JPM says strong non-life businesses justify Swiss insurers' premium valuations
** J.P.Morgan says Swiss insurers' valuation premiums vs European peers are justified, as their high-quality non-life and fee-based products have ensured strong margins, attractive cash flow and growth over the past decade
** That has offset slower growth in their life insurance businesses, typically a low-growth segment in Switzerland, it says
** "We view these non-life and fee-based businesses as comparable to highly rated Nordic P&C insurers and successful wealth and nontraditional asset managers," JPM says
** It initiates Helvetia HELN.S at "overweight" and Baloise BALN.S at "underweight", saying the former has greater P&C margin upside potential vs consensus in the next 2-3 year
** "We believe Helvetia's P&C franchise is just as strong as Baloise's, but at a less expensive valuation," it adds
** It reinstates Swiss Life SLHN.S at "neutral" saying there is little scope for a positive earnings surprise
Reporting by Tiago Brandao
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