Key Figures 2008 2009 2010e 2011e  
 
Combined ratio
91.8% 92.1% 93.1% 92.7%
 
  Balance Sheet 2008 2009 2010e 2011e
 
Total Assets
42,985 47,620 27,669 28,788
 
Shareholders' Equity
4,322 5,168 8,035 8,508
 
 
Per Share Data
2008 2009 2010e* 2011e
 
EPS
1.18 1.14 1.84 1.99
 
EPS adj.
1.18 1.14 1.84 1.99
 
BVPS
7.5 13.6 14.3 15.2
 
BVPS excl. GW
6.3 12.3 13.1 13.9
 
NAVPS
8.3 14.6 15.5 16.8
 
DPS
0.80 1.00 1.09 1.15
 
  Ratios 2008 2009 2010e* 2011e
 
P/E
14.0 12.3 10.3 9.5
 
P/E adj.
14.0 12.3 10.3 9.5
 
P/BV
1.2 1.0 1.3 1.3
 
P/BV excl. GW
1.3 1.1 1.5 1.4
 
P/NAV
2.0 1.0 1.2 1.1
 
Dividend Yield
4.8% 7.1% 5.7% 6.1%
 
Payout Ratio
67.8% 87.7% 59.2% 57.7%
 
 
Profitability
2008 2009 2010e* 2011e
 
ROE
24.8% 8.3% 13.2% 13.5%
 
ROE adj.
24.8% 8.3% 13.2% 13.5%
 
RONAV
24.3% 10.0% 12.2% 12.4%
 
RONAV adj.
24.3% 10.0% 12.2% 12.4%
 
ROA
2.4% 2.5% 3.8% 4.0%
 
ROA adj.
2.4% 2.5% 3.8% 4.0%
 
  Growth Ratios Y/Y 2008 2009 2010e* 2011e**
 
Premiums
37.5% -3.4% 5.1% 4.0%
 
Pre Tax adj.
36.6% -5.2% 50.5% 26.9%
 
Net Profit adj.
13.6% -5.2% 61.6% 32.2%
 
EPS adj.
15.1% -3.4% 61.6% 32.2%
 
DPS
200.0% 25.0% 9.1% 7.3%
 
 
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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