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【出版时间及名称】：2010年5月美国寿险行业研究报告
【作者】：摩根斯坦利
【文件格式】：PPT
【页数】：175
【目录或简介】：
IInnvveessttmmeenntt TThhesis:
While the life insurers continue to show signs of strengthening fundamentals, the latest market turmoil has weighed heavily on t the stocks. Given the he recent sell sell‐off, valuations are now back at levels where we see strong potenoff, potential upside, tial under the caveat that financial markets stabilize. However, we would also note that even if we are in for a period of escalated market volatility, t the industry overall is in a he significantly stronger financial position to weather the storm, having repaired their balance sheets in 2009. Both Prudential and MetLife stand out a as companies that are s likely to continue to benefit from a flight to quality, while fo for investors willing to take a r more constructive view on markets (both domestic and internation international), we see solid al), potential upside in Lincoln and Aflac. In aggregate, when we lo look through the recent ok volatility, we believe the industry remains well positioned to e expand their ROEs, with xpand solid room for price to book multiple expansion from current lev levels of just 90% on els average.
1. OVERVIEW 2
3. BUT FINANCIAL MARKET INSTABILITY HAS ESCALATED NEAR‐TERM RISKS 12
4. WE STILL SEE THE POTENTIAL FOR SUBSTANTIALLY HIGHER ROEs OVER TIME 21
5. BUT ROEs ARE UNLIKELY TO RETURN TO PRE‐CRISIS LEVELS 29
2. RECENT RESULTS REMAINED SOLID 5
6. INDUSTRY‐WIDE VALUATIONS 34
7. INDIVIDUAL COMPANY DISCUSSION 40
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