Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry

Size: px
Start display at page:

Download "Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry"

Transcription

1 Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Improving Industry Health to Bolster Global Merger Activity in 2014 NC3B-F1 January 2013

2 Contents Section Slide Number Executive Summary 4 Scope of the Study 7 Introduction to the Global Property and Casualty Insurance Industry 10 Global M&A Trend Analysis in the Property and Casualty Insurance Industry (January 2007 September 2013) Geographic Analysis of M&A Transactions in the Property and Casualty Insurance Industry M&A Outlook for the Global Property and Casualty Insurance Industry 50 Conclusion 56 The Frost & Sullivan Story 59 NC3B-F1 3

3 Executive Summary Mergers and acquisitions (M&A) in the property and casualty (P&C) insurance industry define and shape the future structure of the industry. Merger activity drives revenue growth and industry consolidation and is affected by a variety of factors, including: Profitability trends Improved underwriting performance by P&C companies in 2013; Valuation trends Narrowing the valuation gap; Market cycle Hard market cycle; Reserves and capital adequacy Increased reserves recorded in 2013 compared to the previous year; and Regulatory and governance issues Restructuring of business units by several companies for regulatory compliance. M&A activity in the P&C insurance industry is declining in deal volume but witnessing an increase in average deal value in Improved performance in the industry, renewed investor confidence, improved reserves, and the beginning of the hard market cycle (increase in premiums) complemented by a year (2013) with fewer catastrophic losses than the previous years have improved the prospects of merger activity in this space globally. P&C companies are focusing on greater capital efficiency and cash flow generation by seeking mergers in developing countries with low penetration but high growth potential to strengthen their distribution network. North America continues to be the hub of merger activity in 2013, with a large proportion of domestic mergers and few outbound transactions in Latin America, the Caribbean, and Europe. European P&C companies, on the other hand, are actively restructuring their business units across the globe and have been active in many outbound transactions, especially in the Middle East region. While Africa and the Middle East have huge growth potential in the P&C space, a lack of transparency is hampering M&A activity. Asia-Pacific, Latin America, and the Caribbean feature domestic merger activity where P&C insurers from developed countries seek to strengthen their distribution network in low-penetration countries within the region. NC3B-F1 5

4 Executive Summary (continued) Property and Casualty Insurance Industry: M&A Scorecard, Global, January 2007 September 2013 Active Target Country The United States, United Kingdom, Russia, Ukraine, Canada, China, Germany, Netherlands, France, Australia Active Buyer Country The United States, the United Kingdom, Bermuda, Canada, Germany, France, Russia, Australia, Japan, Spain Most Active Seller Industry Property and casualty insurance, asset management, multiline insurance, insurance brokers and diversified banks Top Deals in 2013 Jabez partners acquired Green non-life insurance co. ltd for $ million. The Travelers Companies announced the purchase of The Dominion of Canada General Insurance company for $ million. Active Buyers Industry Property and casualty insurance, insurance brokers, multiline insurance, asset management, life and health insurance, reinsurance and diversified banks Upcoming Target Country Indonesia, South Korea, Pakistan, Vietnam, Israel, Nigeria, Turkey, Singapore Most Active Companies QBE Insurance Group Ltd., Brown & Brown Inc., China Taiping Insurance Holdings Company Limited, Arthur J Gallagher & Co., AmTrust Financial Services, Inc. NC3B-F1 6

5 Scope of the Study Study Period January 1, 2007 to September 30, 2013 Geographic Scope Global Transactions Analyzed There were 1,078 transactions, with property and casualty insurance companies as targets. Who Will Benefit? Companies operating in the global property and casualty insurance industry Private equity and venture capital investors Fund managers Retail investors Sovereign wealth funds Hedge funds Other members in the investing community Industry Definition This includes all property and casualty insurance providers and does not include units of multiline insurance companies providing property or casualty insurance. Sources Frost & Sullivan in-house research expertise. Established business and financial databases (e.g., Capital IQ) Company annual reports Reports of associations Published news and press releases Note: All analysis is based on disclosed deals only. Analysis of financial data is also based on availability of information. NC3B-F1 8

