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Aus Insurers: Lenders’ Mortgage Insurance Primer

Sector Analysis: 17 Sep 2018, 9:09 PM ET - We look at Lenders’ Mortgage Insurance, focusing on the two largest players in Australia namely QBE and Genworth.  Although house price growth continue to moderate, we see limited risk to LMI insurers thanks to benign economic conditions. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

IAG: FY18 Capital Management Next

Worth Watching: 15 Aug 2018, 1:18 PM ET - IAG  disclosed an impressive set of FY18 results backed by the strength of its underwriting profitability. Insurance profits jumped 10.9% to A$1,408 mn following a stellar combined ratio of 84.7% for FY18. The 2.6 pp improvement YoY in the comb ..

BCHINA: Lower Provisions Help Bottom Line in 1Q18

Worth Watching: 30 Apr 2018, 4:34 AM ET - BCHINA saw profits rise 5% but this was solely due to provisions which fell 30% YoY. While state-owned peers mostly raised impairments in 1Q to account for IFRS 9 and and ahead of the introduction of new regulations related to shadow loans, BCHINA ..

Hyundai Capital Svcs: Profit Steady, Mix Shifts

Earnings Note: 24 Apr 2018, 11:11 PM ET - Hyundai Capital Services reports steady results for 2017 but is shifting its mix from auto loans to higher return assets.  

Asia-Pac Financials Relative Value: April 2018

Asia Relative Value / Fin Movers: 10 Apr 2018, 2:51 AM ET - We summarize our relative value views for Asia Pacific Financials for April 2018.

AIA: Marketing 10-Year $ Senior at 125 bp - 130 bp

Worth Watching: 27 Mar 2018, 9:33 AM ET - AIA is currently marketing a 10-year senior unsecured bond in USD at IPT 125 bp to 130 bp. The book runners are Barlcays, BNP Paribas and Morgan Stanley. We recently initiated the coverage of AIA Group with an Outperform recommendation conside ..

Pru plc & AIA: FY17 Earnings We Prefer AIA

Earnings Note: 14 Mar 2018, 12:50 PM ET - Pru plc announced its intention to demerge its European division; prospectively, the "New Pru" will focus on Asia, Africa and the USA. This is probably the first step in the group reorganisation. We reiterate our preference for AIA.

Asia-Pac Financials Relative Value: March 2018

Asia Relative Value / Fin Movers: 06 Mar 2018, 8:04 PM ET - We summarize our relative value views for Asia Pacific Financials for March 2018.

Euro Financial Movers: Connection to a Correction

Euro Financial Movers: 11 Feb 2018, 9:51 PM ET - Credit Suisse investors lose out on VIX volatility, 4Q17 bank earnings include some IFRS 9 and Basel 4 guidance, and European insurers release excess capital - a trend likely to be credit negative.

Asia-Pac Financials Relative Value: February 2018

Asia Relative Value / Fin Movers: 08 Feb 2018, 1:48 AM ET - We summarize our fundamental and relative value views for Asia Pacific Financials for February 2018.

AIA: Initiating on HK Insurer at Outperform

Company Spotlight: 06 Feb 2018, 10:13 PM ET - We very much like AIA’s risk profile and believe it offers a good investment opportunity for investors who want to buy into the current and prospective increasing demand for insurance products in Asia.

QBE: Issuing Gender Equality USD Additional Tier 1

IG Note: 06 Nov 2017, 2:27 PM ET - In a move to tap the demand for ethical investments, QBE is currently marketing a gender equality  USD Additional Tier 1 bond. Investors should not overlook the fact that QBE is expecting a 3Q17 pre-tax hit of around $600 mn from nat cats.

Euro Financial Movers: Catalan Cataclysm

Euro Financial Movers: 08 Oct 2017, 9:55 PM ET - Catalan independence, updated MREL and NPL guidance, rating actions on Deutsche Bank and RBS, new issuance in insurance including an RT1, soft P&C reinsurance renewals.

Asia FinMovers: Will China Sov Pull Banks Tight?

Asia Relative Value / Fin Movers: 05 Sep 2017, 9:20 PM ET - We discuss (i) whether tight pricing on a new China sovereign issue could pull Chinese policy and commercial banks tighter, (ii) HK banks B3 vs B2 Tier 2 bonds, (iii) other RV ideas, (iv) August returns and spread moves on Asian financials.
Focused

Japanese Insurers: 1Q17 The Last Call

Earnings Note: 16 Aug 2017, 5:22 AM ET - We comment on the 1Q17 earnings of European insurers. Despite an interesting coverage over the past few years characterised by numerous acquisitions outside of Japan, we will cease coverage of the three P&C Japanese insurers with this note.

China Securities Firms: Income and Funding Trends

Sector Analysis: 29 Jun 2017, 5:46 PM ET - We update on the Chinese securities firms' operating environment, regulatory ratios and financial performance, in anticipation of an upcoming visit in July.
Focused

Japanese Ins: FY16 Debut of Foreign Acquisitions

Earnings Note: 22 May 2017, 11:18 PM ET - The FY16 results of Japanese P&C insurers saw the debut of their recently acquired businesses. While HCC compensated for Tokio Marine’s weak domestic results, Amlin’s weak combined ratio of 97% was not a perfect start for MS&AD.

Hyundai Capital Services Inc: Steady But Pricey

Earnings Note: 28 Mar 2017, 11:09 PM ET - We update our view on Hyundai Capital Services Inc, the captive auto-finance provider for Hyundai Motors in Korea. 
Focused

Japanese P&C Insurers: 3Q16 Mixed Bag

Earnings Note: 14 Feb 2017, 7:36 PM ET - Japanese P&C insurers reported mixed 3Q16 results as net income growth was not matched by improved underlying performance. The strength of the Yen in the period was a deterrent to the performance of their international businesses.

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