Contents Investment case 3 Changes in recommendation 6 Solvency is not the problem 10 Life health 11 Property and casualty 25 Investment assets 31 Companies 35 Allianz......36 Aviva.........40 AXA .....44 Generali...48 Irish Life Permanent...
Table of Contents Understanding the share price moves ...................................3 Share prices and CDS reflected market estimates of the risk 4 Discounting future profits .......................................................5 Va...
Table of Contents Share price performance .........................................................3 Insurers outperformed banks in 1Q09..........................................................................3 Valuations summary ...........
Insurance - Life/Annuity State of the Industry Moving to Attractive We are raising our life insurance industry view to Attractive from In-Line. The forceful headwinds including the collapse in equity market levels and severe fixed income s...
Insurance Industry Statutory results highlight credit and equity pressures Darin C Arita, CFA Research Analyst (1) 212 250 7321 darin.c.arita@db.com Valerie Zhang, CFA Research Associate (1) 212 250 2861 valerie.zhang@db.com Valuations rem...
Table of Contents Executive summary ........................................................................... 3 Outlook: Buy FonSAI and Mapfre, Cautious on Generali ..........................................................3 Valuation .....
Life insurance in China is an asset growth story. The building blocks of asset growth are premium growth, investment returns and how these interact with in-force maturity. Asset growth drivers were solid in 1Q09 and we remain bullish on th...
provides an opportunity to accumulate ahead of strong 1H09 results. Solid growth in EV and VNB will be the key feature for Ping An and CIIH, while China Life and PICC should report superior profit growth. ■ Our top pick in the sector rema...
A clear choice Valuation upgrades: Ping An is our preferred pick We have upgraded our target prices for the life insurance sector in China. Our new TP for China Life is HK$31 (previously HK$29.1), Ping An HK$77 (previously HK$67.5) and Chi...
Insurance Such is Life Although we believe AMP's business enjoys considerable scale advantages, AXA should benefit in the longer term from exposure to the faster-growing Asian markets. With both stocks trading in line with historical PE av...
