Citigroup 花旗——标准人寿深度研究报告

(184页) 2006.09.21.　pdf 2.31M

Citigroup Global Markets | Equity Research

Standard Life PLC (SL.L)　Pensions A-Day Potential

Europe | United Kingdom　Life & Health Insurance | Insurance - Life

Contents
Investment Thesis 4
Valuation 19
Investment Risks 26
Investment Proposition & Outline 30
Life as a Quoted Company 34
What Does Standard Life Do? 38
Where has Standard Life Come From? 42
Prior and Post-Demutualisation Group Structure 48
Embedded Value Methodology 56
Back from the Brink — 2004-05 Review 64
Prospects in UK Life & Pensions 86
International Life Business 102
Non-Life Business 122
Group Earnings Prospects 156
Cash, Capital & Dividends 164
Analyst Certification Appendix A-1 182