Allianz Reports Strong Results for 2Q 2017, but We Are Not Convinced of Sustainability
Allianz reported second-quarter net income of EUR 2 billion, ahead of our expectations. This was a better result across the board, but we are maintaining our fair value estimate of EUR 165 per share and our no-moat rating for the moment. Though the results look very good against the prior quarter, we want to see evidence of sustained higher performance in order to be convinced of better long-term execution.In property and casualty, gross premiums increased 11%, though this was largely the resul...
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