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Kartei Details
| Karten | 40 |
|---|---|
| Sprache | Deutsch |
| Kategorie | Finanzen |
| Stufe | Andere |
| Erstellt / Aktualisiert | 30.06.2014 / 06.03.2024 |
| Weblink |
https://card2brain.ch/box/banking_and_insurance
|
| Einbinden |
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What's the focus of Swiss RE in the commodity market?
low cost producers of any segment
What are the demand drivers for the commodity prices from 2000-2013 in China?
- Significant investment in infrastructure
- liberalisation in 1990, allowing foreign investments
- high saving rates (ca. 50% of GDP)
- Favourable demographics
- cheap energy (domestic coal) and cheap labour
Historical backgroud of commodity trade financing?
- emerged from colonial trade business --> from financing trading companies
- Growing Demand for credit in emerging markets with lowly developed financial markets (more money, cheaper interest in USD)
- worldwide specialization and reallocation of production
Why does Swiss RE engage in commodity trade finance (CTF)?
- very stable and reliable trade patterns between countries/regions
- limited number of highly established market players (traders, banks, technical consultants,law firms)
- attractive conditions
- low default numbers and high recovery rates
- increasing bank regulation increase demand for risk transfer to third parties
Key advantages of Swiss RE commodity financing?
- not a competitor to the banks
- no contact to underlying borrowers
- no requirement of third party
- Swiss Re only pays if default
- Banks have at least an equal amount of net exposures
Key drivers for market demand (CTF)?
- Population growth
- Purchasing power increases in emerging markets
- GDP growth
- availability of trade infrastructure for transport
Key difficulties in CTF?
- more and more emergent market to emergent market instead of OECD to emergent markets
-Hard commodities: Emergent markets switching to producer AND consumers)
- Growing scarcity of soft commodities
In which divisions is Munich RE devided?
- Munich Re
- Munich Healsth
- Ergo
- MEAG (Asset management)
How much premium earned Munich RE 2013?
51.1 billion Euro
how is premium income of Munich RE splitted onto divisions?
54% reinsurance
33% primary insurance
13% munich health
Business units of Swiss RE?
Reinsurance
Corporate Solutions
Admin Re
Global client base of Swiss RE?
Insurance companies
Mid-to-large size corporations
public sector clients
Largest aquisition of Swiss RE?
GE Insurance Solutions, for 7.4 bn USD
Key events of Swiss RE?
2008 big losses due to financial crisis
2011 catastrophes (Australia, Japan)
2011 restructuring
5 Key points of Corporate Responsibility of Swiss RE?
- advancing sustainable energy solution
- funding longer lifes
- managing climate and natural disaster risk
- partnering for food security
- supporting financial stability
How high is the premium volume of Swiss private industry?
CHF 119,8 Billion abroad
CHF 58,9 billion in Switzerland
Price per Earnings for banks in Switzerland 2012?
9.76x
What's the job of reinsurances?
- sharing risks to keep prices affordable
- against all risks
- reducing risk exposure and own cash requirement
- protection of balance sheet
- reducing volatility
what are the main methods of the relative valuation models?
- free cash flow method (DCF)
- dividend discount model (DDM)
- Multiples
off balance sheet operations
contingent liabilities (e.g. guarantees), liabilities for calls on shares, open derivative contracts, fiduciary transactions
--> not in balance sheet, but separately reported and underpinned with equity
What's the P/S
Price per sales/revenues
not as volatile as P/E, harder to manipulate, 1.56x for banks (2012)
usually the lower the better
What's the funded status?
Assets/Liabilities (should be >1)
what are the cognitive errors?
conservatism bias
framing bias
availability bial
How many employees work in banks and insurances? (in Switzerland)
183'000 in banks
77'000 in insurances
Which factors have to be considered to choose a valuation method?
- fit to company?
- paying dividends?
- is earning growth estimable?
- data for input available?
- suitable given purpose for analysis?
Accounts Postfinance?
4.5 mio.
clients Postfinance?
2.9 mio.
staff of Postfinance?
3400 (FTE)
net income of Postfinance
865 mio.
Rating of Postfinance?
AA+ (S&P)
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