Senior Equity Analyst at Morningstar Investment Services LLC
Henry Heathfield is a Senior Equity Analyst at Morningstar, specializing in UK and European markets with coverage that includes leading firms such as Admiral Group. Since joining Morningstar in 2016, Heathfield has contributed equity analysis and investment strategy recommendations, previously gaining eight years’ experience at Redmayne Bentley and Silchester International Investors as a generalist focusing on the UK and Europe. He is a CFA charterholder, underscoring his strong credentials in financial analysis and investment management, and has been recognized for delivering insightful research on high-profile companies. While his performance metrics and external rankings are not publicly disclosed, his analyses are regularly featured in Morningstar research and media.
Asked for a breakdown of the Non-life improvement between operational factors (claims, pricing) and the IFRS 17 discounting impact.
The 2% improvement in the combined ratio guidance is composed of roughly 1.7% from the IFRS 17 accounting change (mostly discounting) and the remainder from underlying business improvement. The strong 90.1% result in H1 was further helped by benign weather and strong risk and expense management.
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