Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
Insurance Titans
February 2013
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Currency
Market
Capitalization (in
mio USD)
Daily
Volume
(M)
Total
Preferred
Common Total Debt
Stock
Shares (M)
(USD)
(USD)
Total Revenue
Minority Cash and Enterprise

Interest Equivalents
Value
(USD)
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Rev. Growth
EBITDA Growth
Est. P/E
Est.
Est.
Est. Est.
Ratio - Tr.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
12M
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14121364
1907.672
1115
1115
203
220
220
101.35
110.66
110.66
15.03
15.03
13.77
13.77
18.69
Euro Stoxx 50 Pr
EUR
2622635
5772.872
4825
4825
811
833
833
186.71
323.03
323.03
25.21
16.93
14.57
14.57
21.45
NIKKEI 225
JPY
2425374
177.225
189
189
19
20
20
5.16
5.60
5.60
0.25
0.24
0.23
0.23
0.12
FTSE 100 INDEX
GBP
2721403
11808.59
9311
9311
1486
1673
1673
550.80
825.62
825.62
27.18
22.43
18.13
18.13
24.24
SWISS MARKET INDEX
CHF
1037093
11052.65
4174
4174
885
859
859
390.09
563.39
563.39
22.92
19.43
15.87
15.87
23.24
S&P/TSX COMPOSITE INDEX
CAD
1708660
17087.54
7873
7873
1881
2141
2141
808.30
897.53
897.53
15.25
15.25
13.74
13.74
24.97
S&P/ASX 200 INDEX
AUD
1418991
6771.435
2869
2869
582
700
700
249.20
340.41
340.41
21.64
16.73
15.84
15.84
21.87
HANG SENG INDEX
HKD
1753660
3458.521
1607
1607
359
408
408
250.93
265.84
265.84
1.54
1.63
1.46
1.46
3.13
MSCI EM
USD
7972857
1461.715
1037
1037
197
200
200
86.36
101.05
101.05
12.32
13.43
10.53
10.53
19.89
ACE LTD
USD
29257
371
340
33.71
17936
17936
18451
19348
7.65
7.66
7.80
8.03
11.22
11.22
11.03
10.71
6.55
7.15
WR
01.04.2007
AFLAC INC
USD
23305
975
468
24.72
25364
25364
24982
26558
6.60
6.60
6.40
6.85
7.55
7.55
7.79
7.27
14.40
9.73
A-
21.04.2009
A3
22.09.2011
AIA GROUP LTD
HKD
49855
43064
12044
6.20
1855
1855
2354
2651
0.02
0.02
0.03
0.03
3.71
2.46
2.22
-2.81
ALLIANZ SE-REG
EUR
63044
1544
452
38
14
87.92
142075
129243
140639
143796
15.25
15.25
16.16
16.88
12.11
12.02
11.42
10.94
29.06
4.91
AA
27.01.2012
Aa3
03.05.2004
ALLSTATE CORP
USD
22158
1191
479
#VALUE!
27.41
33315
33315
33548
34173
4.36
4.34
4.65
5.11
10.69
10.69
9.98
9.08
2.02
0.34
A-
29.01.2009
A3
29.01.2009
AMERICAN INTERNATIONAL GROUP
USD
55465
2475
1897
75
128.51
64237
70623
56264
58434
0.57
4.54
3.85
3.41
8.28
8.28
9.77
11.01
-17.14
397.89
A-
02.03.2009
Baa1
12.01.2011
ASSICURAZIONI GENERALI
EUR
26048
6708
1541
29
34
32.17
98120
108842
98972
101882
1.56
1.02
1.38
1.78
21.81
16.13
12.57
-20.84
11.60
23.01.2013
Baa2 *-
18.12.2012
AVIVA PLC
GBp
15966
5904
2906
13
35
#VALUE!
54408
56389
60307
59807
0.55
-0.34
0.68
0.71
15.16
12.21
11.73
-44.61
31.28
A-
15.08.2012
A1
19.05.2009
AXA SA
EUR
42236
5987
2374
22
41
35.35
158129
158129
133235
136186
2.41
2.28
2.62
2.79
10.36
9.52
9.02
8.45
27.28
81.83
A-
18.12.2012
A2
19.03.2003
BERKSHIRE HATHAWAY INC-CL B
USD
249036
2668
#VALUE!
60
162
129.56
143688
155698
#VALUE!
#VALUE!
22008
27148
#VALUE!
#VALUE!
#VALUE!
#VALUE!
5.51
7.27
-12.61
1.91
17.44
AA+
04.02.2010
Aa2
04.02.2010
CHINA LIFE INSURANCE CO-H
HKD
84715
46396
28265
#VALUE!
47758
45368
47018
52629
0.08
0.07
0.07
0.13
4.55
4.55
4.76
2.32
-0.50
2.64
AA-
16.12.2010
CHUBB CORP
USD
21811
259
262
25.33
13546
13502
13459
13888
5.23
5.21
6.63
6.89
15.99
15.99
12.57
12.09
-1.01
A+
15.12.2008
A2
08.03.2004
ING GROEP NV-CVA
EUR
32115
15653
3801
277
24
287.25
54 K
56 K
61 K
62 K
0.98
1.00
1.32
1.46
11.18
10.44
8.50
7.68
-30.37
-12.38
03.09.2009
A3
15.06.2012
LEGAL & GENERAL GROUP PLC
GBp
14104
5654
5872
22
#VALUE!
28025
30506
12127
12777
0.16
0.11
0.21
0.23
33.51
21.79
17.05
16.13
-80.09
09.02.2010
A3
18.05.2010
LOEWS CORP
USD
17059
368
396
30.78
14552
14552
13288
14489
2.36
2.42
3.37
4.04
17.91
17.91
12.88
10.74
3.01
8.06
A+
17.11.2011
A2
28.06.2012
MANULIFE FINANCIAL CORP
CAD
27299
4399
1828
27
13
44.33
28359
28359
40519
42560
0.95
0.93
1.27
1.48
15.72
15.72
11.52
9.94
-41.59
18.13
A-
13.12.2010
MARSH & MCLENNAN COS
USD
19669
695
545
#VALUE!
20.29
11924
11924
12489
13123
1970
2150
683
683
2.15
2.11
2.40
2.67
17.10
17.10
15.02
13.50
3.45
1.11
3.70
18.17
BBB
12.10.2012
Baa2
03.03.2005
METLIFE INC
USD
39181
1848
1092
27
16
52.60
68150
68150
69972
72114
5.28
5.27
5.29
5.65
6.81
6.81
6.78
6.35
-3.01
15.20
A-
06.08.2010
A3
16.12.2009
MUENCHENER RUECKVER AG-REG
EUR
31982
454
178
36.75
81330
88314
77832
82400
5.26
24.02
21.22
21.70
9.91
9.48
11.22
10.97
12.27
AA-
22.12.2006
PING AN INSURANCE GROUP CO-H
HKD
62065
19308
7916
42
12
84.00
35164
41200
41446
49095
0.32
0.34
0.37
0.48
2.58
2.35
1.82
5.13
2.86
PROGRESSIVE CORP
USD
14692
1018
605
16.56
16789
16789
17441
18544
1.16
1.16
1.48
1.60
20.95
20.95
16.41
15.19
8.35
3.61
A+
06.02.1995
A1
24.04.2003
PRUDENTIAL FINANCIAL INC
USD
26119
642
470
33
14
47.80
84815
84815
52809
54926
6.27
6.12
7.79
8.69
9.16
9.16
7.20
6.45
72.93
66.96
17.02.2009
Baa2
18.03.2009
PRUDENTIAL PLC
GBp
37541
1688
2548
12
#VALUE!
11
37.07
55854
59339
76189
88583
0.98
0.95
1.05
1.17
23.54
18.54
21.31
19.16
-35.77
A+
17.08.2010
A2
20.12.2002
QBE INSURANCE GROUP LTD
AUD
16173
5545
1112
19.42
16595
17219
18045
18493
0.63
0.73
0.95
1.17
19.64
14.95
12.18
35.20
10.94
09.07.2009
SAMPO OYJ-A SHS
EUR
20893
462
560
22.69
8566
8567
7529
7548
3.35
4.11
3.19
3.38
12.12
14.86
15.60
14.75
26.82
12.61
NR
02.01.2002
Baa2
26.03.2009
SUN LIFE FINANCIAL INC
CAD
17050
1776
600
17.40
17265
18364
21427
22213
2.45
2.54
2.52
2.68
11.02
11.02
11.11
10.44
-11.26
-1.18
24.02.2012
SWISS RE AG
CHF
30287
2334
371
22
12
42.37
35859
35859
34543
37162
11.98
13.10
8.76
9.03
7.25
7.77
10.85
10.52
20.72
0.92
TOKIO MARINE HOLDINGS INC
JPY
22938
3082
767
15
20.90
36114
34580
36640
37303
-0.15
1.57
1.80
0.20
0.18
0.07
0.02
TRAVELERS COS INC/THE
USD
30278
514
377
36.30
25740
25740
25916
26494
6.21
6.21
7.22
7.56
12.90
12.90
11.10
10.60
1.16
0.20
28.07.2011
A2
06.06.2008
ZURICH INSURANCE GROUP AG
CHF
40692
311
147
14
10
49.98
76282
76282
65460
67834
28.68
28.65
31.24
32.97
11.14
11.14
10.22
9.68
35.70
12.80
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
A3
*-
14.11.2012
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.11
2.11
1.94
1.73
2.11
1.37
1.37
1.30
1.25
1.37
9.72
9.72
9.44
8.65
9.72
8.66
8.66
7.98
7.45
8.66
13.77
13.77
12.33
11.15
13.77
2.26
2.26
2.41
2.59
2.26
1655.3
8.7%
Euro Stoxx 50 Pr
1.12
1.12
1.06
0.99
1.12
0.73
0.73
0.71
0.68
0.73
5.33
5.33
4.93
4.73
5.33
6.93
6.93
6.53
6.20
6.93
10.91
10.91
9.75
9.02
10.91
4.34
4.34
4.69
4.98
4.34
2872.5
8.8%
NIKKEI 225
1.39
1.39
1.31
1.22
1.39
0.65
0.65
0.61
0.61
0.65
8.61
8.61
7.51
7.01
8.61
8.93
8.93
7.87
7.39
8.93
21.89
21.89
17.85
13.63
21.89
1.80
1.80
1.79
2.09
1.80
11180.5
-2.5%
FTSE 100 INDEX
1.68
1.68
1.56
1.46
1.68
1.05
1.05
1.00
1.01
1.05
7.89
7.89
7.27
5.99
7.89
7.06
7.06
6.59
6.22
7.06
11.85
11.85
10.77
9.86
11.85
3.86
3.86
4.15
4.73
3.86
6644.4
3.9%
SWISS MARKET INDEX
2.35
2.35
2.18
2.00
2.35
1.98
1.98
1.88
1.80
1.98
12.06
12.06
11.03
9.99
12.06
12.86
12.86
11.93
11.16
12.86
14.66
14.66
13.15
11.97
14.66
3.29
3.29
3.65
4.13
3.29
7866.0
3.1%
S&P/TSX COMPOSITE INDEX
1.68
1.68
1.55
1.46
1.68
1.59
1.59
1.49
1.43
1.59
8.31
8.31
7.51
7.07
8.31
7.98
7.98
7.08
6.79
7.98
13.97
13.97
12.33
11.47
13.97
3.07
3.07
3.22
3.42
3.07
14382.7
12.8%
S&P/ASX 200 INDEX
1.92
1.92
1.82
1.71
1.92
1.83
1.83
1.72
1.63
1.83
11.24
11.24
10.17
9.25
11.24
9.67
9.67
8.53
7.89
9.67
15.40
15.40
13.75
12.62
15.40
4.29
4.29
4.61
4.97
4.29
5042.4
-1.1%
HANG SENG INDEX
1.40
1.40
1.29
1.22
1.40
1.87
1.87
1.73
1.56
1.87
7.53
7.53
6.96
6.69
7.53
8.47
8.47
7.70
7.23
8.47
11.31
11.31
10.26
9.46
11.31
3.38
3.38
3.69
4.54
3.38
24953.9
7.1%
MSCI EM
1.41
1.41
1.28
1.18
1.41
1.03
1.03
0.95
0.91
1.03
6.60
6.60
6.00
5.64
6.60
7.32
7.32
6.69
6.30
7.32
10.53
10.53
9.36
8.71
10.53
2.92
2.92
3.24
3.55
2.92
1196.7
12.5%
ACE LTD
1.08
0.99
0.94
0.86
1.67
1.59
1.51
1.38
11.47
11.03
10.71
9.96
2.24
2.23
2.40
2.28
91.93
6.9%
AFLAC INC
1.59
1.38
1.22
1.05
0.91
0.93
0.88
0.82
7.56
7.79
7.27
6.63
2.68
2.88
3.13
3.39
58.59
17.6%
AIA GROUP LTD
2.38
2.11
1.91
1.74
1.46
3.14
2.73
2.42
2.16
31.35
19.07
17.24
15.39
12.93
0.94
1.26
1.38
1.57
1.21
35.62
11.0%
ALLIANZ SE-REG
0.91
0.86
0.81
0.77
0.72
0.46
0.45
0.44
0.43
9.19
8.55
8.19
8.33
7.52
4.44
4.74
4.96
5.09
5.32
114.28
10.4%
ALLSTATE CORP
1.10
1.01
0.92
0.82
0.67
0.66
0.65
0.63
12.57
9.98
9.08
8.41
1.89
2.12
2.20
2.33
47.95
3.3%
AMERICAN INTERNATIONAL GROUP
0.82
0.57
0.54
0.51
0.46
1.18
0.99
0.95
0.92
47.02
9.77
11.01
9.43
8.01
0.00
0.00
0.17
0.52
40.63
8.2%
ASSICURAZIONI GENERALI
1.23
0.97
0.90
0.84
0.76
0.27
0.26
0.26
0.25
17.07
12.08
9.41
8.55
7.65
2.39
2.59
3.42
4.01
5.11
13.46
7.4%
AVIVA PLC
0.81
0.93
0.91
0.86
0.93
0.33
0.26
0.27
0.22
6.60
7.98
7.67
7.18
6.26
7.57
7.17
7.17
7.23
7.59
414.58
17.0%
AXA SA
0.66
0.64
0.60
0.54
0.31
0.32
0.31
0.29
7.26
6.76
6.33
6.37
5.51
5.87
6.26
6.71
15.85
19.7%
0.42
0.26
BERKSHIRE HATHAWAY INC-CL B
23.04
CHINA LIFE INSURANCE CO-H
2.66
2.46
2.19
1.94
CHUBB CORP
1.41
1.30
1.22
ING GROEP NV-CVA
0.48
0.45
0.42
LEGAL & GENERAL GROUP PLC
1.69
1.66
1.54
1.46
LOEWS CORP
0.89
0.79
0.74
MANULIFE FINANCIAL CORP
1.22
1.17
1.09
1.03
MARSH & MCLENNAN COS
2.92
2.65
2.35
METLIFE INC
0.67
0.63
MUENCHENER RUECKVER AG-REG
0.90
PING AN INSURANCE GROUP CO-H
3.13
PROGRESSIVE CORP
PRUDENTIAL FINANCIAL INC
1.51
1.46
1.45
1.30
1.18
1.16
1.68
1.62
1.57
1.51
0.41
0.56
0.53
0.51
0.45
1.69
1.16
1.10
0.96
1.22
1.28
1.18
0.69
0.67
0.64
2.10
1.65
1.57
1.50
1.40
0.59
0.51
0.58
0.56
0.54
0.52
0.84
0.80
0.75
0.73
0.42
0.41
0.39
0.35
7.56
8.40
8.22
8.38
2.71
2.33
2.07
2.53
1.78
1.21
1.02
0.91
20.76
18.20
14.14
12.07
2.46
2.23
2.05
1.95
0.88
0.84
0.79
0.76
21.20
16.41
15.19
0.82
0.76
0.68
0.56
0.35
0.49
0.48
0.42
9.08
7.20
6.45
PRUDENTIAL PLC
2.83
2.53
2.26
2.02
1.85
0.51
0.49
0.42
0.41
16.37
13.93
12.53
11.29
QBE INSURANCE GROUP LTD
1.39
1.42
1.34
1.28
1.24
0.98
0.92
0.90
0.87
0.85
18.59
14.54
11.85
10.60
SAMPO OYJ-A SHS
1.62
1.50
1.41
1.27
2.91
2.77
2.77
2.53
2.50
11.48
11.69
11.04
10.38
SUN LIFE FINANCIAL INC
1.26
1.27
1.21
1.08
0.84
0.80
0.77
11.64
11.30
10.62
8.51
SWISS RE AG
0.86
0.86
0.83
0.77
0.92
0.94
0.88
0.79
0.85
7.94
10.02
9.72
9.33
TOKIO MARINE HOLDINGS INC
1.16
1.10
1.05
0.98
0.62
0.63
0.61
0.60
0.58
196.82
19.03
16.53
TRAVELERS COS INC/THE
1.20
1.11
1.04
0.98
1.18
1.17
1.14
1.11
14.24
11.10
10.60
ZURICH INSURANCE GROUP AG
1.19
1.13
1.07
1.00
0.65
0.67
0.64
0.67
12.21
9.43
8.94
8.42
1.32
0.93
0.72
0.95
12.13
14.31
9.65
12.54
11.37
10.37
9.08
8.35
0.35
14.98
12.74
11.33
10.21
8.68
0.59
7.67
7.10
24.55
36.90
17.97
15.26
18.06
12.57
12.09
8.10
6.37
5.76
12.89
11.14
10.54
10.00
25.12
12.88
10.74
15.19
11.72
10.11
9.01
16.72
15.02
13.50
6.89
6.78
6.35
8.17
2.8%
27.40
17.9%
1.29
1.06
1.77
2.04
10.95
2.00
2.03
2.13
2.18
87.29
4.8%
5.64
0.00
0.35
3.43
4.77
8.03
28.0%
3.78
4.75
5.26
5.64
160.13
2.7%
0.58
0.58
0.58
46.00
6.1%
3.42
3.46
3.50
3.46
15.70
3.4%
12.23
2.49
2.57
2.64
2.96
39.20
8.6%
5.77
2.16
2.85
3.24
3.66
43.79
22.0%
9.03
5.08
5.20
5.33
5.65
5.43
141.30
5.8%
9.49
0.90
0.89
1.15
1.28
1.74
76.26
17.4%
13.59
3.78
1.59
1.85
2.45
23.50
-3.3%
5.75
2.85
3.16
3.41
3.79
68.06
21.4%
10.28
2.63
2.77
3.04
3.28
3.49
1007.44
5.0%
10.34
6.62
3.89
5.20
5.92
6.57
11.86
-9.7%
11.04
4.61
5.01
5.32
5.61
5.58
26.78
-4.2%
4.98
4.98
4.98
5.15
4.69
5.26
5.26
5.25
14.51
1.79
1.97
2.14
10.46
2.26
2.38
2.52
6.80
6.80
6.96
7.17
9.18
7.27
8.77
7.96
4.11
103.00
6.54
29.53
2.1%
71.92
-4.7%
2.28
2984.31
7.0%
2.68
83.18
3.8%
264.76
4.5%
5.05
7.78
21.02.2013
ACE Ltd
ACE Limited is the holding company for the ACE Group of Companies, a property
and casualty insurance business. The Group provides a diversified range of
products and services to clients through operations in countries around the
world. ACE provides specialty insurance and reinsurance products.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (24.07.2012)
Daily Volume
Current Price (2/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ACE UN EQUITY YTD Change
ACE UN EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
87.40
68.98
371'075.00
85.97
-1.64%
24.63%
92.24%
340.3
29'257.44
5'070.00
0.0
0.0
615.00
33'712.44
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
15'075.0
16'006.0
1.32x
1.56x
2'549.0
3'108.0
6.17x
7.99x
Profitability
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
16'834.0
1.66x
1'585.0
10.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2012
17'936.0
1.76x
2'706.0
10.43x
17.99%
16.59%
3.01%
10.40%
9.46%
0.20%
15.1%
5.48%
18.42%
-
Price/ Cash Flow
12/yy
16'834.0
6.22x
0.0
0.00x
1'555.0
10.21x
LTM
12/yy
17'936.0
6.72x
0.0
0.00x
2'706.0
10.42x
FY+1
2.26
0.89
338.18
2.64
19.21%
7.73%
0.887
25
4.480
373'883
409'477
372'506
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'451.3
19'347.7
4'415.2
4'938.4
1.59x
1.52x
7.57x
6.76x
2'686.5
2'773.0
633.5
676.1
11.03x
10.71x
11.08x
10.96x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
10.12.2010
STABLE
18.4%
15.6%
0.20
-
Sales/Revenue/Turnover
10.00
20'000.0
9.00
18'000.0
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
4.00
10'000.0
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
01.01.2010
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

