Allianz SE

Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.
  • Ticker840400
  • ISINDE0008404005
  • SectorNonlife Insurance
  • CountryGermany

Analysts

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : L’assurance mieux armée face au tsunami des taux bas

Les assureurs sont mieux armés qu’il y a quelques années pour faire face à l’environnement de taux bas. Alors que les BPA continueront de croitre, le marché devrait surtout se concentrer sur les niveaux de marges de solvabilité. Nous estimons qu’elles devraient rester au sein des fourchettes cibles tant que le taux 10 ans allemand n’est pas inférieur à -1.5%. Nous réitérons notre opinion Achat sur AXA (obj. de cours 28 €). - >La baisse des taux impacte les marges de solvab...

Olivier Pauchaut

Financials & Fintech: Allianz remains our Top Pick for Q4

Financials & Fintech Allianz remains our Top Pick for Q4 Back on Q3 2019 What we see for Q4 Allianz remains our quarterly Top Pick

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/10/2019 - OHL, ZF Friedrichshafen - FR

OHL (Vente) : En difficulté sur un contrat au Qatar ZF Friedrichshafen : Nouvelles émissions prévues pour €2,1mds Banques allemandes : S'opposent contre une possible interdiction d'appliquer un taux négatif Allianz (Achat) : Prévoit d’acquérir environ €1,1md d’actifs résidentiels japonais Opérateurs de Satellites - C band : La vente de licences 5G pourrait rapporter jusqu’à $40 mds NEPI Rockcastle :  Emission de €500m à 7 ans à 1,875% Aryzta (Vente) a cédé une participation de 43% dans Picard (Vente) AB InBev (Achat) : Fitch co...

Research Department

EUROSTOXX50: INFORME ANUAL OCTUBRE 2019 (ANÁLISIS BANCO SABADELL)

Informe Anual Euro Stoxx 50 Publicamos nuestro informe anual del EuroStoxx50, donde revisamos estimaciones y P.O. de todas las compañías de nuestro universo de cobertura. Hemos realizado 2 cambios de recomendación en este informe pasando a VENDER: Safran y a COMPRAR: ING. Además, iniciamos cobertura de Philips, con recomendación de COMPRAR y P.O. 48,50 euros/acc. (potencial +21%). Del total de los valores cubiertos (43) hay un 74% en COMPRAR (vs 79% en nuestro anterior informe) y 26% en VENDER (vs 21% anterior). Desde el punto de vista Top down, nuestro P.O. del ES50 es 3.130 puntos para dicie...

ALLIANZ SE sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ALLIANZ SE (DE), a company active in the Full Line Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 27, 2019, the closing price was EUR 210.95 and its potential was estimated at EUR 224.62.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/10/2019 - OHL, ZF Friedrichshafen - FR

OHL (Vente) : En difficulté sur un contrat au Qatar ZF Friedrichshafen : Nouvelles émissions prévues pour €2,1mds Banques allemandes : S'opposent contre une possible interdiction d'appliquer un taux négatif Allianz (Achat) : Prévoit d’acquérir environ €1,1md d’actifs résidentiels japonais Opérateurs de Satellites - C band : La vente de licences 5G pourrait rapporter jusqu’à $40 mds NEPI Rockcastle :  Emission de €500m à 7 ans à 1,875% Aryzta (Vente) a cédé une participation de 43% dans Picard (Vente) AB InBev (Achat) : Fitch co...

Moody’s rates Allianz’s EUR 1 billion dated subordinated debt A2(hyb)

rating at A2(hyb) PRINCIPAL METHODOLOGY The methodologies used in this rating were Property and Casualty Insurers published in May 2018, and Life Insurers published in May 2018. Please see the Rating Methodologies page on for a copy of these methodologies. For ratings is...

Allianz SE: Semi-annual update

Our credit view reflects Allianz SE's very strong franchise, strong operating profitability, capitalisation and very strong financial flexibility

Allianz SE: Semi-annual update

Our credit view reflects Allianz SE's very strong franchise, strong operating profitability, capitalisation and very strong financial flexibility

Allianz SE: Update following rating affirmation

FINANCIAL INSTITUTIONS CREDIT OPINION 12 October 2017 Update RATINGS Allianz SE Domicile Germany Long Term Rating Aa3 Type Insurance Financial Strength - Fgn Curr Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Dominic Simpson 44-20-7772-1647

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : L’assurance mieux armée face au tsunami des taux bas

Les assureurs sont mieux armés qu’il y a quelques années pour faire face à l’environnement de taux bas. Alors que les BPA continueront de croitre, le marché devrait surtout se concentrer sur les niveaux de marges de solvabilité. Nous estimons qu’elles devraient rester au sein des fourchettes cibles tant que le taux 10 ans allemand n’est pas inférieur à -1.5%. Nous réitérons notre opinion Achat sur AXA (obj. de cours 28 €). - >La baisse des taux impacte les marges de solvab...

