Non-life insurance companies’ 2Q23 results revealed a strong recovery in their profitability. Since 3Q21, we had witnessed a sharp deterioration in the non-life insurance sector’s profitability, mainly as a result of the cost inflation and negative real interest rates. Nevertheless, the companies started to raise their prices, especially in Motor Own Damage (MOD) and health branches, since 4Q21 and the technical profitability of the sector has now reached healthy levels. On the other hand, risin...
We initiate coverage of three non-life insurance companies – Aksigorta, Anadolu Sigorta and Turkiye Sigorta – with BUY ratings. Our target prices indicate 64% potential upside for Aksigorta, 41% for Anadolu Sigorta and 57% for Turkiye Sigorta. We believe non-life insurance continues to be overlooked by investors. The sector, which suffered from low profitability in the past, attained 28% ROE in 2020 and 26% in 1H21. The penetration level remains below EM peers (premiums/GDP at 1.2% in 2020 vs E...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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