Active Insurance Stocks’ Average YTD Gains on par with Global Industry Benchmark
The four actively traded insurance stocks listed on SGX – Great Eastern Holdings, United Overseas Insurance, Singapore Reinsurance Corporation, and SHC Capital Asia – have averaged a 7.2% rise in the year thus far. Taking into account currency effects, this is in line with the MSCI World Insurance Index’s YTD gain of 4.5%.
Individually, three of the four insurance stocks have generated positive gains. SHC Capital Asia was the best performer with a 26.8% price increase, followed by Great Eastern Holdings with 3.5%, and United Overseas insurance with 1.7%.
The three largest capitalised insurance stocks – Great Eastern Holdings, United Overseas Insurance and Singapore Reinsurance Corporation – will go ex-dividend in the next two weeks.
In the last quarter of 2014, growth in the finance & insurance sector measured 10.3% year-on-year and 36.2% on a quarter-on-quarter seasonally-adjusted annualised basis. By both measures, this was the highest growth clocked for the services-producing industries, as shown in the MTI report .
The Ministry of Trade & Industry noted that the sector’s growth was supported mainly by the fund management and insurance segments.
Insurance is one of the four industries represented by the Financials sector, according to the Global Industry Classification Standard (GICS®). This industry can be further broken down to five sub-industries – Insurance Brokers, Life & Health Insurance, Multi-line Insurance, Property & Casualty Insurance and Reinsurance.
Great Eastern Holdings is the largest actively traded insurance stock listed on the Singapore Exchange (SGX) – it is a clear sector leader, representing 95% of the combined market capitalisation of the four stocks. The company is categorised to the Life and Health Insurance sub-industry, providing primarily life, disability, indemnity or supplemental health insurance.
The four insurance stocks listed on SGX – Great Eastern Holdings, United Overseas Insurance, Singapore Reinsurance Corporation, and SHC Capital Asia – have a combined market capitalisation of S$12.3 billion. Together, the four insurance stocks have averaged a 7.2% year-to-date total return, bringing their average one-year total return to 41.3% and three-year total average return to 66.2%. Note SGX also hosts a secondary listing of Prudential PLC.
Taking into account currency effects, this is in line with the MSCI World Insurance Index’s gain of about 4.5% in the year thus far.
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