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.

  • 20 Nov 19
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.

Companies: Aviva
  • 26 Mar 19
Cenkos: Personal Group Holdings Plc - A more connected offering in FY19E

PGH's in-line FY18A results show positive revenue progress across the business, despite the group encountering several headwinds over H2/18A. In FY19E, PGH will take on a more consultancy-led offer following February's acquisition of Innecto. This pairs Innecto's more senior HR networks with PGH's market leading Hapi product, with significant cross-selling potential. This immediately earnings enhancing acquisition is expected to drive EPS and DPS growth this year, per our FY19E forecast.

Companies: Personal Group
  • 06 Feb 19
Cenkos: Personal Group Holdings Plc - Acquisition and new CEO

PGH has today announced the conditional acquisition of Innecto, an independent pay and reward consultancy, for a £3m cash consideration. The deal sees co-founder Deborah Rees-Frost (a PGH NED since 2015) take over the role of PGH CEO from the departing Mark Scanlon, while making a significant subscription for new shares. Strategically, the deal sees PGH broaden its employee services offer to now include reward consultancy, while crucially providing opportunities to cross-sell Hapi into Innecto's client base of high growth, more tech-focused names.

Companies: Personal Group
  • 03 Apr 19
Cenkos: General Financials - Spring(ish)

Spring has sprung, the garden is looking much nicer. The Easter Bunny turned up with the treats a bit early when Santa had let us down, hurrah! It should all feel better but the weather is still nippy, it is a long way to summer. Meanwhile the regulator continues to make its presence felt across financial services. The message is consistent: the customer comes first, margins and returns do not. Asset Management: Equity markets have rallied, but the starting point was pretty poor. Averages being what they are, even if equity markets manage a 7% annualised returns from here for the rest of the year, the average level for 2019 will be flat on 2018 which was itself flat on 2017. Revenue margin erosion from business mix continues inexorably if not precipitately but with flat markets and questionable flows, revenue growth will be a scarce commodity this year. Meanwhile costs of doing business continue to rise. There was some evidence last year of remuneration ratios taking the strain, there will need to be more this year to protect the bottom line. Sorry, dear reader. Specialist lenders: The threat of an economic slowdown remains in the background, but not in evidence in recent results or current pipelines of business. That is not to say that business will not become tougher, of course, but business models in the sector are well-established and have been through difficult times before. The cold pressure of the regulator is also clearly in evidence as investigations move through sub-sectors. It is clear that consumer protection, especially if conditions do deteriorate, will be front of its mind. Growth for growth's sake is unlikely to be popular.

Companies: ASHM CBG ICP JUP LIO PAG PFG REC SDR SLA EMG

  • 11 Sep 19
Quality building rapidly

The core strategy to build two complementary divisions and income streams looks well on track. A strong first half was driven by Legacy deals - announced in FY18, which obtained final approval in H1 - and a £16.0m boost from investment income (FY18: £5.0m). That is a reminder that Legacy transactions can be very profitable, but their timing unpredictable. We believe that makes recent rapid growth in Program Management especially important.

Companies: Randall & Quilter Investment
  • 11 Sep 19
Randall & Quilter Quick Take - Strength to Strength

The half year results released this morning were strong both in terms of strategic progress and financial performance, clearly beating current market expectations given that the share price rose by more than 10% in early trading.

Companies: Randall & Quilter Investment
  • 17 Sep 19
Cenkos: Personal Group Holdings Plc - Improved recipe for future growth

Personal Group's H1/19A results show robust trading so far this year, with encouraging signs in SaaS and Let's Connect. However, new sales of the group's core insurance products are beginning to soften, while SEB's launch was later than expected. FY19E adj EBITDA is thus likely to be lower than forecast, but rpt PBT, EPS and DPS are expected to be in-line.

Companies: Personal Group

Latest Content

Small Cap Feast

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.

MJH FIPP PGH BOOM TPFG OSI D4T4 OMG SAV RMM

  • 14 Jan 20
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Small Cap Feast

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.

MJH FIPP PGH BOOM TPFG OSI D4T4 OMG SAV RMM

  • 14 Jan 20
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The last retouches before the LBP–CNP combination

A few weeks before the effective combination with CNP, La Banque Postale (LBP) has reached new steps towards the achievement of this process. In parallel with the possible acquisition of the retail banking business of HSBC France, the bank has become the unique shareholder of LBP IARD, confirming that this business will be transferred to CNP in a few years. LBP has stabilised CNP’s governance with the renewed shareholders’ agreement with BPCE until 2030 and intends to create, with Natixis, a larger asset manager.

