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.
  • TickerALV
  • ISINDE0008404005
  • SectorNonlife Insurance
  • CountryGermany
Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : What can we learn from the publication of Q1 results?

Insurers have registered the initial impacts of the crisis in Q1 but we note the resilience of operating profitability, whilst solvency margins, albeit down, remain solid. The effects of the crisis are likely to impact Q2 results, but not significantly the outlook for 2021-2022 results. The sector is currently trading at attractive valuation multiples in view of its fundamentals. - >Q1 operating profit in line with forecasts - Insurers have reported solid results, give...

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

ODDO : Quels enseignements peut-on tirer de la publication des résultats du T1 ?

Les assureurs ont enregistré les premiers effets de la crise au T1, mais on note une bonne résistance de la rentabilité opérationnelle, alors que les marges de solvabilité, bien qu’en baisse, restent solides. Les effets de la crise impacteront les résultats du T2, mais relativement peu les perspectives de résultat 2021/2022. Le secteur se traite actuellement à des multiples de valorisation attractifs au regard de ses fondamentaux. - >Les RO du T1 ont été conformes aux atte...

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

rating at A2(hyb) PRINCIPAL

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

Allianz : Résultat en ligne avec les attentes, la solvabilité baisse mais reste solide

>Baisse du RO et du RN au T1 comme attendu - Allianz a publié hier matin son résultat détaillé du T1 2020 (rappelons qu’il avait déjà communiqué le niveau de son RO et de son RN sans autre détail lors de l’abandon de sa guidance de RO pour 2020). Les revenus du groupe ont été de 42.6 Md€, en hausse 3.7% à données comparables (+5.7% en publié) encore peu impactés par COVID-19. Le volume d’affaires nouvelles en assurance vie a augmenté de 2% au T1 (avec une baisse de la...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

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...

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

ODDO : What can we learn from the publication of Q1 results?

Insurers have registered the initial impacts of the crisis in Q1 but we note the resilience of operating profitability, whilst solvency margins, albeit down, remain solid. The effects of the crisis are likely to impact Q2 results, but not significantly the outlook for 2021-2022 results. The sector is currently trading at attractive valuation multiples in view of its fundamentals. - >Q1 operating profit in line with forecasts - Insurers have reported solid results, give...

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

ODDO : Quels enseignements peut-on tirer de la publication des résultats du T1 ?

Les assureurs ont enregistré les premiers effets de la crise au T1, mais on note une bonne résistance de la rentabilité opérationnelle, alors que les marges de solvabilité, bien qu’en baisse, restent solides. Les effets de la crise impacteront les résultats du T2, mais relativement peu les perspectives de résultat 2021/2022. Le secteur se traite actuellement à des multiples de valorisation attractifs au regard de ses fondamentaux. - >Les RO du T1 ont été conformes aux atte...

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

Allianz : Résultat en ligne avec les attentes, la solvabilité baisse mais reste solide

>Baisse du RO et du RN au T1 comme attendu - Allianz a publié hier matin son résultat détaillé du T1 2020 (rappelons qu’il avait déjà communiqué le niveau de son RO et de son RN sans autre détail lors de l’abandon de sa guidance de RO pour 2020). Les revenus du groupe ont été de 42.6 Md€, en hausse 3.7% à données comparables (+5.7% en publié) encore peu impactés par COVID-19. Le volume d’affaires nouvelles en assurance vie a augmenté de 2% au T1 (avec une baisse de la...

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

Allianz : Earnings in line with forecasts, solvency falls but remains solid

>Fall in operating profit and net income in Q as expected - Yesterday morning Allianz released its detailed results for Q1 2020 (it had already announced the level of its operating profit and net income with no other details when it abandoned its operating profit guidance for 2020). The group’s revenues were € 42.6bn, up 3.7% like-for-like (+5.7% reported), still largely unaffected by COVID-19. The value of new business in life insurance increased 2% in Q1 (with a fal...

Esther Castro

ALLIANZ: MENSAJES DE LA CONFERENCE CALL RDOS. 1T’20 (ANÁLISIS BANCO SABADELL)

Destacamos los principales mensajes de la Conference Call de Rdos. 1T’20.  Negocio. Por el momento es demasiado pronto a dar un guidance sobre el Rdo. Operativo’20. No obstante matizan que en No Vida ya se han contabilizado unos 400 M euros asociados a la siniestralidad futura por Covid-19 (200 M euros por Ocio, 200 M euros por Business Interruption/Cierre de negocios y otros 100 M euros de Euler Hermes/viajes, si bien estos últimos compensados por la menor frecuencia en Autos). La Compañía estima que prácticamente se estarían contabilizando la mayor parte de los mismos en este 1T’20. De esta...

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

rating at A2(hyb) PRINCIPAL

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 21/01/2020 - Allianz

Allianz (Achat) : RN de €7,5mds (+6,1%) en 2019 Crédit Mutuel : RN de €2,8mds (+5,1%) en 2019, arrête le financement dans le charbon Avis (Achat) : RN de €302m (+83%) en 2019 Eircom (Achat) : RN de €36m (+9%) en 2019 Valeo (Conserver) : RN de €313m (-42,7%) en 2019 Repsol (Achat) : Perte de nette de -€3,8 mds en 2019, dépréciation de €4,8 mds Bombardier (Achat) : Fitch place la note B- du groupe sous surveillance positive     Emetteurs : Credit Mutuel, CNP Assurances, Lloyds Banking Group, Avis, Eircom, Repsol, Gecina, Schneider...

Allianz SE: Update following rating affirmation

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

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...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2020

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - ...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/04/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/05/2020

...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas Thorez
  • Nicolas David
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2020

The impacts of the COVID-19 pandemic are massive on the hotel/leisure sector (2020e EPS forecast down 41%). They undermine the weakest players. Our preference henceforth goes to the most resilient business models and the most solid balance sheets; Advantage Accor and Whitbread. - ...

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 February 7, 2020, the closing price was EUR 227.10 and its potential was estimated at EUR 238.46.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Allianz – AGM 6 May 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Act to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by way of postal voting or by granting authority to the proxies designated by the Company.   In line with German law, the auditor of an insurance company like Allianz is not appointed by the AGM but by the Supervisory Board.   Item 2: In view of the recent events relating to COVID-19, ECGS is in favour of postp...

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.

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