||EPS - Basic
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Esure Share Discussion Threads
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|Gap to be filled?|
|Good set of results !
esure Group plc preliminary results for the year ended 31 December 2016
A strong year of growth in premiums, policies and profit
-- Gross written premiums up 19.0% to £655.0m (2015: £550.3m)
-- In-force policies up 8.6% to 2.174 million (2015: 2.001 million)
-- Underlying profit after tax(1) up 18.0% to £80.5m (2015: £68.2m)
-- Combined operating ratio 1.0ppt higher at 98.8% (2015: 97.8%)
-- Full year dividend of 13.5p (2015: 11.5p) reflects a payout ratio of 70% of underlying earnings per share, inclusive of a 20% special dividend
-- Strong capital position with Group coverage(2) at 149% (2015: 123%)
-- Demerger of Gocompare.com completed on 3 November 2016.
Sir Peter Wood, Chairman, said: "2016 has been a significant and positive year for the Group. Premiums are ahead of expectations; Gocompare.com has been demerged allowing both businesses to thrive and reach their full potential; capital is at the top of our risk appetite; and we have once again paid a special dividend demonstrating the Board's commitment to return excess capital to shareholders."
Stuart Vann, Chief Executive Officer, said: "We are now in full growth mode. In 2016 we have delivered strong growth in premiums and profitability, and have provided more quotes to a wider number of customers through our footprint expansion programme. This gives us great confidence to deliver our ambition of 3 million in-force policies by 2020. We continue to focus on and control carefully our approach to underwriting, underpinned by our enhanced customer contribution modelling. As a result, we are on track to deliver increased value to shareholders both in 2017 and beyond."
1. The Group's 2016 reported profit after tax is £269.2m (2015: £121.9m). Underlying profit after tax adjusts for the fair value gain on demerger of Gocompare.com of £213.6m (2015: nil); the Group's joint venture deemed disposal gain (2016: nil; 2015: £63.8m); the amortisation charge of acquired intangible assets, net of tax, of £10.4m (2015: £10.1m); and fees associated with the demerger of Gocompare.com of £14.5m (2015: £nil). The underlying profit after tax is management's measure of profitability of the Group and it is with reference to the Group's underlying profit after tax that the dividend has been set.
2. Group solvency coverage is estimated and unaudited as at 31 December 2016.|
|Larger than usual volume today. Somebody knows something. Does this bode well for results on Friday.|
|Good news on Esure today relative to the rest. They are definitely the winner. Direct Line and Admiral hit badly. Esure and Hastings in much better shape.
What an absolutely ridiculous decision by the Government. Guaranteed to add 5% to insurance premiums from March and destabilising the insurance industry in the meantime as none of the companies were projecting such a low discount rate and this hits their capital surpluses. To me a negative discount rate is ridiculous. I'm an accountant and don't see discount rates below 1% on anything I look at. Having a negative discount rate looks and is totally ridiculous and a direct result of printing money. The government are stoking up massive inflation for later in the year. First food and energy, now insurance. What next?|
|What about giving a special dividend following the spin off.|
|I think they will want to get off to a good start on divis , but may be constrained by their 50/60% distribution formula. If they stick to that it could be as low as 5P final , or maintained at 7.3p like last year.
Not long to wait.|
|Sorry I don't do divi forecasting...think Peter wood will do the facilitating to have the company taken over...either DLG or AV. ...outside chance ADM...|
|What do u think the dividend payment will be this year ?|
|The motive/agenda of the spilt was for both companies to be taken over realising value for shareholders & Peter wood...|
|Rise into the results. Will the company be taken over in the future. Certainly with the spinning out of go compare it may be the aim of the CEO.|
|Another 200k buy today...is the bid coming from DLG?...|
|Somebody just takeover this company...|
|Can anybody figure out the price action here?...|
|Somebody just bought 200k @ 205p......is there a bid coming?..|
|As soon MM read my post they marked it up!!...|
|Somebody has super glued this to 200p....|
|Break out coming?...|
|Any bidders out there?....|
|Can this finally go up & stay above 200p?...or somebody will have to take it over..|
|Yes 200p it is then..|
|RSI looking a bit oversold here...|
|Nice finish today yea sure yea sure|