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 Aug 17

Strong signs of a good 2017

L&G reported an operating profit of £988m, up 27% year-on-year. Except for General Insurance which recorded a 52% drop in operating profits to £15m, all business lines posted an improvement in profitability. The best performance was posted by Legal & General Retirement (LGR) which recorded a 40% increase to £566m, remaining the major contributor to operating profits (more than 50%). Legal & General Investment Management (LGIM) operating earnings saw a 13% increase to £194m. Legal & General Capital (LGC) raised its profits by 5% to £151m, while Legal & General Investment Management’s (LGIM) earnings were stable at £151m. The Solvency II surplus reached £6.7bn over its Solvency Capital Requirement, corresponding to a coverage ratio of 186% on a shareholder basis. The Board recommended an interim dividend of 4.3p/share vs. 4p a year before.

Companies: Legal & General Group
  • 09 Aug 17

Panmure Morning Note 08-09-2017

Following an update in mid-June we weren’t expecting any major surprises but we got one with L&G reporting a good set of interim figures helped by an unexpected £126m longevity reserve release. The IFRS operating profit was therefore £988m (+27%) that was 12% above consensus of £821m or 11% above at £862m excluding the release. Importantly L&G is considering a move to the newer CMI longevity tables that could see significant further longevity reserve releases over the next few years. The interim dividend has as expected under the new formulaic approach increased to 4.30p (+7.5%) driven by flat net cash released from operations of £724m. The Solvency II coverage ratio at 186% was in line with guidance in mid-June. Trading on a 2017F dividend yield of 5.6%, on a relatively low IFRS 2018F PE multiple of 11.3x and with the prospect of future reserve releases we view the shares as undervalued. We maintain our target price of 305p per share and Buy recommendation.

Companies: Legal & General Group
  • 10 Aug 17

H1 2017 Results

Prudential has delivered a solid set of interim results with headline IFRS Operating profit at £2358m (+15% or +5% at CRE) better than expected reflecting £188m of management actions suggesting an underlying beat of 1%. On an EEV basis, post-tax Operating profit was £2870m (+27%) well ahead of consensus driven by new business profitability at £1689m (+34%). The formulaic interim dividend was as expected at 14.5p/share (+12%). The surprising news is that M&G and Pru UK/Europe are to merge (£145m cost savings at a one off cost of £250m to achieve) to form ‘M&G Prudential’. Slightly odd given that the market was half expecting some announcement concerning the part sale of Pru’s UK book. We maintain our Buy recommendation and 2061p target price.

Companies: Prudential
  • 15 Aug 17

Panmure Morning Note 15-08-2017

Following the better than anticipated interim results last week we have edged up our IFRS earnings and increased our target price to 2210p from 2061p previously. There has been considerable speculation concerning a possible disposal of the UK business, now including M&G and our take on it is that it would be very good news for shareholders. The disposal of the UK business should make the remaining businesses in the US and Asia look even more attractive than they are currently, particularly for Asian investors. Placing a post UK sale valuation on Pru in line with its Asian peer AIA would result in a valuation north of £28/share. Buy.

Companies: Prudential
  • 11 Aug 17

Panmure Morning Note 11-08-2017

Prudential has delivered a solid set of interim results with headline IFRS Operating profit at £2358m (+15% or +5% at CRE) better than expected reflecting £188m of management actions suggesting an underlying beat of 1%. On an EEV basis, post-tax Operating profit was £2870m (+27%) well ahead of consensus driven by new business profitability at £1689m (+34%). The formulaic interim dividend was as expected at 14.5p/share (+12%). The surprising news is that M&G and Pru UK/Europe are to merge (£145m cost savings at a one off cost of £250m to achieve) to form ‘M&G Prudential’. Slightly odd given that the market was half expecting some announcement concerning the part sale of Pru’s UK book. We maintain our Buy recommendation and 2061p target price.

Companies: Prudential
  • 10 Aug 17

Good Q2 net profit beats expectations

Net income attributable to shareholders increased by 21% to $896m for Q2 17 compared to Q2 16. Gross written premiums were down by 5% to $12.35bn for Q2 17 compared to the same period last year. The net investment result on group investments declined by 18% to $1.47bn for Q2 17, a RoI of 0.7% (not annualised) after 0.8% for Q2 16. Insurance claims were down by 17% to $6.7bn in Q2 17. Pre-tax profit rose by 15% to $1.46bn for Q2 17 compared to the same period last year. The tax ratio was 35.5% for Q2 17 compared to 34.2% for Q2 16. The non-life combined ratio was roughly stable at 98.4% for Q2 17 compared to 98.9% for Q2 16. Shareholders’ equity was unchanged at $30.7bn at the end of June 2017 versus end 2016. RoE was 13.5% for Q2 17 compared to 11.1% for Q2 16. The Swiss Solvency ratio was 227% at 1 January 2017.

Companies: Zurich Insurance Group

Latest Content

Swiss Life Holding

Good H1 17 earnings and premium decrease

Pre-tax profit increased by 5% to CHF676m for H1 17 compared to the same period last year. Net earned premiums were down by 9% to CHF7.5bn for H1 17. Investment income declined by 2% to CHF2.2bn for H1 17 compared to H1 16. Total income was down by 7% to CHF10.7bn for H1 17 compared to H1 16. Insurance benefits and claims declined by 12% to CHF8.0bn for H1 17 compared to H1 16. Total expenses decreased by 8% to CHF9.9bn in the same period. Net profit attributable to common shares was up by 4% to CHF521m for H1 17 compared to H1 16. Shareholders’ equity rose by 2% to CHF14.0bn at end June 2017 compared to the previous year-end. The SST ratio was 161% and the Solvency II ratio was above 200% at January 2017.