6 Key Terms Used in the Study Term P&C M&A EBIT EBITDA EBITDAR EV BV P/E Meaning Property and casualty Merger and acquisition Earnings before interest and taxes Earnings before interest, taxes, depreciation, and amortization Earnings before interest, taxes, depreciation, amortization, and rent Enterprise value Book value Price to earnings NC3B-F1 9

7 SWOT Analysis Property and Casualty Insurance Drive M&A activity in regions that suffered high catastrophic losses such as North America and Asia-Pacific. Drive M&A activity in regions with high growth potential such as Eastern Europe and countries that provide synergies of distribution. Strengths Hard market cycles lead to increasing premium growth. Improved underwriting performance translates to better margins. Increasing demand for insurance is likely to drive industry growth. Opportunities Cross sell opportunities are barely being tapped. New product offerings/insured risks might help revenue growth. Technology provides improved ways to reach the consumer. Weaknesses Financial weakness means low returns for investors. There is a slow response to technology by insurance companies. There is a high cost of distribution. There is an uncertainty about the impact of changing regulations. Threats Increasing competition from Internet participants. Small companies may run out of business, due to increasing pressure on margins and regulatory changes. Government regulations have a huge impact on insurance companies. Increased competition for targets, such as specialty insurance and niche customer segments, might drive valuation of such insurance companies upwards. Driving consolidation of small companies for survival may result in mergers with data processing companies and other Internet participants. NC3B-F1 11

8 Factors Affecting M&A in the P&C Industry Property and Casualty Insurance Industry: Factors affecting M&A, Global, Certain Probability Perception mismatch on target s value between buyers and sellers Capital adequacy Investor concerns Strengthen distribution network PE consolidation IT infrastructure investment PE exits Inorganic growth opportunities (product or market expansion) Selling non-core business Stricter regulatory environment Historically low valuations Rising premiums, declining profitability Pressure on cash reserves Narrowing bid-ask spreads Period of Impact 1 2 Years 3 5 Years Positive/favors M&A activity Negative/dampens M&A activity Legend As most factors have a positive influence and a average to high probability of occurrence, we expect M&A outlook to be positive in the next to years with sustained or increased activity. Uncertain Weak Level of impact Strong How to interpret: For instance, historically low valuation is a factor that has a high probability and a strong impact in triggering M&A activity. This factor is expected to have a positive impact (suggested by dark blue) in the next 1 to 2 years (suggested by triangle). NC3B-F1 12

Financial supplement 2013. Zurich Insurance Group Annual Report 2013

Financial supplement 2013. Zurich Insurance Group Annual Report 2013 Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating

More information

Financial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014

Financial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014 Financial supplement (unaudited) 204 Zurich Insurance Group Annual Report 204 2 Contents Results for the year ended December 3, 204 Financial supplement (unaudited) Financial highlights (unaudited) Business

More information

Global Insurance Brokerage Market 2014-2018

Global Insurance Brokerage Market 2014-2018 Brochure More information from http://www.researchandmarkets.com/reports/2987445/ Global Insurance Brokerage Market 2014-2018 Description: About Insurance Brokerage Insurance brokers play a vital role

More information

Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference

Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference Willis Group Holdings February 2014 I Bank of America Merrill Lynch Insurance Conference Disclaimer Important disclosures regarding forward-looking statements These presentations contain certain forward-looking

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

Harley-Davidson, Inc.- Financial and Strategic Analysis Review

Harley-Davidson, Inc.- Financial and Strategic Analysis Review Harley-Davidson, Inc. - Financial and Strategic Analysis Review Publication Date: Oct-2015 Company Snapshot Key Information Harley-Davidson, Inc., Key Information Web Address www.harley-davidson.com Financial

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 Chubb Reports Fourth Quarter Net Income per Share of $2.35;

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports Second Quarter Net Income

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 18, 2009 Key Findings FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Foreign Direct Investment in the United

More information

Specialty Insurance Where Are We Headed?

Specialty Insurance Where Are We Headed? 2013 PLUS D&O Symposium Specialty Insurance Where Are We Headed? David Cash Endurance Specialty New York - February 6-7, 2013 Keynote Outline 1. Who are the Specialty Companies? 2. Economic drivers for

More information

What have you got in mind?

