govr,
Do you understand what underlying means?
Underlying takes out the fluctuations that occur as one off events like higher cats in one year, currency wins/losses, higher/ lower interest rates etc.
So, if you take a more median outlook based on previous years experiences, you will see that the underlying business is traveling at around 12% insurance margin ie approx $1.10 to $1.15 EPS which based on 12 times PE ratio would equate to around $13 a share.
The question is whether 2013 will bring more normalised conditions?
dividend, cr or nada, page-48
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