Standard First-Quarter 2018 for Allianz
Allianz reported first-quarter 2018 results slightly below our expectations. We are maintaining our EUR 175 per share fair value estimate and no-moat and stable trend ratings.At a corporate level, Allianz completed the acquisition of Euler Hermes April 27, delisting the business from Euronext Paris. And it completed its EUR 2.0 billion buy-back in early May.
Within non-life insurance, the combined ratio improved marginally by 80 basis points to 94.8%. The improvement was mainly driven by better...
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