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

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

...

Roland Pfaender

Allianz : CMD points to growth in retail and SME biz and lower unit costs

>CMD points to up to 7% EPS growth p.a. in 2018-2021e - Allianz held a CMD on Friday 30 November with the focus on simplicity and productivity. Management is targeting organic group operating profit growth of 4% plus (CAGR 2018-2021e). The main contributors should be P/C insurance and asset management with 5% operating profit CAGR each. L/H insurance should contribute 2% operating profit CAGR in the three-year period (adjusted 3%). Productivity gains should account fo...

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2018

...

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2018

...

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 : CMD points to growth in retail and SME biz and lower unit costs

>CMD points to up to 7% EPS growth p.a. in 2018-2021e - Allianz held a CMD on Friday 30 November with the focus on simplicity and productivity. Management is targeting organic group operating profit growth of 4% plus (CAGR 2018-2021e). The main contributors should be P/C insurance and asset management with 5% operating profit CAGR each. L/H insurance should contribute 2% operating profit CAGR in the three-year period (adjusted 3%). Productivity gains should account fo...

Roland Pfaender

Allianz : Upcoming CMD: focus on simplicity and productivity

>Simplification of products and processes to boost productivity - Allianz will hold a CMD on Friday, 30 November. The theme of the event, ‘Simplicity Wins,’ already indicates the way forward. We believe Allianz aims to harmonize and simplify its product portfolio in the group (predominantly in P/C insurance) and thus lower unit costs. This in turn should have a positive impact on technical profits and growth. Equally important, Allianz could also target a significant...

Henry Heathfield

Morningstar | Decent Third-Quarter Results From Allianz, but Shares Still Overvalued

We think Allianz reported pretty good numbers for the third quarter of 2018. These included EUR 30.5 billion in revenue, an increase of just under 8.0%, and operating profit of EUR 3.0 billion, growth of 20%. This growth in operating profit has mainly been driven by the property and casualty business that reported an operating profit of EUR 1.5 billion, and this business unit continues to impress us and the market. We maintain our EUR 175.0 fair value estimate and no-moat and stable moat ratings but still think the market is paying up for a franchise that barely earns its cost of equity. The ...

Henry Heathfield

Decent Third-Quarter Results From Allianz, but Shares Still Overvalued

We think Allianz reported pretty good numbers for the third quarter of 2018. These included EUR 30.5 billion in revenue, an increase of just under 8.0%, and operating profit of EUR 3.0 billion, growth of 20%. This growth in operating profit has mainly been driven by the property and casualty business that reported an operating profit of EUR 1.5 billion, and this business unit continues to impress us and the market. We maintain our EUR 175.0 fair value estimate and no-moat and stable moat ratings...

Roland Pfaender

Allianz : Q3 2018 with beat in P/C insurance

>Q3 2018 beat driven by technical profit in P/C insurance - Allianz reported group operating profit for Q3 2018 of € 2,988m, beating our estimate (€ 2,820m) and consensus (€ 2.850m). P/C insurance op. profit surprised positively, while L/H and AM came in broadly as expected. Group net income stood at € 1,936m (annualized ROE: 12.9%). Allianz’s Solvency II level stood at a comfortable 229%, down 1pp vs. Q2 2018 (triggered by share buybacks and a negative impact of 1pp...

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

...

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2018

...

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2018

...

Allianz

Allianz

Allianz

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 November 9, 2018, the closing price was EUR 190.94 and its potential was estimated at EUR 202.06.

Allianz

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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.

Matthieu DRIOL

Short term view - ALLIANZ : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €180.02.

Matthieu DRIOL

Analyse court terme - ALLIANZ : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 180,02 €.

Matthieu DRIOL

Analyse court terme - ALLIANZ : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 180,02 €, puis 172,60 €. Le franchissement de 198,53 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - ALLIANZ : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €180.02, then €172.60. Passing €198.53 would question the continuation of the fall.

Valérie GASTALDY

Medium term view - ALLIANZ : The trend is bullish.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €168.20. A break below €168.20 would challenge the trend.

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