31.12.2008
13'698.0
1.49x
1'197.0
6.85x
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
ACE Ltd
Holdings By:
All
Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
WELLINGTON MANAGEMEN
FMR LLC
JP MORGAN
FRANKLIN RESOURCES
VANGUARD GROUP INC
STATE STREET
MASSACHUSETTS FINANC
AMERIPRISE FINANCIAL
TIAA CREF INVESTMENT
VIKING GLOBAL INVEST
DAVIS SELECTED ADVIS
NORTHERN TRUST CORPO
ONTARIO TEACHERS PEN
TCW GROUP INC
BANK OF NEW YORK MEL
BANK OF AMERICA CORP
INVESCO LTD
CITADEL ADVISORS LLC
Firm Name
Sanford C. Bernstein & Co
Keefe, Bruyette & Woods
Wells Fargo Securities, LLC
Miller Tabak + Co., LLC
Credit Suisse
Drexel Hamilton LLC
Deutsche Bank
Goldman Sachs
Janney Montgomery Scott LLC
Sandler O'Neill & Partners, LP
JMP Securities
Morgan Stanley
RBC Capital Markets
Raymond James
Macquarie
Sterne, Agee & Leach
Evercore Partners
Portales Partners
MKM Partners
EVA Dimensions
Barclays
S&P Capital IQ
Ameriprise Advisor Services, Inc
Portfolio Name
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
TIAA-CREF INVESTMENT
ONTARIO TEACHERS PEN
TCW GROUP INCORPORAT
BANK OF AMERICA
INVESCO LTD
Analyst
JOSH STIRLING
MEYER SHIELDS
JOHN A HALL
TOM MITCHELL
MICHAEL ZAREMSKI
GLORIA L VOGEL
JOSHUA D SHANKER
MICHAEL S NANNIZZI
LARRY GREENBERG
J PAUL NEWSOME
MATTHEW J CARLETTI
GREGORY W LOCRAFT
MARK A DWELLE
C GREGORY PETERS
AMIT KUMAR
DANIEL FARRELL
VINAY MISQUITH
NINA GUPTA
HARRY FONG
AUSTIN BURKETT
JAY H GELB
CATHY SEIFERT
LORI WILKING
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
market perform
outperform
outperform
buy
outperform
hold
hold
neutral/neutral
buy
buy
market outperform
Overwt/In-Line
outperform
outperform
outperform
buy
overweight
outperform
buy
underweight
overweight
buy
buy
Amt Held
27'285'196
25'693'352
23'750'703
18'541'280
16'403'760
14'765'094
14'718'334
14'079'521
11'286'678
5'942'534
5'595'355
5'502'835
4'417'316
4'234'259
3'912'125
3'499'196
3'247'477
3'157'882
3'000'574
2'945'918
% Out
8.02
7.55
6.98
5.45
4.82
4.34
4.32
4.14
3.32
1.75
1.64
1.62
1.3
1.24
1.15
1.03
0.95
0.93
0.88
0.87
Weighting
Change
3
5
5
5
5
3
3
3
5
5
4
5
5
5
5
5
5
5
5
1
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(98'932)
(304'352)
4'906'808
1'046'102
(637'012)
427'091
518'333
723'273
(723'625)
168'811
499'700
(253'106)
58'421
(28'211)
(239'074)
(51'665)
184'943
241'719
1'306'606
Target Price
80
100
#N/A N/A
92
91
89
81
87
#N/A N/A
92
95
104
93
91
89
94
92
#N/A N/A
95
#N/A N/A
94
92
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
15.02.2013
11.02.2013
08.02.2013
06.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
10.12.2012
29.10.2012
21.02.2013
Aflac Inc
Aflac, Inc. is a general business holding company. The Company, through its
subsidiaries, provides supplemental insurance to individuals in the United
States and Japan. Aflac's products include accident/disability plans, cancer
expense plans, short-term disability plans, sickness and hospital indemnity
plans, hospital intensive care plans, and fixed-benefit dental plans.
Price/Volume
2.0 M
1.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (12.12.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AFL UN EQUITY YTD Change
AFL UN EQUITY YTD % CHANGE
12/2012
12/yy
54.93
38.14
974'788.00
49.82
-9.30%
30.62%
69.57%
467.8
23'305.10
4'352.00
0.0
0.0
2'249.00
24'721.10
1.0 M
20
.5 M
10
0
f-12
.0 M
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
50
40
Valuation Analysis
31.12.2008
16'554.0
1.34x
1'254.0
11.49x
60
31.12.2009
31.12.2010
18'254.0
20'732.0
1.20x
1.32x
1'497.0
2'344.0
9.54x
10.20x
Profitability
LTM-4Q
31.12.2011
22'171.0
0.96x
1'964.0
6.83x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
25'364.0
2'866.0
8.05x
16.96%
16.96%
2.31%
19.44%
16.42%
0.20%
11.3%
3.32%
27.24%
-
Price/ Cash Flow
LTM
12/yy
22'171.0
3.97x
0.0
0.00x
1'944.0
6.88x
12/yy
25'364.0
2.70x
0.0
0.00x
2'866.0
8.05x
FY+1
2.69
1.33
456.83
8.69
7.06%
-5.54%
1.329
24
3.833
1'021'160
812'057
769'363
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
24'982.2
26'558.3
6'196.0
6'234.6
0.95x
2'973.7
3'135.3
762.2
750.1
7.79x
7.27x
7.79x
7.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
21.04.2009
ANEG
27.2%
21.4%
0.20
-
4.50
30'000.0
4.00
25'000.0
3.50
20'000.0
3.00
2.50
15'000.0
2.00
10'000.0
1.50
1.00
5'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Aflac Inc
Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
NORGES BANK
FMR LLC
WELLS FARGO
FRANKLIN RESOURCES
EATON VANCE MANAGEME
CORTLAND ADVISERS LL
AMOS DANIEL P
UBS
NORDEA INV MANAGEMEN
PANAGORA ASSET MANAG
YOSHIDA TAKURO
SCOUT INVESTMENT ADV
HERNDON CAPITAL MANA
Firm Name
Raymond James
Portales Partners
Deutsche Bank
Morgan Stanley
RBC Capital Markets
SunTrust Robinson Humphrey
JPMorgan
Macquarie
S&P Capital IQ
Barclays
EVA Dimensions
Credit Suisse
FBR Capital Markets
Scotia Capital
Evercore Partners
Goldman Sachs
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
NORGES BANK
n/a
n/a
n/a
EATON VANCE MANAGEME
n/a
n/a
NORDEA INVESTMENT MA
PANAGORA ASSET MANAG
n/a
SCOUT INVESTMENT ADV
HERNDON CAPITAL MANA
Analyst
JOHN M NADEL
STEVEN D SCHWARTZ
JEFFREY SCHUMAN
NINA GUPTA
YARON KINAR
LARRY GREENBERG
JOHN A HALL
NIGEL P DALLY
ERIC N BERG
MARK D HUGHES
JIMMY S BHULLAR
SEAN DARGAN
EDWARD SHIELDS
ROBERT MCMILLAN
JAY H GELB
AUSTIN BURKETT
THOMAS GALLAGHER
RANDY BINNER
JOANNE SMITH
MARK FINKELSTEIN
CHRISTOPHER GIOVANNI
Source
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
Form 4
ULT-AGG
13F
13F
PROXY
13F
13F
Recommendation
neutral
outperform
outperform
underperform
hold
buy
market perform
Equalwt/In-Line
sector perform
neutral
neutral
neutral
buy
strong buy
overweight
overweight
outperform
market perform
sector outperform
equalweight
neutral/attractive
Amt Held
24'565'187
23'143'891
22'642'924
17'677'736
10'595'408
10'425'617
8'518'434
6'766'110
6'400'360
5'843'558
4'799'952
4'533'709
4'500'000
4'092'942
4'001'649
3'967'872
3'521'319
3'458'452
3'336'537
3'324'379
% Out
5.25
4.95
4.84
3.78
2.27
2.23
1.82
1.45
1.37
1.25
1.03
0.97
0.96
0.87
0.86
0.85
0.75
0.74
0.71
0.71
Weighting
Change
3
5
5
1
3
5
3
3
3
3
3
3
5
5
5
5
5
3
5
3
3
M
U
M
N
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
882'429
(348'978)
297'248
112'338
(2'409'014)
3'021'953
215'452
457'966
31'538
(135'007)
2'236'649
2'289'209
4'500'000
46'569
(10'046)
263'666
654'184
656'996
93'729
Target Price
60
62
68
#N/A N/A
55
#N/A N/A
#N/A N/A
#N/A N/A
59
#N/A N/A
54
53
57
58
65
#N/A N/A
58
52
63
61
55
File Dt
31.12.2012
19.02.2013
19.02.2013
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
12.02.2013
31.12.2012
31.12.2012
31.12.2012
29.02.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
21.02.2013
20.02.2013
18.02.2013
14.02.2013
11.02.2013
11.02.2013
11.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
08.01.2013
21.02.2013
AIA Group Ltd

AIA Group Ltd. offers insurance and financial services. The Company writes
life insurance for individuals and businesses, accident and health insurance,
retirement planning, and wealth management services.
Price/Volume
35
2500.0 M
30
2000.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
1299 HK EQUITY YTD Change
1299 HK EQUITY YTD % CHANGE
11/2011
01/yy
32.50
24.05
43'064'252.00
32.1
-1.23%
33.47%
100.00%
12'044.0
386'612.38
1'229.00
0.0
102.0
4'303.00
48'107.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1500.0 M
15
1000.0 M
10
500.0 M
5
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.11.2007
15'226.0
1'914.0
-
20
30.11.2008
30.11.2009
3'810.0
19'016.0
408.0
1'754.0
Profitability
30.11.2010
18'394.0
1.85x
2'701.0
13.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.11.2011
14'385.0
2.33x
1'600.0
23.31x
15.24%
15.07%
1.47%
7.84%
7.34%
0.12%
11.1%
1.07%
5.77%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.07
0.85
12'039.65
19.97%
6.12%
0.847
23
4.304
35'651'890
39'619'360
67'483'780
FY+2
11/12 Y
11/13 Y
18'251.3
20'560.8
2.64x
2.46x
2'659.0
2'842.2
19.07x
17.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
5.8%
5.4%
0.12
-
140.00
20'000.0
18'000.0
120.00
16'000.0
100.00
14'000.0
12'000.0
80.00
10'000.0
8'000.0
60.00
6'000.0
40.00
4'000.0
20.00
0.00
05.12.2008 05.06.2009
2'000.0
0.0
05.12.2009 05.06.2010
05.12.2010 05.06.2011
05.12.2011
05.06.2012 05.12.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
AIA Group Ltd

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
ABERDEEN
FMR LLC
VANGUARD GROUP INC
WADDELL & REED FINAN
CARMIGNAC GESTION
T ROWE PRICE ASSOCIA
LEXINGTON INSURANCE
COMMONWEALTH BANK OF
THORNBURG INVESTMENT
JANUS CAPITAL MANAGE
WILLIAM BLAIR & COMP
STATE STREET GLOBAL
ARTISAN PARTNERS HOL
OPPENHEIMERFUNDS INC
SCHRODER INVESTMENT
ALLIANCE BERNSTEIN
Firm Name
Jefferies
HSBC
ICBC International Securities
Morgan Stanley
BNP Paribas Equity Research
CCB International Securities Ltd
Nomura
China International Capital Corp
Deutsche Bank
Standard Chartered
CIMB
EVA Dimensions
JPMorgan
Macquarie
BOCOM International Holdings
Credit Suisse
ABC International
Fortune CLSA Securities Limited
Goldman Sachs
AMTD Financial Planning Limited
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
LEXINGTON INSURANCE
Multiple Portfolios
Multiple Portfolios
n/a
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
BARON NIE
MICHAEL P CHANG
PIUS CHENG
BEN LIN
DOMINIC CHAN
KENNETH YUE
DAVID CHUNG
SALLY NG
ESTHER CHWEI
PETER O'BRIEN
BERTRAM LAI
AUSTIN BURKETT
CHAN BAO LING
SCOTT G RUSSELL
LI WENBING
ARJAN VAN VEEN
FRANCIS CHAN
YANG YAN
MANCY SUN
KENNY TANG SING HING
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
overweight
buy
Overwt/Attractive
buy
outperform
buy
hold
buy
outperform
outperform
sell
overweight
neutral
long-term buy
outperform
buy
sell
Buy/Neutral
buy
Amt Held
1'431'991'813
947'131'193
872'440'983
607'474'500
306'826'224
298'181'135
279'263'500
219'402'776
132'900'800
119'148'250
107'408'000
104'143'762
104'087'200
86'696'300
85'271'979
84'229'621
79'225'000
77'373'800
50'209'800
44'959'365
% Out
11.89
7.86
7.24
5.04
2.55
2.48
2.32
1.82
1.1
0.99
0.89
0.86
0.86
0.72
0.71
0.7
0.66
0.64
0.42
0.37
Weighting
Change
5
5
5
5
5
5
5
3
5
5
5
1
5
3
5
5
5
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
75'997'000
(27'400)
2'199'200
52'083'324
41'460'521
33'684'200
67'540'336
8'571'000
119'148'250
852'800
50'914'552
3'339'200
1'568'200
11'139'725
1'779'400
50'369'000
(2'170'000)
(1'172'032)
Target Price
35
40
37
38
40
36
36
33
38
38
34
#N/A N/A
34
29
38
34
35
29
38
32
File Dt
10.01.2013
17.12.2012
19.02.2013
23.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.10.2012
31.12.2012
31.12.2012
31.12.2012
30.06.2012
31.12.2012
30.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
20.02.2013
20.02.2013
20.02.2013
19.02.2013
18.02.2013
07.02.2013
06.02.2013
01.02.2013
31.01.2013
30.01.2013
18.01.2013
17.01.2013
16.01.2013
16.01.2013
19.12.2012
13.12.2012
11.12.2012
24.10.2012
18.10.2012
11.10.2012
21.02.2013
Allianz SE
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Price/Volume
120
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALV GY EQUITY YTD Change
ALV GY EQUITY YTD % CHANGE
12/2012
12/yy
108.65
68.50
1'543'647.00
103.55
-4.69%
51.17%
89.17%
456.0
47'213.63
28'411.00
0.0
2'338.0
10'492.00
65'845.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
76'195.0
0.69x
(2'444.0)
8.51x
40
31.12.2009
31.12.2010
82'711.0
89'740.0
0.75x
0.67x
4'297.0
5'053.0
8.37x
7.94x
Profitability
LTM-4Q
31.12.2011
87'384.0
0.61x
2'545.0
13.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
106'400.0
5'169.0
9.18x
7.01%
5.45%
0.67%
9.30%
7.26%
0.14%
4.9%
4.43%
0.00%
-
Price/ Cash Flow
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13
LTM
FY+1
1.24
455.95
20.73%
-1.19%
1.238
43
4.326
1'532'143
1'507'210
1'528'593
FY+2
FQ+1
FQ+2
12/yy
87'384.0
2.70x
0.0
0.00x
2'545.0
12.79x
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
96'790.0 105'324.8 107'688.9
1.86x
0.55x
0.54x
0.0
0.00x
5'169.0
5'448.1
5'671.0
9.18x
8.55x
8.19x
S&P Issuer Ratings
27.01.2012
Long-Term Rating
AA
Long-Term Outlook
NEG
23.03.2009
Short-Term Rating
A-1+
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
37.5%
Asset Turnover
0.14
Inventory Days
7.00
120'000.0
6.00
100'000.0
5.00
80'000.0
4.00
60'000.0
3.00
40'000.0
2.00
20'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Allianz SE
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
HARBOR CAPITAL ADVIS
ALLIANZ ASSET MANAGE
DEUTSCHE BANK AG
UNION INVESTMENT GMB
MORGAN STANLEY
DB PLATINUM ADVISORS
THORNBURG INVESTMENT
HARRIS ASSOCIATES LP
ADIG INVESTMENT
DEKA INVESTMENT GMBH
AMUNDI
MERCURY ASSET MANAGE
NATIXIS ASSET MANAGE
FRANKFURT TRUST INVE
JP MORGAN
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Oddo & Cie

NICOLAS JACOB
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
Bankhaus Lampe
ANDREAS SCHAEFER
JPMorgan
MICHAEL HUTTNER
Independent Research GmbH
STEFAN BONGARDT
Bankhaus Metzler
JOCHEN SCHMITT
Exane BNP Paribas
THOMAS JACQUET
Banco Sabadell
MARIO LODOS
DZ Bank AG
THORSTEN WENZEL
Kepler Capital Markets
FABRIZIO CROCE
AlphaValue
DIETER HEIN
Helvea
DANIEL BISCHOF
WILLIAM HAWKINS
Berenberg Bank
PETER ELIOT
Credit Suisse
RICHARD BURDEN
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
RBC Capital Markets
GORDON AITKEN
Mediobanca SpA
MARC THIELE
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Deutsche Bank
ROBIN BUCKLEY
Macquarie
HADLEY COHEN
Goldman Sachs
VINIT MALHOTRA
EVA Dimensions
AUSTIN BURKETT
HSBC
KAILESH MISTRY
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Natixis
BENOIT VALLEAUX
Day by Day
VALERIE GASTALDY
THOMAS SEIDL
CA Cheuvreux
ATANASIO PANTARROTAS
Morgan Stanley
JON HOCKING
Canaccord Genuity Corp
BEN COHEN
Hamburger Sparkasse
CHRISTIAN HAMANN
Nord/LB
VOLKER SACK
Societe Generale
JASON KALAMBOUSSIS
National Bank AG
MANFRED JAISFELD
S&P Capital IQ
RODERICK WALLACE
Raymond James
DANNY JACQUES
Redburn Partners
PAUL GOODHIND
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE
Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
neutral
hold
buy
overweight
buy
sell
outperform
buy
buy
reduce
add
accumulate
underperform
buy
neutral
overweight
outperform
outperform
neutral
buy
buy
outperform
Buy/Neutral
buy
overweight
hold
buy
buy
market perform
outperform
Equalwt/In-Line
buy
buy
buy
buy
buy
buy
market perform
buy
neutral
hold
Amt Held
32'047'039
8'563'293
8'000'572
6'365'290
4'770'085
4'519'378
4'513'764
3'746'308
3'598'771
3'381'128
2'337'600
2'232'924
2'116'731
1'904'355
1'843'650
1'490'728
1'483'920
1'455'112
1'212'611
961'909
% Out
7.03
1.88
1.75
1.4
1.05
0.99
0.99
0.82
0.79
0.74
0.51
0.49
0.46
0.42
0.4
0.33
0.33
0.32
0.27
0.21
Weighting
Change
5
5
3
3
5
5
5
1
5
5
5
2
4
4
1
5
3
5
5
5
3
5
5
5
5
5
5
3
5
5
3
5
3
5
5
5
5
5
5
3
5
3
3
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
175'318
(440'475)
(11'363)
(131'397)
546'507
972'739
(99'900)
(65'405)
64'334
388'780
(82'340)
8'661
Target Price
120
118
103
96
122
122
120
85
125
114
105
73
111
111
128
124
113
120
120
120
123
133
120
130
120
#N/A N/A
128
110
120
117
100
118
110
100
#N/A N/A
104
100
120
133
#N/A N/A
#N/A N/A
92
106
File Dt
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.09.2012
16.05.2012
31.01.2013
31.12.2012
31.12.2012
31.10.2012
30.11.2012
30.11.2012
31.12.2012
19.02.2013
30.12.2012
31.12.2012
30.11.2012
31.12.2012
Date
Not Provided
6 month
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Unclassified
Date
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
13.02.2013
12.02.2013
11.02.2013
08.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
29.01.2013
24.01.2013
23.01.2013
18.01.2013
17.01.2013
16.01.2013
16.01.2013
10.01.2013
07.01.2013
13.12.2012
10.12.2012
05.12.2012
26.11.2012
14.11.2012
12.11.2012
09.11.2012
09.11.2012
09.11.2012
03.08.2012
15.03.2012
11.11.2011
12.05.2011
21.02.2013
Allstate Corp/The
The Allstate Corporation, through its subsidiaries, provides property-liability
insurance, as well as other types of insurance in the United States and Canada.
The Company primarily sells private passenger automobile and homeowners
insurance through independent and specialized brokers. Allstate also sells life
insurance, annuity, and group pension products through agents.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (08.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALL UN EQUITY YTD Change
ALL UN EQUITY YTD % CHANGE
12/2012
12/yy
47.08
30.76
1'191'008.00
46.41
-1.42%
50.88%
95.89%
477.4
22'158.28
6'057.00
0.0
806.00
27'409.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
32'013.0
31'400.0
0.67x
0.71x
854.0
928.0
8.63x
11.23x
Profitability
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
m-12
LTM-4Q
31.12.2011
32'654.0
0.58x
787.0
21.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
33'315.0
0.74x
2'306.0
9.21x
11.09%
9.92%
1.83%
11.86%
10.09%
0.26%
6.9%
4.77%
29.43%
-
Price/ Cash Flow
a-12 m-12
j-12
LTM
12/yy
32'654.0
2.41x
0.0
0.00x
787.0
21.08x
j-12
12/yy
33'315.0
2.80x
0.0
0.00x
2'306.0
9.26x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.90
0.94
476.70
4.61
50.75%
15.53%
0.935
29
4.103
1'053'488
747'553
796'655
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'547.7
34'173.3
8'337.4
8'386.2
0.85x
0.85x
2'151.6
2'243.2
595.9
511.7
9.98x
9.08x
9.98x
9.71x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
ANEG
29.4%
22.7%
0.26
-
10.00
40'000.0
9.00
35'000.0
8.00
30'000.0
7.00
25'000.0
6.00
5.00
20'000.0
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
01.01.2010
3.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
29'394.0
0.78x
(1'679.0)
10.17x
50
45
40
35
30
25
20
15
10
5
0
f-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Allstate Corp/The
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
HOTCHKIS & WILEY CAP
LSV ASSET MANAGEMENT
PZENA INVESTMENT MAN
MACQUARIE GROUP LTD
AMERICAN CENTURY COM
AJO, LP
DISCOVERY CAPITAL MA
PERKINS INVESTMENT M
Firm Name
Edward Jones
Barclays
Goldman Sachs
Macquarie
Deutsche Bank
Morgan Stanley
Argus Research Corp
Drexel Hamilton LLC
RBC Capital Markets
SunTrust Robinson Humphrey
William Blair & Co
Raymond James
Evercore Partners
JMP Securities
Portales Partners
MKM Partners
Credit Suisse
FBR Capital Markets
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
n/a
HOTCHKIS AND WILEY
n/a
ARTISAN PARTNERS LP
PZENA INVESTMENT MAN
n/a
AJO, LP
DISCOVERY CAPITAL MA
PERKINS INVESTMENT M
Analyst
JOSH STIRLING
JIM SHANAHAN
MEYER SHIELDS
JAY H GELB
MICHAEL S NANNIZZI
RAYMOND IARDELLA
LORI WILKING
JOHN A HALL
JOSHUA D SHANKER
GREGORY W LOCRAFT
JOHN M EADE
J PAUL NEWSOME
GLORIA L VOGEL
MARK A DWELLE
MARK D HUGHES
ROBERT GLASSPIEGEL
ADAM KLAUBER
C GREGORY PETERS
DANIEL FARRELL
VINAY MISQUITH
MATTHEW J CARLETTI
NINA GUPTA
HARRY FONG
MICHAEL ZAREMSKI
RANDY BINNER
AUSTIN BURKETT
CATHY SEIFERT
Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
outperform
buy
market perform
overweight
neutral/neutral
neutral
buy
market perform
buy
Equalwt/In-Line
buy
buy
hold
sector perform
neutral
buy
outperform
strong buy
neutral
overweight
market perform
outperform
buy
outperform
market perform
buy
hold
Amt Held
23'637'491
22'671'855
22'292'659
20'104'214
12'957'795
10'584'076
10'485'305
8'487'084
7'389'120
7'163'891
6'584'538
6'486'248
6'104'700
5'864'695
5'668'651
4'714'744
4'545'300
4'353'350
4'255'921
3'971'969
% Out
4.95
4.75
4.67
4.21
2.71
2.22
2.2
1.78
1.55
1.5
1.38
1.36
1.28
1.23
1.19
0.99
0.95
0.91
0.89
0.83
Weighting
Change
5
5
3
5
3
3
5
3
5
3
5
5
3
3
3
5
5
5
3
5
3
5
5
5
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(266'139)
(1'682'359)
382'527
529'373
(362'127)
(200'033)
(2'368'767)
(961'655)
80'488
(501'604)
(77'162)
(3'897'691)
(672'920)
(115'558)
(550'075)
(41'867)
(326'800)
2'484'100
345'131
31'662
Target Price
50
#N/A N/A
50
54
50
47
#N/A N/A
#N/A N/A
51
#N/A N/A
51
51
49
48
#N/A N/A
34
#N/A N/A
52
47
50
#N/A N/A
#N/A N/A
55
42
40
#N/A N/A
43
File Dt
Inst Type
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
20.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
15.01.2013
29.11.2012
21.02.2013
American International Group Inc

