with the necessity to obtain the agreement of Afer, its key partner in France. With potential proceeds of £2.9bn, Aviva could reduce its debts significantly and allocate more capital to the UK bulk annuity business.

Companies: Aviva plc
  • 26 Jan 21
Cenkos: Personal Group Holdings Plc -- Robust FY20 delivery

Personal Group's trading update indicates delivery of a solid FY20E result, an outcome better than expected earlier in the COVID-19 pandemic, reflective of the group's robust recurring revenues. Strategic progress has been made in the year with new client wins, greater diversification and Sage Employee Benefits (SEB) now moving to a paid-for model. The short-term outlook for FY21 is uncertain, given reduced new Insurance sales this year, however we view this as a temporary headwind resulting from lockdown restrictions, which will be lifted in time. With evidence of traction across the group, we remain positive, but current uncertainty (lockdowns, claims etc) means we maintain an U/R recommendation.

Companies: Personal Group Holdings Plc
  • 22 Feb 21
Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from RIO, IAG, MAB, OTMP, RQIH, SHOE

Companies: OTMP RQIH RIO

  • 25 Feb 21
All COVID-19 costs booked in 2020, new start for 2021

Scor posted a positive Q4 20, with a jump in its net income to €99m. FY 20 net profit was €234m, -44.5% yoy. The top line was stable, at €16,368m. The reinsurer absorbed the cost of COVID-19, estimated at 3.7% in terms of Life technical margin and 0.7% in the combined ratio. The Solvency II ratio stands at 220%, allowing a dividend of €1.8/share. 2021 would be better with the recent improvement in prices and clearer terms in contracts.

Companies: SCOR (SCR:EPA)Scor SE (SCR:PAR)
  • 25 Feb 21
New Programs underpin outlook

The group’s recent trading update confirms that growth in the Program Management division, Accredited, is firmly on track. In the twelve months to 31 Dec 2020, it recorded a 46% increase in Gross Written Premium (GWP) and 76% higher Economic Commission Revenue (ECR) at $22.7m. That reflected 18 new programs contracted (48 active programs at the year-end) and 52% higher Contracted Premium at $1,281m.

Companies: Randall & Quilter Investment Holdings Ltd.
  • 26 Feb 21
The insurer resisted the pandemic well

RSA had a positive year, despite the pandemic. The underlying pre-tax profit increased by 18.5% to £670m and the group’s operating result was £703m, up 17.7% yoy. The group’s combined ratio was 91.1%. The Solvency II ratio stood at 189%. The insurer announced it will not propose a final dividend for 2020 as this would reduce the cash consideration payable under the terms of the acquisition announced months ago. A catch-up payment after the completion of the transaction remains possible.

Companies: RSA Insurance Group plc
  • 22 Dec 20
Market Report: FTSE gains as hopes rise of UK and France solving port chaos
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  • 29 Sep 20
Chesnara raises dividend in 'extraordinary half year'
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  • 20 Nov 20
Curtis Banks commits £5m into pensions technology
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  • 03 Oct 19
Elevator Pitch - Personal Group Holdings PLC
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  • 04 Dec 20
Curtis Banks' transition to a more sustainable, resilient business model
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  • 20 Nov 20
Curtis Banks commits £5m into technology pensions
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  • 25 Sep 20
Personal Group's Deborah Frost says first half has been 'surprisingly good'
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  • 03 Sep 20
Curtis Banks is 'delighted' by 'challenging but strong' six month period
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  • 24 Jul 20
Personal Group CEO says they've exceeded expectations and are ahead of last year's trading
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  • 23 Jul 20
Curtis Banks CEO delighted with two high quality acquisitions and £25mln fundraise
curtis-banks-ceo-delighted-with-two-high-quality-acquisitions-and-25mln-fundraise
  • 24 Apr 20
Personal Group to continue paying a dividend and expects to emerge from crisis in good shape
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  • 15 Apr 20
Chesnara PLC to continue to pay dividends despite pandemic disruption
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  • 18 Mar 20
Curtis Banks in good shape to weather the storms ahead says CEO
curtis-banks-in-good-shape-to-weather-the-storms-ahead-says-ceo
  • 15 Jan 16
Curtis Banks Group - Acquisition of Suffolk Life
curtis-banks-group-acquisition-of-suffolk-life-15-01-2016

Latest Content

The insurer resisted the pandemic well

RSA had a positive year, despite the pandemic. The underlying pre-tax profit increased by 18.5% to £670m and the group’s operating result was £703m, up 17.7% yoy. The group’s combined ratio was 91.1%. The Solvency II ratio stood at 189%. The insurer announced it will not propose a final dividend for 2020 as this would reduce the cash consideration payable under the terms of the acquisition announced months ago. A catch-up payment after the completion of the transaction remains possible.

