Looked the other way historically at this business (lack of sectoral excitement) but there are some things that caught my attention.
Summary: Moated business. 5% dividend yield. Historical dividend growth of 10% since 2000. Potential 15%-er in EUR for long haul.
Beta is insanely low at 0.14, suggesting a good risk-reward.
Only one modest dividend drop in last decade in 2021, when special dividend was dropped, otherwise monotonically increasing dividend, no rebasing at all. Special drop seems Covid related. New upward rebased dividend of 12.5 EUR is not special.
Currently excellent earnings due to low combined ratio. Means P/E is currently exceptionally low. Very high SII solvency north of 200% of minimum requirements.
Management seem shareholder focussed with statements about stability of dividends and maintaining a high return on equity (17% avg. over 21-25, making it industry leading) and declining and already low cost ratio.
TSR has been 14.6% since IPO suggesting the math is not crazy. Payout ratio is averaging around 50ish percent so should get 5% + 8.5% = 13.5% if you math the other way. Either way, should outcompete the S&P 500.
Business is highly diversified geographically but revenue is mainly from P&C book. Currently doing more research on the main value drivers. Taken a small position.
Not squarely in my circle of competence but just on the edge.