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1、investmentresearchThisrepthasbeenpreparedbyUBSAGLondonBranch.ANALYSTCERTIFICATIONREQUIREDDISCLOSURESBEGINONPAGE51.UBSdoesseekstodobusinesswithcompaniescoveredinitsresearchrepts.Asaresultinvestsshouldbeawarethatthefirmmay
2、haveaconflictofinterestthatcouldaffecttheobjectivityofthisrept.Investsshouldconsiderthisreptasonlyasinglefactinmakingtheirinvestmentdecision.??GlobalResearch5April2019GlobalInsuranceGlobalInsurance–ThelastlineofdefenceGl
3、obalInsurance–howtonavigatecomplexityThesect’sdefensiveacteristicsresilientearningsattractivedividendsprovidearelative’safehaven’withinbroaderfinancials.Howevercomplexityishighdisclosurelow.OurGlobalInsurancecall(present
4、ation)aimstohelpinvestsnavigatethesecthighlightingkeysectthemesstockideas.Replay:44(0)2071369233|52251811.Keythemes:1)lowerflonger2)MfocusingonboltonMNNGroupprovidesprotectedcapitalreturns(810%ofMktCapto2020E).EuroP&C:Al
5、lianzBaloiseRSAallscreenwithdefensivebalancesheetscatalyststooutperfm.Asia:wearebuyersofPingAnfgrowthapotentialbuybackcatalyst.WealsonoterecentinitiationsontheIndiaKeainsurance.SA:Discoveryisthetoppickwithupside(particul
6、arlyChinaexposure)outweighingpossibledownsideinSAlifeinsurance.FLatAM:IRBBrazilREisatoppickgivenhighgrowthRoEs.SummaryofUBSGlobalInsurancekeyratingsSource:UBSAnalystRatingPricetargetAnalystRatingPricetargetUSP&CUSLifeInt
7、actFinancialMeredithBuyC$122AmeripriseNadelBuy$156AIGMeredithBuy$52AssurantNadelBuy$124TheHartfdMeredithBuy$61VoyaFinancialNadelBuy$53EuropeanP&CEuropeanLifeAllianzUrwinBuy€220NNGroupKellyBuy€40.50BaloiseUrwinBuyCHF170Pr
8、udentialKellyBuy2000pRSAUrwinBuy600pL&GKellySell225pSouthAfricaAsiaDiscoveryChristelisBuyRCnt20000PingAn(H)ChuBuyHK$107LatinAmericaAustraliaIRBBrasilRETaddeoBuyR$101SuncpCoghillBuyA$15PtoSeguroTaddeoSellR$58QBECoghillBuy
9、A$12.9EquitiesGlobalInsuranceColmKellyFIAFSAIAnalystcolm.kelly@442075680470BrianMeredithAnalystbrian.meredith@12127132492JohnNadelAnalystjohn.nadel@12127134299JonnyUrwinAnalystjonny.urwin@442075679763JamesCoghillCFAAnaly
10、stjames.coghill@61293242821MichaelChristelisFIACFAAnalystmichael.christelis@27113227320KelvinChuCFAAnalystkelvin.chu@85229717397MarianaTaddeoAnalystmariana.taddeo@551135136512GilKimAnalystgil.kim@82237028817ShinichiInaAn
11、alystshinichi.ina@81352086227IvarBillfalkKellyAnalystivar.billfalkkelly@442075683240LukeStratfdHigtonAssociateAnalystluke.stratfdhigton@442075678639GlobalInsurance5April2019??3UBSGlobalInsuranceteamNameNameCoverageCovera
12、geTelephoneTelephoneEmailEmailBrianMeredithGlobalUSP&C12127132492brian.meredith@SethRosenbergUSP&C2127132527seth.rosenberg@JohnNadelUSLife1212713429john.nadel@WesleyCarmichaelUSLife12127139903wesley.carmichael@MichaelWar
13、dUSLife12127133518michael.a.ward@AdamPanzerUSspecialistsales12127134202adam.panzer@ColmKellyFIAEuropeanLife442075680470colm.kelly@JonnyUrwinEuropeanP&C442075679763jonny.urwin@IvarBillfalkKellyFIAEuropeanLife442075683240i
14、var.billfalkkelly@LukeStratfdHigtonFIAEuropeanP&C442075674398luke.stratfdhigton@DilipShahEuropeanSpecialistsales442075688035dilip.shah@SteveBarrettEuropeanSpecialistsales442075681255stephen.barrett@JamesCoghillCFAAustral
15、ia61293242821james.coghill@KierenChidgeyAustralia61293242820kieren.chidgey@MinhPhamAustralia61293242119minhp.pham@KelvinChuCFAAsia85229718187kelvin.chu@VishalGoyalIndia912261556050vishal.goyal@SanjenaDadawalaIndia9122615
16、56058sanjena.dadwala@ShinichiInaJapan81352086227shinichi.ina@GilKimKea82237028817gil.kim@SamTangAsia85237123578samza.tang@MichaelChristelisFIACFASouthAfrica27113227320michael.christelis@MarianaTaddeoLatinAmerica551135136
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