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.

  • 10 May 19

Capitalising on opportunity

We expect patient investors to be well rewarded as the full benefits of R&Q’s investment in its two core divisions become visible over the next 18-24 months.

Companies: Randall & Quilter Investment
  • 03 May 18

The Money Bin

In the week to 1 May the FTSE All Share rose 1.2% vs. the Insurance Index at +0.5% and 0.9% for the Lloyd’s Index. The best performer was JLT (+2.5%); Beazley (-0.2%) was the worst performer. The Q1 reporting season has begun: newsflow has been mixed with a number of US insurers reporting improved PBT/rates, but also loss creep, higher Q1 losses and warnings from brokers about stalling rate rises ahead of the key Jun/Jul US renewals. The 2018 hurricane season starts 1 June with consensus for slightly raised activity.

Companies: BEZ HUW HSX JLT LRE

  • 12 Dec 18

Fattening the goose

We reiterate Buy on Helios and, following a transfer of coverage, present new forecasts and set a 12-month forward target price of 175p (previously 160p). This together with an estimated 3.9% dividend yield implies 67% TSR potential. Following a significant year of acquisitions, we estimate 32% growth YoY in the capacity portfolio in 2018, underpinning +25% in adjusted NAV. Trading at 0.5x adjusted NAV at end-2018E, we see considerable share price upside, with the current valuation not reflecting the recent acquisitions Helios has announced.

Companies: Helios Underwriting
  • 07 Mar 19

New management, same issues

Aviva posted record cash remittances at £3.2bn, but without reaching the £8bn targeted for 2016-18. The capital position remained solid with a Solvency II ratio at 204%. The Board decided to distribute a final dividend of 20.75p/share, bringing the dividend for the whole year to 30p. The IFRS profit after tax, up 2% to £1,687m, was better than expected, with a significant release of longevity provisions (£728m). The new management will continue to focus on debt reduction (£1.5bn) thanks mainly to internal sources.

Companies: Aviva
  • 09 May 19

Recovery signs for the UK business

RSA posted a 3% increase (as reported) in net written premiums to £1,568m. After the difficulties of 2018, the insurer decided to exit unprofitable portfolios and to re-price the risky business. This was reflected in the UK & International figures, with a decline in premiums by 5% but an improvement in the weather ratio. The Solvency II coverage ratio stood at 164%, within the targeted range. Q1 19 achievements are globally positive and no significant changes are expected in our model.

Companies: RSA Insurance Group
  • 14 May 19

Good Q1 figures

• Net profit attributable to shareholders increased by 2% to €1.97bn for Q1 19 • RoE was 13.7% in Q1 19 despite an increase in shareholders’ funds of 10% to €67bn • Net new money inflow was €17.8bn for Q1 19 compared to an outflow of €31bn for Q4 18 • Third party AuM reached with €1,548bn, an all time high

Companies: Allianz
  • 15 May 19

Positive start to the year

Ageas posted an 8% increase in its inflows to €12,808m, driven by both the Life and Non-Life businesses. The net result was up 1.2% to €251m, saved by lower losses from the General Account (€-7m vs. €-52m in Q1 18). While the decrease in the Non-Life business was expected, as it is under transformation, the Life earnings were hit by timing differences on capital gains. The Solvency II ratio stood at 194%. Released figures are broadly in line with estimates.

Companies: Ageas

Latest Content

Assicurazioni Generali

Solid gains in all business lines

Again, Generali confirmed it was in good health. Life and Non-Life sales improved by 8.5% and 3.1% to €12,502m and €6,371m, respectively. The operating earnings stood at €1,346m, up 6.9% yoy. Disposals boosted the Q1 19 net profit to €744m (up 28.1% yoy). The adjusted net profit was €616m, up 6% yoy. AuM reached c. €520m and generated operating earnings of €71m. Solvency II ratio was 207%. Our model will be adjusted slightly up with always a positive opinion.

