re: Ann: Half Year Results Summary 31 Decembe... Looks like they...

re: Ann: Half Year Results Summary 31 Decembe... Looks like they missed the EPS target. EPS consensus target for 2014 was 98.3 cents. For the half year it was 45.3 cents. Assuming a 50-50 split consensus would have been 49.15 cents. Given what has been a benign catastrophe season, NPAT expectations may have been higher.

However the dividend increase has surprised (at least me) to the upside. Assuming at least a 35 cent payout in H2 gives a divvie yield of 5.6% pa. If we pencil in an additional 20c special dividend, that makes it a yield of 7.3%. They will want to wean the market off the special dividend though and I don't see any statement from a quick read showing whether there will be a special div in H2. So to be on the safe side, assuming there won't be any though surplus capital has incrased from the last half.