What have you got in mind? What have you got in mind? Instituto Superior Técnico EIM10 Frederico Machado Jorge Maria João Almeida José Pedro Marques 10 de Fevereiro de 2010 2010 Towers Watson. All rights reserved. What to expect

More information

Zebra Technologies Announces Record Sales for Second Quarter of 2006

Zebra Technologies Announces Record Sales for Second Quarter of 2006 FOR IMMEDIATE RELEASE Zebra Technologies Announces Record Sales for Second Quarter of 2006 Vernon Hills, IL, July 26, 2006 Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that net income

More information

How international expansion is a driver of performance for insurers in uncertain times

How international expansion is a driver of performance for insurers in uncertain times How international expansion is a driver of performance for insurers in uncertain times Accenture Global Multi-Country Operating Model Survey May 2009 Copyright 2009 Accenture. All rights reserved. Accenture,

More information

Cash offer for Cardo. Johan Molin, President & CEO Tomas Eliasson, CFO

Cash offer for Cardo. Johan Molin, President & CEO Tomas Eliasson, CFO Cash offer for Cardo Johan Molin, President & CEO Tomas Eliasson, CFO 1 Investor presentation disclaimers Forward-looking Statements Information set forth in this presentation may contain forward-looking

More information

The rise of the cross-border transaction. Grant Thornton International Business Report 2013

The rise of the cross-border transaction. Grant Thornton International Business Report 2013 The rise of the cross-border transaction Grant Thornton International Business Report 2013 Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL LTD When reflecting

More information

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013 Holdings plc and Bank Canada Presentation to Fixed Income Investors September 2013 Forward-looking statements This presentation, including the accompanying slides and subsequent discussion, contains certain

More information

ABB Q3: Solid performance across the business

ABB Q3: Solid performance across the business ABB Q3: Solid performance across the business Revenues 1 and operational EBITDA 2 higher in all divisions, net income up 10 percent Base orders 3 return to year-on-year growth, large project awards remain

More information

The future of M&A in telecom

The future of M&A in telecom The future of M&A in telecom McKinsey & Company s analysis of past telecom mergers and acquisitions provides new insights into where the industry is likely headed. By Jean-Christophe Lebraud and Peter

More information

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings

Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Report Prospectus March 2013 Finaccord, 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1

More information

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information)

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information) Makita Corporation Consolidated Financial Results for the nine months ended (U.S. GAAP Financial Information) (English translation of "ZAIMU/GYOSEKI NO GAIKYO" originally issued in Japanese language) CONSOLIDATED

More information

The benefits of private equity investment

The benefits of private equity investment The benefits of private equity investment David Wilton, Chief Investment Officer, International Finance Corporation (IFC), looks at how private equity can be beneficial; the different investment strategies

More information

Notes to the consolidated financial statements continued

Notes to the consolidated financial statements continued 195 plc 4 Segmental information The Group s results can be segmented, either by activity or by geography. Our primary reporting format is on regional reporting lines, with supplementary information given

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports 4th Quarter Net Income

More information

THE INTERNATIONAL PROPERTY SPECIALIST. Analyst Conference. 26 March 2007

THE INTERNATIONAL PROPERTY SPECIALIST. Analyst Conference. 26 March 2007 THE INTERNATIONAL PROPERTY SPECIALIST Analyst Conference 26 March 2007 Agenda Results and achievements 2006 6 step program 1. New business and portfolio diversification 2. Non performing loans 3. Group

More information

How does a venture capitalist appraise investment opportunities?

How does a venture capitalist appraise investment opportunities? 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:

More information

Macquarie Group Limited (MQG): Company Profile and SWOT Analysis

Macquarie Group Limited (MQG): Company Profile and SWOT Analysis Brochure More information from http://www.researchandmarkets.com/reports/2309651/ Macquarie Group Limited (MQG): Company Profile and SWOT Analysis Description: "Macquarie Group Limited (MQG) : Company

More information

Announcement of Completion of Heraeus Holding GmbH s Dental Materials Business Share Purchase

Announcement of Completion of Heraeus Holding GmbH s Dental Materials Business Share Purchase July 1, 2013 Mitsui Chemicals, Inc. Announcement of Completion of Heraeus Holding GmbH s Dental Materials Business Share Purchase Mitsui Chemicals, Inc. (Toshikazu Tanaka, President & CEO) announced in