RSA Insurance Group plc

  • 26 Feb 21
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Good 2020 results in COVID times, strong January renewals

• Net profit attributable to shareholders decreased by 56% to €1.21bn for 2020 but was in line with the revised company guidance • COVID-19-related losses were €3.5bn in FY2020 • The dividend proposal is unchanged at €9.80 per share for FY2020 • Strong January 2021 renewals with higher prices and volumes

Munich Reinsurance Company

  • 25 Feb 21
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All COVID-19 costs booked in 2020, new start for 2021

Scor posted a positive Q4 20, with a jump in its net income to €99m. FY 20 net profit was €234m, -44.5% yoy. The top line was stable, at €16,368m. The reinsurer absorbed the cost of COVID-19, estimated at 3.7% in terms of Life technical margin and 0.7% in the combined ratio. The Solvency II ratio stands at 220%, allowing a dividend of €1.8/share. 2021 would be better with the recent improvement in prices and clearer terms in contracts.

SCOR (SCR:EPA)Scor SE (SCR:PAR)

  • 25 Feb 21
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The pandemic’s page is turned, refocus on targets

AXA posted FY 2020 total revenues of €96,723m, down 1% on a comparable basis (down 7% on a reported basis). Underlying earnings dropped by 34% to €4,264m. Net income stood at €3,164m, down 18% yoy. The Solvency II ratio was 200%. A dividend of €1.43 per share will be proposed at the shareholders’ AGM. The bill for COVID-19 remained stable at €1.5bn with no significant impact from new Coronavirus outbreaks. Our model will be adjusted up.

Axa (CS:EPA)AXA SA (CS:PAR)

  • 25 Feb 21
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New Programs underpin outlook

The group’s recent trading update confirms that growth in the Program Management division, Accredited, is firmly on track. In the twelve months to 31 Dec 2020, it recorded a 46% increase in Gross Written Premium (GWP) and 76% higher Economic Commission Revenue (ECR) at $22.7m. That reflected 18 new programs contracted (48 active programs at the year-end) and 52% higher Contracted Premium at $1,281m.

Randall & Quilter Investment Holdings Ltd.

  • 25 Feb 21
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Decisive actions to transform the company

Aviva continues to execute rapidly its strategy, leaving France and Turkey. In the last few months, the insurer has realised six transactions. The cash will be used to improve business in the targeted markets (the UK, Ireland, Canada), reduce debt (£1.5bn in 2022) and to distribute a dividend to shareholders (14p per share to be proposed at the upcoming General Meeting).

Aviva plc

  • 24 Feb 21
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Positive year despite pandemic

Ageas released net profit at €1,141m. The Non-Life business contributed significantly to this performance (up 49% to €391m), while the Life divisions suffered and posted a 32% drop to €569m. We appreciate the resilient top line and the €2.65 to be distributed per share. Ageas also announced the acquisition of a 40% stake in the Turkish Life insurance and pensions company AvivaSA for €142m. The insurer enters a new market, with rapid growth and without problems of low interest rates.

Ageas (AGS:EBR)ageas SA/NV (AGS:BRU)

  • 24 Feb 21
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New appointments to back the renewed strategy

Since his arrival, Thomas Buberl has been injecting new blood into Axa’s management. The possible arrival of Ramon Fernandez, as a member of the Board of Directors, would be good news. The quest for a new Chairman is a more complicated task.

AXA SA

  • 22 Feb 21
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The insurer overcomes the difficulties of 2020

Despite a complicated context, NN Group succeeded in posting an improved operating result (up 5.3% to €1,889m). The insurer reached its target of cost reduction (€404m relative to 2016 expense base) and its capital position stood at the comfortable level of 210%. The proposed dividend is €1.47 par share and a new share buy-back programme of €250m was announced. The performance of NN in 2020 is appreciable and confirms the quality of its business model. The 2023 strategic targets remain achievable.

NN Group N.V.

  • 22 Feb 21
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Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from RIO, IAG, MAB, OTMP, RQIH, SHOE

OTMP RQIH RIO

  • 22 Feb 21
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