American International Group, Inc. is an international insurance organization
serving commercial, institutional and individual customers. AIG provides
property-casualty insurance, life insurance and retirement services.
Price/Volume
45
70.0 M
40
60.0 M
35
50.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.02.2013)
52-Week Low (21.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AIG UN EQUITY YTD Change
AIG UN EQUITY YTD % CHANGE
12/2011
09/yy
39.90
27.11
2'475'348.00
37.57
-5.84%
38.58%
81.78%
1'476.3
55'464.76
75'253.00
0.0
9'378.0
1'474.00
128'511.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
20
30.0 M
15
20.0 M
10
10.0 M
5
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
110'064.0
3.34x
6'200.0
16.28x
25
31.12.2008
31.12.2009
6'896.0
75'352.0
41.00x
3.38x
(99'289.0)
(10'949.0)
Profitability
LTM-4Q
31.12.2010
77'526.0
2.92x
7'786.0
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
64'237.0
1.98x
17'798.0
40.70x
9.01%
-1.66%
4.97%
28.98%
0.13%
27.7%
13.54%
71.70%
-
Price/ Cash Flow
LTM
09/yy
68'040.0
9.63x
0.0
0.00x
10'319.0
0.00x
09/yy
70'623.0
7.20x
0.0
0.00x
27'194.0
7.22x
FY+1
0.00
1.39
1'474.50
21.34
37.47%
6.43%
1.389
22
4.364
2'615'682
2'676'961
3'720'372
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
56'263.5
58'434.0
14'392.0
14'476.5
6'529.0
4'966.6
(84.0)
1'293.7
9.77x
11.01x
15.97x
11.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.03.2009
ANEG
14.01.2011
A-2
71.7%
39.7%
0.13
-
20.00
120'000.0
18.00
100'000.0
16.00
14.00
80'000.0
12.00
60'000.0
10.00
8.00
40'000.0
6.00
4.00
20'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
American International Group Inc

Holdings By:
All
Holder Name
FAIRHOLME CAPITAL MA
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
HARRIS ASSOCIATES LP
ORBIS HOLDINGS LIMIT
THIRD POINT LLC
HOTCHKIS & WILEY CAP
MACKENZIE FINANCIAL
OZ MANAGEMENT LP
PERRY CORP
STARR INTERNATIONAL
GOLDMAN SACHS GROUP
D E SHAW & COMPANY I
Firm Name
William Blair & Co
FBR Capital Markets
Drexel Hamilton LLC
Evercore Partners
EVA Dimensions
Portales Partners
S&P Capital IQ
Goldman Sachs
JPMorgan
Barclays
Morgan Stanley
Argus Research Corp
Deutsche Bank
Credit Suisse
Macquarie
Societe Generale
Portfolio Name
FAIRHOLME CAPITAL MA
n/a
VANGUARD GROUP INC
n/a
n/a
HARRIS ASSOC LP
ORBIS HOLDINGS LIMIT
THIRD POINT LLC
HOTCHKIS AND WILEY
MACKENZIE FINANCIAL
OZ MANAGEMENT
PERRY CORPORATION
n/a
STARR INTERNATIONAL
GOLDMAN SACHS GROUP
D E SHAW & CO
Analyst
JOSH STIRLING
MEYER SHIELDS
ADAM KLAUBER
JOHN A HALL
RANDY BINNER
GLORIA L VOGEL
MARK FINKELSTEIN
JOHN M NADEL
AUSTIN BURKETT
NINA GUPTA
CATHY SEIFERT
MICHAEL S NANNIZZI
J PAUL NEWSOME
JIMMY S BHULLAR
JAY H GELB
GREGORY W LOCRAFT
JOHN M EADE
JOSHUA D SHANKER
THOMAS GALLAGHER
G ALAN ZIMMERMANN
LARRY GREENBERG
EMMANUELLE CALES
Source
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
outperform
market perform
outperform
market perform
outperform
buy
overweight
buy
overweight
outperform
buy
Buy/Neutral
buy
neutral
equalweight
Equalwt/In-Line
buy
buy
restricted
outperform
neutral
buy
Amt Held
85'862'294
69'502'743
61'921'180
60'476'872
54'481'168
28'385'814
21'350'033
20'223'023
18'500'000
17'727'826
17'648'202
16'237'006
15'571'045
15'292'833
14'865'903
14'000'345
13'928'284
12'437'183
11'937'000
11'816'695
% Out
5.82
4.71
4.19
4.1
3.69
1.92
1.45
1.37
1.25
1.2
1.2
1.1
1.05
1.04
1.01
0.95
0.94
0.84
0.81
0.8
Weighting
Change
5
3
5
3
5
5
5
5
5
5
5
5
5
3
3
3
5
5
#N/A N/A
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
(683'424)
12'923'253
13'491'642
15'353'796
12'500'525
4'226'487
7'824'042
20'223'023
(5'000'000)
4'028'675
(2'548'657)
3'304'695
123'324
(17'906'763)
4'365'903
5'000'000
(1'708'452)
11'937'000
397'840
Target Price
45
37
#N/A N/A
#N/A N/A
44
43
40
40
#N/A N/A
#N/A N/A
40
43
41
40
33
#N/A N/A
40
41
#N/A N/A
44
37
24
File Dt
Inst Type
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Date
21.02.2013
15.02.2013
13.02.2013
11.02.2013
04.02.2013
30.01.2013
22.01.2013
15.01.2013
15.01.2013
14.01.2013
09.01.2013
08.01.2013
08.01.2013
03.01.2013
03.01.2013
18.12.2012
14.12.2012
10.12.2012
10.12.2012
10.12.2012
01.11.2012
01.03.2010
21.02.2013
Assicurazioni Generali SpA

Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance
throughout the world. The Company offers life, health, accident, automobile,
marine, aviation, transport, fire, general liability, and credit insurance and
reinsurance.
Price/Volume
16
30.0 M
14
25.0 M
12
20.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
G IM EQUITY YTD Change
G IM EQUITY YTD % CHANGE
12/2011
09/yy
14.65
8.16
6'708'171.00
12.53
-14.47%
53.65%
73.98%
1'556.9
19'507.62
21'346.20
0.0
2'635.0
25'559.90
24'091.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
10.0 M
4
5.0 M
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
80'164.7
0.66x
2'915.6
14.69x
15.0 M
31.12.2008
31.12.2009
62'298.4
85'790.6
0.61x
0.50x
860.9
1'309.1
30.45x
20.68x
Profitability
LTM-4Q
31.12.2010
87'072.1
0.40x
1'701.9
12.92x
31.12.2011
73'481.8
0.22x
856.1
20.77x
4.66%
2.46%
0.27%
6.64%
0.19%
1.2%
5.05%
137.85%
-
LTM
09/yy
79'976.9
0.85x
0.0
0.00x
3'825.2
0.00x
09/yy
81'511.6
0.46x
0.0
0.00x
1'163.8
14.58x
FY+1
.0 M
f-13
1.05
1'267.12
7.75%
-8.81%
1.045
31
2.613
6'098'240
7'097'060
6'845'836
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
74'120.1
76'299.8
14'345.0
0.29x
0.28x
1'564.8
2'055.4
454.0
12.08x
9.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
A
NEG
137.8%
54.1%
0.19
-
100'000.0
90'000.0
1.00
80'000.0
70'000.0
0.80
0.60
0.40
60'000.0
50'000.0
40'000.0
30'000.0
20'000.0
0.20
10'000.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Assicurazioni Generali SpA

Holdings By:
All
Holder Name
MEDIOBANCA SPA
BANCA D'ITALIA
DEA PARTICIPATIONS S
EFFETI SPA
DELFIN SARL
VANGUARD GROUP INC
BLACKROCK
COMPASS SPA
VM 2006 SRL
PANTHEON 2000 SPA
CALTAGIRONE EDITORE
GAMMA SRL
BNP PARIBAS INV PART
B&D FINANCE SA
FINANZIARIA ITALIA 2
ARCA SGR SPA
AMUNDI
Firm Name
AlphaValue
Banca Akros(ESN)
ICBPI
Mediobanca SpA
Exane BNP Paribas
Credit Suisse
Oddo & Cie
Barclays
Main First Bank AG
Equita SIM SpA
Morgan Stanley
EVA Dimensions
Deutsche Bank
HSBC
Societe Generale
JPMorgan
S&P Capital IQ
Day by Day
Nomura
Natixis
CA Cheuvreux
Goldman Sachs
Banca IMI
Hamburger Sparkasse
Macquarie
Redburn Partners
DZ Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JEROME CASSAGNE
MARCO CAVALLERI
ENRICO ESPOSTI
GIANLUCA FERRARI
NICCOLO DALLA PALMA
RICHARD BURDEN
NICOLAS JACOB
CLAUDIA GASPARI
FEDERICO SALERNO
MATTEO GHILOTTI
DAVID ANDRICH
AUSTIN BURKETT
ROBIN BUCKLEY
KAILESH MISTRY
ABID HUSSAIN
ANDREAS VAN EMBDEN
RALPH HEBGEN
STEFAN BONGARDT
RODERICK WALLACE
VALERIE GASTALDY
MICHAEL KLIEN
BENOIT VALLEAUX
THOMAS SEIDL
WERNER SCHIRMER
COLIN L SIMPSON
ELENA PERINI
CHRISTIAN HAMANN
GIANANTONIO VILLANI
HADLEY COHEN
PAUL GOODHIND
WERNER EISENMANN
TIM PROUDLOVE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
EXCH
Short
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
MF-AGG
Recommendation
reduce
hold
neutral
neutral
underperform
underperform
neutral
equalweight
outperform
buy
Underwt/In-Line
underweight
hold
neutral
buy
neutral
market perform
sell
sell
hold
reduce
neutral
underperform
sell
underperform
not rated
suspended coverage
hold
buy
neutral
neutral
sell
hold
Amt Held
% Out
194'048'687 12.46
69'420'980
4.46
35'185'336
2.26
33'488'344
2.15
31'168'603
2
21'969'315
1.41
17'295'553
1.11
14'198'684
0.91
(14'167'547) -0.91
6'196'356
0.4
5'321'220
0.34
4'134'095
0.27
3'502'965
0.23
3'144'884
0.2
2'958'059
0.19
2'833'608
0.18
2'693'391
0.17
2'646'685
0.17
2'543'127
0.16
2'540'642
0.16
Weighting
2
3
3
3
1
1
3
3
5
5
1
1
3
3
5
3
3
1
1
3
2
3
1
1
1
#N/A N/A
#N/A N/A
3
5
3
3
1
3
Change
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
460'550
126'386
(41'688)
(6'015)
(5'402)
409'970
Target Price
13
14
15
15
13
14
14
13
16
16
13
#N/A N/A
15
16
16
14
15
14
11
#N/A N/A
12
14
8
12
10
#N/A N/A
#N/A N/A
#N/A N/A
16
13
#N/A N/A
10
16
File Dt
Inst Type
20.11.2012
Bank
30.11.2012
Government
30.11.2012
Investment Advisor
30.11.2012
Corporation
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
30.11.2012
Corporation
30.11.2012
Other
31.01.2013
Investment Advisor
19.02.2013
Investment Advisor
30.11.2012
Other
30.11.2012
Corporation
30.11.2012
Holding Company
30.11.2012
Investment Advisor
30.11.2012
Investment Advisor
30.11.2012
Unclassified
28.12.2012 Mutual Fund Manager
Date
6 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
3 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
21.02.2013
20.02.2013
20.02.2013
18.02.2013
15.02.2013
08.02.2013
04.02.2013
04.02.2013
25.01.2013
18.01.2013
17.01.2013
17.01.2013
16.01.2013
16.01.2013
15.01.2013
15.01.2013
15.01.2013
15.01.2013
15.01.2013
15.01.2013
14.01.2013
10.01.2013
09.01.2013
09.01.2013
09.01.2013
08.01.2013
28.12.2012
11.12.2012
10.12.2012
13.11.2012
15.03.2012
21.12.2011
16.05.2011
21.02.2013
Aviva PLC
Aviva PLC is an international insurance company that provides all classes of
general and life assurance, including fire, motor, marine, aviation, and
transport insurance. The Company also supplies a variety of financial services,
including unit trusts, stockbroking, long-term savings, and fund management.
Price/Volume
450
35.0 M
400
30.0 M
350
25.0 M
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.12.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AV/ LN EQUITY YTD Change
AV/ LN EQUITY YTD % CHANGE
12/2011
09/yy
390.40
251.10
5'904'209.00
354.2
-9.25%
41.06%
73.87%
2'946.1
10'435.12
8'450.00
1'190.0
1'530.0
23'043.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
200
15.0 M
150
10.0 M
100
5.0 M
50
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
40'761.0
0.42x
1'320.0
13.93x
250
31.12.2008
31.12.2009
20'484.0
59'434.0
0.23x
0.09x
(915.0)
1'085.0
10.51x
Profitability
LTM-4Q
31.12.2010
50'197.0
0.11x
1'463.0
14.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
35'561.0
225.0
11.69x
5.13%
2.29%
-0.20%
-5.59%
0.12%
0.6%
2.71%
66.84%
-
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
7.34
1.53
2'943.97
1.53%
-5.04%
1.535
27
3.704
11'696'210
10'299'640
9'325'394
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
03/12 Q1 06/12 Q2
39'416.7
39'089.7
1'031.1
1'416.6
7.98x
7.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
ASTABLE
66.8%
35.5%
0.12
-
12.00
70'000.0
10.00
60'000.0
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Aviva PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
LEGAL & GENERAL
M&G INVESTMENT MANAG
AVIVA PLC SHARE ACCO
SCOTTISH WIDOWS
AVIVA PLC
VANGUARD GROUP INC
NORGES BANK INVESTME
MAJEDIE ASSET MANAGE
THREADNEEDLE ASSET M
HARGREAVES LANSDOWN
TD WATERHOUSE GROUP
EDINBURGH PARTNERS L
UBS
APG ALGEMENE PENSIOE
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
BREWIN DOLPHIN LIMIT
GLOBAL ASSET MANAGEM
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Exane BNP Paribas

ANDY HUGHES
AlphaValue
JEROME CASSAGNE
RBC Capital Markets
GORDON AITKEN
GREIG N PATERSON
Panmure Gordon & Co Limited
BARRIE CORNES
EDWARD HOUGHTON
JPMorgan
ASHIK MUSADDI
Barclays
ALAN DEVLIN
Macquarie
NEIL WELCH
Berenberg Bank
MATTHEW PRESTON
Goldman Sachs
COLIN L SIMPSON
Oriel Securities Ltd
MARCUS BARNARD
EVA Dimensions
AUSTIN BURKETT
HSBC
KAILESH MISTRY
Credit Suisse
CHRIS ESSON
Day by Day
VALERIE GASTALDY
Investec
KEVIN RYAN
Morgan Stanley
JON HOCKING
BEN COHEN
Deutsche Bank
OLIVER STEEL
Societe Generale
ABID HUSSAIN
Redburn Partners
LANCE BURBIDGE
S&P Capital IQ
RODERICK WALLACE
Shore Capital Stockbrokers
EAMONN FLANAGAN
Nomura
FAHAD CHANGAZI
TIM PROUDLOVE
JOY FERNEYHOUGH
Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
RNS-MAJ
MF-AGG
REG
REG
REG
REG
REG
REG
ULT-AGG
REG
REG
REG
REG
REG
Recommendation
outperform
add
sector perform
outperform
buy
market perform
overweight
underweight
neutral
buy
Buy/Neutral
hold
sell
neutral
outperform
hold
buy
Overwt/In-Line
hold
restricted
hold
neutral
hold
hold
buy
outperform
buy
Amt Held
211'675'498
151'238'790
117'884'648
78'598'635
65'413'024
65'336'334
61'649'544
61'037'483
54'324'031
42'870'595
41'983'449
38'102'462
37'094'970
36'444'709
33'646'794
32'720'468
32'078'780
31'828'838
28'103'629
28'057'234
% Out
7.18
5.13
4
2.67
2.22
2.22
2.09
2.07
1.84
1.46
1.43
1.29
1.26
1.24
1.14
1.11
1.09
1.08
0.95
0.95
Weighting
Change
5
4
3
5
5
3
5
1
3
5
5
3
1
3
5
3
5
5
3
#N/A N/A
3
3
3
3
5
5
5
U
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
4'795'562
1'582'908
10'749'361
(8'044'005)
(181'106)
(5'784'626)
2'236'701
5'011'081
(1'060'681)
(824'169)
(2'106'276)
(2'650'661)
8'421'593
294'056
1'797'329
(964'978)
-
Target Price
414
380
350
540
425
410
443
302
384
470
416
400
#N/A N/A
425
455
#N/A N/A
422
444
380
#N/A N/A
343
#N/A N/A
350
#N/A N/A
540
508
605
File Dt
Inst Type
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Unclassified
31.12.2012
Unclassified
17.01.2013
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
28.12.2012
Unclassified
01.11.2012
Government
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
Date
Not Provided
6 month
12 month
12 month
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Date
21.02.2013
21.02.2013
20.02.2013
18.02.2013
13.02.2013
11.02.2013
08.02.2013
04.02.2013
23.01.2013
23.01.2013
18.01.2013
17.01.2013
17.01.2013
16.01.2013
14.01.2013
10.01.2013
07.01.2013
04.01.2013
24.12.2012
21.12.2012
11.12.2012
22.11.2012
08.11.2012
23.10.2012
31.05.2012
01.07.2011
31.05.2011
21.02.2013
AXA SA
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Price/Volume
16
30.0 M
14
25.0 M
12
20.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CS FP EQUITY YTD Change
CS FP EQUITY YTD % CHANGE
12/2012
09/yy
13.98
8.65
5'987'449.00
13.24
-5.33%
53.06%
94.84%
2'389.0
31'630.34
16'693.00
6'059.0
2'371.0
31'072.00
26'475.34
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
4
5.0 M
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
51'235.0
0.62x
923.0
51.67x
15.0 M
31.12.2009
31.12.2010
122'704.0
117'414.0
0.36x
0.29x
3'606.0
2'749.0
10.60x
12.33x
Profitability
LTM-4Q
31.12.2011
98'334.0
0.18x
4'324.0
5.88x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
118'423.0
4'152.0
8.09x
4.36%
5.58%
0.40%
6.27%
4.84%
0.14%
3.5%
2.29%
0.00%
-
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
1.50
2'042.80
13.94%
-0.82%
1.500
35
4.029
6'558'331
6'011'588
5'949'014
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
99'780.0 101'989.9
0.43x
4'737.9
5'062.5
6.76x
6.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.12.2012
ASTABLE
18.12.2012
A-2
0.0%
24.7%
0.14
-
3.00
140'000.0
2.50
120'000.0
100'000.0
2.00
80'000.0
1.50
60'000.0
1.00
40'000.0
0.50
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
AXA SA
Holdings By:
All
Holder Name
MUTUELLES AXA
AMUNDI
HARBOR CAPITAL ADVIS
BLACKROCK
VANGUARD GROUP INC
FMR LLC
LANSDOWNE UK EQUITY
FRANKLIN RESOURCES
AMUNDI
LBPAM
AVIVA PLC
AMUNDI
DIMENSIONAL FUND ADV
TEMPLETON INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

