Key Figures 2009 2010 2011e 2012e  
 
Combined ratio
92.1% 92.8% 91.1% 90.5%
 
  Balance Sheet 2009 2010 2011e 2012e
 
Total Assets
42,985 47,620 31,185 32,687
 
Shareholders' Equity
4,322 5,168 9,413 10,012
 
 
Per Share Data
2009 2010 2011e 2012e
 
EPS
1.14 1.97 2.38 2.68
 
EPS adj.
1.14 1.97 2.38 2.68
 
BVPS
7.5 15.9 16.8 17.9
 
BVPS excl. GW
6.3 14.5 15.6 16.6
 
NAVPS
14.6 17.8 20.0 22.3
 
DPS
1.00 1.15 1.44 1.61
 
  Ratios 2009 2010 2011e 2012e
 
P/E
12.3 5.1 16.4 14.6
 
P/E adj.
12.3 5.1 16.4 14.6
 
P/BV
1.0 0.6 2.3 2.2
 
P/BV excl. GW
1.1 0.7 2.5 2.3
 
P/NAV
1.0 0.6 2.0 1.8
 
Dividend Yield
7.1% 11.5% 3.7% 4.1%
 
Payout Ratio
87.7% 58.4% 60.5% 60.1%
 
 
Profitability
2009 2010 2011e 2012e
 
ROE
24.8% 13.4% 14.6% 15.5%
 
ROE adj.
24.8% 13.4% 14.6% 15.5%
 
RONAV
24.3% 12.2% 12.6% 12.7%
 
RONAV adj.
24.3% 12.2% 12.6% 12.7%
 
ROA
2.4% 3.9% 4.4% 4.7%
 
ROA adj.
2.4% 3.9% 4.4% 4.7%
 
  Growth Ratios Y/Y 2009 2010 2011e 2012e
 
Premiums
37.5% 8.4% 0.9% 1.7%
 
Pre Tax adj.
36.6% 60.0% 13.9% 11.5%
 
Net Profit adj.
13.6% 72.5% 20.8% 16.6%
 
EPS adj.
15.1% 72.8% 20.8% 16.6%
 
DPS
200.0% 15.0% 25.2% 18.3%
 
             
 
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
 
 
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