Taaleri

Taaleri's guarantee insurance company Garantia announced on Wednesday that it completed its first credit risk insurance project outside Finland during the fall.

Despite the strong result, the Q3 report was largely in line with our operational expectations and forecast changes have remained limited.

Taaleri reported significantly better figures this morning than we had estimated. The beat was purely due to investment income, and operationally the quarter was fully in line with our expectations.

In the short term, investors' focus is above all on the company's capital allocation, which is a key share price driver.

In this article, we review the quality of earnings of listed asset managers. In summary, the quality of earnings varies significantly within the sector, but on average, the level is quite good. The level has also improved in recent years, as the share of recurring fees has increased. We note that we have made the comparison at the group level, and thus the comparison does not account for the companies' differing business structures. We excluded Aktia from our review as the necessary information on its asset management is not available.