101.42 offered nu. Deze lange subs worden geraakt, oge correlatie met de aandelen markt, net zoals de Coco's.
Opvallend dat Groupama maar 100m winst haalt op een EV van 8 mrd. Volgens onderstaand bericht moet het kapitaal ook nog iets versterkt worden.
98) Options BFW Jul 07 2014 11:44:30
Aviva, Generali May Issue T1s on Solvency II Risks: CreditSights 91) ?
By Charles Daly
July 7 (Bloomberg) -- Aviva, Generali and Groupama are
prime candidates for Tier-1 issuance as cos. prepare to optimize
balance sheets given capital needs under Solvency II, Philippe
Picagne, analyst at CreditSights, writes in client note.
• Three cos. are at risk under Solvency II owing to low amounts of shareholders’
equity and reliance of “soft and pseudo capital tiers”
• Cos. all have excessively high levels of soft capital (including Value In
Force) with Aviva at 101% of avg. shareholders’ equity, Generali at 146% and
Groupama at 167%
• Tier-1 capital that includes VIF is capped to 50% of co.’s solvency capital
requirement, under current draft of Solvency II
• NOTE: VIF is a measure of future profit from policies that an insurance
co. holds
• Tier-1 issuance will be needed to strengthen their economic/solvency capital