Insurance Australia Group (ASX:IAG) reported a significant increase in full-year earnings and shareholder returns for the 12 months ending June 30. The company also announced a $350 million share buyback.
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Fund Manager Chris Pedersen discusses ETFs vs unlisted funds, Japan outperforming China, Harvey Norman and IAG.
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Australia's corporate regulator, ASIC, has commenced legal proceedings against insurer IAG (ASX:IAG) and its two subsidiaries, accusing them of misleading customers regarding loyalty discounts offered for specific categories of home insurance.
Read MoreNew Zealand’s wild weather is playing havoc with companies on both sides of the Tasman, with updates from IAG and Fletcher Building released Monday, as well as one from Aurizon.
Read MoreJust when the Australian insurance sector was looking at having escaped any major catastrophe over the holiday break, along comes Friday’s flooding event in Auckland.
Read MoreInsurance giant Swiss Re has acknowledged the key role climate change played in this year’s east coast floods, which ended up being the world’s most costly disaster in the first half of 2022.
Read MoreLike its listed peers QBE and Suncorp, Insurance Australia Group has sliced its dividend payout to shareholders for the year to June 30 after reporting results of a very mixed quality.
Read MoreInvestors continued to look past the negatives in Friday’s FY2021-22 trading update from IAG, with shares up more than 5% Monday to close at $4.46 – the highest they have been since May.
Read MoreDespite the $2.4 billion cost of March’s flooding along the East Coast, Fitch Ratings believes Australian general insurers like QBE, IAG and Suncorp will be able to avoid financial disaster.
Read MoreIAG has increased its budget for natural disaster claims by $550 million after the recent flooding in NSW and Queensland, which has left it with 24,000 claims as of 6am Wednesday.
Read MoreInsurance Australia Group, Australasia’s largest general insurer, returned to profit in the six months to December but trimmed its dividend by a cent to 6 cents per share.
Read MoreA change in covering analyst has led to a downgrade to Sell from Neutral on Insurance Australia Group from UBS as the company faces a number of challenges. Target falls to $4.20 from $5.35.
Read MoreTuesday’s trading session saw something of a rarity: an update from Insurance Australia Group (ASX: IAG) that didn’t result in the company’s shares being sold off.
Read MoreThe broker acknowledges short-term risk yet believes the stock is cheap. The Outperform rating and $5.40 target are unchanged.
Read MoreIAG has been hit hard by the recent spate of severe weather events across the country, to such an extent that the insurer has been forced to downgrade its 2021-22 profit outlook.
Read MoreMorgans downgrades its FY22 EPS forecast by -26% and reduces its target price to $5.36 from $5.64. The analyst retains an Add rating.
Read MoreInsurance Australia Group faces legal action from corporate regulator ASIC over claims it failed to honour discount promises made to nearly 600,000 customers of its NRMA Insurance.
Read MoreShares in Insurance Australia Group fell yesterday, despite news of a doubling in dividend in 2020-21 from the previous year and a loss in line with that already signalled in earlier guidance.
Read MoreUBS retains its Buy rating and lowers its target price to $5.65 from $5.80.
Read MoreMorgans sees value in the group and retains its Add rating while lowering FY21 and FY22 EPS estimates by -8% and -2%. The broker’s price target falls to $5.37 from $5.46.
Read MoreInsurance Australia Group posted a net loss of $427 million in the year, after it was hit by higher claims – both in the short- and long-term – and overall costs and provisions.
Read MoreBuy rating maintained. Target is reduced to $5.80 from $6.00.
Read MoreWith the stop-lost not likely to be renewed into FY22, the broker expects the company will face a sharp increase in its natural perils budget next year. Buy rating and $6 target retained.
Read MoreInsurance Australia Group surprised investors on Wednesday with a jump in its claims – this time from last weekend’s floods in southern Victoria.
Read MoreInvestors ignored IAG’s reported loss of $460 million, instead choosing to focus on the company’s decision to declare a dividend of 7 cents per share.
Read MoreWhile the size ($750m) of the raising after the adverse ruling in the Business Interruption (BI) case surprised Morgans, the post-tax provision of -$865m appears conservative to the broker.
Read MoreShares in Insurance Australia Group quite nicely withstood the shock of the news of an $750 million capital raising announcement yesterday as it revealed a massive $865 million bill for COVID-related claims from some of its business customers.
Read MoreCiti assesses the company is now conservatively provisioned after its capital raising. The perception that Insurance Australia is a quality play in the sector is somewhat dented, in the broker’s view.
Read MoreThe general insurance sector has been dealt a major blow with a NSW Court of Appeal decision that, if not overturned in the High Court, will see a surge in losses caused by payouts to policyholders who made claims due to the impact of the pandemic under business interruption policies held with insurers.
Read MoreInsurance Australia Group has looked inside in finding a replacement for retiring CEO, Peter Harmer. The insurer announced on Monday that it had chosen its chief financial officer, Nick Hawkins as managing director and CEO of Insurance Australia Group.
Read MoreThe Australian June 30 profit reporting season ramps up this week and we will get a very good idea of how companies went in the final six months of the financial year, as well as over the full financial year. Meanwhile, IAG has confirmed a dramatic fall in net profit after tax for the year to June 30.
Read MoreShares of Insurance Australia Group have fallen almost 8% after the company dropped its final dividend for the 2019-20 year as earnings collapsed in the second half to produce a 70% slump in profits.
Read MoreCredit Suisse notes Insurance Australia Group is suffering from some degree of uncertainty due to business interruption claims from COVID-19.
Read MoreGeneral insurer share prices have underperformed, UBS observes, with average 2020 price declines of -30% in the year to date.
Read MoreInsurer IAG is starting a major cost cut with plans to close all its AMI insurance outlets across New Zealand. IAG announced on Tuesday that it would review aspects of its direct distribution model, which would see 53 AMI insurance stores close across NZ, along with one its one remaining State store in Christchurch.
Read MoreAustralia’s biggest general insurer, IAG has warned that it has “limited scope” to pay its final dividend in September after seeing $280 million in investment income evaporate so far in 2019-20, especially since February in the sell-off on global markets driven by the COVID-19 pandemic.
Read MoreQBE was another to withdrew guidance yesterday, citing “extraordinarily difficult times for all stakeholders”. However, IAG shares surged more than 10% after the country’s biggest general insurer left its 2019-20 guidance in place.
Read MoreInsurance giant IAG has slashed its full 2019-20 profit forecast after storms, bushfire and other natural perils ripped a hole in interim earnings and slashed interim dividend.
Read MoreWith the prolonged bushfire crisis now abated thanks to the efforts of Mother Nature and tireless firefighters, Tim Boreham ponders the effect of the firestorm on listed equity exposures.
Read MoreThe company will sell its 26% interest in the joint venture with State Bank of India. Total consideration is over $640m with an expected increase in Insurance Australia Group’s regulatory capital position of over $400m once the transaction completes.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
• Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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