CNP Assurances

  • 23 Dec 19
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The last retouches before the LBP–CNP combination

A few weeks before the effective combination with CNP, La Banque Postale (LBP) has reached new steps towards the achievement of this process. In parallel with the possible acquisition of the retail banking business of HSBC France, the bank has become the unique shareholder of LBP IARD, confirming that this business will be transferred to CNP in a few years. LBP has stabilised CNP’s governance with the renewed shareholders’ agreement with BPCE until 2030 and intends to create, with Natixis, a larger asset manager.

CNP Assurances

  • 23 Dec 19
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CNP eyes the possible marriage of La Banque Postale - HSBC France

La Banque Postale is a possible candidate to acquire the French business of HSBC. This business unit includes insurance activities and it would be logical to see CNP, as a future insurance arm of the group, involved in the management of the insurance business of the British company.

CNP Assurances

  • 19 Dec 19
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CNP eyes the possible marriage of La Banque Postale - HSBC France

La Banque Postale is a possible candidate to acquire the French business of HSBC. This business unit includes insurance activities and it would be logical to see CNP, as a future insurance arm of the group, involved in the management of the insurance business of the British company.

CNP Assurances

  • 19 Dec 19
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A third consecutive year of exceptional events

Our model integrates perfectly the losses announced by Mapfre and relative to the recent nat cat events and disturbances in Chile. We anticipated also a stable dividend for FY 19 and a decreasing Solvency II ratio. The company confirmed the fragility of its profitability and its high dependence on its Spanish business. However, it is still enjoying a solid capital position.

Mapfre

  • 16 Dec 19
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A third consecutive year of exceptional events

Our model integrates perfectly the losses announced by Mapfre and relative to the recent nat cat events and disturbances in Chile. We anticipated also a stable dividend for FY 19 and a decreasing Solvency II ratio. The company confirmed the fragility of its profitability and its high dependence on its Spanish business. However, it is still enjoying a solid capital position.

Mapfre

  • 16 Dec 19
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AXA seeks growth in Chinese P&C insurance business

With the acquisition of a 50% stake in AXA Tianping, the French company became the largest fully foreign-owned P&C operator in China. This move is explained by the importance of this market and its solid growth outlook. However, AXA has to deal with the need for a larger distribution network, rapid digitalisation and the ongoing price deregulation. In all, it is a positive strategic move with the expected significant positive long-term impact of the insurer’s figures.

Axa

  • 16 Dec 19
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AXA seeks growth in Chinese P&C insurance business

With the acquisition of a 50% stake in AXA Tianping, the French company became the largest fully foreign-owned P&C operator in China. This move is explained by the importance of this market and its solid growth outlook. However, AXA has to deal with the need for a larger distribution network, rapid digitalisation and the ongoing price deregulation. In all, it is a positive strategic move with the expected significant positive long-term impact of the insurer’s figures.

Axa

  • 16 Dec 19
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Small Cap Feast

HZD SAVP MPE GAN HUW HUR GTLY AFS IMM CDM

  • 13 Dec 19
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Small Cap Feast

HZD SAVP MPE GAN HUW HUR GTLY AFS IMM CDM

  • 13 Dec 19
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ReAssure sale with a $300m pre-tax loss announced

• Swiss Re sells ReAssure for £3.25bn to Phoenix Group Holding • Swiss Re will receive a cash payment of £1.2bn and shares in Phoenix • Expected result of the sale is a SST ratio increase of 12pp and a pre-tax loss of around $300m in 2019

Swiss Re

  • 06 Dec 19
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ReAssure sale with a $300m pre-tax loss announced

• Swiss Re sells ReAssure for £3.25bn to Phoenix Group Holding • Swiss Re will receive a cash payment of £1.2bn and shares in Phoenix • Expected result of the sale is a SST ratio increase of 12pp and a pre-tax loss of around $300m in 2019

Swiss Re

  • 06 Dec 19
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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.

Aviva

  • 20 Nov 19
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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.

Aviva

  • 20 Nov 19
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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.

CNP Assurances

  • 15 Nov 19
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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.

CNP Assurances

  • 15 Nov 19
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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.

NN Group

  • 14 Nov 19
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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.

NN Group

  • 14 Nov 19
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