How to calculate FCFF / FCFE for a life insurance or balance sheet bank?
I have operating income. Not sure what capex is here. Do I add back D&A? What about VOBA
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You could go down using sales/invested capital ratio to calc cumulative reinvestment but getting that ratio for a bank would be a hassle. Stick to a DDM if possible?
any good resources to learn about a DDM for insurance companies?
A DDM is essentially a DCF with mechanical changes so as long as you know the payout ratio, dividends, and Ke I dont see why itd be any different to learn. Try aswath damodaran on yt but it's more conceptual dcf stuff. As long as u know a DCF, I'm not quite sure why a DDM would be difficult.
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