RALPH HEBGEN
Oddo & Cie
NICOLAS JACOB
Berenberg Bank
PETER ELIOT
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Banco Sabadell
MARIO LODOS
AlphaValue
JEROME CASSAGNE
Helvea
DANIEL BISCHOF
Exane BNP Paribas
THOMAS JACQUET
FABRIZIO CROCE
Credit Suisse
RICHARD BURDEN
Raymond James
DANNY JACQUES
Main First Bank AG
FEDERICO SALERNO
Barclays
CLAUDIA GASPARI
Mediobanca SpA
MARC THIELE
Deutsche Bank
OLIVER STEEL
Macquarie
NEIL WELCH
Goldman Sachs
COLIN L SIMPSON
EVA Dimensions
AUSTIN BURKETT
HSBC
KAILESH MISTRY
Natixis
BENOIT VALLEAUX
WERNER SCHIRMER
Day by Day
VALERIE GASTALDY
CA Cheuvreux
Morgan Stanley
JON HOCKING
Redburn Partners
LANCE BURBIDGE
JPMorgan
ANDREAS VAN EMBDEN
CM - CIC Securities(ESN)
PIERRE CHEDEVILLE
RBC Capital Markets
GORDON AITKEN
STEFAN BONGARDT
National Bank AG
MANFRED JAISFELD
S&P Capital IQ
RODERICK WALLACE
Hamburger Sparkasse
CHRISTIAN HAMANN
Nomura
MICHAEL KLIEN
DZ Bank AG
WERNER EISENMANN
JOY FERNEYHOUGH
TIM PROUDLOVE
CS Capital
CHRISTOPHER PARKINSON
BBVA
SILVIA RIGOL CARNEIRO
Source
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
hold
buy
buy
buy
buy
outperform
hold
outperform
strong buy
underperform
underweight
outperform
buy
outperform
Buy/Neutral
hold
overweight
buy
buy
hold
outperform
Overwt/In-Line
neutral
underweight
buy
sector perform
hold
hold
buy
hold
buy
buy
buy
outperform
sell
outperform
Amt Held
% Out
342'767'775 14.35
91'682'238
3.84
79'994'391
3.35
65'131'985
2.73
50'254'088
2.1
44'960'584
1.88
33'349'652
1.4
29'871'758
1.25
21'618'306
0.9
(20'395'259) -0.85
14'730'009
0.62
14'093'406
0.59
12'758'066
0.53
11'629'095
0.49
10'727'164
0.45
7'008'017
0.29
6'232'941
0.26
5'917'236
0.25
5'835'130
0.24
5'477'948
0.23
Weighting
Change
5
5
3
5
5
5
5
5
3
5
5
1
1
5
5
5
5
3
5
5
5
3
5
5
3
1
5
3
3
3
5
3
5
5
5
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
(20'493'797)
76'406
2'125'718
(9'366)
4'851'628
730'180
(2'926'509)
(3'608'266)
(7'936'172)
1'189'780
(809'204)
255'752
(143'415)
(27'579)
210'749
(52'090)
(37'515)
Target Price
18
16
16
17
15
17
15
18
10
16
19
14
14
18
16
16
17
#N/A N/A
20
18
16
#N/A N/A
16
15
#N/A N/A
12
16
13
13
13
16
#N/A N/A
23
14
21
16
13
22
File Dt
31.12.2011
15.05.2012
30.10.2012
31.12.2012
31.12.2012
19.02.2013
31.12.2012
31.12.2012
31.12.2012
16.09.2011
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.01.2013
28.09.2012
19.02.2013
31.07.2012
30.11.2012
30.11.2012
Date
12 month
Not Provided
Not Provided
6 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
21.02.2013
21.02.2013
21.02.2013
21.02.2013
15.02.2013
14.02.2013
13.02.2013
12.02.2013
11.02.2013
08.02.2013
08.02.2013
04.02.2013
04.02.2013
30.01.2013
24.01.2013
23.01.2013
18.01.2013
17.01.2013
16.01.2013
10.01.2013
07.01.2013
07.01.2013
10.12.2012
05.12.2012
22.11.2012
08.11.2012
07.11.2012
05.11.2012
25.10.2012
25.10.2012
25.10.2012
08.10.2012
27.01.2012
20.12.2011
05.10.2011
06.06.2011
22.02.2011
17.02.2011
21.02.2013
Berkshire Hathaway Inc

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety
of business sectors. The Company's principal operations are insurance business
conducted nationwide on a primary basis and worldwide on a reinsurance basis.
Berkshire's other operations include a railway company, a specialty chemical
company, and an international association of diversified businesses.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (02.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BRK/B UN EQUITY YTD Change
BRK/B UN EQUITY YTD % CHANGE
Price/Volume
12/2011
09/yy
101.49
78.18
2'667'580.00
100.22
-1.25%
28.19%
94.55%
1'099.8
249'035.52
60'384.00
0.0
4'111.0
162'471.00
129'564.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
12.0 M
100
10.0 M
80
8.0 M
60
6.0 M
40
4.0 M
20
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
118'245.0
0.89x
23'890.0
4.39x
13'213.0
-
120
31.12.2008
31.12.2009
107'786.0
112'493.0
0.58x
0.35x
11'708.0
15'985.0
5.38x
2.48x
4'994.0
8'055.0
Profitability
LTM-4Q
31.12.2010
136'185.0
0.78x
25'185.0
4.23x
12'967.0
-
31.12.2011
143'688.0
0.64x
22'008.0
4.15x
10'254.0
22'008.00
17'325.00
12.06%
10.66%
3.29%
7.73%
6.44%
0.38%
20.4%
17.4%
14.2%
7.1%
1.33
1.27
15.38%
36.63%
4.55
12.85
LTM
09/yy
09/yy
141'898.0 155'698.0
2.70x
2.42x
23'914.0
27'148.0
3.51x
3.68x
11'583.0
13'321.0
0.00x
0.00x
0.87
1'006.54
10.24
25.86%
11.73%
0.872
3
3.000
1'758'383
1'388'391
1'494'883
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4
03/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AA+
NEG
10.94
6.87
-4.57
2.30
36.6%
26.3%
0.38
1.53
80.39
28.48
97.62
15.98
160'000.0
140'000.0
120'000.0
0.80
0.60
100'000.0
80'000.0
60'000.0
0.40
0.20
40'000.0
20'000.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Berkshire Hathaway Inc

Holdings By:
All
Holder Name
GATES FOUNDATION
GATES FOUNDATION
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
GEODE CAPITAL MANAGE
EAGLE CAPITAL MANAGE
JP MORGAN
D E SHAW & COMPANY I
FIDUCIARY MANAGEMENT
MORGAN STANLEY
NEW YORK STATE COMMO
ALLIANCE BERNSTEIN
DEUTSCHE BANK AG
BROWN BROTHERS HARRI
Firm Name
Barclays
S&P Capital IQ
EVA Dimensions
Portfolio Name
BILL & MELINDA FOUND
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
D E SHAW & CO
FIDUCIARY MANAGEMENT
n/a
BANK OF AMERICA
NEW YORK STATE COMMO
n/a
DEUTSCHE BANK AKTIEN
Analyst
JAY H GELB
CATHY SEIFERT
AUSTIN BURKETT
Source
13F
Research
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
Recommendation
overweight
hold
sell
Amt Held
87'081'373
87'081'373
77'069'842
75'432'624
54'930'572
20'791'931
18'336'741
17'876'029
12'060'161
10'466'779
9'289'649
8'703'898
7'645'865
7'063'428
6'635'439
6'104'157
6'007'207
5'696'660
5'672'149
5'434'465
% Out
7.92
7.92
7.01
6.86
4.99
1.89
1.67
1.63
1.1
0.95
0.84
0.79
0.7
0.64
0.6
0.56
0.55
0.52
0.52
0.49
Weighting
Change
5
3
1
M
M
M
Latest Chg
(6'250'000)
4'131'834
1'194'300
249'896
2'396'700
(173'106)
(1'241'696)
1'906'404
(896'170)
1'509'930
1'726'351
52'252
(259'071)
199'861
59'600
861'902
3'185'272
177'503
Target Price
105
101
#N/A N/A
File Dt
Inst Type
31.12.2012
Endowment
31.12.2012
Endowment
19.02.2013
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Date
05.02.2013
16.01.2013
15.01.2013
21.02.2013
China Life Insurance Co Ltd

China Life Insurance Co., Limited offers a wide range of life, accident, and
health insurance products and services.
Price/Volume
30
180.0 M
160.0 M
25
140.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
27.35
17.00
46'395'776.00
23.25
-14.99%
36.76%
65.70%
7'441.2
656'935.56
42'990.00
0.0
1'858.0
55'985.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
100.0 M
80.0 M
10
60.0 M
40.0 M
20.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
191'372.0
7.65x
38'879.0
27.36x
120.0 M
15
31.12.2008
31.12.2009
299'478.0
339'262.0
1.74x
2.68x
19'137.0
32'881.0
30.50x
29.11x
Profitability
LTM-4Q
31.12.2010
385'446.0
1.61x
33'626.0
22.62x
31.12.2011
370'352.0
1.27x
18'331.0
23.96x
5.18%
5.54%
0.90%
7.31%
5.91%
0.21%
4.9%
2.71%
22.45%
-
LTM
FY+1
1.23
1.23
7'441.18
-0.57%
-8.10%
1.232
32
3.375
34'121'930
33'677'020
32'758'290
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
387'400.0 391'051.0 364'609.7 408'119.7
1.33x
0.00x
1.43x
1.26x
0.0
0.0
0.00x
0.00x
25'398.0
9'042.0
14'469.6
29'274.0
17.15x
56.76x
36.90x
17.97x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AANEG
22.4%
18.2%
0.21
-
450'000.0
400'000.0
1.00
0.80
350'000.0
300'000.0
250'000.0
0.60
200'000.0
150'000.0
0.40
0.20
100'000.0
50'000.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
China Life Insurance Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
CARMIGNAC GESTION
HANG SENG INVESTMENT
STATE STREET GLOBAL
DEUTSCHE BANK AG
BARING ASSET MANAGEM
FMR LLC
COMGEST GROWTH PLC
CHINA ASSET MANAGEME
SHINHAN BNP PARIBAS
INVESCO ASSET MANAGE
HARVEST FUND MANAGEM
SCHRODER INVESTMENT
GAM INTERNATIONAL MA
DWS INVESTMENT S A
STATE STREET
SWEDBANK ROBUR FONDE
Firm Name
Core Pacific
Capital Securities Corp
Credit Suisse
Haitong International Securities
Nomura
Standard Chartered
EVA Dimensions
JPMorgan
DBS Vickers
ABC International
Deutsche Bank
UOB Kay Hian
Bank of China International
Goldman Sachs
Macquarie
Jefferies
Kim Eng Securities
SWS Research Co Ltd
Guotai Junan
Morgan Stanley
HSBC
Phillip Securities
Mirae Asset Securities
Sun Hung Kai Securities
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
OLIVE XIA
TEAM COVERAGE
LI WENBING
ARJAN VAN VEEN
CHEN FANNY
DAVID CHUNG
JENNIFER LAW
AUSTIN BURKETT
CHAN BAO LING
PING CHENG
FRANCIS CHAN
TANG SHENGBO
ESTHER CHWEI
EDMOND LAW
KENNETH YUE
PIUS CHENG
SUN PENG
MANCY SUN
SCOTT G RUSSELL
BARON NIE
IVAN LI
ROBERT HU
FELIX LUO
BEN LIN
JAMES GARNER
DORRIS CHEN
CHEN XINGYU
IVAN CHEUNG
KENIX LAI
Source
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
hold
buy
underperform
buy
neutral
in-line
sell
neutral
hold
buy
accumulate
buy
hold
underperform
hold
buy
neutral/neutral
neutral
hold
buy
neutral
accumulate
Equalwt/In-Line
neutral
hold
buy
buy
hold
buy
Amt Held
796'734'221
379'930'827
130'870'500
63'572'828
61'981'243
54'474'441
47'183'000
41'000'300
37'598'982
34'090'000
26'080'000
25'426'500
25'027'342
21'845'000
21'744'000
21'228'680
18'943'000
16'351'692
16'206'332
15'478'204
% Out
10.71
5.11
1.76
0.85
0.83
0.73
0.63
0.55
0.51
0.46
0.35
0.34
0.34
0.29
0.29
0.29
0.25
0.22
0.22
0.21
Weighting
Change
3
3
5
1
5
3
3
1
3
3
5
4
5
3
1
3
5
3
3
3
5
3
4
3
3
3
5
5
3
5
M
M
M
M
N
D
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(75'000)
(3'440'000)
(19'411'000)
(3'448'832)
(111'253)
2'903'000
(22'410'000)
(4'544'394)
5'080'000
5'880'000
(3'247'000)
9'795'000
6'742'000
(5'216'320)
2'625'000
2'547'000
Target Price
25
#N/A N/A
28
26
29
27
24
#N/A N/A
23
27
32
29
30
27
24
27
25
26
24
23
26
22
27
23
24
21
22
26
20
35
File Dt
Inst Type
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2011
Investment Advisor
30.06.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
20.02.2013
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
21.02.2013
19.02.2013
19.02.2013
18.02.2013
06.02.2013
06.02.2013
31.01.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
08.01.2013
07.01.2013
07.01.2013
07.01.2013
14.12.2012
06.12.2012
13.11.2012
02.11.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
26.10.2012
18.10.2012
21.08.2012
27.03.2012
16.03.2012
18.10.2011
10.07.2009
21.02.2013
Chubb Corp/The
The Chubb Corporation, a holding company, offers property and casualty
insurance, which includes personal, standard commercial and specialty commercial
insurance. The Company provides insurance coverage principally in the United
States, Canada, Europe, Australia, and parts of Latin America and Asia.
Price/Volume
90
1.4 M
80
1.2 M
70
1.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CB UN EQUITY YTD Change
CB UN EQUITY YTD % CHANGE
12/2012
12/yy
85.00
66.66
258'928.00
83.31
-1.99%
24.98%
90.79%
261.8
21'810.56
3'575.00
0.0
0.0
58.00
25'332.56
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
40
.6 M
30
.4 M
20
.2 M
10
0
f-12
.0 M
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
13'189.0
1.66x
1'804.0
9.14x
50
31.12.2009
31.12.2010
12'977.0
13'284.0
1.56x
1.63x
2'183.0
2'174.0
8.01x
10.11x
Profitability
LTM-4Q
31.12.2011
13'546.0
1.65x
1'678.0
13.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'545.0
14.40x
18.04%
16.23%
3.67%
11.99%
0.26%
12.4%
7.03%
22.95%
-
Price/ Cash Flow
LTM
12/yy
13'546.0
6.40x
0.0
0.00x
1'678.0
13.49x
12/yy
10'165.0
6.74x
0.0
0.00x
1'545.0
14.46x
FY+1
1.94
0.76
260.75
2.46
23.60%
10.61%
0.764
23
3.696
284'387
329'732
349'231
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
13'459.0
13'887.8
3'338.8
3'403.3
1.88x
1.82x
1'716.4
1'692.9
439.1
413.2
12.57x
12.09x
12.58x
12.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
A+
STABLE
23.0%
18.7%
0.26
-
14.00
16'000.0
12.00
14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Chubb Corp/The
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
PRIMECAP MANAGEMENT
WELLS FARGO
INVESCO LTD
PNC FINANCIAL SERVIC
JP MORGAN
Firm Name
S&P Capital IQ
Argus Research Corp
Deutsche Bank
Morgan Stanley
Goldman Sachs
RBC Capital Markets
William Blair & Co
Raymond James
Macquarie
Portales Partners
MKM Partners
Drexel Hamilton LLC
Credit Suisse
Evercore Partners
Barclays
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
PRIMECAP MANAGEMENT
BANK OF AMERICA
n/a
INVESCO LTD
n/a
PNC FINANCIAL SERVIC
n/a
ARTISAN PARTNERS LP
Analyst
JOSH STIRLING
MEYER SHIELDS
JOHN A HALL
CATHY SEIFERT
JOHN M EADE
LARRY GREENBERG
JOSHUA D SHANKER
GREGORY W LOCRAFT
MICHAEL S NANNIZZI
MARK A DWELLE
ADAM KLAUBER
C GREGORY PETERS
AMIT KUMAR
J PAUL NEWSOME
NINA GUPTA
HARRY FONG
GLORIA L VOGEL
MICHAEL ZAREMSKI
VINAY MISQUITH
JAY H GELB
AUSTIN BURKETT
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
market perform
market perform
market perform
hold
buy
buy
buy
Equalwt/In-Line
neutral/neutral
sector perform
underperform
outperform
outperform
hold
sector perform
neutral
hold
outperform
equalweight
overweight
overweight
Amt Held
21'434'779
13'526'400
12'695'706
10'279'918
8'543'635
6'301'398
5'836'088
5'755'096
4'926'966
4'552'734
3'845'628
3'731'546
3'676'588
3'620'123
3'538'330
3'516'651
3'501'998
2'906'495
2'881'281
2'792'335
% Out
8.19
5.17
4.85
3.93
3.26
2.41
2.23
2.2
1.88
1.74
1.47
1.43
1.4
1.38
1.35
1.34
1.34
1.11
1.1
1.07
Weighting
Change
3
3
3
3
5
5
5
3
3
3
1
5
5
3
3
3
3
5
3
5
5
M
M
M
D
M
M
U
M
M
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
181'217
229'566
1'007'182
427'184
(2'488'367)
52'316
(75'200)
72'101
(33'800)
62'784
(478'154)
212'937
263'898
(358'018)
(42'793)
298
(2'766)
108'636
478'137
Target Price
85
87
#N/A N/A
87
92
#N/A N/A
90
#N/A N/A
86
84
#N/A N/A
85
90
84
#N/A N/A
85
88
87
87
92
#N/A N/A
File Dt
31.12.2012
31.12.2012
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
20.02.2013
15.02.2013
11.02.2013
06.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
15.01.2013
21.02.2013
ING Groep NV
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Price/Volume
9
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INGA NA EQUITY YTD Change
INGA NA EQUITY YTD % CHANGE
12/2012
12/yy
7.91
4.44
15'652'518.00
6.277
-20.66%
41.37%
59.22%
3'831.6
24'050.71
207'649.00
0.0
1'081.0
17'657.00
215'123.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
40.0 M
30.0 M
20.0 M
10.0 M
1
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
64'680.0
4.40x
(729.0)
-
31.12.2009
31.12.2010
46'025.0
51'411.0
5.41x
4.99x
(935.0)
2'810.0
12.77x
Profitability
LTM-4Q
31.12.2011
52'787.0
4.38x
5'766.0
6.70x
31.12.2012
40'783.0
5.34x
3'894.0
10.31x
15.18%
8.66%
0.32%
7.33%
1.55%
0.03%
9.5%
17.77%
366.83%
-
LTM
12/yy
46'023.0
22.59x
0.0
0.00x
5'766.0
6.43x
12/yy
42'241.0
22.26x
0.0
0.00x
3'894.0
9.42x
FY+1
.0 M
f-13
1.77
-7.87%
-11.10%
1.771
30
3.833
15'714'510
18'091'420
16'186'250
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
45'396.2
46'723.3
1.53x
1.77x
3'708.7
4'100.2
6.37x
5.76x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.09.2009
A
NEG
31.03.2009
A-1
366.8%
78.3%
0.03
-
100'000.0
90'000.0
1.00
80'000.0
70'000.0
0.80
0.60
0.40
60'000.0
50'000.0
40'000.0
30'000.0
20'000.0
0.20
10'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
ING Groep NV
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FRANKLIN RESOURCES
FMR LLC
CARMIGNAC GESTION
ING INVESTMENT MANAG
DEUTSCHE BANK AG
ACHMEA BELEGGINSFOND
SCHRODER INVESTMENT
ROYAL BANK OF CANADA
Firm Name
AlphaValue
HSBC
Morgan Stanley
Main First Bank AG
SNS Securities(ESN)
Rabobank International
Day by Day
Societe Generale
Deutsche Bank
JPMorgan
Macquarie
Nomura
S&P Capital IQ
Credit Suisse
Oddo & Cie
Exane BNP Paribas
ABN Amro Bank N.V.
Berenberg Bank
Petercam
EVA Dimensions
Goldman Sachs
RBC Capital Markets
Barclays
Mediobanca SpA
CA Cheuvreux
Hamburger Sparkasse
DZ Bank AG
Theodoor Gilissen Securities
Natixis
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JEROME CASSAGNE
STEVEN HAYWOOD
DAVID ANDRICH
FEDERICO SALERNO
STEFAN BONGARDT
LEMER SALAH
COR KLUIS
VALERIE GASTALDY
PHILIP RICHARDS
DAVID LOCK
MICHAEL HUTTNER
WILLIAM HAWKINS
THOMAS STOEGNER
DOMENICO SANTORO
RODERICK WALLACE
RICHARD BURDEN
NICOLAS JACOB
FRANCOIS BOISSIN
JAN WILLEM WEIDEMA
JAMES CHAPPELL
MATTHIAS DE WIT
AUSTIN BURKETT
BENOIT PETRARQUE
MARTIN LEITGEB
GORDON AITKEN
KIRI VIJAYARAJAH
ALAIN TCHIBOZO
WERNER SCHIRMER
HANS PLUIJGERS
CHRISTIAN HAMANN
WERNER EISENMANN
TOM MULLER
TIM PROUDLOVE
BENOIT VALLEAUX
Source
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
add
neutral
Equalwt/In-Line
outperform
hold
buy
buy
hold
buy
hold
not rated
market perform
underperform
buy
hold
outperform
reduce
neutral
buy
buy
hold
overweight
reduce
Rating Suspended
outperform
equalweight
outperform
hold
outperform
hold
buy
hold
outperform
suspended coverage
Amt Held
247'106'748
90'073'181
85'553'052
40'930'087
39'943'572
31'337'900
30'654'369
30'275'998
29'191'916
25'314'880
23'645'980
23'087'088
23'055'437
19'699'641
18'894'298
18'175'184
15'020'303
13'099'026
12'727'018
9'741'760
% Out
6.45
2.35
2.23
1.07
1.04
0.82
0.8
0.79
0.76
0.66
0.62
0.6
0.6
0.51
0.49
0.47
0.39
0.34
0.33
0.25
Weighting
Change
4
3
3
5
3
5
5
3
5
3
#N/A N/A
3
1
5
3
5
2
3
5
5
3
5
2
#N/A N/A
5
3
5
3
5
3
5
3
5
#N/A N/A
M
M
M
U
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
N
D
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'062'367)
599'105
2'763'356
(35'661'908)
1'701'096
665'045
(22'538)
(1'469'145)
191'764
3'963'556
1'256'401
(6'597'312)
3'885'289
201'990
(143'690)
574'476
(549'162)
Target Price
7
7
7
7
7
9
10
#N/A N/A
9
7
#N/A N/A
8
7
9
8
9
7
8
10
8
8
#N/A N/A
7
#N/A N/A
8
7
9
7
8
#N/A N/A
8
10
9
#N/A N/A
File Dt
Inst Type
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
19.02.2013
Investment Advisor
28.09.2012
Bank
Date
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
21.02.2013
20.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
28.01.2013
17.01.2013
17.01.2013
18.12.2012
07.12.2012
07.12.2012
23.11.2012
20.11.2012
08.11.2012
05.10.2012
21.08.2012
13.01.2012
27.10.2011
17.06.2011
17.03.2009
21.02.2013
Legal & General Group PLC