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

INTERIM REPORT Q1/2015

INTERIM REPORT Q1/2015 INTERIM REPORT Q1/2015 ESA TIHILÄ, CEO NICLAS ROSENLEW, CFO APRIL 14, 2015 1 INTERIM REPORT Q1/2015 BUSINESS REVIEW 2 KEY EVENTS IN Q1/2015 Revenue growth at a good level: The Network Services sales grew

More information

Maximizing Your Value-Add: Conducting a Best-in-Class Market Analysis

Maximizing Your Value-Add: Conducting a Best-in-Class Market Analysis Maximizing Your Value-Add: Conducting a Best-in-Class Market Analysis Dr. George L. Harris, President Calyptus Consulting Group, Inc. 781-674-0041; gharris@calyptusgroup.com 93 rd Annual International

More information

Re: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance

Re: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance September 8, 2015 MS&AD Insurance Group Holdings, Inc. Re: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance Mitsui Sumitomo Insurance

More information

FOR IMMEDIATE RELEASE TOKIO MARINE HOLDINGS TO ACQUIRE HCC INSURANCE HOLDINGS IN $7.5 BILLION TRANSACTION

FOR IMMEDIATE RELEASE TOKIO MARINE HOLDINGS TO ACQUIRE HCC INSURANCE HOLDINGS IN $7.5 BILLION TRANSACTION FOR IMMEDIATE RELEASE TOKIO MARINE HOLDINGS TO ACQUIRE HCC INSURANCE HOLDINGS IN $7.5 BILLION TRANSACTION Significant expansion of International business by Tokio Marine Opportunity to combine HCC s specialty

More information

Commercial Non-Life Insurance Brokers in South-East Asia

Commercial Non-Life Insurance Brokers in South-East Asia Commercial Non-Life Insurance Brokers in South-East Asia Report Prospectus July 2015 Finaccord Ltd., 2015 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research?

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE CITIGROUP REPORTS FIRST QUARTER CORE INCOME OF $3.66 BILLION ($0.71 PER SHARE, DILUTED) VS. $3.94 BILLION ($0.76 PER SHARE, DILUTED) IN THE FIRST QUARTER OF 2000 INCOME FROM INVESTMENT

More information

H1 2015 Results. 12 August 2015

H1 2015 Results. 12 August 2015 H1 2015 Results Agenda Agenda H1 2015 at a glance Building industry outlook 2015 Outlook 2015 2 Stable operating margins Group net sales increase of 20.1% to CHF 1 308 million In local currencies, net

More information

Agreement to Acquire 100% Ownership of Protective Life Corporation

Agreement to Acquire 100% Ownership of Protective Life Corporation [Unofficial Translation] June 4, 2014 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Agreement to Acquire 100% Ownership

More information

Richard Harvey Group Chief Executive Aviva plc

Richard Harvey Group Chief Executive Aviva plc Richard Harvey Group Chief Executive Aviva plc Capturing value in a challenging environment UBS Warburg Conference New York 29 April 2003 Disclaimer 2 This presentation may contain certain forward-looking

More information

top issues An annual report

top issues An annual report top issues An annual report Volume 7 2015 Strategy The insurance deals market: At long last, momentum The insurance industry in 2015 The insurance deals market At long last, momentum Insurance M&A activity

More information

UBS Global Financials Conference

UBS Global Financials Conference UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up

More information

Greif Reports Fourth Quarter 2014 Results

Greif Reports Fourth Quarter 2014 Results Contacts Analyst: Robert Lentz Media: Scott Griffin 614-876-2000 740-657-6516 Greif Reports Fourth Quarter 2014 Results Net sales for the fourth quarter 2014 were flat compared to the fourth quarter 2013

More information

Investment in an Indonesian Life Insurance Company, PT Panin Life

Investment in an Indonesian Life Insurance Company, PT Panin Life June 4 th 2013 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Investment in an Indonesian Life Insurance Company, PT

More information

Customer Relationship Management (CRM) Analytics Global Market Analysis - Forecast (2014-2020)