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  • 16 Aug 17
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Prudential

Panmure Morning Note 15-08-2017

Following the better than anticipated interim results last week we have edged up our IFRS earnings and increased our target price to 2210p from 2061p previously. There has been considerable speculation concerning a possible disposal of the UK business, now including M&G and our take on it is that it would be very good news for shareholders. The disposal of the UK business should make the remaining businesses in the US and Asia look even more attractive than they are currently, particularly for Asian investors. Placing a post UK sale valuation on Pru in line with its Asian peer AIA would result in a valuation north of £28/share. Buy.

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  • 15 Aug 17
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Talanx

Good Q2 figures and guidance upgrade

Net attributable profit increased by 24% to €225m for Q2 17 compared to Q2 16. Net premiums earned were up by 3% to €6.75bn for Q2 17 compared to Q2 16. The net investment result rose by 14% to €1.07bn for Q2 17. Insurance claims were up by 4% to €5.6bn in Q2 17. The group’s net combined ratio of the non-life business increased slightly from 97.3% for Q2 16 to 97.6% for Q2 17. Pre-tax profit was up by 12% to €511m for Q2 17 compared to the same period last year. Equity capital attributable to common shares declined by 1% to €8.97bn at the end of June 2017 compared to the end of 2016. RoE was 9.8% for Q2 17 versus 8.4% for Q2 16. Talanx raised its outlook for group net income for FY2017 from around €800m to around €850m and now anticipates a RoE of around 9.0%.

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  • 14 Aug 17
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Prudential

Panmure Morning Note 11-08-2017

Prudential has delivered a solid set of interim results with headline IFRS Operating profit at £2358m (+15% or +5% at CRE) better than expected reflecting £188m of management actions suggesting an underlying beat of 1%. On an EEV basis, post-tax Operating profit was £2870m (+27%) well ahead of consensus driven by new business profitability at £1689m (+34%). The formulaic interim dividend was as expected at 14.5p/share (+12%). The surprising news is that M&G and Pru UK/Europe are to merge (£145m cost savings at a one off cost of £250m to achieve) to form ‘M&G Prudential’. Slightly odd given that the market was half expecting some announcement concerning the part sale of Pru’s UK book. We maintain our Buy recommendation and 2061p target price.

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  • 11 Aug 17
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Most popular equity research this week | 7 - 11 Aug

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  • 10 Aug 17
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BEZ HSX LRE NVA

H1 2017 results summary

The following tables summarise the H1 2017 results. Our report published 8 August reviewed the composition of the H1 ROE in more detail and today’s Money Bin collates and compares the interim results of all the UK insurers that have reported to date. We consider these results to be good given the more challenging trading backdrop. (Novae’s results reflect the issues it faces and hence our support for the AXIS offer). Underwriting margins are under considerable pressure but claims activity has been relatively benign….so far.

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  • 10 Aug 17
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BMN FOX JLP KEFI HSTG

Breakfast Today

Bushveld Minerals (BMN.L) | Fox Marble Holdings (FOX.L) | Jubilee Platinum (JLP.L) | KEFI Minerals (KEFI.L) | Hastings Group Holdings (HSTG.L)

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  • 10 Aug 17
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Legal & General Group

Strong signs of a good 2017

L&G reported an operating profit of £988m, up 27% year-on-year. Except for General Insurance which recorded a 52% drop in operating profits to £15m, all business lines posted an improvement in profitability. The best performance was posted by Legal & General Retirement (LGR) which recorded a 40% increase to £566m, remaining the major contributor to operating profits (more than 50%). Legal & General Investment Management (LGIM) operating earnings saw a 13% increase to £194m. Legal & General Capital (LGC) raised its profits by 5% to £151m, while Legal & General Investment Management’s (LGIM) earnings were stable at £151m. The Solvency II surplus reached £6.7bn over its Solvency Capital Requirement, corresponding to a coverage ratio of 186% on a shareholder basis. The Board recommended an interim dividend of 4.3p/share vs. 4p a year before.

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  • 10 Aug 17
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Zurich Insurance Group

Good Q2 net profit beats expectations

Net income attributable to shareholders increased by 21% to $896m for Q2 17 compared to Q2 16. Gross written premiums were down by 5% to $12.35bn for Q2 17 compared to the same period last year. The net investment result on group investments declined by 18% to $1.47bn for Q2 17, a RoI of 0.7% (not annualised) after 0.8% for Q2 16. Insurance claims were down by 17% to $6.7bn in Q2 17. Pre-tax profit rose by 15% to $1.46bn for Q2 17 compared to the same period last year. The tax ratio was 35.5% for Q2 17 compared to 34.2% for Q2 16. The non-life combined ratio was roughly stable at 98.4% for Q2 17 compared to 98.9% for Q2 16. Shareholders’ equity was unchanged at $30.7bn at the end of June 2017 versus end 2016. RoE was 13.5% for Q2 17 compared to 11.1% for Q2 16. The Swiss Solvency ratio was 227% at 1 January 2017.

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  • 10 Aug 17
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Prudential

H1 2017 Results

Prudential has delivered a solid set of interim results with headline IFRS Operating profit at £2358m (+15% or +5% at CRE) better than expected reflecting £188m of management actions suggesting an underlying beat of 1%. On an EEV basis, post-tax Operating profit was £2870m (+27%) well ahead of consensus driven by new business profitability at £1689m (+34%). The formulaic interim dividend was as expected at 14.5p/share (+12%). The surprising news is that M&G and Pru UK/Europe are to merge (£145m cost savings at a one off cost of £250m to achieve) to form ‘M&G Prudential’. Slightly odd given that the market was half expecting some announcement concerning the part sale of Pru’s UK book. We maintain our Buy recommendation and 2061p target price.

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  • 10 Aug 17
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