Table of contents
Summary and conclusions.................................................................................................................................... 4
Non-life..................................................................................................................................................................... 7
Pricing.............................................................................................................................................................................7
Premium growth ...........................................................................................................................................................11
Loss ratios ....................................................................................................................................................................14
Life.......................................................................................................................................................................... 17
Embedded values.........................................................................................................................................................19
Capital.................................................................................................................................................................... 21
Solvency 1 ....................................................................................................................................................................21
Risk-based models .......................................................................................................................................................22
Investments ..................................................................................................................................................................22
What did we like at the companies in 1H09? ...................................................................................................... 24
Numbers ................................................................................................................................................................ 26
Allianz ...........................................................................................................................................................................28
AXA ..............................................................................................................................................................................30
Generali ........................................................................................................................................................................33
Zurich Financial Services .............................................................................................................................................35
Appendix: Italy non-life........................................................................................................................................ 37
Summary and conclusions ...........................................................................................................................................37
Regulatory issues.........................................................................................................................................................38
Motor liability loss trends ..............................................................................................................................................39
Pricing...........................................................................................................................................................................40
Outlook .........................................................................................................................................................................41
Allianz ...........................................................................................................................................................................42