Q2 snap: Improved premium growth
CB delivered a 2% EPS beat. At an underlying level, we calculate a 5% beat based on good cost control, a low underlying combined ratio and some favourable FX. Premium growth (ex FX) improved and was up 4.5% YoY with small commercial particularly strong (+26% YoY). Management pointed to improving market conditions in the earnings release, which will no doubt be of interest on the call. Catastrophes and reserve releases were in line with our forecasts while PE returns were a little bit above. An operating ROE of 9.8% was above our forecast of 9.1% but BVPS (ex AOCI) growth remains light at 5.5% YoY.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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