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

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...

Research Department

INFORME DIARIO 08 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR MITTAL, BBVA, FERROVIAL. EUROPA: ADIDAS, ALLIANZ, BAYER, DEUTSCHE TELEKOM, SIEMENS. Rebote técnico de las bolsas europeas sin mejora de perspectivas que actúe de catalizador Las bolsas europeas mantuvieron modestas ganancias durante toda la jornada. En el Euro STOXX los sectores ligados a materias primas siguieron acusando con caídas la debilidad del yuan y las dudas sobre el crecimiento, así R. Básicos y Energía lideraron las caídas junto con Bancos (ante una nueva caída de las rentabilidades soberanas), Ocio fue el sector con mayores s...

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

...

Roland Pfaender

Allianz : Q2 2019 results support our unchanged estimates

>Q2 2019 results overall in line with estimates once adjusted for positive one-off in L/H insurance - Allianz reported Q2 2019 group operating profit of € 3,159m, beating both our estimate (€ 3,005m) and consensus (€ 3,008m). The beat was driven by a € 156m positive one-off (DAC adjustment) in L/H insurance. Group net income stood at € 2,140m (annualized ROE: 12.6%) and thus ~7% above the consensus estimate, additionally aided by a low tax rate in the quarter. Allianz...

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

Allianz SE: Joint venture with LV increases Allianz's presence in UK non-life, albeit mainly in very competitive retail motor sector

FINANCIAL INSTITUTIONS ISSUER COMMENT 7 August 2017 RATINGS Allianz SE Insurance Financial Strength Aa3 Senior Debt Aa3 Subordinated Debt A2 Short-term P-1 Outlook Stable Source: Moody's Investors Service KEY METRICS: Allianz SE 2016 2015 2014

Allianz SE: Semi-Annual Update

FINANCIAL INSTITUTIONS CREDIT OPINION 21 July 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 VP-Sr Credit Officer domini

Roland Pfaender

Allianz : Q2 2019 results support our unchanged estimates

>Q2 2019 results overall in line with estimates once adjusted for positive one-off in L/H insurance - Allianz reported Q2 2019 group operating profit of € 3,159m, beating both our estimate (€ 3,005m) and consensus (€ 3,008m). The beat was driven by a € 156m positive one-off (DAC adjustment) in L/H insurance. Group net income stood at € 2,140m (annualized ROE: 12.6%) and thus ~7% above the consensus estimate, additionally aided by a low tax rate in the quarter. Allianz...

Esther Castro

ALLIANZ: MENSAJES DE LA CONFERENCE CALL RDOS. 2T19 (ANÁLISIS BANCO SABADELL)

ALLIANZ: MENSAJES DE LA CONFERENCE CALL RDOS. 2T19 (ANÁLISIS BANCO SABADELL)

Esther Castro

ALLIANZ: RDOS. 1S19 (ANÁLISIS BANCO SABADELL)

ALLIANZ: RDOS. 1S19 (ANÁLISIS BANCO SABADELL)

Roland Pfaender

Allianz : Feedback from management meeting

>Allianz Technology to drive the Allianz Customer Model - With an IT budget of €3.6bn Allianz Technology is driving the implementation of the Allianz Customer Model (simplified and harmonized product architecture). Digitalization Investments total ~€ 1bn and are part of the IT budget. Management explained that it just finalized the consolidation of its data centre network to 6 data centres globally, departing from a structure of local set-ups which had been deemed ine...

Olivier Pauchaut

Financials & Fintech: Allianz remains our Top Pick for Q3 – Coface upgraded to Buy

Financials & Fintech Allianz remains our Top Pick for Q3 – Coface upgraded to Buy Back on Q2 2019 What we see for Q3 2019 New fair values

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

ALLIANZ SE with less fundamental stars is reduced to Neutral

ALLIANZ SE (DE), a company active in the Full Line Insurance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 14, 2019, the closing price was EUR 200.45 and its expected value was estimated at EUR 206.60.

Allianz

Allianz

Allianz

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...

MarketLine Department

American International Group Inc - Strategy, SWOT and Corporate Finance Report

American International Group Inc - Strategy, SWOT and Corporate Finance Report Summary American International Group Inc - 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 American International Group, Inc. (AIG) is a multi-line insurance group. The group provides a range of life insurance, property and casualty insurance, retirement products, and other financial s...

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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