澳洲IAG出售他们在亚洲的3个业务

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7号台新闻： IAG出售他们在亚洲的3个业务


澳洲保险集团（IAG）周二宣布，他们正在出售其三个亚洲业务，并可能将赚到的利润分给股东们。

这一次IAG是出售他们在这三个国家的保险业务：

1. 泰国

2. 印尼

3. 越南

IAG说，预期将会在2019年财政年度完成出售交易。

他们预计出售三地的业务，会给公司带来至少2亿澳元的税后纯利。

IAG这一次将他们的泰国和印尼业务出售给Tokio Marine & Nichido Fire Insurance Co，价格为5.25亿澳元。

越南业务将出售给AAA Assurance Corporation, 这一笔交易目前还没有公布出售的价格。




IAG首席执行官 Peter Harmer


来源：

https://au.news.yahoo.com/iag-se ... 231234715--spt.html

Australian Associated Press        Australian Associated Press19 June 2018


评论

Positive outcome for first phase of Asian exit
As part of a clearly communicated strategy to exit Asia, IAG has sold its operations in Thailand, Indonesia
and Vietnam for $525m (~2.0-2.5x book). On the basis that these operations were expected to continue
delivering negligible group earnings (after Support costs), EPS accretion in FY19E is essentially a function
of the future investment return on sale proceeds – we estimate 1-2% EPS accretive. The key issue arising
from the sale is how it impacts IAG's capital management plans. The sale underpins our confidence in a
$350m 1H19E buyback already in UBSe (after Oct AGM). With a CET1 ratio likely to remain above 1.1x
(upper end of target range), it is possible that a similar buyback occurs in FY20E. We remain positive
domestic GI, SUN preference.
Asian divestments to boost U/L ITR margin by 50bps
Tokio Marine, Japan’s largest P&C insurer, will acquire IAG’s subsidiaries in Thailand (98.6% stake in
Safety Insurance) and Indonesia (80% of PT Asuransi Parolamas) while its Vietnam operations (73.07%
of AAA Assurance) will be sold to a separate undisclosed acquirer. Combined, the three businesses
account for ~3% of group premium (A$370m of GWP, A$270m of NEP) but generated an annualised
ITR loss of A$4m in 1H18 (incl. Support costs). As such, IAG expects the sale to result in a 50bps uplift to
its group ITR margin on a proforma basis (FY19E UBSe u/l margin 17.1% pre Asia sale).
EPS accretive on a proforma basis – up to ~2%
Assuming the ~$500m in net sale proceeds (post costs and FX translation reserve impacts) will be
ultimately directed into buybacks, we see potential for ~2% EPS accretion. In our view, selling these
majority stakes is likely to increase IAG’s desire to exit remaining minority stakes in Malaysia and India
which jointly contributed A$34m of annualised insurance earnings in 1H18 and have a combined book
value of ~A$565m, however exits here are more complicated and likely to take time.
Valuation: PT unchanged at $7.30/shr
Price Target based on a blend of our PE and DCF valuations.


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