Centro de Documentacion de Fundación MAPFRE - Valuation of insurance company shares

MAP20071506335

Valuation of insurance company shares / by Stephen Dias

Ponencia presentada en el MBA Executive

Valuation approaches in general -- Comments on approaches -- Sum of the parts -- Dynamic approach needed for valuation -- Do not forget the basics! -- Special situations -- Beware rights issues! -- M&A-short term probability model -- P/B and ROE-definitions -- P/B and ROE-determination of K -- P/B and ROE-the formula -- P/B and ROE-Other variations-fade approach -- Valuation and share prices -- Valuation of insurance company shares -- Special features of insurance business -- Life assurance -- Profit signature of endowment policy -- Accounting and valuation implications -- Non life insurance -- Example of underwriting results-Premium =100 -- Valuation implications -- Definitions of the key valuation terms in insurance -- EV methodology -- ROEV approach now in place -- Adjustments from stated figures to EV figures -- Main adjustments towards EV -- Example of adjustments to IAS equity to embedded value -- An example: RAS EV- A daily updated is applied -- An example: RAS ROEV -- The appraisal value approach -- Comments on appraisal values -- Reconciliation between P/EV and appraisal value -- Disclosures

En: . - Madrid : Fundación MAPFRE Estudios. - January 2005 ; [33] p

1. Empresas de seguros . 2. Valoración de empresas . 3. Matemática del seguro . I. Title.