Research Department

EUROSTOXX50: INFORME ANUAL OCTUBRE 2019 (ANÁLISIS BANCO SABADELL)

Informe Anual Euro Stoxx 50 Publicamos nuestro informe anual del EuroStoxx50, donde revisamos estimaciones y P.O. de todas las compañías de nuestro universo de cobertura. Hemos realizado 2 cambios de recomendación en este informe pasando a VENDER: Safran y a COMPRAR: ING. Además, iniciamos cobertura de Philips, con recomendación de COMPRAR y P.O. 48,50 euros/acc. (potencial +21%). Del total de los valores cubiertos (43) hay un 74% en COMPRAR (vs 79% en nuestro anterior informe) y 26% en VENDER (vs 21% anterior). Desde el punto de vista Top down, nuestro P.O. del ES50 es 3.130 puntos para dicie...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 28 AUGUST TO 04 SEPTEMBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio No changes this week. European High Yield Portfolio Allianz, AB Inbev, Safran, Vinci & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio Caixabank, Cellnex, Ferrovial, Inditex & Telefónica No changes this week. 5 High-Yield Stock Portfolio Colonial, Iberdrola, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Catalana Occidente, Colonial, Dominion, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 28 AGOSTO A 04 SEPTIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sin cambios esta semana. Cartera High Yield Europa Allianz, AB Inbev, Safran, Vinci y Vivendi. Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España Caixabank, Cellnex, Ferrovial, Inditex y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Colonial, Iberdrola, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Catalana Occidente, Colonial, Dominion, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Research Department

INFORME DIARIO 26 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AEDAS HOMES, CIE. EUROPA: ALLIANZ, SECTOR AUTOS La guerra comercial se reaviva y lastra los índices Las bolsas se mantuvieron con cierto sesgo al alza a la espera de J. Powell que al final confirmó la expectativa de un nuevo recorte de tipos en julio de carácter preventivo pero el anuncio de represalias de China a EE.UU. (aranceles a 75.000 M dólares de importaciones, impuestos del 5% al crudo, otro 5% a la soja desde septiembre y aumentarlos a los autos en 10% a partir del 15 dic’19) y de Trump hacia China (subirá los aranceles al 30% desde el 2...

Fehmi Ben Naamane ...
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Pierre Tegner
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2019

...

Fehmi Ben Naamane ...
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Pierre Tegner
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

...

Antoine Boivin-Champeaux ...
  • Bruno Cavalier
  • Jerôme Bodin
  • Martial Descoutures
  • Olfa Taamallah
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/03/2018

...

Antoine Boivin-Champeaux ...
  • Bruno Cavalier
  • Jerôme Bodin
  • Martial Descoutures
  • Olfa Taamallah
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/12/2018

...

ALLIANZ SE sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ALLIANZ SE (DE), a company active in the Full Line Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 27, 2019, the closing price was EUR 210.95 and its potential was estimated at EUR 224.62.

Allianz

Allianz

Allianz

Allianz

Olivier Pauchaut

Financials & Fintech: Allianz remains our Top Pick for Q4

Financials & Fintech Allianz remains our Top Pick for Q4 Back on Q3 2019 What we see for Q4 Allianz remains our quarterly Top Pick

Olivier Pauchaut

FINANCIALS & FINTECH Allianz is our Q2 Top Pick

Back on Q1 2019 What we see for Q2 2019 New fair values

MarketLine Department

Zurich Insurance Group Ltd - Strategy, SWOT and Corporate Finance Report

Summary Zurich Insurance Group Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Zurich Insurance Group Ltd (Zurich Insurance), formerly Zurich Financial Services Ltd, is a provider of multi-line insurance products and services. It offers a range of general and life insurance products and services to individuals, mid-sized and large companies, small businesses...

MarketLine Department

Aviva Plc - Strategy, SWOT and Corporate Finance Report

Summary Aviva Plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Aviva Plc (Aviva) is a provider of life insurance, general and health insurance, and fund management services. Its offering includes life and savings plans, pension plans, long-term health and accident insurance, and annuity plans. It also provides insurance products for property and liability, me...

MarketLine Department

AXA SA - Strategy, SWOT and Corporate Finance Report

Summary AXA SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights AXA SA (AXA) is an insurance company, offering both life and non-life insurance products. It offers life insurance and savings products such as individual life insurance, group life insurance, health and personal protection products, and individual and group savings retirement products. It also offer...

Expert Corporate Governance Service (ECGS)

Allianz SE - 8 May 2019

General: In line with German law, the auditor of an insurance company like Allianz is not appointed by the AGM but the Supervisory Board. Item 5: Approval is sought for the new remuneration system for the Management Board which is applicable since financial year 2019. The new remuneration system is considered as an improvement compared to the previous remuneration system due to a reduction of complexity and the introduction of share ownership guidelines as well as malus and clawback provisions. However, we have concerns over the absolute level and structure of remuneration being paid to Manag...

Allianz – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 09/05/2018

General: In line with German law, the auditor of an insurance company like Allianz is not appointed by the AGM but the Supervisory Board. Item 11: We recommend to oppose the proposed increase in Supervisory Board members' remuneration as we assess the absolute amount of remuneration under the amended system as being significantly above market practice.

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 03/05/2017

Board elections: The former CEO, Mr. Diekmann is proposed to be elected to the Company's Supervisory Board effective 7 May 2017. At this day, the statutory coolingoff period of two years for former executives will have expired. Up until then, the current Chairman of the Board, Dr. Perlet, is proposed to be re-elected. He will step down effective 6 May 2017.Items 6b and 6c: We recommend to oppose the elections of Mr. Diekmann and Ms. Boissart to the Supervisory Board due to our concerns over aggregate time commitments.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leadersh...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

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