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Here is our presentation on Prudential. As is usual, the comprehensive argument has been made in the Professional report. I am very bearish on the insurers and would like my subscribers to take note that their potential for contributing to systemic risk is woefully under appreciated.

I think many forget exactly how insurers make their money (hint: its not necessarily through operating margins), as well as the vital role that they play in business and the economy.

pdf  Prudential Forensic Analysis Summary - Retail 2009-02-02 13:45:46 251.44 Kb

spreadsheet  Prudential Forensic Analysis Pro 2009-02-02 13:44:02 422.42 Kb

There will be more insurer and reinsurer analysis to come.

The downloadable pdf  The Prudential Plc Forensic and Fundamental Analysis Sample Trade Addendum