ASR : Organic capital creation better, small decline of S2 ratio, profits good
>Conclusion: OCC better by rising rates, S2 small decline, profits good - For end-2H21, we expect a.s.r. to show a small decline of its Solvency 2 ratio to 193% (from 197% end-1H21) which is mainly due to the Vattenfall windmill investment (-3pp) and due to the cost inflation (-4pp) being partly mitigated by rising interest rates (+3pp) and tax LACDT benefits. This S2 ratio is based on conservative metrics (standard formula, no tier 3 usage, and a quite low volatility...ASR Nederland NV is a multiline insurance company based in the Netherlands. The Company operates through six segments: Non-Life, comprising non-life insurances, including motor vehicle, fire, travel and leisure, transport, liability, agricultural, construction motorized vehicles and construction all risk and assistance insurance products, among others; Life, offering insurance policies that involve asset-building, asset protection, term life insurance and funeral expenses for consumers and business owners; Banking and Asset Management, providing banking activities and activities related to asset management, including investment property management; Distribution and Services, including the distribution of insurance contracts and intermediary services; Holding and Other, providing primarily holding activities of the Company, as well as Real Estate Development, specialized in the development of real estate properties. The Company operates in the Netherlands and internationally.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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