Legal & General Group plc is a holding company. The Company, through its
subsidiaries, provides savings, risk and investment management services such as
annuities, long-term savings, life assurance and financial protection products.
Legal & General Group's products are sold through bank, building society
relationships, Independent Financial Advisers and directly to customers.
Price/Volume
180
60.0 M
160
50.0 M
140
120
40.0 M
100
12/2011
09/yy
157.40
105.30
5'653'574.00
155.9
-0.95%
48.05%
98.46%
5'912.9
9'218.15
3'250.00
0.0
66.0
14'113.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60
20.0 M
40
10.0 M
20
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
18'202.0
0.13x
724.0
11.62x
30.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LGEN LN EQUITY YTD Change
LGEN LN EQUITY YTD % CHANGE
31.12.2008
31.12.2009
(31'644.0)
43'790.0
(1'067.0)
863.0
2.72x
Profitability
LTM-4Q
31.12.2010
38'440.0
820.0
6.88x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
18'317.0
726.0
8.25x
6.12%
5.22%
0.00%
0.06%
4.0%
0.99%
62.50%
-
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
4.30
1.37
5'906.47
35.16%
7.07%
1.373
27
3.519
10'769'440
11'069'380
9'991'372
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
03/12 Q1 06/12 Q2
7'926.3
8'351.0
436.5
1.09x
1.03x
830.1
882.5
11.14x
10.54x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
09.02.2010
A
STABLE
25.02.2009
A-1
62.5%
38.2%
0.06
-
12.00
50'000.0
40'000.0
10.00
30'000.0
8.00
20'000.0
6.00
10'000.0
0.0
4.00
-10'000.0
0.00
02.01.2009
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-20'000.0
2.00
-30'000.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
-40'000.0
21.02.2013
Legal & General Group PLC

Holdings By:
All
Holder Name
SCHRODER INVESTMENT
BLACKROCK
FMR LLC
SCHRODER INVESTMENT
SWISS REINSURANCE
STANDARD LIFE INVEST
AXA INVESTMENT MANAG
SCOTTISH WIDOWS
ARTEMIS INVESTMENT M
AVIVA INVESTORS
VANGUARD GROUP INC
ARTEMIS INVESTMENT M
PEOPLES REPUBLIC OF
LEGAL & GENERAL GROU
F&C ASSET MANAGEMENT
JUPITER ASSET MANAGE
Firm Name
RBC Capital Markets
Credit Suisse
Barclays
Deutsche Bank
Macquarie
Goldman Sachs
EVA Dimensions
HSBC
Day by Day
Investec
Societe Generale
Redburn Partners
Morgan Stanley
Berenberg Bank
S&P Capital IQ
Exane BNP Paribas
JPMorgan
Nomura
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARCUS BARNARD
GORDON AITKEN
CHRIS ESSON
EDWARD HOUGHTON
ALAN DEVLIN
OLIVER STEEL
NEIL WELCH
COLIN L SIMPSON
AUSTIN BURKETT
KAILESH MISTRY
VALERIE GASTALDY
KEVIN RYAN
ABID HUSSAIN
LANCE BURBIDGE
JON HOCKING
BEN COHEN
BARRIE CORNES
EAMONN FLANAGAN
GREIG N PATERSON
MATTHEW PRESTON
RODERICK WALLACE
ANDY HUGHES
ASHIK MUSADDI
FAHAD CHANGAZI
TIM PROUDLOVE
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
REG
ULT-AGG
MF-AGG
REG
REG
MF-AGG
REG
MF-AGG
REG
REG
REG
REG
Recommendation
buy
sector perform
neutral
market perform
overweight
buy
outperform
neutral/neutral
hold
overweight
hold
hold
hold
neutral
Equalwt/In-Line
hold
buy
buy
underperform
buy
hold
underperform
neutral
buy
outperform
Amt Held
386'066'239
291'921'424
290'344'506
240'966'463
238'287'407
215'079'841
169'171'985
162'792'629
154'548'532
125'180'804
118'694'862
114'033'951
112'000'485
108'308'669
101'018'107
93'648'888
81'906'572
72'641'394
70'631'364
65'293'473
% Out
6.53
4.94
4.91
4.08
4.03
3.64
2.86
2.75
2.61
2.12
2.01
1.93
1.89
1.83
1.71
1.58
1.39
1.23
1.19
1.1
Weighting
Change
5
3
3
3
5
5
5
3
3
5
3
3
3
3
3
3
5
5
1
5
3
1
3
5
5
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(10'233'954)
(1'707'207)
245'672
11'184'585
98'290
418'703
13'696'488
(2'209'633)
27'796'179
673'846
21'870'538
(16'190'706)
2'913'807
6'951'655
37'648'888
(2'070'035)
403'808
1'547'523
Target Price
165
150
160
165
166
170
175
165
#N/A N/A
180
#N/A N/A
153
144
#N/A N/A
157
150
154
#N/A N/A
100
170
150
116
122
185
137
File Dt
03.12.2012
19.02.2013
31.12.2012
31.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
31.10.2012
03.12.2012
03.12.2012
31.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Date
21.02.2013
20.02.2013
15.02.2013
04.02.2013
04.02.2013
24.01.2013
23.01.2013
18.01.2013
17.01.2013
16.01.2013
15.01.2013
07.01.2013
11.12.2012
10.12.2012
05.12.2012
26.11.2012
16.11.2012
08.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
24.10.2012
17.09.2012
01.07.2011
21.02.2013
Loews Corp
Loews Corporation is a diversified holding company. The Company, through its
subsidiaries, is involved in a variety of businesses including commercial
property-casualty insurance, offshore drilling, natural gas exploration and
production, operation of natural gas pipeline systems, and the operation of
hotels and resorts.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.02.2013)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
L UN EQUITY YTD Change
L UN EQUITY YTD % CHANGE
12/2012
12/yy
44.21
38.00
367'810.00
43.34
-1.97%
14.05%
85.99%
393.6
17'058.70
9'001.00
0.0
4'438.0
129.00
30'778.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
13'247.0
1.84x
4'530.0
13.58x
50
45
40
35
30
25
20
15
10
5
0
f-12
31.12.2009
31.12.2010
14'117.0
14'615.0
2.05x
2.06x
564.0
1'288.0
12.84x
10.32x
Profitability
LTM-4Q
31.12.2011
14'127.0
2.00x
1'064.0
13.79x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
14'552.0
568.0
17.27x
9.61%
9.61%
1.11%
4.47%
5.36%
0.18%
3.9%
11.94%
47.79%
-
Price/ Cash Flow
LTM
12/yy
14'127.0
8.36x
0.0
0.00x
1'059.0
14.59x
12/yy
14'552.0
6.14x
0.0
0.00x
568.0
16.84x
FY+1
0.58
0.96
311.43
1.52
12.61%
6.36%
0.956
4
3.500
359'006
311'903
326'256
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
13'288.0
14'489.0
1'292.0
1'529.0
331.0
315.0
12.88x
10.74x
13.17x
12.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.11.2011
A+
STABLE
47.8%
27.9%
0.18
-
300.00
20'000.0
18'000.0
250.00
16'000.0
14'000.0
200.00
12'000.0
150.00
10'000.0
8'000.0
100.00
6'000.0
4'000.0
50.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Loews Corp
Holdings By:
All
Holder Name
SOUTHEASTERN ASSET M
TISCH JOAN H
TISCH WILMA STEIN
TISCH JAMES S
TISCH ANDREW H
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
TISCH JONATHAN M
NWQ INVESTMENT MANAG
PRINCIPAL FINANCIAL
ROBECO INVESTMENT MG
Firm Name
Morgan Stanley
Millman Research Associates
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
NWQ INVESTMENT MANAG
ARTISAN PARTNERS LP
PRINCIPAL FINANCIAL
ROBECO INVESTMENT MA
Analyst
ROBERT GLASSPIEGEL
DAVID J ADELMAN
MICHAEL MILLMAN
AUSTIN BURKETT
Source
13F
13F
13G
13G
Form 4
Form 4
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
Form 4
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
Equalwt/In-Line
buy
sell
Amt Held
37'689'638
29'852'965
24'238'378
20'190'505
14'794'193
14'326'197
14'205'772
13'477'204
13'207'132
10'469'714
10'260'782
8'581'861
7'623'243
5'300'000
5'158'228
4'808'383
4'295'906
3'926'383
3'343'838
3'289'318
% Out
9.58
7.58
6.16
5.13
3.76
3.64
3.61
3.42
3.36
2.66
2.61
2.18
1.94
1.35
1.31
1.22
1.09
1
0.85
0.84
Weighting
Change
5
3
5
1
M
M
M
M
Latest Chg
(275'419)
(4'293'999)
4'903
4'903
309'901
316'343
435'641
1'207'414
818'332
9'090
241'220
5'300'000
(796'384)
(116'500)
290'859
54'789
(69'629)
(16'198)
Target Price
#N/A N/A
#N/A N/A
46
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
19.11.2012
19.11.2012
19.02.2013
31.12.2012
19.02.2013
31.12.2012
31.12.2012
08.11.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
19.02.2013
11.02.2013
11.02.2013
15.01.2013
21.02.2013
Manulife Financial Corp

Manulife Financial Corporation provides financial protection products and
investment management services to individuals, families, businesses, and groups.
The Company conducts operations in Canada, the United States, and Asia, as well
as reinsurance operations on a global basis. Manulife offers products such as
annuities, pension products, life insurance, health insurance, and mutual funds.
Price/Volume
18
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
16
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.02.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MFC CT EQUITY YTD Change
MFC CT EQUITY YTD % CHANGE
12/2012
12/yy
15.75
10.18
4'399'272.00
15.19
-3.56%
49.21%
89.95%
1'827.7
27'763.09
27'810.00
2'497.0
501.0
13'484.00
45'087.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
f-12 m-12
31.12.2009
31.12.2010
39'160.0
36'637.0
0.66x
1.27x
1'402.0
(1'663.0)
23.57x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
49'982.0
0.73x
129.0
41.73x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
28'841.0
1.46x
1'736.0
13.93x
8.10%
4.05%
0.34%
7.16%
0.06%
6.0%
5.72%
121.17%
-
Price/ Cash Flow
LTM
12/yy
49'982.0
3.35x
0.0
0.00x
129.0
43.40x
12/yy
28'841.0
5.71x
0.0
0.00x
1'736.0
14.22x
FY+1
3.42
1.27
1'826.75
38.68
24.52%
13.38%
1.265
18
4.000
6'490'630
4'523'389
4'195'571
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
41'207.3
43'283.3
10'160.5
10'356.5
2'395.8
2'799.7
613.8
584.0
11.72x
10.11x
11.64x
11.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.12.2010
ASTABLE
121.2%
51.6%
0.06
-
3.00
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
32'060.0
0.82x
517.0
65.00x
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Manulife Financial Corp

Holdings By:
All
Holder Name
IG INVESTMENT MANAGE
FMR LLC
TD ASSET MANAGEMENT
THE BANK OF NOVA SCO
BMO FINANCIAL CORP
JARISLOWSKY FRASER L
TORONTO DOMINION BAN
CIBC WORLD MARKETS I
CIBC GLOBAL ASSET MA
BEUTEL GOODMAN & COM
IA CLARINGTON INVEST
GREYSTONE MANAGED IN
INVESCO LTD
VANGUARD GROUP INC
LETKO BROSSEAU & ASS
CONNOR CLARK & LUNN
GREAT WEST LIFE ASSU
TRIMARK INVESTMENT M
Firm Name
RBC Capital Markets
Credit Suisse
Edward Jones
National Bank Financial
BMO Capital Markets
Macquarie
Desjardins Securities
Cormark Securities Inc.
TD Securities
Veritas Investment Research Co
Barclays
Morgan Stanley
CIBC World Markets
Scotia Capital
EVA Dimensions
Portfolio Name
n/a
n/a
TD ASSET MANAGEMENT
BMO FINANCIAL CORP
JARISLOWSKY FRASER L
BEUTEL, GOODMAN & CO
Multiple Portfolios
GREYSTONE MANAGED IN
INVESCO LTD
Multiple Portfolios
CONNOR CLARK & LUNN
Multiple Portfolios
n/a
Analyst
MARIO MENDONCA
ANDRE PHILIPPE HARDY
GABRIEL DECHAINE
TOM LEWANDOWSKI
PETER D ROUTLEDGE
TOM MACKINNON
SUMIT MALHOTRA
MICHAEL GOLDBERG
DARKO MIHELIC
DOUG YOUNG
OHAD LEDERER
JOHN AIKEN
HAYLEY LOCKER
ROBERT SEDRAN
JOANNE SMITH
AUSTIN BURKETT
Source
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG
13F
13F
13F
MF-AGG
ULT-AGG
Recommendation
hold
sector perform
neutral
buy
sector perform
market perform
neutral
buy
buy
buy
buy
overweight
Equalwt/In-Line
sector outperform
sector outperform
sell
Amt Held
132'717'841
65'176'055
62'308'769
52'983'403
46'618'481
46'038'435
38'758'629
36'131'085
34'237'076
27'843'660
27'549'732
21'002'900
20'992'205
20'211'354
20'016'481
19'397'638
18'511'526
17'725'733
17'026'155
16'712'315
% Out
7.26
3.57
3.41
2.9
2.55
2.52
2.12
1.98
1.87
1.52
1.51
1.15
1.15
1.11
1.1
1.06
1.01
0.97
0.93
0.91
Weighting
Change
3
3
3
5
3
3
3
5
5
5
5
5
3
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
3'189'615
(3'563'431)
9'721'612
4'822'004
862'500
1'709'609
(7'335'379)
(2'431'543)
931'433
1'239'820
1'842'493
7'630'300
(2'094'006)
(874'259)
361'536
433'678
3'879'594
579'978
5'187'323
Target Price
16
15
15
#N/A N/A
16
16
15
16
17
17
15
15
#N/A N/A
16
16
#N/A N/A
File Dt
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Date
18.02.2013
15.02.2013
12.02.2013
12.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
30.01.2013
17.01.2013
21.02.2013
Marsh & McLennan Cos Inc

Marsh & McLennan Companies, Inc. is a global professional services
firm providing advice and solutions in the areas of risk, strategy and human
capital. Marsh & McLennan offers analysis, advice, and transactional
capabilities to clients worldwide
Price/Volume
40
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2013)
52-Week Low (22.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MMC UN EQUITY YTD Change
MMC UN EQUITY YTD % CHANGE
12/2012
12/yy
36.93
30.74
694'899.00
36.09
-2.27%
17.40%
86.43%
545.0
19'669.05
2'918.00
57.0
2'301.00
20'286.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
11'518.0
1.25x
1'192.0
12.11x
(73.0)
16.74x
15
31.12.2009
31.12.2010
9'831.0
10'550.0
1.38x
1.51x
1'143.0
1'296.0
11.91x
12.32x
227.0
855.0
10.56x
15.62x
Profitability
LTM-4Q
31.12.2011
11'526.0
1.55x
1'970.0
9.10x
993.0
17.09x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
11'924.0
1.63x
1'176.0
16.03x
1'970.00
1'829.00
15.34%
14.22%
7.41%
18.83%
14.45%
0.75%
18.2%
15.3%
9.9%
1.69
1.50
17.89%
44.15%
4.00
-
Price/ Cash Flow
LTM
12/yy
11'526.0
6.06x
1'970.0
9.10x
993.0
17.09x
12/yy
11'924.0
6.48x
1'677.0
0.00x
1'176.0
16.34x
FY+1
3.13
0.85
543.60
3.03
14.87%
5.39%
0.854
19
4.368
749'325
809'250
781'951
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
12'489.4
13'122.8
3'189.7
3'169.2
1.60x
1.50x
6.49x
6.48x
2'428.5
2'646.5
683.0
671.1
8.35x
7.67x
8.24x
8.08x
1'334.4
1'474.6
385.0
372.4
15.02x
13.50x
15.03x
14.68x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
BBB
STABLE
9.90
8.49
0.41
1.36
44.1%
30.6%
0.75
14.78
91.53
-
60.00
14'000.0
50.00
12'000.0
10'000.0
40.00
8'000.0
30.00
6'000.0
20.00
4'000.0
10.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Marsh & McLennan Cos Inc

Holdings By:
All
Holder Name
PRIMECAP MANAGEMENT
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
FMR LLC
JP MORGAN
MACQUARIE GROUP LTD
EPOCH INVESTMENT PAR
NIPPON LIFE INSURANC
VERITAS ASSET MANAGE
Firm Name
Morgan Stanley
Macquarie
MKM Partners
RBC Capital Markets
William Blair & Co
Raymond James
Miller Tabak + Co., LLC
Portales Partners
Barclays
Goldman Sachs
EVA Dimensions
Credit Suisse
Deutsche Bank
Portfolio Name
n/a
PRIMECAP MANAGEMENT
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
OPPENHEIMER FUNDS IN
n/a
n/a
ARTISAN PARTNERS LP
n/a
EPOCH INVESTMENT PAR
n/a
VERITAS ASSET MANAGE
Analyst
MEYER SHIELDS
GREGORY W LOCRAFT
LARRY GREENBERG
RAYMOND IARDELLA
DARREN MARCUS
MARK A DWELLE
ADAM KLAUBER
C GREGORY PETERS
J PAUL NEWSOME
TOM MITCHELL
ELYSE GREENSPAN
ALEX J LOPEZ
JAY H GELB
MICHAEL S NANNIZZI
CRAIG STERLING
DANIEL FARRELL
MICHAEL ZAREMSKI
JOSHUA D SHANKER
Source
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
market perform
Overwt/In-Line
buy
outperform
neutral
outperform
market perform
strong buy
buy
buy
outperform
sector perform
overweight
Buy/Neutral
hold
buy
neutral
buy
Amt Held
47'523'428
34'696'987
31'612'388
28'875'216
24'926'000
24'282'559
22'506'540
18'986'064
11'784'565
8'808'089
8'660'802
8'427'780
7'018'433
6'993'138
6'862'315
6'632'129
5'941'464
5'341'000
4'901'400
4'605'059
% Out
8.72
6.37
5.8
5.3
4.57
4.46
4.13
3.48
2.16
1.62
1.59
1.55
1.29
1.28
1.26
1.22
1.09
0.98
0.9
0.84
Weighting
Change
3
5
5
5
3
5
3
5
5
5
5
3
5
5
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
3'617'377
(3'476'824)
(1'461'800)
(9'977)
312'044
1'326'482
530'562
(237'774)
80'240
4'901'876
(205'154)
(1'135'116)
37'860
80'083
972'236
14'830
(225'790)
23'700
345'136
2'972'183
Target Price
40
40
38
40
35
40
#N/A N/A
40
39
#N/A N/A
#N/A N/A
#N/A N/A
41
40
#N/A N/A
43
34
40
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Date
15.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
06.02.2013
15.01.2013
14.01.2013
07.01.2013
29.11.2012
21.02.2013
MetLife Inc
MetLife, Inc. provides individual insurance, employee benefits and financial
services with operations throughout the United States and the regions of Latin
America, Europe, and Asia Pacific. The Company's products include life
insurance, annuities, automobile and homeowners insurance, retail banking and
other financial services to individuals as well as group insurance.
Price/Volume
45
12.0 M
40
10.0 M
35
30
8.0 M
25
12/2012
12/yy
39.54
27.65
1'848'073.00
35.89
-9.23%
29.80%
69.30%
1'091.7
39'181.11
26'550.00
2'100.0
505.0
15'738.00
52'598.11
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
4.0 M
10
2.0 M
5
0
f-12 m-12
31.12.2009
31.12.2010
41'057.0
52'265.0
1.07x
1.34x
(2'246.0)
2'790.0
12.32x
10.31x
Profitability
LTM-4Q
31.12.2011
70'262.0
0.82x
6'981.0
6.21x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
68'150.0
0.72x
1'324.0
6.24x
4.86%
2.12%
0.16%
2.00%
3.57%
0.08%
1.9%
3.17%
42.58%
-
Price/ Cash Flow
j-12
LTM
12/yy
70'253.0
3.78x
0.0
0.00x
6'589.0
6.81x
j-12
12/yy
68'150.0
2.92x
0.0
0.00x
1'324.0
6.25x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
2.06
1.53
886.47
22.48
-4.76%
9.50%
1.526
24
4.333
2'425'580
1'819'475
2'110'008
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
69'972.1
72'113.8
17'204.7
17'339.3
0.89x
5'818.8
6'254.7
1'411.0
1'428.8
6.78x
6.35x
6.85x
6.77x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
ASTABLE
42.6%
29.0%
0.08
-
10.00
80'000.0
9.00
70'000.0
8.00
60'000.0
7.00
50'000.0
6.00
5.00
40'000.0
4.00
30'000.0
3.00
20'000.0
2.00
10'000.0
1.00
0.00
01.01.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
50'984.0
0.53x
3'209.0
9.63x
6.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.03.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MET UN EQUITY YTD Change
MET UN EQUITY YTD % CHANGE
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
MetLife Inc
Holdings By:
All
Holder Name
METLIFE POLICY HOLDE
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
JP MORGAN
FRANKLIN RESOURCES
GOLDMAN SACHS GROUP
DEUTSCHE BANK AG
DODGE & COX
NORGES BANK
UBS
Firm Name
Deutsche Bank
Argus Research Corp
FBR Capital Markets
Macquarie
S&P Capital IQ
Morgan Stanley
RBC Capital Markets
Credit Suisse
JPMorgan
Raymond James
Scotia Capital
Portales Partners
Evercore Partners
Barclays
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
GOLDMAN SACHS GROUP
DEUTSCHE BANK AKTIEN
DODGE & COX
n/a
NORGES BANK
n/a
Analyst
YARON KINAR
JOHN M EADE
LARRY GREENBERG
RANDY BINNER
SEAN DARGAN
CATHY SEIFERT
NIGEL P DALLY
ERIC N BERG
THOMAS GALLAGHER
JIMMY S BHULLAR
JEFFREY SCHUMAN
STEVEN D SCHWARTZ
EDWARD SHIELDS
JOANNE SMITH
JOHN A HALL
NINA GUPTA
JOHN M NADEL
MARK FINKELSTEIN
JAY H GELB
AUSTIN BURKETT
Source
13D
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
Recommendation
hold
buy
neutral
outperform
outperform
buy
Overwt/In-Line
sector perform
outperform
overweight
outperform
outperform
buy
focus stock
outperform
sector perform
buy
overweight
equalweight
underweight
buy/attractive
Amt Held
203'576'838
52'515'080
48'480'872
41'416'690
36'642'769
35'509'275
25'462'420
22'437'292
18'355'097
18'025'332
17'492'065
15'626'592
15'437'200
13'412'130
13'290'583
12'569'684
9'118'347
8'883'483
8'831'580
8'745'373
% Out
18.65
4.81
4.44
3.79
3.36
3.25
2.33
2.06
1.68
1.65
1.6
1.43
1.41
1.23
1.22
1.15
0.84
0.81
0.81
0.8
Weighting
Change
3
5
3
5
5
5
5
3
5
5
5
5
5
5
5
3
5
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
Latest Chg
(3'556'363)
(1'885'712)
4'841'471
1'333'652
(5'204'712)
827'405
1'540'428
744'827
6'030'319
605'225
1'940'893
(1'360'601)
15'437'200
351'832
(482'005)
2'143'394
(1'067'997)
137'386
(4'077'272)
(19'860)
Target Price
40
46
#N/A N/A
50
45
43
45
50
44
41
42
44
44
47
#N/A N/A
#N/A N/A
48
40
37
#N/A N/A
45
File Dt
07.11.2012
19.02.2013
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
21.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
15.01.2013
08.01.2013
21.02.2013
Muenchener Rueckversicherungs AG
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Price/Volume
160
3.5 M
140
3.0 M
120
2.5 M
100
Latest Fiscal Year:

