2009年11月美国保险行业研究报告

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

【出版时间及名称】：2009年11月美国保险行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PDF
        【页数】：43
        【目录或简介】：
Investment conclusion: The key investment debate for
the life insurers in 2009 revolved around capital and
book value growth, with the best opportunities lying in
the companies closest to the edge of the abyss that
were able to pull through. We expect a different story in
2010, where we believe the investment debate will
instead focus on top-line growth and ROE expansion.
Third quarter results suggest the industry is only slowly
regaining momentum on these metrics — ROEs remain
under pressure at 9% while 75% of the companies we
follow posted Y/Y revenue declines. That said, following
the recent pull-back, valuation upside is now looking
more appealing — we are reiterating our Overweight
ratings on MetLife and RGA, while upgrading Aflac to
Overweight. Conversely, we are downgrading Principal
to Equal-weight over valuation concerns.
What's new: Despite over half of the life insurers
beating expectations, the group underperformed the
S&P500 by 7% reflecting concerns over growth and the
pace of improvement in sustainable returns.
Investment concerns dissipate: Lower realized losses
and the reversal of unrealized losses drove 20% growth
on average in reported book values, although this was
widely expected and was not a catalyst for the stocks.
Searching for growth: For the majority of companies,
revenues are declining and sales are under pressure.
Aflac and RGA are the companies with the highest
revenue growth in 3Q09, both of which we consider to
be attractive at current levels.
Valuation: At 88% of book (ex-AOCI) and 8.5 times
2010 EPS, the industry valuation is looking more
attractive, although we would expect appreciation from
here to be in-line with the broader market.

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：行业研究报告 研究报告 行业研究 保险行业 Expectations 美国 研究报告 行业

又是英文版的，好材料阿，可惜，对我而言，贵啊

非常好非常好

天价啊！估计没人会买！

发这个有意思嘛，炫耀而已

也想被启发启发 受教