Research June 2010
Commercial Banks
30-Jun-2010
The Specialised Assets Group (SAG) contains non-franchise assets with total
commitments of $16.8b at 31/3/10. The portfolio of assets is primarily domiciled
in the UK and USA, and the credit quality of these assets is sensitive to conditions
in these economies.
16-Jun-2010
An Asian strategy focussed on gaining market shares in economies which have the potential to grow faster than Australia and have plenty of deposits is attractive. ANZ wants Asia Pacific to contribute 20% of its profit in FY12. The only questions are ......
09-Jun-2010
The prospect of even lower returns for NAB’s wealth management business NAB’s wealth management business provides the lowest ratio of operating earnings to capital investment compared to any of its peers at less than 10% p.a. and this has been the case for a number of years. The acquisition of AXA will further depress this performance measure.
Insurance
17-Jun-2010
Insurance Australia Group Limited (IAG) recently reported its UK business, the Lloyd’s syndicate Equity Red Star, was under-reserved. It advised the market it had increased claims reserve for the business by $275M and purchased $60M of additional reinsurance protection.......
02-Jun-2010
Insurance Australia Group Limited (IAG) shocked the market today with the news that its UK business is now expected to report an insurance margin close to -80% in 2H10......
Diversified Financials
25-Jun-2010