LTM as of:
52-Week High (05.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MUV2 GY EQUITY YTD Change
MUV2 GY EQUITY YTD % CHANGE
12/2012
12/yy
139.75
95.85
453'966.00
133.55
-4.44%
39.33%
89.29%
179.3
23'951.02
5'562.00
0.0
247.0
2'490.00
27'524.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
60
40
1.0 M
20
.5 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
47'151.0
0.56x
1'555.0
14.34x
2.0 M
80
Valuation Analysis
31.12.2009
31.12.2010
53'891.0
59'111.0
0.44x
0.42x
2'521.0
2'422.0
8.39x
8.69x
Profitability
LTM-4Q
31.12.2011
60'908.0
0.33x
702.0
24.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'200.0
7.62x
0.74%
0.26%
1.32%
13.69%
12.08%
0.26%
1.2%
2.25%
0.00%
-
Price/ Cash Flow
LTM
12/yy
61'764.0
1.29x
0.0
0.00x
702.0
23.74x
12/yy
49'754.0
1.45x
0.0
0.00x
3'200.0
7.56x
FY+1
.0 M
f-13
0.95
178.94
27.96%
-1.80%
0.947
41
3.366
589'417
638'424
611'161
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
58'288.6
61'709.4
0.51x
2'830.5
2'888.2
8.40x
8.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AASTABLE
0.0%
19.3%
0.26
-
5.00
70'000.0
4.50
60'000.0
4.00
3.50
50'000.0
3.00
40'000.0
2.50
30'000.0
2.00
20'000.0
1.50
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Muenchener Rueckversicherungs AG
Holdings By:
All
Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
PEOPLES BANK OF CHIN
VANGUARD GROUP INC
CREDIT SUISSE AG
DEUTSCHE BANK AG
MACKENZIE FINANCIAL
TWEEDY BROWNE COMPAN
SARASIN
FRANKFURT TRUST INVE
FRANKLIN RESOURCES
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
AlphaValue
DIETER HEIN
Bankhaus Lampe
ANDREAS SCHAEFER
Societe Generale
JASON KALAMBOUSSIS
CA Cheuvreux
FRANK KOPFINGER
Credit Suisse
ADAM MCINALLY
Day by Day
VALERIE GASTALDY
Raymond James
DANNY JACQUES
HSBC
THOMAS FOSSARD
Nord/LB
JULIA SIEKMANN
WERNER SCHIRMER
Hamburger Sparkasse
CHRISTIAN HAMANN
S&P Capital IQ
RODERICK WALLACE
Goldman Sachs
VINIT MALHOTRA
WILLIAM HAWKINS
STEFAN BONGARDT
Oddo & Cie
NICOLAS JACOB
FABRIZIO CROCE
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
DZ Bank AG
THORSTEN WENZEL
Exane BNP Paribas
THOMAS JACQUET
Helvea
DANIEL BISCHOF
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
Morgan Stanley
MACIEJ WASILEWICZ
Mediobanca SpA
MARC THIELE
JPMorgan
MICHAEL HUTTNER
RBC Capital Markets
GORDON AITKEN
EVA Dimensions
AUSTIN BURKETT
Natixis
BENOIT VALLEAUX
BEN COHEN
Bankhaus Metzler
JOCHEN SCHMITT
THOMAS SEIDL
Macquarie
HADLEY COHEN
Berenberg Bank
TOM CARSTAIRS
National Bank AG
MANFRED JAISFELD
Redburn Partners
PAUL GOODHIND
JOY FERNEYHOUGH
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
Co File
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
reduce
hold
hold
outperform
neutral
hold
market perform
underweight
hold
hold
buy
hold
Buy/Neutral
outperform
hold
reduce
buy
hold
sell
reduce
hold
buy
neutral
neutral
overweight
underperform
Overwt/In-Line
outperform
overweight
underperform
buy
neutral
buy
buy
underperform
neutral
hold
buy
neutral
neutral
outperform
Amt Held
18'292'803
17'598'935
5'380'236
3'304'459
3'097'431
2'375'402
1'798'228
1'606'533
1'583'488
1'155'674
1'059'394
953'106
909'100
836'088
674'788
638'641
619'738
571'730
549'131
525'186
% Out
10.2
9.81
3
1.84
1.73
1.32
1
0.9
0.88
0.64
0.59
0.53
0.51
0.47
0.38
0.36
0.35
0.32
0.31
0.29
Weighting
Change
2
3
3
5
3
3
3
1
3
3
5
3
5
5
3
2
5
3
1
2
3
5
3
3
5
1
5
5
5
1
5
3
5
5
1
3
3
5
3
3
5
M
N
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
(341'649)
75'261
(45'342)
263'657
(448)
62'941
1'135'418
698'268
2'470
(376'953)
4'122
(84'166)
6'554
195'044
6'600
(123'320)
Target Price
138
145
133
157
140
#N/A N/A
#N/A N/A
135
145
140
#N/A N/A
150
165
160
145
125
153
147
136
128
125
154
145
130
157
145
152
164
150
115
#N/A N/A
137
142
150
100
140
140
145
#N/A N/A
118
119
File Dt
Inst Type
31.12.2011
Investment Advisor
19.02.2013
Investment Advisor
31.12.2011
Unclassified
31.12.2012
Investment Advisor
25.04.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.03.2012
Investment Advisor
28.09.2012
Investment Advisor
31.07.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Unclassified
31.12.2012
Investment Advisor
Date
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
9 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Date
21.02.2013
20.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
29.01.2013
28.01.2013
17.01.2013
10.01.2013
09.01.2013
08.01.2013
13.12.2012
27.11.2012
09.11.2012
07.11.2012
15.03.2012
02.02.2012
10.05.2011
21.02.2013
Ping An Insurance Group Co of China Ltd

Ping An Insurance (Group) Company of China Limited provides a variety of
insurance service in China. The Company writes property, casualty, and life
insurance. Ping An Insurance also offers financial services.
Price/Volume
80
1200.0 M
70
1000.0 M
60
800.0 M
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
72.70
53.00
19'307'952.00
64.95
-10.66%
22.55%
66.50%
3'129.7
481'299.16
322'062.00
0.0
40'475.0
94'582.00
651'372.99
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400.0 M
20
200.0 M
10
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
139'137.0
5.10x
18'688.0
30.00x
600.0 M
30
31.12.2008
31.12.2009
87'666.0
152'961.0
3.19x
3.24x
1'418.0
13'883.0
173.82x
31.68x
Profitability
LTM-4Q
31.12.2010
195'052.0
3.37x
17'311.0
32.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
272'683.0
2.06x
19'475.0
16.61x
19.28%
11.01%
1.05%
14.71%
9.85%
0.16%
7.1%
14.09%
246.10%
-
Price/ Cash Flow
LTM
FY+1
0.77
1.48
1'564.20
-2.49%
0.08%
1.477
30
4.233
10'902'580
47'140'420
35'102'580
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
244'495.0 313'844.0 321'397.7 380'716.5
9.11x
7.64x
1.80x
1.53x
0.0
0.0
0.00x
0.00x
19'074.0
21'041.0
21'888.3
28'722.5
14.56x
17.85x
18.20x
14.14x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
246.1%
65.3%
0.16
-
20.00
300'000.0
18.00
250'000.0
16.00
14.00
200'000.0
12.00
150'000.0
10.00
8.00
100'000.0
6.00
4.00
50'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Ping An Insurance Group Co of China Ltd

Holdings By:
All
Holder Name
CHAROEN POKPHAND GRO
JP MORGAN
DIAMOND EPOCH LTD
BLACKROCK
VANGUARD GROUP INC
JINJUN CO LTD
FMR LLC
UBS
MATTHEWS INTERNATION
MAPS INVESTMENT MANA
HANG SENG INVESTMENT
STATE STREET GLOBAL
BARING ASSET MANAGEM
SHINHAN BNP PARIBAS
GAM INTERNATIONAL MA
SCHRODER INVESTMENT
MIRAE ASSET GLOBAL I
Firm Name
Core Pacific
Credit Suisse
Nomura
JF Apex Securities Bhd
Capital Securities Corp
Morgan Stanley
Jefferies
Standard Chartered
UOB Kay Hian
JPMorgan
DBS Vickers
EVA Dimensions
ABC International
SWS Research Co Ltd
Deutsche Bank
Bank of China International
Goldman Sachs
Kim Eng Securities
Macquarie
Guotai Junan
HSBC
Phillip Securities
Mirae Asset Securities
China Merchants Securities
Portfolio Name
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
OLIVE XIA
ARJAN VAN VEEN
DAVID CHUNG
TEAM COVERAGE
TEAM COVERAGE
LI WENBING
BEN LIN
BARON NIE
JENNIFER LAW
EDMOND LAW
CHAN BAO LING
PING CHENG
AUSTIN BURKETT
FRANCIS CHAN
ROBERT HU
ESTHER CHWEI
KENNETH YUE
PIUS CHENG
SUN PENG
MANCY SUN
IVAN LI
SCOTT G RUSSELL
FELIX LUO
JAMES GARNER
DORRIS CHEN
CHEN XINGYU
TANG SHENGBO
IVAN CHEUNG
LUO JINMING
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
neutral
hold
buy
buy
Overwt/In-Line
buy
outperform
buy
overweight
buy
sell
sell
neutral
buy
outperform
buy
hold
Buy/Neutral
buy
neutral
accumulate
restricted
buy
hold
buy
buy
hold
buy
Amt Held
1'232'815'614
279'150'433
256'694'218
229'704'872
96'820'967
76'000'000
45'370'339
40'846'297
25'632'500
20'890'300
17'892'689
17'379'914
16'944'635
13'215'000
12'302'000
11'165'702
7'906'500
7'906'000
6'775'500
6'448'500
% Out
39.39
8.92
8.2
7.34
3.09
2.43
1.45
1.31
0.82
0.67
0.57
0.56
0.54
0.42
0.39
0.36
0.25
0.25
0.22
0.21
Latest Chg
Weighting
Change
Target Price
5
5
3
3
5
5
5
5
5
5
5
5
1
1
3
5
5
5
3
5
5
3
4
#N/A N/A
5
3
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
D
M
1
2'131'000
(2'930'930)
(2'885'500)
(120'000'000)
5'262'045
(83'300)
(668'000)
1'798'500
1'311'300
(894'024)
(82'443'000)
3'583'000
509'500
1'634'000
(2'213'000)
1'641'500
80
80
67
74
70
83
80
83
72
84
76
79
#N/A N/A
68
62
86
77
75
66
79
70
67
73
#N/A N/A
64
67
80
77
58
60
File Dt
Inst Type
06.02.2013
Holding Company
14.02.2013
Unclassified
01.02.2013
Other
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
24.08.2011
Corporation
31.12.2012
Investment Advisor
08.02.2013
Unclassified
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Unclassified
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
30.06.2012
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
21.02.2013
20.02.2013
20.02.2013
05.02.2013
04.02.2013
04.02.2013
03.02.2013
03.02.2013
31.01.2013
21.01.2013
16.01.2013
16.01.2013
15.01.2013
14.01.2013
11.01.2013
07.01.2013
07.01.2013
14.12.2012
12.12.2012
13.11.2012
06.11.2012
02.11.2012
31.10.2012
18.10.2012
16.10.2012
21.08.2012
02.03.2012
27.10.2011
18.10.2011
12.02.2009
21.02.2013
Progressive Corp/The
The Progressive Corporation is an insurance holding company. The Company,
through its subsidiaries, provide personal and commercial automobile insurance
and other specialty property-casualty insurance and related services throughout
the United States.
Price/Volume
30
8.0 M
7.0 M
25
6.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PGR UN EQUITY YTD Change
PGR UN EQUITY YTD % CHANGE
12/2012
12/yy
24.61
18.32
1'018'157.00
24.3
-1.26%
32.64%
95.07%
604.6
14'691.78
2'063.10
0.0
0.0
155.70
16'562.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
10
2.0 M
5
1.0 M
0
f-12
31.12.2009
31.12.2010
14'552.5
14'945.0
0.97x
1.00x
1'057.5
1'068.3
11.68x
13.16x
Profitability
LTM-4Q
31.12.2011
15'494.7
0.92x
1'015.5
13.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
16'788.5
902.3
18.19x
8.60%
7.85%
4.05%
15.28%
12.10%
0.75%
5.4%
9.09%
34.34%
-
Price/ Cash Flow
a-12 m-12
j-12
LTM
12/yy
15'494.7
3.79x
0.0
0.00x
1'015.5
13.18x
j-12
12/yy
16'788.5
2.69x
0.0
0.00x
902.3
18.19x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.17
0.86
556.16
18.75
19.28%
16.61%
0.855
22
2.727
1'409'909
1'164'161
1'174'744
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'441.1
18'544.4
4'357.0
4'385.9
0.95x
0.89x
2.90x
2.88x
902.6
943.4
274.4
196.3
16.41x
15.19x
16.39x
16.25x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
A+
STABLE
34.3%
25.6%
0.75
-
10.00
18'000.0
9.00
16'000.0
8.00
14'000.0
7.00
12'000.0
6.00
10'000.0
5.00
8'000.0
4.00
6'000.0
3.00
4'000.0
2.00
2'000.0
1.00
0.00
01.01.2010
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
12'831.3
0.95x
(70.0)
11.48x
5.0 M
15
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Progressive Corp/The
Holdings By:
All
Holder Name
LEWIS PETER BENJAMIN
MORGAN STANLEY
BLACKROCK
VANGUARD GROUP INC
STATE STREET
MACQUARIE GROUP LTD
BARCLAYS PLC
NEUBERGER BERMAN LLC
BAILLIE GIFFORD AND
PUBLIC SECTOR PENSIO
INVESCO LTD
JOHN W BRISTOL & COM
ING GROEP NV
Firm Name
Goldman Sachs
Edward Jones
Macquarie
MKM Partners
Barclays
Morgan Stanley
William Blair & Co
Raymond James
Evercore Partners
Portales Partners
Argus Research Corp
Credit Suisse
RBC Capital Markets
FBR Capital Markets
EVA Dimensions
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
ARTISAN PARTNERS LP
n/a
BARCLAYS PLC
NEUBERGER BERMAN GRO
BAILLIE GIFFORD & CO
PUBLIC SECTOR PENSIO
n/a
INVESCO LTD
JOHN W BRISTOL & COM
ING GROEP NV
Analyst
JOSH STIRLING
MICHAEL S NANNIZZI
JIM SHANAHAN
ROBERT GLASSPIEGEL
MEYER SHIELDS
RAYMOND IARDELLA
HARRY FONG
JAY H GELB
GREGORY W LOCRAFT
ADAM KLAUBER
C GREGORY PETERS
J PAUL NEWSOME
VINAY MISQUITH
JOHN A HALL
NINA GUPTA
JOHN M EADE
MICHAEL ZAREMSKI
MARK A DWELLE
RANDY BINNER
AUSTIN BURKETT
JOSHUA D SHANKER
Source
13F
Form 4
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
outperform
Sell/Neutral
hold
neutral
market perform
underperform
buy
equalweight
Underwt/In-Line
underperform
strong buy
hold
equalweight
market perform
sector perform
hold
underperform
outperform
market perform
underweight
sell
Amt Held
50'531'368
43'682'459
38'883'783
36'669'158
24'453'486
24'349'461
24'189'506
23'105'024
22'420'667
22'215'050
17'385'566
12'299'752
10'093'577
10'012'688
9'716'474
9'033'096
7'448'536
6'107'990
6'029'753
5'128'000
% Out
8.36
7.23
6.43
6.07
4.04
4.03
4
3.82
3.71
3.67
2.88
2.03
1.67
1.66
1.61
1.49
1.23
1.01
1
0.85
Weighting
Change
5
1
3
3
3
1
5
3
1
1
5
3
3
3
3
3
1
5
3
1
1
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
(5'782'026)
(1'410'288)
1'683'178
1'291'054
546'180
904'615
544'138
1'276'467
942'094
16'892'287
(552'882)
1'517'177
11'500
(340'324)
(3'483'615)
56'027
(927'757)
(297'034)
5'128'000
Target Price
24
21
#N/A N/A
#N/A N/A
25
20
28
26
#N/A N/A
#N/A N/A
28
25
24
#N/A N/A
#N/A N/A
#N/A N/A
20
24
19
#N/A N/A
18
File Dt
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
20.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
31.01.2013
23.01.2013
18.01.2013
18.01.2013
15.01.2013
15.11.2012
21.02.2013
Prudential Financial Inc

