Report
Esther Castro ...
  • Maria Paz Ojeda
EUR 400.00 For Business Accounts Only

INFORME SECTORIAL SEGUROS: RDOS. 2019 Y DRIVERS'20 (ANÁLISIS BANCO SABADELL)

Rdos. 2019 y drivers’20
Pese a que las valoraciones están ajustadas, las expectativas no son exigentes y puede mantenerse el re-rating por perfil defensivo y elevada yield (>6%). Continuamos en COMPRAR en CS (nuestra favorita, dónde puede cerrarse parte del descuento vs comparables), en ALV (por visibilidad de Rdos) y GCO (por sólidos fundamentales). En VENDER en MAP (la rentabilidad tiene que mejorar) y MUV (múltiplos exigentes). Los hot topics’20 (reservas en EE.UU., coronavirus y revisión de S-II) no tendrían gran impacto. Además, la presión por los tipos (ya conocida) es manejable. En Rdos.’19, destacamos CS (20/02), esperando visibilidad en las reservas en EE.UU y GCO (27/02), que presentará muy buenos fundamentales. Seguimos prefiriendo Seguros vs Bancos.
Underlyings
Allianz SE

Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.

AXA
AXA

AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.

Grupo Catalana Occidente S.A.

Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.

Mapfre SA

Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.

Munich Reinsurance Company

Muenchener Rueckversicherungs-Gesellschaft is engaged in reinsurance, primary insurance and asset management. Co.'s international life business is written in the Life Division. The Global Clients and North America division manages accounts with international insurance groups. The Europe and Latin America division manages property-casualty business in Europe, Latin America and the Caribbean. The Germany, Asia Pacific and Africa division conducts property-casualty business in Germany, Africa, Asia, Australia and the Pacific Islands. The Special and Financial Risks division manages the classes of credit, aviation and space, agriculture, enterprise and contingency risks.

Provider
Sabadell
Sabadell

Analysts
Esther Castro

Maria Paz Ojeda

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