Customer Relationship Management (CRM) Analytics Global Market Analysis - Forecast (2014-2020) Brochure More information from http://www.researchandmarkets.com/reports/3164949/ Customer Relationship Management (CRM) Analytics Global Market Analysis - Forecast (2014-2020) Description: The report

More information

Press Release. 2014 Q1 key figures Q1 14 Q1 13 Change

Press Release. 2014 Q1 key figures Q1 14 Q1 13 Change ABB reports four divisions on track, "Step change" program in Power Systems Orders stable on a like-for-like 1 basis, early-cycle trends remain positive Operational EBITDA 2 steady, excluding Power Systems

More information

GE Capital. Second quarter 2012 supplement

GE Capital. Second quarter 2012 supplement GE Capital Second quarter supplement Results are unaudited. This document contains forward-looking statements that is, statements related to future, not past, events. In this context, forward-looking statements

More information

Excerpt Sudan Fixed Telecommunications: Low Penetration Rates Get a Boost from Broadband Internet and VoIP Services

Excerpt Sudan Fixed Telecommunications: Low Penetration Rates Get a Boost from Broadband Internet and VoIP Services Excerpt Sudan Fixed Telecommunications: Low Penetration Rates Get a Boost from Broadband Internet and VoIP Services This report is part of Pyramid Research s series of Africa & Middle East Country Intelligence

More information

Timing is Everything

Timing is Everything Timing is Everything Understanding Multiples and Negotiating the Valuation Landscape By Paul Greenhow and David Townley Significant property and casualty insurance broker transactions have recently occurred,

More information

Global telecom tower industry

Global telecom tower industry Global telecom tower industry Summary An analysis of the sector, its major players and deal activity September 214 65 page report Overview of key industry trends Analysis by region Profiles of 18 major

More information

Global Marketing Automation Software Market Marketing Automation Evolves into a True Cross-Channel Marketing Suite

Global Marketing Automation Software Market Marketing Automation Evolves into a True Cross-Channel Marketing Suite Global Marketing Automation Software Market Marketing Automation Evolves into a True Cross-Channel Marketing Suite April 2015 Contents Section Slide Number Executive Summary 3 Market Overview 10 Total

More information

HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE

HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE COUNTRY PROFILE: A COUNTRY IN TRANSFORMATION POLICY RECOMENDATIONS COUNTRY PROFILE Brazilian Equivalent Population in The World

More information

Verifone Reports Results for the Second Quarter of Fiscal 2016

Verifone Reports Results for the Second Quarter of Fiscal 2016 Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results

More information

Insurance market outlook

Insurance market outlook Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts

More information

Global Dynamism Index (GDI) 2013 summary report. Model developed by the Economist Intelligence Unit (EIU)

Global Dynamism Index (GDI) 2013 summary report. Model developed by the Economist Intelligence Unit (EIU) Global Dynamism Index (GDI) 2013 summary report Model developed by the Economist Intelligence Unit (EIU) What is the Global Dynamism Index (GDI)? the GDI assesses the dynamism of 60 of the world's largest

More information

Investors Presentation. Dion Global Solutions Ltd December 2014

Investors Presentation. Dion Global Solutions Ltd December 2014 Investors Presentation Dion Global Solutions Ltd December 2014 AGENDA Overview Growth Strategy Financials 2 About Dion Dion is a global financial technology company. Provides a broad range of solutions

More information

Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101

Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101 GERRY WEBER International AG Report on the first nine months of 2003/2004 Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101 The GERRY WEBER share: While the stock market

More information

Global Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12

Global Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12 Industry Surveys Global Insurance www.reportsure.com March 2006 Report Synopsis In 2004 insurance premiums accounted for nearly 8% of global GDP, with a value of USD 3,244 billion. The industry grew by

More information

Development of the Client-Focused, Capital-Efficient Business Model

Development of the Client-Focused, Capital-Efficient Business Model Development of the Client-Focused, Capital-Efficient Business Model David Mathers, Chief Operating Officer, Investment Bank at the Goldman Sachs European Financials Conference, Madrid, June 10, 2010 Cautionary