Prudential Financial, Inc. provides financial services throughout the United
States and several locations worldwide. The Company offers a variety of
products and services, including life insurance, mutual funds, annuities,
pension and retirement related services and administration, and asset
management.
Price/Volume
70
3.0 M
60
2.5 M
50
2.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRU UN EQUITY YTD Change
PRU UN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
f-12
31.12.2009
31.12.2010
32'566.0
38'200.0
1.25x
1.25x
3'124.0
3'195.0
9.03x
9.52x
Profitability
LTM-4Q
31.12.2011
49'045.0
0.88x
3'666.0
7.82x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
84'815.0
469.0
8.51x
13.11%
10.81%
0.20%
3.32%
3.06%
0.08%
0.6%
5.31%
89.13%
-
Price/ Cash Flow
a-12 m-12
j-12
LTM
12/yy
49'040.0
3.79x
0.0
0.00x
3'630.0
8.35x
j-12
12/yy
84'815.0
1.69x
0.0
0.00x
381.0
8.71x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
2.59
1.50
460.99
2.75
-5.65%
5.10%
1.496
25
4.280
609'144
684'971
718'070
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
52'809.1
54'926.0
12'354.4
12'463.4
3'649.0
4'047.6
867.8
906.1
7.20x
6.45x
7.19x
6.99x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.02.2009
A
STABLE
15.02.2006
A-1
89.1%
46.7%
0.08
-
9.00
90'000.0
8.00
80'000.0
7.00
70'000.0
6.00
60'000.0
5.00
50'000.0
4.00
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
01.01.2010
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
29'219.0
1.25x
(1'117.0)
11.55x
1.5 M
30
12/2012
12/yy
65.16
44.47
641'619.00
56.05
-13.98%
26.04%
55.97%
462.0
26'119.30
33'176.00
0.0
588.0
14'251.00
47'795.30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Prudential Financial Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
GOLDMAN SACHS GROUP
NORGES BANK
FMR LLC
LORD ABBETT & CO LLC
CAMBIAR INVESTORS LL
Firm Name
Goldman Sachs
FBR Capital Markets
Portales Partners
Evercore Partners
Raymond James
Argus Research Corp
Macquarie
Morgan Stanley
RBC Capital Markets
JPMorgan
S&P Capital IQ
Barclays
Credit Suisse
Scotia Capital
Deutsche Bank
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
GOLDMAN SACHS GROUP
NORGES BANK
n/a
n/a
CAMBIAR INVESTORS LL
Analyst
JEFFREY SCHUMAN
RANDY BINNER
NINA GUPTA
MARK FINKELSTEIN
LARRY GREENBERG
STEVEN D SCHWARTZ
EDWARD SHIELDS
JOHN A HALL
JOHN M EADE
SEAN DARGAN
NIGEL P DALLY
ERIC N BERG
JIMMY S BHULLAR
ROBERT MCMILLAN
JAY H GELB
THOMAS GALLAGHER
JOHN M NADEL
JOANNE SMITH
YARON KINAR
AUSTIN BURKETT
LORI WILKING
EAMONN FLANAGAN
Source
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
buy/attractive
outperform
outperform
sector perform
overweight
buy
strong buy
hold
outperform
hold
neutral
Overwt/In-Line
top pick
overweight
buy
equalweight
outperform
buy
sector perform
buy
sell
buy
buy
Amt Held
33'453'781
20'265'805
19'147'061
15'056'369
12'182'867
10'553'869
8'021'431
7'586'223
6'330'064
5'726'453
5'592'068
5'371'178
5'199'705
4'749'833
4'202'938
4'102'725
3'840'147
3'600'000
3'062'675
2'937'330
% Out
7.24
4.39
4.14
3.26
2.64
2.28
1.74
1.64
1.37
1.24
1.21
1.16
1.13
1.03
0.91
0.89
0.83
0.78
0.66
0.64
Weighting
Change
5
5
5
3
5
5
5
3
5
3
3
5
5
5
5
3
5
5
3
5
1
5
5
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
3'710'691
449'784
577'008
2'131'248
(681'083)
(1'484'042)
676'519
(88'667)
(24'683)
401'714
(113'154)
4'534'645
1'403'023
(17'709)
(269'008)
6'179
(175'083)
514'244
18'288
Target Price
75
67
70
#N/A N/A
65
#N/A N/A
82
59
#N/A N/A
#N/A N/A
62
71
90
67
66
62
65
80
61
67
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2011
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
19.02.2013
19.02.2013
19.02.2013
14.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
30.01.2013
16.01.2013
15.01.2013
14.11.2012
21.11.2011
21.02.2013
Prudential PLC
Prudential plc is an international company which provides a wide assortment of
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.
Price/Volume
1200
12.0 M
12/2011
09/yy
989.00
654.50
1'688'394.00
959.5
-2.98%
46.60%
96.41%
2'557.3
24'537.06
7'923.00
43.0
7'257.00
24'231.06
8.0 M
6.0 M
400
4.0 M
200
2.0 M
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
31.12.2009
(10'269.0)
48'099.0
0.38x
(396.0)
676.0
23.20x
Profitability
LTM-4Q
31.12.2010
47'646.0
0.39x
1'431.0
11.78x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
36'506.0
0.47x
1'490.0
10.85x
6.05%
5.32%
0.57%
17.77%
11.06%
0.14%
4.1%
2.90%
86.90%
-
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
2.67
1.33
2'447.67
38.57%
10.86%
1.326
27
4.111
3'845'747
3'743'157
3'778'077
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
03/12 Q1 06/12 Q2
49'797.0
57'898.0
933.1
0.36x
0.32x
1'748.7
1'944.9
13.93x
12.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.08.2010
A+
NEG
17.08.2010
A-1
86.9%
46.4%
0.14
-
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
30'000.0
8.00
20'000.0
6.00
10'000.0
4.00
0.0
2.00
-10'000.0
0.00
02.01.2009
10.0 M
600
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRU LN EQUITY YTD Change
PRU LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
800
Valuation Analysis
31.12.2007
32'870.0
0.59x
947.0
24.66x
16.0 M
1000
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-20'000.0
21.02.2013
Prudential PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
VANGUARD GROUP INC
SCOTTISH WIDOWS
FMR LLC
M&G INVESTMENT MANAG
JANUS CAPITAL MANAGE
UBS
JP MORGAN
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
AEGON
VANGUARD GROUP INC
LANSDOWNE PARTNERS L
LAZARD ASSET MANAGEM
MORGAN STANLEY INVES
HSBC INVESTMENTS UK
Firm Name
AlphaValue
RBC Capital Markets
Credit Suisse
Morgan Stanley
Macquarie
Barclays
Deutsche Bank
JPMorgan
EVA Dimensions
HSBC
Investec
S&P Capital IQ
Exane BNP Paribas
Societe Generale
Berenberg Bank
Redburn Partners
Day by Day
Goldman Sachs
Nomura
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JEROME CASSAGNE
GORDON AITKEN
CHRIS ESSON
JON HOCKING
NEIL WELCH
EDWARD HOUGHTON
ALAN DEVLIN
OLIVER STEEL
ASHIK MUSADDI
AUSTIN BURKETT
KAILESH MISTRY
GREIG N PATERSON
KEVIN RYAN
RODERICK WALLACE
ANDY HUGHES
EAMONN FLANAGAN
BARRIE CORNES
ABID HUSSAIN
MATTHEW PRESTON
LANCE BURBIDGE
MARCUS BARNARD
VALERIE GASTALDY
COLIN L SIMPSON
FAHAD CHANGAZI
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
Short
ULT-AGG
REG
REG
Recommendation
reduce
outperform
outperform
Overwt/In-Line
neutral
outperform
overweight
buy
underweight
sell
overweight
market perform
hold
strong buy
underperform
buy
buy
buy
buy
buy
buy
buy
Buy/Neutral
reduce
outperform
Amt Held
% Out
256'652'047 10.04
128'527'550
5.03
109'343'285
4.28
104'422'688
4.08
88'005'484
3.44
73'253'657
2.86
68'974'059
2.7
54'416'212
2.13
50'900'480
1.99
46'515'731
1.82
46'132'289
1.8
41'096'800
1.61
37'587'380
1.47
32'116'464
1.26
31'314'498
1.22
27'712'324
1.08
(26'336'610) -1.03
25'693'022
1
25'352'169
0.99
24'274'851
0.95
Weighting
Change
2
5
5
5
3
5
5
5
1
1
5
3
3
5
1
5
5
5
5
5
5
5
5
2
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'911'502
(3'426'400)
(2'480'541)
6'184'930
(685'857)
1'266'568
(2'477'186)
2'349'806
(10'468'461)
(47'271)
(2'879'736)
(1'798'097)
6'524'975
(1'575'145)
2'776'676
(2'301'258)
(3'128'089)
(3'324'924)
2'269'984
Target Price
902
910
1'080
1'135
1'000
1'055
1'023
1'060
781
#N/A N/A
1'095
950
831
1'100
745
#N/A N/A
1'085
900
1'080
#N/A N/A
900
957
1'081
680
812
File Dt
Inst Type
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
01.09.2012
Government
01.09.2012
Unclassified
01.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
01.09.2012
Investment Advisor
01.09.2012
Investment Advisor
28.12.2012
Unclassified
31.12.2012
Unclassified
01.09.2012
Investment Advisor
01.09.2012
Government
01.09.2012
Unclassified
01.09.2012
Investment Advisor
31.12.2012
Unclassified
01.09.2012
Investment Advisor
01.09.2012
Investment Advisor
Date
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
6 month
Date
21.02.2013
20.02.2013
15.02.2013
11.02.2013
05.02.2013
04.02.2013
04.02.2013
24.01.2013
17.01.2013
17.01.2013
16.01.2013
09.01.2013
07.01.2013
21.12.2012
17.12.2012
06.12.2012
04.12.2012
03.12.2012
03.12.2012
22.11.2012
14.11.2012
16.10.2012
11.10.2012
15.08.2012
01.07.2011
21.02.2013
QBE Insurance Group Ltd

QBE Insurance Group Limited is an insurance company which underwrites most forms
of commercial and industrial insurance policies, as well as individual policies.
QBE also manages Lloyds syndicates and provides investment management services.
The Company provides its services both domestically and internationally.
Price/Volume
16
60.0 M
14
50.0 M
12
40.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.04.2012)
52-Week Low (05.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
QBE AT EQUITY YTD Change
QBE AT EQUITY YTD % CHANGE
12/2011
01/yy
14.71
10.02
5'544'580.00
13.14
-10.67%
31.14%
71.22%
1'196.7
15'725.26
4'757.00
0.0
52.0
1'457.00
18'882.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
4
10.0 M
2
0
f-12 m-12
31.12.2008
31.12.2009
10'603.6
10'933.1
2.12x
2.00x
1'583.8
1'562.5
12.36x
13.03x
Profitability
31.12.2010
12'021.0
1.76x
1'278.0
15.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
16'135.0
1.12x
704.0
20.46x
7.05%
5.38%
1.64%
6.95%
6.66%
0.35%
4.4%
10.18%
45.80%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13
j-13
FY+1
-
6.66
1.21
1'193.49
17.96%
20.55%
1.209
15
2.733
5'502'611
5'163'217
5'052'321
FY+2
12/12 Y
12/13 Y
17'545.1
17'980.9
1.21x
1.19x
1'146.5
1'500.5
14.54x
11.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
28.06.2012
A
NEG
45.8%
31.3%
0.35
-
16.00
18'000.0
14.00
16'000.0
12.00
14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
02.01.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
9'714.6
2.75x
1'614.5
14.77x
30.0 M
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
QBE Insurance Group Ltd

Holdings By:
All
Holder Name
ABERDEEN
CREDIT SUISSE AG
COMMONWEALTH BANK OF
NATIONAL AUSTRALIA B
VANGUARD GROUP INC
FRANKLIN RESOURCES
BLACKROCK
VANGUARD INVESTMENTS
AUSTRALIAN FOUNDATIO
MACQUARIE GROUP LTD
MATTHEWS INTERNATION
ARGO INVESTMENTS LTD
EASTSPRING INVESTMEN
UNITED SERVICES AUTO
GRANTHAM MAYO VAN OT
TAUBE HODSON STONEX
UBS
CREDIT SUISSE ASSET
Firm Name
Nomura
JPMorgan
Credit Suisse
Commonwealth Bank
Macquarie
Morgan Stanley
CIMB
EVA Dimensions
Goldman Sachs
Deutsche Bank
BBY Limited
Shaw Stockbroking
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
TOBY LANGLEY
SIDDHARTH PARAMESWARAN
ANDREW ADAMS
ROSS CURRAN
TIM LAWSON
DANIEL TOOHEY
RICHARD COLES
AUSTIN BURKETT
RYAN FISHER
KIEREN CHIDGEY
BRETT LE MESURIER
TIM BUCKLEY
Source
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
neutral
outperform
underweight
neutral
Equalwt/Attractive
neutral
sell
neutral/neutral
hold
underperform
buy
Amt Held
169'005'891
125'774'584
111'084'158
32'716'423
20'632'535
17'776'192
12'645'397
6'830'982
6'365'000
5'683'815
5'430'228
4'484'726
3'631'156
2'610'967
2'577'880
2'265'624
2'116'882
1'952'414
1'942'512
1'716'057
% Out
14.12
10.51
9.28
2.73
1.72
1.49
1.06
0.57
0.53
0.47
0.45
0.37
0.3
0.22
0.22
0.19
0.18
0.16
0.16
0.14
Weighting
Change
5
3
5
1
3
3
3
1
3
3
1
5
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
22'462'268
(12'756'433)
13'495'710
(26'444'095)
323'284
991'300
30'908
146'001
106'906
160'478
(2'088'890)
67'133
(15'523)
(107'370)
(39'106)
9'288
20'996
Target Price
14
14
13
12
13
12
12
#N/A N/A
11
12
9
#N/A N/A
File Dt
Inst Type
08.01.2013
Unclassified
18.03.2011
Investment Advisor
19.12.2012
Bank
31.08.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
29.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
30.06.2011
Investment Advisor
14.09.2012
Investment Advisor
30.11.2012
Investment Advisor
31.05.2012
Investment Advisor
30.11.2012
Investment Advisor
28.12.2012
Unclassified
31.12.2012
Investment Advisor
Date
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
21.02.2013
15.02.2013
13.02.2013
08.02.2013
07.02.2013
31.01.2013
23.01.2013
17.01.2013
14.01.2013
07.01.2013
10.12.2012
10.03.2010
21.02.2013
Sampo
Sampo Oyj offers multi-line insurance. The Company offers life and pension and
property/casualty insurance.
Price/Volume
30
2.5 M
25
2.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (13.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAMAS FH EQUITY YTD Change
SAMAS FH EQUITY YTD % CHANGE
12/2012
12/yy
28.50
17.91
461'976.00
27.94
-1.96%
56.00%
97.36%
558.8
15'646.40
2'378.00
0.0
0.0
1'034.00
16'990.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
10
.5 M
5
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'634.0
1.78x
675.0
11.22x
1.5 M
15
Valuation Analysis
31.12.2009
31.12.2010
5'655.0
6'305.0
1.92x
2.05x
641.0
1'104.0
14.93x
10.18x
Profitability
LTM-4Q
31.12.2011
5'342.0
1'038.0
10.36x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'415.0
2.33x
1'404.0
9.71x
15.46%
25.19%
4.52%
14.75%
0.21%
21.9%
7.42%
23.51%
-
Price/ Cash Flow
12/yy
5'342.0
7.10x
0.0
0.00x
1'038.0
5.18x
LTM
12/yy
6'416.0
8.71x
0.0
0.00x
1'404.0
7.91x
FY+1
.0 M
f-13
0.93
40.54%
14.79%
0.935
27
3.259
1'057'443
923'453
807'487
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'638.5
5'652.4
1'349.4
1'424.7
335.5
348.0
11.69x
11.04x
11.48x
10.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
NR
23.5%
19.0%
0.21
-
120.00
7'000.0
100.00
6'000.0
5'000.0
80.00
4'000.0
60.00
3'000.0
40.00
2'000.0
20.00
1'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Sampo
Holdings By:
All
Holder Name
SOLIDIUM OY
VARMA MUTUAL PENSION
WAHLROOS BJORN
VANGUARD GROUP INC
DEUTSCHE BANK AG
ILMARINEN MUTUAL PEN
KALEVA MUTUAL INSURA
UMB BANK N A
FMR LLC
FINLAND STATE PENSIO
THREADNEEDLE INVESTM
BLACKROCK
LOCAL GOVERNMENT PEN
SWISS NATIONAL BANK
SWEDBANK ROBUR FONDE
UBS
NORDEA INVESTMENT FU
Firm Name
Barclays
Berenberg Bank
Deutsche Bank
Pohjola Bank Plc (ESN)
Macquarie
Carnegie
Nordea Equity Research
Handelsbanken
DNB Markets
AlphaValue
ABG Sundal Collier
Goldman Sachs
Credit Suisse
Evli Bank Plc
Danske Markets
Mediobanca SpA
EVA Dimensions
SEB Enskilda
Morgan Stanley
CA Cheuvreux
Societe Generale
JPMorgan
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
THREADNEEDLE EUROPEA
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CLAUDIA GASPARI
PETER ELIOT
JAN WOLTER
ANTTI SAARI
HADLEY COHEN
GIANANDREA ROBERTI
PAAVO AHONEN
MATTI AHOKAS
HAKON FURE
JEROME CASSAGNE
JAKOB BRINK
VINIT MALHOTRA
CHRIS ESSON
KIMMO RAMA
PER GRONBORG
KARL MORRIS
SIMONETTA CHIRIOTTI
AUSTIN BURKETT
THOMAS SEIDL
MIKA KOSKINEN
JON HOCKING
HANS PLUIJGERS
EMMANUELLE CALES
ANDREAS VAN EMBDEN
Source
Research
Research
ULT-AGG
Research
MF-AGG
MF-AGG
Research
Research
MF-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
UT-UK
ULT-AGG
Research
Research
MF-AGG
ULT-AGG
MF-AGG
Recommendation
equalweight
hold
hold
reduce
outperform
buy
hold
accumulate
hold
reduce
buy
neutral/neutral
outperform
buy
sell
underperform
neutral
hold
market perform
hold
Equalwt/In-Line
outperform
hold
underweight
Amt Held
79'280'080
47'709'421
22'872'997
11'761'383
9'111'481
7'096'795
5'850'422
5'668'476
5'350'770
5'050'788
4'260'000
4'231'895
4'067'878
3'798'781
3'329'672
2'552'530
2'457'137
2'172'644
2'170'127
1'949'210
% Out
14.19
8.54
4.09
2.1
1.63
1.27
1.05
1.01
0.96
0.9
0.76
0.76
0.73
0.68
0.6
0.46
0.44
0.39
0.39
0.35
Weighting
Change
3
3
3
2
5
5
3
4
3
2
5
3
5
5
1
1
3
3
3
3
3
5
3
1
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
382'597
(545'761)
237'817
(325'137)
105'058
(476'757)
66'922
40'614
411'981
(340'986)
(18'522)
Target Price
28
30
26
27
29
#N/A N/A
29
29
29
25
31
27
30
27
27
23
28
#N/A N/A
22
23
22
25
22
20
File Dt
Inst Type
31.01.2013
Holding Company
31.01.2013
Insurance Company
31.12.2012
Investment Advisor
31.01.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Insurance Company
31.01.2013
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Government
31.10.2012
Investment Advisor
30.11.2012
Investment Advisor
31.10.2012
Investment Advisor
19.02.2013
Investment Advisor
31.01.2013
Government
30.09.2012
Investment Advisor
28.12.2012
Unclassified
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
6 month
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
20.02.2013
19.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
11.02.2013
30.01.2013
17.01.2013
13.12.2012
10.12.2012
05.12.2012
09.08.2012
31.05.2012
23.02.2012
21.02.2013
Sun Life Financial Inc

Sun Life Financial Inc. is an international financial services organization
providing a diverse range of wealth accumulation and protection products and
services. The Company provides insurance, mutual funds, annuities, pensions,
investment management, trust services, and banking services. Sun Life serves
individuals and corporate customers worldwide.
Price/Volume
35
8.0 M
30
7.0 M
25
6.0 M
5.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SLF CT EQUITY YTD Change
SLF CT EQUITY YTD % CHANGE
12/2012
12/yy
30.03
19.76
1'776'238.00
28.92
-3.70%
46.36%
89.19%
599.6
17'339.37
4'889.00
2'503.0
0.0
7'034.00
17'697.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
10
2.0 M
1.0 M
0
f-12
31.12.2009
31.12.2010
27'572.0
24'801.0
0.50x
0.70x
613.0
1'499.0
30.56x
11.63x
Profitability
LTM-4Q
31.12.2011
19'830.0
0.49x
(270.0)
20.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
17'559.0
0.92x
1'674.0
10.59x
11.83%
9.74%
0.74%
11.11%
9.32%
0.08%
9.5%
2.17%
34.62%
-
Price/ Cash Flow
a-12 m-12
j-12
LTM
12/yy
22'240.0
2.39x
0.0
0.00x
(199.0)
21.24x
j-12
12/yy
18'676.0
3.02x
0.0
0.00x
1'627.0
10.22x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
4.98
1.03
599.25
24.91
43.39%
9.67%
1.033
17
3.118
2'100'416
1'252'380
1'400'360
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
21'791.7
22'590.7
5'566.0
5'407.5
1'423.2
1'627.2
393.4
410.0
11.30x
10.62x
11.35x
11.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.02.2012
A
NEG
06.03.2009
A-1
34.6%
22.6%
0.08
-
30.00
30'000.0
25.00
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
5'000.0
0.00
01.01.2010
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
14'548.0
0.97x
855.0
-
4.0 M
15
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Sun Life Financial Inc

