ASR : Many options to use the material excess capital at an attractive ROIC
We estimate that a.s.r.’s excess capital will rise materially to about € 1.45bn by end 2025, which is 16% of its market capitalisation. We understand that a.s.r. is not yet announcing material extra capital returns as there are still two potential material acquisitions Achmea Life and Allianz NL, which could increase the OCG/share by +20% and +10% respectively. We expect clarity on the Achmea Life case before mid-2025. We increase our target price to € 61.5 (from € 60). - >§ph...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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