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  • 16 May 19
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CNP Assurances

A positive Q1, in line with expectations

Q1 19 premium income remained stable (up 0.6% yoy at constant FX) to €8,549m. Sales in France declined by 1.7% yoy to €5,879m, while the Brazilian business grew by 14.9% (up 7.1% at constant FX) to €1,540m. The APE margin stood at 19.4%. EBIT stood at €640m, up 2.5% yoy as reported (up 5.6% lfl) and the attributable net profit reached €326m, up 4.2% yoy as reported (up 6% lfl). No significant changes are expected in our figures.

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  • 16 May 19
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Ageas

Positive start to the year

Ageas posted an 8% increase in its inflows to €12,808m, driven by both the Life and Non-Life businesses. The net result was up 1.2% to €251m, saved by lower losses from the General Account (€-7m vs. €-52m in Q1 18). While the decrease in the Non-Life business was expected, as it is under transformation, the Life earnings were hit by timing differences on capital gains. The Solvency II ratio stood at 194%. Released figures are broadly in line with estimates.

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  • 15 May 19
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Allianz

Good Q1 figures

• Net profit attributable to shareholders increased by 2% to €1.97bn for Q1 19 • RoE was 13.7% in Q1 19 despite an increase in shareholders’ funds of 10% to €67bn • Net new money inflow was €17.8bn for Q1 19 compared to an outflow of €31bn for Q4 18 • Third party AuM reached with €1,548bn, an all time high

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  • 14 May 19
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Randall & Quilter Investment

Capitalising on opportunity

We expect patient investors to be well rewarded as the full benefits of R&Q’s investment in its two core divisions become visible over the next 18-24 months.

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  • 10 May 19
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SAMPO OYJ-A SHS

The stake in Nordea is now problematic

Sampo repoted a Q1 19 profit before tax of €475m, up 6.7% yoy. P&C’s pre-tax profit increased by 2.6% to €198m, while the Life business posted a pre-tax profit of €72m. The Solvency ratio declined to 130%, hit by higher capital requirements on Nordea. The bank’s contribution to earnings dropped significantly to €83m. However, Topdanmark’s exceeded 19%. Sampo announced that it would make a decision concerning its capital position before the end of the year. Our model will be refined.

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  • 09 May 19
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STOREBRAND

Complex Q1 19

Contrary to expectations, Storebrand posted lower than expected Q1 19 figures. Profit after tax dropped by 32.1% to NOK494m. All segments showed weaknesses, mainly the Insurance business. The Savings (non-guaranteed) business, which is the future of the insurer’s profitability after the collapse of the traditional products’ portfolio, was also under pressure. In light of this performance, we will revise down our forecasts. The insurer should recover in the coming quarters, but achieving current guided figures would be difficult.

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  • 09 May 19
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Talanx

Good start to 2019

• Net profit attributable to shareholders increased by 8% to €235m for Q1 19 • In primary insurance, all business segments could increase their gross written premiums and net profit contributions with the exception of Industrial Lines • Hannover Re has been the most profitable big global reinsurance company for years and remains the backbone of Talanx

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  • 09 May 19
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RSA Insurance Group

Recovery signs for the UK business

RSA posted a 3% increase (as reported) in net written premiums to £1,568m. After the difficulties of 2018, the insurer decided to exit unprofitable portfolios and to re-price the risky business. This was reflected in the UK & International figures, with a decline in premiums by 5% but an improvement in the weather ratio. The Solvency II coverage ratio stood at 164%, within the targeted range. Q1 19 achievements are globally positive and no significant changes are expected in our model.

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  • 09 May 19
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Muenchener Rckvrrgs Gsllcht Mhn AG in mu

Solid Q1 19 figures in line with 2019 profit target

• Net profit attributable to shareholders was down by 23.5% to €632m for Q1 19 • Q1 net profit was fully in line with the consensus estimates and the company guidance of €2.5bn for FY2019 • With regard to all April renewals, prices rose by 1.4% and premium volume rose by 10.3% to some €1.8bn for Munich Re

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  • 08 May 19
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