Holdings By:
All
Holder Name
FMR LLC
TD ASSET MANAGEMENT
BMO FINANCIAL CORP
IA CLARINGTON INVEST
FRANKLIN RESOURCES
VANGUARD GROUP INC
AGF INVESTMENTS INC
APG ALL PENSIONS GRO
CONNOR CLARK & LUNN
FIERA CAPITAL CORPOR
Firm Name
National Bank Financial
RBC Capital Markets
Credit Suisse
Edward Jones
Desjardins Securities
Cormark Securities Inc.
TD Securities
EVA Dimensions
BMO Capital Markets
Morgan Stanley
Scotia Capital
Veritas Investment Research Co
CIBC World Markets
Barclays
Argus Research Corp
Portfolio Name
n/a
n/a
TD ASSET MANAGEMENT
BMO FINANCIAL CORP
Multiple Portfolios
n/a
Multiple Portfolios
n/a
AGF INVESTMENTS INC
APG ALL PENSIONS GRO
CONNOR CLARK & LUNN
FIERA CAPITAL CORPOR
Analyst
PETER D ROUTLEDGE
MARIO MENDONCA
ANDRE PHILIPPE HARDY
GABRIEL DECHAINE
TOM LEWANDOWSKI
MICHAEL GOLDBERG
DARKO MIHELIC
DOUG YOUNG
AUSTIN BURKETT
TOM MACKINNON
NIGEL P DALLY
JOANNE SMITH
OHAD LEDERER
ROBERT SEDRAN
JOHN AIKEN
JOHN M EADE
Source
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
sector perform
hold
sector perform
outperform
buy
hold
market perform
buy
underweight
market perform
Equalwt/In-Line
sector perform
sell
sector perform
suspended coverage
hold
Amt Held
45'412'621
23'473'093
15'505'568
15'285'841
14'375'481
12'708'859
12'024'655
11'607'221
10'544'568
9'530'096
9'292'573
8'322'300
7'155'314
6'560'372
5'800'795
5'762'400
3'144'675
2'869'340
2'856'457
2'746'771
% Out
7.57
3.92
2.59
2.55
2.4
2.12
2.01
1.94
1.76
1.59
1.55
1.39
1.19
1.09
0.97
0.96
0.52
0.48
0.48
0.46
Weighting
Change
3
3
3
5
5
3
3
5
1
3
3
3
1
3
#N/A N/A
3
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
5'014'354
(14'937)
(955'347)
142'216
2'896'551
867'408
1'042'553
407'764
1'422'122
12'600
(235'071)
(1'466'400)
(675'688)
122'300
(433'537)
2'702'500
747'625
(110'916)
460'000
(628'379)
Target Price
31
29
28
31
#N/A N/A
31
29
32
#N/A N/A
29
#N/A N/A
28
29
28
#N/A N/A
#N/A N/A
File Dt
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
14.01.2013
17.12.2012
24.09.2012
21.02.2013
Swiss Re AG
Swiss Re AG offers reinsurance, insurance and insurance linked financial
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2013)
52-Week Low (22.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SREN VX EQUITY YTD Change
SREN VX EQUITY YTD % CHANGE
12/2012
12/yy
76.60
50.00
2'334'142.00
75.45
-1.50%
50.89%
99.37%
370.7
27'969.84
19'898.00
0.0
24.0
10'837.00
39'125.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
70
3.5 M
60
3.0 M
50
2.5 M
40
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
f-12
31.12.2009
31.12.2010
30'624.0
28'484.0
0.50x
1.13x
467.4
863.0
33.44x
21.30x
Profitability
LTM-4Q
31.12.2011
27'797.0
1.02x
2'626.0
6.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
33'116.0
1.08x
4'201.0
6.09x
17.37%
16.51%
1.89%
13.15%
9.38%
0.15%
12.7%
9.22%
58.52%
-
Price/ Cash Flow
a-12 m-12
j-12
LTM
12/yy
27'797.0
3.93x
0.0
0.00x
2'626.0
6.64x
j-12
12/yy
33'116.0
3.87x
0.0
0.00x
4'180.0
5.97x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
1.16
370.21
46.17%
14.49%
1.162
37
3.189
1'208'043
1'105'172
964'773
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
31'900.3
34'319.4
1.22x
2'857.7
2'951.2
10.02x
9.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
58.5%
36.9%
0.15
-
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
24'011.7
1.03x
(800.3)
-
80
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Swiss Re AG
Holdings By:
All
Holder Name
SWISS RE
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
DODGE & COX
MFS INVESTMENT MANAG
BERKSHIRE HATHAWAY I
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SARASIN
SWISSCANTO FONDSLEIT
JP MORGAN
HARTFORD INVESTMENT
FMR LLC
BESSEMER GROUP INCOR
VONTOBEL ASSET MANAG
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Societe Generale
JASON KALAMBOUSSIS
Oddo & Cie
NICOLAS JACOB
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Bankhaus Metzler
JOCHEN SCHMITT
Main First Bank AG
RENE LOCHER
CA Cheuvreux
FRANK KOPFINGER
Credit Suisse
ADAM MCINALLY
Day by Day
VALERIE GASTALDY
AlphaValue
DIETER HEIN
Helvea
DANIEL BISCHOF
WILLIAM HAWKINS
Nomura
MICHAEL KLIEN
Zuercher Kantonalbank
GEORG MARTI
Bank Vontobel AG
STEFAN SCHUERMANN
FABRIZIO CROCE
Barclays
ANDREW BROADFIELD
JPMorgan
MICHAEL HUTTNER
Mediobanca SpA
GIANLUCA FERRARI
RBC Capital Markets
GORDON AITKEN
Exane BNP Paribas
NICCOLO DALLA PALMA
Goldman Sachs
VINIT MALHOTRA
EVA Dimensions
AUSTIN BURKETT
HSBC
THOMAS FOSSARD
BEN COHEN
THOMAS SEIDL
S&P Capital IQ
RODERICK WALLACE
Macquarie
HADLEY COHEN
Morgan Stanley
MACIEJ WASILEWICZ
Hamburger Sparkasse
CHRISTIAN HAMANN
Nord/LB
VOLKER SACK
WERNER SCHIRMER
DZ Bank AG
THORSTEN WENZEL
Raymond James
DANNY JACQUES
JOY FERNEYHOUGH
Source
EXCH
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
sell
sell
buy
underperform
select list
neutral
hold
sell
neutral
market perform
reduce
market perform
buy
buy
overweight
overweight
neutral
sector perform
neutral
Sell/Neutral
buy
neutral
buy
underperform
hold
neutral
Equalwt/In-Line
buy
buy
hold
sell
underperform
neutral
Amt Held
27'282'124
19'016'988
15'114'719
13'188'586
12'639'368
11'485'890
11'262'000
5'610'148
5'482'330
2'870'923
2'181'639
1'986'440
1'464'844
1'299'889
1'238'106
1'214'600
1'102'833
833'022
819'676
635'477
% Out
7.36
5.13
4.08
3.56
3.41
3.1
3.04
1.51
1.48
0.77
0.59
0.54
0.4
0.35
0.33
0.33
0.3
0.22
0.22
0.17
Weighting
Change
5
5
1
1
5
1
5
3
3
1
3
3
2
3
5
5
5
5
3
3
3
1
5
3
5
1
3
3
3
5
5
3
1
1
3
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
M
M
Latest Chg
(1'396'672)
(465'989)
763'755
(222'639)
(9'893)
154'354
(16'783)
(8'205)
4'568
(33'255)
(264'683)
(801)
(174'506)
(181'060)
145'000
(6'100)
Target Price
75
78
66
70
78
72
86
68
#N/A N/A
63
70
79
60
#N/A N/A
80
83
78
71
75
66
67
67
#N/A N/A
75
70
50
78
72
71
#N/A N/A
74
68
58
63
48
File Dt
Inst Type
29.03.2012
Unclassified
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
28.12.2012
Unclassified
30.11.2012
Investment Advisor
30.04.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
21.02.2013
21.02.2013
21.02.2013
21.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
13.02.2013
12.02.2013
12.02.2013
06.02.2013
06.02.2013
05.02.2013
04.02.2013
31.01.2013
30.01.2013
28.01.2013
28.01.2013
18.01.2013
17.01.2013
16.01.2013
09.01.2013
13.12.2012
30.11.2012
27.11.2012
15.11.2012
14.11.2012
09.11.2012
09.11.2012
10.09.2012
09.08.2012
12.01.2012
21.02.2013
Tokio Marine Holdings Inc

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and
life insurance, and asset management services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
8766 JT EQUITY YTD Change
8766 JT EQUITY YTD % CHANGE
03/2012
12/yy
2'898.00
1'651.00
3'082'300.00
2788
-3.80%
68.87%
98.96%
769.5
2'145'434.00
1'436'988.00
0.0
16'261.0
380'792.00
1'954'778.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
3000
6.0 M
2500
5.0 M
2000
4.0 M
1500
3.0 M
1000
2.0 M
500
1.0 M
0
f-12 m-12
31.03.2009
31.03.2010
2'747'081.0
3'074'931.0
0.96x
1.18x
23'141.0
128'418.0
82.22x
16.15x
Profitability
LTM-4Q
31.03.2011
3'175'791.0
0.90x
71'924.0
24.05x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
.0 M
f-13
1.88
1.24
667.68
29.21%
17.00%
1.241
16
4.500
3'525'040
3'294'960
3'144'149
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'377'787.0 ######### ######### ######### ######### 857'600.0
0.83x
2.31x
2.49x
0.57x
0.56x
0.0
0.0
0.00x
0.00x
6'001.0
(86'757.0) 113'094.0 113'399.6 131'204.9
290.41x
0.00x
16.16x
19.03x
16.53x
S&P Issuer Ratings
- Long-Term Rating Date
- Long-Term Rating
4.83% Long-Term Outlook
4.54% Short-Term Rating Date
-0.06% Short-Term Rating
-0.60% Credit Ratios
-0.34% EBITDA/Interest Exp.
0.20% (EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
0.2% Total Debt/Capital
Asset Turnover
- Net Fixed Asset Turnover
- Accounts receivable turnover-days
8.80% Inventory Days
78.05% Accounts Payable Turnover Day
- Cash Conversion Cycle
-
Price/ Cash Flow
78.0%
43.6%
0.20
-
40.00
4'000'000.0
35.00
3'500'000.0
30.00
3'000'000.0
25.00
2'500'000.0
20.00
2'000'000.0
15.00
1'500'000.0
10.00
1'000'000.0
5.00
500'000.0
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'937'717.0
1.41x
108'766.0
27.56x
3500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Tokio Marine Holdings Inc

Holdings By:
All
Holder Name
JAPAN TRUSTEE SERVIC
BLACKROCK
MASTER TRUST BANK OF
SUMITOMO MITSUI TRUS
MITSUBISHI UFJ FINAN
MEIJI YASUDA LIFE IN
STATE STREET CUSTODI
STATE STREET
MITSUBISHI HEAVY IND
MELLON BANK NA
EMPLOYEES' STOCKHOLD
VANGUARD GROUP INC
ASAHI GLASS CO LTD
NOMURA
MITSUBISHI ESTATE CO
NIPPON YUSEN KK
NIKKO ASSET MANAGEME
SHIZUOKA BANK LTD
DAIWA SECURITIES GRO
MITSUBISHI ELECTRIC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
Nomura
WATARU OHTSUKA
JPMorgan
NATSUMU TSUJINO
Jefferies
MAKARIM SALMAN
JUN SHIOTA
Tokai Tokyo Securities
TATSUO MAJIMA
Morgan Stanley
HIDEYASU BAN
Credit Suisse
TAKEHITO YAMANAKA
DAVID THREADGOLD
SMBC Nikko Securities Inc
KOUICHI NIWA
Barclays
AZUMA OHNO
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI
Deutsche Bank
MASAO MURAKI
EVA Dimensions
AUSTIN BURKETT
Macquarie
SCOTT G RUSSELL
Mizuho Securities
RIE NISHIHARA
Goldman Sachs
TAKANORI MIYOSHI
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
Recommendation
buy
overweight
buy
outperform
neutral
Overwt/Attractive
neutral
outperform
outperform
equalweight
neutral
buy
overweight
outperform
buy
Buy/Neutral
Amt Held
60'652'000
54'385'589
46'660'000
34'462'300
19'939'000
19'179'000
16'969'000
15'599'791
14'074'000
12'666'000
11'785'000
11'711'613
10'256'000
7'627'500
6'929'500
6'912'000
5'869'600
5'602'948
3'369'700
3'219'000
% Out
7.88
7.07
6.06
4.48
2.59
2.49
2.21
2.03
1.83
1.65
1.53
1.52
1.33
0.99
0.9
0.9
0.76
0.73
0.44
0.42
Weighting
Change
5
5
5
5
3
5
3
5
5
3
3
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
13'908'000
(932'638)
2'764'000
(78'500)
(1'233'000)
980'000
438'000
151'000
(75'946)
(274'000)
(38'400)
-
Target Price
3'300
3'800
3'626
3'000
#N/A N/A
3'200
2'750
3'400
2'600
2'400
2'400
2'920
#N/A N/A
2'300
2'500
3'400
File Dt
30.09.2012
19.02.2013
30.09.2012
15.06.2012
31.01.2013
30.09.2012
30.09.2012
20.02.2013
30.09.2012
30.09.2012
30.09.2012
31.12.2012
31.12.2011
31.01.2013
31.03.2012
31.03.2012
15.06.2012
31.03.2012
31.01.2013
31.03.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
24 month
Inst Type
Bank
Investment Advisor
Bank
Bank
Holding Company
Insurance Company
Other
Investment Advisor
Corporation
Investment Advisor
n/a
Investment Advisor
Corporation
Unclassified
Corporation
Corporation
Unclassified
Bank
Holding Company
Corporation
Date
19.02.2013
15.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
15.01.2013
06.12.2012
19.11.2012
10.02.2012
21.02.2013
Travelers Cos Inc/The

The Travelers Companies, Inc. provides commercial and personal property and
casualty insurance products and services to businesses, government units,
associations and individuals.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TRV UN EQUITY YTD Change
TRV UN EQUITY YTD % CHANGE
12/2012
12/yy
81.07
55.88
514'246.00
80.11
-1.18%
43.36%
96.19%
378.0
30'277.95
6'350.00
0.0
0.0
330.00
36'297.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
80
4.0 M
70
3.5 M
60
3.0 M
50
2.5 M
40
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
f-12
.0 M
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
24'477.0
1.32x
2'924.0
8.59x
90
31.12.2009
31.12.2010
24'680.0
25'112.0
1.31x
1.22x
3'622.0
3'216.0
7.93x
8.90x
Profitability
LTM-4Q
31.12.2011
25'446.0
1.16x
1'426.0
18.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
25'740.0
1.29x
2'473.0
11.57x
13.77%
12.30%
2.36%
9.91%
8.81%
0.25%
9.6%
6.05%
25.00%
-
Price/ Cash Flow
LTM
12/yy
25'446.0
4.65x
0.0
0.00x
1'426.0
18.21x
12/yy
25'740.0
4.88x
0.0
0.00x
2'473.0
11.57x
FY+1
2.23
0.83
376.56
4.10
38.99%
11.54%
0.829
26
4.077
507'953
514'726
567'998
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
25'916.1
26'493.8
6'471.3
6'499.3
1.40x
1.37x
2'708.0
2'717.9
742.7
615.5
11.10x
10.60x
11.10x
10.93x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.07.2011
A
STABLE
28.07.2011
A-1
25.0%
20.0%
0.25
-
14.00
30'000.0
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Travelers Cos Inc/The

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
NEUBERGER BERMAN LLC
CLEARBRIDGE INVESTME
JP MORGAN
GOLDMAN SACHS GROUP
INVESCO LTD
LEGG MASON INC
MACQUARIE GROUP LTD
MANAGED ACCOUNT ADVI
Firm Name
Deutsche Bank
RBC Capital Markets
FBR Capital Markets
Macquarie
Portales Partners
Morgan Stanley
Argus Research Corp
Credit Suisse
William Blair & Co
JMP Securities
MKM Partners
EVA Dimensions
Drexel Hamilton LLC
Goldman Sachs
Evercore Partners
Barclays
S&P Capital IQ
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
NEUBERGER BERMAN GRO
CLEARBRIDGE INVESTME
n/a
GOLDMAN SACHS GROUP
n/a
INVESCO LTD
Multiple Portfolios
n/a
MANAGED ACCOUNT ADVI
Analyst
JOSH STIRLING
MEYER SHIELDS
JOHN A HALL
JOSHUA D SHANKER
MARK A DWELLE
RANDY BINNER
AMIT KUMAR
NINA GUPTA
LORI WILKING
GREGORY W LOCRAFT
JOHN M EADE
MICHAEL ZAREMSKI
ADAM KLAUBER
MATTHEW J CARLETTI
HARRY FONG
AUSTIN BURKETT
GLORIA L VOGEL
MICHAEL S NANNIZZI
LARRY GREENBERG
J PAUL NEWSOME
DANIEL FARRELL
VINAY MISQUITH
JAY H GELB
CATHY SEIFERT
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
MF-AGG
ULT-AGG
13F
13F
13F
Recommendation
market perform
market perform
outperform
hold
top pick
market perform
outperform
sector perform
buy
Equalwt/In-Line
buy
outperform
market perform
market perform
neutral
overweight
buy
Buy/Neutral
buy
buy
neutral
equalweight
overweight
hold
Amt Held
33'540'635
22'631'987
17'337'640
16'307'385
13'456'258
9'930'820
9'813'454
7'343'903
6'604'716
5'691'457
5'535'994
5'135'152
4'835'668
4'826'840
4'745'685
3'959'271
3'665'861
3'618'674
3'543'517
3'196'942
% Out
8.87
5.99
4.59
4.31
3.56
2.63
2.6
1.94
1.75
1.51
1.46
1.36
1.28
1.28
1.26
1.05
0.97
0.96
0.94
0.85
Weighting
Change
3
3
5
3
5
3
5
3
5
3
5
5
3
3
3
5
5
5
5
5
3
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
73'306
430'226
(1'312'817)
4'269'331
(107'654)
(57'119)
(587'239)
377'615
(247'574)
(965'523)
(312'747)
(535'325)
(498'067)
(421'072)
(310'675)
(133'263)
2'279'896
(118'988)
(181'885)
Target Price
77
86
#N/A N/A
74
88
65
86
#N/A N/A
#N/A N/A
#N/A N/A
85
83
#N/A N/A
#N/A N/A
85
#N/A N/A
87
88
#N/A N/A
89
79
83
87
80
File Dt
19.02.2013
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
20.02.2013
15.02.2013
11.02.2013
06.02.2013
04.02.2013
04.02.2013
29.01.2013
25.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
18.10.2012
21.02.2013
Zurich Insurance Group AG

Zurich Insurance Group AG provides insurance-based financial services. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.
Price/Volume
300
1.8 M
1.6 M
250
1.4 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ZURN VX EQUITY YTD Change
ZURN VX EQUITY YTD % CHANGE
12/2012
12/yy
264.00
192.50
310'524.00
253.4
-4.02%
31.64%
91.19%
148.3
37'579.25
12'521.00
0.0
2'368.0
9'098.00
46'152.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
.8 M
100
.6 M
.4 M
50
.2 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
32'331.0
0.99x
3'039.0
9.86x
1.2 M
150
31.12.2009
31.12.2010
70'123.0
67'819.0
0.50x
0.64x
3'963.0
3'428.0
7.83x
10.92x
Profitability
LTM-4Q
31.12.2011
52'978.0
0.73x
3'750.0
8.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
70'446.0
0.64x
3'878.0
10.08x
8.34%
7.48%
0.97%
11.74%
9.17%
0.18%
5.5%
3.06%
36.30%
-
Price/ Cash Flow
LTM
12/yy
52'980.0
3.11x
0.0
0.00x
3'750.0
8.80x
12/yy
70'446.0
2.48x
0.0
0.00x
3'872.0
10.07x
FY+1
.0 M
f-13
1.20
148.14
0.42
20.59%
4.11%
1.199
39
3.436
550'708
439'884
403'527
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
60'452.2
62'644.9
0.91x
4'325.6
4'551.0
1'146.0
988.0
9.43x
8.94x
9.18x
9.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
36.3%
25.4%
0.18
-
14.00
80'000.0
12.00
70'000.0
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Zurich Insurance Group AG

Holdings By:
All
Holder Name
BLACKROCK
NORGES BANK
ABERDEEN
FMR LLC
VANGUARD GROUP INC
CREDIT SUISSE
CREDIT SUISSE ASSET
FRANKLIN RESOURCES
UBS FUND MANAGEMENT
PICTET & CIE
TWEEDY BROWNE COMPAN
SCHRODER INVESTMENT
SWISSCANTO FONDSLEIT
UMB BANK N A
MORGAN STANLEY
DANSKE INVEST A/S
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Berenberg Bank
PETER ELIOT
Credit Suisse
RICHARD BURDEN
STEFAN BONGARDT
Bank Vontobel AG
STEFAN SCHUERMANN
RALPH HEBGEN
JPMorgan
MICHAEL HUTTNER
Macquarie
HADLEY COHEN
Zuercher Kantonalbank
GEORG MARTI
Bankhaus Metzler
JOCHEN SCHMITT
FABRIZIO CROCE
Nomura
MICHAEL KLIEN
S&P Capital IQ
RODERICK WALLACE
Main First Bank AG
RENE LOCHER
Exane BNP Paribas
THOMAS JACQUET
Helvea
DANIEL BISCHOF
Oddo & Cie
NICOLAS JACOB
Bryan Garnier & Cie
OLIVIER PAUCHAUT
AlphaValue
DIETER HEIN
Banca Akros(ESN)
MARCO CAVALLERI
CA Cheuvreux
Barclays
ANDREW BROADFIELD
Mediobanca SpA
MARC THIELE
RBC Capital Markets
GORDON AITKEN
Deutsche Bank
ROBIN BUCKLEY
THOMAS SEIDL
HSBC
THOMAS FOSSARD
Day by Day
VALERIE GASTALDY
EVA Dimensions
AUSTIN BURKETT
JOY FERNEYHOUGH
Raymond James
DANNY JACQUES
BEN COHEN
Morgan Stanley
MACIEJ WASILEWICZ
WERNER SCHIRMER
Societe Generale
JASON KALAMBOUSSIS
Goldman Sachs
VINIT MALHOTRA
Redburn Partners
PAUL GOODHIND
DZ Bank AG
WERNER EISENMANN
TIM PROUDLOVE
CS Capital
CHRISTOPHER PARKINSON
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
hold
outperform
hold
hold
market perform
neutral
neutral
market perform
buy
hold
buy
sell
underperform
neutral
neutral
buy
sell
add
hold
select list
equalweight
neutral
sector perform
hold
outperform
neutral
buy
buy
buy
outperform
buy
Equalwt/In-Line
sell
hold
Buy/Neutral
neutral
buy
underperform
neutral
Amt Held
6'475'809
4'495'862
4'377'801
3'587'304
3'087'350
2'525'492
2'266'979
2'237'458
1'414'418
760'603
716'240
601'051
559'536
540'678
487'809
420'245
329'296
313'506
297'808
281'822
% Out
4.37
3.03
2.95
2.42
2.08
1.7
1.53
1.51
0.95
0.51
0.48
0.41
0.38
0.36
0.33
0.28
0.22
0.21
0.2
0.19
Weighting
Change
3
5
3
3
3
3
3
3
5
3
5
1
1
3
3
5
1
4
3
5
3
3
3
3
5
3
5
5
5
5
5
3
1
3
5
3
5
1
3
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
3'004
(23'819)
168'230
22'537
787
(85)
(4'054)
(14'169)
(26'750)
(13'585)
20'468
16'355
(5'360)
10'384
32'803
56'299
16'869
7'978
Target Price
290
282
270
270
300
263
270
#N/A N/A
290
213
290
230
265
245
255
300
252
281
245
300
260
292
280
265
250
254
270
#N/A N/A
300
262
260
267
200
252
292
#N/A N/A
240
216
#N/A N/A
File Dt
Inst Type
19.02.2013
Investment Advisor
23.06.2011
Government
31.01.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
23.03.2010
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.03.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
6 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Date
21.02.2013
20.02.2013
19.02.2013
19.02.2013
17.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
04.02.2013
04.02.2013
30.01.2013
28.01.2013
24.01.2013
17.01.2013
16.01.2013
15.01.2013
15.01.2013
08.01.2013
19.12.2012
18.12.2012
05.12.2012
30.11.2012
15.11.2012
11.10.2012
15.03.2012
05.12.2011
06.05.2011
05.08.2010

Fundamental Equity Analysis &amp; Analyst Recommendations - Insurance Titans

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Fundamental Equity Analysis &amp; Analyst Recommendations - Insurance Titans

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Minority Cash and Enterprise

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

AIA GROUP LTD

AMERICAN INTERNATIONAL GROUP

BERKSHIRE HATHAWAY INC-CL B

CHINA LIFE INSURANCE CO-H

ING GROEP NV-CVA

LEGAL & GENERAL GROUP PLC

MANULIFE FINANCIAL CORP

MARSH & MCLENNAN COS

MUENCHENER RUECKVER AG-REG

PING AN INSURANCE GROUP CO-H

PRUDENTIAL FINANCIAL INC

QBE INSURANCE GROUP LTD

SAMPO OYJ-A SHS

SUN LIFE FINANCIAL INC

TOKIO MARINE HOLDINGS INC

TRAVELERS COS INC/THE

ZURICH INSURANCE GROUP AG

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

AIA GROUP LTD

AMERICAN INTERNATIONAL GROUP

BERKSHIRE HATHAWAY INC-CL B

CHINA LIFE INSURANCE CO-H

ING GROEP NV-CVA

LEGAL & GENERAL GROUP PLC

MANULIFE FINANCIAL CORP

MARSH & MCLENNAN COS

MUENCHENER RUECKVER AG-REG

PING AN INSURANCE GROUP CO-H

QBE INSURANCE GROUP LTD

SAMPO OYJ-A SHS

SUN LIFE FINANCIAL INC

TOKIO MARINE HOLDINGS INC

TRAVELERS COS INC/THE

ZURICH INSURANCE GROUP AG

Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans

Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans