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Anthem

Anthem Inc. was formed in December 2004 through the merger of Anthem Inc. and WellPoint Health Networks. The transaction bolstered membership and drastically improved market diversification. Anthem is licensed to operate in all 50 states, and is the largest independent licensee of the Blue Cross Blue Shield Association. The company has grown both organically and through acquisitions to become one of the largest providers of health insurance in the U.S. Anthem currently offers a broad spectrum of network-based managed care plans to large and small employers, individuals, Medicaid and senior markets. Anthem changed its named from WellPoint in 2014. (12 Sep 2018)

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US Inflation: Goods Inflation Is Back

Sector Analysis: 12 Dec 2018, 11:57 PM ET - Headline and core indexes both increased in line with expectations.  We highlight the first bought of YoY core goods inflation since 2016 and anecdotes of margin pressure from the most recent Beige Book.

US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

Transcript: US Insurers & The Rate Environment

Transcript: 04 Dec 2018, 9:15 PM ET - This note provides the slides and transcript for the U.S. insurance presentation given at the CreditSights IG and Crossover conference on December 4, 2018. A download link to the slides is provided in the note.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

U.S. Insurance: $11+bn in Total GE Exposure

Sector Analysis: 26 Nov 2018, 5:14 AM ET - In this note we highlight U.S. insurer exposure to GE. AIG, State Farm, GE’s own insurance operation, Aegon, Lincoln Financial, Aflac, and Prudential are all in the top-10.

Healthcare: 3Q18 Earnings Recap

Sector Analysis: 25 Nov 2018, 11:27 PM ET - In this note, we recap 3Q18 earnings results for the health insurers, medical device makers and pharmaceutical companies within our IG coverage universe.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 
Focused

Anthem 3Q18: Full Year Guidance Boosted Again

Earnings Note: 31 Oct 2018, 1:27 PM ET - Anthem reported adjusted net income of $1.0 bn in 3Q18 on strong medical cost performance and membership growth in Medicare Advantage. Full year 2018 GAAP EPS and adjusted EPS guidance was raised again.

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.
Focused

Healthcare: ACA Market May be Further Pressured

Sector Outlook: 25 Oct 2018, 4:19 AM ET - The White House continues to amend the ACA and intends to give States the option of allowing insurers to provide less comprehensive coverage at a lower cost. For individuals who remain in ACA-compliant plans, this may mean higher premiums.

Global Insurance Rendez-Vous: Fiduciary Rule Redux

Global Insurance Rendez-Vous: 24 Oct 2018, 10:07 PM ET - The DOL and the SEC are revisiting the fiduciary rule in the near future. The initial version of the rule, produced under the Obama administration, caused significant headaches for insurers and a significant decline in annuity sales.

UnitedHealth 3Q18: Top Name for Flight to Quality

Earnings Note: 16 Oct 2018, 10:41 AM ET - UnitedHealth continues to post stellar results and we point to the name as an option for investors seeking refuge from recent volatility.
Focused

Health Insurance: 2019 MA Star Ratings Released

Sector Analysis: 15 Oct 2018, 6:01 AM ET - Open enrollment season for Medicare Advantage starts on October 15. Publicly traded health insurers have focused attention and resources on this line of business given favorable demographic, profitability, and regulatory trends.

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