More information

JENOPTIK AG Conference Call Results of fiscal year 2015 and outlook

JENOPTIK AG Conference Call Results of fiscal year 2015 and outlook JENOPTIK AG Conference Call Results of fiscal year 215 and outlook March 22, 216 Dr. Michael Mertin, CEO Hans-Dieter Schumacher, CFO Copyright Jenoptik, All rights reserved. Ergebnisse des Geschäftsjahrs

More information

DILUTED EPS $0.67, UP 26% FROM $0.53

DILUTED EPS $0.67, UP 26% FROM $0.53 FOR IMMEDIATE RELEASE CITIGROUP THIRD QUARTER CORE INCOME RISES 27% TO $3.1 BILLION First Nine Months Core Income up 32% to a Record $9.7 Billion Revenues up 15% to $16.8 Billion from $14.6 Billion DILUTED

More information

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around

More information

MEDIA RELEASE SIKA WITH STRONG GROWTH IN EMERGING MARKETS

MEDIA RELEASE SIKA WITH STRONG GROWTH IN EMERGING MARKETS DATUM 1 / 6 Zugerstrasse 50 6341 Baar, Switzerland www.sika.com CONTACT TELEPHONE E MAIL Dominik Slappnig Corporate Communications & Investor Relations +41 58 436 68 21 slappnig.dominik@ch.sika.com SIKA

More information

MERCER WEBCAST CHARTING YOUR COURSE FOR GLOBAL EXPANSION MANAGING EXPATRIATE MEDICAL PLANS

MERCER WEBCAST CHARTING YOUR COURSE FOR GLOBAL EXPANSION MANAGING EXPATRIATE MEDICAL PLANS MERCER WEBCAST CHARTING YOUR COURSE FOR GLOBAL EXPANSION MANAGING EXPATRIATE MEDICAL PLANS APRIL 10, 2014 Joe Barber, New York Mark Harris, London Today s Speakers MERCER Joe Barber New York Mark Harris

More information

Global Learning Management System Market Analysis - Forecast (2014-2020)

Global Learning Management System Market Analysis - Forecast (2014-2020) Brochure More information from http://www.researchandmarkets.com/reports/3506494/ Global Learning Management System Market Analysis - Forecast (2014-2020) Description: This analysis is one of the most

More information

ONEBEACON REPORTS $11.13 BOOK VALUE PER SHARE

ONEBEACON REPORTS $11.13 BOOK VALUE PER SHARE NEWS RELEASE For Immediate Release Investor Relations Media Contact: Paul McDonough Carmen Duarte Phone: 952.852.6020 781.332.7268 Email: ir@onebeacon.com cduarte@onebeacon.com Website: www.onebeacon.com

More information

Key performance indicators

Key performance indicators The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs

More information

Caribbean Actuarial Conference 2008. Evaluating Life & Health Insurers in the Caribbean Islands. A.M. Best Company. Raj H. Shah, AVP Life & Health

Caribbean Actuarial Conference 2008. Evaluating Life & Health Insurers in the Caribbean Islands. A.M. Best Company. Raj H. Shah, AVP Life & Health Caribbean Actuarial Conference 2008 Evaluating Life & Health Insurers in the Caribbean Islands A.M. Best Company Raj H. Shah, AVP Life & Health A.M Best Company Overview Established in 1899 Providing the

More information

INDUSTRY OVERVIEW SOURCE OF INFORMATION. Report prepared by Euromonitor

INDUSTRY OVERVIEW SOURCE OF INFORMATION. Report prepared by Euromonitor The information that appears in this Industry Overview has been prepared by Euromonitor International Limited and reflects estimates of market conditions based on publicly available sources and trade opinion

More information

ACE TO ACQUIRE CHUBB FOR $28.3 BILLION IN CASH AND STOCK

ACE TO ACQUIRE CHUBB FOR $28.3 BILLION IN CASH AND STOCK ACE TO ACQUIRE CHUBB FOR $28.3 BILLION IN CASH AND STOCK Complementary Businesses and Skills Will Create Global P&C Industry Leader with Superior Product, Customer and Distribution Channel Capabilities

More information

Defining Growth in the Rum Category. 3 December 2010

Defining Growth in the Rum Category. 3 December 2010 Defining Growth in the Rum Category 3 December 2010 Ed Pilkington Global Category Director, Vodka, Gin and Rum 2 Map of rum producing countries google maps. 3 Rum, colourful past - exciting future * Source:

More information

DANIELI & C. OFFICINE MECCANICHE S.p.A. Buttrio (UD) via Nazionale n. 41

DANIELI & C. OFFICINE MECCANICHE S.p.A. Buttrio (UD) via Nazionale n. 41 DANIELI & C. OFFICINE MECCANICHE S.p.A. Buttrio (UD) via Nazionale n. 41 Fully paid-up share capital of euro 81,304,566 Registration Number with the Register of Companies of Udine, tax number and VAT registration

More information

Australia s position in global and bilateral foreign direct investment

Australia s position in global and bilateral foreign direct investment Australia s position in global and bilateral foreign direct investment At the end of 213, Australia was the destination for US$592 billion of global inwards foreign direct investment (FDI), representing

More information

Industry Primer. Real Estate

Industry Primer. Real Estate Industry Primer Real Estate CONTENTS Real Estate Industry Facts And Figures - Global 3 Real Estate Industry Facts And Figures - India 4 Marketing Outsourcing And its Power In Real Estate 5 Real Estate

More information

Market Leader(R) Grows Q3 Revenue With SaaS-Based Vision Products

Market Leader(R) Grows Q3 Revenue With SaaS-Based Vision Products Market Leader(R) Grows Q3 Revenue With SaaS-Based Vision Products Company Release - 10/28/2010 16:00 Double Digit Revenue Growth Projected for the Coming Quarter KIRKLAND, WA -- (MARKET WIRE) -- 10/28/10

More information

TRADING STATEMENT FINANCIAL YEAR 2014/15

TRADING STATEMENT FINANCIAL YEAR 2014/15 METRO GROUP TRADING STATEMENT FINANCIAL YEAR 2014/15 P. 1 TRADING STATEMENT FINANCIAL YEAR 2014/15 METRO GROUP achieves sales target and confirms EBIT guidance Like-for-like sales growth of 1.5% in financial

More information

GLOBAL B2C E-COMMERCE DELIVERY 2015

GLOBAL B2C E-COMMERCE DELIVERY 2015 PUBLICATION DATE: OCTOBER 2015 PAGE 2 GENERAL INFORMATION I PAGE 3 KEY FINDINGS I PAGE 4-8 TABLE OF CONTENTS I PAGE 9 REPORT-SPECIFIC SAMPLE CHARTS I PAGE 10 METHODOLOGY I PAGE 11RELATED REPORTS I PAGE

More information

FIRST QUARTER REPORT 2008-04-25

FIRST QUARTER REPORT 2008-04-25 FIRST QUARTER REPORT This presentation contains forward looking statements. Such statements are based on our current expectations and are subject to certain risks and uncertainties that could negatively

More information

Q1 Trading Update, FY 2011

Q1 Trading Update, FY 2011 ARYZTA AG Q1 Trading Update, FY 2011 29 November 2010 Forward Looking Statement This document contains forward looking statements which reflect management s current views and estimates. The forward looking

More information

Frequently Asked Questions Q3 2006

Frequently Asked Questions Q3 2006 Frequently Asked Questions Q3 2006 1. Were there any unusual or one-time items in your Q3 results? CIBC s reported diluted earnings per share (EPS) for the third quarter were $1.86. Our EPS was increased

More information

Wealth Management: Global Private Banking

Wealth Management: Global Private Banking Michael Lagopoulos Head of Presentation to Analysts & Institutional Investors Toronto, April 22, 2005 Our global footprint 20,000 HNW Households 27 offices in 20 countries RBC is a top 20 global private

More information

Life Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance

Life Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance Life Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance Report Prospectus March 2013 Finaccord, 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page

More information

hong kong offi ce Latitude N 22 16' 42" Longitude E 114 9 32"

hong kong offi ce Latitude N 22 16' 42 Longitude E 114 9 32 hong kong offi ce 22 Latitude N 22 16' 42" Longitude E 114 9 32" Hong Kong Luxembourg, your entry point to Europe Ideally situated at the cross-roads between France, Belgium and Germany, Luxembourg is

