Interim results demonstrate YoY growth and a resilient outcome that has exceeded management's expectations from the start of the Covid-19 pandemic. This is testament to the degree of recurring revenue generated across the business. FY21 trading looks to be more challenging, as notably lower new insurance sales post-lockdown will translate into lower premium income. A number of organic opportunities are being worked on to fill the shortfall. Rising UK redundancies and their impact on policyholder retentions creates great uncertainty, hence our forecasts remain withdrawn and recommendation remains Under Review.

Personal Group Holdings Plc

• 22 Sep 20
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BoD decides to pay out NOK 12.25/sh (7.25 ordinary + 5.0 XO dividend) Follows clarification from MoF last week that opened up for insurers Equals 6.5% yield on current share price Positive to see GJF finally being able to distribute excess cash

Gjensidige Forsikring ASA

• 17 Sep 20
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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.

Aviva Plc

• 15 Sep 20
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Scor has adjusted its strategic targets for 2020, taking into consideration the COVID-19 pansemic. The good news was the lower than booked emerging Life claims in the US (€182m booked in the H1 20 accounts vs. €85m paid up to August) and the positive pricing dynamic in the P&C lines. In asset management, the portfolio remains very liquid with €8.7bn of cash flows expected over the next 24 months. However, this is a big challenge given the low reinvestment rates.

SCOR SE

• 09 Sep 20
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Interims are in line and unchanged yoy. This masks a resilient performance which has seen organic new scheme additions maintained – a reflection of marketing efforts. Some uncertainty remains for H2, particularly around the key treasury refinancing, which may impact interest income. There is competitive advantage in the holistic fee structure. Long term growth may come at the expense short term returns on interest income. We leave forecasts unchanged and will review again around the year end.

Curtis Banks Group Plc

• 03 Sep 20
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• Net profit attributable to shareholders declined by 55% to CHF178m for H1 20 due to COVID-19 net claims of CHF63m and a negative tax swing of CHF129m due to a positive one-off tax effect in H1 19 • Net premiums earned were down by 13% to CHF3.9bn for H1 20 compared to H1 19 due to a positive one-off effect in 2019

Bâloise Holding AG

• 27 Aug 20
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• Net loss of some CHF20m for H1 20 due to COVID-19 and a negative one-off effect • Helvetia evaluates a bigger part of its equity portfolio at fair value. The investment result of Helvetia was therefore a low three-digit millions loss before tax in H1 20 • Wrong hedging strategy decision by management in March 2020 • Full set of H1 20 figures will be published on 15 September 2020

Helvetia Holding AG

• 25 Aug 20
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Three positive announcements this week confirm the group continues to perform as expected despite the impact of Covid-19, in line with our forecasts.

Randall & Quilter Investment Holdings Ltd.

• 20 Aug 20
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