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ROE-challenged P&C insurers need to ask, "What can change?" : five action steps to consider

 
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<title>ROE-challenged P&C insurers need to ask, "What can change?"</title>
<subTitle>: five action steps to consider</subTitle>
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<namePart>Staudt, Andy</namePart>
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<abstract displayLabel="Summary">Although pure underwriting returns were beginning to turn in 2013, over the last six years, the aftertax ROE of European insurers has averaged around 7.5%, approximately 1.5% below the 9.0% all- ndustry average and just slightly above returns associated with still-depressed industries, including media, construction and real estate.This lag in returns is far from a recent phenomenon, with European P&C insurance returns consistently underperforming the European all-industry average for the last 10-plus years. Further, based on a forthcoming study of European merger and acquisition activity conducted by Towers Watson with Mergermarket, it is also interesting that this 7.5% figure is far short of the 9.5% ROE required by insurance investors (Figure 1). Further, over the last year, investors appear to have revised their expectations downward for insurance returns by nearly 2%, potentially reflecting these continued depressed returns. If we extrapolate the above and consider the direct relationship between price-to-book value and ROE, it is easy to understand why European insurance stocks in aggregate are currently trading at multiples approximately 20% below market averages</abstract>
<note type="statement of responsibility">Andy Staudt </note>
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<topic>Inversiones</topic>
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<topic>Rendimiento</topic>
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<topic>ROE</topic>
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<topic>Rentabilidad</topic>
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<topic>Recursos propios</topic>
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<topic>Empresas de seguros</topic>
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<geographic>Europa</geographic>
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<publisher>New York : Towers Watson, 1987-</publisher>
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<text>30/10/2014 Número 3 - 2014 , p. 7-10</text>
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