More information

Conference Call on 1 Jan 2011 Non-Life Treaty Renewals

Conference Call on 1 Jan 2011 Non-Life Treaty Renewals Conference Call on Jan 2 Non-Life Treaty Renewals Hannover, 2 February 2 Important note Unless otherwise stated, the s part of the presentation is based on underwriting-year (U/Y) figures. This basis is

More information

Hudson Highland Group. Investor Presentation

Hudson Highland Group. Investor Presentation Hudson Highland Group Investor Presentation 1 Forward Looking Statements Please be advised that except for historical information, the statements made during this presentation and in these slides constitute

More information

Business Intelligence Software Market: Europe, 2002 (Executive Summary) Executive Summary

Business Intelligence Software Market: Europe, 2002 (Executive Summary) Executive Summary Business Intelligence Software : Europe, 2002 (Executive Summary) Executive Summary Publication Date: 9 January 2004 Authors Fabrizio Biscotti Colleen Graham This document has been published to the following

More information

QBE INSURANCE GROUP LIMITED. JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004. Presenter: Neil Drabsch, CFO

QBE INSURANCE GROUP LIMITED. JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004. Presenter: Neil Drabsch, CFO QBE INSURANCE GROUP LIMITED JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004 Presenter: Neil Drabsch, CFO 1 Company overview QBE is an Australian-based general insurance and reinsurance

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.

More information

Hudson Highland Group. Investor Presentation

Hudson Highland Group. Investor Presentation Hudson Highland Group Investor Presentation 1 Forward Looking Statements Please be advised that except for historical information, the statements made during this presentation and in these slides constitute

More information

Management Policies of Nippon Express. March 2007

Management Policies of Nippon Express. March 2007 Management Policies of Nippon Express March 2007 1. Our Group's Business Framework 1. Our Group's Business Framework Nippon Express Group Overseas Japan Asia-Oceania Europe Americas Domestic transport

More information

Executive summary of the Gorenje Group 2015 Business Plan

Executive summary of the Gorenje Group 2015 Business Plan Executive summary of the Gorenje Group 2015 Business Plan January 30, 2015 2014: performance estimate, highlights Higher revenue by 0.3% despite the negative effect of the turmoil in Ukraine (lower revenue

More information

www.pwc.co.uk/economics Global wage projections to 2030 September 2013

www.pwc.co.uk/economics Global wage projections to 2030 September 2013 www.pwc.co.uk/economics Global wage projections to 2030 Summary: Wage gap between emerging and advanced economies will shrink significantly by 2030 By 2030, our projections in this report suggest that

More information

Interim Management Statement November 19, 2014

Interim Management Statement November 19, 2014 Interim Management Statement November 19, 2014 3W Power/AEG Power Solutions reports results for Q3 2014 Financial restructuring results in a strengthened balance sheet Decrease in orders and revenue in

More information

Financial Results for the First Quarter Ended June 30, 2014

Financial Results for the First Quarter Ended June 30, 2014 July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji

More information

Impact of Global Downturn on U.S.

Impact of Global Downturn on U.S. Impact of Global Downturn on U.S. P&C Insurance Industry Veerabhadran Ananthanarayanan, Ritu Mittadar Abstract P&C insurers are striving to remain profitable, solvent and strengthen the top line and bottom

More information

July 2012 Decoding Global Investment Attitudes

July 2012 Decoding Global Investment Attitudes July 2012 Decoding Global Investment Attitudes Investment decisions and matters of personal wealth vary by gender, age and geographic region Globally, men are 36% more active than women with investments

More information

Sapiens results in the first quarter represent a solid start to achieving our financial targets for the full year.

Sapiens results in the first quarter represent a solid start to achieving our financial targets for the full year. Sapiens Reports 12% Year-Over-Year Increase in Quarterly Revenue to $41 Million Non-GAAP Quarterly Operating Profit Increased by 58.5% Year-Over-Year Holon, Israel, May 6, 2015 Sapiens International Corporation,

More information

First Quarter 2016 Revenues. April 21, 2016

First Quarter 2016 Revenues. April 21, 2016 First Quarter 2016 Revenues April 21, 2016 Disclaimer All forward-looking statements are Schneider Electric management s present expectations of future events and are subject to a number of factors and

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information