@Frank, I’ll give you some credit; you had the right idea.
50% of profits from Latin America. Brazil the biggest.
50% from continental Europe. they make more money now in UK than they do in Spain/Portugal combined in FY2011.
There is an article in WSJ today about their potential Mexico IPO (they list their subsidiaries to raise capital, have already done that in chile, brazil and others and have plans for the UK and maybe US when conditions firm. this has been their strategy since precrisis and i honestly think its a sound strategy). i priced the mexican unit at roughly 10B (prior to reading that WSJ article) when I did my sum of the parts.
lets see if they can get that. if not, i might have made a error.
Frank, do you know of any good resources where I can learn how to evaluate insurance firms?
reading their 10Ks…but just search “insurance analysis”…i bought a few books on this topic before…i forgot what they were called but they were from AM Best…becareful buying companies in this sector…its driven by a lot of assumptions and discount rates…not a terribly good/profitable industry overall…